-----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, GdcLTNY4yQiBv62Hh1z9ae1eZVCPKvEMHWZntcdHvpLXr2Vtr439YTtBnkusO5rN qEPvlJHLuTSXc7olyfp1TA== 0000950129-95-000721.txt : 199507030000950129-95-000721.hdr.sgml : 19950703 ACCESSION NUMBER: 0000950129-95-000721 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950630 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: QUANEX CORP CENTRAL INDEX KEY: 0000276889 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 381872178 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05725 FILM NUMBER: 95551186 BUSINESS ADDRESS: STREET 1: 1900 W LOOP SOUTH STE 1500 STREET 2: ATTN THOMAS M BEWLEY CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 7139614600 MAIL ADDRESS: STREET 1: 1900 WEST LOOP SOUTH STREET 2: SUITE 1500 CITY: HOUSTON STATE: TX ZIP: 77027 11-K 1 FORM 11-K 13/31/94 FOR QUANEX CORP. EMPLOYEES 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 December 31, 1994 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 1-5725 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: Quanex Corporation Employee Savings Plan B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Quanex Corporation 1900 West Loop South, Suite 1500 Houston, Texas 77027 Phone: (713) 961-4600 2 INDEPENDENT AUDITORS' REPORT The Benefits Committee Quanex Corporation Houston, Texas Re: Quanex Corporation Employee Savings Plan We have audited the accompanying statement of net assets available for benefits of the Quanex Corporation Employee Savings Plan (the "Plan") as of December 31, 1994 and 1993, 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 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 from material misstatements. 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, 1994 and 1993, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information by fund and supplemental schedules of (1) investments as of December 31, 1994 and (2) 5% reportable transactions for the year ended December 31, 1994 are presented for the purpose of additional analysis of the basic financial statements rather than to present information regarding the net assets available for benefits and changes in net assets available for benefits of the individual funds. This information and these schedules are not a required part of the basic financial statements. The schedules are supplementary information required by the Department of Labor's Rules and Regulation for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental information and these schedules are the responsibility of the Plan's management. Such supplemental information and schedules have been subjected to the auditing procedures applied in our audit of the basic financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. /s/ DELOITTE & TOUCHE LLP May 17, 1995 3 QUANEX CORPORATION EMPLOYEE SAVINGS PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, ----------------------------- 1994 1993 ----------- ----------- Assets: Investments, at fair value - Mutual fund assets $23,280,069 $20,540,650 Quanex Corporation common stock 1,418,636 919,891 Common/commingled trust 471,972 - ----------- ----------- 25,170,677 21,460,541 ----------- ----------- Deposits with insurance company, at contract value 896,472 1,631,963 ----------- ----------- Total 26,067,149 23,092,504 ----------- ----------- Employee contributions receivable 450,534 333,161 Employer contributions receivable 150,335 93,572 ----------- ----------- Total 600,869 426,733 ----------- ----------- Net assets available for benefits $26,668,018 $23,519,237 =========== ===========
See notes to financial statements. 4 QUANEX CORPORATION EMPLOYEE SAVINGS PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
December 31, ------------------------------ 1994 1993 ----------- ----------- Investment income: Interest and dividends $ 1,203,950 $ 1,494,799 Net appreciation (depreciation) in fair value of investments (532,717) 872,527 ----------- ----------- Total 671,233 2,367,326 ----------- ----------- Contributions: Employer 892,899 815,869 Less forfeitures 9,282 13,061 ----------- ----------- 883,617 802,808 Employee 3,231,908 2,873,550 ----------- ----------- Total 4,115,525 3,676,358 ----------- ----------- Total additions 4,786,758 6,043,684 ----------- ----------- Benefit payments 1,637,977 2,741,106 Transfer of Bellville assets - 481,644 ----------- ----------- Total deductions 1,637,977 3,222,750 ----------- ----------- Increase in net assets available for benefits 3,148,781 2,820,934 Net assets available for benefits: Beginning of year 23,519,237 20,698,303 ----------- ----------- End of year $26,668,018 $23,519,237 =========== ===========
See notes to financial statements. 5 QUANEX CORPORATION EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1994 AND 1993 A. THE PLAN The following brief description of the Quanex Corporation Employee Savings Plan (the "Plan") is provided for general information purposes only. Participants should refer to the Plan agreement for more complete information. (1) General. The Plan became effective April 1, 1986 and is sponsored by Quanex Corporation (the "Company"). The Plan is a defined contribution plan which is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). The Plan is a voluntary savings plan in which employees of the Company and its subsidiaries, excluding its Nichols-Homeshield divisions, its Nitro Steel Division and those Quanex employees who are covered by a collective bargaining agreement, are eligible to participate after completing three months of active service. The assets of the Plan are held in trust by Fidelity Management Trust Company (the "Trustee"). The Benefits Committee (the "Committee"), appointed by the Board of Directors of the Company, serves as the Plan administrator. (2) Contributions. Participants may elect to contribute up to 15% of their pre-tax annual compensation or up to 15% of their after-tax annual compensation limited to 15% of considered compensation as defined by the Plan agreement. The Company matches 50% of the employee's contribution up to, but not in excess of, 2.5% of the employee's annual compensation. (3) Participants Accounts. Each participant's account is credited with the participant's contribution, the Company's matching contribution, and an allocation of investment income, which is based on the participant's account balance as of the end of the period in which the income is earned. (4) Investment Options. During 1993 and 1994, the Plan had the following investment funds, all managed by the Trustee, as follows: Government Money Market Fund--composed of short-term government obligations. Short-Intermediate Government Fund--invested and reinvested in securities issued by the U.S. government. Puritan Fund--invested and reinvested in common and preferred stock and bonds. Magellan Fund--invested and reinvested in equity and debt securities of foreign and domestic companies. Growth and Income Fund--invested and reinvested in equity and debt securities of foreign and domestic companies. Overseas Fund--invested and reinvested in foreign securities. Quanex Corporation Common Stock--invested and reinvested exclusively in the common stock of Quanex Corporation. Common/Commingled Trust--invested and reinvested in investment contracts issued by insurance companies, banks and other financial institutions. Balanced Fund--invested and reinvested in common and preferred stocks and bonds. Contrafund--invested and reinvested in equities of foreign and preferred stock. 6 Additionally, the Plan has investments in a series of guaranteed investment contracts. Refer to Note C for further discussion. Effective July 1, 1994, the Short-Intermediate Government Fund was eliminated and the Common/Commingled Trust, the Balanced Fund and the Contrafund were added. (1) Vesting. Participants are immediately vested in their voluntary contributions and the related earnings. Vesting in employer's matching contributions for employees is 0% for less than one year of service graduating to 100% for five or more years. Upon death, retirement or total permanent disability, the participant or beneficiary becomes immediately 100% vested in the employer's contribution. In the event of termination, nonvested portions of employer's contributions are immediately forfeited by participants and utilized to reduce future employer matching contributions. (2) Payment of Benefits. Upon termination of service, the participant may elect to receive a lump-sum amount equal to the amount of vested benefits in his or her account. See further discussion of benefits payable in Note H. B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (1) Accounting Basis. The financial statements of the Plan are prepared on the accrual basis of accounting in accordance with generally accepted accounting standards. (2) Investment Valuation. The Plan recognizes net appreciation or depreciation in the fair value of its investments. Investments are reflected at fair value in the financial statements. Fair value of mutual funds assets is determined using a quoted net asset value. Fair value for Quanex Corporation common stock, which is listed on the New York Stock Exchange, is determined using the last recorded sales price. (3) Administrative Expenses. The Company pays all administrative expenses. (4) Payment of Benefits. Benefits are recorded when paid. C. DEPOSITS WITH INSURANCE COMPANY On December 1, 1988, the Plan entered into a series of guaranteed investment contracts with Metropolitan Life Insurance Company ("Metropolitan"). The contracts provide a guaranteed rate of return on principal invested which is credited to the Plan for the length of the contracts. The contracts are reduced for Plan withdrawals. The contract is included in the financial statements at the December 31, 1994 and 1993 contract values as reported to the Plan by Metropolitan. A portion of these contracts matured on January 1, 1994. The remainder of these contracts matured on January 1, 1995. The contracts provided an interest rate of 8.3% per annum. 7 D. TRANSFER OF BELLVILLE BALANCES In April 1993, the Company sold its Bellville Tube Division. Effective November 15, 1993, Bellville Tube employees' plan balances were transferred from the Plan into the Bellville Tube Corporation's 401(k) Plan, which was implemented by the purchasing company. At the time of transfer, participants became fully vested in the employer's contributions. E. PLAN TERMINATION Although it has not expressed any intent to do so, the Company has the right under the Plan to terminate the Plan subject to the provisions of ERISA. In the event of termination of the Plan, the assets held by the Trustee under the Plan will be valued and fully vested, and each participant will be entitled to distributions respecting his or her account. F. FEDERAL INCOME TAX STATUS The Plan is subject to specific rules and regulations related to employee benefit plans under the Department of Labor and the Internal Revenue Service ("IRS"). The Plan is a qualified Trust under Sections 401(a) and 401(k) of the Internal Revenue Code (the "Code") and, as a result, is exempt from taxation under Sections 501(a) of the Code. The Plan received a favorable determination letter from the IRS dated February 25, 1991. The Company believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, it believes the Plan was qualified and the related trust was tax-exempt as of the financial statement dates. G. RELATED PARTY TRANSACTIONS During the years ended December 31, 1994 and 1993, the Plan purchased shares of Quanex Corporation common stock, as shown below:
1994 1993 ---- ---- Shares Cost Shares Cost ------ ---- ------ ---- 29,219 $632,545 36,374 $603,737
During the years ended December 31, 1994 and 1993, the Plan sold 20,146 and 15,299 shares of Quanex Corporation common stock for $574,779 (cost $470,005) and $272,777 (cost $262,551), respectively. During the years ended December 31, 1994 and 1993, the Plan purchased shares of Fidelity, the Trustee, mutual fund assets, as shown below:
1994 1993 ---- ---- Shares Cost Shares Cost ------ ---- ------ ---- 5,226,865 $12,369,613 2,689,355 $10,701,768
8 During the years ended December 31, 1994 and 1993, the Plan sold 3,738,549 and 4,275,504 shares of Fidelity mutual fund assets for $9,480,794 (cost $9,567,946) and $8,915,523 (cost $8,726,676), respectively. During the year ended December 31, 1994, the Plan purchased 471,972 shares (cost $471,972) of Fidelity, the Trustee, Common/Commingled Trust. During the year ended December 31, 1994, the Plan sold -0- shares of Common/Commingled Trust. H. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 Benefits payable are not reported as a liability on the statement of net assets available for the benefits in the financial statements prepared in conformity with generally accepted accounting principles. Such amounts are reported as a liability on Form 5500. See reconciliation of the financial statements to Form 5500 below:
December 31, -------------------------------- 1994 1993 ----------- ----------- Net assets available for benefits per financial statements $26,668,018 $23,519,237 Less: Benefits payable 152,480 131,106 ----------- ----------- Net assets available for benefits per Form 5500 $26,515,538 $23,388,131 =========== ===========
For the years ended December 31, 1994 and 1993, benefit payments recorded in the financial statements totaled $1,637,977 and $2,741,106, respectively. Benefit payments recorded in Form 5500 for 1994 and 1993 totaled $1,659,351 and $2,632,396, respectively. 9 I. ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT PROGRAMS The following tables provide supplemental information regarding the net assets available for benefits by investment fund.
December 31, 1994 - ------------------------------------------------------------------------------------------------------------------------------------ GOVT. GROWTH MONEY COMMON\ AND MARKET COMMINGLED PURITAN BALANCED INCOME MAGELLAN TOTAL FUND TRUST FUND FUND FUND FUND ----------- ---------- ---------- ---------- -------- ---------- ---------- Assets Investments, at fair value Mutual fund assets $23,280,069 $8,981,007 $4,833,853 $111,318 $1,135,850 $6,361,895 Quanex common stock 1,418,636 Common/commingled trust 471,972 $471,972 ----------- ---------- -------- ---------- -------- ---------- ---------- 25,170,677 8,981,007 471,972 4,833,853 111,318 1,135,850 6,361,895 Deposits with insurance company, at contract value 896,472 ----------- ---------- -------- ---------- -------- ---------- ---------- Total 26,067,149 8,981,007 471,972 4,833,853 111,318 1,135,850 6,361,895 Contributions receivable Employer 150,335 49,284 1,669 31,642 782 7,071 42,009 Employee 450,534 140,921 4,975 95,547 3,059 23,019 127,824 ----------- ---------- -------- ---------- -------- ---------- ---------- 600,869 190,205 6,644 127,189 3,841 30,090 169,833 ----------- ---------- -------- ---------- -------- ---------- ---------- Net assets available for benefits $26,668,018 $9,171,212 $478,616 $4,961,042 $115,159 $1,165,940 $6,531,728 =========== ========== ======== ========== ======== ========== ========== December 31, 1994 - --------------------------------------------------------------------------------------------- QUANEX GUARANTEED OVERSEAS CONTRA- COMMON INVESTMENT FUND FUND STOCK CONTRACT ---------- -------- ---------- ---------- Assets Investments, at fair value Mutual fund assets $1,573,029 $283,117 Quanex common stock $1,418,636 Common/commingled trust ---------- -------- ---------- -------- 1,573,029 283,117 1,418,636 Deposits with insurance company, at contract value $896,472 ---------- -------- ---------- -------- Total 1,573,029 283,117 1,418,636 896,472 Contributions receivable Employer 9,814 2,634 5,430 Employee 29,916 9,087 16,186 ---------- -------- ---------- -------- 39,730 11,721 21,616 ---------- -------- ---------- -------- Net assets available for benefits $1,612,759 $294,838 $1,440,252 $896,472 ========== ======== ========== ========
December 31, 1993 - ------------------------------------------------------------------------------------------------------------------------------------ SHORT- GOVT. INTER- INTER- GROWTH MONEY MEDIATE MEDIATE AND MARKET GOVT. BOND PURITAN INCOME MAGELLAN TOTAL FUND FUND FUND FUND FUND FUND ----------- ---------- ---------- ------- ---------- -------- ---------- Assets Investments, at fair value Mutual fund assets $20,540,650 $7,465,156 $1,866,521 $0 $3,755,717 $779,550 $5,673,694 Quanex common stock 919,891 ----------- ---------- ---------- -- ---------- -------- ---------- 21,460,541 7,465,156 1,866,521 0 3,755,717 779,550 5,673,694 ----------- ---------- ---------- -- ---------- -------- ---------- Deposits with insurance company, at contract value 1,631,963 0 ----------- ---------- ---------- -- ---------- -------- ---------- Total 23,092,504 7,465,156 1,866,521 0 3,755,717 779,550 5,673,694 Contributions receivable Employer 93,572 27,460 9,505 0 16,758 4,056 26,378 Employee 333,161 89,670 33,481 0 64,132 15,352 99,732 ----------- ---------- ---------- -- ---------- -------- ---------- 426,733 117,130 42,986 0 80,890 19,408 126,110 ----------- ---------- ---------- -- ---------- -------- ---------- Net assets available for benefits $23,519,237 $7,582,286 $1,909,507 $0 $3,836,607 $798,958 $5,799,804 =========== ========== ========== == ========== ======== ========== December 31, 1994 - ------------------------------------------------------------------------------- QUANEX GUARANTEED OVERSEAS COMMON INVESTMENT FUND STOCK CONTRACT ---------- -------- ---------- Assets Investments, at fair value Mutual fund assets $1,000,012 Quanex common stock $919,891 ---------- -------- ---------- 1,000,012 919,891 ---------- -------- ---------- Deposits with insurance company, at contract value $1,631,963 ---------- -------- ---------- Total 1,000,012 919,891 1,631,963 Contributions receivable Employer 5,634 3,781 Employee 19,211 11,583 ---------- -------- ---------- 24,845 15,364 ---------- -------- ---------- Net assets available for benefits $1,024,857 $935,255 $1,631,963 ========== ======== ==========
10 J. ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT PROGRAMS The following tables provide supplemental information regarding the change in net assets available for benefits by investment funds.
December 31, 1994 - ------------------------------------------------------------------------------------------------------------------------------------ GOVT. GROWTH MONEY QUANEX COMMON/ AND MARKET COMMON COMMINGLED BALANCED INCOME PURITAN TOTAL FUND STOCK TRUST FUND FUND FUND ----------- ---------- ---------- ---------- -------- ----------- ---------- Investment income: Interest and dividends $1,203,950 $322,411 $32,478 $9,681 $1,392 $79,632 $367,819 Net appreciation (depreciation) in fair value of investments (532,717) 0 336,205 0 (4,503) (64,531) (314,702) ----------- ---------- ---------- -------- -------- ----------- ---------- Total 671,233 322,411 368,683 9,681 (3,111) 15,101 53,117 ----------- ---------- ---------- -------- -------- ----------- ---------- Contributions: Employer 892,899 289,207 36,017 4,498 2,406 40,048 172,350 Less forfeitures (9,282) (2,291) (1,304) 0 0 (292) (1,373) ----------- ---------- ---------- -------- -------- ----------- ---------- 883,617 286,916 34,713 4,498 2,406 39,756 170,977 Employee 3,231,908 933,609 122,880 17,621 9,944 165,518 618,173 ----------- ---------- ---------- -------- -------- ----------- ---------- 4,115,525 1,220,525 157,593 22,119 12,350 205,274 789,150 ----------- ---------- ---------- -------- -------- ----------- ---------- Total Additions 4,786,758 1,542,936 526,276 31,800 9,239 220,375 842,267 Benefit payments 1,637,977 844,938 107,585 0 0 12,479 106,709 Fund transfers 0 890,928 86,306 446,816 105,920 159,086 388,877 ----------- ---------- ---------- -------- -------- ----------- ---------- Increase in net assets available 3,148,781 1,588,926 504,997 478,616 115,159 366,982 1,124,435 Net assets available for benefits: Beginning of year 23,519,237 7,582,286 935,255 0 0 798,958 3,836,607 ----------- ---------- ---------- -------- -------- ----------- ---------- End of year $26,668,018 $9,171,212 $1,440,252 $478,616 $115,159 $1,165,940 $4,961,042 =========== ========== ========== ======== ======== =========== ========== December 31, 1994 - ----------------------------------------------------------------------------------------------------- SHORT- GUARAN- INTER- TEED MEDIATE INVEST- MAGELLAN OVERSEAS CONTRA- GOVT. MENT FUND FUND FUND FUND CONTRACT ---------- ---------- -------- ---------- --------- Investment income: Interest and dividends $244,743 $27,339 $47,663 $70,792 Net appreciation (depreciation) in fair value of investments (374,571) (29,474) $1,910 (83,051) 0 ---------- ---------- -------- ---------- --------- Total (129,828) (2,135) 1,910 (35,388) 70,792 ---------- ---------- -------- ---------- --------- Contributions: Employer 249,308 60,741 6,245 32,079 0 Less forfeitures (2,687) (985) 0 (216) (134) ---------- ---------- -------- ---------- --------- 246,621 59,756 6,245 31,863 (134) Employee 931,840 233,420 22,885 176,018 0 ---------- ---------- -------- ---------- --------- 1,178,461 293,176 29,130 207,881 (134) ---------- ---------- -------- ---------- --------- Total Additions 1,048,633 291,041 31,040 172,493 70,658 Benefit payments 303,081 47,678 0 160,139 55,368 Fund transfers (13,628) 344,539 263,798 (1,921,861) (750,781) ---------- ---------- -------- ---------- --------- Increase in net assets available 731,924 587,902 294,838 (1,909,507) (735,491) Net assets available for benefits: Beginning of year 5,799,804 1,024,857 0 1,909,507 1,631,963 ---------- ---------- -------- ---------- --------- End of year $6,531,728 $1,612,759 $294,838 $0 $896,472 ========== ========== ======== ========== =========
11 J. ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT PROGRAMS (continued)
December 31, 1993 ----------------------------------------------------------------------------------------- SHORT- GOVT. INTER- INTER- GROWTH MONEY MEDIATE MEDIATE AND MARKET GOVT. BOND PURITAN INCOME MAGELLAN TOTAL FUND FUND FUND FUND FUND FUND ----------- ---------- ---------- ---------- ---------- -------- ---------- Investment income: Interest and dividends $1,494,799 $242,415 $113,264 $11,105 $420,771 $34,861 $498,626 Net appreciation (depreciation) in fair value of investments 872,527 0 (15,455) 24,539 153,277 38,296 482,545 ----------- ---------- ---------- ---------- ---------- -------- ---------- Total 2,367,326 242,415 97,809 35,644 574,048 73,157 981,171 ----------- ---------- ---------- ---------- ---------- -------- ---------- Contributions: Employer 815,869 277,867 100,865 0 137,965 22,842 208,675 Less forfeitures 13,061 5,234 1,655 308 1,947 0 2,691 ----------- ---------- ---------- ---------- ---------- -------- ---------- 802,808 272,633 99,210 (308) 136,018 22,842 205,984 Employee 2,873,550 895,669 409,868 0 495,052 103,595 751,804 ----------- ---------- ---------- ---------- ---------- -------- ---------- 3,676,358 1,168,302 509,078 (308) 631,070 126,437 957,788 ----------- ---------- ---------- ---------- ---------- -------- ---------- Total Additions 6,043,684 1,410,717 606,887 35,336 1,205,118 199,594 1,938,959 Benefit payments 2,741,106 1,352,528 229,747 20,412 335,033 70,208 410,331 Transfer of Bellville assets 481,644 193,575 43,764 0 56,990 0 110,231 Fund transfers 0 (1,622,860) 1,576,009 (2,111,405) 721,080 668,619 700,438 ----------- ---------- ---------- ---------- ---------- -------- ---------- Increase in net assets available for benefits 2,820,934 (1,758,246) 1,909,385 (2,096,481) 1,534,175 798,005 2,118,835 Net assets available of benefits: Beginning of year 20,698,303 9,340,532 122 2,096,481 2,302,432 953 3,680,969 ----------- ---------- ---------- ---------- ---------- -------- ---------- End of year $23,519,237 $7,582,286 $1,909,507 $0 $3,836,607 $798,958 $5,799,804 =========== ========== ========== ========== ========== ======== ========== GUARAN- QUANEX TEED COMMON INVEST- OVERSEAS STOCK MENT FUND FUND CONTRACT ---------- -------- ---------- Investment income: Interest and dividends $14,892 $25,455 $133,410 Net appreciation (depreciation) in fair value of investments 209,881 (20,556) 0 ---------- -------- ---------- Total 224,773 4,899 133,410 ---------- -------- ---------- Contributions: Employer 40,308 27,332 15 Less forfeitures 481 335 410 ---------- -------- ---------- 39,827 26,997 (395) Employee 134,342 83,156 64 ---------- -------- ---------- 174,169 110,153 (331) ---------- -------- ---------- Total Additions 398,942 115,052 133,079 Benefit payments 63,707 69,176 189,964 Transfer of Bellville assets 18,530 31,258 27,296 Fund transfers 192,020 303,427 (427,328) ---------- -------- ---------- Increase in net assets available for benefits 508,725 318,045 (511,509) Net assets available of benefits: Beginning of year 516,132 617,210 2,143,472 ---------- -------- ---------- End of year $1,024,857 $935,255 $1,631,963 ========== ======== ==========
12 Item 27a - Schedule of Assets Held for Investment Purposes EIN: 38-1872178; PN 012 QUANEX CORPORATION EMPLOYEE SAVINGS PLAN SUPPLEMENTAL SCHEDULE OF INVESTMENTS DECEMBER 31, 1994
Shares/ Current Par Value Cost Value --------- -------- ------- Mutual fund assets - Fidelity Investments: - ------------------------------------------ Contrafund* 9,350 $ 279,727 $ 283,117 Government Money Market Fund* 8,981,007 8,981,007 8,981,007 Puritan Fund* 326,391 4,994,234 4,833,853 Growth and Income Fund* 53,857 1,166,378 1,135,850 Magellan* 95,238 6,465,121 6,361,895 Overseas Fund* 57,620 1,526,260 1,573,029 Balanced Fund* 9,058 114,605 111,318 ------------ ------------- Total Mutual Fund Assets 23,527,332 23,280,069 ------------ ------------- Quanex Corporation Common stock* 62,017 1,282,916 1,418,636 Common/Commingled Trust* 471,972 471,972 471,972 Deposits with insurance company: - -------------------------------- Metropolitan Life Guaranteed Investment Contract 896,472 896,472 ------------ ------------- Total investments $ 26,178,692 $ 26,067,149 ============ =============
* Party-in-Interest 13 Item 27d - Schedule of Reportable (5%) Transactions EIN 38-1872178; PN 012 QUANEX CORPORATION SAVINGS PLAN SUPPLEMENTAL SCHEDULE OF 5% REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1994 Series of Transactions
Current Total Number of Total Number Value on Net Purchases During Purchase of Sales During Selling Cost of Transaction Gain Description Plan Year Price Plan Year Price Asset Date (Loss) - ----------- ---------------- --------- ---------------- ------- ------- ------------ ------ Metropolitan Life Short-term Fund 14 $801,039 $801,039 $801,039 0 FMTC Government Reserve 33 $808,655 47 813,903 813,903 813,903 0 Quanex Corporation Common Stock 48 632,545 29 574,779 470,005 574,779 $104,774 Puritan Fund 105 1,915,582 53 528,727 522,774 528,727 5,953 Magellan Fund 126 2,223,009 67 1,150,981 1,160,237 1,150,981 (9,256) Growth & Income Fund 80 701,703 29 276,311 280,873 276,311 (4,562) Overseas Fund 102 886,928 34 306,295 284,436 306,295 21,859
14 Item 27d - Schedule of Reportable (5%) Transactions EIN 38-1872178; PN 012 QUANEX CORPORATION EMPLOYEE SAVINGS PLAN SUPPLEMENTAL SCHEDULE OF 5% REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1994 Series of Transactions (continued)
Current Total Number of Total Number Value on Net Purchases During Purchase of Sales During Selling Cost of Transaction Gain Description Plan Year Price Plan Year Price Asset Date (Loss) - ----------- ------------ --------- ------------- ------- ------- ------------ ------ Contrafund 21 $335,425 34 $52,740 $54,219 $52,740 $(1,479) Balanced Fund 21 143,799 1 26,764 27,979 26,764 (1,215) Government Money Market Fund 141 4,956,048 135 3,440,552 3,440,552 3,440,552 0 Common/Commingled Trust 29 471,972 0 0 0 0 0 Short Intermediate Government Fund 58 398,464 47 2,083,482 2,181,934 2,083,482 (98,452)
15 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. DATE 6/26/95 /s/ Joseph K. Peery ---------------------------------- Joseph K. Peery 16 INDEX TO EXHIBITS
EXHIBIT NUMBER 23.1 Independent Auditor's Consent
EX-23.1 2 CONSENT OF DELOITTE & TOUCHE 1 EXHIBIT 23.1 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statement No. 33-38702 of Quanex Corporation on Form S-8 of our report dated May 17, 1995, appearing in this Annual Report on Form 11-K of Quanex Corporation Employee Savings Plan for the year ended December 31, 1994. /s/ Deloitte & Touche LLP - ------------------------------ DELOITTE & TOUCHE LLP Houston, Texas June 29, 1994 -----END PRIVACY-ENHANCED MESSAGE-----