1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------------
FORM 10-Q
Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
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For Quarter Ended March 31, 1995 Commission File Number 0-325
THE DURIRON COMPANY, INC.
(Exact name of Registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation or organization)
31-0267900
(I.R.S. Employer Identification Number)
3100 Research Boulevard, Dayton, Ohio 45420
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) (513) 476-6100
No Change
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO
----- -----
Shares of Common Stock, $1.25 par value, outstanding as of March 31,
1995..........19,022,499
2
PART I: Financial Information
3
THE DURIRON COMPANY, INC.
Consolidated Statement of Operations
Quarters Ended March 31, 1995 and 1994
(dollars in thousands except per share data)
1995 1994
---------- ------------
Revenues:
Net sales $ 91,447 $ 77,958
Costs and expenses:
Cost of sales 56,733 48,546
Selling and administrative 21,900 19,797
Research, engineering and development 2,131 2,351
Interest 1,147 891
Other, net 1,133 308
---------- ------------
83,044 71,893
Earnings before income taxes 8,403 6,065
Provision for income taxes 3,190 2,300
---------- ------------
Net earnings 5,213 3,765
========== ============
Earnings per share $ 0.27 $ 0.20
========== ============
(See accompanying notes)
4
THE DURIRON COMPANY, INC.
Consolidated Balance Sheet
(dollars in thousands except per share data)
March 31, December 31,
ASSETS 1995 1994
------------ -------------
Current assets:
Cash and cash equivalents $ 15,742 $ 16,341
Accounts receivable 68,907 67,189
Inventories 67,336 62,246
Prepaid expenses 6,158 3,994
----------- ------------
Total current assets 158,143 149,770
Property, plant and equipment, at cost 193,611 187,731
Less accumulated depreciation and amortization 110,559 105,510
----------- ------------
Net property, plant and equipment 83,052 82,221
Intangibles and other assets 43,233 42,113
----------- ------------
Total assets $ 284,428 $ 274,104
=========== ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 20,193 $ 19,480
Notes payable 2,736 2,251
Income taxes 2,744 236
Accrued liabilities 25,700 26,838
Long-term debt due within one year 4,557 4,951
----------- ------------
Total current liabilities 55,930 53,756
Long-term debt due after one year 42,353 39,032
Postretirement benefits and other deferred items 41,986 42,237
Shareholders' equity:
Serial preferred stock, $1.00 par value,
no shares issued -- --
Common stock, $1.25 par value, 19,022,499
shares issued (18,998,350 in 1994) 23,778 23,748
Capital in excess of par value 3,732 3,674
Retained earnings 114,752 111,724
----------- ------------
142,262 139,146
Foreign currency and other equity
adjustments 1,897 (67)
----------- ------------
Total shareholders' equity 144,159 139,079
----------- ------------
Total liabilities and shareholders' equity $ 284,428 $ 274,104
=========== ============
(See accompanying notes)
5
THE DURIRON COMPANY, INC.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 1995 and 1994
(dollars in thousands)
1995 1994
------- -------
Increase (decrease) in cash and cash equivalents:
Operating activities:
Net earnings $ 5,213 $ 3,765
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization 3,606 3,310
Loss (gain) on the sale of fixed assets (57) (39)
Change in assets and liabilities net of
effects of acquisitions and divestitures:
Accounts receivable (1,360) (525)
Inventories (3,042) (1,303)
Prepaid expenses (2,016) (2,424)
Accounts payable and accrued liabilities (1,102) 1,308
Income taxes 2,897 1,228
Postretirement benefits and other deferred items (174) 296
------- -------
Net cash flows from operating activities 3,965 5,616
Investing activities:
Capital expenditures (1,954) (2,662)
Payment for acquisitions, net of cash acquired --- (7,357)
Other (368) (835)
------- -------
Net cash flows from investing activities (2,322) (10,854)
Financing activities:
Net repayments under lines-of-credit 657 192
Payments on long-term debt (2,248) (674)
Proceeds from long-term debt 15 ---
Proceeds from issuance of common stock 128 284
Dividends paid (2,185) (1,991)
------- -------
Net cash flows from financing activities (3,633) (2,189)
Effect of exchange rate changes 1,391 207
------- -------
Net increase in cash and cash equivalents (599) (7,220)
Cash and cash equivalents at beginning of year 16,341 22,640
------- -------
Cash and cash equivalents at end of period $15,742 $15,420
======= =======
Supplemental disclosures of
cash flow information:
Cash paid during year for:
Interest $ 683 $ 308
Income taxes $ 947 $ 1,441
(See accompanying notes)
6
THE DURIRON COMPANY, INC.
Notes to Consolidated Financial Statements
(dollars presented in tables in thousands except per share data)
1. Inventories.
The amount of inventories and the method of determining costs for the
quarter ended March 31, 1995 and the year ended December 31, 1994 were as
follows:
Domestic Foreign
inventories inventories Total
(LIFO) (FIFO) inventories
----------------------------------------
March 31, 1995
Raw materials $ 234 $ 464 $ 698
Work in process and finished goods 37,418 29,220 66,638
--------- -------- --------
$ 37,652 $ 29,684 $ 67,336
========= ======== ========
December 31, 1994
Raw materials $ 234 $ 719 $ 953
Work in process and finished goods 34,554 26,739 61,293
--------- -------- --------
$ 34,788 $ 27,458 $ 62,246
========= ======== ========
LIFO inventories at current cost are $26,853,000 and $26,770,000 higher than
reported at March 31, 1995 and December 31, 1994, respectively.
2. Shareholders' equity. There are authorized 30,000,000 shares of $1.25 par
value common stock and 1,000,000 shares of $1.00 par value preferred stock.
Changes in the three months ended March 31, 1995 and 1994 were as follows:
Capital in Total
Common excess of Retained Equity shareholders'
stock par value earnings adjustments equity
---------------------------------------------------------------------
Balance at December 31, 1993 $ 15,794 $ 11,433 $ 102,600 $ (2,256) $ 127,571
Net earnings 3,765 3,765
Cash dividends (1,991) (1,991)
Shares issued for three-for-two stock split 7,897 (7,897) 0
Net shares issued (12,206) under stock plans 15 68 45 128
Foreign currency translation adjustment 174 174
--------- -------- --------- --------- ---------
Balance at March 31, 1994 $ 23,706 $ 3,604 $ 104,374 $ (2,037) $ 129,647
========= ======== ========= ========= =========
Balance at December 31, 1994 $ 23,748 $ 3,674 $ 111,724 $ (67) $ 139,079
Net earnings 5,213 5,213
Cash dividends (2,185) (2,185)
Net shares issued (24,149) under stock plans 30 58 35 123
Foreign currency translation adjustment 1,929 1,929
--------- -------- --------- --------- ---------
Balance at March 31, 1995 $ 23,778 $ 3,732 $ 114,752 $ 1,897 $ 144,159
========= ======== ========= ========= =========
7
As of March 31, 1995, 1,310,000 shares of common stock were reserved
for exercise of stock options and grants of restricted shares.
3. Dividends.
Dividends paid during the quarters ended March 31, 1995 and 1994 were
based on 19,004,202 and 18,967,093 respectively, common shares
outstanding on the applicable dates of record.
4. Earnings per share.
Earnings per share for the quarters ended March 31, 1995 and 1994 were
based on average common shares and common share equivalents outstanding
of 19,208,214 and 19,160,501, respectively.
5. Contingencies.
The Company has received notification alleging potential involvement at
six former public waste disposal sites which may be subject to
remediation. The sites are in various stages of evaluation by federal
and state environmental authorities. The projected cost of remediating
these sites, as well as the Company's alleged "fair share" allocation,
is uncertain and speculative until all studies have been completed and
the parties have either negotiated an amicable resolution or the matter
has been judicially resolved. At each site, there are many other
parties who have similarly been identified, and the identification and
location of additional parties is continuing under applicable federal
or state law. Many of the other parties identified are financially
strong and solvent companies which appear able to pay their share of
the remediation costs. Based on the Company's preliminary information
about the waste disposal practices at these sites and the environmental
regulatory process in general, the Company believes that it is likely
that ultimate remediation liability costs for each site will be
apportioned among all liable parties, including site owners and waste
transporters, according to the volumes and/or toxicity of the wastes
shown to have been disposed of at the sites.
The Company also owns and formerly operated a captive spent foundry
sand disposal site near its Dayton foundry. Pursuant to a consent
decree with the State of Ohio, an independent consultant was selected
by the State and engaged to determine the extent of environmental
contamination at the site. The consultant has completed its
investigation and submitted its report to the State which concludes, in
general, that no environmental contamination attributable to the
Company was found at this site. The Company is currently working with
the State to resolve the few remaining issues on an informal basis
involving limited and voluntary remediation in an amount of less than
$40,000 at the site in return for terminating this consent decree.
The Company is also a defendant in a number of products liability
lawsuits which are insured, subject to applicable deductibles. The
Company has fully accrued the estimated loss reserve for each such
lawsuit. The Company has additionally accrued a limited general reserve
against possible increases in the Company's liability exposure if
further adverse facts develop during the lawsuits. Given the inherent
volatility and uncertainty of any products liability litigation, there
is a possibility of further increases in the costs of resolving these
claims, although the Company has no current reason to now believe that
any such increase is probable or quantifiable.
Although none of the aforementioned gives rise to any additional
liability that can now be reasonably estimated, it is possible that the
Company could incur additional costs in the range of $100,000 to
$500,000 over the upcoming five years to fully resolve these matters.
The Company has accrued the minimum end of this range. In determining
this estimated range of contingent liability, the Company has not
discounted to present value nor offset any possible insurance
recoveries against such range. The Company will continue to evaluate
these contingent loss exposures and, if they develop, recognize expense
as soon as such losses can be reasonably estimated.
8
---------------------------------------------
The financial information contained in this report is unaudited, but,
in the opinion of the Company, all adjustments (consisting of normal
recurring accruals) which are necessary for a fair presentation of the
operating results for the period have been made.
9
Management's Discussion and Analysis
of Financial Condition and Results of Operations
Capital Resources and Liquidity - Three Months Ended March 31, 1995
The Company's capital structure, consisting of long-term debt, deferred
items and shareholders' equity, continues to enable the Company to finance
short-and long-range business objectives. At March 31, 1995, long-term debt was
18.5% of the Company's capital structure, compared to 17.7% at December 31,
1994. The increase in long-term debt in dollars reflects conversion of the
Company's foreign debt at stronger European to U.S. dollar currency rates. Based
upon a twelve month rolling average, the interest coverage ratio of the
Company's indebtedness was 7.4 at March 31, 1995, compared with 7.2 for the
twelve months ended December 31, 1994.
The return on average net assets was 10.3% based upon 1995 annualized
results, compared to 9.1% at December 31, 1994. Annualized return on average
shareholders' equity was 14.7%, compared to 12.9% at December 31, 1994.
Increases in these returns reflect the Company's improved level of
profitability. Management is focused on continuing to improve the Company's
performance in these areas.
Capital spending in 1995 is expected to be approximately $13.0 million,
compared with $9.9 million in 1994. The 1995 expenditures will be invested in
equipment and process technology to enable the Company to further progress
toward its goal of being the highest quality/lowest total cost producer in its
market.
The Company's liquidity position is reflected in a current ratio of 2.8
to 1 at March 31, 1995. This compares to 2.8 to 1 at December 31, 1994. Cash and
cash equivalents decreased to $15.7 million from $16.3 million at December 31,
1994. Cash in excess of current requirements was invested in high-grade,
short-term securities. The Company currently has $22.6 million of lines of
credit and $12.0 million available under revolving credit agreements, and
believes that available cash and these lines of credit arrangements will be
adequate to fund operating and capital expenditure cash needs through the 1995.
Results of Operations - Three Months Ended March 31, 1995
Net sales for the three months ended March 31, 1995 were a first
quarter record of $91.4 million, compared to net sales of $78.0 million for the
same period in 1994. The 17.3% increase in net sales between quarters reflects
strong North American and Asian shipments, strengthening of the European
currencies and the acquisition of Sereg Vannes. Foreign contributions to
consolidated net sales were 34.7% and 26.8% for the three month periods ended
March 31, 1995 and 1994, respectively. The increase in foreign contributions
reflects the impact of the Sereg Vannes acquisition and strengthening of the
European currencies against the U.S. dollar. For the three months ended March
31, 1995, the Company's U.S. operations had export sales of $6.0 million,
compared to $5.4 million for the same period in 1994. As a result, net sales to
foreign customers were 41.2% and 33.8% for the first three months of 1995 and
1994, respectively.
Record first quarter 1995 incoming business of $95.2 million exceeded
first quarter 1994
10
incoming business of $78.2 million by 21.7%. The 1995 incoming business level
reflected strong activity throughout the global organization, strengthening of
European currencies against the U.S. dollar, the acquisition of Sereg Vannes and
the implementation of moderate price increases. Incoming business in the United
States and Asia Pacific regions were particularly strong in the first quarter of
1995. Backlog at March 31, 1995 was $70.4 million, compared with a backlog of
$67.6 million at December 31, 1994.
The gross profit margin was 38.0% for the three months ended March 31,
1995. This compares to 37.7% for the same period in 1994. The improvement in the
gross profit margin reflects improved burden absorption within the Company's
U.S. manufacturing operations due to higher levels of plant utilization as well
as the continuing positive effects of cost reduction and productivity
improvement programs throughout the Company.
Selling and administrative expenses as a percentage of net sales for
the three months ended March 31, 1995 were 24.0%. This compares to 25.4% for the
same period in 1994. The decrease in expense is consistent with the Company's
plan to further leverage expense in 1995. Selling and administrative expense in
dollars increased between periods due to consolidation of Sereg Vannes and the
strengthening of the European currencies against the U.S. dollar. Excluding
Sereg Vannes expense and currency impacts, selling and administrative expense
was below the comparable period in 1994.
Other expense was $1.1 million for the three month period ended March
31, 1995, compared to $.3 million for the same period in 1994. The change in
first quarter expense reflects an increase in accrued incentive compensation
expense due to improved earnings against goal in 1995, versus 1994. Incentive
compensation is calculated each quarter based upon payout levels which are
determined by comparing annualized year-to-date results with goal. In addition,
1995 other deductions include severance costs associated with personnel
reductions in the Company's European operations. The 1994 other expense included
interest income resulting from the resolution of a multi-year state tax issue.
Net earnings for the first quarter of 1995 were $5.2 million, or $.27
per share, which compares to 1994 earnings of $3.8 million, or $.20 per share.
The 38.4% increase in profits resulted from improved business levels which lead
to stronger North American and European profits and generation of profits in the
Asia Pacific operation. Net earnings for future quarters of 1995 and thereafter
are uncertain and dependent on general worldwide economic conditions in the
Company's major markets and their strong impact on the level of incoming
business activity.
11
PART II
OTHER INFORMATION
ITEM 1 Not Applicable During Reporting Period
ITEM 2 Not Applicable During Reporting Period
ITEM 3 Not Applicable During Reporting Period
ITEM 4 Not Applicable During Reporting Period
ITEM 5 Not Applicable During Reporting Period
ITEM 6 Exhibits
INDEX TO EXHIBITS
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(4) INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, INCLUDING
INDENTURES:
4.1 Loan Agreement dated September 15, 1986 between The Duriron
Company, Inc. and the Metropolitan Life Insurance Company
was filed with the Commission as Exhibit 4.1 to the Company's
Quarterly Report on Form 10-Q for the quarter ended
September 30, 1986....................................... *
-1-
12
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4.2 Lease agreement, indenture of mortgage and deed of trust, and
guarantee agreement, all executed on June 1, 1978 in connection
with 9-1/8% Industrial Development Revenue Bonds,
Series A, City of Cookeville, Tennessee....................... +
4.3 Lease agreement, indenture of trust, and guaranty agreement,
all executed on June 1, 1978 in connection with 7-3/8%
Industrial Development Revenue Bonds, Series B, City of
Cookeville, Tennessee......................................... +
4.4 Lease agreement, indenture of mortgage and agreement, lessee
guaranty agreement, and letter of representation and
indemnity agreement, all dated as of December 1, 1983 and
executed in connection with the Industrial Development
Revenue Bonds (1983 The Duriron Company, Inc. Project), Erie
Company, New York Industrial Development Agency
were filed with the Commission as Exhibit 4.4 to the
Company's Report on Form 10-K for the year ended
December 31, 1983............................................. *
4.5 Form of Rights Agreement dated as of August 1, 1986
between The Duriron Company, Inc. and Bank One,
Indianapolis, National Association, as Rights Agent was
filed as an Exhibit to the Company's Form 8-A
dated August 13, 1986......................................... *
4.6 Credit Agreement, dated as of March 19, 1987, between The
Duriron Company, Inc. and The Chase Manhattan Bank, N.A.,
including the form of Promissory Note delivered in connection
therewith, was filed with the Commission as Exhibit 6 to the
Company's Current Report on Form 8-K dated April 6, 1987...... *
4.7 Loan Agreement, dated as of March 19, 1987, between The Duriron
Company, Inc. and Metropolitan Life Insurance Company,
including the form of Promissory Note delivered in connection
therewith, was filed with the Commission as Exhibit 7 to the
Company's Current Report on Form 8-K dated April 6, 1987...... *
-2-
13
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4.8 The Credit Agreement between The Duriron Company, Inc. and
Bank One, Dayton, N.A., dated as of November 30, 1989......... +
4.9 Interest Rate and Currency Exchange Agreement between the
Company and Barclays Bank dated November 17, 1992 PLC in the
amount of $25,000,000 was filed as Exhibit 4.9 to Company's
Report of Form 10-K for year ended December 31, 1992.......... *
4.10 Loan Agreement in the amount of $25,000,000 between the Company
and Metropolitan Life Insurance Company dated November 12, 1992
was filed as Exhibit 4.10 to the Company's Annual Report on
Form 10-K for the year ended December 31, 1992 ............... *
4.11 Revolving Credit Agreement between the Company and Fifth
Third Bank dated November 23, 1992 in the amount
of $10,000,000 ............................................... +
(10) MATERIAL CONTRACTS: (See Footnote "a")
10.1 The Duriron Company, Inc. Incentive Compensation Plan (the
"Incentive Plan") for Key Employees as amended and restated
effective January 1, 1994 was filed as Exhibit 10.1 to the
Company's Annual Report on Form 10-K for the year ended
December 31, 1993............................................. *
10.2 The Duriron Company, Inc. Supplemental Pension Plan for
Salaried Employees was filed with the Commission as
Exhibit 10.4 to the Company's Annual Report on Form 10-K
for the year ended December 31, 1987.......................... *
10.3 The Duriron Company, Inc. Deferred Compensation Plan for
Directors was filed as Exhibit 10.5 to the Company's
Annual Report on Form 10-K for the year ended
December 31, 1987............................................. *
-3-
14
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10.4 Form of Employment Agreement between The Duriron Company, Inc.
and each of the current officers was filed as Exhibit 10.4
to the Company's Annual Report on Form 10-K for year ended
December 31, 1992. *
10.5 The Duriron Company, Inc. CEO Discretionary Bonus Plan
was filed with the Commission as Exhibit 10.8 to the
Company's Annual Report on Form 10-K for the year
ended December 31, 1986....................................... *
10.6 The Duriron Company, Inc. First Master Benefit Trust
Agreement dated October 1, 1987 was filed as Exhibit 10.11
to the Company's Annual Report on Form 10-K for the year
ended December 31, 1987. *
10.7 The Duriron Company, Inc. Second Master Benefit Trust
Agreement dated October 1, 1987 was filed as Exhibit 10.12
to the Company's Annual Report on Form 10-K for the year
ended December 31, 1987. *
10.8 The Duriron Company, Inc. Long-Term Incentive Plan (the
"Long-Term Plan"), as amended and restated effective
November 1, 1993 was filed as Exhibit 10.8 to the Company's
Annual Report on Form 10-K for the year
ended December 31, 1993...................................... *
10.9 The Duriron Company, Inc. 1989 Stock Option Plan
as amended and restated April 23, 1991 was filed
as Exhibit 10.11 to the Company's Annual Report
on Form 10-K for the year ended December 31, 1991 ........... *
10.10 The Duriron Company, Inc. 1989 Restricted Stock Plan
(the "Restricted Stock Plan") as amended and restated
effective April 23, 1991 was filed as Exhibit 10.12
to the Company's Annual Report on Form 10-K for the year
ended December 31, 1991 ..................................... *
10.11 The Duriron Company, Inc. Retirement Compensation Plan for
Directors was filed as Exhibit 10.15 on the Company's
Annual Report to Form 10-K for the year ended
December 31, 1988............................................ *
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15
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10.12 The Company's Employee Protection Plan (which provides
severance benefits for certain employees after a change of
control of the Company) was filed as Exhibit 10.15 to the
Company's Annual Report on Form 10-K for the year ended
December 31, 1989............................................. *
10.13 The Company's Benefit Equalization Pension Plan was filed as
Exhibit 10.16 to the Company's Annual Report on Form 10-K for
the year ended December 31, 1989.............................. *
10.14 The Company's Equity Incentive Plan for Officers was filed as
Exhibit 10.20 to the Company's Annual Report on Form 10-K for
the year ended December 31, 1990.............................. *
10.15 Supplemental Pension Agreement between the Company and
William M. Jordan dated January 18, 1993 was filed as
Exhibit 10.15 to the Company's Annual Report on Form 10-K
for the year ended December 31, 1992.......................... *
10.16 Employment Agreement between the Company and John S. Haddick
dated December 18, 1992 was filed as Exhibit 10.16 to the
Company's Annual Report on Form 10-K for the year ended
December 31, 1992............................................. *
10.17 1979 Stock Option Plan, as amended and restated April 23, 1991,
and Amendment #1 thereto dated December 15, 1992 was filed as
Exhibit 10.17 to the Company's Annual Report on Form 10-K for
the year ended December 31, 1992 ............................. *
10.18 Amendment #1 dated December 15, 1992 to the aforementioned
Benefit Equalization Pension Plan was filed as Exhibit 10.18 to
the Company's Annual Report on Form 10-K for the year
ended December 31, 1992 ....................................... *
10.19 Deferred Compensation Plan for Executives was filed as Exhibit
10.19 to the Company's Annual Report on Form 10-K for the year
ended December 31, 1992 ...................................... *
-5-
16
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10.20 Amendment #1 to amended and restated 1989 Restricted Stock Plan
was filed as Exhibit 10.20 to the Company's Annual Report on
Form 10-K for the year ended December 31, 1992 ............... *
10.21 Amendment #1 to Equity Incentive Plan was filed as Exhibit
10.21 to the Company's Annual Report on Form 10-K for the year
ended December 31, 1992 ...................................... *
10.22 Employment Agreement between the Company and W.M. Jordan dated
May 11, 1992 was filed as Exhibit 10.22 to the Company's Annual
Report on Form 10-K for the year ended December 31, 1992 ..... *
10.23 Employment Agreement between the Company (through its Utah
subsidiary, Valtek Inc.) and Charles L. Bates dated March 24,
1987 was filed as Exhibit 4 to the Company's Report on Form 8-K
dated April 6, 1987........................................... *
10.24 Amendment #1 to the first Master Benefit Trust Agreement dated
October 1, 1987 was filed as Exhibit 10.24 to the Company's
Annual Report on Form 10-K for the year ended December 31,
1993.......................................................... *
10.25 Amendment #2 and Amendment #3 to Equity Incentive Plan were
filed as Exhibit 10.25 to the Company's Annual Report on Form
10-K for the year ended December 31, 1993..................... 50
10.26 First Amendment to said Second Master Benefit Trust
Agreement..................................................... 51
10.27 Amendment #2 to said 1989 Restricted Stock Plan, as
amended and restated.......................................... 53
27 Financial Data Schedule
- ---------------
"*" Indicates that the exhibit is incorporated by reference into this
Quarterly Report on Form 10-Q from a previous filing with the
Commission.
-6-
17
"+" Indicates that the document relates to a class of indebtedness that
does not exceed 10% of the total assets of the Company and subsidiaries
and that the Company will furnish a copy of the document to the
Commission upon request.
"a" The documents identified under Item 10 include all management contracts
and compensatory plans and arrangements required to be filed as
exhibits.
- ---------------
ITEM 6(B) Not Applicable During Reporting Period
-7-
18
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
THE DURIRON COMPANY, INC.
(Registrant)
/Bruce E. Hines/
------------------------------
Bruce E. Hines
Senior Vice President
Chief Administrative Officer
Date: May 12, 1995
5
1,000
3-MOS
DEC-31-1994
JAN-01-1995
MAR-31-1995
15,742
0
68,907
881
67,336
158,143
193,611
110,559
284,428
55,930
42,353
23,778
0
0
120,381
284,428
91,447
91,447
56,733
80,764
1,133
0
1,147
8,403
3,190
5,213
0
0
0
5,213
.27
.27
