-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, OOvLKe5JJDAWm9TZpHNTsBGh1TNp7jdfMPcYqneDdSSRWw2SrwIIyHo3FIgF/9s+ U0PdyE5CXGFA3NSN0ER2pA== 0000896463-95-000040.txt : 19950612 0000896463-95-000040.hdr.sgml : 19950612 ACCESSION NUMBER: 0000896463-95-000040 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931130 FILED AS OF DATE: 19950307 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: WORTHINGTON INDUSTRIES INC CENTRAL INDEX KEY: 0000108516 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310] IRS NUMBER: 311189815 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-04016 FILM NUMBER: 95519080 BUSINESS ADDRESS: STREET 1: 1205 DEARBORN DR CITY: COLUMBUS STATE: OH ZIP: 43085 BUSINESS PHONE: 6144383210 MAIL ADDRESS: STREET 1: 1205 DEARBORN DR CITY: COLUMBUS STATE: OH ZIP: 43085 FORMER COMPANY: FORMER CONFORMED NAME: WORTHINGTON STEEL CO DATE OF NAME CHANGE: 19720123 11-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended November 30, 1993 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the transition period from ________ to _________ Commission File Number 33-_______ A. Full title of the plan and the address of the plan, if different from that of the issuer named below: Worthington Industries, Inc. Deferred Profit Sharing Plan B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Worthington Industries, Inc. 1205 Dearborn Drive Columbus, OH 43085-4769 Exhibit Index on Page 20 Page 1 of 21 Pages REQUIRED INFORMATION The following financial statements and schedules for the Worthington Industries, Inc. Deferred Profit Sharing Plan are being filed herewith: Description Page No. Report of Independent Public Accountants 5 Statements of Net Assets Available for Plan Benefits as of November 30, 1993 and 1992 6 Statements of Changes in Net Assets Available For Plan Benefits for the years ended November 30, 1993, 1992 and 1991 7 Notes to Financial Statements 10 Schedules of Assets Held for Investment- -November 30, 1993 and 1992 14 The following exhibit is being filed herewith: Exhibit No. Description Page No. 23 Consent of Independent Public Accountants 20 SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN By:/s/Thomas L. Hockman Date: March 6, 1995 Thomas L. Hockman, Secretary of the Fund Committee which administers the Worthington Industries Deferred Profit Sharing Plan WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN ANNUAL REPORT ON FORM 11-K FOR FISCAL YEAR ENDED NOVEMBER 30, 1993 INDEX TO FINANCIAL STATEMENTS Description Page No. Report of Independent Public Accountants 5 Statements of Net Assets Available for Plan Benefits as of Nov. 30, 1993 and 1992 6 Statements of Changes in Net Assets Available For Plan Benefits for the years ended Nov. 30, 1993, 1992 and 1991 7 Notes to Financial Statements 10 Schedules of Assets Held for Investment Nov. 30, 1993 and 1992 14 INDEPENDENT AUDITOR'S REPORT The Worthington Industries, Inc. Deferred Profit Sharing Plan We have audited the accompanying statement of net assets available for benefits, including the schedule of investments, of The Worthington Industries, Inc. Deferred Profit Sharing Plan as of November 30, 1993, and 1992, and the related statements of changes in net assets available for benefits for each of the three years in the period ending November 30 1993, 1992 and 1991. 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 audit 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 audit provides 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 as of November 30, 1993, and 1992,. and the changes in net assets available for benefits for each of the three years in the period ended November 30, 1993, 1992 and 1991, in conformity with generally accepted account principles. /s/Hirth Norris & Graul Hirth Norris & Graul Grove City, Ohio March 6, 1995 THE WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS NOVEMBER 30, 1993 AND 1992
November 30, 1993 November 30, 1992 General Designated Income General Designated Income Fund Fund Fund Total Fund Fund Fund Total Investments, at fair value--Note D United States Government Securities $ 9,834,938 $ 9,834,938 $5,959,532 $5,959,532 Common stock of Worthington Ind. $74,908,125 74,908,125 $64,350,000 64,350,000 Other common stocks 28,483,383 28,483,383 27,226,111 27,226,111 Society Bank fixed income fund 3,828,833 $5,168,764 8,997,597 3,609,352 $3,533,838 7,143,190 Helmsman Prime Obligations 5,738,872 1,068,842 11,149 6,818,863 One Group Prime Money Market Fund 2,568,768 99,378 34,776 2,702,922 Other investments 154,194 154,194 159,382 159,382 TOTAL INVESTMENTS 44,870,116 75,007,503 5,203,540 125,081,159 42,693,249 65,418,842 3,544,987 111,657,078 Receivables Contribution receivable from Worthington Industries, Inc. 462,198 370,111 832,309 448,154 340,085 788,239 Contribution receivable from employees 585,840 585,840 554,606 554,606 Due to (from) related fund(s) 1,490,000 (1,490,000) TOTAL RECEIVABLES 2,538,038 (1,119,889) 1,418,149 1,002,760 340,085 1,342,845 Cash 14,026 44 14,070 Accrued investment income (expense) 258,515 (11,878) 124 246,761 218,803 2,395 44 221,242 TOTAL ASSETS 47,680,695 73,875,780 5,203,664 126,760,139 43,914,812 65,761,322 3,545,031 113,221,165 LIABILITIES Accrued expenses 5,470 4,579 267 10,316 5,069 3,817 266 9,152 NET ASSETS AVAILABLE FOR BENEFITS $ 47,675,225 $73,871,201 $5,203,397 $126,749,823 $43,909,743 $65,757,505 $ 3,544,765 $113,212,013 The accompanying notes are an integral part of the financial statements.
THE WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS NOVEMBER 30, 1993
November 30, 1993 General Designated Income Fund Fund Fund Fund Total ADDITIONS Investment income Interest $973,202 $17,420 $265,123 $1,255,745 Dividends 1,024,430 1,458,600 2,483,030 1,997,632 1,476,020 265,123 3,738,775 Contributions Contributions from Worthington Ind. 2,131,442 1,693,004 3,824,446 Voluntary participant contributions 844,412 844,412 2,975,854 1,693,004 4,668,858 TOTAL ADDITIONS 4,973,486 3,169,024 265,123 8,407,633 DEDUCTIONS Benefits paid to plan participants and beneficiaries 1,671,357 5,172,266 165,208 7,008,831 Administrative expense 31,017 27,076 1,645 59,738 TOTAL DEDUCTIONS 1,702,374 5,199,342 166,853 7,068,569 Net realized and unrealized appreciation in fair value of investments 749,371 11,449,375 12,198,746 Transfers between funds (255,001) (1,305,361) 1,560,362 NET INCREASES (DECREASES) 3,765,482 8,113,696 1,658,632 13,537,810 Net assets available for benefits at beginning of year 43,909,743 65,757,505 3,544,765 113,212,013 NET ASSETS AVAILABLE FOR BENEFITS $ 47,675,225 $ 73,871,201 $ 5,203,397 $ 126,749,823
The accompanying notes are an integral part of the financial statements. THE WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS NOVEMBER 30, 1992
November 30, 1992 General Designated Income Fund ADDITIONS Fund Fund Fund Total Investment income Interest $997,269 $14,193 $211,260 $1,222,722 Dividends 966,471 1,385,100 2,351,571 1,963,740 1,399,293 211,260 3,574,293 Contributions Contributions from Worthington Ind. 1,686,911 1,308,906 2,995,817 Voluntary participant contributions 728,248 728,248 2,415,159 1,308,906 3,724,065 TOTAL ADDITIONS 4,378,899 2,708,199 211,260 7,298,358 DEDUCTIONS Benefits paid to plan participants and beneficiaries 1,817,089 2,188,708 754,055 4,759,852 Administrative expense 28,451 22,265 1,656 52,372 TOTAL DEDUCTIONS 1,845,540 2,210,973 755,711 4,812,224 Net realized and unrealized appreciation in fair value of investments 4,524,659 6,016,875 19,573 10,561,107 Transfers between funds (356,963) (622,904) 979,867 NET INCREASES (DECREASES) 6,701,055 5,891,197 454,989 13,047,241 Net assets available for benefits at beginning of year 37,208,688 59,866,308 3,089,776 100,164,772 NET ASSETS AVAILABLE FOR BENEFITS $ 43,909,743 $65,757,505 $3,544,765 $113,212,013
The accompanying notes are an integral part of the financial statements. THE WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS NOVEMBER 30, 1991 November 30, 1991
General Designated Income Fund ADDITIONS Fund Fund Fund Total Investment income Interest $1,187,428 $ 19,133 $ 209,192 $1,415,753 Dividends 813,222 1,249,000 2,062,222 2,000,650 1,268,133 209,192 3,477,975 Contributions Contributions from Worthington Ind. 1,405,494 1,091,821 2,497,315 Voluntary participant contributions 639,632 639,632 2,045,126 1,091,821 3,136,947 TOTAL ADDITIONS 4,045,776 2,359,954 209,192 6,614,922 DEDUCTIONS Benefits paid to plan participants and beneficiaries 1,792,257 2,299,401 389,392 4,481,050 Administrative expense 26,951 21,079 1,977 50,007 TOTAL DEDUCTIONS 1,819,208 2,320,480 391,369 4,531,057 Net realized and unrealized appreciation (depreciation) in fair value of investments 3,443,204 19,112,500 22,555,704 Transfers between funds 313,649 (1,406,820) 1,093,171 NET INCREASES (DECREASES) 5,983,421 17,745,154 910,994 24,639,569 Net assets available for plan benefits at beginning of year 31,225,267 42,121,154 2,178,782 75,525,203 NET ASSETS AVAILABLE FOR PLAN BENEFITS $37,208,688 $ 59,866,308 $3,089,776 $100,164,772
The accompanying notes are an integral part of the financial statements. THE WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 1993 AND 1992 NOTE A - SIGNIFICANT ACCOUNTING POLICIES The accounting records of the Worthington Industries, Inc. Deferred Profit Sharing Plan (the Plan) are maintained on the accrual basis. Marketable securities are included in the financial statements at their fair market value based on published market prices at the statement date. Realized gain or loss on investments is the difference between the proceeds received and the average cost of investments sold. Unrealized appreciation in the fair value of investments is the net change in the difference between fair value and the cost of investments. These gains or losses and net changes in the differences between fair value and the cost of investments are reflected in the statement of changes in net assets available for plan benefits as net realized and unrealized appreciation in fair value of investments. NOTE B - DESCRIPTION OF THE PLAN The Plan is a defined contribution plan covering substantially all fulltime employees of Worthington Industries, Inc. and subsidiaries (the Company) who meet certain requirements as to age (18) and length of service (one year), except for those employees whose benefits are subject to or covered by a collective bargaining agreement or union contract. The Plan provides retirement, death and disability benefits. See Note C. The assets of the Plan are maintained in three investment funds. The General Fund is comprised of money market instruments and various marketable securities, and the Designated Fund is limited primarily to common stock of the Company. The Income Fund is designed to accept transfers from the General and Designated Funds for participants who are nearing retirement age and desire to minimize market risk. This Fund includes investments in short-term interest bearing instruments. The Company makes quarterly contributions of 2-1/2% (or other percentages as specified by the Plan adoption agreements of certain subsidiaries) of its net operating income before cash profit sharing, bonuses, contributions to the Plan and provision for federal income taxes. The Company may make additional contributions subject to restrictions defined in the Plan agreement. Participants may designate up to 50% of their Company contribution for the Designated Fund. Participants may also make voluntary contributions to the Plan. Subject to approval of the Fund Committee, these voluntary contributions are available for withdrawal upon request of the participant. The Plan provisions give the Company the right to discontinue its contributions at any time and terminate the Plan. In the event of termination of the Plan, participants shall acquire nonforfeitable interests in amounts then credited to their accounts. THE WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 1993 AND 1992 NOTE C - BENEFITS Upon retirement, death or disability, the book value of a participant's account is paid to the participant or to his or her beneficiary. Upon termination, only the vested portion of a participant's account is subject to distribution ranging from 20% after three years of credited service to 100% after seven or more years of credited service. The vested portion of a terminated participant's account (who has not reached retirement age at the date of termination) is generally subject to distribution after a five year waiting period and such distribution may be deferred until the participant reaches retirement age at the option of the Fund Committee. Accordingly, net assets included approximately $5,757,737 and $4,068,804 at November 30, 1993 and 1992, respectively, for benefits which will become distributable to terminated employees in future years. Forfeitures resulting from terminations of employees who are not fully vested are allocated to other participants after there has been a one year break in service. NOTE D - INVESTMENTS The Plan's investments are maintained in an unsecured bank- administered trust fund. The cost of investments at November 30, 1993 and 1992 was as follows:
1993 1992 General Fund: United States Government Securities $9,591,223 $ 5,726,110 Other common stocks 21,131,643 18,807,278 Society Bank Fixed Income Fund 3,828,833 3,609,352 Helmsman Prime Obligations 5,738,872 One Group Prime Money Market Fund 2,568,768 Other investments 251,839 285,103 37,372,306 34,167,115 Designated Fund: Common stock of Worthington Industries, Inc. 3,624,516 3,662,076 Helmsman Prime Obligations 1,068,842 One Group Prime Money Market Fund 99,378 3,723,894 4,730,918 Income Fund: Society Bank Fixed Income Fund 5,168,764 3,533,838 Helmsman Prime Obligations 11,149 One Group Prime Money Market Fund 34,776 5,203,540 3,544,987 $ 46,299,740 $42,443,020
THE WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 1993 AND 1992 NOTE D - INVESTMENTS (Continued) During 1993 and 1992, the Plan's investments (including investments bought, sold, as well as held during the year) appreciated (depreciated) in fair value as follows:
Year ended November 30 1993 1992 Net Net Appreciation Appreciation (Depreciation) Fair Value (Depreciation) Fair Value in Fair Value at end in Fair Value at end During Year of Year During Year of Year United States Gov't Securities $ 7,819 $9,834,938 $ (81,645) $ 5,959,532 Other common stocks 713,076 28,483,383 4,585,965 27,226,111 Society Bank Fixed Income Fund 3,828,833 3,609,352 Helmsman Prime Obligations 5,738,872 One Group Prime Money Market Fund 2,568,768 Other investments 28,476 154,194 20,339 159,382 749,371 44,870,116 4,524,659 42,693,249 Designated Fund: Common stock of Worthington Industries Inc. 11,449,375 74,908,125 6,016,875 64,350,000 Helmsman Prime Obligation 1,068,842 One Group Prime Money Market Fund 99,378 11,449,375 75,007,503 6,016,875 65,418,842 Income Fund: Society Bank Fixed Income Fund 5,168,764 19,573 3,533,838 Helmsman Prime Obligations 11,149 One Group Prime Money Market Fund 34,776 5,203,540 19,573 3,544,987 12,198,746 $ 125,081,159 $10,561,107 $111,657,078
Net realized gains on investments of $2,631,385 and $1,966,150 for the years ended November 30, 1993 and 1992 respectively have been combined with net appreciation (depreciation) in fair value of investments and are included above and in net realized and unrealized appreciation in fair value of investments in the statement of changes in net assets available for plan benefits. Individual investments that represent 5% or more of the Plan's net assets at November 30, 1993 are common stock of Worthington Industries, Inc. and the investment in the Society Bank Fixed Income Fund THE WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 1993 AND 1992 NOTE E - TRANSACTIONS WITH PARTIES-IN-INTEREST At November 30, 1993 and 1992, the Plan owned 4,342,500 shares ($74,908,125 market value) and 2,925,000 shares ($64,350,000 market value) respectively of the common stock of Worthington Industries. Dividend income on these shares was $1,458,600 in 1993 and $1,385,100 in 1992. During the year the Plan sold 30,000 shares of Worthington Industries stock for $891,250 which cost $37,560 resulting in a realized gain of $853,690. NOTE F - INCOME TAX STATUS The Plan has received a favorable determination from the Internal Revenue Service as to the federal income tax status of the Plan, as amended and restated as of December 1, 1986. Accordingly, no federal income taxes have been provided for the Plan.
THE WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN ASSETS HELD FOR INVESTMENT NOVEMBER 30, 1993 Number of Shares/ Principal Fair Description Amount Cost Value GENERAL FUND: United States Government Securities Federal Home Loan Mortgage Corp. Deb. 6.180%, due November 18, 1997 $ 250,000 $ 250,430 $259,297 Federal National Mortgage Assoc. 5.35%, due August 12, 1998 750,000 753,928 749,767 Federal Home Loan Mortgage Corp. Deb. 5.940%, due September 21, 1999 1,000,000 986,475 1,004,680 Federal National Mortgage Assoc. 5.250%, due March 25, 1998 750,000 747,366 750,232 Federal National Mortgage Assoc. 8.45%, due October 21, 1996 1,000,000 985,752 1,100,310 Federal National Mortgage Assoc. 8.9%, due August 10, 1994 1,250,000 1,243,015 1,295,312 Federal National Mortgage Assoc. 6.05%, due January 12, 1998 1,000,000 1,015,069 1,031,880 Federal National Mortgage Assoc. 6.10%, due February 10, 2000 400,000 411,362 413,252 Government National Mortgage Assoc., guaranteed pass through certificate, 7% due Sept. 15, 2007 119,118 121,575 122,617 Government National Mortgage Assoc., guaranteed pass through certificate, single family, 7% due Sept. 15, 2007 356,895 364,256 367,377 Government National Mortgage Assoc., guaranteed pass through certificate, 7% due August 15, 2007 23,090 23,566 23,769 Government National Mortgage Assoc., guaranteed pass through certificate, 7% due September 15, 2007 417,575 426,187 429,839 United States Treasury Notes 5.50%, due April 15, 2000 1,750,000 1,762,591 1,763,948 United States Treasury Notes 6.00%, due December 31, 1997 250,000 249,840 259,845 United States Treasury Notes 6.375%, due July 15, 1999 250,000 249,811 262,813 $9,591,223 $9,834,938 Other Common Stocks Akzo NV 20,000 577,700 925,000 Alliant Computer Systems Corp. 8 132 0 American Home Products Corp. 13,000 568,021 814,125 Banta Corp. 15,000 525,550 476,250
THE WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN ASSETS HELD FOR INVESTMENT NOVEMBER 30, 1993
Number of Shares/ Principal Fair Description Amount Cost Value Other Common Stocks (Cont.) Capital Holding Corp. DEL 18,000 511,575 688,500 Cincinnati Financial Corp. 20,000 516,829 1,040,000 Cincinnati Gas & Electric Co. 30,000 724,562 806,250 Dow Chemical Co. 20,000 1,144,050 1,162,500 Fisher Scientific Intl. Inc. 30,000 938,443 1,020,000 General Electric Co. 17,500 581,998 1,721,563 Glaxo Holdings PLC 30,000 606,805 603,750 GTE Corp. 36,000 518,662 1,341,000 Hanson PLC 55,000 962,885 1,155,000 Hewlett Packard Co. 14,000 1,055,362 1,032,500 Huntington Banc Shares Inc. 41,905 380,449 958,577 Mobil Corp. 14,000 748,565 1,069,250 National Fuel Gas Co. 30,000 1,031,384 1,001,250 Nationsbank Corp. 15,000 576,475 706,875 New England Business Service, Inc. 30,000 531,900 506,250 Northern States Power Co. 20,000 541,499 845,000 Penney JC, Inc. 21,000 988,636 1,120,875 Philip Morris Companies Inc. 12,500 271,434 700,000 Potlatch Corp. 20,000 709,646 937,500 Price T. Rowe Assoc. Inc. 11,000 529,375 660,000 Public Service Enterprise Group Inc. 27,500 798,665 890,312 Raven Industries Inc. 18,000 155,590 364,500 Royal Dutch Petroleum Co. 12,000 590,870 1,212,000 Schlumberger Ltd. 15,000 861,830 862,500 Society Corp. 30,000 816,000 862,500 Texaco Inc. 15,000 941,455 961,875 Textron Inc. 20,000 665,483 1,102,500 US West Inc. 20,000 758,613 935,000 Xidex Corp. Warrants 724 1,200 181 21,131,643 28,483,383 Society Bank Fixed Income Fund 3,828,833 3,828,833 One Group Prime Money Market Fund 2,568,768 2,568,768 Other Investments Limited Partnership Cardinal Development Capital Fund I $ 51,550 151,839 59,194 Corporate Bonds Perry Drug Store, convertible subordinated debentures, 8.5%, due September 15, 2010 100,000 100,000 95,000 251,839 154,194 Total - General Fund 37,372,306 44,870,116
THE WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN ASSETS HELD FOR INVESTMENT NOVEMBER 30, 1993
Number of Shares/ Principal Fair Description Amount Cost Value DESIGNATED FUND: One Group Prime Money Market Fund 99,378 99,378 Common stock of Worthington Ind. 4,342,500 3,624,516 74,908,125 Total - Designated Fund 3,723,894 75,007,503 INCOME FUND: Society Bank Fixed Income Fund 5,168,764 5,168,764 One Group Prime Money Market Fund 34,776 34,776 Total - Income Fund 5,203,540 5,203,540 TOTAL INVESTMENTS $46,299,740 $125,081,159
THE WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN ASSETS HELD FOR INVESTMENT NOVEMBER 30, 1992
Number of Shares/ Principal Fair Description Amount Cost Value GENERAL FUND: United States Government Securities Federal Home Loan Mortgage Corp. Deb. 6.180%, due November 18, 1997 $ 250,000 $ 250,430 $246,408 Federal Home Loan Bank Bonds 8.8%, due October 25, 1993 1,000,000 986,056 1,042,188 Federal National Mortgage Assoc. 7.75%, due November 10, 1993 500,000 473,175 516,875 Federal National Mortgage Assoc. 7.9%, due March 10, 1993 750,000 764,631 758,203 Federal National Mortgage Assoc. 8.45%, due October 21, 1996 1,000,000 985,752 1,076,563 Federal National Mortgage Assoc. 8.9%, due August 10, 1994 1,250,000 1,243,015 1,330,078 Government National Mortgage Assoc., guaranteed pass through certificate, 9%, due April 15, 2001 20 20 21 Government National Mortgage Assoc., guaranteed pass through certificate, 7%, due September 15, 2007 124,202 126,763 122,571 Government National Mortgage Assoc., guaranteed pass through certificate, single family, 7% due Sept. 15, 2007 387,014 394,996 381,932 Government National Mortgage Assoc., guaranteed pass through certificate, 7% due August 15, 2007 24,692 25,202 24,368 Government National Mortgage Assoc., guaranteed pass through certificate, 7% due Sept. 15, 2007 466,450 476,070 460,325 $5,726,110 $5,959,532 Other Common Stocks Akzo NV 20,000 577,700 745,000 Alliant Computer Systems Corp. 8 132 6 American Home Products Corp. 13,000 568,021 926,250 Ball Corp. 20,000 710,438 685,000 Capital Holding Corp. DEL 9,000 511,575 597,375 Cincinnati Financial Corp. 24,000 620,195 1,473,000 Cincinnati Gas & Electric Co. 20,000 724,562 727,500 Clayton Homes, Inc. 18,750 154,800 543,750
THE WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN ASSETS HELD FOR INVESTMENT NOVEMBER 30, 1992
Number of Shares/ Principal Fair Description Amount Cost Value Other Common Stocks (Cont.) Cooper Tire & Rubber Co. 45,000 376,588 1,485,000 Dow Chemical Co. 20,000 1,144,050 1,065,000 General Electric Co. 17,500 581,998 1,456,875 Glaxo Holdings PLC 20,000 366,380 485,000 GTE Corp. 36,000 518,662 1,237,500 Hanson PLC 40,000 684,760 730,000 Huntington Banc Shares Inc. 38,096 380,454 771,444 Kimberly Clark Corp. 14,000 661,310 847,000 Legent Corp. 471 12,566 23,668 Mobil Corp. 14,000 748,565 850,500 Nationsbank Corp. 15,000 576,475 755,625 New England Business Service, Inc. 20,000 351,000 385,000 Northern States Power Co. 20,000 541,499 867,500 Philip Morris Companies Inc. 22,000 477,725 1,751,750 Potlatch Corp. 18,000 616,016 832,500 Public Service Enterprise Group Inc. 27,500 798,665 807,812 Raven Industries Inc. 18,000 155,590 319,500 Royal Dutch Petroleum Co. 12,000 590,870 990,000 Smithkline Beecham PLC 20,000 526,573 730,000 Society Corp. 15,000 816,000 933,750 Tenneco Inc. 20,000 930,298 695,000 Texaco Inc. 13,000 813,735 781,625 Textron Inc. 20,000 665,483 850,000 US West Inc. 18,000 666,233 677,250 Woolworth Corp. 35,000 937,160 1,198,750 Xidex Corp. Warrants 724 1,200 181 18,807,278 27,226,111 Society Bank Fixed Income Fund 3,609,352 3,609,352 Helmsman Prime Obligations 5,738,872 5,738,872 Other Investments Limited Partnership Cardinal Development Capital Fund I $ 75,875 185,503 68,382 Corporate Bonds Perry Drug Store, convertible subordinated debentures, 8.5%, due September 15, 2010 $ 100,000 100,000 91,000 285,503 159,382 Total - General Fund 34,167,115 42,693,249
THE WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN ASSETS HELD FOR INVESTMENT NOVEMBER 30, 1992
Number of Shares/ Principal Fair Description Amount Cost Value DESIGNATED FUND: Helmsman Prime Obligations 1,068,842 1,068,842 Common stock of Worthington Ind. 2,925,000 3,662,076 64,350,000 Total - Designated Fund 4,730,918 65,418,842 INCOME FUND: Society Bank Fixed Income fund 3,533,838 3,533,838 Helmsman Prime Obligations 11,149 11,149 Total - Income Fund 3,544,987 3,544,987 TOTAL INVESTMENTS $42,443,020 $111,657,078
WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN ANNUAL REPORT ON FORM 11-K FOR FISCAL YEAR ENDED NOVEMBER 30, 1993 INDEX TO EXHIBITS Exhibit No. Description Page No. 23 Consent of Independent Public Accountants 21 EX-23 2 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation by reference in the Registration Statement filed on Form S-8 with respect to the Worthington Industries, Inc. Deferred Profit Sharing Plan (the `Plan') of our report dated March 6, 1995 with respect to the Plan's financial statements included in the annual report on Form 11-K for the Plan's years ended November 30, 1993 and 1992, and all references to our firm included in or made a part of the Registration Statement. HIRTH NORRIS & GRAUL Grove City, Ohio March 6, 1995 -----END PRIVACY-ENHANCED MESSAGE-----