-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KTLS9o7Llqo6sFxGVGZyjDYkO+0lj2wu2wa6B2YKpv9At3FmSDcAzdbMEdw2mt9B 7qbzAJX7GJsW9eliEu+N6A== 0000033073-97-000013.txt : 19970627 0000033073-97-000013.hdr.sgml : 19970627 ACCESSION NUMBER: 0000033073-97-000013 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970626 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENVIRODYNE INDUSTRIES INC CENTRAL INDEX KEY: 0000033073 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 952677354 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-05485 FILM NUMBER: 97630330 BUSINESS ADDRESS: STREET 1: 701 HARGER ROAD STE 190 CITY: OAK BROOK STATE: IL ZIP: 60521 BUSINESS PHONE: 7085718800 FORMER COMPANY: FORMER CONFORMED NAME: MGN INC DATE OF NAME CHANGE: 19790425 11-K 1 FOR YRS ENDED 12-31-96 AND 1995 VISKASE CORPORATION SAVE PROGRAM FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995 AND REPORT OF INDEPENDENT ACCOUNTANTS VISKASE CORPORATION SAVE PROGRAM INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES Page(s) Report of Independent Accountants 1 Financial Statements: Statement of Net Assets Available for Benefits, December 31, 1996 and 1995 2-3 Statement of Changes in Net Assets Available for Benefits, for the years ended December 31, 1996 and 1995 4-5 Notes to Financial Statements 6-12 Supplemental Schedules: 13-15 Schedule of Assets Held for Investment Purposes, December 31, 1996 - Item 27(a), Form 5500 (Unaudited) Schedule of Reportable Transactions, for the year ended December 31, 1996 - Item 27(d), Form 5500 (Unaudited) Note: Supplemental schedules required by the Employee Retirement Income Security Act of 1974 that have not been included herein are not applicable to the Viskase Corporation SAVE Program. REPORT OF INDEPENDENT ACCOUNTANTS To the Compensation and Benefits Committee Viskase Corporation SAVE Program We have audited the accompanying statements of net assets available for benefits of Viskase Corporation SAVE Program (the Plan) as of December 31, 1996 and 1995, and the related statement 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 of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements, referred to above, of the Plan as of December 31, 1996 and 1995, and for the years then ended present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1996 and 1995, and changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits of the 1996 and 1995 financial statements were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of Item 27(a), Schedule of Assets Held for Investment Purposes, and Item 27(d), Schedule of Reportable Transactions, are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department for Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The Fund Information in the 1996 and 1995 statements of net assets available for benefits and the 1996 statement of changes in net assets available for benefits are presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. Chicago, Illinois May 23, 1997 VISKASE CORPORATION SAVE PROGRAM STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS with Fund Information December 31, 1996
Inter- Fixed Equity Aggressive national Envirodyne Total Income Investment Balanced Equity Equity Stock Loan December Fund Fund Fund Fund Fund Fund Fund Other 31, 1996 ----------- ----------- ---------- ---------- -------- --------- ---------- -------- ----------- ASSETS: Investments: Short-term investments $ 2,363,974 $ 103,057 $ 23,525 $ 31,151 $ 6,086 $ 6,175 $ 2,533,968 Insurance company contracts 17,381,798 17,381,798 Value of interest in registered investment company 15,930,031 16,790,424 3,356,211 2,565,805 1,502,554 40,145,025 Common stock 204,824 204,824 Loans to participants $2,461,715 2,461,715 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- 35,675,803 16,893,481 3,379,736 2,596,956 1,508,640 210,999 2,461,715 62,727,330 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- Receivables: Investment income 1,163 92 24 39 15 14 1,347 Interfund receiv- able (payable) (4,957) (18,332) 29,047 (2,941) (4,971) 2,154 ----------- ----------- ---------- ---------- ---------- -------- ----------- (3,794) (18,240) 29,071 (2,902) (4,956) 2,168 1,347 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- Total assets 35,672,009 16,875,241 3,408,807 2,594,054 1,503,684 213,167 2,461,715 62,728,677 Liabilities: Due to broker for securities purchased 3,387 3,387 -------- ----------- Total liabilities 3,387 3,387 -------- ----------- Other $123,897 123,897 ----------- ----------- ---------- ---------- ---------- -------- ---------- -------- ----------- Net assets available for benefits $35,672,009 $16,875,241 $3,408,807 $2,594,054 $1,503,684 $209,780 $2,461,715 $123,897 $62,849,187 =========== =========== ========== ========== ========== ======== ========== ======== =========== The accompanying notes are an integral part of the financial statements. /TABLE VISKASE CORPORATION SAVE PROGRAM STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS with Fund Information December 31, 1995
Inter- Fixed Equity Aggressive national Envirodyne Total Income Investment Balanced Equity Equity Stock Loan December Fund Fund Fund Fund Fund Fund Fund Other 31, 1995 ----------- ----------- ---------- ---------- -------- --------- ---------- -------- ----------- ASSETS: Investments: Short-term investments $ 4,245,077 $ 15,272 $ 4,460 $ 5,589 $ 3,305 $ 962 $ 4,274,665 Insurance company contracts 18,305,587 18,305,587 Value of interest in registered investment company 14,357,393 12,277,866 2,564,022 1,396,484 788,616 31,384,381 Common stock 11,074 11,074 Loans to participants $2,302,262 2,302,262 ----------- ----------- ---------- ---------- -------- -------- ---------- ----------- 36,908,057 12,293,138 2,568,482 1,402,073 791,921 12,036 2,302,262 56,277,969 ----------- ----------- ---------- ---------- -------- -------- ---------- ----------- Receivables: Investment income 1,501 93 25 89 31 7 1,746 Interfund receiv- able (payable) 9,453 (83,028) 8,035 (23,887) 87,031 2,396 ----------- ----------- ---------- ---------- -------- -------- ----------- 10,954 (82,935) 8,060 (23,798) 87,062 2,403 1,746 Other $122,495 122,495 ----------- ----------- ---------- ---------- -------- -------- ---------- -------- ----------- Net assets available for plan benefits $36,919,011 $12,210,203 $2,576,542 $1,378,275 $878,983 $ 14,439 $2,302,262 $122,495 $56,402,210 =========== =========== ========== ========== ======== ======== ========== ======== =========== The accompanying notes are an integral part of the financial statements. /TABLE VISKASE CORPORATION SAVE PROGRAM STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS with Fund Information for the year ended December 31, 1996
Inter- Fixed Equity Aggressive national Envirodyne Total Income Investment Balanced Equity Equity Stock Loan December Fund Fund Fund Fund Fund Fund Fund Other 31, 1996 ----------- ----------- ---------- ---------- -------- --------- ---------- -------- ----------- Additions: Interest income: Short-term investments $ 41,902 $ 1,209 $ 247 $ 437 $ 190 $ 198 $ 160,916 $ 205,099 Insurance company's contracts 1,189,306 1,189,306 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- 1,231,208 1,209 247 437 190 198 160,916 1,394,405 Net investment gain from interest in registered investment companies 1,014,228 3,136,672 372,883 122,923 200,328 4,847,034 Net appreciation in the fair value of investments 55,195 55,195 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- 2,245,436 3,137,881 373,130 123,360 200,518 55,393 160,916 6,296,634 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- Contributions: Participants 2,189,337 1,182,014 303,616 425,282 220,126 76,179 4,396,554 Employer 760,556 380,734 102,993 144,940 73,027 26,137 1,488,387 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- 2,949,893 1,562,748 406,609 570,222 293,153 102,316 5,884,941 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- Interfund transfers (2,379,009) 1,484,545 223,989 626,328 191,209 12,452 (160,916) $ 1,402 Participant loan payments received 694,074 297,446 72,594 80,452 35,630 29 807 (1,210,003) ----------- ----------- ---------- ---------- ---------- -------- ---------- -------- (1,684,935) 1,781,991 296,583 706,780 226,839 42,259 (1,370,919) 1,402 ----------- ----------- ---------- ---------- ---------- -------- ---------- -------- ----------- Deductions: Benefit payments 3,847,943 1,502,978 165,396 147,738 59,691 1,839 5,725,585 Administrative expenses 9,013 9,013 Loans to participants 900,440 314,604 78,661 36,845 36,118 2,788 (1,369,456) ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- 4,757,396 1,817,582 244,057 184,583 95,809 4,627 (1,369,456) 5,734,598 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- Net increase/ (decrease) in net assets available for benefits (1,247,002) 4,665,038 832,265 1,215,779 624,701 195,341 159,453 1,402 6,446,977 Net assets available for benefits, beginning of year 36,919,011 12,210,203 2,576,542 1,378,275 878,983 14,439 2,302,262 122,495 56,402,210 ----------- ----------- ---------- ---------- ---------- -------- ---------- -------- ----------- Net assets available for benefits, end of year $35,672,009 $16,875,241 $3,408,807 $2,594,054 $1,503,684 $209,780 $2,461,715 $123,897 $62,849,187 =========== =========== ========== ========== ========== ======== ========== ======== =========== The accompanying notes are an integral part of the financial statements. /TABLE VISKASE CORPORATION SAVE PROGRAM STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS with Fund Information for the year ended December 31, 1995
Inter- Fixed Equity Aggressive national Envirodyne Total Income Investment Balanced Equity Equity Stock Loan December Fund Fund Fund Fund Fund Fund Fund Other 31, 1995 ----------- ----------- ---------- ---------- -------- --------- ---------- -------- ----------- Additions: Interest income: Short-term investments $ 14,347 $ 1,656 $ 636 $ 989 $ 345 $ 11 $ 143,464 $ 161,448 Insurance company's contracts 2,156,380 2,156,380 ----------- ----------- ---------- ---------- -------- -------- ---------- ----------- 2,170,727 1,656 636 989 345 11 143,464 2,317,828 Net investment gain from interest in registered investment companies 374,077 3,453,402 498,509 179,831 87,669 4,593,488 Net (depreciation) in the fair value of investments (984) (984) ----------- ----------- ---------- ---------- -------- -------- ---------- ----------- 2,544,804 3,455,058 499,145 180,820 88,014 (973) 143,464 6,910,332 ----------- ----------- ---------- ---------- -------- -------- ---------- ----------- Contributions: Participants 2,351,913 927,815 296,745 494,981 250,459 10,502 4,332,415 Employer 795,348 314,964 98,588 167,820 86,677 3,000 1,466,397 ----------- ----------- ---------- ---------- -------- -------- ---------- 3,147,261 1,242,779 395,333 662,801 337,136 13,502 5,798,812 ----------- ----------- ---------- ---------- -------- -------- ---------- ---------- Interfund transfers (573,359) (622,249) 175,598 541,960 497,109 1,910 (143,464) $122,495 Participant loan payments received 752,587 284,371 47,609 57,175 30,062 (1,171,804) ----------- ----------- ---------- ---------- -------- -------- ---------- -------- 179,228 (337,878) 223,207 599,135 527,171 1,910 (1,315,268) 122,495 ----------- ----------- ---------- ---------- -------- -------- ---------- -------- Deductions: Benefit payments 5,150,635 1,290,451 302,437 57,990 61,013 6,862,526 Administrative expenses 13,492 13,492 Loans to participants 846,141 226,599 54,294 6,491 12,325 (1,145,850) ----------- ----------- ---------- ---------- -------- ---------- ----------- 6,010,268 1,517,050 356,731 64,481 73,338 (1,145,850) 6,876,018 ----------- ----------- ---------- ---------- -------- ---------- ----------- Net increase/ (decrease) in net assets available for benefits (138,975) 2,842,909 760,954 1,378,275 878,983 14,439 (25,954) 122,495 5,833,126 Net assets available for benefits, beginning of year 37,057,986 9,367,294 1,815,588 2,328,216 50,569,084 ----------- ----------- ---------- ---------- -------- -------- ---------- -------- ----------- Net assets available for benefits, end of year $36,919,011 $12,210,203 $2,576,542 $1,378,275 $878,983 $14,439 $2,302,262 $122,495 $56,402,210 =========== =========== ========== ========== ======== ======== ========== ======== =========== The accompanying notes are an integral part of the financial statements. /TABLE VISKASE CORPORATION SAVE PROGRAM NOTES TO FINANCIAL STATEMENTS 1. Description of the Plan The following description of the Plan provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. A. General The Plan is a defined contribution plan established to provide deferred compensation benefits to eligible employees. Under the Plan, all of the employees of Viskase Corporation ("Employer") who have met the eligibility requirements may elect to participate in the Plan. Employees who are covered by a collective bargaining agreement will be eligible only if their participation is provided for in the agreement. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). B. Participation Regular full-time employees may become Plan members upon employment. C. Contributions Participating employees make before-tax contributions to the Plan of 1% to 6% of their regular pay. Participants who contribute at least 6% may contribute up to an additional 10% on a before or after-tax basis. Employer contributions to the Plan are equal to 50% of the participant's contributions up to 6% of regular pay. Employee before-tax and after-tax contributions in excess of 6% of the participant's compensation are not eligible to receive Employer matching contributions. The Internal Revenue Service limits the dollar amount a participant can contribute to the Plan in any year on a before-tax basis. All contributions to the Plan are also subject to the nondiscrimination tests of the Internal Revenue Code which may also limit the contributions that may be made to the Plan. D. Vesting Participant contributions plus the earnings thereon are always fully vested. Vesting in the Employer contributions and the earnings thereon is based on years of credited service. A participant is 100% vested after three years of credited service. If a participant voluntarily leaves before completing 3 years of credited service, contributions made by the Employer and earnings thereon will be forfeited. If a participant attains age 65, or becomes permanently and totally disabled, dies, or is terminated by the Employer for reasons other than cause, the full value of the Employer contribution account becomes immediately vested and is nonforfeitable. E. Payment of Benefits On termination of service, participants with account balances in excess of $3,500 may elect to either receive a lump-sum amount or defer payment until any date up to the plan year in which the participant attains age 65. Participants who terminate employment with account balances less than or equal to $3,500 are to receive a lump-sum payment. Participants may choose to make a direct rollover to another qualified plan or to an Individual Retirement Account (IRA). Spouse beneficiaries may make a direct rollover to an IRA. Non-spouse beneficiaries may not make a direct rollover to an IRA. A participant who receives a lump sum payment may choose to receive payment of his account invested in the Envirodyne Stock Fund in the form of whole shares of common stock with fractional shares paid in cash. Certain employees may receive installment payments under the Plan. Payment to any participant must be made no later than the April 1 following the year he reaches 70-1/2, even if he has not retired. F. Participant Loans Loans up to specified amounts are available to all participants. Each loan must be evidenced by the participant's collateral promissory note with interest at a rate commensurate with the interest rates being charged by area banking business for loans made under similar circumstances. The period for repayment of the loan cannot exceed five years from the date of the loan, unless the loan is for purchase of a principal residence in which case, the repayment period cannot exceed ten years. G. Withdrawals While Employed The Plan permits participants to make withdrawals while they are employed. The Plan sets out the limits and priority of any withdrawal. The Plan permits hardship of before-tax contributions in accordance with Internal Revenue Code requirements. H. Forfeitures Forfeitures of a terminated participant are required to be held by the Plan pending the participant's possible return to employment and reinstatement in the Plan. If reinstatement does not occur by the end of the year following the year during which the participant terminated his/her employment, such forfeitures are reallocated to the remaining participants' accounts in proportion to the allocation of Employer matching contributions. I. Allocation of Investment Earnings Investment earnings of an investment fund are allocated to individual participant accounts based on the ratio of an employee's year-to-date contributions to that fund to the total of all contributions made for the plan year to that fund. 2. Summary of Significant Accounting Policies The financial statements are presented in accordance with generally accepted accounting principles. The following is a summary of significant accounting policies of the Plan. Investments The Plan reports investments, other than insurance company contracts, at fair value. Mutual funds and common stocks are stated at the quoted market price on the last business day of the year. Short-term investments are stated at cost which approximates market value. The investment contracts are stated at contract value, which represents contributions made under the contracts, plus accrued interest at the current contract rates, less funds withdrawn. The contract value of the investment contracts approximates fair value. The average yield for the years ended December 31, 1996 and 1995 and crediting interest rate at December 31, 1996 and 1995 for each of the insurance company contracts is summarized below 1996 1995 ------------------- ------------------- Average Crediting Average Crediting Yield Interest Yield Interest Rate Rate Canada Life Insurance Company group annuity contract, due 2/14/00 7.82% 7.82% 7.82% 7.82% Hartford GA Insurance Company group annuity contract, due 2/7/98 7.50% 7.50% 7.50% 7.50% Metropolitan Life Insurance Company group annuity contract, open maturity date 5.75% 5.75% 7.25% 7.25% New York Life Insurance Company group annuity contract, due 12/31/96 7.05% 7.05% Dividend income is recorded on the ex-dividend date. Income from other investments is recorded as earned on an accrual basis. Investment transactions are reflected on a trade-date basis. Realized gains or losses on sales of securities are based on average cost. In accordance with the policy of stating investments at fair value, the change in net unrealized appreciation or depreciation on investments for the year is included in the statements of changes in net assets available for plan benefits. The Plan presents in the statements of changes in net assets the net appreciation (depreciation) in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on investments. The investment held by the Plan other than interests in registered investment companies that represents 5 percent or more of the Plan's net assets at December 31, 1996 is the Metropolitan Life Insurance Company group annuity contract whose market value is $12,951,864. Administration Expenses Expenses of the Plan, other than brokerage commissions which are included in the cost of the investments, were paid by the Employer in 1996 and 1995. Although the Employer has elected to pay these expenses, it is not obligated to do so. If the Employer ceases to pay all or part of these expenses in the future, they will be paid by the Plan. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits at the date of the financial statements and the changes in net assets available for benefits during the reporting period and, when applicable, disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Risks and Uncertainties The plan provides for various investment options in any combination of stocks, bonds, fixed income securities, mutual funds, and other investment securities. Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statement of net assets available for benefits. 3. Investment Program The plan provides for investment election alternatives which allow participants to invest their contributions in six different funds. Participants may change their investment election during any calendar month as provided by the Plan agreement. The fund options are as follows. Fixed Income Fund - The assets of the Fixed Income Fund are - ----------------- invested in investment contracts from a variety of high-quality issuers, primarily insurance carriers ranked "AA" or better by the national rating agencies. The objective of the fund is to provide stable returns and to preserve the principle investment. Equity Investment Fund - The assets of the Equity Investment Fund - ---------------------- are exclusively invested in the Vanguard Windsor II Mutual Fund which invests primarily in common stocks which are believed to be undervalued by the market at the time of purchase. The fund seeks to provide long-term growth of capital and income. Balanced Fund - The assets of the Balanced Fund are exclusively - ------------- invested in the American Balanced Fund which invests in a broadly diversified portfolio of securities, including common stocks, preferred stocks, corporate bonds or U.S. government securities and cash. The objective of the fund is to preserve capital and provide current income while seeking long-term growth of both capital and income. Aggressive Equity Fund - The assets of the Aggressive Equity fund - ---------------------- are exclusively invested in the Twentieth Century Ultra Mutual Fund which invests primarily in common stock of companies with accelerating earnings and revenues. The fund seeks to provide capital growth over time. International Equity Fund - The assets of the International Equity - ------------------------- Fund are exclusively invested in the American Europacific Growth Fund which invests in stocks of companies based outside the United States. The objective of the fund is to achieve long-term capital appreciation through international diversification. Envirodyne Stock Fund - The assets of the Envirodyne Stock Fund are - --------------------- exclusively invested in Envirodyne Industries, Inc. common stock. Only new contributions may be invested in this Fund. No amount in another Fund may be transferred to this Fund. At December 31, 1996 and 1995, there were 1,981 and 1,977 participants, respectively, invested in one or more of the Plan's investment funds. Employer contributions are invested in the investment funds to which the participants contribute. Set forth below is the number of participants investing in each fund: 1996 1995 ----- ----- Fixed Income Fund 1,722 1,816 Equity Investment Fund 1,016 873 Balanced Fund 492 424 Aggressive Equity Fund 513 237 International Equity Fund 320 316 Envirodyne Stock Fund 117 59 4. Federal Income Tax Status The Internal Revenue Service has determined and informed the Employer by a letter dated April 10, 1995, that the Plan, and related trust, as then designed, are in compliance with the applicable sections of the Internal Revenue Code (Code). The Plan has subsequently been amended. However, the Plan administrator believes the Plan is designed and operated in accordance with the applicable sections of the Code. 5. Plan Termination The Employer reserves the right to alter, amend or terminate the Plan. In the event of Plan termination, Plan accounts will become fully vested and participants will be entitiled to a distribution. Presently, there is no intention on the part of the Employer to terminate the Plan. 6. Reconciliation of Net Assets Available for Plan Benefits to Form 5500 The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500: December 31, 1996 1995 ------------ ------------ Net assets available for benefits per the financial statements $62,849,187 $56,402,210 Benefits payable to participants (1,415,507) (907,043) Other unallocated items (123,897) (122,495) ----------- ----------- $61,309,783 $55,372,672 =========== =========== The following is a reconciliation of change in net assets per the financial statements to the Form 5500: Year Ended December 31, 1996 ----------- Net increase in net assets available for benefits per the financial statements $6,446,977 Increase in benefits payable to participants (508,464) Increase in other unallocated items (1,402) ---------- $5,937,111 ========== SUPPLEMENTAL SCHEDULES - ---------------------- VISKASE CORPORATION SAVE PROGRAM ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996 (Unaudited)
(e) (b) (c) (d) FAIR (a) IDENTITY OF ISSUE DESCRIPTION OF INVESTMENT COST VALUE - ---------------------------------- -------------------------- -------------- ------------ SHORT TERM INVESTMENTS: COLTV Short Term Investment Fund Interest bearing cash $ 2,533,968 $ 2,533,968 ----------- ----------- $ 2,533,968 $ 2,533,968 INSURANCE COMPANY CONTRACTS: Canada Life Contract - 45862 Guaranteed investment contract, 7.82% due 2/14/00 2,136,475 2,136,475 Hartford GA - 10285 Guaranteed investment contract, 7.50% due 2/7/98 2,293,459 2,293,459 Metropolitan Life - 8739-9 Guaranteed annuity contract, 5.75%, open maturity date 12,951,864 12,951,864 ----------- ----------- 17,381,798 17,381,798 INVESTMENTS IN REGISTERED INVESTMENT COMPANIES: CF Continental Bank GIC, Registered investment Fund company 14,542,469 15,930,031 Windsor II Portfolio Open Registered investment End Fund company 12,586,014 16,790,424 American Balanced Fund Registered investment company 3,029,632 3,356,211 Twentieth Century Ultra Fund Registered investment company 2,347,132 2,565,805 Europacific Growth Fund Registered investment company 1,320,429 1,502,554 ----------- ----------- 33,825,676 40,145,025 COMMON STOCK: Envirodyne Industries, Inc. Common Stock 150,625 204,824 ----------- ----------- 150,625 204,824 ----------- ----------- $53,892,067 $60,265,615 =========== =========== /TABLE 00-08970 VISKASE CORPORATION - SAVE PLAN DECEMBER 31, 1996 SCHEDULE OF REPORTABLE 5% TRANSACTIONS - ITEM 27d 12-29-95 THROUGH 12-31-96 ----------------------------------------------------------
EXPENSES INCURRED CURRENT VALUE PURCHASE SELLING LEASE WITH COST OF OF ASSET ON NET GAIN DESCRIPTION OF ASSET PRICE PRICE RENTAL TRANSACTION ASSET TRANSACTION DATE OR (LOSS) -------------------- ---------- ------- ------ ----------- -------------- ---------------- ----------- ($) ($) ($) ($) ($) ($) ($) TRANSACTIONS BY ISSUE - --------------------- MFO VANGUARD/WINDSOR FD INC VANGUARD/ WINDSOR II PORTFOLIO OPEN END FD 181,629.00 UNITS BOUGHT IN 75 TRANS 1,712.695 4,149,373.34 4,149,373.34 71,319.13 UNITS SOLD IN 17 TRANSACTIONS 382.234 1,200,370.89 1,604,186.88 403,815.99 ------------- ---------- 5,753,560.22 403,815.99 ============= ========== COLTV SHORT TERM INVT FD 9,034,556.07 INCREASES ON 261 DAYS 9,034,556.07 9,034,556.07 8,933,843.97 DECREASES ON 171 DAYS 8,933,843.97 8,933,843.97 0.00 ------------- ----------- 17,968,400.04 0.00 ============= =========== CF CONTL BNK GIC FD 120,314.73 UNITS BOUGHT IN 4 TRANS 66.812 2,011,463.55 2,011,463.55 83,542.68 UNITS SOLD IN 7 TRANSACTIONS 121.679 1,353,878.27 1,453,391.83 99,513.56 ------------- ----------- 3,464,855.38 99,513.56 ============= =========== CF CONTL SHORT TERM INVESTORS MONEY MKT FD I 2,008,583.16 UNITS BOUGHT ON 01-02-96 1.000 2,008,583.16 2,008,583.16 4,008,648.81 UNITS SOLD IN 2 TRANS 2.000 4,008,648.81 4,008,648.81 0.00 ------------- ----------- 6,017,231.97 0.00 ============= ===========
TRANSACTIONS BY BROKER - ---------------------- THERE ARE NO REPORTABLE BROKER TRANSACTIONS NOTE: TRANSACTIONS ARE BASED ON THE 12-29-95 VALUE (EXCLUDING ACCRUALS) OF 56,265,933.00. 26-32496 VISKASE SAVE PROGRAM - COMPANY STOCK DECEMBER 31, 1996 VISKASE BENEFITS COMMITTEE AS TRUSTEE ---------------------------------------------------------- SCHEDULE OF REPORTABLE 5% TRANSACTIONS - ITEM 27d 12-29-95 THROUGH 12-31-96 ----------------------------------------------------------
EXPENSES INCURRED CURRENT VALUE PURCHASE SELLING LEASE WITH COST OF OF ASSET ON NET GAIN DESCRIPTION OF ASSET PRICE PRICE RENTAL TRANSACTION ASSET TRANSACTION DATE OR (LOSS) -------------------- ---------- ------- ------ ----------- -------------- ---------------- ----------- ($) ($) ($) ($) ($) ($) ($) TRANSACTIONS BY ISSUE - --------------------- ENVIRODYNE INDS INC COM NEW CHAPTER 11 33,249.00 SHR BOUGHT IN 52 TRANS 216.125 138,559.44 138,559.44 COLTV SHORT TERM INVT FD 125,646.97 INCREASES ON 69 DAYS 125,646.97 125,646.97 122,042.55 DECREASES ON 49 DAYS 122,042.55 122,042.55 0.00 ------------- ----------- 247,689.52 0.00 ============= =========== TRANSACTIONS BY BROKER - ---------------------- **** HERZOG, HEINE, GEDULD INC ENVIRODYNE INDS INC COM NEW CHAPTER 11 15,910.00 SHR BOUGHT IN 18 TRANS 66.515 58,990.14 58,990.14 **** OPPENHEIMER AND CO, INC ENVIRODYNE INDS INC COM NEW CHAPTER 11 16,416.00 SHR BOUGHT IN 32 TRANS 145.750 74,888.30 74,888.30 **** TROSTER, SINGER & CO. ENVIRODYNE INDS INC COM NEW CHAPTER 11 334.00 SHR BOUGHT ON 08-26-96 3.867 1,294.25 1,294.25
NOTE: TRANSACTIONS ARE BASED ON THE 12-29-95 VALUE (EXCLUDING ACCRUALS) OF 12,036.00. -----END PRIVACY-ENHANCED MESSAGE-----