-----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, Ei4Hj6NkAFkIn6srvutzOtuCAWhqUA7czmF5GvJlIKGei2wo6P9uwEDpRG/uK+2J Y7U//q1OjlQCmIK/xNRjBw== 0000950129-95-000723.txt : 199507030000950129-95-000723.hdr.sgml : 19950703 ACCESSION NUMBER: 0000950129-95-000723 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: 95551187 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 12/31/94 FOR NICHOLS DAVENPORT 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: Nichols-Homeshield 401(k) Savings Plan--Davenport 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: Nichols-Homeshield 401(k) Savings Plan - Davenport We have audited the accompanying statement of net assets available for benefits of the Nichols-Homeshield 401(k) Savings Plan - Davenport (the "Plan") as of December 31, 1994, and the related statement of changes in net assets available for benefits for the year 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 audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1994, and the changes in net assets available for benefits for the year then ended in conformity with generally accepted accounting principles. Our audit was 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. 3 We were engaged to audit the financial statements of the Plan as of December 31, 1993, and for the year then ended. These financial statements are the responsibility of the Plan's management. As permitted by Section 2520.103-8 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, the plan administrator instructed us not to perform, and we did not perform, any auditing procedures with respect to the information summarized in Note C, which was certified by Fidelity Management Trust Company, the trustee of the Plan, except for comparing the information with the related information included in the financial statements and supplemental schedules. We have been informed by the plan administrator that the trustee holds the Plan's investment assets and executes investment transactions. The plan administrator has obtained certification from the trustee as of and for the year ended December 31, 1993, that the information provided to the plan administrator by the trustee is complete and accurate. Because of the significance of the information that we did not audit, we are unable to express, and do not express, an opinion on the accompanying 1993 financial statements taken as a whole. The form and content of the information included in the financial statements, other than that derived from the information certified by the trustee, have been audited by us in accordance with generally accepted auditing standards and, in our opinion, are presented in compliance with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. /s/ Deloitte & Touche LLP May 17, 1995 4 QUANEX CORPORATION NICHOLS-HOMESHIELD 401(k) SAVINGS PLAN - DAVENPORT STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, -------------------------------- 1994 1993 ------------- --------------- Assets: Investments, at fair value - Mutual fund assets $ 5,583,521 $ 4,874,543 Quanex Corporation common stock 59,346 - Common/commingled trust 11,024 - ----------- ----------- 5,653,891 4,874,543 Participant loans 360,335 320,470 ----------- ----------- Total investments 6,014,226 5,195,013 ----------- ----------- Receivables: Employer 56,361 43,536 Employee 65,704 46,263 ----------- ----------- 122,065 89,799 ----------- ----------- Net assets available for benefits $ 6,136,291 $ 5,284,812 =========== ===========
See notes to financial statements. 5 QUANEX CORPORATION NICHOLS-HOMESHIELD 401(k) SAVINGS PLAN - DAVENPORT STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
December 31, -------------------------------- 1994 1993 ------------- -------------- Investment income: Interest and dividends $ 233,942 $ 268,235 Net appreciation (depreciation) in fair value of investments (187,861) 173,467 ----------- ---------- Total 46,081 441,702 ----------- ---------- Contributions Employer 547,881 432,970 Less forfeitures 3,144 172 ----------- ---------- 544,737 432,798 Employee 594,047 479,252 ----------- ---------- Total 1,138,784 912,050 ----------- ---------- Interest on participant loans 25,430 15,914 ----------- ---------- Total additions 1,210,295 1,369,666 ----------- ---------- Benefit payments 357,557 219,135 Administrative Fees 1,259 - ----------- ---------- Total deductions 358,816 219,135 ----------- ---------- Increase in net assets available for benefits 851,479 1,150,531 Net assets available for benefits: Beginning of year 5,284,812 4,134,281 ----------- ---------- End of year $ 6,136,291 $5,284,812 =========== ==========
See notes to financial statements. 6 QUANEX CORPORATION NICHOLS-HOMESHIELD 401(k) SAVINGS PLAN - DAVENPORT NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1994 AND 1993 A. DESCRIPTION OF THE PLAN The following description of the Nichols-Homeshield 401(k) Savings Plan - Davenport (the "Plan") is provided for general information purposes only. Participants should refer to the Plan document for more complete information. (1) General. The Plan was established on October 1, 1987 and amended and restated in its entirety in January 1993. The Plan is a defined contribution plan, which covers substantially all union hourly employees of the Davenport, Iowa facility. The Plan permits eligible employees to elect a deferral of compensation under Section 401(k) of the Internal Revenue Code ("IRC"). Effective January 1, 1992, the name was changed from the Nichols-Homeshield, Inc. 401(k) Savings Plan for Davenport Hourly Employees to the Nichols-Homeshield 401(k) Savings Plan - Davenport Hourly Employees when the sponsorship was transferred to Quanex Corporation (the "Company"). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). The assets of the Plan are held in trust by Fidelity Management Trust Company (the "Trustee"). The Benefits Committee (the "Committee"), appointed by the Company's Board of Directors, serves as the Plan administrator. (2) Contributions. Participants may contribute to the Plan in amounts based upon a percentage of their compensation. Effective July 1992, participants may elect salary deferrals between 1% and 15% of compensation as defined by the Plan agreement. Participants may also contribute in half percentages. Company contributions are made based on a percentage of the employee's compensation for each individual with over one year of service. (3) Participant Accounts. Each participant's account is credited with the participant's contribution, the employer's contribution, and the participant's pro rata share of investment earnings. Investment earnings allocations are based upon individual participant account balances as of the end of the period in which the income was earned. (4) Investment Options. Effective April 1, 1992, the Company appointed the Trustee to manage all funds of the Plan. During 1994 and 1993, participants may direct allocations of their contributions to the following funds: Government Money Market Fund - composed of short-term government obligations. Short-Intermediate Government Fund - invested and reinvested in securities issued by U.S. government. Balanced Fund - invested and reinvested in common and preferred stocks and bonds. Growth and Income Fund - invested and reinvested in equity and debt securities of foreign and domestic companies. Magellan Fund - invested and reinvested in equity and debt securities of foreign and domestic companies. 7 Contrafund - invested and reinvested in equities of foreign and domestic companies. Overseas Fund - invested and reinvested in foreign securities. Common/Commingled Trust - invested and reinvested in investment contracts issued by insurance companies, banks and other financial institutions. Puritan Fund - invested and reinvested in common and preferred stocks and bonds. Quanex Corporation Common Stock - invested and reinvested exclusively in the common stock of Quanex Corporation. During 1994, the Common/Commingled Trust and Quanex Corporation Common Stock were added as investment options. The Short-Intermediate Government Fund was replaced by the Puritan Fund effective July 1, 1994. (5) Vesting. Participants are immediately vested in their contributions and earnings thereon. Vesting in the employer contribution is based on years of credited service. A participant is 20% vested for each year of credited service and fully vested after five years. If a participant terminates employment prior to becoming fully vested, the nonvested portion of the employer contributions are immediately forfeited by the participant and utilized to reduce future employer contributions. (6) Payment of Benefits. The Plan is intended for long-term savings but provides for early withdrawals and loan arrangements under certain conditions. In accordance with the IRC, upon termination of service, a participant may elect to receive a lump-sum distribution equal to the total amount of vested benefits in his or her account. (7) Loans. Loans may be granted to a participant of the Plan at the Committee's discretion. Any loan authorized by the Committee shall be subject to a term not to exceed five years. The Committee may agree to a longer term (up to seven years) only if the proceeds of the loan are to be used for the purchase of a dwelling. The loans bear a reasonable rate of interest established by the Committee. Interest on the loan is allocated to the borrower's participant account. 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 principles. (2) Administrative Expenses. Administrative expenses of the Plan are paid by the Company. Loan set up fees and carrying fees are paid by the participant. (3) 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 fund 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. (4) Payment of Benefits. Benefits are recorded when paid. 8 C. INVESTMENTS AND INFORMATION FURNISHED BY THE TRUSTEE (UNAUDITED) The following is a summary of the unaudited information included in the Plan's 1993 financial statements and supplemental schedules prepared by the Trustee and furnished to the Company. The Company obtained certification from the Trustee that such 1993 information is complete and accurate.
1993 -------------- At December 31, Investments, at fair value $4,874,543 For the year ended December 31, Interest and dividends $ 268,235 Net appreciation (depreciation) in fair value of investments 173,467
In addition, investment-related information included in Notes F, G and H has been certified by the Trustee. D. PLAN TERMINATION Although it has not expressed any intention to do so, the Company has the right under the Plan to terminate the Plan at any time subject to the provisions set forth in ERISA. In the event of plan termination, 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. E. FEDERAL INCOME TAX STATUS Management of the Company, the plan administrator, and the Plan's legal counsel are of the opinion that the Plan is qualified under Sections 401(a) and 401(k) and exempt from federal income tax under Section 501(a) of the Internal Revenue Code. The Plan received a favorable letter of tax determination from the Internal Revenue Service dated June 18, 1993 as to the tax-exempt status of the plan. F. RELATED PARTY TRANSACTIONS During the year ended December 31, 1994, the Plan purchased 2,594 shares (cost $58,983) of Quanex Corporation common stock. 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 ------- ---- ------ ---- 1,454,728 $2,668,351 553,189 $3,132,233
During the years ended December 31, 1994 and 1993, the Plan sold 589,033 and 725,184 shares of Fidelity mutual fund assets valued at $1,824,022 and $2,301,769 (cost $1,771,152 and $2,261,148), respectively. During the year ended December 31, 1994 the Plan purchased 11,024 shares (cost $11,024) of Fidelity, the Trustee Common/Commingled Trust. 9 G. 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 TOTAL FUND TRUST FUND FUND FUND ---------- ---------- ------- ------- -------- ---------- Assets Investments, at fair value Mutual fund assets $5,583,521 $2,445,663 $16,831 $435,903 $1,191,953 Quanex common stock 59,346 Common/commingled trust 11,024 $11,024 Participant loans 360,335 155,866 703 1,081 27,781 75,958 ---------- ---------- ------- ------- -------- ---------- Total Investments 6,014,226 2,601,529 11,727 17,912 463,684 1,267,911 ---------- ---------- ------- ------- -------- ---------- Contributions receivable Employer 56,361 21,860 84 363 3,585 12,526 Employee 65,704 17,694 167 474 9,390 14,833 ---------- ---------- ------- ------- -------- ---------- 122,065 39,554 251 837 12,975 27,359 ---------- ---------- ------- ------- -------- ---------- Net assets available for benefits $6,136,291 $2,641,083 $11,978 $18,749 $476,659 $1,295,270 ========== ========== ======= ======= ======== ==========
December 31, 1994 ------------------------------------------------ QUANEX MAGELLAN OVERSEAS CONTRA- COMMON FUND FUND FUND STOCK ---------- -------- -------- ------- Assets Investments, at fair value Mutual fund assets $931,561 $120,696 $440,914 Quanex common stock $59,346 Common/commingled trust Participant loans 59,383 7,711 28,070 3,782 ---------- -------- -------- ------- Total Investments 990,944 128,407 468,984 63,128 ---------- -------- -------- ------- Contributions receivable Employer 9,477 1,714 5,855 897 Employee 10,230 3,200 7,609 2,107 ---------- -------- -------- ------- 19,707 4,914 13,464 3,004 ---------- -------- -------- ------- Net assets available for benefits $1,010,651 $133,321 $482,448 $66,132 ========== ======== ======== =======
December 31, 1993 (Unaudited) -------------------------------------------------------------------------- SHORT- GOVT. INTER- U. S. GROWTH MONEY MEDIATE BOND AND MARKET GOVT. INDEX BALANCED INCOME TOTAL FUND FUND FUND FUND FUND ---------- ---------- -------- -------- -------- ---------- Assets: Investments at fair value Mutual fund assets $4,874,543 $1,518,533 $762,334 $0 $388,812 $995,800 Participant loans 320,470 139,288 86,551 0 10,220 35,631 ---------- ---------- -------- -------- -------- ---------- Total Investments 5,195,013 1,657,821 848,885 0 399,032 1,031,431 ---------- ---------- -------- -------- -------- ---------- Contributions receivable 43,536 10,917 4,962 0 5,888 9,519 Employer 46,263 8,600 5,014 0 6,448 10,351 ---------- ---------- -------- -------- -------- ---------- Employee 89,799 19,517 9,976 0 12,336 19,870 ---------- ---------- -------- -------- -------- ---------- Net assets available for benefits $5,284,812 $1,677,338 $858,861 $0 $411,368 $1,051,301 ========== ========== ======== ======== ======== ==========
December 31, 1993 (Unaudited) ---------------------------------- MAGELLAN OVERSEAS CONTRA- FUND FUND FUND -------- -------- -------- Assets: Investments at fair value Mutual fund assets $781,787 $109,838 $317,439 Participant loans 44,936 0 3,844 -------- -------- -------- Total Investments 826,723 109,838 321,283 -------- -------- -------- Contributions receivable 6,982 614 4,654 Employer 9,150 829 5,871 -------- -------- -------- Employee 16,132 1,443 10,525 -------- -------- -------- Net assets available for benefits $842,855 $111,281 $331,808 ======== ======== ========
10 H. 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 fund.
December 31, 1994 -------------------------------------------------------------------------- GOVT. GROWTH MONEY QUANEX COMOMON\ AND MARKET COMMON COMMINGLED BALANCED INCOME TOTAL FUND STOCK TRUST FUND FUND ---------- ---------- ------- ------- -------- ---------- Investment income: Interest and dividends $233,942 $80,180 $45 $280 $12,881 $83,667 Net appreciation (depreciation) in fair value of investments (187,861) 0 363 0 (35,684) (60,092) ---------- ---------- ------- ------- -------- ---------- Total 46,081 80,180 408 280 (22,803) 23,575 ---------- ---------- ------- ------- -------- ---------- Contributions: Employer 547,881 180,452 1,950 375 62,730 116,107 Less forfeitures (3,144) (204) 0 0 (199) (137) ---------- ---------- ------- ------- -------- ---------- 544,737 180,248 1,950 375 62,531 115,970 ---------- ---------- ------- ------- -------- ---------- Employee 594,047 151,552 5,190 775 64,857 135,098 ---------- ---------- ------- ------- -------- ---------- 1,138,784 331,800 7,140 1,150 127,388 251,068 ---------- ---------- ------- ------- -------- ---------- Interest on participant loans 25,430 10,841 0 0 2,680 4,852 ---------- ---------- ------- ------- -------- ---------- Total Additions 1,210,295 422,821 7,548 1,430 107,265 279,495 ---------- ---------- ------- ------- -------- ---------- Benefit payments 357,557 271,384 201 37 12,142 25,282 Administrative Fee 1,259 194 0 0 49 376 ---------- ---------- ------- ------- -------- ---------- 358,816 271,578 201 37 12,191 25,658 Fund transfers 0 812,502 58,785 10,585 (29,783) (9,868) ---------- ---------- ------- ------- -------- ---------- Increase in net assets 851,479 963,745 66,132 11,978 65,291 243,969 available for benefits Net assets available of benefits: Beginning of year 5,284,812 1,677,338 0 0 411,368 1,051,301 ---------- ---------- ------- ------- -------- ---------- End of year $6,136,291 $2,641,083 $66,132 $11,978 $476,659 $1,295,270 ========== ========== ======= ======= ======== ==========
December 31, 1994 --------------------------------------------------------- SHORT- INTER- MEDIATE PURITAN MAGELLAN OVERSEAS CONTRA- GOVT. FUND FUND FUND FUND FUND ------- ---------- -------- -------- -------- Investment income: Interest and dividends $897 $29,986 $2,042 $2,343 $21,621 Net appreciation (depreciation) in fair value of investments (920) (45,690) (2,115) (7,279) (36,444) ------- ---------- -------- -------- -------- Total (23) (15,704) (73) (4,936) (14,823) ------- ---------- -------- -------- -------- Contributions: Employer 1,249 93,480 10,355 57,904 23,279 Less forfeitures 0 (2,475) 0 0 (129) ------- ---------- -------- -------- -------- 1,249 91,005 10,355 57,904 23,150 Employee 1,750 115,775 14,284 81,248 23,518 ------- ---------- -------- -------- -------- 2,999 206,780 24,639 139,152 46,668 ------- ---------- -------- -------- -------- Interest on participant loans 0 2,966 1,143 1,395 1,553 ------- ---------- -------- -------- -------- Total Additions 2,976 194,042 25,709 135,611 33,398 ------- ---------- -------- -------- -------- Benefit payments 57 22,884 408 11,336 13,826 Administrative Fee 0 584 0 56 0 ------- ---------- -------- -------- -------- 57 23,468 408 11,392 13,826 Fund transfers 15,830 (2,778) (3,261) 26,421 (878,433) ------- ---------- -------- -------- -------- Increase in net assets 18,749 167,796 22,040 150,640 (858,861) available for benefits Net assets available of benefits: Beginning of year 0 842,855 111,281 331,808 858,861 ------- ---------- -------- -------- -------- End of year $18,749 $1,010,651 $133,321 $482,448 $0 ======= ========== ======== ======== ========
11 H. ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT PROGRAMS (continued)
December 31, 1993 (Unaudited) --------------------------------------------------------------------------- SHORT- GOVT. INTER- U.S. GROWTH MONEY MEDIATE BOND AND MARKET GOVT. INDEX BALANCED INCOME TOTAL FUND FUND FUND FUND FUND ---------- ---------- -------- -------- -------- ---------- Investment income: Interest and dividends $268,235 $47,405 $46,218 $4,354 $26,999 $50,501 Net appreciation (depreciation) in fair value of investments 173,467 0 (5,845) 11,011 11,220 83,347 ---------- ---------- -------- -------- -------- ---------- Total 441,702 47,405 40,373 15,365 38,219 133,848 ---------- ---------- -------- -------- -------- ---------- Contributions: Employer 432,970 116,853 51,771 0 60,417 93,099 Less forfeitures 172 172 0 0 0 0 ---------- ---------- -------- -------- -------- ---------- 432,798 116,681 51,771 0 60,417 93,099 Employee 479,252 103,765 54,992 0 70,407 105,844 ---------- ---------- -------- -------- -------- ---------- 912,050 220,446 106,763 0 130,824 198,943 ---------- ---------- -------- -------- -------- ---------- Interest on participant loans 15,914 5,868 1,866 190 2,127 3,130 ---------- ---------- -------- -------- -------- ---------- Total Additions 1,369,666 273,719 149,002 15,555 171,170 335,921 ---------- ---------- -------- -------- -------- ---------- Benefit payments 219,135 63,411 34,121 0 105,768 7,645 Fund transfers 0 (369,360) 743,980 (975,645) 224,023 108,131 ---------- ---------- -------- -------- -------- ---------- Increase in net assets available for benefits 1,150,531 (159,052) 858,861 (960,090) 289,425 436,407 Net assets available for benefits: Beginning of year 4,134,281 1,836,390 0 960,090 121,943 614,894 ---------- ---------- -------- -------- -------- ---------- End of year $5,284,812 $1,677,338 $858,861 $0 $411,368 $1,051,301 ========== ========== ======== ======== ======== ==========
H. ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT PROGRAMS (continued)
December 31, 1993 (Unaudited) ---------------------------------- MAGELLAN OVERSEAS CONTRA- FUND FUND FUND -------- -------- -------- Investment income: Interest and dividends $67,336 $ 974 $24,448 Net appreciation (depreciation) in fair value of investments 56,080 3,121 14,533 -------- -------- -------- Total 123,416 4,095 38,981 -------- -------- -------- Contributions: Employer 65,982 1,572 43,276 Less forfeitures 0 0 0 -------- -------- -------- 65,982 1,572 43,276 Employee 88,997 2,111 53,136 -------- -------- -------- 154,979 3,683 96,412 -------- -------- -------- Interest on participant loans 1,122 0 1,611 -------- -------- -------- Total Additions 279,517 7,778 137,004 -------- -------- -------- Benefit payments 7,915 0 275 Fund transfers 92,762 103,503 72,606 -------- -------- -------- Increase in net assets available for benefits 364,364 111,281 209,335 Net assets available for benefits: Beginning of year 478,491 0 122,473 -------- -------- -------- End of year $842,855 $111,281 $331,808 ======== ======== ========
12 Item 27a - Schedule of Assets Held for Investment Purposes EIN: 38-1872178; PN 016 QUANEX CORPORATION NICHOLS-HOMESHIELD 401(k) SAVINGS PLAN - DAVENPORT SUPPLEMENTAL SCHEDULE OF INVESTMENTS DECEMBER 31, 1994
Shares/ Current Par Value Cost Value --------- -------- ------- Mutual fund assets - Fidelity Investments: - ------------------------------------------ Contrafund* 14,560 $ 431,669 $ 440,914 Government Money Market Fund* 2,445,664 2,445,664 2,445,663 Puritan Fund* 1,137 17,758 16,831 Growth and Income Fund* 56,517 1,199,583 1,191,953 Magellan* 13,946 950,710 931,561 Overseas Fund* 4,422 120,531 120,696 Balanced Fund* 35,468 463,308 435,903 ----------- ----------- Total Mutual Fund Assets 5,629,223 5,583,521 ----------- ----------- Quanex Corporation Common Stock* 2,594 58,984 59,346 Common/Commingled Trust* 11,024 11,024 11,024 Participant loans (bearing interest rates from 7.85% to 11%) 360,335 ----------- ----------- Total investments $ 5,699,231 $ 6,014,226 =========== ===========
* Party-in-Interest 13 Item 27d - Schedule of Reportable (5%) Transactions EIN 38-1872178; PN 016 NICHOLS-HOMESHIELD 401(k) SAVINGS PLAN - DAVENPORT 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) - ----------- ----------------- --------- --------------- -------- -------- ------------ ------ Quanex Corporation Common Stock 9 $58,983 Puritan Fund 9 17,758 Magellan Fund 49 352,059 24 $156,560 $156,584 $156,560 $(24) Contrafund 36 180,918 15 51,115 50,193 51,115 922 Growth & Income Fund 46 376,199 26 123,328 119,964 123,328 3,364 Overseas Fund 25 59,220 4 47,055 46,231 47,055 824 Balanced Fund 42 186,683 23 108,957 $103,907 108,957 5,050 Government Money Market Fund 46 1,410,928 40 483,797 483,797 483,797 0
14 Item 27d - Schedule of Reportable (5%) Transactions EIN 38-1872178; PN 016 NICHOLS-HOMESHIELD 401(k) SAVINGS PLAN - DAVENPORT 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) - ----------- ----------------- --------- --------------- -------- -------- ----------- ------- Short Intermediate Government Fund 21 $84,586 10 $853,210 $810,476 $853,210 $42,734
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. 33-54085 of Quanex Corporation on Form S-8 of our report dated May 17, 1995, appearing in this Annual Report on Form 11-K of Nichols - Homeshield 401(k) Savings Plan - Davenport for the year ended December 31, 1994. /s/ Deloitte & Touche LLP - ------------------------------ DELOITTE & TOUCHE LLP Houston, Texas June 29, 1994 -----END PRIVACY-ENHANCED MESSAGE-----