-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GveXq5OyEn1FJYayM/JPJtUWOmusmAWX2vKqMJH9Fiv3SaRRUO5DglJKuBsiT1TO OBpq9csd4DKFPchWRTjepg== 0000950137-99-002375.txt : 19990701 0000950137-99-002375.hdr.sgml : 19990701 ACCESSION NUMBER: 0000950137-99-002375 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BUTLER MANUFACTURING CO CENTRAL INDEX KEY: 0000015840 STANDARD INDUSTRIAL CLASSIFICATION: PREFABRICATED METAL BUILDINGS & COMPONENTS [3448] IRS NUMBER: 440188420 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-12335 FILM NUMBER: 99656707 BUSINESS ADDRESS: STREET 1: BMA TOWER PENN VALLEY PARK STREET 2: P O BOX 419917 CITY: KANSAS CITY STATE: MO ZIP: 64141 BUSINESS PHONE: 8169683000 MAIL ADDRESS: STREET 1: BMA TOWER PENN VALLEY MALL STREET 2: P O BOX 419917 CITY: KANSAS CITY STATE: MO ZIP: 64141 11-K 1 FORM 11-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1998 Commission file number 001-12335 Birmingham Hourly Employee Savings Trust 401(k) Plan Butler Manufacturing Company BMA Tower Penn Valley Park Kansas City, MO 64108 2 BUTLER MANUFACTURING COMPANY BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION DECEMBER 31, 1998 AND 1997
Fund Information for 1998 -------------------------------------------------------------------------------- Managed Income Magellan Equity Income International Portfolio Puritan Fund Fund Fund Growth Fund ------------ ------------ ------------ ------------ ------------ ASSETS: Investments, at fair value- Fidelity investment funds- Managed Income Portfolio $ 52,940 $ -- $ -- $ -- $ -- Puritan Fund -- 139,272 -- -- -- Magellan Fund -- -- 246,845 -- -- Equity Income Fund -- -- -- 62,034 -- International Growth Fund -- -- -- -- 15,683 Asset Manager -- -- -- -- -- Asset Manager Growth -- -- -- -- -- Asset Manager Income -- -- -- -- -- Retirement Money Market Trust -- -- -- -- -- Butler Stock Fund -- -- -- -- -- Participant loans -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Total investments 52,940 139,272 246,845 62,034 15,683 ------------ ------------ ------------ ------------ ------------ Receivables- Employee contributions receivable -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Total receivables -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Net assets available for benefits $ 52,940 $ 139,272 $ 246,845 $ 62,034 $ 15,683 ============ ============ ============ ============ ============
Fund Information for 1998 -------------------------------------------------------------------------------- Asset Asset Retirement Asset Manager Manger Money Butler Stock Manager Growth Income Market Trust Fund ------------ ------------ ------------ ------------ ------------ ASSETS: Investments, at fair value- Fidelity investment funds- Managed Income Portfolio $ -- $ -- $ -- $ -- $ -- Puritan Fund -- -- -- -- -- Magellan Fund -- -- -- -- -- Equity Income Fund -- -- -- -- -- International Growth Fund -- -- -- -- -- Asset Manager 1,612 -- -- -- -- Asset Manager Growth -- 4,835 -- -- -- Asset Manager Income -- -- 3,925 -- -- Retirement Money Market Trust -- -- -- 68,549 -- Butler Stock Fund -- -- -- -- 5,835 Participant loans -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Total investments 1,612 4,835 3,925 68,549 5,835 ------------ ------------ ------------ ------------ ------------ Receivables- Employee contributions receivable -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Total receivables -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Net assets available for benefits $ 1,612 $ 4,835 $ 3,925 $ 68,549 $ 5,835 ============ ============ ============ ============ ============
Fund Information for 1998 ----------------------------- Participant Loans Other Total ------------ ------------ ------------ ASSETS: Investments, at fair value- Fidelity investment funds- Managed Income Portfolio $ -- $ -- $ 52,940 Puritan Fund -- -- 139,272 Magellan Fund -- -- 246,845 Equity Income Fund -- -- 62,034 International Growth Fund -- -- 15,683 Asset Manager -- -- 1,612 Asset Manager Growth -- -- 4,835 Asset Manager Income -- -- 3,925 Retirement Money Market Trust -- -- 68,549 Butler Stock Fund -- -- 5,835 Participant loans 36,802 -- 36,802 ------------ ------------ ------------ Total investments 36,802 -- 638,332 ------------ ------------ ------------ Receivables- Employee contributions receivable 2,154 13,236 15,390 ------------ ------------ ------------ Total receivables 2,154 13,236 15,390 ------------ ------------ ------------ Net assets available for benefits $ 38,956 $ 13,236 $ 653,722 ============ ============ ============
(continued) 1 3 BUTLER MANUFACTURING COMPANY BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION DECEMBER 31, 1998 AND 1997 (continued)
Fund Information for 1997 -------------------------------------------------------------------------------- Managed Income Magellan Equity Income International Portfolio Puritan Fund Fund Fund Growth Fund ------------ ------------ ------------ ------------ ------------ ASSETS: Investments, at fair value- Fidelity investment funds- Managed Income Portfolio $ 39,380 $ -- $ -- $ -- $ -- Puritan Fund -- 99,267 -- -- -- Magellan Fund -- -- 161,238 -- -- Equity Income Fund -- -- -- 44,733 -- International Growth Fund -- -- -- -- 10,306 Asset Manager -- -- -- -- -- Asset Manager Growth -- -- -- -- -- Asset Manager Income -- -- -- -- -- Retirement Money Market Trust -- -- -- -- -- Butler Stock Fund -- -- -- -- -- Participant loans -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Total investments 39,380 99,267 161,238 44,733 10,306 ------------ ------------ ------------ ------------ ------------ Receivables- Employee contributions receivable -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Total receivables -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Net assets available for benefits $ 39,380 $ 99,267 $ 161,238 $ 44,733 $ 10,306 ============ ============ ============ ============ ============
Fund Information for 1997 -------------------------------------------------------------------------------- Asset Asset Retirement Asset Manager Manger Money Butler Stock Manager Growth Income Market Trust Fund ------------ ------------ ------------ ------------ ------------ ASSETS: Investments, at fair value- Fidelity investment funds- Managed Income Portfolio $ -- $ -- $ -- $ -- $ -- Puritan Fund -- -- -- -- -- Magellan Fund -- -- -- -- -- Equity Income Fund -- -- -- -- -- International Growth Fund -- -- -- -- -- Asset Manager 853 -- -- -- -- Asset Manager Growth -- 2,183 -- -- -- Asset Manager Income -- -- 2,561 -- -- Retirement Money Market Trust -- -- -- 46,074 -- Butler Stock Fund -- -- -- -- 2,599 Participant loans -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Total investments 853 2,183 2,561 46,074 2,599 ------------ ------------ ------------ ------------ ------------ Receivables- Employee contributions receivable -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Total receivables -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Net assets available for benefits $ 853 $ 2,183 $ 2,561 $ 46,074 $ 2,599 ============ ============ ============ ============ ============
Fund Information for 1997 ----------------------------- Participant Loans Other Total ------------ ------------ ------------ ASSETS: Investments, at fair value- Fidelity investment funds- Managed Income Portfolio $ -- $ -- $ 39,380 Puritan Fund -- -- 99,267 Magellan Fund -- -- 161,238 Equity Income Fund -- -- 44,733 International Growth Fund -- -- 10,306 Asset Manager -- -- 853 Asset Manager Growth -- -- 2,183 Asset Manager Income -- -- 2,561 Retirement Money Market Trust -- -- 46,074 Butler Stock Fund -- -- 2,599 Participant loans 25,306 -- 25,306 ------------ ------------ ------------ Total investments 25,306 -- 434,500 ------------ ------------ ------------ Receivables- Employee contributions receivable 1,238 11,302 12,540 ------------ ------------ ------------ Total receivables 1,238 11,302 12,540 ------------ ------------ ------------ Net assets available for benefits $ 26,544 $ 11,302 $ 447,040 ============ ============ ============
The accompanying notes are an integral part of these unaudited financial statements. 2 4 BUTLER MANUFACTURING COMPANY BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1998
Managed Income Magellan Equity Income International Portfolio Puritan Fund Fund Fund Growth Fund ------------ ------------ ------------ ------------ ------------ CONTRIBUTIONS: Employee $ 11,972 $ 30,208 $ 39,151 $ 14,640 $ 3,668 Employer -- -- -- -- -- Rollover -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Total contributions 11,972 30,208 39,151 14,640 3,668 INCOME: Net appreciation (depreciation) in fair value of investments -- 4,438 49,344 2,931 666 Interest and dividends 2,763 14,157 11,528 3,641 826 OTHER INCREASES (DECREASES): Distributions (484) (687) (11,861) (418) (379) Fees -- (679) (274) (13) -- Loan repayments 681 2,595 3,146 1,787 909 Loan withdrawals (1,372) (6,778) (6,633) (5,267) (313) Net interfund transfers -- (650) 1,206 -- -- Net transfers (to) from another employer-sponsored fund -- (2,599) -- -- -- Other -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Increase (decrease) in net assets available for plan benefits 13,560 40,005 85,607 17,301 5,377 NET ASSETS AVAILABLE FOR PLAN BENEFITS, beginning of year 39,380 99,267 161,238 44,733 10,306 ------------ ------------ ------------ ------------ ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS, end of year $ 52,940 $ 139,272 $ 246,845 $ 62,034 $ 15,683 ============ ============ ============ ============ ============
Asset Asset Retirement Asset Manager Manger Money Butler Stock Manager Growth Income Market Trust Fund ------------ ------------ ------------ ------------ ------------ CONTRIBUTIONS: Employee $ 448 $ 1,627 $ 2,150 $ 23,262 $ 3,996 Employer -- -- -- -- -- Rollover -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Total contributions 448 1,627 2,150 23,262 3,996 INCOME: Net appreciation (depreciation) in fair value of investments (85) (34) 29 -- (1,832) Interest and dividends 309 761 330 3,164 332 OTHER INCREASES (DECREASES): Distributions -- -- -- -- (383) Fees -- -- (26) (67) (154) Loan repayments 87 298 87 1,712 627 Loan withdrawals -- -- -- (3,062) -- Net interfund transfers -- -- (1,206) -- 650 Net transfers (to) from another employer-sponsored fund -- -- -- (2,534) -- Other -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Increase (decrease) in net assets available for plan benefits 759 2,652 1,364 22,475 3,236 NET ASSETS AVAILABLE FOR PLAN BENEFITS, beginning of year 853 2,183 2,561 46,074 2,599 ------------ ------------ ------------ ------------ ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS, end of year $ 1,612 $ 4,835 $ 3,925 $ 68,549 $ 5,835 ============ ============ ============ ============ ============
Participant Loans Other Total ------------ ------------ ------------ CONTRIBUTIONS: Employee $ 916 $ 1,934 $ 133,972 Employer -- -- -- Rollover -- -- -- ------------ ------------ ------------ Total contributions 916 1,934 133,972 INCOME: Net appreciation (depreciation) in fair value of investments -- -- 55,457 Interest and dividends -- -- 37,811 OTHER INCREASES (DECREASES): Distributions -- -- (14,212) Fees -- -- (1,213) Loan repayments (11,929) -- -- Loan withdrawals 23,425 -- -- Net interfund transfers -- -- -- Net transfers (to) from another employer-sponsored fund -- -- (5,133) Other -- -- -- ------------ ------------ ------------ Increase (decrease) in net assets available for plan benefits 12,412 1,934 206,682 NET ASSETS AVAILABLE FOR PLAN BENEFITS, beginning of year 26,544 11,302 447,040 ------------ ------------ ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS, end of year $ 38,956 $ 13,236 $ 653,722 ============ ============ ============
The accompanying notes are an integral part of this unaudited financial statement. 3 5 BUTLER MANUFACTURING COMPANY BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998 AND 1997 (UNAUDITED) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: General Effective September 1, 1993, Butler Manufacturing Company (the Company) established the Birmingham Hourly Employee Savings Trust (the Plan), which is administered by the administrative committee. The investments of the Plan are in the custody of Fidelity Institutional Retirement Services Company (Custodian). The trustee of the Plan is the Fidelity Management Trust Company (Fidelity) which is appointed by the administrative committee. The following brief description of the Plan is provided for general information purposes only. Participants should refer to the plan document for more complete information. Basis of Presentation The accompanying financial statements have been prepared on the accrual basis and present the net assets available for benefits and changes in net assets available for benefits. Fees and Expenses The expenses incurred by the administrative committee of the Plan in administering plan activity and the expenses incurred by Fidelity in administering the trust may be paid from the assets of the Plan or by the Company, as the Company elects. Eligibility All full-time Birmingham union hourly employees of the Company having completed six months of employment. Vesting All eligible employees participating in the Plan are immediately 100 percent vested in employer and participant contributions. 4 6 Termination The Plan may be terminated at any time with the approval of the Company's board of directors. If the Plan is terminated, each participant's account balance will be, at the discretion of the Company, distributed in a lump sum or held in trust to be distributed upon each participant's retirement, death, disability or termination of employment. Investment Valuation and Income Recognition The Plan's investments are stated at fair value. Purchases and sales of securities are recorded on a trade-date basis. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires the plan administrator to make estimates and assumptions that affect the reported amounts of net assets available for benefits at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates. 2. CONTRIBUTIONS: Employees may contribute to the Plan from 1 percent to 15 percent of their compensation in 1 percent increments, subject to applicable IRS regulations. Participants may direct investments of their contribution in 1 percent increments among the funds established by Fidelity. 3. DISTRIBUTIONS: If a participant retires on or after attaining age 55, becomes totally or permanently disabled, dies or terminates employment for any other reason, the full value of the account becomes distributable. If the value of the amount distributable exceeds $5,000 , the distribution cannot be made until the participant reaches age 65 or gives consent to the distribution. All distributions must be made prior to April 1 of the calendar year immediately following the date the participant reaches age 70 1/2, even if still employed. All distributions shall be made in a single payment of cash. There were no distributions payable to vested participants at December 31, 1998 and 1997. These amounts would have been included in net assets available for benefits in the accompanying financial statements and shown as a liability of the Plan for purposes of the Form 5500. 4. IN-SERVICE WITHDRAWALS: Employee contributions, in part or in total, may be withdrawn for extreme financial hardships. Such financial hardships include college costs, excessive medical expenses, the purchase of a principal residence, or to prevent eviction from a principal residence. 5 7 5. LOANS TO PARTICIPANTS: At the discretion of the administrative committee, loans may be made to a participant up to the lesser of $50,000 or 50 percent of the value of the participant's account. No loan may be for an amount less than $1,000. Loans are secured by an assignment of the participant's total account balance in the Plan. Loan maturities may not be less than one year nor exceed five years, except for home loans. Interest rates will be set by the administrative committee in accordance with uniform procedures consistently applied in a manner which does not discriminate in favor of officers, shareholders or highly compensated participants. 6. FEDERAL INCOME TAXES: The Plan has received a favorable determination letter, dated May 4, 1995, from the IRS, qualifying the Plan under the Internal Revenue Code and exempting the trust from federal income taxes. The Plan has been amended since receiving the determination letter. The plan administrator believes the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes is included in these financial statements. 6 8 BUTLER MANUFACTURING COMPANY BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST LINE 27A--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1998 (UNAUDITED)
Fair Shares Description Cost Value - --------------- -------------------------------------------------------------------- -------------- -------------- *Fidelity Management Trust Company- 52,940 Managed Income Portfolio $ 52,940 $ 52,940 6,939 Puritan Fund 124,140 139,272 2,043 Magellan Fund 175,390 246,845 1,117 Equity Income Fund 49,306 62,034 750 International Growth Fund 14,714 15,683 93 Asset Manager 1,634 1,612 259 Asset Manager Growth 4,748 4,835 319 Asset Manager Income 3,915 3,925 68,549 Retirement Money Market Trust 68,549 68,549 907 Butler Stock Fund 7,861 5,835 - Participant loans outstanding, 9.0% 36,802 36,802
*Party-in-interest to the Plan 7 9 BUTLER MANUFACTURING COMPANY BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST LINE 27D--SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1998 (UNAUDITED)
Purchases Sales -------------------------- --------------------------------------- Number of Total Number of Selling Net Gain Description Transactions Cost Transactions Price (Loss) - ------------------------------------------------ ------------- ----------- -------------- ----------- ----------- Fidelity Management Trust Company- Puritan Fund 29 $ 46,960 14 $ 11,392 $ 135 Magellan Fund 29 55,031 15 18,768 2,821 Equity Income Fund 24 20,068 8 5,697 600 Retirement Money Market Trust 25 28,138 8 5,662 -
8 10 SIGNATURE THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrative Committee of the Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST Date: June 29, 1999 By: /s/ Larry C. Miller -------------------- Larry C. Miller, Member of the Administrative Committee -----END PRIVACY-ENHANCED MESSAGE-----