11-K 1 0001.txt FORM 11-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________ Commission file number 1-6720 A. Full title of the Plan: A.T. CROSS COMPANY DEFINED CONTRIBUTION RETIREMENT PLAN B. Name of Issuer of securities held pursuant to the Plan and address of its principal executive office: A.T. CROSS COMPANY ONE ALBION ROAD LINCOLN, RHODE ISLAND 02865 Financial Statements of the Plan: A.T. Cross Company Defined Contribution Retirement Plan Financial Statements for the Years Ended December 31, 1999 and 1998 and Supplemental Schedule as of December 31, 1999 and Independent Auditors' Report A.T. CROSS COMPANY DEFINED CONTRIBUTION RETIREMENT PLAN TABLE OF CONTENTS Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998: Statements of Net Assets Available for Benefits 2 Statements of Changes in Net Assets Available for Benefits 3 Notes to Financial Statements 4-10 SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 1999: Schedule H, Line 4i - Schedule of Assets Held for Investment Purposes at End of Year 11 Schedules required under the Employee Retirement Income Security Act of 1974, other than the schedule listed above, are omitted because of the absence of the conditions under which the schedules are required. INDEPENDENT AUDITORS' REPORT To the Retirement Plan Committee and Participants of A.T. Cross Company Defined Contribution Retirement Plan: We have audited the accompanying statements of net assets available for benefits of the A.T. Cross Company Defined Contribution Retirement Plan (the "Plan") as of December 31, 1999 and 1998, and the related statements of changes in net assets available for benefits for the years then ended. 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 of America. 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, such financial statements 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 years then ended in conformity with accounting principles generally accepted in the Unites States of America. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedule of assets held for investment purposes as of December 31, 1999 is presented for the purpose of additional analysis and is not a required part of the basic 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 supplementary information is the responsibility of the Plan's management. Such schedule has been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. DELOITTE & TOUCHE LLP May 5, 2000 A.T. CROSS COMPANY DEFINED CONTRIBUTION RETIREMENT PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1999 AND 1998 ASSETS: 1999 1998 Investments at fair value: Participant-directed investments $ 68,716,201 $ 66,882,734 Nonparticipant-directed investments - loans to participants 1,012,492 1,000,599 ------------ ------------ Total investments 69,728,693 67,883,333 Contributions receivable 247,527 210,192 Interest and dividend receivable 200,861 207,788 ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 70,177,081 $ 68,301,313 ============ ============ See notes to financial statements. -2- A.T. CROSS COMPANY DEFINED CONTRIBUTION RETIREMENT PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEARS ENDED DECEMBER 31, 1999 AND 1998 1999 1998 ADDITIONS: Investment activity: Net appreciation in the fair value of investments $ 7,853,818 $ 6,055,075 Interest income 1,178,709 1,345,941 Dividend income 773,368 650,798 ------------ ------------ Total investment activity 9,805,895 8,051,814 ------------ ------------ Contributions: Participants 1,781,282 1,996,656 Employer 627,522 671,746 ------------ ------------ Total contributions 2,408,804 2,668,402 ------------ ------------ Total additions 12,214,699 10,720,216 ------------ ------------ DEDUCTIONS: Fund expenses 197,971 128,501 Benefits paid to participants 10,140,960 7,856,235 ------------ ------------ Total deductions 10,338,931 7,984,736 ------------ ------------ NET INCREASE 1,875,768 2,735,480 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 68,301,313 65,565,833 ------------ ------------ End of year $ 70,177,081 $ 68,301,313 ============ ============ See notes to financial statements. -3- A.T. CROSS COMPANY DEFINED CONTRIBUTION RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS 1. DESCRIPTION OF THE PLAN The following description of the A.T. Cross Company Defined Contribution Retirement Plan (the "Plan") provides only general information. Participants should refer to the plan document for more complete information. On December 10, 1996, the Board of Directors (the "Board") of A.T. Cross Company (the "Company"), the Plan's sponsor, voted on and approved the merger of the A.T. Cross Company Profit Sharing Plan and Trust into the Plan. Effective January 1, 1997, the A.T. Cross Company Profit Sharing Plan and Trust and the A.T. Cross Company Savings Plan (collectively, the "Component Plans") were merged into a single plan and trust known as the A.T. Cross Company Defined Contribution Retirement Plan (the "merged Plan"). Assets of the Component Plans are held in a single trust, with each plan operating as a component plan of the merged Plan. The purpose of the merger was to offer increased investment opportunities under the Component Plans, as well as to provide for uniform and combined investment opportunities and election procedures. General - Savings Component - The Savings Component is a contributory savings plan, established January 1, 1984, for the employees of the Company. The Savings Component is administered by a committee consisting of three persons appointed by the Board. The Savings Component is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). General - Profit Sharing Component - The Profit Sharing Component is a noncontributory defined contribution plan and is administered by an Employee Benefit Plan Committee consisting of three persons appointed by the Board. The Board determines the amount of the contribution and has established the policy that the maximum contribution for any year is limited to the lesser of (1) the maximum amount deductible for such year for federal income tax purposes; or (2) 15% of the Company's net income for such year before deducting contributions to the retirement trust and before providing for federal and state income taxes. The Profit Sharing Component is subject to ERISA. Eligibility - Savings Component - An employee may become a participant in the Savings Component provided he or she is regularly employed for 1,000 or more hours during his or her first year of employment or in subsequent plan years. Effective January 1, 1998, employees become eligible to participate in the Savings Component as of the beginning of the calendar quarter immediately following their date of hire. Upon entry into the Savings Component, an employee may contribute to the Savings Component an amount equal to any percentage from 1% to, and including, 15% of the participant's annual salary. Eligibility - Profit Sharing Component - Employees of the Company are eligible to participate in the Profit Sharing Component on January 1 following their hire date. -4- 1. DESCRIPTION OF THE PLAN (CONTINUED) Contributions - Savings Component - The Company contributes to the Savings Component an amount equal to 50% of each participant's contributions up to 3% of the participant's salary. The Company's contributions which will be made from current income or accumulated earnings, will be credited to the employee's account as of the last day of each calendar quarter. Contributions from Company - Profit Sharing Component - No contribution was declared for 1999 and 1998. In a year in which a contribution is made, the Company's contribution to the Profit Sharing Component is allocated to each eligible employee's account based on the proportion that each eligible employee's allocation units bear to the total allocation units. An eligible employee receives one allocation unit for each one hundred dollars or major fraction thereof, of compensation and one allocation unit for each full year of service as defined by the Profit Sharing Component. Election - Savings Component - The employee elects to either deposit the money into the General Fund, Directed Investment Fund, Equity Fund, High Quality Bond Fund, Small Company Equity Fund, International Equity Fund, Company Stock Fund or divide the deposit among the seven funds in 10% multiples. Election - Profit Sharing Component - Employees who become participants may allocate part or all of their balance in various investment options offered by the Plan in increments of 10%. The Profit Sharing Component also allows employees to make annual elections with respect to the Company's annual contribution and the employee's existing balance. This election is totally separate from the fund balance election described above and allows the participant to elect (in multiples of 10%) to have the Company's contribution, made on his/her behalf, allocated to the various investment options offered by the Component. The balance election allows the participant to elect (in multiples of 10%) to have the employee's existing balance transferred to one or more of the funds. Participant Loans - Savings Component - Participants may borrow from their fund accounts a minimum of $1,400 up to a maximum of $50,000 or 50% of their account balance. Loan transactions are treated as transfers from (to) the investment funds to (from) the Loan Fund. Loans are repaid through payroll deductions and the period of repayment for any loan cannot exceed five years. A participant may repay the entire outstanding balance of their loan on any valuation date. Each loan is secured by the balance in the participant's account, and bears interest at rates commensurate with prevailing rates as determined by the plan administrator. Withdrawals - Savings Component - Withdrawals from the employee's vested portion of the Savings Component are permitted prior to retirement if the employee is able to demonstrate financial hardship as defined by the Internal Revenue Code (the "Code"). Vesting - Savings Component - Employees vest in the Company's contribution at a rate of 20% for each aggregate period of four calendar quarters of active plan participation. All employees are 100% vested after five years of service. Upon an employee leaving the Company prior to becoming 100% vested in the Company's contribution, the nonvested portion of the Company's contribution will be forfeited if the employee does not return to work at the Company within one year. The nonvested portion will then be redistributed to current participants based on the amount of matching Company contributions each participant received during the preceding plan year. -5- 1. DESCRIPTION OF THE PLAN (CONTINUED) Vesting - Profit Sharing Component - Upon termination of employment for reasons other than death, retirement or disability, employees are entitled to 10% of their balance per year of credited vesting service through year four and 20% per year for years five through seven up to 100%. The Profit Sharing Component provides for the deferral of benefits for one year should a participant who is also a participant of the A.T. Cross Company Executive Incentive Compensation Plan terminate employment for reasons other than normal retirement as defined by the Profit Sharing Component, death or disability. Upon early or normal retirement as defined by the Profit Sharing Component, a participant will receive a lump-sum distribution of his/her account. Administrative Expenses - Certain expenses for the administration of the Plan are paid by selected investment funds. The remaining expenses are paid by the Company. However, should the Company fail to pay, such expenses will be considered expenses of the Plan. Trustee of the Plan - Fleet Bank is the trustee of the Plan. As trustee, Fleet Bank holds the Plan's assets, maintains the accounting records of the Plan, and invests the Plan's assets. The trustee makes distributions in accordance with instructions of the plan administrator. An officer of the Trustee is also a member of the Board of the Plan's sponsor. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Method of Accounting - The financial statements of the Plan are prepared on the accrual basis of accounting. Purchases and sales of securities are recorded on the trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Benefits - Benefits to participants are recorded when paid. Valuation of Investments - The Plan's investments are stated at fair value. Securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the plan year. Investments traded in the over-the- counter market and listed securities for which no sale was reported on that date are valued at the average of the last reported bid and ask prices. United States Government bonds, corporate bonds and United States Treasury notes and bills are valued at the last reported bid price. The participant loans receivable are recorded at cost which approximates fair value. Investments in the Fleet National Bank Stable Asset Fund (the "Fund") are generally valued at the redemption value established by the trustee of the Fund, which is generally based on the fair value of the underlying assets. Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Accordingly, actual results could differ from those estimates. Reclassification of Prior Year Accounts - Certain prior year amounts have been reclassified to conform to the 1999 presentation. -6- 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Adoption of SOP 99-3 and Reclassification - The Plan has adopted Statement of Position ("SOP") 99-3 issued by the American Institute of Certified Public Accountants entitled, "Accounting for and Reporting of Certain Defined Contribution Plan Investments and Other Disclosure Matters." As a result, a reclassification has been made to eliminate the by-fund reporting for participant-directed investments in 1998. 3. PLAN TERMINATION The Plan may be amended at any time by a vote of the Board. The Board may suspend or discontinue contributions to the Plan as well as terminate it. Upon termination of the Plan or discontinuance of the Company's contribution, all interests of participants become fully vested and are not subject to forfeiture. Payments, upon termination of the Plan, will be made by the trustee, Fleet Bank, in accordance with the Plan's distribution provisions. 4. INVESTMENTS The Plan's investments are held by a bank-administered trust fund. During 1999 and 1998, the Plan's investments (including investments bought and sold as well as held during the year) appreciated (depreciated) in value by $7,853,818 and $6,055,075, respectively, as follows: 1999 1998 United States Government securities $ (369,287) $ 144,178 United States Government agency bonds (4,166) (32,477) Common stocks 5,066,266 6,375,016 Mutual funds 3,161,005 (431,642) ----------- ----------- Net appreciation $ 7,853,818 $ 6,055,075 =========== =========== The fair value of individual investments that represent 5% or more of the Plan's net assets at December 31 is as follows: 1999 1998 Galaxy Small Company Equity Fund - Trust $ 7,818,869 $ 6,422,937 Galaxy Fund International Equity Class G - Trust 4,977,569 - 5. NONPARTICIPANT-DIRECTED INVESTMENTS In 1999 and 1998, the Plan had nonparticipant-directed investments representing loans to participants in the amount of $1,012,492 and $1,000,599, respectively. The amount of interest income on these loans for the years ended December 31, 1999 and 1998 was $78,853 and $79,654, respectively. -7- 6. FORFEITURES Forfeitures are allocated at the end of the fiscal year to all remaining participants who were participants on the last day of the preceding year based on the amount of matching Company contributions each participant received during the preceding plan year. For the years ended December 31, 1999 and 1998, forfeitures allocated to participants' accounts amounted to $68,054 and $17,213, respectively. 7. TAX STATUS OF THE PLAN Both the precedent Profit Sharing Plan and Savings Plan obtained their latest determination letters on December 1, 1993, in which the Internal Revenue Service stated that the Plans, as then designed, were in compliance with the applicable requirements of the Code. The Plans have been amended since receiving the determination letter; however, the plan administrator believes that the Plans are currently designed and being operated in compliance with the applicable requirements of the Code. Accordingly, no provision for income taxes has been included in the Plans' financial statements. 8. RECONCILIATION OF FINANICAL STATEMENTS TO FORM 5500 The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500: 1999 1998 Net assets available for benefits per the financial statements $ 70,177,081 $ 68,301,313 Amounts allocated to withdrawn participants - (1,339,120) ------------ ------------ Net assets available for benefits per the Form 5500 $ 70,177,081 $ 66,962,193 ============ ============ The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500: 1999 1998 Benefits paid to participants per the financial statements $ 10,140,960 $ 7,856,235 Add - amounts allocated to withdrawing participants - current year - 1,339,120 Less - amounts allocated to withdrawing participants - prior year (1,339,120) (3,180,302) ------------ ------------ Benefits paid to participants per the Form 5500 $ 8,801,840 $ 6,015,053 ============ ============ Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to year end but not yet paid. -8- 9. TRANSACTIONS WITH PARTIES IN INTEREST Transactions with parties in interest for the years ended December 31 are as follows: 1999 1998 --------------------- --------------------- Shares or Shares or Units of Units of Participation Amount Participation Amount --------- ------ --------- ------ A.T. Cross Company common stock: Purchases 96,783 $ 489,774 66,370 $1,277,783 Sales 69,219 399,634 19,501 178,544 Distribution 6,003 73,408 3,999 47,595 Dividend Income - - - 41,231 Realized loss on sales - (303,722) - (50,424) Fleet National Bank of Rhode Island Money Market Fund: Purchases 59,036,151 59,036,151 60,188,282 60,188,282 Sales 57,689,287 57,689,287 60,398,353 60,398,353 Interest income - 197,028 - 306,861 Fleet National Bank of Rhode Island Stable Asset Fund: Purchases 612 6,120 759 7,177 Sales 36 362 24 240 Dividend income - 6,120 - 6,020 Fleet Financial Group, Inc. common stock - dividend income - 23,760 - 21,560 Galaxy Government Fund: Purchases 1,578,887 1,578,887 1,331,747 1,331,747 Sales 1,287,993 1,287,993 2,092,957 2,092,957 Interest income - 35,130 - 56,674 Galaxy High Quality Bond Fund: Purchases 123,059 1,341,783 119,074 1,312,490 Sales 175,944 1,861,358 18,878 208,993 Dividend income - 113,942 - 98,901 Realized loss - (54,930) - - Galaxy Small Co. Equity Fund: Purchases 56,346 871,866 96,016 1,571,365 Sales 106,764 1,681,279 146,943 2,319,332 Realized loss - (193,719) - (331,756) Galaxy International Equity Fund: Purchases 54,546 1,090,604 35,254 593,479 Sales 23,427 442,603 55,796 927,211 Dividend income - 266,909 - 120,063 Realized gain - 94,170 - 133,543 Loans to participants: Disbursements - 540,512 - 564,969 Receipts - 508,914 - 607,005 Interest income - 78,853 - 79,654 -9- 10. AMENDMENT TO THE PLAN Effective January 1, 1999, employees who continue service after age 65 will be entitled to the same rights as they would have if they were under age 65. Upon retirement, the individuals are entitled to the benefits credited to their accounts as of the valuation date following their retirement. In addition, participants who continue in the service of the Company after age 65 may elect to have all or any portion of their accounts, valued as of the valuation date following such election, distributed to them. All such requests for distributions must be addressed to the trustee in writing. * * * * * * -10- A.T. CROSS COMPANY DEFINED CONTRIBUTION RETIREMENT PLAN SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR DECEMBER 31, 1999 Please see attached schedule. -11- ASSET DETAIL ------------ 8765000800 CROSSAVER 401(K) & P/S PL GENERAL AS OF 12/31/99
SHARES OR MARKET BOOK PERCENT ACCRUED FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME CASH MANAGEMENT ASSETS --------------------------------- 447,846.41 FLEET MONEY MARKET DEPOSIT A/C- 447,846.41 447,846.41 1.64 1,906.65 ------------- ------------- ------------- ------------- 447,846.41 447,846.41 1.64 1,906.65 US GOVT & AGENCY OBLIGATIONS --------------------------------- 180,000 U S TREAS BONDS 11.75% 2/15/01 190,575.00 178,057.37 0.70 7,988.72 320,000 U S TREAS BONDS 11.875% 11/15/03 377,699.20 322,400.00 1.38 4,906.59 30,000 U S TREAS BONDS 11.625% 11/15/04 36,234.30 30,843.75 0.13 450.31 100,000 U S TREAS BONDS 8.25% 5/15/05 100,641.00 98,156.25 0.37 1,065.25 100,000 U S TREAS BONDS 10.75% 8/15/05 119,266.00 107,437.51 0.44 4,060.46 400,000 U S TREAS BONDS 9.375% 2/15/06 455,312.00 408,500.00 1.66 14,164.40 100,000 U S TREAS NOTES 6.50% 10/15/06 99,734.00 99,890.63 0.36 1,385.25 100,000 U S TREAS BONDS 8.375% 8/15/08 105,484.00 98,875.00 0.39 3,163.38 100,000 U S TREAS BONDS 8.75% 11/15/08 106,984.00 99,187.50 0.39 1,129.81 100,000 U S TREAS BONDS 9.125% 5/15/09 109,172.00 100,468.75 0.40 1,178.23 30,000 U S TREAS BONDS 11.75% 2/15/10 36,468.60 29,662.50 0.13 1,331.45 500,000 U S TREAS BONDS 10.00% 5/15/10 573,280.00 483,812.50 2.09 6,456.04 100,000 U S TREAS BONDS 8.75% 5/15/17 119,437.00 99,890.63 0.44 1,129.81 300,000 U S TREAS BONDS 6.75% 8/15/26 301,407.00 297,234.38 1.10 7,648.78 ------------- ------------- ------------- ------------- 2,731,694.10 2,454,416.77 9.98 56,058.48 COMMON EQUITIES --------------------------------- 4,743 AMER INTERNATIONAL GROUP INC COM 512,836.88 56,382.22 1.87 0.00 4,000 AMERICAN HOME PRODS CORP 157,000.00 37,263.75 0.57 0.00 2,000 AMR CORP DEL COM 134,000.00 70,057.50 0.49 0.00 8,000 APPLIED MATERIALS INC COM 1,013,500.00 150,662.50 3.70 0.00 8,000 ATLANTIC RICHFIELD CO COM 692,000.00 211,311.50 2.53 0.00 30,000 AUTOMATIC DATA PROCESSING INC 1,616,250.00 155,478.12 5.90 2,625.00 20,000 BELL SOUTH CORP COM 936,250.00 166,033.33 3.42 0.00 8,400 BOEING CO COM 348,075.00 195,527.00 1.27 0.00 19,000 BRISTOL MYERS SQUIBB CO 1,219,562.50 145,816.68 4.45 0.00 10,000 CATERPILLAR INC COM 470,625.00 204,503.00 1.72 0.00 21,000 DAYTON HUDSON CORP COM 1,542,187.50 110,334.00 5.63 0.00 4,000 DOW CHEMICAL CO COM 534,500.00 109,737.91 1.95 3,480.00 13,201 EXXON MOBIL CORP COM 1,063,505.56 162,956.42 3.88 0.00 4,800 FEDERAL NATIONAL MORTGAGE ASSN COM 299,700.00 40,339.00 1.09 0.00 22,000 FLEET BOSTON FINANCIAL CORP COM 765,875.00 261,680.00 2.80 6,600.00 16,000 FORD MOTOR CO DEL COM 853,000.00 89,152.10 3.12 0.00 7,000 GENERAL ELECTRIC CO COM 1,083,250.00 45,556.87 3.96 2,870.00 6,800 GILLETTE CO COM 280,075.00 138,461.00 1.02 0.00 10,000 HERSHEY FOODS CORP COM 474,375.00 61,894.28 1.73 0.00 2,000 HEWLETT PACKARD CO COM 227,500.00 94,640.00 0.83 320.00 21,150 HOME DEPOT INC COM 1,454,062.50 201,051.50 5.31 0.00 12,800 INTEL CORP COM 1,053,600.00 189,900.00 3.85 0.00 14,000 JOHNSON & JOHNSON COM 1,305,500.00 77,798.37 4.77 0.00 26,000 MCDONALDS CORP COM 1,048,125.00 75,796.43 3.83 0.00 4,000 MERCK & CO INC COM 268,750.00 75,350.00 0.98 1,160.00 27,000 PEPSICO INC COM 951,750.00 73,870.89 3.48 3,645.00 45,000 PFIZER INC COM l,459,687.50 75,531.52 5.33 0.00 3,000 PROCTER & GAMBLE CO COM 328,687.50 27,458.64 1.20 0.00 21,000 SARA LEE CORP COM 463,312.50 84,762.70 1.69 2,835.00 3,000 SCHLUMBERGER LTD COM 187,940.70 49,670.00 0.69 562.50 18,000 WAL-MART STORES INC 1,244,250.00 168,270.75 4.54 900.00 7,200 WALT DISNEY CO COM 210,600.00 60,944.00 0.77 0.00 ------------- ------------- ------------- ------------- 24,200,333.14 3,668,191.98 88.39 24,997.50 ------------- ------------- ------------- ------------- TOTAL INVESTMENTS 27,379,873.65 6,570,455.16 100.00 82,962.63 CASH 7.36 7.36 0.00 ------------- ------------- ------------- ------------- NET ASSETS 27,379,881.01 6,570,462.52 100.00 ACCRUED INCOME 82,962.63 82,962.63 ------------- ------------- TOTAL VALUE 27,462,843.64 6,653,425.15 ============= =============
ASSET DETAIL ------------- 8540500900 CROSSAVER 401(K) & P/S PL DIRECTED AS OF 12/31/99
SHARES OR MARKET BOOK PERCENT ACCRUED FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME SHORT TERM INVESTMENTS --------------------------------- 500,000 U S TREAS BILLS 1/06/00 499,810.00 495,777.78 3.28 0.00 1,500,000 U S TREAS BILLS 1/13/00 1,497,885.00 1,483,237.64 9.82 0.00 500,000 U S TREAS BILLS 1/20/00 498,830.00 494,605.00 3.27 0.00 1,000,000 U S TREAS BILLS 2/03/00 995,640.00 987,286.11 6.53 0.00 1,000,000 U S TREAS BILLS 2/10/00 994,660.00 989,750.00 6.52 0.00 1,500,000 U S TREAS BILLS 2/24/00 1,489,035.00 1,481,510.00 9.76 0.00 ------------- ------------- ------------- ------------- 5,975,860.00 5,932,166.53 39.16 0.00 CASH MANAGEMENT ASSETS --------------------------------- 2,284,832.61 FLEET MONEY MARKET DEPOSIT A/C-RI 2,284,832.61 2,284,832.61 14.97 2,814.41 ------------- ------------- ------------- ------------- 2,284,832.61 2,284,832,61 14.97 2,814.41 US GOVT & AGENCY OBLIGATIONS --------------------------------- l,000,000 U S TREAS NOTES 5.375% 1/31/00 1,000,000.00 1,000,468.75 6.55 22,493.21 1,000,000 U S TREAS NOTES 5.875% 2/15/00 1,000,470.00 1,000,859.38 6.56 22,190.90 1,000,000 U S TREAS NOTES 5.50% 2/29/00 1,000,160.00 1,000,195.31 6.55 18,585.16 1,000,000 U S TREAS NOTES 5.50% 3/31/00 1,000,000.00 1,000,078.13 6.55 13,975.41 1,000,000 U S TREAS NOTES 5.50% 4/15/00 999,690.00 999,726.56 6.55 11,721.31 1,000,000 U S TREAS NOTES 5.50% 5/31/00 998,750.00 998,828.13 6.55 4,808.74 1,000,000 U S TREAS NOTES 5.375% 6/30/00 998,280.00 997,890.63 6.54 147.66 ------------- ------------- ------------- ------------- 6,997,350.00 6,998,046.89 45.86 93,922.39 ------------- ------------- ------------- ------------- TOTAL INVESTMENTS 15,258,042.61 15,215,046.03 100.00 96,736.80 CASH 340.29 340.29 0.00 ------------- ------------- ------------- ------------- NET ASSETS 15,258,382.90 15,215,386.32 100.00 ACCRUED INCOME 96,736.80 96,736.80 ------------- ------------- TOTAL VALUE 15,355,119.70 15,312,123.12 ============= =============
ASSET DETAIL ------------ 8025300700 CROSSAVER 401(K) & P/S PL EQUITY AS OF 12/31/99
SHARES OR MARKET BOOK PERCENT ACCRUED FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME CASH MANAGEMENT ASSETS --------------------------------- 970,975.27 GALAXY GOVERNMENT FUND- TRUST 970,975.27 970,975.27 9.01 4,278.07 ------------- ------------- ------------- ------------- 970,975.27 970,975.27 9.01 4,278.07 COMMON EQUITIES --------------------------------- 1,500 A T & T CO COM 76,218.75 35,961.67 0.71 330.00 3,750 AMER INTERNATIONAL GROUP INC COM 405,468.75 114,420.63 3.76 0.00 2,000 AMERICAN HOME PRODS CORP 78,500.00 59,820.00 0.73 0.00 3,000 AMR CORP DEL COM 201,000.00 120,047.65 1.86 0.00 5,000 APPLIED MATERIALS INC COM 633,437.50 122,100.00 5.88 0.00 1,600 ATLANTIC RICHFIELD CO COM 138,400.00 93,944.50 1.28 0.00 7,000 AUTOMATIC DATA PROCESSING INC 377,125.00 117,649.50 3.50 612.50 2,375 BANK OF AMERICA CORP COM 119,195.31 66,243.00 1.11 0.00 5,200 BELL SOUTH CORP COM 243,425.00 96,823.50 2.26 0.00 4,000 BOEING CO COM 165,750.00 158,241.00 1.54 0.00 4,000 BRISTOL MYERS SQUIBB CO 256,750.00 97,085.24 2.38 0.00 5,400 CATERPILLAR INC COM 254,137.50 146,620.00 2.36 0.00 3,750 CITIGROUP INC COM 208,828.13 90,570.00 1.94 0.00 3,000 CORNING INC COM 386,812.50 131,825.00 3.59 0.00 4,800 DAYTON HUDSON CORP COM 352,500.00 52,214.00 3.27 0.00 3,000 DEERE JOHN & CO COM 130,125.00 106,996.25 1.21 660.00 1,400 DOW CHEMICAL CO COM 187,075.00 101,693.00 1.74 1,218.00 4,600 FEDERAL NATIONAL MORTGAGE ASSN COM 287,212.50 131,391.50 2.66 0.00 4,000 FIRST DATA CORP COM 197,250.40 133,280.00 1.83 80.00 5,000 FORD MOTOR CO DEL COM 266,562.50 97,626.02 2.47 0.00 2,000 GENERAL ELECTRIC CO COM 309,500.00 62,846.00 2.87 820.00 2,800 GEORGIA PACIFIC GROUP COM 142,100.00 62,306.24 1.32 0.00 3,200 GILLETTE CO COM 131,800.00 71,645.00 1.22 0.00 3,000 HALLIBURTON CO COM NEW 120,750.00 60,204.84 1.12 0.00 3,000 HEWLETT PACKARD CO COM 341,250.00 151,185.00 3.17 480.00 12,900 HOME DEPOT INC COM 886,875.00 142,008.84 8.23 0.00 10,000 INTEL CORP COM 823,125.00 105,256.25 7.64 0.00 600 J P MORGAN & CO INC COM 75,975.00 43,684.50 0.70 600.00 2,000 JOHNSON & JOHNSON COM 186,500.00 67,031.50 1.73 0.00 8,400 MCDONALDS CORP COM 338,625.00 156,909.50 3.14 0.00 4,000 MERCK & CO INC COM 268,750.00 129,796.25 2.49 1,160.00 4,600 PEPSICO INC COM 162,150.00 108,441.23 1.50 621.00 6,600 PFIZER INC COM 214,087.50 31,312.87 1.99 0.00 1,500 PPG INDS INC COM 93,843.75 63,787.00 0.87 0.00 4,000 SARA LEE CORP COM 88,250.00 57,877.50 0.82 540.00 2,400 SCHLUMBERGER LTD COM 150,352.56 99,169.00 1.39 450.00 2,000 SHERWIN WILLIAMS CO COM 42,000.00 33,911.67 0.39 0.00 4,000 THERMO ELECTRON CORPORATION COM 60,000.00 138,781.50 0.56 0.00 4,000 WAL-MART STORES INC 276,500.00 52,784.50 2.56 200.00 4,500 WALT DISNEY CO COM 131,625.00 92,367.50 1.22 0.00 ------------- ------------- ------------- ------------- 9,809,832.25 3,805,859.15 90.99 7,771.50 ------------- ------------- ------------- ------------- TOTAL INVESTMENTS 10,780,807.52 4,776,834.42 100.00 12,049.57 CASH 3.68 3.68 0.00 ------------- ------------- ------------- ------------- NET ASSETS 10,780,811.20 4,776,838.10 100.00 ACCRUED INCOME 12,049.57 12,049.57 ------------- ------------- TOTAL VALUE 10,792,860.77 4,788,887.67 ============= =============
ASSET DETAIL ------------ 0005421300 CROSSAVER 401(K) & P/S PL BOND AS OF 12/31/99
SHARES OR MARKET BOOK PERCENT ACCRUED FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME CASH MANAGEMENT ASSETS --------------------------------- 0 FLEET MONEY MARKET DEPOSIT A/C-RI 0.00 0.00 0.00 5.38 ------------- ------------- ------------- ------------- 0.00 0.00 0.00 5.38 GALAXY MUTUAL FUNDS --------------------------------- 135,727.538 GALAXY HIGH QUALITY BOND CLASS J-TR 1,362,704.48 1,472,289.13 100.00 8,163.26 ------------- ------------- ------------- ------------- 1,362,704.48 1,472,289.13 100.00 8,163.26 ------------- ------------- ------------- ------------- TOTAL INVESTMENTS 1,362,704.48 1,472,289.13 100.00 8,168.64 CASH 0.00 0.00 0.00 ------------- ------------- ------------- ------------- NET ASSETS 1,362,704.48 1,472,289.13 100.00 ACCRUED INCOME 8,168.64 8,168.64 ------------- ------------- TOTAL VALUE 1,370,873.12 1,480,457.77 ============= =============
ASSET DETAIL ------------ 0005420500 CROSSAVER 401(K) & P/S PL SMALL CO AS OF 12/31/99
SHARES OR MARKET BOOK PERCENT ACCRUED FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME CASH MANAGEMENT ASSETS --------------------------------- 0 FLEET MONEY MARKET DEPOSIT A/C-RI 0.00 0.00 0.00 13.97 ------------- ------------- ------------- ------------- 0.00 0.00 0.00 13.97 GALAXY MUTUAL FUNDS --------------------------------- 342,482.233 GALAXY SMALL COMPANY EQUITY FUND-TR 7,818,869.38 5,938,095.80 100.00 0.00 ------------- ------------- ------------- ------------- 7,818,869.38 5,938,095.80 100.00 0.00 ------------- ------------- ------------- ------------- TOTAL INVESTMENTS 7,818,869.38 5,938,095.80 100.00 13.97 CASH 0.00 0.00 0.00 ------------- ------------- ------------- ------------- NET ASSETS 7,818,869.38 5,938,095.80 100.00 ACCRUED INCOME 13.97 13.97 ------------- ------------- TOTAL VALUE 7,818,883.35 5,938,109.77 ============= =============
ASSET DETAIL ------------ 0005422100 CROSSAVER 401(K) & P/S PL INTERN'L AS OF 12/31/99
SHARES OR MARKET BOOK PERCENT ACCRUED FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME CASH MANAGEMENT ASSETS --------------------------------- 0 FLEET MONEY MARKET DEPOSIT A/C-RI 0.00 0.00 0.00 7.28 ------------- ------------- ------------- ------------- 0.00 0.00 0.00 7.28 GALAXY MUTUAL FUNDS --------------------------------- 208,353.675 GALAXY FD INTL EQUITY CLASS G-TRUST 4,977,569.30 3,335,247.75 100.00 0.00 ------------- ------------- ------------- ------------- 4,977,569.30 3,335,247.75 100.00 0.00 ------------- ------------- ------------- ------------- TOTAL INVESTMENTS 4,977,569.30 3,335,247.75 100.00 7.28 CASH 0.00 0.00 0.00 ------------- ------------- ------------- ------------- NET ASSETS 4,977,569.30 3,335,247.75 100.00 ACCRUED INCOME 7.28 7.28 ------------- ------------- TOTAL VALUE 4,977,576.58 3,335,255.03 ============= =============
ASSET DETAIL ------------ 8009900500 CROSSAVER 401(K) & P/S PL STOCK AS OF 12/31/99
SHARES OR MARKET BOOK PERCENT ACCRUED FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME CASH MANAGEMENT ASSETS --------------------------------- 1,437.24 FLEET MONEY MARKET DEPOSIT A/C-RI 1,437.24 1,437.24 0.16 7.41 ------------- ------------- ------------- ------------- 1,437.24 1,437.24 0.16 7.41 COMMON EQUITIES --------------------------------- 204,582 CROSS A T CO CL A COM 920,619.00 1,685,575.24 99.84 0.00 ------------- ------------- ------------- ------------- 920,619.00 1,685,575.24 99.84 0.00 ------------- ------------- ------------- ------------- TOTAL INVESTMENTS 922,056.24 1,687,012.48 100.00 7.41 CASH 0.00 0.00 0.00 ------------- ------------- ------------- ------------- NET ASSETS 922,056.24 1,687,012.48 100.00 ACCRUED INCOME 7.41 7.41 ------------- ------------- TOTAL VALUE 922,063.65 1,687,019.89 ============= =============
ASSET DETAIL ------------ 8025700900 CROSSAVER 401(K) & P/S PL LOAN AS OF 12/31/99
SHARES OR MARKET BOOK PERCENT ACCRUED FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME CASH MANAGEMENT ASSETS --------------------------------- 100,185.16 FLEET MONEY MARKET DEPOSIT A/C-RI 100,185.16 100,185.16 9.00 334.96 ------------- ------------- ------------- ------------- 100,185.16 100,185.16 9.00 334.96 NOTES AND ANNUITIES --------------------------------- 1,012,491.57 A T CROSS LOAN VAR RT 1,012,491.57 1,012,491.57 91.00 0.00 ------------- ------------- ------------- ------------- 1,012,491.57 1,012,491.57 91.00 0.00 ------------- ------------- ------------- ------------- TOTAL INVESTMENTS 1,112,676.73 1,112,676.73 100.00 334.96 CASH 0.00 0.00 0.00 ------------- ------------- ------------- ------------- NET ASSETS 1,112,676.73 1,112,676.73 100.00 ACCRUED INCOME 334.96 334.96 ------------- ------------- TOTAL VALUE 1,113,011.69 1,113,011.69 ============= =============
ASSET DETAIL ------------ 8540000000 AT CROSS PENCIL INSTALLMENT AS OF 12/31/99
SHARES OR MARKET BOOK PERCENT ACCRUED FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME CASH MANAGEMENT ASSETS ---------------------------------- 7,349.54 FLEET MONEY MARKET DEPOSIT A/C-RI 7,349.54 7,349.54 98.14 29.56 ------------- ------------- ------------- ------------- 7,349.54 7,349.54 98.14 29.56 COMMON EQUITIES --------------------------------- 31 CROSS A T CO CL A COM 139.50 526.97 1.86 0.00 ------------- ------------- ------------- ------------- 139.50 526.97 1.86 0.00 ------------- ------------- ------------- ------------- TOTAL INVESTMENTS 7,489.04 7,876.51 100.00 29.56 CASH 0.00 0.00 0.00 ------------- ------------- ------------- ------------- NET ASSETS 7,489.04 7,876.51 100.00 ACCRUED INCOME 29.56 29.56 ------------- ------------- TOTAL VALUE 7,518.60 7,906.07 ============= =============
ASSET DETAIL ------------ 0000266800 A T CROSS INST FLEET STABLE ASSET AS OF 12/31/99
SHARES OR MARKET BOOK PERCENT ACCRUED FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME CASH MANAGEMENT ASSETS --------------------------------- 0.06 FLEET MONEY MARKET DEPOSIT A/C-RI 0.06 0.06 0.00 0.00 ------------- ------------- ------------- ------------- 0.06 0.06 0.00 0.00 COMMINGLED FUNDS --------------------------------- 10,608.8408 FLEET STABLE ASSET FUND 106,088.41 106,088.41 98.00 547.68 ------------- ------------- ------------- ------------- 106,088.41 106,088.41 98.00 547.68 COMMON EQUITIES --------------------------------- 481 CROSS A T CO CL A COM 2,164.50 6,022.61 2.00 0.00 ------------- ------------- ------------- ------------- 2,164.50 6,022.61 2.00 0.00 ------------- ------------- ------------- ------------- TOTAL INVESTMENTS 108,252.97 112,111.08 100.00 547.68 CASH 0.00 0.00 0.00 ------------- ------------- ------------- ------------- NET ASSETS 108,252.97 112,111.08 100.00 ACCRUED INCOME 547.68 547.68 ------------- ------------- TOTAL VALUE 108,800.65 112,658.76 ============= =============
Exhibits: Consent of Deloitte & Touche LLP to the incorporation by reference of the plan's financial statements into Registration Statement No. 333-42915 on Form S-8. SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. A.T. CROSS COMPANY DEFINED CONTRIBUTION RETIREMENT PLAN By: Fleet National Bank, Trustee By: JOHN J. BROSNAN John J. Brosnan Title: Assistant Vice President