11-K 1 0001.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________ ANNUAL REPORT PURSUANT TO SECTION 13(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED). For the fiscal year ended December 31, 1999 OR TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the transition period from ____________ to ____________ Commission file number 1-9801 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: COLLINS INDUSTRIES, INC. TAX DEFERRED SAVINGS PLAN AND TRUST B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: COLLINS INDUSTRIES, INC. 15 Compound Drive Hutchinson, Kansas 67502-4349 COLLINS INDUSTRIES, INC. TAX DEFERRED SAVINGS PLAN AND TRUST FINANCIAL STATEMENTS AND SCHEDULES DECEMBER 31, 1999 AND 1998 COLLINS INDUSTRIES, INC. TAX DEFERRED SAVINGS PLAN AND TRUST DECEMBER 31, 1999 AND 1998 TABLE OF CONTENTS Page Report of Independent Accountants 1 Financial Statements Statements of Net Assets Available for Plan Benefits as of December 31, 1999, and 1998 2 Statements of Changes in Net Assets Available for Plan Benefits for the Years Ended December 31, 1999, and 1998 3 Notes to Financial Statements 4-7 Supplemental Information Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1999 9 Item 27d - Schedule of Reportable Transactions for the Year Ended December 31, 1999 10 Report of Independent Accountants To the Participants and Administrator of Collins Industries, Inc. Tax Deferred Savings Plan and Trust We have audited the accompanying statements of net assets available for benefits of Collins Industries, Inc. Tax Deferred Savings Plan and Trust (the Plan) as of December 31, 1999 and 1998, and the related statements of changes in net assets available for benefits for the year ended December 31, 1999 and 1998. These financial statements and the schedules referred to below 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 audits 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 as of December 31, 1999 and 1998, and the changes in net assets available for benefits for the year ended December 31, 1999 and 1998, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements as a whole. The supplemental schedules of Collins Industries, Inc. Tax Deferred Savings Plan and Trust are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are 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. These supplemental schedules are the responsibility of the Plan's management. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ Meara, King & Co. Meara, King & Co. June 15, 2000 Kansas City, MO Financial Statements COLLINS INDUSTRIES, INC. TAX DEFERRED SAVINGS PLAN AND TRUST STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS DECEMBER 31, 1999 AND 1998 1999 1998 ASSETS: Investments: Stock Fund Collins Industries, Inc. common stock $2,370,705 $1,789,586 PNC Institutional Management Corporation - Fed Fund 8,142 42,332 Federal Fund PNC Institutional Management Corporation - FedFund 628,912 538,409 Vanguard Index 500 Fund 100,620 - Vanguard LT Treas Bond Fund 8,977 - Loan Fund Participant loans 88,770 87,499 Receivables: Company contributions 40,800 27,410 Participant contributions 27,086 31,856 Net assets available for plan benefits $3,274,012 $2,517,092 The accompanying notes are an integral part of these financial statements. COLLINS INDUSTRIES, INC. TAX DEFERRED SAVINGS PLAN AND TRUST STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 1999 1998 Additions to net assets: Investment income: Net appreciation (depreciation) in fair value of Collins Industries, Inc. common stock $ 340,387 ($1,225,370) Dividend income 46,559 94,178 Interest income 37,186 36,150 Contributions: Company 126,536 101,753 Participant 505,821 364,046 1,056,489 (629,243) Reductions to net assets: Benefits paid during the year 299,569 388,223 299,569 388,223 Net increase (decrease) 756,920 (1,017,466) Net assets available for plan benefits: Beginning of year 2,517,092 3,534,558 End of year $3,274,012 $2,517,092 The accompanying notes are an integral part of these financial statements. COLLINS INDUSTRIES, INC. TAX DEFERRED SAVINGS PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS NOTE 1: DESCRIPTION OF THE PLAN The following brief description of the Collins Industries, Inc. (the Company) Tax Deferred Savings Plan and Trust (the Plan) is provided for general information purposes only. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. General The Plan is a defined contribution plan. All employees of the Company, except for corporate and subsidiary officers, directors, subsidiary presidents and general managers, are eligible to join the Plan following one year of employment, during which at least 1,000 hours are worked, and attainment of age 21. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended. The Plan trustee is The Bank of Kansas. Participant Accounts Each participant's account is credited with the participant's contributions and allocation of company contributions and earnings. Earnings and losses on plan assets are allocated based on the proportion of the participant's account balance to the total of all participant account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant's accounts. Contributions and Withdrawals Participants may elect to contribute a percentage of their compensation on a tax-deferred basis subject to certain Internal Revenue Code limits. The Company makes matching contributions equal to 50 percent of each eligible participant's tax deferred contributions to the extent those tax-deferred contributions do not exceed 6 percent of the participant's total compensation. Additional amounts may be contributed at the discretion of the Company's board of directors. Participants may receive loans from their account prior to retirement, termination, death or disability, and may apply for full receipt of their account balance in the case of financial hardship. Upon retirement, termination, death or disability, participants receive lump-sum distributions. Participants may elect distribution in cash or in company common stock. Vesting Participants immediately vest in their voluntary contributions and earnings thereon. Participants vest 100 percent in the remainder of their accounts after five years of service, as defined, in the Plan document. Forfeitures reduce future employer contributions. Forfeitures were $14,167 and $10,976 for the years ended December 31, 1999 and 1998, respectively. Plan Termination Although it has not expressed any intent to do so, the Company may discontinue its contributions at any time and terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants become 100 percent vested in their accounts. NOTE 2: SUMMARY OF ACCOUNTING POLICIES The financial statements have been prepared using the accrual basis of accounting in accordance with generally accepted accounting principles. Accounting estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Investments Four separate funds are maintained for investment purposes: Federal Fund - Consisting entirely of a money market fund invested primarily in U.S. treasury bills, notes and other obligations of the U.S. government. Stock Fund - Consisting primarily of the registered and unregistered common stock of the Company. Vanguard 500 Index Fund - Consisting primarily of the stocks that comprise the S&P 500 Index, attempting to track its performance. Vanguard Long-Term Treasury Fund - Consisting primarily of long-term bonds backed by the U.S. Government. At lease 65% of the fund's total assets will always be invested in U.S. Treasury securities. Employees may choose to allocate contributions among the four funds. During 1999 and 1998, the Company made matching contributions of $140,703 and $112,729, respectively. Administrative Costs The Plan pays brokerage fees. The Company pays all other administrative and professional fees related to the Plan. The amount paid by the Company for the 1999 plan year was $29,533. NOTE 3: INVESTMENTS At December 31, 1999 and 1998, the Plan held 474,141 shares and 433,839 shares, respectively, of Company common stock, with a cost of $1,575,315 and $1,338,557, respectively. Of these shares 217,399 shares were unregistered at December 31, 1999 and 1998. The unregistered and registered shares were valued by the trustee at the December 31, 1999 and 1998, market price per registered share of $5.00 and $4.13 per share, respectively. Money market funds are stated at cost, which approximates market value. Investments representing 5 percent or more of the Plan's net assets are separately identified on the statements of net assets available for benefits. As of June 12, 2000, the Company common stock had a closing market price of $5.00 per share. NOTE 4: TAX STATUS The Plan obtained its latest determination letter dated December 29, 1993, in which the Internal Revenue Service states the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. 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 and, therefore, no provision for income taxes is reflected in the financial statements. NOTE 5: SCHEDULE OF INVESTMENT ACTIVITY Contributions to the Plan are allocated among four funds for investment purposes, at the participants' election. The balances in these accounts and the activity for 1999 are shown below: Year Ended December 31, 1999 Index LT Federal Stock 500 Treas Fund Fund Fund Fund Other Total ADDITIONS: Investment income: Net appreciation in fair value of Collins Industries, Inc. common stock - 340,387 - - - 340,387 Dividend income - 45,837 722 - - 46,559 Interest income 28,998 - - 58 8,130 37,186 28,998 386,224 772 58 8,130 424,132 Contributions: Company - 113,146 - - 13,390 126,536 Participant 125,812 282,317 93,236 9,226 (4,770) 505,821 Total additions 154,810 781,687 93,958 9,284 16,750 1,056,489 TRANSFERS: (6,761) 7,265 6,662 (307) (6,859) - DEDUCTIONS: Benefits paid 57,546 242,023 - - - 299,569 Total deductions 57,546 242,023 - - - 299,569 Net increase 90,503 546,929 100,620 8,977 9,891 756,920 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 538,409 1,831,918 - - 146,765 2,517,092 End of year $628,912 $2,378,847 $100,620 $8,977 $156,656 $3,274,012 NOTE 5: SCHEDULE OF INVESTMENT ACTIVITY (continued) Year Ended December 31, 1998 Federal Stock Fund Fund Other Total ADDITIONS: Investment income: Net appreciation in fair value of Collins Industries, Inc., common stock $ - $(1,225,370) $ - $(l,225,370) Dividend income - 94,178 - 94,178 Interest income 28,692 - 7,458 36,150 28,692 (1,131,192) 7,458 (1,095,042) Contributions: Company - 75,863 25,890 101,753 Participant 129,311 219,843 14,892 364,046 Total additions 158,003 (835,486) 48,240 (629,243) TRANSFERS: (5,131) (12,824) 17,955 - DEDUCTIONS: Benefits paid 47,779 340,444 - 388,223 Total deductions 47,779 340,444 - 388,223 Net increase (decrease) 105,093 (1,188,754) 66,195 (1,017,466) NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 433,316 3,020,672 80,570 3,534,558 End of year $538,409 $1,831,918 $146,765 $2,517,092 Supplemental Information COLLINS INDUSTRIES, INC. TAX DEFERRED SAVINGS PLAN AND TRUST ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1999 Descriptions of Identity of Investment Issuer, including Maturity Borrower, Date, Rate of Lessor, Interest, or Similar Collateral, Par or Current Party Maturity Value Shares Cost Value * Collins Collins Industries, Industries, Inc. common Inc. stock ** 474,141 $1,575,315 $2,370,705 PNC PNC Institutional Institutional Management Management Corporation - Corporation FedFund 637,054 637,054 637,054 Vanguard Group Index 500 Fund 748 93,733 100,620 Vanguard Group Long Term U.S. Treasury Bond Fund 936 9,284 8,977 *Participant Participant loans loans at rates ranging from 9.75% to 10.5% - 88,770 Total $2,315,386 $3,206,126 * Represents investments with a party-in-interest. ** Includes 217,399 unregistered shares. COLLINS INDUSTRIES, INC. TAX DEFERRED SAVINGS PLAN AND TRUST ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1999 Current Value of Identity Number Asset on of Party of Purchase Sales Cost of Trans. Net Gain Involved Trans. Price Price Asset Date (Loss) Collins Industries, Inc. common stock 42 $296,044 $296,044 $296,044 $ - Collins Industries, Inc. common stock 3 $73,812 $ 73,812 SIGNATURE Pursuant to the requirement of the Securities Exchange Commission Act of 1934, the trustee (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized. Collins Industries, Inc. Tax Deferred Savings Plan and Trust DATE: June 22, 2000 /s/ Larry W. Sayre Larry W. Sayre Vice President - Finance & Chief Financial Officer (Principal Accounting Officer)