EXHIBIT 27
CROMPTON & KNOWLES CORPORATION AND SUBSIDIARIES
FINANCIAL STATEMENTS AND SCHEDULES
(FORM 10-K)
December 25, 1993, December 26, 1992 and December 28, 1991
CROMPTON & KNOWLES CORPORATION AND SUBSIDIARIES
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
Independent Auditors' Report on Financial Statement Schedules.
Consolidated Financial Statements:
The following consolidated financial information and
Independent
Auditors' Report are included in the Corporation's 1993 Annual
Report to
Stockholders, attached hereto as Exhibit 13 and incorporated herein
(references are to page numbers in the Annual Report):
Management's Discussion and Analysis
(Not Covered by Independent Auditors's Report) . . . . . . .
. .10-13
Consolidated Statements of Earnings for
the Fiscal Years ended December 25, 1993,
December 26, 1992 and December 28, 1991 . . . . . . . .
. . . 14
Consolidated Balance Sheets as of
December 25, 1993 and December 26, 1992 . . . . . . . .
. . . 15
Consolidated Statements of Cash Flows for the
Fiscal Years ended December 25, 1993,
December 26, 1992 and December 28, 1991 . . . . . . . .
. . . 16
Consolidated Statements of Stockholders'
Equity for the Fiscal Years ended
December 25, 1993, December 26, 1992 and December 28, 1991 .
. . . 17
Notes to Consolidated Financial Statements . . . . . . . . .
. 18-24
Independent Auditor's Report . . . . . . . . . . . . . . . .
. . . 25
Selected Financial Data for the Eleven Years ended December
25, 1993
(Not Covered by Independent Auditors' Report) . . . . . . .
. . 26-27
Schedules:
V - Property, Plant and Equipment - Fiscal Years ended
December 25, 1993, December 26, 1992 and December 28,
1991.
VI - Accumulated Depreciation of Property, Plant and Equipment
- -
Fiscal Years ended December 25, 1993, December 26, 1992
and
December 28, 1991.
VIII - Valuation and Qualifying Accounts - Fiscal Years ended
December 25, 1993, December 26, 1992 and December 28,
1991.
IX - Short-term Borrowings - Fiscal Years ended December 25,
1993,
December 26, 1992 and December 28, 1991.
All other schedules are omitted because they are not applicable or
the
required information is shown in the consolidated financial
statements or
the notes thereto.
F-1
INDEPENDENT AUDITORS' REPORT ON FINANCIAL STATEMENT SCHEDULES
Board of Directors
Crompton & Knowles Corporation:
Under date of January 20, 1994, we reported on the consolidated
balance sheets of Crompton & Knowles Corporation and subsidiaries
as of December 25, 1993 and December 26, 1992, and the related
consolidated statements of earnings, stockholders' equity and cash
flows for each of the fiscal years in the three-year period ended
December 25, 1993, as contained in the 1993 Annual Report to
Stockholders. Our report refers to changes in accounting for
postretirement benefits other than pensions and income taxes.
These consolidated financial statements and our report thereon are
incorporated by reference in the Annual Report on Form 10-K of
Crompton & Knowles Corporation for the fiscal year 1993. In
connection with our audits of the aforementioned consolidated
financial statements, we also have audited the financial statement
schedules as listed in the accompanying index. These financial
statement schedules are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statement schedules based on our audits.
In our opinion, such financial statement schedules, when considered
in relation to the basic consolidated financial statements taken as
a whole, present fairly, in all material respects, the information
set forth therein.
/s/ KPMG Peat Marwick
Stamford, Connecticut
January 20, 1994
Schedule V
CROMPTON & KNOWLES
CORPORATION AND SUBSIDIARIES
Property, Plant and
Equipment
(In thousands of
dollars)
(1)
Balance at
Adjustments Balance
beginning Additions
Retirements and Reclassi- at end
of year at cost or
sales fications of year
Fiscal Year ended December 25, 1993:
Land $ 5,395 $ 193 $
- - $ (94) $ 5,494
Buildings and improvements 54,151 666
(243) 963 55,537
Machinery and equipment 93,658 1,265
(771) 7,133 101,285
Furniture and fixtures 3,335 127
(40) 48 3,470
Construction in progress 6,575 12,048 (2)
- - (11,097) 7,526
$163,114 $14,299 $
(1,054) $ (3,047) $173,312
Fiscal Year ended December 26, 1992:
Land $ 3,453 $ 1,823 $
- - $ 119 $ 5,395
Buildings and improvements 44,404 6,816
(63) 2,994 54,151
Machinery and equipment 77,561 10,038
(1,167) 7,226 93,658
Furniture and fixtures 3,220 69
(82) 128 3,335
Construction in progress 6,185 9,209 (2)
- - (8,819) 6,575
$134,823 $27,955 (3) $
(1,312) $ 1,648 $163,114
Fiscal Year ended December 28, 1991:
Land $ 3,358 $ - $
- - $ 95 $ 3,453
Buildings and improvements 41,957 619
(23) 1,851 44,404
Machinery and equipment 65,015 2,661
(651) 10,536 77,561
Furniture and fixtures 3,173 174
(38) (89) 3,220
Construction in progress 9,978 9,665 (2)
- - (13,458) 6,185
$123,481 $13,119 (3) $
(712) $ (1,065) $134,823
(1) Includes transfers from construction in progress to the
applicable asset categories and the impact of foreign currency
trans
(2) Includes construction costs related to the expansion and/or
improvement of plant facilities.
(3) Includes the fair value of property, plant and equipment
related to acquisitions in the amounts of $15,120 in 1992 and $1,68
lation into U.S. dollars.
5 in 1991.
Schedule VI
CROMPTON & KNOWLES
CORPORATION AND SUBSIDIARIES
Accumulated
Depreciation
of Property, Plant and
Equipment
(In thousands of
dollars)
Additions
(1)
Balance at charged to
Adjustments Balance
beginning costs and
Retirements and Reclassi at end
of year expenses or sales
fications of year
Fiscal Year ended December 25, 1993:
Buildings and improvements $17,330 $ 2,434 $ (131)
$ (286) $ 19,347
Machinery and equipment 44,771 8,188 (682)
(556) 51,721
Furniture and fixtures 2,186 206 (47)
(26) 2,319
$64,287 $10,828 $ (860)
$ (868) $ 73,387
Fiscal Year ended December 26, 1992:
Buildings and improvements $14,778 $ 2,497 $ (56)
$ 111 $ 17,330
Machinery and equipment 37,818 7,710 (952)
195 44,771
Furniture and fixtures 2,073 187 (80)
6 2,186
$54,669 $10,394 $(1,088)
$ 312 $ 64,287
Fiscal Year ended December 28, 1991:
Buildings and improvements $12,797 $ 2,026 $ (8)
$ (37) $ 14,778
Machinery and equipment 32,095 6,556 (413)
(420) 37,818
Furniture and fixtures 1,880 231 (24)
(14) 2,073
$46,772 $ 8,813 $ (445)
$ (471) $ 54,669
(1) Reflects the impact of foreign currency translation into U.S.
dollars.
Schedule VIII
CROMPTON & KNOWLES
CORPORATION AND SUBSIDIARIES
Valuation and Qualifying
Accounts
(In thousands of
dollars)
Additions
Balance at charged to
Adjustments Balance
beginning costs and
at end
of year expenses Recurring
Other of year
Fiscal Year ended December 25, 1993:
Allowance for doubtful acco$ 3,736 $ 483 $ (147)(1)
$ - $ 4,072
Accumulated amortization of cost in
excess of acquired net ass 4,510 963 (17)(2)
- 5,456
Accumulated amortization of other
intangible assets 996 285 (42)(2)
- 1,239
Fiscal Year ended December 26, 1992:
Allowance for doubtful acco$ 4,659 $ - $ (318)(1)
$ (605)(3) $ 3,736
Accumulated amortization of cost in
excess of acquired net ass 3,577 949 (16)(2)
- 4,510
Accumulated amortization of other
intangible assets 686 292 18 (2)
- 996
Fiscal Year ended December 28, 1991:
Allowance for doubtful acco$ 4,212 $ 682 $(1,339)(1)
$ 1,104 (4) $ 4,659
Accumulated amortization of cost in
excess of acquired net ass 2,659 931 (13)(2)
- 3,577
Accumulated amortization of other
intangible assets 1,277 284 (30)(2)
(845)(5) 686
(1) Represents accounts written off as uncollectible (net of
recoveries), and the translation effect of accounts denominated in
foreign currencies.
(2) Represents the translation effect of intangible assets
denominated in foreign currencies.
(3) Represents reduction in allowance for doubtful accounts
requirements.
(4) Represents allowances related to the acquisition of Sterling
Industries in 1991 .
(5) Represents intangible asset retirements.
Schedule IX
CROMPTON AND KNOWLES CORPORATION
AND SUBSIDIARIES
Short-term Borrowings
(In thousands of dollars)
At Year-End
During the Year
Weighted
Weighted
Category of average Maximum
Average average
short-term interest amount
out- amount out-interest
borrowing (1) Balance rate standing
(2)standing (3rate (4)
Fiscal Year ended Bank $ 5,100 3.2 $14,431
$ 9,800 4.6%
December 25, 1993 borrowings
Fiscal Year ended Bank $ 5,421 3.9 $18,091
$14,200 6.1%
December 26, 1992 borrowings
Fiscal Year ended Bank $ - - $ 9,416
$ 5,600 6.4%
December 28, 1991 borrowings
(1) Consists of obligations due banks with various interest rates
and maturities.
(2) Represents maximum aggregate amount at any month-end.
(3) Represents average daily domestic balances and average
month-end foreign balances.
(4) Computed by dividing actual interest expense by average debt
outstanding.