Exhibit No. 28(ii)(e)
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended September 30, 1995
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________________ to _______________________
Commission file number 1-2116
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SAVINGS PLAN FOR PRODUCTION AND MAINTENANCE
EMPLOYEES OF AMERICAN OLEAN TILE COMPANY, INC.
1000 Cannon Avenue
Lansdale, PA 19446
(Full title of the Plan)
ARMSTRONG WORLD INDUSTRIES, INC.
Liberty and Charlotte Streets
Lancaster, Pennsylvania 17604
(Name of issuer of the securities held pursuant to
the Plan and the address of its principal executive office)
Page No.
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Item 1. Statements of Net Assets Available for Participants 4
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September 30, 1995 and 1994
Item 2. Statements of Changes in Plan Equity 5-7
------------------------------------
(a) Year ended September 30, 1995
(b) Year ended September 30, 1994
(c) Year ended September 30, 1993
Notes to Financial Statements 8-11
- -----------------------------
Item 3. Independent Auditors' Report 12
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- 2 -
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
members of the committee constituting the administrator which administers the
plan have duly caused this annual report to be signed by the undersigned
hereunto duly authorized.
AMERICAN OLEAN TILE COMPANY, INC.
SAVINGS PLAN FOR PRODUCTION &
MAINTENANCE EMPLOYEES
March 25, 1996 By:/s/ Michael J. Farley
--------------------------------
Michael J. Farley
Chairperson, Employee Benefits
Administrative Authority for the
American Olean Tile Company, Inc.,
Savings Plan for Production &
Maintenance Employees
SAVINGS PLAN FOR PRODUCTION AND MAINTENANCE EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY
Statements of Net Assets
September 30, 1995 and 1994
1995
Commingled Specialized Money Fixed Armstrong "OTC"
Equity Equity Market Income Stock Portfolio Asset
Fund Fund Fund Fund Fund Fd. Manager
---------- ----------- ------ ------ --------- --------- -------
Assets:
Investments in master trust
at fair value (note 3) $348,744 $1,117,446 $212,465 $3,429,888 $17,457 $53,802 $49,977
-------- ---------- -------- ---------- ------- ------- -------
Total assets $348,744 $1,117,446 $212,465 $3,429,888 $17,457 $53,802 $49,977
-------- ---------- -------- ---------- ------- ------- -------
Plan equity $348,744 $1,117,446 $212,465 $3,429,888 $17,457 $53,802 $49,977
======== ========== ======== ========== ======= ======= =======
Asset Asset
Mgr. Mgr. Loan
Income Growth Portfolio
Fund Fund Fund Total
------ ------ --------- -----
Assets:
Investments in master trust
at fair value (note 3) $5,197 $15,967 $5,663 $5,256,606
------ ------- ------ ----------
Total assets $5,197 $15,967 $5,663 $5,256,606
------ ------- ------ ----------
Plan equity $5,197 $15,967 $5,663 $5,256,606
====== ======= ====== ==========
1994
Commingled Specialized Money Fixed Armstrong "OTC"
Equity Equity Market Income Stock Portfolio Asset
Fund Fund Fund Fund Fund Fd. Manager
---------- ----------- ------ ------ --------- --------- -------
Assets:
Investments in master trust
at fair value (note 3) $271,388 $712,289 $97,112 $3,297,779 $6,365 $39,012 $36,675
-------- -------- ------- ---------- ------ ------- -------
Total assets $271,388 $712,289 $97,112 $3,297,779 $6,365 $39,012 $36,675
-------- -------- ------- ---------- ------ ------- -------
Plan equity $271,388 $712,289 $97,112 $3,297,779 $6,365 $39,012 $36,675
======== ======== ======= ========== ====== ======= =======
Asset Asset
Mgr. Mgr. Loan
Income Growth Portfolio
Fund Fund Fund Total
------ ------ --------- -----
Assets:
Investments in master trust
at fair value (note 3) $404 $3,377 $ -- $4,464,401
---- ------ ------- ----------
Total assets $404 $3,377 $ -- $4,464,401
---- ------ ------- ----------
Plan equity $404 $3,377 $ -- $4,464,401
==== ====== ======= ==========
See accompanying notes to financial statements.
SAVINGS PLAN FOR PRODUCTION AND MAINTENANCE EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY, INC.
Statements of Changes in Plan Equity
Years Ended September 30, 1995, 1994, and 1993
1995
Commingled Specialized Money Fixed Armstrong "OTC" Asset
Equity Equity Market Income Stock Portfolio Manager
Fund Fund Fund Fund Fund Fd. Fund
---------- ----------- ------ ------ --------- --------- -------
Plan equity at October 1,
1994 $271,388 $ 712,289 $ 97,112 $3,297,779 $ 6,365 $39,012 $36,675
-------- ---------- -------- ---------- ------- ------- -------
Increases in plan equity:
Contributions 24,050 100,788 79,530 227,610 8,631 9,002 9,163
Dividends 7,868 3,728 6,999 -- 298 1,370 1,481
Interest -- -- 8 224,706 -- -- --
Realized gain (loss) on
investments (note 3) 4,877 14,584 -- -- (507) (307) (12)
Unrealized appreciation
of investments 65,059 270,956 -- -- 3,471 12,493 2,926
Loan activity, net -- -- (3,396) (867) -- -- --
-------- ---------- -------- ---------- ------- ------- -------
101,854 390,056 83,141 451,449 11,893 22,558 13,558
-------- ---------- -------- ---------- ------- ------- -------
Decreases in plan equity:
Benefits paid (27,292) (17,364) (15,109) (235,767) (2,949) -- --
Interfund transfers, net 2,794 32,465 47,321 (83,573) 2,148 (7,768) (256)
-------- ---------- -------- ---------- ------- ------- -------
(24,498) 15,101 32,212 (319,340) (801) (7,768) (256)
-------- ---------- -------- ---------- ------- ------- -------
Plan equity at September
30, 1995 $348,744 $1,117,446 $212,465 $3,429,888 $17,457 $53,802 $49,977
======== ========== ======== ========== ======= ======= =======
Asset Asset
Mgr. Mgr. Loan
Income Growth Portfolio
Fund Fund Fund Total
------ ------ --------- -----
Plan equity at October 1,
1994 $ 404 $ 3,377 $ -- $4,464,401
------- ------- ---------- ----------
Increases in plan equity:
Contributions 4,389 5,720 -- 468,883
Dividends 132 288 -- 22,164
Interest -- -- -- 224,714
Realized gain (loss) on
investments (note 3) 81 (76) -- 18,640
Unrealized appreciation
of investments 244 1,136 -- 356,285
Loan activity, net (1,400) -- 5,663 --
------ ------- ---------- ----------
3,446 7,068 5,663 1,090,686
------- ------- ---------- ----------
Decreases in plan equity:
Benefits paid
Interfund transfers, net -- -- -- (298,481)
1,347 5,522 -- --
------- ------- ---------- ----------
1,347 5,522 -- (298,481)
------- ------- ---------- ----------
Plan equity at September
30, 1995 $ 5,197 $15,967 $ 5,663 $5,256,606
======= ======= ========== ==========
See accompanying notes to financial statements. (Continued)
SAVINGS PLAN FOR PRODUCTION AND MAINTENANCE EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY, INC.
Statements of Changes in Plan Equity, Continued
1994
Commingled Specialized Money Fixed Armstrong "OTC" Asset
Equity Equity Market Income Stock Portfolio Manager
Fund Fund Fund Fund Fund Fd. Fund
---------- ----------- ------ ------ --------- --------- -------
Plan equity at October 1,
1993 $257,638 $668,079 $ 86,435 $3,122,566 $ 10,111 $24,959 $ --
-------- -------- -------- ---------- -------- ------- -------
Increases in plan equity:
Contributions 17,572 65,968 24,322 221,634 3,365 3,677 1,370
Dividends 10,109 68,515 3,153 -- 116 1,566 747
Interest -- -- -- 231,859 -- -- --
Realized gain (loss) on
investments (note 3) 1,632 2,768 -- -- 2,888 (16) --
Transfers from other
employee benefit plans
of Armstrong World
Industries, Inc. -- -- -- 6,329 -- -- --
-------- -------- -------- ---------- -------- ------- -------
29,313 137,251 27,475 459,822 6,369 5,227 2,117
-------- -------- -------- ---------- -------- ------- -------
Decreases in plan equity:
Unrealized depreciation
of investments (2,904) (80,050) -- -- (3,088) (1,175) (1,366)
Benefits paid (7,627) (27,826) (15,643) (234,772) -- -- --
Interfund transfers, net (5,032) 14,835 (1,155) (49,837) (7,027) 10,001 35,924
-------- -------- -------- ---------- -------- ------- -------
(15,563) (93,041) (16,798) (284,609) (10,115) 8,826 34,558
-------- -------- -------- ---------- -------- ------- -------
Plan equity at September
30, 1994 $271,388 $712,289 $ 97,112 $3,297,779 $ 6,365 $39,012 $36,675
======== ======== ======== ========== ======== ======= =======
Asset Asset
Mgr. Mgr.
Income Growth
Fund Fund Total
------ ------ -----
Plan equity at October 1,
1993 $ -- $ -- $4,169,788
---- ------ ----------
Increases in plan equity:
Contributions 363 1,073 339,344
Dividends 2 84 84,292
Interest -- -- 231,859
Realized gain(loss) on
investments (note 3) -- -- 7,272
Transfers from other
employee benefit plans
of Armstrong World
Industries, Inc. -- -- 6,329
---- ------ ----------
365 1,157 669,096
---- ------ ----------
Decreases in plan equity:
Unrealized depreciation
of investments (2) (30) (88,615)
Benefits paid -- -- (285,868)
Interfund transfers, net 41 2,250 --
---- ------ ----------
39 2,220 (374,483)
---- ------ ----------
Plan equity at September
30, 1994 $404 $3,377 $4,464,401
==== ====== ==========
See accompanying notes to financial statements. (Continued)
SAVINGS PLAN FOR PRODUCTION AND MAINTENANCE EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY, INC.
Statements of Changes in Plan Equity, Continued
1993
Commingled Specialized Money Fixed Armstrong "OTC"
Equity Equity Market Income Stock Portfolio
Fund Fund Fund Fund Fund Fd. Total
---------- ----------- ------ ------ --------- --------- -------
Plan equity at October 1, 1992 $252,326 $459,743 $72,228 $3,104,287 $ 18,800 $ -- $3,907,384
-------- -------- ------- ---------- -------- ------- ----------
Increases in plan equity:
Contributions 17,894 60,637 16,039 261,081 1,290 1,769 358,710
Dividends 7,827 62,000 2,373 -- 524 1,866 74,590
Interest -- -- -- 235,754 -- -- 235,754
Realized gain(loss) on
investments (note 3) 2,706 (1,609) -- -- 1,485 -- 2,582
Unrealized appreciation
(depreciation) of investments 18,395 90,417 -- -- 2,946 (496) 111,262
-------- -------- ------- ---------- -------- ------- ----------
46,822 211,445 18,412 496,835 6,245 3,139 782,898
-------- -------- ------- ---------- -------- ------- ----------
Decreases in plan equity:
Benefits paid (30,004) (26,158) (9,669) (454,479) (184) -- (520,494)
Interfund transfers, net (11,506) 23,049 5,464 (24,077) (14,750) 21,820 --
-------- -------- ------- ---------- -------- ------- ----------
(41,510) (3,109) (4,205) (478,556) (14,934) 21,820 (520,494)
-------- -------- ------- ---------- -------- ------- ----------
Plan equity at September 30, 1993 $257,638 $668,079 $86,435 $3,122,566 $ 10,111 $24,959 $4,169,788
======== ======== ======= ========== ======== ======= ==========
See accompanying notes to financial statements.
SAVINGS PLAN FOR PRODUCTION AND MAINTENANCE EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY
Notes to Financial Statements
(1) Summary of Significant Accounting Policies
------------------------------------------
(a) Basis of Presentation
---------------------
The accompanying financial statements have been prepared on the
accrual basis.
(b) Investments in Master Trust
---------------------------
The fair value of the commingled equity, specialized equity,
over-the-counter portfolio, and Asset Manager funds is based on
the underlying market value of the investments. The money
market fund is stated at cost which approximates fair value.
The fixed income fund is stated at the value of the underlying
investment contracts which represents contributions plus
interest at the contract rate, less benefits paid. The value of
the Armstrong stock fund is based on quoted market price. The
value of the loan portfolio fund represents the unpaid
principal of employee loans.
Securities transactions are recognized on the settlement date
(the date on which payment for a buy or sell order is made or
received), since adjustment to a trade-date basis would not be
material. Dividend income is recorded on the ex-dividend date.
Realized gains and losses on investments are determined by the
average cost method.
(c) Expenses
---------
All legal, accounting and administrative expenses associated
with Plan operations are paid by the Company.
(2) Plan Description
----------------
The Plan is a defined contribution plan, the purpose of which is to
provide a means for long-term savings intended for the accumulation
of retirement income in addition to that provided under other
retirement plans maintained for the benefit of employees of American
Olean Tile Company, Inc. (the Company), a wholly-owned subsidiary of
Armstrong World Industries, Inc. (Armstrong). The Plan is subject to
the provisions of the Employee Retirement Income Security Act of
1974 (ERISA).
Participants may contribute to the Plan by electing an amount up to
10%, but not less than 2% of their compensation.
Until December 31, 1989, the Company made a matching contribution to
the Plan in an amount equal to 50% of a participant's contribution,
up to $400 per calendar year. Effective January 1, 1990, the
matching Company contribution feature was discontinued.
In the event of a withdrawal during employment, a participant will
not be permitted to resume making contributions until the first day
of the following January, April, July, or October.
Separate accounts are maintained for contributions made by or on
behalf of a participant. The accounts in each fund reflect the
participants' and Company-matching contributions together with
allocated dividends, interest, realized gains (losses) on
investments, and unrealized appreciation (depreciation) of
investments.
Participants have an immediate 100 percent vested interest with
respect to their contributions and are fully vested with regard to
any previously made matching company contributions.
SAVINGS PLAN FOR PRODUCTION AND MAINTENANCE EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY
Notes to Financial Statements, (Continued)
(3) Investments in Master Trust
---------------------------
Assets of the Plan are held in a Master Trust administered by the
Fidelity Management Trust Co. The assets are segregated into nine
investment options: a commingled equity mutual fund (Fidelity U.S.
Equity Index Portfolio), a specialized equity mutual fund (Fidelity
Magellan), a money market mutual fund (Fidelity Return Money Market
Portfolio), three Asset Manager mutual funds, an over-the-counter
mutual fund (OTC Portfolio Fund), a fixed income fund, and an
Armstrong stock fund. The Plan utilizes the Trustee and associated
investment managers to direct investment activity. The Plan
participates in all nine investment alternatives.
The following is a description of the investment funds to which Plan
participants can elect to allocate their contributions.
1. Commingled Equity Fund - This fund is principally a portfolio of
common stocks constructed and maintained with the objective of
providing investment results which approximate the overall performance
of the common stocks included in the Standard & Poor's Composite Index
of 500 stocks. At September 30, 1995, there were 103 active
participants in this investment fund.
2. Specialized Equity Fund - This fund invests in common stocks of
companies having substantial growth prospects as determined by
independent investment managers. At September 30, 1995, there were
222 active participants in this investment fund.
3. Money Market Fund - This fund invests in short-term (less than one
year maturity) fixed income instruments such as U.S. Treasury Bills,
bank certificates of deposit, and high grade commercial paper. At
September 30, 1995, there were 140 active participants in this
investment fund.
4. Fixed Income Fund - Contributions to this fund are invested in the
general accounts of insurance companies and are credited at contracted
interest rates. At September 30, 1995, the interest rates ranged
between 5.69% and 9.00%. Invested principal and accumulated interest
amounts are guaranteed against loss by the insurance company. At
September 30, 1995, there were 471 active participants in this
investment fund.
5. Armstrong Stock Fund - Amounts invested in this fund, along with
dividend earnings thereon, are invested in Armstrong common stock. At
September 30, 1995, there were 15 active participants in this
investment fund. Common stock shares held by the fund at September
30, 1995 and 1994 were 315 and 147, respectively.
6. OTC Portfolio Fund - This fund invests in securities traded in the
over-the-counter securities market with the objective of maximizing
capital appreciation. Over-the-counter securities include common and
preferred stocks, securities convertible into common stock, warrants,
and debt instruments. At September 30, 1995, there were 21 active
participants in this investment fund.
7. Asset Manager Fund - An asset allocation fund which invests in a
portfolio of stocks, bonds, and short-term instruments. The fund has
a balanced investment strategy with a goal of high total return with
reduced risk over the long term. At September 30, 1995, there were 16
active participants in this investment fund.
8. Asset Manager Income Fund - An asset allocation fund which invests in
a diversified portfolio of stocks, bonds, and short-term instruments.
The fund has a conservative investment strategy focusing on bonds and
short-term instruments to achieve a high level of current income and
capital preservation. At September 30, 1995, there were 10 active
participants in this investment fund.
SAVINGS PLAN FOR PRODUCTION AND MAINTENANCE EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY
Notes to Financial Statements, (Continued)
9. Asset Manager Growth Fund - An asset allocation fund invested in a
diversified mix of stocks, bonds, and short-term instruments. The
fund's investment strategy is an aggressive one emphasizing stocks
with the goal of maximum total return over the long term. At
September 30, 1995, there were 18 active participants in this
investment fund.
10. Loan Portfolio Fund - The amount in this fund represents the unpaid
principal balances of loans made by Plan participants in accordance
with established loan provision guidelines. At September 30, 1995,
there were 2 loans outstanding.
The following table presents the cost and fair values of the investments
in securities of the Master Trust at September 30, 1995 and 1994:
September 30, 1995 September 30, 1994
------------------ ------------------
Investment Cost Fair Value Cost Fair Value
---------- ---- ---------- ---- ----------
Commingled equity $ 255,016 $ 348,744 $ 242,719 $ 271,388
Specialized equity 855,063 1,117,446 720,862 712,289
Money market 212,465 212,465 97,112 97,112
Fixed income 3,429,888 3,429,888 3,297,779 3,297,779
Armstrong stock 14,348 17,457 6,727 6,365
OTC portfolio 42,980 53,802 40,683 39,012
Asset manager 48,417 49,977 38,041 36,675
Asset manager income 4,955 5,197 406 404
Asset manager growth 14,861 15,967 3,407 3,377
Loan portfolio 5,663 5,663 -- --
---------- ---------- ---------- ----------
$4,883,656 $5,256,606 $4,447,736 $4,464,401
========== ========== ========== ==========
The amounts of realized gain (loss) on investments in securities of the
Master Trust for the years ended September 30, 1995, 1994, and 1993 are
presented below:
Aggregate Aggregate Realized
--------- --------- --------
1995 Proceeds Cost Gain (Loss)
---- -------- ---- -----------
Commingled equity $ 31,292 $ 26,415 $ 4,877
Specialized equity 76,993 62,409 14,584
Armstrong stock 3,776 4,283 (507)
OTC portfolio 7,768 8,075 (307)
Asset manager 256 268 (12)
Asset manager income 1,400 1,319 81
Asset manager growth 1,196 1,272 (76)
-------- -------- -------
$122,681 $104,041 $18,640
======== ======== =======
1994
----
Commingled equity $ 15,875 $ 14,243 $ 1,632
Specialized equity 80,984 78,216 2,768
Armstrong stock 12,733 9,845 2,888
OTC portfolio 281 297 (16)
-------- -------- -------
$109,873 $102,601 $ 7,272
======== ======== =======
1993
----
Commingled equity $ 42,010 $ 39,304 $ 2,706
Specialized equity 65,167 66,776 (1,609)
Armstrong stock 14,934 13,449 1,485
-------- -------- -------
$122,111 $119,529 $ 2,582
======== ======== =======
SAVINGS PLAN FOR PRODUCTION AND MAINTENANCE EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY
Notes to Financial Statements, (Continued)
(4) Benefits
--------
Under terms of the Plan, a participant (or a beneficiary) is
eligible for benefits upon retirement, termination of employment, or
death before retirement. Disbursement of the total amount credited
to a participant's account is payable (i) in a lump sum or (ii) in
the case of retirement, in such other manner as requested by the
participant and approved by the Plan Administrator. In addition, a
participant may elect to withdraw all or any part of his account
attributable to his contributions.
If the amount of a withdrawal exceeds the amount of contributions
made by the participant and not previously withdrawn, the
participant shall be ineligible to make contributions for a
specified period, except that a participant may elect to withdraw
all or any portion of his account attributable to tax deductible
contributions.
(5) Obligation for Benefits
-----------------------
All the funds of the Plan are held by investing institutions
appointed by the Company under a trust agreement or investment
contract. Benefits under the Plan are payable only out of these
funds. The Company has no legal obligation to make any direct
payment of benefits accrued under the Plan.
Except as may be provided in an investment contract, neither the
Company nor any investing institution guarantees the funds of the
Plan against any loss or depreciation or guarantees the payment of
any benefit hereunder. Although the Company has not expressed any
intent to terminate the Plan, it may do so at any time. In case of
termination or partial termination, the total amount in each
employee's account will be distributed as the Plan Administrator
directs.
(6) Federal Income Taxes
--------------------
By a letter dated February 1, 1996, the Internal Revenue Service has
determined and informed the Company that the Plan qualifies under
the applicable provisions of the Internal Revenue Code and is
therefore exempt from federal income taxes.
(7) Subsequent Event
----------------
On December 29, 1995, American Olean Tile Company, Inc., formed a
business combination with Dal-Tile International, Inc. It is
anticipated that Dal-Tile will merge the Plan into a comparable
defined contribution plan on April 1, 1996.
Independent Auditors' Report
The Executive Committee
American Olean Tile Company, Inc.:
We have audited the accompanying statements of net assets of the Savings Plan
for Production and Maintenance Employees of American Olean Tile Company, Inc. as
of September 30, 1995 and 1994, and the related statements of changes in plan
equity for each of the years in the three-year period ended September 30, 1995.
These financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Savings Plan for Production
and Maintenance Employees of American Olean Tile Company as of September 30,
1995 and 1994, and the changes in its plan equity for each of the years in the
three-year period ended September 30, 1995, in conformity with generally
accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The fund information in the statements of
net assets and the statements of changes in plan equity is presented for
purposes of additional analysis rather than to present the net assets and
changes in plan equity of each fund. The fund information has been subjected to
the auditing procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
KPMG Peat Marwick LLP
Philadelphia, Pennsylvania
February 1, 1996
EXHIBIT INDEX
24 Consent of Independent Auditors
Consent of Independent Auditors
The Executive Committee
American Olean Tile Company, Inc.:
We consent to incorporation by reference in the Registration Statement
No. 33-60070 on Form S-8 of Armstrong World Industries, Inc. of our report dated
February 1, 1996 relating to the statements of net assets of the Savings Plan
for Production and Maintenance Employees of American Olean Tile Company, Inc. as
of September 30, 1995 and 1994 and the related statements of changes in plan
equity for each of the years in the three-year period ended September 30, 1995,
which report is included herein.
KPMG Peat Marwick LLP
Philadelphia, Pennsylvania
March 21, 1996