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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended June 30, 1994 Commission File Number 1-7233
STANDEX INTERNATIONAL CORPORATION
(Exact name of Registrant as specified in its Charter)
DELAWARE 31-0596149
(State of incorporation) (I.R.S. Employer Identification No.)
6 MANOR PARKWAY, SALEM, NEW HAMPSHIRE 03079
(Address of principal executive offices) (Zip Code)
(603) 893-9701
(Registrant's telephone number, including area code)
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE
SECURITIES EXCHANGE ACT OF 1934:
Title of Each Class Name of Each Exchange on Which Registered
Common Stock, Par Value $1.50
Per Share New York Stock Exchange
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. [ ]
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
The aggregate market value of the voting stock held by non-affiliates of
the Registrant at July 31, 1994 was approximately $364,882,000.
The number of shares of Registrant's Common Stock outstanding on
September 7, 1994 was 14,601,491.
Portions of the 1994 Annual Report to Stockholders of Registrant are
incorporated in Parts I, II and IV of this report. Portions of the Proxy
Statement of Registrant dated September 16, 1994 are incorporated in Part III
of this report.
______________________________________________________________________________
______________________________________________________________________________
PART I
ITEM 1. BUSINESS
Standex* is a diversified manufacturing and marketing company with
operations in three product segments: Graphics/Mail Order, Institutional and
Industrial. Standex was incorporated in 1975 and is the successor of a
corporation organized in 1955.
The business of the Company is carried on within the three segments by a
number of operating units, each with its own organization. The management of
each operating unit has responsibility for product development, manufacturing,
marketing and for achieving a return on investment in accordance with the
standards established by Standex. Overall supervision, coordination and
financial control are maintained by the executive staff from its corporate
headquarters located at 6 Manor Parkway, Salem, New Hampshire. As of June 30,
1994, the Company had approximately 5,100 employees.
The principal products produced and services rendered by each of the
segments of Standex are incorporated herein by reference to pages 4 through 11
of the Annual Report to Stockholders for the fiscal year ended June 30, 1994
(the "1994 Annual Report"). Sales are made both directly to customers and by
or through manufacturers' representatives, dealers and distributors.
The major markets for the above products and services are as follows:
MAJOR PRODUCTS MAJOR MARKETS
Graphics/Mail Order
. Educational and religious
Publishing:
Standard Publishing religious Sunday schools, churches,
periodicals, Sunday School vacation Bible schools; chain
literature and supplies of 16 Berean bookstores
. Commercial Printing General commerce and industry
. Binding Systems and Office Supplies:
Wire-O and Mult-O machinery and Printers, publishers of
complete binding systems checkbooks, calendars,
appointment books, cookbooks,
catalogs, manuals, etc.
*References in this Annual Report on Form 10-K to "Standex" or the
"Company" shall mean Standex International Corporation and its subsidiaries.
MAJOR PRODUCTS MAJOR MARKETS
Graphics/Mail Order (continued)
. Binding Systems, etc. (Continued):
Specialized commercial and Manufacturers, advertisers,
government forms and printing department stores, magazines,
government and general industry
. Distribution of office supplies and General commerce and industry
furniture
. Mail Order:
Frank Lewis Grapefruit Club gift Direct to consumers
packages, Harry's Crestview Groves
grapefruit packages, grapefruit
juice, grapefruit sections, onions,
melons and roses
Institutional Products
. Food Service Equipment:
USECO food service equipment and Hospitals, schools, nursing homes,
patient feeding systems correctional facilities and
restaurants
Master-Bilt refrigerated beverage Hospitals, schools, fast food
cases, coolers and freezers; industry, restaurants, hotels,
Barbecue King ovens and baking clubs, supermarkets, beverage
equipment; Federal Industries industry, bakeries, dairy and
bakery and deli equipment; Mason convenience food chains
candlelamps; Coors restaurant china
and cookware; Red Goat waste
disposers; EPCO food racks; General
Slicing and Toastswell commercial
appliances
. Other Institutional Products:
Jarvis & Jarvis, Can-Am Casters and General industry, hospitals and
Wheels and PEMCO casters and supermarkets
wheels; industrial hardware
Snappy metal ducting and fittings Heating, ventilating and air
conditioning distributors
principally in Midwestern and
Southwestern United
States
MAJOR PRODUCTS MAJOR MARKETS
Institutional Products (continued):
. Other Institutional Products
(continued)
National Metal fabricated metal Restaurants, retail stores, office
products including Christmas tree furniture markets, stationary
stands, speciality hardware and supply houses and other industries
metal furniture
Williams chiropractic and traction Chiropractors and physical
tables and multi-therapy systems therapists
(Zenith and CombiTM brands)
Industrial Products
. Texturizing Systems:
Roehlen embossing rolls, machines General Industry (e.g. automotive,
and plates; Mold-Tech mold plastics, textiles, paper, building
engraving; Keller-Dorian print products, synthetic materials,
rolls appliances, business machines,
etc.)
. Metal and Machinery Products:
Procon rotary vane pumps Beverage industry, water
purification industry, industrial
heat exchanges and medical markets
Spincraft power metal spinning OEMs, turbine and generator
custom forming components for manufacturers, U.S. Government,
aircraft engines, gas turbines, food handling, construction
military ordnance and similar machinery, etc.
products
Custom Hoists single and double Automotive, construction, textile,
acting telescopic and piston rod and paper industries
hydraulic cylinders; Perkins
converting and finishing machinery
and systems; Alan Duffy web
slitting and rewinding machinery
MAJOR PRODUCTS MAJOR MARKETS
Industrial Products (continued)
. Electronics
Standex reed switches and relays; Telecommunications, consumer
EMI/RFI powerline filters; fixed electronics, automotive, security
and variable inductors and systems, communications equipment,
electronic assemblies; variable computers, instrumentation controls
mica capacitors; and tunable
inductors and micro coils
Van Products electrical connectors Air conditioning, refrigeration
Financial information on each of the product groups of Standex as well
as financial information of non-U.S. operations is incorporated by reference
to the note to the consolidated financial statements entitled Industry Segment
Information on page 20 of the 1994 Annual Report.
Raw Materials
Raw materials and components necessary for the fabrication of products and
the rendering of services for the Company are generally available from
numerous sources. The Company does not foresee any unavailability of
materials or components which would have any material adverse effect on its
overall business, or any of its business segments, in the near term.
Patents and Trademarks
The Company owns or is licensed under a number of patents and trademarks
in each of its product groups. However, the loss of any single patent or
trademark would not, in the opinion of the Company, materially affect any
segment.
Backlog
Backlog at June 30, 1994 and 1993 is as follows (in thousands):
1994 1993
Graphics/Mail Order............ $7,599 $8,056
Institutional.................. 30,569 27,026
Industrial..................... 36,374 39,126
Total $74,542 $74,208
Substantially all of the backlog is expected to be realized as sales in
fiscal 1995.
Competition
Standex manufactures and markets products many of which have achieved a
unique or leadership position in their market. However, the Company
encounters competition in varying degrees in all product groups and for each
product line. Competitors include domestic and foreign producers of the same
and similar products. The principal methods of competition are price,
delivery schedule, quality of services, product performance and other terms
and conditions of sale. During fiscal 1994, the Company invested $13,238,000
in new plant and equipment in order to upgrade facilities to become more
competitive in all segments.
International Operations
Substantially all international operations of the Company are related to
domestic operations and are included in all three product groups.
International operations are conducted at 34 plants, principally in Western
Europe. The industry segment information regarding non-U.S. operations on
page 20 of the 1994 Annual Report is incorporated herein by reference.
Research and Development
Due to the nature of the manufacturing operations of Standex and the types
of products manufactured, expenditures for research and development are not
material to any segment.
Environmental and Other Matters
To the best of its knowledge, the Company believes that it is presently in
substantial compliance with all existing applicable environmental laws and
does not anticipate that such compliance will have a material effect on its
future capital expenditures, earnings or competitive position.
ITEM 2. PROPERTIES
At June 30, 1994, Standex operated a total of 86 principal plants and
warehouses located through the United States, Western Europe, Canada,
Australia and Mexico. The Company owned 48 of the facilities and the balance
were leased. In addition, the Company operated 18 retail stores in various
sections of the United States, of which 17 were leased. The approximate
building space utilized by each product group of Standex at June 30, 1994 is
as follows (in thousands):
Area in Square Feet
Owned Leased
Graphics/Mail Order............ 574 314
Institutional.................. 1,437 509
Industrial..................... 923 200
General Corporate.............. 29 -
Total..................... 2,963 1,023
In general, the buildings are in good condition, are considered to be
adequate for the uses to which they are being put and are in regular use.
The Company utilizes machinery and equipment which is necessary to conduct
its operations. Substantially all of such machinery and equipment is owned by
Standex.
ITEM 3. LEGAL PROCEEDINGS
There are no material pending legal proceedings.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE
OF SECURITY HOLDERS
No matters were submitted to stockholders during the fourth quarter of the
fiscal year.
EXECUTIVE OFFICERS OF STANDEX
Name Age Principal Occupation During the Past Five Years
Thomas L. King 64 Chairman of the Board of the Company since January
1992, President of the Company since August 1984
and Chief Executive Officer of the Company since
July 1985.
Edward J. Trainor 54 President of the Company since July 1994; Vice
President of the Company from July 1992 to July
1994 and President of the Standex Institutional
Products Group of the Company from January 1987
to July 1994.
David R. Crichton 56 Executive Vice President/Operations of the Company
since June 1989; and prior thereto, President of
Standex Precision Engineering Division of the
Company from June 1987 to May 1989.
Thomas H. DeWitt 52 Executive Vice President/Administration of the
Company since January 1987 and General Counsel
of the Company since October 1985.
Lindsay M. Sedwick 59 Vice President of the Company since January 1990
and Treasurer of the Company since January
1986.
Robert R. Kettinger 52 Corporate Controller of the Company since July
1991, and prior thereto Assistant Corporate
Controller of the Company.
Richard H. Booth 47 Corporate Counsel of the Company since June 1992
and Secretary of the Company since July 1992;
Vice President, General Counsel and Secretary of
Metcalf & Eddy Companies, Inc., from May 1989 to
November 1991 and prior thereto Senior Group
Counsel of The Gillette Company.
The executive officers are elected each year by the Board of Directors to
serve for one-year terms of office. There are no family relationships between
any of the directors or executive officers of the Company.
PART II
ITEM 5. MARKET FOR STANDEX COMMON STOCK
AND RELATED STOCKHOLDER MATTERS
The principal market in which the Common Stock of Standex is traded is
the New York Stock Exchange. The high and low sales prices for the Common
Stock on the New York Stock Exchange and the dividends paid per Common Share
for each quarter in the last two fiscal years are incorporated by reference to
page 14 of the 1994 Annual Report. The approximate number of stockholders of
record on September 7, 1994 was 4,500.
ITEM 6. SELECTED FINANCIAL DATA
Selected financial data for the five years ended June 30, 1994 is
incorporated by reference to the table entitled "Five-Year Financial Review"
on page 14 of the 1994 Annual Report. This summary should be read in
conjunction with the consolidated financial statements and related notes
included in the 1994 Annual Report on pages 15 through 22, and Exhibit 11
contained herein.
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 of the Company is incorporated by reference to pages 12 and 13
of the 1994 Annual Report.
ITEM 8. FINANCIAL STATEMENTS
AND SUPPLEMENTARY DATA
The information required by this item is incorporated by reference to
pages 14 through 23 of the 1994 Annual Report.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH
ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS
OF STANDEX
Certain information concerning the directors of the Company is
incorporated by reference to pages 2 through 6 and page 23 of the Proxy
Statement of the Company, dated September 16, 1994 (the "1994 Proxy
Statement"). Certain information concerning the executive officers of the
Company is set forth in Part I under the caption "Executive Officers of
Standex."
ITEM 11. EXECUTIVE COMPENSATION
Information regarding executive compensation is incorporated by reference
to pages 12 through 18 of the 1994 Proxy Statement.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT
The stock ownership of each person known to Standex to be the beneficial
owner of more than 5% of its Common Stock and the stock ownership of all
directors and executive officers of Standex as a group are incorporated by
reference to pages 6 through 7 of the 1994 Proxy Statement. The beneficial
ownership of Standex Common Stock of all directors and executive officers of
the Company is incorporated by reference to pages 5 through 6 of the 1994
Proxy Statement.
ITEM 13. CERTAIN RELATIONSHIPS AND
RELATED TRANSACTIONS
Information regarding certain relationships and related transactions is
incorporated by reference to page 19 of the 1994 Proxy Statement.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT
SCHEDULES, AND REPORTS ON FORM 8-K
(a) Financial Statements and Schedules
The financial statements and schedules listed in the accompanying index
to Financial Statements and Schedules are filed as part of this Annual Report
on Consolidated Form 10-K.
(b) Reports on Form 8-K
Standex filed no reports on Form 8-K with the Securities and Exchange
Commission during the last quarter of the fiscal year ended June 30, 1994.
(c) Exhibits
3. (i) Restated Certificate of Incorporation of Standex, dated
October 16, 1986, is incorporated by reference to the
exhibits to the Quarterly Report of Standex on Form 10-Q
for the fiscal quarter ended December 31, 1986.
(ii) By-Laws of Standex, as amended, and restated on July 27,
1994.
4. (a) Agreement of the Company, dated September 15, 1981, to
furnish a copy of any instrument with respect to certain
other long-term debt to the Securities and Exchange
Commission upon its request is incorporated by reference
to the exhibits to the Annual Report of Standex on Form
10-K for the fiscal year ended June 30, 1981.
(b) Shareholder Rights Plan and Trust Indenture of the Company
is incorporated by reference to Amendment No. 1 to Form 8A
filed with the Securities and Exchange Commission on May
16, 1989 and the Form 8A filed with the Securities and
Exchange Commission on February 3, 1989.
10. (a) Employment Agreement, dated July 1, 1988, between the
Company and Thomas L. King is incorporated by reference to
the exhibits to the Annual Report of Standex on Form 10-K
for the fiscal year ended June 30, 1988 (the "1988 10-K")
and Agreement to Amend Employment Agreement dated
September 18, 1989 is incorporated by reference to the
exhibits to the Annual Report of Standex on Form 10-K for
the fiscal year ended June 30, 1990 ("1990 10-K").
(b) Employment Agreement - 1993 Amendment dated July 28, 1993
between the Company and Thomas L. King is in corporate by
reference to the exhibits to the Annual Report of Standex
on Form 10-K for the fiscal year ended June 30, 1993
("1993 10-K").
(c) Employment Agreement dated January 29, 1993, between the
Company and Thomas H. DeWitt is incorporated by reference
to the exhibits to the 1993 10-K.
(d) Employment Agreement dated January 29, 1993, between the
Company and David R. Crichton is incorporated by reference
to the exhibits to the 1993 10-K.
(e) Employment Agreement dated January 29, 1993, between the
Company and Lindsay M. Sedwick is incorporated by
reference to the exhibits to the 1993 10-K.
(f) Employment Agreement dated January 29, 1993, between the
Company and Edward J. Trainor is incorporated by reference
to the exhibits to the 1993 10-K.
(g) Standex International Corporation Profit Improvement
Participation Shares Plan as amended and restated on July
1, 1989 is incorporated by reference to the exhibits to
the 1990 10-K.
(h) Standex International Corporation Stock Option Loan Plan,
effective January 1, 1985, as amended and restated on
January 26, 1994.
(i) Standex International Corporation Executive Security
Program as amended and restated on July 27, 1994.
(j) Standex International Corporation 1985 Stock Option Plan
effective July 31, 1985, as amended on October 30, 1990,
is incorporated by reference to the exhibits to the Annual
Report of Standex on Form 10-K for the fiscal year ended
June 30, 1991.
(k) Standex International Corporation Stock Appreciation
Rights Plan effective July 31, 1985, is incorporated by
reference to the exhibits to the 1985 10-K.
(l) Standex International Corporation Executive Life Insurance
Plan effective April 27, 1994.
(m) Standex International Corporation 1994 Stock Option Plan
effective July 27, 1994.
11. Computation of Per Share Earnings.
13. The Annual Report to Stockholders of the Company for the fiscal
year ended June 30, 1994 (except for the pages and information
thereof expressly incorporated by reference in this Form 10-K,
the Annual Report to Shareholders is provided solely for the
information of the Securities and Exchanges Commission and is
not deemed "filed" as part of this Form 10-K).
21. Subsidiaries of Standex.
23. Independent Auditors' Consent.
24. Powers of Attorney of John Bolten, Jr., William L. Brown, David
R. Crichton, Samuel S. Dennis 3d, Thomas H. DeWitt, Walter F.
Greeley, Daniel B. Hogan, C. Kevin Landry, H. Nicholas Muller,
III, Sol Sackel, and Lindsay M. Sedwick.
27. Financial Data Schedule.
(d) Schedules
The schedules listed in the accompanying Index to Financial Statements
and Schedules are filed as part of this Annual Report on Form 10-K.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, Standex International Corporation has duly caused this
annual report on Form 10-K to be signed on its behalf by the undersigned,
thereunto duly authorized, on September 13, 1994.
STANDEX INTERNATIONAL CORPORATION
(Registrant)
By: /s/Thomas L. King
Thomas L. King, Chairman of
the Board, Chief Executive
Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of Standex
International Corporation and in the capacities indicated on September 13, 1994:
Signature Title
/s/Thomas L. King Chairman of the Board, Chief Executive
Thomas L. King Officer
/s/Lindsay M. Sedwick Vice President/Treasurer (Chief Financial
Lindsay M. Sedwick Officer)
/s/Robert R. Kettinger Corporate Controller (Chief Accounting
Robert R. Kettinger Officer)
Thomas L. King, pursuant to powers of attorney which are being filed with
this Annual Report on Form 10-K, has signed below on September 1, 1994 as
attorney-in-fact for the following directors of the Registrant:
John Bolten, Jr. Walter F. Greeley
William L. Brown Daniel B. Hogan
David R. Crichton C. Kevin Landry
Samuel S. Dennis 3d H. Nicholas Muller, III
Thomas H. DeWitt Sol Sackel
Lindsay M. Sedwick
/s/Thomas L. King
Thomas L. King
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES
| Page No. in
Annual Report
("AR")
Financial Statements
Statements of Consolidated Income for the
Years Ended June 30, 1994, 1993 and 1992...................... AR 15
Consolidated Balance Sheets at June 30, 1994 and 1993........... AR 16
Statements of Consolidated Stockholders' Equity for
the Years Ended June 30, 1994, 1993 and 1992.................. AR 15
Statements of Consolidated Cash Flows for
the Years Ended June 30, 1994, 1993 and 1992.................. AR 17
Notes to Consolidated Financial Statements...................... AR 18-22
Independent Auditors' Report relating to the
Consolidated Financial Statements and Notes thereto........... AR 23
Schedules
Schedule II Account Receivable from Related Parties and
Underwriters, Promoters, and Employees other
than Related Parties......................... 16
Schedule V Property, Plant and Equipment.................. 17
Schedule VI Accumulated Depreciation and Amortization of
Property, Plant and Equipment................ 18
Schedule VIII Valuation and Qualifying Accounts.............. 19
Schedule X Supplementary Income Statement Information..... 20
Independent Auditors' Report relating to Schedules.............. 15
Schedules (consolidated) not listed above are omitted because of the
absence of conditions under which they are required or because the required
information is included in the financial statements submitted.
INDEX TO ITEMS INCORPORATED BY REFERENCE
Page No. in
Annual Report
("AR") or Proxy
Statement ("P")
PART I
Item 1 Business........................................... AR 4-11
Industry Segment Information....................... AR 20
PART II
Item 5 Market for Standex Common Stock and Related
Stockholder Matters.............................. AR 14
Item 6 Selected Financial Data............................ AR 14
Item 7 Management's Discussion and Analysis of Financial
Condition and Results of Operations.............. AR 12-13
Item 8 Financial Statements and Supplementary Data........ AR 14-23
PART III
Item 10 Directors and Executive Officers of Standex........ P 2-6;23
Item 11 Executive Compensation............................. P 12-18
Item 12 Security Ownership of Certain Beneficial Owners and
Management....................................... P 6-7; 5-6
Item 13 Certain Relationships and Related Transactions..... P 19
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Stockholders of
STANDEX INTERNATIONAL CORPORATION:
We have audited the consolidated financial statements of Standex
International Corporation and subsidiaries as of June 30, 1994 and 1993 and
for each of the three years in the period ended June 30, 1994, and have
issued our report thereon dated August 16, 1994; such financial statements
and report are included in your 1994 Annual Report to Stockholders and are
incorporated herein by reference. Our audits also included the financial
statement schedules of Standex International Corporation and subsidiaries,
listed in Item 14. These financial statement schedules are the
responsibility of the Company's management. Our responsibility is to
express an opinion based on our audits. In our opinion, such financial
statement schedules, when considered in relation to the basic financial
statements taken as a whole, present fairly in all material respects the
information set forth therein.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
August 16, 1994
Schedule II
STANDEX INTERNATIONAL CORPORATION AND SUBSIDIARIES
AMOUNTS RECEIVABLE FROM RELATED PARTIES AND UNDERWRITERS, PROMOTERS,
AND EMPLOYEES OTHER THAN RELATED PARTIES
For the Years Ended June 30, 1994, 1993 and 1992
Column A Column B Column C Column D Column E
Balance at Deductions
Beginning Amounts Amounts Balance at End of Period
Name of Debtor (1) of Period Additions Collected Written Off Current Not Current
June 30, 1994:
Directors and officers, in excess
of $100,000 at any time during
the year:
Lindsay Sedwick ................... $154,904 $18,745 $2,642 - - $171,007
All Others .......................... 132,349 553,085 200,184 - - 485,250
Total.............................. $287,253 $571,830 $202,826 - - $656,257
June 30, 1993:
Directors and officers in excess
of $100,000 at any time during
the year:
Lindsay Sedwick.................... - $157,051 $2,147 - - $154,904
All Others........................... $121,734 154,699 144,084 - - 132,349
Total.............................. $121,734 $311,750 $146,231 - - $287,253
June 30, 1992:
All Directors and officers , none of
which had in excess of $100,000 at
any time during the year........... $271,845 $57,021 $207,132 - - $121,734
Total............................ $271,845 $57,021 $207,132 - - $121,734
_______________
(1) The Board of Directors of the Company has approved a Stock Option Loan Plan which makes loans available to all directors,
officers and employees holding stock options for the purpose of exercising the options. The loans bear interest at the rate of 6%
per year if issued prior to June 30, 1984; thereafter, the loans bear interest at market rates. The loan must be repaid within
ten years. Regular quarterly payments are made by the loan recipients which reduce the outstanding indebtedness. The Company
holds as collateral all stock received on the exercise of options under the Plan.
Schedule V
STANDEX INTERNATIONAL CORPORATION AND SUBSIDIARIES
PROPERTY, PLANT AND EQUIPMENT
For the Years Ended June 30, 1994, 1993 and 1992
Column A Column B Column C Column D Column E Column F
Balance at Other Changes--
Beginning Additions Reclassifications Balance at
Classification of Year at Cost Retirements Add (Deduct) End of Year
June 30, 1994:
Land and land improvements........ $5,991,090 $157,407 $(16,500) $(53,857) $ 6,078,140
Buildings......................... 51,097,758 1,760,308 (1,540,594) (782,455) 50,535,017
Machinery and equipment........... 130,735,810 8,882,437(2) (2,143,603) (1,201,450) 136,273,194
Office furniture and fixtures..... 15,851,497 1,927,438 (833,141) (121,684) 16,824,110
Transportation equipment.......... 1,295,665 212,309 (177,308) (26,275) 1,304,391
Leasehold improvements............ 2,448,749 297,921 (141,435) (56,836) 2,548,399
Total......................... $207,420,569 $13,237,820 $(4,852,581) $(2,242,557)(1) $213,563,251
June 30, 1993:
Land and land improvements........ $5,971,804 $104,244 $- $(84,958) $5,991,090
Buildings......................... 50,631,844 1,325,875 (46,063) (813,898) 51,097,758
Machinery and equipment........... 129,314,927 7,716,877)(2) (4,001,421) (2,294,573) 130,735,810
Office furniture and fixtures..... 15,017,766 1,188,306 (211,293) (143,282) 15,851,497
Transportation equipment.......... 1,363,828 239,648 (260,610) (47,201) 1,295,665
Leasehold improvements............ 2,533,388 152,350 (11,611) (225,378) 2,448,749
Total......................... $204,833,557 $10,727,300 $(4,530,998) $(3,609,290)(1) $207,420,569
June 30, 1992:
Land and land improvements........ $5,461,879 $458,422 $(4,555) $56,058 $5,971,804
Buildings......................... 47,984,471 1,483,232 (100,986) 1,265,127 50,631,844
Machinery and equipment........... 116,670,163 11,133,621(2) (4,049,820) 5,560,963 129,314,927
Office furniture and fixtures..... 14,902,823 1,955,653 (2,039,771) 199,061 15,017,766
Transportation equipment.......... 1,286,254 141,168 (89,113) 25,519 1,363,828
Leasehold improvements............ 2,268,964 480,683 (257,899) 41,640 2,533,388
Total......................... $188,574,554 $15,652,779 $(6,542,144) $7,148,368(1) $204,833,557
(1) Includes foreign currency translation adjustments of $(2,176,215), $(3,471,259), and $2,314,616 in 1994, 1993 and 1992,
respectively, and other amounts which are the result of business acquisitions and dispositions.
(2) Primarily includes machinery and equipment used in the manufacturing process.
Schedule VI
STANDEX INTERNATIONAL CORPORATION AND SUBSIDIARIES
ACCUMULATED DEPRECIATION AND AMORTIZATION OF
PROPERTY, PLANT AND EQUIPMENT
For the Years Ended June 30, 1994, 1993 and 1992
Column A Column B Column C Column D Column E Column F
Balance at Additions Other Changes--
Beginning Charged to Costs Reclassifications Balance at
Classification of Year and Expenses Retirements Add (Deduct) End of Year
June 30, 1994:
Land and land improvements........ $627,508 $64,208 $- $(1,012) $690,704
Buildings......................... 20,141,593 1,456,901 (295,267) (207,143) 21,096,084
Machinery and equipment........... 82,781,232 8,368,717 (1,844,055) (946,497) 88,359,397
Office furniture and fixtures..... 10,921,944 1,524,884 (736,468) (55,790) 11,654,570
Transportation equipment.......... 790,034 186,106 (133,365) (14,156) 828,619
Leasehold improvements............ 1,239,243 151,208 (132,545) (21,211) 1,236,695
Total......................... $116,501,554 $11,752,024 $(3,141,700) $(1,245,809)(1) $123,866,069
June 30, 1993:
Land and land improvements........ $562,719 $64,978 $- $(189) $627,508
Buildings......................... 18,871,804 1,528,321 (37,621) (220,911) 20,141,593
Machinery and equipment........... 78,996,750 8,582,745 (3,358,682) (1,439,581) 82,781,232
Office furniture and fixtures..... 9,629,513 1,576,734 (191,596) (92,707) 10,921,944
Transportation equipment.......... 759,796 222,260 (163,916) (28,106) 790,034
Leasehold improvements............ 1,142,321 170,523 (1,935) (71,666) 1,239,243
Total......................... $109,962,903 $12,145,561 $(3,753,750) $(1,853,160)(1) $116,501,554
June 30, 1992:
Land and land improvements........ $498,322 $65,076 $(1,611) $932 $562,719
Buildings......................... 17,392,704 1,347,270 (92,887) 224,717 18,871,804
Machinery and equipment........... 73,031,350 7,961,264 (2,800,115) 804,251 78,996,750
Office furniture and fixtures..... 9,685,458 1,533,762 (1,641,933) 52,226 9,629,513
Transportation equipment.......... 617,446 199,257 (71,967) 15,060 759,796
Leasehold improvements............ 1,167,044 136,485 (164,609) 3,401 1,142,321
Total......................... $102,392,324 $11,243,114 $(4,773,122) $1,100,587(1) $109,962,903
(1)Includes foreign currency translation adjustments of $(1,182,309), $(1,811,257), and $1,217,972 in 1994, 1993 and 1992,
respectively, and other amounts which are the result of business acquisitions and dispositions.
Schedule VIII
STANDEX INTERNATIONAL CORPORATION AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS
For the Years Ended June 30, 1994, 1993 and 1992
Column A Column B Column C Column D Column E
Balance at Additions
Beginning Charged to Costs Charged to Balance at
Description of Year and Expenses Other Accounts Deductions End of Year
Allowances deducted from assets to
which they apply--for doubtful
accounts receivable:
June 30, 1994................... $2,666,975 $1,486,902 $(1,566,732) (1) $2,587,145
June 30, 1993................... $2,718,138 $1,778,740 $(1,829,903) (1) $2,666,975
June 30, 1992................... $2,557,318 $2,161,369 $(2,000,549) (1) $2,718,138
(1) Accounts written off--net of recoveries.
Schedule X
STANDEX INTERNATIONAL CORPORATION AND SUBSIDIARIES
SUPPLEMENTARY INCOME STATEMENT INFORMATION
For the Years Ended June 30, 1994, 1993 and 1992
Column A Column B
Charged to Costs and Expenses
Item 1994 1993 1992
Advertising costs.......... $8,128,263 $8,562,165 $9,157,419
Maintenance and repairs.... $8,019,546 $7,354,709 $6,919,721
INDEX TO EXHIBITS
PAGE
3. (ii) By-Laws of Standex as amended and restated on
July 27, 1994 ............................................
10. (h) Standex International Corporation Stock Option Loan
Plan, as amended and restated on January 26, 1994 ........
(i) Standex International Corporation Executive Security
Program as amended and restated on July 27, 1994 .........
(l) Standex International Corporation Executive Life
Insurance Plan effective April 27, 1994 ..................
(m) Standex International Corporation 1994 Stock Option
Plan effective July 27, 1994 .............................
11. Computation of Per Share Earnings ........................
13. The Annual Report to Stockholders of the Company for the
fiscal year ended June 30, 1994 (except for the pages and
information thereof expressly incorporated by reference
in this Form 10-K, the Annual Report to Shareholders is
provided solely for the information of the Securities and
Exchanges Commission and is not deemed "filed" as part of
this Form 10-K) ..........................................
21. Subsidiaries of Registrant ...............................
23. Independent Auditors' Consent ............................
24. Powers of Attorney of John Bolten, Jr., William L. Brown,
David R. Crichton, Samuel S. Dennis 3d, Thomas H. DeWitt,
Walter F. Greeley, Daniel B. Hogan, C. Kevin Landry,
H. Nicholas Muller, III, Sol Sackel, and
Lindsay M. Sedwick .......................................
27. Financial Data Schedule ..................................