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 year ended April 28, 1995.
Commission file no. 1-5590
Fluke Corporation
(Exact name of registrant as specified in its charter)
Washington
(State of incorporation or organization)
91 - 0606624
(I.R.S. Employer Identification No.)
6920 Seaway Boulevard Everett, Washington 98203
(Address of principal executive offices)
(206) 347 - 6100
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which
registered
Common Stock, par value $.25 New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
Title of each class
Common Stock Purchase Rights
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 the 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. [ ]
As of July 14, 1995, there were 7,981,426 shares of $0.25 par value
common stock outstanding and the aggregate market value of the common
shares (based upon the closing price of the shares on the New York
Stock Exchange) held by nonaffiliates was approximately $222 million.
Documents Incorporated By Reference
The following documents are incorporated by reference in the listed
parts of this Annual Report on Form 10-K:
Document Part of 10-K
1. Annual Report to Stockholders for the year ended
April 28, 1995
(only the portions listed in this report) Parts I and II
2. Proxy Statement dated July 25, 1995
(only the portions listed in this report) Part III
PART I
ITEM 1 - BUSINESS
Fluke Corporation (the Company), was founded in 1948 and was
incorporated under the laws of the State of Washington on October 7,
1953. In August, 1993, the Company changed its name from John Fluke
Mfg. Co., Inc. to Fluke Corporation. The Company is engaged in the
design, manufacture and marketing of compact, professional electronic
test tools. The Company's principal products are portable
instruments that measure the magnitude of voltage, current, power
quality, frequency, temperature, pressure and other key functional
parameters of electronic equipment.
The Company believes that there are a number of key trends occurring
throughout the world that are driving the need for portable
electronic test tools: increasing device complexity, growing
electronic content in existing and new applications, decentralization
of electronic systems and increasing reliance on mission critical
electronic systems. In addition, the increasing need for companies
to improve quality, document compliance with regulatory or industrial
standards, and maintain a safe working environment has further
increased the need for electronic test tools. These general trends
have greatly increased the need for trained technicians to be able to
install, maintain and diagnose electrical systems at widespread
locations. These trained technicians are responsible for enhancing
the up-time of electrical systems and have a new set of needs in the
tools they use to perform their jobs. These tools need to be
portable, precise, rugged and easy to use. These technicians use
these tools to measure electrical parameters across a wide variety of
fields and industries.
Fluke's targeted end-users are service, installation and maintenance
professionals who use the Company's tools to identify, diagnose and
solve electrical problems. Fluke's portable digital multimeters,
ScopeMeter (Registered Trademark) test tools and calibration
equipment, which have substantial and leading market shares, are used
for field testing and verification of a broad range of electronic
equipment. The Company has leveraged its competencies and market
presence by offering new products for emerging applications. These
include products that address local area networks (LANs), process
control, data acquisition (temperature control, counting and other
unattended data gathering), power analyzers and automotive
electronics. The Company also manufactures and markets traditional
bench test and measurement instruments, such as bench oscilloscopes.
PRODUCTS AND SERVICES
PRODUCTS
The Company is in a single line of business, the manufacturing and
selling of electronic test tools. Although the products vary in
capability, sophistication, use, size and price, they all
fundamentally test and measure electrical parameters such as voltage,
current, resistance, etc.
As of May 1995, the Company offered over 200 product models with over
1,300 options and accessories. These products are divided into two
product classes: handheld service tools and benchtop test
instruments.
Handheld service tools are typically used in field service
applications by technicians to install and troubleshoot electronic
and electrical equipment. Most of these tools are sold through
indirect distribution channels. Representative products include
handheld digital multimeters, ScopeMeter test tools, and LAN testers.
Benchtop test instruments are used primarily by engineers and are
most often sold through Fluke direct sales channels. Products
include bench oscilloscopes, calibrators, data acquisition systems,
and generators.
Handheld service tools were approimately 55 percent of the business in 1995,
49 percent in 1994, 50 percent in 1993 and 48 percent in 1992. Benchtop
test instruments were approximately 36 percent of the business in 1995, 42
percent in 1994, 41 percent in 1993 and 43 percent in 1992. The remaining
business consisted of service and parts for products that the Company sells.
NEW PRODUCTS
Fluke Corporation introduced the following major products in fiscal 1995.
ScopeMeter Series II. Four new models were introduced. ScopeMeter
(registered trademark) test tools combine the functions of an oscilloscope
with that of a digital multimeter in a handheld instrument.
701/702 Documenting Process Calibrators. These are the first handheld,
multifunction calibrators with full documentation capabilities designed
specifically for the calibration, troubleshooting and maintenance of process
instrumentation.
5500A Multi-Product Calibrator. This is a new class of multifunction
calibrator designed for today's increasingly broad calibration needs. It is
used to calibrate a wide range of dc/low frequency instrumentation.
860 Series Graphical(Trademark) Multimeters. These test tools combine
digital multimeter capabilities with analog, digital and graphical displays.
The 860 Series is a family of three instruments.
DSP-100 LAN CableMeter(Trademark). This handheld test tool is designed to
meet the soon to be announced standards for testing installed Category 5,
ISO and IEC local area networks (LAN) cabling to 100 MHz. The DSP-100 uses
a patented digital signal processing (DSP) technology.
NetDAQ(Trademark). These networked data acquisition units are portable, 20-
measurement channel front-end data acquisition instruments that connect
directly to a PC, or can transmit data via an Ethernet network.
PM3380A CombiScope(Trademark). This is a full function low-cost two channel
oscilloscope designed for the engineer.
PM3394A CombiScope(Trademark). This is another oscilloscope in the
CombiScope family of instruments that combine digital storage and an analog
oscilloscope.
PM 6685R Rubidium Timebase Frequency Counter. This frequency counter has a
new atomic reference that makes it the most accurate frequency counter on
the market in its price range.
SALES AND DISTRIBUTION
The Company currently markets its products in more than 80 countries through
both indirect and direct sales channels. The Company's indirect sales
channels, those in which the Company does not invoice the end-user, include
industrial distributors, catalog houses, automotive warehouses and
electrical wholesalers. The Company's direct sales channels include both
the Company's internal sales force, which the Company has in Western Europe,
Canada, Japan and Singapore and independent manufacturer's representatives
located in the U.S. and many other international markets. Direct and
indirect sales channels will typically serve different customers in the same
geographic areas.
The Company generally uses indirect distribution for its hand-held service
tools. The Company has found that the end-users purchasing these tools
often do not require ongoing product support or specific instructions on
tool applications. This distribution channel more effectively serves the
customers purchasing needs for these products.
The Company uses its direct sales channels primarily for its benchtop test
instruments. These products are generally more technically complex products
where the customer may require a greater amount of direct contact to close
or support a sale. Direct sales channels are also used effectively in 1)
those markets in which a substantial knowledge of the end-user's business is
required, such as among potential customers for the LANMeter, and 2) in
those geographic areas which do not have fully developed indirect
distribution channels or where the customer still expects to purchase hand-
held service tools through a direct sales force. In May 1995, the Company
shifted all of its direct sales responsibilities in the U.S. from an
internal sales force to fifteen manufacturer's representatives.
The Company's marketing effort consists principally of advertising in trade
publications, appearing at trade shows, and to a lesser extent, utilizing
direct mail campaigns.
SUPPLIERS
The Company generally uses standard parts and assemblies available from a
number of suppliers. However, some components are only available from a
single source. The Company has not experienced significant problems in
obtaining sole-source components but typically carries extra inventory of
any critical sole-sourced components. Fluke works closely as partners with
its suppliers in an effort to assure a continuity of supply even during
difficult allocation times. The Company is not aware of any facts which
would result in a reduction, interruption or termination in the supply of
its sole-sourced components.
PATENTS AND TRADEMARKS
The Company regards elements of its products as proprietary and relies
primarily on a combination of patent, copyright, trademark and trade secret
laws, confidentiality procedures, license agreements and other intellectual
property protection methods to protect its proprietary technology. The
Company holds or has pending United States and foreign patents to protect
product designs, processes and techniques for the duration of their value to
the Company. No significant patents have been formally upheld in court and
no representation is made as to the validity or the degree of protection
afforded by any patent. While the Company considers its existing and
pending patents to be important and expects to defend and to continue to
apply for patents with respect to any significant developments it regards as
patentable, it does not consider its business as dependent to any material
extent upon any one or more of such patents, nor would its present business
be materially adversely affected if any of the patents were held invalid.The
Company also owns trademarks, copyrights and proprietary information, which
are considered by the Company to have significant value.
SEASONAL TRENDS AND WORKING CAPITAL REQUIREMENTS
While the Company is subject to minor seasonality effects associated with
conducting business in various regions of the world, the impact of these
seasonal trends is immaterial to the Company as a whole. The Company does
not have any extraordinary working capital requirements.
CUSTOMERS
The Company's customers are generally involved in the installation, service,
repair, or calibration of electronic or electrical equipment. They are also
involved in research and development activities.
No one customer accounted for more than five percent of the Company's sales
in fiscal year 1995.
BACKLOG
The Company's backlog of unfilled orders amounted to $45.1 million as of
April 28, 1995, and $37.0 million as of April 29, 1994. The Company expects
to satisfy nearly all such unfilled orders in fiscal 1996. The backlog
consists of many different customer orders with no one customer being a
material component.
COMPETITION
The market for electronic test tools is widely fragmented, consisting of a
large number of companies, generally focused on one or a few products or
markets. Fluke maintains a broad product offering targeted to many
different applications and markets. The Company believes that its products
compete principally on the basis of performance, service and warranty, and
to a lesser extent, price. While there are numerous firms engaged in the
production of electronic test tools, no single company competes with the
Company across a substantial portion of its markets. It does, however, have
competitors that are substantially larger than the Company and have greater
financial resources.
RESEARCH AND DEVELOPMENT
The Company's research activities are directed toward the development of new
products that will complement and expand the present product line, and
toward the creation of new manufacturing techniques. Research and
development expense was $37.7 million for the year ended April 28, 1995
which was 10.0 percent of the Company's fiscal 1995 revenues. Research and
development expense was $34.9 million for the year ended April 29, 1994,
$13.7 million for the seven months ended ended April 30, 1993 and $22.5
million for the year ended September 1992 which were 9.8, 10.3 and 8.3
percent of the Company's total revenues, respectively. No research
contracts are obtained from customers, nor does the Company conduct any
research work under government development contracts.
ENVIRONMENTAL CONTROLS
The Company does not anticipate any material effects upon its capital
expenditures, earnings or competitive position as a result of compliance
with federal, state and local provisions regulating the discharge of
materials into the environment or otherwise relating to the protection of
the environment.
EMPLOYEES
The Company had 2,516 full-time employees as of April 28, 1995.
FOREIGN OPERATIONS AND EXPORT SALES
Information related to foreign operations and export sales is incorporated
herein by reference to Note 10 of the Consolidated Financial Statements on
page 52 of the Company's 1995 Annual Report to Stockholders, a copy of which
is filed as Exhibit 13 to this report.
The Company has significant revenues from outside of the United States which
increase the complexity and risk to the Company. These risks include
increased exposure to the risk of foreign currency fluctuations and the
potential economic and political impacts from doing business in foreign
countries including changes in labor and tax laws, import and export
controls and changes in governmental policies.
EXECUTIVE OFFICERS OF THE REGISTRANT
The Executive Officers, who serve at the pleasure of the Board of Directors
of the Company, as of June 23, 1995, are as follows:
WILLIAM G. PARZYBOK, JR.
Mr. Parzybok, age 53, has been Chairman of the Board, Chief Executive
Officer and a Director of the Company since 1991. He previously had been
employed for 22 years by the Hewlett-Packard Company where his most recent
position was Vice President and General Manager of Engineering Applications
Group from 1988 to 1991. Mr. Parzybok serves on the Executive Committee of
the Board. He is also a Director of PENWEST, Ltd.
GEORGE M. WINN
Mr. Winn, age 51, has been President, Chief Operating Officer and a Director
of the Company since 1982. He previously served as Chief Executive Officer
of the Company from 1987 to 1991. Mr. Winn serves on the Executive
Committee of the Board. He is also a Director of Heart Technology, Inc.
RICHARD W. VAN SAUN
Mr. Van Saun, age 57, has been a Senior Vice President of the Company and
General Manager of the Service Tools Division since 1994. He previously
served as Senior Vice President and Group Manager of the Diagnostic Tools
Division from 1992 to 1994 and as Vice President and Group Manager of the
Service Equipment Group from 1986 to 1992.
RONALD R. WAMBOLT
Mr. Wambolt, age 60, has been a Senior Vice President of the Company and
Director of Worldwide Sales and Service since 1991. He previously served as
Senior Vice President and Director of Worldwide Sales from 1987 to 1991.
WILLIAM R. HOFFMAN
Mr. Hoffman, age 59, is a Vice President of the Company and Manager of
Corporate Services. He is also General Manager of Calibration for the
Verification Tools Division. He previously served as Vice President of
Marketing Services and the Philips T&M Group from 1991 to 1992, and as Vice
President of the Company and Group Manager of the Philips T&M Group from
1987 to 1991.
DAVID E. KATRI
Mr. Katri, age 45, has been a Vice President of the Company and General
Manager of the Verification Tools Division since 1992. He previously served
as Vice President of the Company and Group Manager of the Manufacturing/R&D
Group from 1991 to 1992, and as Group Manager of the Manufacturing/R&D Group
from 1988 to 1990.
DOUGLAS G. MCKNIGHT
Mr. McKnight, age 46, has served as Vice President, General Counsel of the
Company since 1986 and as Corporate Secretary since 1983.
PATRICK J. O'HARA
Mr. O'Hara, age 42, has been Vice President, Human Resources and Facilities
Manager of the Company since September, 1994. He previously served as
Deputy Director of Human Resources at the Los Alamos National Laboratory
from 1993 to 1994, and prior to that, as Site Human Resources Manager of the
T.J. Watson Research Center of IBM Corporation from 1990 to 1993.
BARRY L. ROWAN
Mr. Rowan, age 38, has been Vice President and Chief Financial Officer of
the Company since 1992. He previously had been employed by Comlinear
Corporation where he served as President from 1989 to 1991.
JOHN R. SMITH
Mr. Smith, age 54, has been Vice President, Treasurer of the Company since
1987.
ITEM 2 - PROPERTIES
The Company owns approximately 162 acres of real estate near Everett,
Washington, the site of its corporate headquarters and U.S. manufacturing,
warehousing and distribution facilities. These facilities are housed in six
separate facilities consisting of approximately 480,000 square feet, 200,000
square feet and four smaller facilities totaling 77,800 square feet. The
Company also owns a 25,000 square foot service facility situated on 1.5
acres in Paramus, New Jersey and a 27,000 square foot service facility
situated on 4.8 acres in Palatine, Illinois. All facilities owned by the
Company are insured at their estimated replacement cost.
The Company leases three facilities in The Netherlands, consisting of a
138,400 square foot engineering and manufacturing facility located at
Almelo, a 17,600 square foot European headquarters and a 10,700 square foot
service facility both located at Eindhoven. These properties could be
duplicated, if necessary, with some disruption to operations. The Company
has approximately 189,300 square feet of additional leased facilities
throughout the world which are utilized for sales and service. The Company
believes that its existing facilities are in good condition and are suitable
and adequate for its business.
ITEM 3 - LEGAL PROCEEDINGS
Not applicable.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable.
PART II
ITEM 5 - MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS
The information required by this Item is incorporated herein by reference to
Stock Price Information on page 58 of the Company's 1995 Annual Report to
Stockholders, a copy of which is filed as Exhibit 13 to this Report.
ITEM 6 - SELECTED FINANCIAL DATA
The information required by this Item is incorporated herein by reference to
the Financial Summary on pages 56 and 57 of the Company's 1995 Annual Report
to Stockholders, a copy of which is filed as Exhibit 13 to this Report.
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The information required by this Item is incorporated herein by reference to
pages 28 through 33 of the Company's 1995 Annual Report to Stockholders, a
copy of which is filed as Exhibit 13 to this Report.
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The information required by this Item is incorporated herein by reference to
pages 34 through 53 and the Selected Quarterly Financial Data (unaudited) on
page 58 of the Company's 1995 Annual Report to Stockholders, a copy of which
is filed as Exhibit 13 to this Report.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
Not applicable.
PART III
ITEM 10 - DIRECTORS OF THE REGISTRANT
The information required by this Item relating to Directors is incorporated
herein by reference to pages 3 through 7 of the Company's proxy statement
dated July 25, 1995, to be filed with the Securities and Exchange Commission
pursuant to Section 14(a) of the Securities Exchange Act of 1934.
ITEM 11 - EXECUTIVE COMPENSATION
The information required by this Item is incorporated herein by reference to
pages 7 through 9 of the Company's proxy statement dated July 25, 1995, to
be filed with the Securities and Exchange Commission pursuant to Section
14(a) of the Securities Exchange Act of 1934.
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The information required by this Item is incorporated herein by reference to
pages 2 and 3 of the Company's proxy statement dated July 25, 1995, to be
filed with the Securities and Exchange Commission pursuant to Section 14(a)
of the Securities Exchange Act of 1934.
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The information required by this Item is incorporated herein by reference to
page 11 of the Company's proxy statement dated July 25, 1995, to be filed
with the Securities and Exchange Commission pursuant to Section 14(a) of the
Securities Exchange Act of 1934.
PART IV
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a)(1) Financial Statements of the Company
The following financial statements of Fluke Corporation and Subsidiaries are
incorporated herein by reference to pages 34 through 58 of the Company's
1995 Annual Report to Stockholders, a copy of which is filed as Exhibit 13
to this report.
1. Consolidated Balance Sheets as of April 28, 1995 and April 29, 1994.
2. Consolidated Statements of Income for the year ended April 28, 1995, the
year ended April 29, 1994, for the seven months ended April 30, 1993 and the
year ended September 25, 1992.
3. Consolidated Statements of Cash Flows for the year ended April 28, 1995,
the year ended April 29, 1994, for the seven months ended April 30, 1993 and
the year ended September 25, 1992.
4. Consolidated Statements of Stockholders' Equity for the year ended April
28, 1995, the year ended April 29, 1994, for the seven months ended April
30, 1993 and the year ended September 25, 1992.
5. Notes to Consolidated Financial Statements.
(a)(2) Financial Statement Schedules
The following additional information should be read in conjunction with the
Consolidated Financial Statements of the Company described in Item 14
(a)(1):
Schedule II Valuation and Qualifying Accounts
Schedules other than those listed above are omitted because they are not
required or are not applicable, or because the information is furnished
elsewhere in the financial statements or the notes thereto.
(a)(3) Index to Exhibits
Exhibit Page No.
No. Exhibit Sequential
Numbering System
3. Articles of Incorporation and Bylaws
3.1 Restated copy of Articles of Incorporation as amended on August
11, 1993 (incorporated by reference to Exhibit 3.1 of the
Company's Form 10-K Report for the Fiscal Year ended April 29,
1994).
3.2 Conformed Copy of Bylaws as amended through January 16, 1995
4. Instruments Defining the Rights of Security Holders, Including
Indentures
4.1 Stockholders Rights Plan (incorporated by reference to the
Company's Form 8A Report dated July 11, 1988), the First
Amendment to the Stockholders Rights Plan (incorporated by
reference to the Company's Form 8A Report dated May 2, 1989)
and the Second Amendment to the Stockholders Rights Plan
(incorporated by reference to the Company's Form 8A report
dated February 15, 1990).
10. Material Contracts
10.1 1990 Stock Incentive Plan of the Company (incorporated by
reference to Exhibit 10.11 of the Company's Form 10-K Report
for the Fiscal Year ended September 27, 1991).
10.2 Stock Option Plan for Outside Directors (incorporated by
reference to Exhibit 10.12 of the Company's Form 10-K Report
for the Fiscal Year ended September 27, 1991).
10.3 Employment Agreement dated September 5, 1991 between the
Company and William G. Parzybok, Jr. (incorporated by reference
to Exhibit 10.7 of the Company's Form 10K Report for the Fiscal
Year ended September 27, 1992).
10.4 Employment Agreement dated September 5, 1991 between the
Company and George M. Winn (incorporated by reference to
Exhibit 10.8 of the Company's Form 10K Report for the Fiscal
Year ended September 27, 1992).
10.5 Employment Agreement dated September 5, 1991 between the
Company and Ronald R. Wambolt (incorporated by reference to
Exhibit 10.9 of the Company's Form 10K Report for the Fiscal
Year ended September 27, 1992).
10.6 Employment Agreement dated September 5, 1991 between the
Company and Richard W. Van Saun (incorporated by reference to
Exhibit 10.10 of the Company's Form 10K Report for the Fiscal
Year ended September 27, 1992).
10.7 Change of Control Agreement dated September 5, 1991 between the
Company and John R. Smith. Other executive officers of the
Company have identical change of control agreements with the
Company (incorporated by reference to Exhibit 10.12 of the
Company's Form 10-K Report for the Fiscal Year ended April 30,
1993).
10.8 Annual Variable Compensation Policy (incorporated by
reference to Exhibit 10.17 of the Company's Form 10-K Report
for the Fiscal Year ended April 30, 1993).
10.9 Purchase Agreement between the Company and Philips Electronics
N.V. dated February 26, 1993 (incorporated by reference to
Exhibit 10.18 of the Company's Form 10-K Report for the Fiscal
Year ended April 30, 1993).
10.10 Stock Purchase Agreement between the Company and Philips
Electronics N.V. dated May 26, 1993 (incorporated by reference
to Exhibit 10.19 of the Company's Form 10-K Report for the
Fiscal Year ended April 30, 1993).
10.11 Fluke Corporation 1988 Stock Incentive Plan of the Company as
amended on June 10, 1993 by stockholders on September 29, 1993
(incorporated by reference to Exhibit 10.11 of the Company's
Form 10-K Report for the Fiscal Year ended April 29, 1994
10.12 Deferred Compensation Plan for Directors of Fluke Corporation
as amended on April 29, 1994 (incorporated by reference to
Exhibit 10.12 of the Company's Form 10-K Report for the Fiscal
Year ended April 29, 1994).
10.13 Fluke Corporation Supplemental Retirement Income Plan as
amended on June 22, 1994 (incorporated by reference to Exhibit
10.13 of the Company's Form 10-K Report for the Fiscal Year
ended April 29, 1994).
11 Computation of Earnings Per Share
13 1995 Annual Report to Stockholders
18 Preferability letter from Ernst and Young, independent
auditors, dated July 22, 1993 regarding Change in Accounting
Principle (incorporated by reference to Exhibit 18 of the
Company's Form 10-K Report for the Fiscal Year ended April 30,
1993).
21 Subsidiaries
23.1 Consent of Ernst & Young LLP, independent auditors, dated July 27,
1995
Item 14 (b)Reports on Form 8-K.
No reports on Form 8-K were filed during the last quarter of the
Company's Fiscal Year ended April 28, 1995.
Item 14 (c)Exhibits: See "Index to Exhibits" at Item 14(a)(3) above.
Item 14 (d)Financial Statement Schedules: Schedules required to be
filed in response to this portion of Item 14 are listed above in Item
14 (a)(2).
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.
FLUKE CORPORATION
(Registrant)
/s/ George M. Winn President
George M. Winn Chief Operating Officer July 25, 1995
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 date indicated.
Signature Title Date
/s/ William G. Parzybok, Jr. Chairman of the Board July 25, 1995
William G. Parzybok, Jr. Chief Executive Officer
/s/ George M. Winn President, Chief Operating July 25, 1995
George M. Winn Officer and Director
/s/ Barry L. Rowan Vice President July 25, 1995
Barry L. Rowan Chief Financial Officer
/s/ John R. Smith Vice President, Treasurer July 25, 1995
John R. Smith Chief Accounting Officer
/s/ J. Peter Bingham Director July 25, 1995
J. Peter Bingham
/s/ Philip M. Condit Director July 25, 1995
Philip M. Condit
/s/ John D. Durbin Director July 25, 1995
John D. Durbin
/s/ David L. Fluke Director July 25, 1995
David L. Fluke
/s/ John M. Fluke, Jr. Director July 25, 1995
John M. Fluke, Jr.
/s/ Robert S. Miller, Jr. Director July 25, 1995
Robert S. Miller, Jr.
/s/ William H. Neukom Director July 25, 1995
William H. Neukom
/s/ Dr. David S. Potter Director July 25, 1995
Dr. David S. Potter
/s/ N. Stewart Rogers Director July 25, 1995
N. Stewart Rogers
/s/ Stephen C. Tumminello Director July 25, 1995
Stephen C. Tumminello
/s/ James E. Warjone Director July 25, 1995
James E. Warjone
Schedule VIII
VALUATION AND QUALIFYING ACCOUNTS
(in thousands)
<F1>
Column C
Column A Column B Additions Column D Column F
Balance at Charged to Balance at
Beginning Costs and <F2> End of
Classification of Period Expense Deductions Period
Year ended September 25, 1992:
Allowance for Doubtful
Accounts Receivable $454 $228 $276 $406
Seven months ended April 30, 1993:
Allowance for Doubtful
Accounts Receivable $406 $121 $ 51 $476
Year ended April 29, 1994:
Allowance for Doubtful
Accounts Receivable $476 $440 $330 $586
Year ended April 28, 1995:
Allowance for Doubtful
Accounts Receivable $586 $820 $265 $1,141
<FN>
<F1> Column C(2) has been omitted because the answer would be none.
<F2> Write-off of uncollectible accounts receivable less recoveries.