-----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, IWzDKBwEFOprOGUwMz/VtO1kg2cskOWq2/hCa7LLWhbNte9i3THT4MTMqqFnlHTp WD+ACec5tIMuRa+Q3gyGXw== 0000950137-98-002800.txt : 19980716 0000950137-98-002800.hdr.sgml : 19980716 ACCESSION NUMBER: 0000950137-98-002800 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980715 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: SEC FILE NUMBER: 000-05485 FILM NUMBER: 98666901 BUSINESS ADDRESS: STREET 1: 701 HARGER ROAD STE 190 CITY: OAK BROOK STATE: IL ZIP: 60521 BUSINESS PHONE: 6305718800 FORMER COMPANY: FORMER CONFORMED NAME: MGN INC DATE OF NAME CHANGE: 19790425 11-K 1 FORM 11K VISKASE CORPORATION SAVE PROGRAM 97 & 96 VISKASE CORPORATION SAVE PROGRAM FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996 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, 1997 and 1996 2-3 Statement of Changes in Net Assets Available for Benefits, for the years ended December 31, 1997 and 1996 4-5 Notes to Financial Statements 6-12 Supplemental Schedules: 13-14 Schedule of Assets Held for Investment Purposes, December 31, 1997 - Item 27(a), Form 5500 (Unaudited) Schedule of Reportable Transactions, for the year ended December 31, 1997 - 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, 1997 and 1996, 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, 1997 and 1996, 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, 1997 and 1996, and changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits of the 1997 and 1996 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 1997 and 1996 statements of net assets available for benefits and the 1997 and 1996 statements 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 June 19, 1998 VISKASE CORPORATION SAVE PROGRAM STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS with Fund Information December 31, 1997
Inter- Fixed Equity Aggressive national Envirodyne Total Income Investment Balanced Equity Equity Stock Loan December Fund Fund Fund Fund Fund Fund Fund 31, 1997 ----------- ----------- ---------- ---------- -------- --------- ---------- ----------- ASSETS: Investments: Cash $ 120,629 $ (1,562) $ 9,571 $ 128,638 Short-term investments 578,382 $ 246,935 $ 18,249 71,868 $ 2,733 483 918,650 Insurance company contracts 23,049,054 23,049,054 Value of interest in registered investment companies 9,956,830 24,377,471 4,336,099 4,023,675 2,015,998 44,710,073 Common stock 453,593 453,593 Loans to participants $2,609,646 2,609,646 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- 33,704,895 24,624,406 4,354,348 4,093,981 2,018,731 463,647 2,609,646 71,869,654 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- Receivables: Participant contributions 58,864 45,464 9,790 16,694 8,673 904 140,389 Employer contributions 22,905 14,717 3,151 5,941 2,785 (539) 48,960 Investment income 247 68 8 1,583 5 46 1,957 Interfund receiv- able (payable) 130,799 (67,856) 18,809 50,749 (82,088) (50,413) ----------- ----------- ---------- ---------- ---------- -------- ----------- 212,815 (7,607) 31,758 74,967 (70,625) (50,002) 191,306 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- Total assets 33,917,710 24,616,799 4,386,106 4,168,948 1,948,106 413,645 2,609,646 72,060,960 Liabilities: Due to broker for security transactions 120,000 120,000 Cash overdraft 33,613 33,613 ----------- ---------- ----------- Total liabilities 120,000 33,613 153,613 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- Net assets available for benefits $33,797,710 $24,616,799 $4,386,106 $4,168,948 $1,948,106 $413,645 $2,576,033 $71,907,347 =========== =========== ========== ========== ========== ======== ========== =========== 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, 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 security transactions 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.
VISKASE CORPORATION SAVE PROGRAM STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS with Fund Information for the year ended December 31, 1997
Inter- Fixed Equity Aggressive national Envirodyne Total Income Investment Balanced Equity Equity Stock Loan December Fund Fund Fund Fund Fund Fund Fund Other 31, 1997 ----------- ----------- ---------- ---------- -------- --------- ---------- --------- ----------- Additions: Interest income: Short-term investments $ 12,978 $ 933 $ 131 $ 270 $ 106 $ 432 $ 184,526 $ 199,376 Insurance company's contracts 1,324,285 1,324,285 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- 1,337,263 933 131 270 106 432 184,526 1,523,661 Net investment gain from interest in registered investment companies 774,550 5,738,614 726,796 816,490 138,892 8,195,342 Net appreciation in the fair value of investments 33,395 33,395 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- 2,111,813 5,739,547 726,927 816,760 138,998 33,827 184,526 9,752,398 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- Contributions: Participants 1,906,879 1,483,153 331,443 520,945 267,877 257,298 4,767,595 Employer 647,979 480,770 111,395 177,798 89,621 90,209 1,597,772 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- 2,554,858 1,963,923 442,838 698,743 357,498 347,507 6,365,367 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- Interfund transfers (1,305,287) 1,364,922 120,174 270,973 6,459 (186,542) (146,802) $(123,897) Participant loan payments received 589,415 419,835 108,224 146,648 78,703 50,592 (1,393,417) ----------- ----------- ---------- ---------- ---------- -------- ---------- --------- ----------- (715,872) 1,784,757 228,398 417,621 85,162 (135,950) (1,540,219) (123,897) ----------- ----------- ---------- ---------- ---------- -------- ---------- --------- ----------- Deductions: Benefit payments 4,901,678 1,417,585 360,463 245,037 100,201 34,641 7,059,605 Loans to participants 923,420 329,084 60,401 113,193 37,035 6,878 (1,470,011) ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- 5,825,098 1,746,669 420,864 358,230 137,236 41,519 (1,470,011) 7,059,605 ----------- ----------- ---------- ---------- ---------- -------- ---------- ----------- Net increase/ (decrease) in net assets available for benefits (1,874,299) 7,741,558 977,299 1,574,894 444,422 203,865 114,318 (123,897) 9,058,160 Net assets available for benefits, beginning 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 ----------- ----------- ---------- ---------- ---------- -------- ---------- --------- ----------- Net assets available for benefits, end of year $33,797,710 $24,616,799 $4,386,106 $4,168,948 $1,948,106 $413,645 $2,576,033 $71,907,347 =========== =========== ========== ========== ========== ======== ========== ========= =========== The accompanying notes are an integral part of the financial statements.
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 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 as a Basic Deduction Contribution on a before tax or after tax basis. Participants who contribute the maximum 6% as a Basic Deduction Contribution may contribute up to an additional 10% of eligible earnings as a Supplemental Deduction Contribution on a before tax 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 utilized to reduce contributions by the employer in future periods. 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 earnings less withdrawals) which approximates fair value. The average yield for the years ended December 31, 1997 and 1996 and crediting interest rate at December 31, 1997 and 1996 for each of the insurance company contracts is summarized below. 1997 1996 ------------------- ------------------- 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 5.61% 5.61% 7.50% 7.50% Metropolitan Life Insurance Company group annuity contract, open maturity date 5.75% 5.75% 7.25% 7.25% John Hancock Life Insurance Company group annuity contract, due 05/15/01 6.82% 6.82% SAFECO Life Insurance Company group annuity contract, due 01/06/02 6.72% 6.72% 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, 1997 is the Metropolitan Life Insurance Company group annuity contract whose market value is $13,696,596. 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 1997 and 1996. 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, 1997 and 1996, 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: 1997 1996 ----- ----- Fixed Income Fund 1,687 1,722 Equity Investment Fund 1,169 1,016 Balanced Fund 538 492 Aggressive Equity Fund 621 513 International Equity Fund 426 320 Envirodyne Stock Fund 217 117 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 entitled 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, 1997 1996 ------------ ------------ Net assets available for benefits per the financial statements $71,907,347 $62,849,187 Benefits payable to participants (1,350,857) (1,415,507) Other unallocated items (123,897) ----------- ----------- $70,558,490 $61,309,783 =========== =========== The following is a reconciliation of change in net assets per the financial statements to the Form 5500: Year Ended December 31, 1997 ----------- Net increase in net assets available for benefits per the financial statements $9,058,160 Decrease in benefits payable to participants 64,650 Decrease in other unallocated items 123,897 ---------- $9,246,707 ========== SUPPLEMENTAL SCHEDULES - ---------------------- VISKASE CORPORATION SAVE PROGRAM ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1997 (Unaudited)
(e) CURRENT/ (b) (c) (d) CONTRACT (a) IDENTITY OF ISSUE DESCRIPTION OF INVESTMENT COST VALUE - ---------------------------------- -------------------------- -------------- ------------ SHORT TERM INVESTMENTS: COLTV Short Term Investment Fund Interest bearing cash $ 918,650 $ 918,650 ----------- ----------- $ 918,650 $ 918,650 INSURANCE COMPANY CONTRACTS: Canada Life Contract - 45862 Guaranteed investment contract, 7.82% due 2/14/00 2,136,476 2,136,476 Hartford GA Contract - 10285 Guaranteed investment contract, 7.50% due 2/7/98 2,465,468 2,465,468 Metropolitan Life Insurance Guaranteed annuity contract, Co. Contract 8739-9 5.75%, open maturity date 13,696,596 13,696,596 John Hancock Mutual Life Guaranteed investment Insurance Co. contract, 6.82% due 5/15/01 2,085,276 2,085,276 Safeco Guaranteed investment Contract LP 1056828 contract 6.72% due 1/6/02 2,665,238 2,665,238 ----------- ----------- 23,049,054 23,049,054 INVESTMENTS IN REGISTERED INVESTMENT COMPANIES: CF Continental Bank GIC, Registered investment Fund company 8,631,430 9,956,830 American Balanced Fund, Inc. Registered investment company 3,810,091 4,336,099 American Century Mutual Registered investment Funds company 4,015,285 4,023,675 Europacific Growth Fund Registered investment company 1,881,649 2,015,998 Windsor II Portfolio Open Registered investment End Fund company 17,145,726 24,377,471 ----------- ----------- 35,484,181 44,710,073 LOAN FUND Participant loans Participant loans 2,609,646 2,609,646 ----------- ----------- 2,609,646 2,609,646 STOCK FUND Envirodyne Industries, Inc. Common Stock 388,020 453,593 ----------- ----------- 388,020 453,593 OTHER Proceeds of unsettled sales 128,638 128,638 Cash overdraft (33,613) (33,613) Cash held elsewhere (120,000) (120,000) ----------- ----------- (24,975) (24,975) $62,424,576 $71,716,041 =========== =========== /TABLE Viskase Save Program Item 27d - Schedule of Reportable Transactions December 31, 1997
Number Number of of Net Gain Identity of Issue Purchases Sales Purchases Sales or (Loss -------------------- ---------- ------- ----------- ----------- ------------ Windsor II Portfolio Open End Fund 72 $ 5,610,854 14 $ 1,547,973 $ 496,830 COLTV Short Term Investment 339 10,730,395 Fund 202 12,353,841 CF Continental Bank GIC Fund 2 1,573,334 13 8,322,000 786,525
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