Back to GetFilings.com
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM 10-K
------------------------
[X] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended Commission File Number
January 1, 1994 1-7284
--------------- ------
B A L D O R E L E C T R I C C O M P A N Y
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Missouri 43-0168840
- ------------------------------- ----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5711 R. S. Boreham, Jr St, Fort Smith, Arkansas 72902 (501) 646-4711
- --------------------------------------------------------- ------------------
(Address of principal executive offices) (Zip Code) (Telephone Number)
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on
Title of Each Class which registered
- ----------------------------- ------------------------
Common Stock, $0.10 Par Value New York Stock Exchange
Common Stock Purchase Rights New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: NONE
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 and (2) has been subject to such filing requirements for
the past 90 days. Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [X]
The aggregate market value of voting stock held by non-affiliates of the regis-
trant based on the closing price on February 25, 1994, was $477,203,000.
At February 25, 1994, there were 18,093,009 shares of the registrant's
common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Annual Report to Shareholders for the fiscal year ended
January 1, 1994, ("the Annual Report to Shareholders for 1993") are
incorporated by reference into Part II.
Portions of the Proxy Statement for the Annual Meeting of Shareholders to be
held May 7, 1994, ("the 1994 Proxy Statement") are incorporated by
reference into Parts I and III.
PART I
Item 1. Business
Baldor Electric Company ("the Company") was incorporated in Missouri in
1920. The Company operates primarily in one industry segment which
includes the design, manufacture, and sale of electric motors and drives. In
addition to electric motors and drives, products include industrial grinders,
buffers, polishing lathes, stampings, castings, and repair parts. Baldor has
made several small acquisitions; however, the majority of its growth has come
internally through broadening its markets and product lines.
Products
Sales of electric motors represented approximately 85% of the Company's
business in 1993, 85% in 1992, and 86% in 1991. The AC motor product
line presently ranges in size from 1/50 through 600 horsepower. The DC
motor product line presently ranges from 1/50 through 700 horsepower.
Industrial drive products, which include servo products, brushless DC and SCR
controls, and inverter and vector drives, accounted for approximately 11% of
the Company's business in 1993, 10% in 1992, and 9% in 1991. The
Company's line of adjustable speed controls ranges from 1/100 to 125
horsepower. With these products, the Company provides its customers the
ability to purchase industrial motors and electronic controls (which constitute
drives) from one manufacturer.
Baldor's motors and drives are designed, manufactured, and marketed for
general purpose uses ("stock products") and for individual customer
requirements and specifications ("custom products"). Stock product sales
represent approximately 64% of the Company's business, with most sales to
customers who place orders for immediate shipment. Custom products
generally are shipped within four weeks from the date of order. Because of
these and other factors, the Company does not believe that its backlog
represents an accurate indication of future shipments.
Sales and Marketing
The products of the Company are marketed throughout the United States and
in more than 55 foreign countries. The Company's field sales organization
consists of more than 50 independent manufacturer's representatives including
25 in the United States and the remainder in Canada, Europe, Latin America,
Australia, and the Far East.
Custom products and stock products are sold to original equipment manufac-
turers ("OEMs"). Stock products are sold to independent distributors for
resale, often as replacement components in industrial machinery which is being
modernized or upgraded for improved performance.
- 2 -
The Company conducts business with a large number of customers and it does
not believe that the loss of any single customer would have a material adverse
effect on its total business.
Competition
The Company faces substantial competition in the sales of its products in all
markets served. Some of the Company's competitors are larger in size or are
divisions of large diversified companies and have substantially greater
financial resources. The Company competes by providing its customers better
value through product quality and efficiency and better services including
availability, shorter lead-times, on-time delivery, product literature,
and training.
The Company is not aware of any industry-wide statistics from which it can
precisely determine its relative portion of the industrial electric motor
industry. In the United States, certain industry statistics are available from
the U.S. Department of Commerce and the National Electric Manufacturers
Association. However, these sources do not include all competitors or all sizes
of motors. The Company believes, however, that it is a significant factor in
the markets it serves.
Manufacturing
The Company manufactures many of the components used in its products in-
cluding laminations, motor hardware, and aluminum die castings.
Manufacturing many of its own components permits the Company to better
manage cost, quality, and availability. In addition to the manufacture of
components, the Company's motor manufacturing operations include
machining, stamping, welding, winding, assembling, and finishing operations.
The raw materials necessary for the Company's manufacturing operations are
available from several sources. These materials include steel, copper wire,
gray iron castings, aluminum, and insulating materials, most of which are
purchased from more than one supplier. Although some materials are
purchased from a single supplier, the Company believes that alternate sources
are available for such materials.
Research and Development
The Company's design and development of electric motors and drives includes
both the development of products which extend the product lines and the
modification of existing products to meet new application requirements.
Additional development work is done to improve production methods. Costs
associated with research, new product development, and product and cost
improvements are treated as expenses when incurred and amounted to
approximately $12,900,000 in 1993, $11,300,000 in 1992, and $9,900,000
in 1991.
- 3 -
Environment
Compliance with laws relating to the discharge of materials into the envi-
ronment or otherwise relating to the protection of the environment has not had
a material effect on capital expenditures, earnings, or the competitive position
of the Company and is not expected to have such an effect.
Employees
At January 1, 1994, the Company had 3,102 employees.
Executive Officers of the Registrant
Information regarding executive officers is contained in Part III, Item 10, and
incorporated herein by reference.
International Operations
For each of the three fiscal years in the period ended January 1, 1994, export
and international sales have increased, representing approximately 13.4% of
consolidated sales in 1993, 13.3% in 1992, and 12.8% in 1991. See also
Note G on page 26 of the Annual Report to Shareholders for 1993.
The Company's products are distributed in more than 55 foreign countries,
principally in Canada, Europe, Australia, the Far East, and Latin America. The
Company's international operations include the Baldor ASR group of companies
which was acquired in 1983. Baldor ASR has a sales office located in
Switzerland, a sales office located in Germany, and three sales offices located
in the United Kingdom. Baldor ASR also has research and manufacturing
operations in Germany. The Company has a majority interest in Baldor Electric
(Far East) Pte. Ltd., which has locations in Indonesia and Singapore, and a
majority interest in Australian Baldor Pty. Limited, with two locations in
Australia. Finally, the Company owns Baldor de Mexico, S.A. de C.V., located
in Mexico City, and the Company has a minority interest in Baldor Electric
(Thailand) Ltd., located in Bangkok, Thailand. All of the affiliate locations
except Baldor ASR Germany are sales operations.
The Company believes that it is in a position to act on global opportunities as
they become available. The Company also believes that there are additional
risks attendant to international operations including currency fluctuations and
possible restrictions on the movement of funds. However, these risks have
not had a material adverse effect on the Company's business.
Item 2. Properties
- -------------------
The Company believes that its facilities, including equipment and machinery,
are in good condition, suitable to current operations, adequately maintained
- 4 -
and insured, and capable of sufficient additional production levels. The
following table sets forth certain information with respect to the Company's
properties.
AREA
LOCATION PRIMARY USE (SQ. FT.)
Fort Smith, AR AC motor production 293,350
Distribution and service center 159,500
Administration and engineering
offices 69,700
Aluminum die casting 56,400
St. Louis County, Metal stamping and engineering
MO toolroom 121,700
DC and miscellaneous motor
production 55,600
Columbus, MS AC motor production 140,300
Westville, OK AC and DC motor production 155,000
Fort Mill, SC DC motors, AC motors 110,000
and tachometer production
Clarksville, AR Subfractional motor and 86,750
gear motor production
Five other Motor, drives, and servomotor 128,900
domestic locations production, and metal stamping
Eight foreign Sales and distribution centers 37,900
locations and servodrive production ---------
1,415,100
Certain properties listed above (428,750 sq. ft. in the aggregate) are leased,
principally pursuant to Industrial Revenue Bond agreements, and where
material, are accounted for as capitalized lease obligations. Certain lease
agreements contain purchase options at varying prices and/or renewal options
at reduced rentals for extended additional periods.
Item 3. Legal Proceedings
- --------------------------
The Company is party to a number of legal proceedings incidental to its
business, none of which is deemed to be material to its operations or business.
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
- 5 -
PART II
Item 5. Market for the Registrant's Common Equity and Related Shareholder
- --------------------------------------------------------------------------
Matters
- -------
Information under the captions "Dividends Paid", "Common Stock: Price
Range", and "Shareholders" on the inside back cover of the Annual Report to
Shareholders for 1993 is incorporated herein by reference.
Item 6. Selected Financial Data
- --------------------------------
Information under the "Eleven-Year Summary of Financial Data" for years 1989
through 1993 for net sales, net earnings, net earnings per share, dividends per
share, long-term obligations, and total assets on page 14 of the Annual Report
to Shareholders for 1993 is incorporated herein by reference.
Item 7. Management's Discussion and Analysis of Financial Condition and
- ------------------------------------------------------------------------
Results of Operations
- ---------------------
Management's Discussion and Analysis of Financial Condition and Results of
Operations on pages 18 and 19 of the Annual Report to Shareholders for 1993
is incorporated herein by reference.
Item 8. Financial Statements and Supplementary Data
- ----------------------------------------------------
The consolidated financial statements of the Company on pages 20 through
26, the report thereon of Ernst & Young, Independent Auditors, on page 27,
and the "Summary of Quarterly Results of Operations (Unaudited)" on page 21
of the Annual Report to Shareholders for 1993 are incorporated herein by
reference.
Item 9. Changes in and Disagreements with Accountants on Accounting and
- ------------------------------------------------------------------------
Financial Disclosure
- --------------------
Not applicable.
- 6 -
PART III
Item 10. Directors and Executive Officers of the Registrant
- ------------------------------------------------------------
The current executive officers of the Company, each of whom is elected for
a term of one year or until his successor is elected and qualified, are:
Served as
Officer
Name Age Position Since
R. S. Boreham, Jr. 69 Chairman of the Board 1962
R. L. Qualls 60 President and Chief 1986
Executive Officer
George A. Schock 86 Assistant Secretary 1944
Theodore W. Atkins 55 Vice President - Industry 1986
Relations and
Governmental Affairs
Charles H. Cramer 49 Vice President - Personnel 1984
Lloyd G. Davis 46 Chief Financial Officer, 1992
Vice President - Finance,
Secretary, and Treasurer
James R. Kimzey 55 Vice President - Research 1984
and Engineering
Robert L. Null, Jr. 51 Vice President- 1990
Manufacturing
John A. McFarland 42 Vice President - Sales 1990
Jerry D. Peerbolte 37 Vice President - Marketing 1990
Each of the executive officers has served as an officer or in a management
capacity with Baldor Electric Company for the last five years. There are no
family relationships among the executive officers. The information under the
caption "Election of Directors" of the 1994 Proxy Statement is incorporated
herein by reference.
Item 11. Executive Compensation
- --------------------------------
Information contained in the 1994 Proxy Statement under the caption
"Executive Compensation", except for the information contained in the sub-
captions "Report of the Executive and Stock Option Committees" and
"Performance Graph", and information under the caption "Information About
the Board of Directors and Committees of the Board" is incorporated herein by
reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management
- ------------------------------------------------------------------------
The security ownership by officers and directors included under the caption
"Security Ownership of Certain Beneficial Owners and Management" of the
1994 Proxy Statement is incorporated herein by reference.
Item 13. Certain Relationships and Related Transactions
- --------------------------------------------------------
Information under the caption "Certain Transactions" of the 1994 Proxy
Statement is incorporated herein by reference.
- 7 -
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
- --------------------------------------------------------------------------
(a) (1) and (2) - The response to this portion of Item 14 is submitted as a
separate section of this Report at page 13 hereof. For a listing of all
management contracts and compensatory plans or arrangements required
to be filed as exhibits to this Form 10-K, see the first four exhibits
listed below under Exhibit 10.
(3) Listing of Exhibits
Exhibit 3(i) - The Restated Articles of Incorporation of Baldor Electric
Company (as amended) filed as Exhibit 3.1 to Form 10-K for the year
ended December 30, 1989, and incorporated herein by reference.
Exhibit 3(ii) - Bylaws of Baldor Electric Company (as amended) dated
February 15, 1993, filed as Exhibit 3.2 to Form 10-K for the year ended
January 2, 1993, and incorporated herein by reference.
Exhibit 4(i) - Rights Agreement dated May 6, 1988, between Baldor
Electric Company and Wachovia Bank of North Carolina, N.A. (formerly
Wachovia Bank & Trust Company, N.A.), as Rights Agent filed as Exhibit
1 to Registrant's Form 8-K Current Report, dated May 13, 1988, and
incorporated herein by reference.
Exhibit 4(iii) - The Registrant agrees to furnish to the Securities and
Exchange Commission upon request pursuant to Item 601(b)(4)(iii) of
Regulation S-K copies of instruments defining the rights of the holders of
long-term debt of the Registrant and its consolidated subsidiaries.
Exhibit (10) - Exhibits 10(iii)(A)(1) through 10(iii)(A)(4) were previously
submitted as exhibits and are incorporated herein by reference:
- 10(iii)(A)(1) 1982 Incentive Stock Option Plan (originally filed
as Exhibit 10.8 to Form 10-K for year ended December
31, 1981, refiled as Exhibit 10.1 to Form 10-K for
the year ended December 28, 1991.)
- 10(iii)(A)(2) Officers Compensation Plan (filed as Exhibit 10.6 to
Form 10-K for year ended December 31, 1988).
- 10(iii)(A)(3) 1987 Incentive Stock Plan (filed as Appendix A to
Registrant's Proxy Statement dated April 3, 1987).
- 10(iii)(A)(4) 1989 Stock Option Plan for Non-Employee Directors
(filed as Exhibit 10 to Form 10-Q for quarter ended
September 29, 1990).
Exhibit (11) - Computation of earnings per common share.
- 8 -
Exhibit (13) - Portions of the Annual Report to Shareholders for 1993.
The Annual Report is being filed as an exhibit solely for the purpose of
incorporating certain provisions thereof by reference. Portions of the An-
nual Report not specifically incorporated are not deemed "filed" for the
purposes of the Securities Exchange Act of 1934, as amended.
Exhibit (21) - Subsidiaries of the Registrant.
Exhibit (23) - Consent of Independent Auditors.
Exhibit (24) - Powers of Attorney. Included on signature pages 10 and 11.
(b) Reports on Form 8-K
No reports on Form 8-K have been filed during the last quarter of the
period covered by this Report.
(c) Exhibits
The response to this portion of Item 14 is submitted as a separate
section of this Report.
(d) Financial Statement Schedules
The response to this portion of Item 14 is submitted as a separate
section of this Report.
- 9 -
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.
BALDOR ELECTRIC COMPANY
(Registrant)
By /s/ R. L. Qualls
President and Chief Executive Officer
(Chief Executive Officer)
Date: March 18, 1994
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints R. S. Boreham, Jr., R. L. Qualls, and
George A. Schock and each of them, his true and lawful attorneys-in-fact and
agents, with full power of substitution and resubstitution, for him and in his
name, place and stead, in any and all capacities, to sign this Report and any
and all amendments to this Report, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and
Exchange Commission, granting unto said attorneys-in-fact and agents full
power and authority to do and perform each and every act and thing requisite
and necessary to be done in and about the premises, as fully to all intents and
purposes as they might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, or their
substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
- 10 -
Signature Title Date
/s/ R. S. Boreham, Jr. Chairman of the Board of )
R. S. Boreham, Jr. Directors and Chairman of )
the Executive Committee )
)
)
/s/ R. L. Qualls President, Chief Executive )
R. L. Qualls Officer, and Director )
(Principal Executive Officer) )
)
)
/s/ Lloyd G. Davis Chief Financial Officer, )
Lloyd G. Davis Vice President - Finance, )
Secretary, and Treasurer )
(Principal Financial )
and Accounting Officer) )
)
/s/ George A. Schock Assistant Secretary and ) March 18, 1994
George A. Schock Director )
)
)
/s/ Jefferson W. Asher, Jr. Director )
Jefferson W. Asher, Jr. )
)
)
/s/ Fred C. Ballman Director )
Fred C. Ballman )
)
)
/s/ O. A. Baumann Director )
O. A. Baumann )
)
)
/s/ Robert J. Messey Director )
Robert J. Messey )
)
)
/s/ Robert L. Proost Director )
Robert L. Proost )
)
)
/s/ Willis J. Wheat Director )
Willis J. Wheat )
- 11 -
ANNUAL REPORT ON FORM 10-K
ITEM 14(a)(1) and (2), (c) and (d)
LIST OF FINANCIAL STATEMENTS
FINANCIAL STATEMENT SCHEDULES
CERTAIN EXHIBITS
YEAR ENDED JANUARY 1, 1994
BALDOR ELECTRIC COMPANY
FORT SMITH, ARKANSAS
- 12 -
FORM 10-K, ITEM 14(a)(1) and (2)
LIST OF FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES
BALDOR ELECTRIC COMPANY AND SUBSIDIARIES
The following consolidated financial statements of Baldor Electric Company
and Subsidiaries, included in the Annual Report to Shareholders for 1993, are
incorporated by reference in Item 8:
- Consolidated Balance Sheets
- January 1, 1994, and January 2, 1993
- Consolidated Statements of Earnings
- for the three years in the period ended January 1, 1994
- Consolidated Statements of Cash Flows
- for the three years in the period ended January 1, 1994
- Consolidated Statements of Shareholders' Equity
- for the three years in the period ended January 1, 1994
- Notes to Consolidated Financial Statements
The following consolidated financial statement schedules of Baldor Electric
Company and Subsidiaries are included in Item 14(d):
- Schedule V Property, Plant and Equipment
- Schedule VI Accumulated Depreciation, Depletion,
and Amortization of Property, Plant
and Equipment
- Schedule VIII Valuation and Qualifying Accounts
- Schedule IX Short-Term Borrowings
- Schedule X Supplementary Income Statement
Information
All other schedules for which provision is made in the applicable accounting
regulation of the Securities and Exchange Commission are not required under
the related instructions or are inapplicable, and therefore have been omitted.
- 13 -
BALDOR ELECTRIC COMPANY AND SUBSIDIARIES
SCHEDULE V
PROPERTY, PLANT AND EQUIPMENT
(In thousands)
Column A Column B Column C Column D Column E Column F
Balance at Other Changes Balance
Beginning Additions Add (Deduct) At End
Classification of Period at Cost Retirements Describe of Period
Year Ended January 1, 1994
Land and improvements $ 3,280 $ 1 $ 164 $ $ 3,117
Buildings and improvements 24,014 2,604 1,714 (112) 24,792
Machinery and equipment 111,455 12,377 4,433 (1,088) 118,311
-------- ------- ------ -------- ---------
$138,749 $14,982 $6,311 $(1,200) $ 146,220
======== ======= ====== ======== =========
Year Ended January 2, 1993
Land and improvements $ 3,119 $ 161 $ $ $ 3,280
Buildings and improvements 21,899 2,693 189 (389) 24,014
Machinery and equipment 105,637 8,778 2,564 (396) 111,455
-------- ------- ------ -------- ---------
$130,655 $11,632 $2,753 $ (785) $ 138,749
======== ======= ====== ======== =========
Year Ended December 28, 1991
Land and improvements $ 3,047 $ 72 $ $ $ 3,119
Buildings and improvements 20,310 1,665 76 21,899
Machinery and equipment 100,989 8,095 3,092 (355) 105,637
-------- ------- ------ -------- ---------
$124,346 $ 9,832 $3,168 $ (355) $ 130,655
======== ======= ====== ======== =========
_______________
Note: Estimated useful lives of property, plant, and equipment used in
computing the provision for depreciation were:
Land improvements - 5 to 20 years
Building and improvements - 15 to 35 years
Machinery and equipment - 3 to 15 years
Miscellaneous reclassifications.
Reclassifications and amounts capitalized for Information Systems, net
of amortization of $1,108,000 in 1993, $1,037,000 in 1992, and
$1,007,000 in 1991. See Note A to Annual Report to Shareholders for
1993.
- 14 -
BALDOR ELECTRIC COMPANY AND SUBSIDIARIES
SCHEDULE VI
ACCUMULATED DEPRECIATION, DEPLETION, AND AMORTIZATION
OF PROPERTY, PLANT AND EQUIPMENT
(In thousands)
Column A Column B Column C Column D Column E Column F
Additions
Balance at Charged to Other Changes Balance
Beginning Costs and Add (Deduct) At End
Classification of Period Expenses Retirements Describe of Period
Year Ended January 1, 1994
Land and improvements $ 980 $ 111 $ $ 1,091
Buildings and improvements 7,641 736 573 7,804
Machinery and equipment 58,971 9,855 3,897 64,929
------- ------- ------ -------
$67,592 $10,702 $4,470 $73,824
======= ======= ====== =======
Year Ended January 2, 1993
Land and improvements $ 883 $ 97 $ $ 980
Buildings and improvements 6,876 781 16 7,641
Machinery and equipment 51,617 9,895 2,541 58,971
------- ------- ------ -------
$59,376 $10,773 $2,557 $67,592
======= ======= ====== =======
Year Ended December 28, 1991
Land and improvements $ 787 $ 96 $ $ 883
Buildings and improvements 6,212 664 6,876
Machinery and equipment 44,805 10,162 3,350 51,617
------- ------- ------ -------
$51,804 $10,922 $3,350 $59,376
======= ======= ====== =======
- 15 -
BALDOR ELECTRIC COMPANY AND SUBSIDIARIES
SCHEDULE VIII
VALUATION AND QUALIFYING ACCOUNTS
(In thousands)
Column A Column B Column C Column D Column E
Additions
----------------------
Charged to Charged to
Balance at Costs Other Balance
Beginning and Accounts Deductions at End of
Description of Period Expenses Describe Describe Period
Deducted from current assets:
Allowance for doubtful accounts
1993 $1,200 $1,197 $ 597 $1,800
1992 935 1,354 1,089 1,200
1991 975 693 733 935
Included in current liabilities:
Anticipated warranty costs
1993 $2,500 $ 250 $2,750
1992 2,405 95 2,500
1991 2,450 (45) 2,405
- ---------------
Net uncollectible accounts written off during year.
Additions/(reductions) to reserve for anticipated warranty costs, net of
expenses incurred.
- 16 -
BALDOR ELECTRIC COMPANY AND SUBSIDIARIES
SCHEDULE IX
SHORT-TERM BORROWINGS
Column A Column B Column C Column D Column E Column F
Maximum Average Weighted
Weighted Amount Amount Average
Balance Averaged Outstanding Outstanding Interest
Category of Aggregate at End of Interest During During Rate During
Short-Term Borrowings Period Rate the Period the Period the Period
Year ended January 1, 1994
Notes payable to bank NONE
Year ended January 2, 1993
Notes payable to bank NONE $1,085,000 $ 217,000 9.7%
Year ended December 28, 1991
Notes payable to bank $1,085,000 10.9% $2,760,000 $2,014,000 10.2%
- -----------------
The average amount outstanding during the period was computed by dividing
the total of month-end outstanding principal balances by the number of
months outstanding.
The weighted average interest rate during the period was computed by
dividing the actual interest expense by the average short-term debt
outstanding.
Notes payable to bank consists of international lines of credit borrowing
arrangements which have no termination date but are reviewed annually for
renewal.
- 17 -
BALDOR ELECTRIC COMPANY AND SUBSIDIARIES
SCHEDULE X
SUPPLEMENTARY INCOME STATEMENT INFORMATION
(In thousands)
Column A Column B
Charged to
Costs and
Item Expenses
Year ended January 1, 1994
Maintenance and repairs $6,186
Year ended January 2, 1993
Maintenance and repairs $5,575
Year ended December 28, 1991
Maintenance and repairs $4,978
_______________
Note: Amounts for depreciation and amortization of intangible assets; taxes,
other than payroll and income taxes; royalties; and advertising costs for the
three years in the period ended January 1, 1994, are not presented as such
amounts are less than 1% of total sales and revenues.
- 18 -
BALDOR ELECTRIC COMPANY AND SUBSIDIARIES
INDEX OF EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
11 Computation of Earnings Per Common Share
13 Annual Report to Shareholders for 1993
21 Subsidiaries of the Registrant
23 Consent of Independent Auditors
24 Powers of Attorney. Included on signature pages 10 and
11.