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Exhibit 99.1
Financial Statements and Supplemental Schedule
Robbins & Myers, Inc. Savings Plan for Union Employees
December 31, 2000 and 1999 and for the year ended December 31, 2000
with Report of Independent Auditors
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Robbins & Myers, Inc.
Savings Plan for Union Employees
Financial Statements and
Supplemental Schedule
December 31, 2000 and 1999 and
for the year ended December 31, 2000
TABLE OF CONTENTS
Report of Independent Auditors...............................................................................1
Audited Financial Statements
Statements of Net Assets Available for Benefits .............................................................2
Statement of Changes in Net Assets Available for Benefits ...................................................3
Notes to Financial Statements................................................................................4
Supplemental Schedule
Schedule H, Line 4i - Schedule of Assets Held for Investment Purposes at End of Year.........................8
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Report of Independent Auditors
Corporate Benefits Committee
Robbins & Myers, Inc. Savings Plan for Union Employees
We have audited the accompanying statements of net assets available for benefits
of the Robbins & Myers, Inc. Savings Plan for Union Employees as of December 31,
2000 and 1999 and related statement of changes in net assets available for
benefits for the year ended December 31, 2000 as listed in the table of
contents. 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 auditing standards generally accepted
in the United States. 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 net assets available for benefits of the Plan at
December 31, 2000 and 1999 and the changes in its net assets available for
benefits for the year ended December 31, 2000, in conformity with accounting
principles generally accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedule of assets
held for investment purposes at end of year as of December 31, 2000 is presented
for purposes of additional analysis and is not a required part of the financial
statements but is supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. This supplemental schedule is the
responsibility of the Plan's management. The supplemental schedule has been
subjected to auditing procedures applied in our audits of the financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.
/s/ Ernst & Young LLP
May 11, 2001
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Robbins & Myers, Inc.
Savings Plan for Union Employees
Statements of Net Assets Available for Benefits
DECEMBER 31
2000 1999
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ASSETS
Investments at fair value $8,326,133 $7,116,653
Contributions receivable:
Employee 85,251 106,524
Employer 18,970 25,386
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Net Assets available for benefits $8,430,354 $7,248,563
======================================
See accompanying notes.
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Robbins & Myers, Inc.
Savings Plan for Union Employees
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 2000
ADDITIONS
Employee contributions $ 1,092,653
Employer contributions 251,661
Dividend income - Robbins & Myers, Inc. Common Stock 4,277
Dividend and interest income 534,966
Net appreciation in fair value of investments 1,285
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Total additions 1,884,842
DEDUCTION
Benefit paid directly to participants 703,051
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Net increases 1,181,791
Net assets available for benefits, at beginning of year 7,248,563
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Net assets available for benefits, at end of year $ 8,430,354
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See accompanying notes.
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Robbins & Myers, Inc.
Savings Plan for Union Employees
Notes to Financial Statements
December 31, 2000
1. DESCRIPTION OF THE PLAN
The Robbins & Myers, Inc. (the Company) Savings Plan for Union Employees (the
Plan) is a defined contribution plan, which covers hourly employees of Pfaudler,
Inc., Chemineer, Inc., and Moyno Industrial Products, who are covered by
collective bargaining agreements at their United States operations.
Each year, participants can make pre-tax and/or after-tax basis contributions up
to a maximum of 12 percent of annual compensation as defined in the Plan. For
Pfaudler employees, the plan sponsor contributes an additional 50 percent of the
first 6 percent of each participant's compensation that the participant elects
to contribute. For Moyno Industrial Products employees, the plan sponsor
contributes an additional 10 percent of the first 6 percent of each
participant's compensation. The plan sponsor does not make any matching
contributions for employees of Chemineer.
Participants are immediately vested in their contributions and any earnings on
these contributions. Employees of Pfaudler, Inc. are 100% vested in employer
matching contributions immediately. Matching contributions made by the Company
for Moyno Industrial Products employees become vested as follows:
VESTING
YEARS OF VESTING SERVICE PERCENTAGE
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Less than 1 year 0%
1 year but less than 2 years 20%
2 years but less than 3 years 40%
3 years but less than 4 years 60%
4 years but less than 5 years 80%
5 years or more 100%
Each participant's account is credited with the participant's contribution and
allocations of (a) the Company's contributions and (b) plan earnings. All
amounts in participant accounts are invested in the Plan's investment options as
directed by the participants. The benefit to which a participant is entitled is
the benefit that can be provided from the participant's account.
Brokerage fees and other direct costs of investments are paid by the fund to
which the costs are attributable. All other expenses are paid by the Company.
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Robbins & Myers, Inc.
Savings Plan for Union Employees
Notes to Financial Statements (continued)
1. DESCRIPTION OF THE PLAN (CONTINUED)
Although it has not expressed an intent to do so, the Company has the right to
discontinue its contributions at any time and terminate the Plan subject to the
provisions of ERISA. In the event of Plan termination, participants will become
100 percent vested in their accounts.
The foregoing description of the Plan provides only general information.
Additional information about the plan agreement is contained in the Summary Plan
Description. Copies are from the Corporate Benefits Committee.
2. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The Plan maintains its accounting records on the accrual basis of accounting.
VALUATION OF INVESTMENTS
The Plan's investments are stated at fair value. The shares of registered
investment companies are valued at quoted market prices which represent the net
asset values of shares held by the Plan at year-end. The units of the common
collective trust (the Vanguard Retirement Savings Trust) are based on redemption
values on the last business day of the Plan year.
Purchases and sales of securities are recorded on a trade-date basis. Interest
income is recorded on the accrual basis. Dividends are recorded on the
ex-dividend date.
USE OF ESTIMATES
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States, requires management to make estimates
that affect the amounts reported in the financial statements. Actual results
could differ from those estimates.
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Robbins & Myers, Inc.
Savings Plan for Union Employees
Notes to Financial Statements
December 31, 2000
3. INCOME TAX STATUS
The Plan has received a determination letter from the Internal Revenue Service
dated November 5, 1996, stating that the Plan is qualified under Section 401(a)
of the Internal Revenue Code (the Code) and, therefore, the related trust is
exempt from taxation. Once qualified, the Plan is required to operate in
conformity with the Code to maintain its qualification. The Corporate Benefits
Committee believes the Plan is being operated in compliance with the applicable
requirements of the Code and, therefore, believes that the Plan is qualified and
the related trust is tax exempt.
4. INVESTMENTS
The fair value of individual investments that represent 5 percent or more of the
Plan's fair value of assets available for benefits as of December 31 is as
follows:
2000 1999
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Robbins & Myers, Inc. Common Stock $ 479,344 $ 382,151
The Vanguard Group, Inc.:
Prime Money Market Fund 591,793 455,986
Wellington Fund 1,995,965 1,747,923
Windsor II Fund 1,993,467 1,754,834
Retirement Savings Trust 1,676,007 1,555,706
Small Cap Index Fund 721,008 509,805
500 Index Fund 857,918 709,825
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Robbins & Myers, Inc.
Savings Plan for Union Employees
Notes to Financial Statements
December 31, 2000
4. INVESTMENTS (CONTINUED)
During the year ended December 31, 2000, the Plan's investments (including
investments purchased, sold as well as held during the year) appreciated
(depreciated) in fair value as determined by quoted market price as follows:
NET REALIZED AND
UNREALIZED APPRECIATION
(DEPRECIATION) IN FAIR
VALUE OF INVESTMENTS
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Robbins & Myers, Inc. Common Stock $ 34,417
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The Vanguard Group, Inc.
(registered investment companies):
Wellington Fund $ 17,487
Windsor II Fund 153,712
Small-Cap Index Fund (117,848)
500 Index Fund (86,883)
Total Bond Market Index Fund 400
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Total registered investment companies $ (33,132)
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5. TRANSACTIONS WITH RELATED PARTIES
As of December 31, 2000 and 1999, the Plan held 19,869 and 16,891 shares,
respectively, of Robbins & Myers, Inc. common stock in a company stock fund.
During 2000, shares were purchased at a total cost of $323,770 and shares were
sold at a total selling price of $260,993.
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SUPPLEMENTAL SCHEDULE
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Robbins & Myers, Inc.
Savings Plan for Union Employees
Employer Identification Number 31-0424220/ Plan Number 012
Schedule H, Line 4i - Schedule of Assets Held for Investment Purposes
at End of Year
December 31, 2000
DESCRIPTION OF INVESTMENTS
INCLUDING MATURITY DATE
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, COLLATERAL, CURRENT
LESSOR OR SIMILAR PARTY PAR OR MATURING VALUE VALUE
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Robbins & Myers, Inc. * 19,869 shares of Common
Stock $ 479,344
The Vanguard Group, Inc.:*
Wellington Fund 70,754 units of Registered
Investment Company 1,995,965
Windsor II Fund 73,289 units of Registered
Investment Company 1,993,467
Retirement Savings Trust 1,676,007 units of Common
Collective Trust 1,676,007
500 Index Fund 7,040 units of Registered
Investment Company 857,918
Prime Money Market Fund 591,793 units of Registered
Investment Company 591,793
Small Cap Index Fund 37,089 units of Registered
Investment Company 721,008
Total Bond Market Index Fund 1,067 units of Registered
Investment Company 10,631
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$8,326,133
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* Party-in-interest to the Plan.
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