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									                                                   Murry Ohio Financial Position


The Murry Ohio Manufacturing Company--1984 Annual Report (Abridged)

STATEMENT OF FINANCIAL POSITION


                                                                                       December 31,
                                                                                   1984              1983

ASSETS
Current Assets
Cash                                                                         $     1,424,761    $     1,318,101
Trade accounts receivable, less allowance of $300,000                             28,339,695         41,974,966
Other accounts receivable                                                            501,387            764,285
Inventories                                                                      123,360,661         95,673,256
Company Common Shares acquired for employees' stock plans, at cost                   767,737            777,518
Prepaid expenses                                                                     796,138          1,142,561
Deferred federal income tax benefits                                               1,163,467          1,132,287
Refundable federal income taxes                                                    1,584,413                  -
Total Current Assets                                                             157,938,259        142,782,974
Property, Plant and Equipment
Land                                                                                 758,122            708,121
Buildings                                                                         31,054,300         27,619,109
Machinery and equipment                                                           53,154,907         47,477,011
Allowances for depreciation and amortization (deduction)                         (34,172,400)       (31,025,526)
                                                                                  50,794,929         44,778,715
Deferred Charges, Investments and Other Assets                                   1,044,177          1,283,642
                                                                             $ 209,777,365      $ 188,845,331

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Notes payable to banks                                                       $    32,348,675    $     1,190,454
Accounts payable and other liabilities                                            24,015,784         25,459,837
Reserves for product warranty and product liability                                1,400,000          1,300,000
Accrued payroll, commissions and other compensation                                8,722,810         12,803,699
Accrued interest, payroll taxes and other taxes                                    1,387,602          1,494,495
Federal and state income taxes                                                       444,231          2,831,203
Portion of long-term debt due within one year                                      3,076,075          3,061,075
Total Current Liabilities                                                         71,395,177         48,140,763
Long-Term Debt--less portion shown as current liability
Notes payable to insurance companies:
10 1/4% notes                                                                      2,075,000          2,400,000
9 1/4% notes                                                                      16,000,000         18,000,000
8% notes                                                                           1,750,000          2,000,000
6 1/4% notes                                                                         750,000          1,125,000
Other notes payable                                                                   93,225             84,300
Lease Obligations                                                                  2,310,000          2,405,000
                                                                                  22,978,225         26,014,300
Deferred Credits
Investment tax credit                                                                      -          2,121,877
Obligations under deferred compensation plans and other deferred credits             705,685            747,427
Deferred federal income taxes                                                      1,977,055          2,452,554
                                                                                   2,682,740          5,321,858
Shareholders' Equity
Serial Preferred Shares, no par value: Authorized 500,000 shares; issued--




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                                                 Murry Ohio Financial Position


 none
Common Shares, par value $2.50 a share: Authorized 8,000,000 shares;
 Issued--3,904,565 shares in 1984 and 1983                                    9,761,413          9,761,413
Additional paid-in capital                                                   42,292,504         42,804,155
Retained earnings                                                            60,848,757         57,672,939
                                                                            112,902,674        110,238,507
Less cost of Common Shares held in treasury (7,895 shares in 1984 and
 30,817 shares in 1983)                                                          (181,451)        (870,097)
                                                                            112,721,223        109,368,410
                                                                          $ 209,777,365      $ 188,845,331

See notes to financial statements.




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                                                            Income


STATEMENT OF INCOME


                                                                            Year Ended December 31
                                                                  1984                1983               1982

Net Sales                                                   $ 383,589,105        $ 386,493,993      $ 288,642,358

Deductions from (additions to) income
Cost of product sold (exclusive of depreciation and
  amortization)                                                  335,374,269         327,134,491        245,394,295
Provision for depreciation and amortization                        3,635,096           3,361,666          3,253,897
Selling, general and administrative expenses                      30,941,548          30,070,404         23,729,181
Interest on long-term debt                                         2,438,759           2,627,100          2,711,077
Interest on short-term borrowings                                  2,250,717           1,709,123          4,136,422
Interest income                                                     (180,842)           (936,412)           (12,165)
                                                                 374,459,547         363,966,372        279,212,707
Income before income taxes                                         9,129,558          22,527,621          9,429,651
Federal and state income taxes                                     3,628,000          10,153,000          4,337,000
Reversal of deferred taxes                                          (920,000)                  -                  -
Net income taxes                                                   2,708,000          10,153,000          4,337,000
Income before cumulative effect of change in accounting
  principle                                                        6,421,558          12,374,621          5,092,651
Cumulative effect of change in accounting principle for
  investment tax credit                                            1,404,000                   -                  -
Net income                                                         7,825,558          12,374,621          5,092,651
Earnings per common share:
  Before cumulative effect of change in accounting
    principle                                               $            1.65    $           3.53   $           1.63
  Cumulative effect of change in accounting principle for
    investment tax credit                                                0.36                 -                  -
Earnings per common share                                   $            2.01    $           3.53   $           1.63
Pro forma based on revised method of accounting for
  investment tax credit, applied respectively:
Net income                                                  $      6,421,558     $    12,520,798    $     5,184,024
Earnings per common share                                   $           1.65     $          3.57    $          1.66
Average common shares outstanding                                  3,889,345           3,505,567          3,115,750
Retained earnings at beginning of year                      $     57,672,939     $    49,417,310    $    48,026,124
Add:
Net income                                                         7,825,558          12,374,621          5,092,651
Deduct:
Cash dividends paid, $1.20 per common share each year              4,649,740           4,118,992          3,701,465
Retained earnings at end of year                            $     60,848,757     $    57,672,939    $    49,417,310

See notes to financial statements.




                                                                Page 3
                                                            Working Capital


STATEMENT OF CHANGES IN WORKING CAPITAL


                                                                             Year Ended December 31
                                                                     1984               1983              1982

Source of working capital
From operations:
Net income                                                     $    7,825,558     $ 12,374,621       $    5,092,651
Non-cash charges (credits):
 Cumulative effect of change in accounting principle for
  investment tax credit                                             (1,404,000)                -                  -
 Provision for depreciation and amortization                         3,635,096         3,361,666          3,253,897
 Deferred income taxes, non-current                                   (118,474)        1,364,331          1,782,871
 Other                                                                  88,084           243,269             97,787
Total from operations                                              10,026,264         17,343,887         10,227,206
Net book value of property, plant and equipment disposals           1,226,924            351,550            115,337
Decrease (increase) in investments                                    239,735            (15,711)            51,496
Increse in long-term debt                                              40,000                  -                  -
Issuance of common stock                                                    -         21,270,179            603,205
Tax benefits for non-qualified stock options exercised                308,105                  -                  -
Treasury shares reissued under stock option plans                     688,646                  -                  -
Other                                                                  37,675             15,907                  -
                                                                   12,567,349         38,965,812         10,997,244
Application of working capital
Additions to property, plant and equipment                         10,878,234          5,862,985          6,277,156
Decrease in long-term debt                                          3,076,075          3,061,075          1,056,075
Cash dividends                                                      4,649,740          4,118,992          3,701,465
Stock options exercised from repurchased stock                        181,202             71,445                  -
Stock options exercised from treasury shares                          668,407                  -                  -
Treasury shares acquired                                                    -            870,097                  -
Reclassification of deferred investment tax credit                    717,877                  -                  -
Reclassification of deferred taxes                                    357,025                  -                  -
Other                                                                 137,918            123,698            123,351
                                                                   20,666,478         14,108,292         11,158,047
Increase (decrease) in working capital                             (8,099,129)        24,857,520           (160,803)
Working capital at beginning of year                               94,642,211         69,784,691         69,945,494
Working capital at end of year                                 $ 86,543,082       $ 94,642,211       $ 69,784,691

Changes in components of working capital
Increase (decrease) in working capital assets:
Cash                                                           $       106,660    $     (134,612)    $     (148,491)
Accounts receivable                                                (13,898,169)       16,175,577          3,312,330
Inventories                                                         27,687,405          (723,170)        (8,896,653)
Refundable federal income taxes                                      1,584,413                 -                  -
Other                                                                 (325,024)         (357,151)         1,257,160
                                                                    15,155,285        14,960,644         (4,475,654)
Increase (decrease) in working capital liabilities:
Notes payable to banks                                             31,158,221         (27,104,946)        1,748,236
Accounts payable and other liabilities                             (1,444,053)          6,708,503        (1,366,321)
Reserves for product warranty and product liability                   100,000             200,000                 -
Accrued payroll, commissions, and other compensation               (4,080,889)          6,239,607        (3,481,353)
Accrued interest, payroll taxes, and other taxes                     (106,893)            126,068          (500,166)
Federal and state income taxes                                     (2,386,972)          1,928,892          (725,247)
Portion of long-term debt due within one year                          15,000           2,005,000            10,000
                                                                   23,254,414          (9,896,876)       (4,314,851)




                                                                Page 4
                                         Working Capital


Increase (decrease) in working capital      $ (8,099,129)   $ 24,857,520   $   (160,803)

See notes to financial statements.




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