-----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, h/ojI/7iyfaXtJx+s5CedjXCPtm4K8xSkID2zP0Cp8MrfK+ROs+qsKDaILtpQ+WE S2KE18VfWlcTBP0HeuTkRQ== 0000045370-94-000006.txt : 19940706 0000045370-94-000006.hdr.sgml : 19940706 ACCESSION NUMBER: 0000045370-94-000006 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HANNA M A CO/DE CENTRAL INDEX KEY: 0000045370 STANDARD INDUSTRIAL CLASSIFICATION: 3060 IRS NUMBER: 340232435 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-05222 FILM NUMBER: 94536211 BUSINESS ADDRESS: STREET 1: 1301 E 9TH ST STE 3600 CITY: CLEVELAND STATE: OH ZIP: 44114 BUSINESS PHONE: 2165894000 FORMER COMPANY: FORMER CONFORMED NAME: HANNA MINING CO DATE OF NAME CHANGE: 19850523 10-K/A 1 FORM 10-K/A SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K/A NO. 1 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Fiscal year ended: December 31, 1993 Commission file number 1-5222 M. A. HANNA COMPANY (Exact name of registrant as specified in its charter) STATE OF DELAWARE 34-0232435 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1301 E. NINTH STREET, SUITE 3600, CLEVELAND, OHIO 44114-1860 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code 216- 589-4000 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on Title of each class which registered Common Stock, $1 par value New York Stock Exchange Chicago Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. YES X NO Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X] Aggregate market value of the voting stock held by nonaffiliates of the Registrant, computed by reference to the price at which the stock was sold as of February 18, 1994: $855,231,228.00. Common Shares outstanding as of February 18, 1994: 23,756,423. AMENDMENT NO. 1 This Amendment No. 1 amends and supplements the Annual Report on Form 10-K for the fiscal year ended December 31, 1993 (the "Annual Report") filed on March 18, 1994, by M. A. Hanna Company. Unless otherwise indicated, all capitalized terms used below but not specifically defined herein shall have the same meaning set forth in the Annual Report. ITEM 14(a)(3) List of Exhibits Item 14(a)(3) List of Exhibits - "(ii) Other Exhibits" is hereby amended by deleting the anticipatory sentence thereunder and substituting the following in lieu thereof: (1) Financial statements pursuant to Form 11-K and Rule d-21 for the year ended December 31, 1993 for the M. A. Hanna Company Capital Accumulation Plan and Trust, filed herewith. (2) Financial statements pursuant to Form 11-K and Rule d-21 for the year ended December 31, 1993 for the Polymer Group Retirement Savings Plan (formerly called the Capital Accumulation and Savings Plan for Salaried Employees of Day International Corporation), filed herewith. (3) Financial statements pursuant to Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the Allied Color Industries, Inc. Savings and Retirement Plan for Associates of the Vonore, TN, Kansas City, MO, San Fernando, CA, and Vancouver, WA, Operations and Trust (formerly the Avecor, Inc. Savings and Retirement Plan and Trust, filed herewith. (4) Financial statements pursuant to Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for The Burton Rubber Processing, Incorporated Savings and Retirement Plan and Trust, filed herewith. (5) Financial Statements pursuant for Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the PMS Profit Sharing and Retirement Savings Plan and Trust, filed herewith. (6) Financial statements pursuant for Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the Wilson Color Profit Sharing Plan and Trust, filed herewith. (7) Financial statements pursuant to Form 11-K and Rule d-21 for the year ended December 31, 1993 for the Allied Color Industries, Inc. Profit Sharing Plan For Associates Of Broadview Heights, Oh, Greenville, SC and Phoenix, AZ, filed herewith. (8) Financial statements pursuant to Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the Bruck Plastics Company Profit Sharing Plan , filed herewith. (9) Financial statements pursuant to Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the Dayton Plastics Profit Sharing Plan and Trust, filed herewith. (10) Financial Statements pursuant for Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the DH Compounding Savings and Retirement Plan, filed herewith. (11) Financial statements pursuant for Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the Fiberchem, Inc. 401(K) Savings Plan, filed herewith. (12) Financial statements pursuant for Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the Texapol Corporation Employees' 401(K) Savings Plan, filed herewith. EXHIBIT INDEX The Index to Exhibits is hereby amended by deleting it in its entirety and substituting in lieu thereof the attached Index to Exhibits. ITEM 14(c) - Exhibits Item 14(c)(i)(24) is hereby amended by adding and filing as an addition to Exhibit 14(c)(i)(23) the attached Consent of Independent Auditors. Item 14(c)(ii) is hereby amended by adding and filing as Exhibits (ii)(1) through (ii)(12) the above listed financial statements for the year ended December 31, 1993. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant had duly caused this amendment to be signed on its behalf by the undersigned, thereto duly authorized. M. A. HANNA COMPANY (Registrant) Dated: June 27, 1994 By: /s/ John S. Pyke, Jr. John S. Pyke, Jr. Vice President, General Counsel and Secretary ITEM 14 (c) EXHIBIT INDEX Sequential Page No. (i) Exhibits filed pursuant to Regulation S-K (Item 601): (3) Articles of Incorporation and By-laws. (a) Registrant's Articles of Incorporation (as restated as of November 13, 1989, and currently in effect), filed as Exhibit 3(b) to Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1989, and incorporated herein by this reference. (b) Registrant's By-laws (as amended and restated as of March 2, 1988, and currently in effect), filed as Exhibit 3(d) to Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1987 and incorporated herein by this reference. (4) Instruments Defining the Rights of Security Holders: (a) Rights Agreement, dated December 4, 1991, between the Registrant and Ameritrust Company National Association, filed as Exhibit 4.1 to Registrant's Form 8-K dated December 4, 1991, and incorporated herein by this reference. (b) Credit Agreement, dated September 15, 1989 between the Registrant, Citibank, N.A. and the other banks signatory thereto, a copy of which will be provided to the Commission upon request. (c) Indenture dated September 15, 1991 between the Registrant and Ameritrust Company, National Association, Trustee relating to Registrant's $100,000,000 aggregate principal amount of 9% Senior Notes due 1998 and $150,000 aggregate principal amount of 9 3/8% Senior notes due 2003, filed as Exhibit 4 to the Registrant's Form S-3 filed on September 18, 1991, and incorporated herein by this reference. (d) Indenture dated September 26, 1991 between the Registrant and Ameritrust Texas, National Association, Trustee, relating to Registrant's $50,000,000 aggregate principal amount of 9% Notes due 1998, filed as Exhibit 4 to the Registrant's Form S-3 filed on October 24, 1991, and incorporated herein by this reference. (e) Associates Ownership Trust Agreement dated September 12, 1991, between Registrant and Wachovia Bank of North Carolina, filed as Exhibit 28.3 to Registrant's Current Report on Form 8-K dated September 12, 1991, and incorporated herein by this reference. (10) Material Contracts: *(a) The Restated 1979 Executive Incentive Compensation Plan of the Registrant, filed as Exhibit 5 to the Form S-8 Registration Statement No. 2- 70755 filed with the Commission on February 19, 1981 and incorporated herein by this reference, and amendment to the Plan, as ratified and approved by Registrant's stockholders on October 3, 1983, filed as Exhibit 10(c) to Registrant's Form 10-K for the fiscal year ended December 31, 1983 and incorporated herein by this reference. Also amendment to the Plan as approved by Registrant's stockholders on May 1, 1985, filed as Exhibit 10(c) to Registrant's Form 10-K for the fiscal year ended December 31, 1985 and incorporated herein by this reference. *(b) Forms of 1985 Stock Option Agreement, 1985 Grant of Appreciation Rights and 1985 Grant of Performance Rights under the 1979 Executive Incentive Compensation Plan, filed as Exhibit 10(g) to Registrant's Form 10-K for the fiscal year ended December 31, 1985 and incorporated herein by this reference. *(c) Forms of 1987 Stock Option Agreement, 1987 Grant of Appreciation Rights and 1987 Grant of Performance Rights under the 1979 Executive Incentive Compensation Plan, filed as Exhibit 10(e) to Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1986, and incorporated herein by this reference. *(d) 1988 Long-Term Incentive Plan, and forms of Grants of Stock Options, Grants of Appreciation Rights and Grants of Long-Term Incentive Units thereunder, filed as Exhibit 10(e) to Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1988, and incorporated herein by this reference. Also forms of 1989 Stock Option Agreement, 1989 Grant of Appreciation Rights and 1989 Grant of Long-Term Incentive Units, filed as Exhibit 10(e) to Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1989 and incorporated herein by this reference. Also 1990 Amendment to the Plan, filed as Exhibit 10(e) to Registrant's Form 10-K for the fiscal year ended December 31, 1990 and incorporated herein by this reference and forms of 1990 Stock Option Agreement, 1990 Grant of Appreciation Rights and 1990 Grant of Long-Term Incentive Units, filed as Exhibit 10(e) to Registrant's Form 10-K for the fiscal year ended December 31, 1990 and incorporated herein by this reference. Also 1991 Amendment to the Plan, and forms of 1991 Stock Option Agreement, 1991 Grant of Appreciation Rights, 1991 Grant of Long Term Incentive Units, and 1991 Stock Option Agreement with non- employee directors of Registration, filed as Exhibit 10(f) to Registrant's Form 10-K for the fiscal year ended December 31, 1991, and incorporated herein by this reference. Also forms of 1992 Stock Option Agreement and 1992 Grant of Long Term Incentive Units, filed as Exhibit 10(e) to Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1992, and incorporated herein by this reference. *(e) Form of Supplemental Deferred Compensation agreement in which any of the five most highly compensated executive officers of the Registrant participates, refiled herewith. ------- *(f) Form of Supplemental Death Benefits agreement in which any of the five most highly compensated executive officers of the Registrant participates, refiled herewith. ------- *(g) Form of Employment Agreement dated as of February 17, 1989 between Registrant and certain of Registrant's executive officers filed as Exhibit 10(h) to Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1988 and incorporated herein by this reference. Also (i) Employment Agreement dated August 6, 1986, as amended March 5, 1987 and December 1, 1992 between M. D. Walker and the Registrant, filed as Exhibit 10(h)(i) to Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1992, and incorporated herein by this reference; (ii) Employment Agreement dated as of September 27, 1993, between D. R. Schrank and Registrant, filed as Exhibit (a) to Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 1993, and incorporated herein by this reference; and (iii) Employment Agreement dated March 1, 1993 between D. J. McGregor and Registrant, filed herewith. ------- *(h) Description of Directors' compensation and retirement plan, set forth in the section captioned "Directors' Compensation" on pages 12 and 13 of Registrant's definitive proxy statement dated March 17, 1994, as distributed to stockholders and filed with the Commission pursuant to Regulation 14A, which section is incorporated herein by this reference. *(i) Excess Benefit Plan in which any of the five most highly compensated executive officers of the Registrant participates, filed as Exhibit 10(j) to Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1992 and incorporated herein by this reference. *(j) Supplemental Retirement Benefit Plan in which any of the five most highly compensated executive officers of the Registrant participates, filed as Exhibit 10 (k) to Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1992 and incorporated herein by this reference. [*- Identifies management contract or compensation plans or arrangements filed pursuant to Item 601(b)(10)(iii)(A)] (11) Computation of per share earnings, filed herewith. ------- (13) Registrant's Annual Report as distributed to stockholders for the fiscal year ended December 31, 1993, filed herewith. ------- (21) Subsidiaries of the Registrant, filed herewith. ------- (23) Consent of Independent Auditors, filed herewith. ------- (24) Powers of Attorney of certain Directors of Registrant, filed herewith. ------- (ii) Other exhibits: (1) Financial statements pursuant to Form 11-K and Rule d-21 for the year ended December 31, 1993 for the M. A. Hanna Company Capital Accumulation Plan and Trust, filed herewith. ------- (2) Financial statements pursuant to Form 11-K and Rule d-21 for the year ended December 31, 1993 for the Polymer Group Retirement Savings Plan (formerly called the Capital Accumulation and Savings Plan for Salaried Employees of Day International Corporation), filed herewith. ------- (3) Financial statements pursuant to Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the Allied Color Industries, Inc. Savings and Retirement Plan for Associates of the Vonore, TN, Kansas City, MO, San Fernando, CA, and Vancouver, WA, Operations and Trust (formerly the Avecor, Inc. Savings and Retirement Plan and Trust, filed herewith. ------- (4) Financial statements pursuant to Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for The Burton Rubber Processing, Incorporated Savings and Retirement Plan and Trust, filed herewith. ------- (5) Financial Statements pursuant for Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the PMS Profit Sharing and Retirement Savings Plan and Trust, filed herewith. ------- (6) Financial statements pursuant for Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the Wilson Color Profit Sharing Plan and Trust, filed herewith. ------- (7) Financial statements pursuant to Form 11-K and Rule d-21 for the year ended December 31, 1993 for the Allied Color Industries, Inc., For Associates Of Broadview Heights, Oh, Greenville, SC and Phoenix, AZ, filed herewith. ------- (8) Financial statements pursuant to Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the Bruck Plastics Company Profit Sharing Plan, filed herewith. ------- (9) Financial statements pursuant to Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the Dayton Plastics Profit Sharing Plan and Trust, filed herewith. ------- (10) Financial Statements pursuant for Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the DH Compounding Savings and Retirement Plan, filed herewith. ------- (11) Financial statements pursuant for Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the Fiberchem, Inc. 401(K) Savings Plan, filed herewith. ------- (12) Financial statements pursuant for Form 11-K and Rule d-21 for the fiscal year ended December 31, 1993 for the Texapol Corporation Employees' 401(K) Savings Plan, filed herewith. ------- EX-23 2 CONSENT OF AUDITORS Consent of Independent Auditors We consent to the incorporation by reference in the following Registration Statements (Exhibit I) of M.A. Hanna Company of our report dated June 24, 1994, with respect to the financial statements and schedules of the respective employee benefit plans of M.A. Hanna Company incorporated by reference in the Annual Report (Form 10-K) as amended for the year ended December 31, 1993. /s/ Ernst & Young Cleveland, Ohio June 27, 1994 CONSENT OF INDEPENDENT AUDITORS Exhibit I Form S-8 No. 33-38988 pertaining to the M.A. Hanna Company Capital Accumulation Plan. Form S-8 No. 33-51517 pertaining to Wilson Color Profit Sharing Plan. Form S-8 No. 33-51555 pertaining to PMS Profit Sharing and Retirement Savings Plan. Form S-8 No. 33-51491 pertaining to Burton Rubber Processing, Inc. Savings and Retirement Plan. Form S-8 No. 33-51503 pertaining to Allied Color Industries, Inc. Savings and Retirement Plan for Associates of the Vonore, TN, Kansas City, MO, San Fernando, CA and Vancouver, WA Operations and Trust (formerly the Avecor, Inc. Savings and Retirement Plan and Trust). Form S-8 No. 33-41461 pertaining to the Polymers Group Retirement Savings Plan (formerly the M.A. Hanna Company Capital Accumulation and Savings Plan for Salaried Employees of Day International Corporation). EX-99 3 FINANCIAL STATEMENTS M.A. HANNA CAP PLAN Audited Financial Statements M.A. Hanna Company Capital Accumulation Plan and Trust December 31, 1993 and 1992 Report of Independent Auditors Committee for Employee Benefits Administration M.A. Hanna Company Capital Accumulation Plan and Trust We have audited the accompanying statements of net assets available for plan benefits of the M.A. Hanna Company Capital Accumulation Plan and Trust as of December 31, 1993 and 1992, and the related statement of changes in net assets available for plan benefits for the year ended December 31, 1993. 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 present fairly, in all material respects, the net assets available for plan benefits of the Plan at December 31, 1993 and 1992, and the changes in its net assets available for plan benefits for the year ended December 31, 1993, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment as of December 31, 1993, and transactions or series of transactions in excess of five percent of the current value of plan assets for the year then ended, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1993 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1993 basic financial statements taken as a whole. /s/ Ernst & Young June 24, 1994 M.A. HANNA COMPANY CAPITAL ACCUMULATION PLAN AND TRUST STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS December 31, 1993
Wells Fargo Mutual Funds ------------------------------------------------------------------- U.S. Asset Bond Treasury Money Sweep Allocation Index S&P 500 Allocation Market Account Fund Fund Stock Fund Fund Fund --------- ----------- --------- ------------ ------------ ----------- Assets Investments at fair value $123 $2,246,406 $374,530 $3,738,710 $11,974,740 $3,944,635 Employer's contribution receivable 3,159 385 948 721 512 Employees' contribution receivable 6,688 804 2,010 1,578 1,058 Participant loans _________ ___________ _________ ____________ ____________ ___________ Net assets available for plan benefits $123 $2,256,253 $375,719 $3,741,668 $11,977,039 $3,946,205 ========= =========== ========= ============ ============ =========== See notes to financial statements Tilts & M.A. Hanna Timing Company Fund Stock Fund Loans Total --------- ----------- --------- ------------ Assets Investments at fair value $716,975 $3,837,180 $0 $26,833,299 Employer's contribution receivable 286 9,077 15,088 Employees' contribution receivable 608 3,216 15,962 Participant loans 250,890 250,890 _________ ___________ _________ ____________ Net assets available for plan benefits $717,869 $3,849,473 $250,890 $27,115,239 ========= =========== ========= ============
M.A. HANNA COMPANY CAPITAL ACCUMULATION PLAN AND TRUST STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS December 31, 1992
Wells Fargo Collective Investment Funds ------------------------------------------------------------------- Three Way U.S. Tilts Asset Bond Treasury & Sweep Allocation Index S&P 500 Allocation Timing Account Fund Fund Stock Fund Fund Fund --------- ----------- --------- ------------ ------------ ----------- Assets Investments at fair value $1,924 $1,089,284 $284,807 $3,421,826 $12,064,671 $330,470 Employer's contribution receivable 3,137 403 670 738 236 Employees' contribution receivable 6,534 819 1,373 1,517 488 Interest receivable 381 Participant loans _________ ___________ _________ ____________ ____________ ___________ Net assets for plan benefits $2,305 $1,098,955 $286,029 $3,423,869 $12,066,926 $331,194 ========= =========== ========= ============ ============ =========== See notes to financial statements. ----------- Money M.A. Hanna Market Company Fund Stock Fund Loans Total ----------- ----------- --------- ------------ Assets Investments at fair value $2,553,931 $2,359,832 $0 $22,106,745 Employer's contribution receivable 686 8,968 14,838 Employees' contribution receivable 6,839 3,155 20,725 Interest receivable 381 Participant loans 152,928 152,928 ___________ ___________ _________ ____________ Net assets for plan benefits $2,561,456 $2,371,955 $152,928 $22,295,617 =========== =========== ========= ============
M.A. HANNA COMPANY CAPITAL ACCUMULATION PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
WELLS FARGO COLLECTIVE INVESTMENT FUNDS ------------------------------------------------------------------ Three-Way S&P US Asset Bond 500 Treasury Tilts & Sweep Allocation Index Stock Allocation Timing Account Fund Fund Fund Fund Fund --------- ----------- --------- ----------- ------------ --------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF JANUARY 1, 1993 $2,305 $1,098,955 $286,029 $3,423,869 $12,066,926 $331,194 Investment Income: Net realized and unrealized appreciation (depreciation) in fair value of investments 131,019 23,852 126,832 1,403,399 54,351 Interest 23 Dividends --------- ----------- --------- ----------- ------------ --------- 23 131,019 23,852 126,832 1,403,399 54,351 Contributions: Employer 127,345 15,731 36,939 35,672 23,475 Employees 144,489 21,048 100,231 56,975 54,961 ----------- --------- ----------- ------------ --------- 271,834 36,779 137,170 92,647 78,436 Distribution to employees partially and wholly withdrawn from the Plan (180) (41,951) (3,801) (80,477) (130,259) (53,621) Net transfer (to) from other funds (1,574) (1,701,833) (415,766) (3,776,193) (13,820,306) 261,487 Transfers (out) in (451) 241,976 72,907 168,799 387,613 46,022 Administrative expenses (20) --------- ----------- --------- ----------- ------------ --------- Net (decrease) increase (2,182) (1,098,955) (286,029) (3,423,869) (12,066,926) 386,675 --------- ----------- --------- ----------- ------------ --------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $123 $0 $0 $0 $0 $717,869 ========= =========== ========= =========== ============ ========= See notes to financial statements WELLS FARGO MUTUAL FUNDS ---------------------------------------------------------------------- U.S. Money Asset Bond S&P Treasury Market Allocation Index 500 Allocation Fund Fund Fund Stock Fund Fund ----------- ----------- ---------- ----------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF JANUARY 1, 1993 $2,561,456 $0 $0 $0 $0 Investment Income: Net realized and unrealized appreciation (depreciation) in fair value of investments 52,652 (2,335) 167,605 (41,062) Interest 36,780 Dividends 58,495 11,351 46,465 700,377 ----------- ----------- ---------- ----------- ------------ 36,780 111,147 9,016 214,070 659,315 Contributions: Employer 65,711 45,776 6,234 18,006 (10,980) Employees 60,573 130,476 34,828 87,556 13,456 ----------- ----------- ---------- ----------- ------------ 126,284 176,252 41,062 105,562 2,476 Distribution to employees partially and wholly withdrawn from the Plan (200,908) (13,766) (3,275) (48,586) (178,594) Net transfer (to) from other funds (2,711,957) 2,034,891 378,831 3,570,805 11,493,872 Transfers (out) in 188,345 (52,270) (49,915) (100,183) Administrative expenses (1) (30) ----------- ----------- ---------- ----------- ------------ Net (decrease) increase (2,561,456) 2,256,253 375,719 3,741,668 11,977,039 ----------- ----------- ---------- ----------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $0 $2,256,253 $375,719 $3,741,668 $11,977,039 =========== =========== ========== =========== ============ -------------- Money M.A. Hanna Market Company Fund Stock Fund Loans Total ----------- ----------- --------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF JANUARY 1, 1993 $0 $2,371,955 $152,928 $22,295,617 Investment Income: Net realized and unrealized appreciation (depreciation) in fair value of investments 492,538 2,408,851 Interest 13,743 50,546 Dividends 41,885 858,573 ----------- ----------- --------- ------------- 41,885 492,538 13,743 3,317,970 Contributions: Employer 38,089 328,887 730,885 Employees 53,538 103,074 861,205 ----------- ----------- ------------- 91,627 431,961 1,592,090 Distribution to employees partially and wholly withdrawn from the Plan (138,619) (74,535) (11,772) (980,344) Net transfer (to) from other funds 3,951,323 640,429 95,991 0 Transfers (out) in (10,291) 892,552 Administrative expenses (11) (2,584) (2,646) ----------- ----------- --------- ------------ Net (decrease) increase 3,946,205 1,477,518 97,962 4,819,622 ----------- ----------- --------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $3,946,205 $3,849,473 $250,890 $27,115,239 =========== =========== ========= =============
M.A. Hanna Company Capital Accumulation Plan and Trust Notes to Financial Statements December 31, 1993 and 1992 A. Significant Accounting Policies The accounting records of the Capital Accumulation Plan and Trust (the Plan) are maintained on the accrual basis. The change in the difference between fair value and cost of investments is reflected in the statement of changes in net assets available for plan benefits as unrealized appreciation (depreciation). The Wells Fargo Collective Investment Funds ("the Funds") invest in units of Wells Fargo Institutional Trust Company ("WFITC") Collective Trust Funds for Employee Benefit Trusts ("the Master Funds") which have similar investment objectives to the Funds. The Funds also invest in the Money Market Fund as a short-term investment vehicle. Effective July 2, 1993, certain Wells Fargo Collective Investment Funds were converted to the Stagecoach Inc. mutual funds of Wells Fargo ("the Funds"). Wells Fargo Bank, N.A. ("Wells Fargo") is the Trustee and Investment Manager of the Funds. WFITC is the Trustee and Investment Manager of the Master Funds and receives investment advice from Wells Fargo Nikko Investment Advisors. The following is a summary of significant accounting policies consistently followed by Wells Fargo: Fund Valuation Valuation of the Funds' units occurs daily. Unit values are determined by dividing the value of each Fund's net assets by the number of units outstanding on the valuation date. Units of the Master Funds are valued on the basis of the unit value established by WFITC for each fund at each valuation date. The Bond Index Fund invests in units of the WFITC Government/Corporate Bond Index Fund ("Bond Master Fund"). The Bond Master Fund's units are valued approximately once every five business days ("Master Fund Valuation Date"). Daily valuations of the Bond Master Fund are calculated by adjusting its unit value on the most recent Master Fund Valuation Date for subsequent changes in the Lehman Brothers Government/Corporate Bond Index. Valuation of Investments Securities traded on securities exchanges are valued at the last reported sales price on the valuation date, or in the absence of any sales, at the last reported bid price on the valuation date. Securities traded over-the- counter are valued at the final bid price on the valuation date. Securities not traded are valued on the basis of quotations from pricing services or securities dealers. U.S. Treasury obligations are valued daily at the mean of bid and ask prices. Investment Transactions and Investment Income Investment transactions are accounted for on the trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on the accrual basis. The cost of investments sold is computed on an average cost basis. B. 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. The Plan is a defined contribution plan and is offered to salaried associates of M.A. Hanna Company and certain associated companies who have completed six months of continuing service. The purpose of this Plan is to provide these employees with an opportunity to accumulate savings for their retirement while at the same time providing withdrawal features due to early termination or retirement. The terms of the Plan permit eligible associates to contribute after-tax dollars from 1% to 14% each month through payroll deductions and provide for matching contributions (up to 7-1/2% of their salary) by their respective employer. 50% of the employer matching contribution is automatically invested in the M.A. Hanna Stock Fund. The remaining 50% is allocated in accordance with the participant's election . Participants are fully vested in their account balance at all times. Employer contributions become vested at the end of the calendar year in which the contributions are made provided the participant is employed on the last day of the calendar year. Nonvested contributions forfeited by terminated employees serve to reduce contributions made by the respective participating companies. A separate account is maintained for each participating employee which shows that participant's interest in each of the funds. Subject to certain limitations, an employee can make a voluntary withdrawal from the account at any time. Upon termination of service, a participant may elect to receive either a lump-sum equal to the value of his or her account, or periodic installments over a period not to exceed the life expectancy of the participant and his or her spouse. The Company reserves the right to terminate or modify the Plan. In the event of a complete termination of the Plan, all participant accounts become 100% vested and the net assets of the Plan are to be set aside for distribution to Plan participants in a manner elected by each and as permitted under the provisions of the Plan. The Plan administrator has received notice that the Plan is not covered by the Pension Benefit Guaranty Corporation. C. Transactions with Parties-in-Interest All expenses of administering the Plan are ratably shared by M.A. Hanna Company and the other participating companies. Investment management fees are paid by participants in that management fees reduce the investment return reported and credited to participants. D. Investments The individual investments that reresent 5% or more of the fair value of net assets available for plan benefits at December 31, 1993 and 1992 are: 1993 1992 M.A. Hanna Company Stock Fund $3,837,180 $2,359,832 Wells Fargo Mutual Funds: Asset Allocation Fund 2,246,406 S&P 500 Stock Fund 3,738,710 U.S. Treasury Allocation Fund 11,974,740 Money Market Fund 3,944,635 Wells Fargo Collective Investment Funds: S&P 500 Stock Fund 3,421,826 U.S. Treasury Allocation Fund 12,064,671 Money Market Fund 2,553,931 E. Income Tax Status The Internal Revenue Service (the IRS) has ruled that the Plan qualifies under Section 401(a) of the Internal Revenue Code and that the Trust is exempt under Section 501(a) of the Internal Revenue Code and is, therefore, not subject to tax under present income tax laws. Continued qualification of the Plan depends upon timely adoption and operational application of certain amendments required as a result of the Tax Reform Act of 1986 (the Act). In the Company's opinion, the Plan is operating in compliance with the applicable provisions of the Act. A determination has been requested from the IRS as to the qualification of the Plan, with respect to amendments required as a result of the Act. The Company is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status. M.A. Hanna Company Capital Accumulation Plan and Trust Schedule 27(a) - Schedule of Assets Held for Investment Purposes December 31, 1993
Identity of Issue, Borrower, Lessor Description of Current or Similar Party Investment Cost Value - - ----------------------------------------- ------------------------- ------------ ------------ Cash $123 $123 M.A. Hanna Company Stock Fund 227,996 units 3,059,603 3,837,180 Wells Fargo Mutual Funds: Asset Allocation Fund 218,735 units 2,208,451 2,246,406 Bond Index Fund 37,679 units 376,856 374,530 S&P 500 Stock Fund 385,114 units 3,618,787 3,738,710 U.S. Treasury Allocation Fund 1,205,915 units 12,070,272 11,974,740 Money Market Fund 3,944,635 units 3,944,635 3,944,635 ------------ ------------ 22,219,001 22,279,021 Wells Fargo Collective Investment Funds: Tilts & Timing Fund 52,487 units 651,397 716,975 Participant Loans Various personal loans ranging from 6.1 to 7.5% with terms of 1 - 5 years 250,890 250,890 ------------ ------------ $26,181,014 $27,084,189 ============ ============
M.A. Hanna Company Capital Accumulation Plan and Trust Schedule 27(d) - Schedule of Reportable Transactions December 31, 1993 Series Of Transactions
Purchases Sales ------------------------- -------------------------- Identity of Party Involved Description Number Amount Number Cost - - ----------------------------------------- ----------------------------------- ------------ ------------ ------------ ------------ Wells Fargo Bank, N.A. M.A. Hanna Company Stock Fund 77 $2,225,834 67 $932,100 Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund 46 917,809 25 1,942,408 Wells Fargo Bank, N.A. S&P 500 Stock Fund 47 501,163 19 3,700,557 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 29 831,180 38 12,108,398 Wells Fargo Bank, N.A. Money Market Fund 34 1,174,363 26 3,765,072 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund 38 2,768,015 28 559,564 Wells Fargo Bank, N.A. S&P 500 Stock Fund 34 5,024,282 25 1,405,495 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 32 14,044,232 37 1,973,960 Wells Fargo Bank, N.A. Money Market Fund 34 5,241,831 33 1,332,295 Single Transactions Identity of Party Involved Description Date Amount Date Cost - - ----------------------------------------- ----------------------------------- ------------ ------------ ------------ ------------ Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund 7/2/93 $1,800,563 Wells Fargo Bank, N.A. S&P 500 Stock Fund 7/2/93 3,571,334 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 7/2/93 11,098,243 Wells Fargo Bank, N.A. Money Market Fund 7/2/93 2,752,259 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund 7/2/93 $1,991,438 Wells Fargo Bank, N.A. Money Market Fund 7/2/93 2,753,247 Wells Fargo Bank, N.A. S&P 500 Stock Fund 7/2/93 3,910,831 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 7/2/93 13,164,018 Series of Transactions ------------------------- Selling Identity of Party Involved Description Price Net Gain - - ----------------------------------------- ----------------------------------- ------------ ------------ Wells Fargo Bank, N.A. M.A. Hanna Company Stock Fund $1,241,024 $308,924 Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund 2,138,113 195,705 Wells Fargo Bank, N.A. S&P 500 Stock Fund 4,049,821 349,264 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 14,299,250 2,190,852 Wells Fargo Bank, N.A. Money Market Fund 3,765,072 0 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund 574,261 14,697 Wells Fargo Bank, N.A. S&P 500 Stock Fund 1,453,177 47,682 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 2,028,430 54,470 Wells Fargo Bank, N.A. Money Market Fund 1,332,295 0 Single Transactions Selling Identity of Party Involved Description Price Net Gain - - ----------------------------------------- ----------------------------------- ------------ ------------ Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund $1,984,325 $183,762 Wells Fargo Bank, N.A. S&P 500 Stock Fund 3,909,125 337,791 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 13,163,673 2,065,430 Wells Fargo Bank, N.A. Money Market Fund 2,752,259 0 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund Wells Fargo Bank, N.A. Money Market Fund Wells Fargo Bank, N.A. S&P 500 Stock Fund Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund
EX-99 4 FINANCIAL STATMENTS POLYMER SAVINGS PLAN Polymer Group Retirement Savings Plan Audited Financial Statements and Other Financial Information Years ended December 31, 1993 and 1992 Report of Independent Auditors Polymer Group Retirement Savings Plan We have audited the accompanying statements of assets available for plan benefits of the Polymer Group Retirement Savings Plan (formerly the Capital Accumulation and Savings Plan for Salaried Employees of Day International Corporation) as of December 31, 1993 and 1992, and the related statements of changes in assets available for plan 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 present fairly, in all material respects, the assets available for plan benefits of the Plan at December 31, 1993 and 1992, and the changes in its assets available for plan benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment as of December 31, 1993, and transactions or series of transactions in excess of 5% of the current value of plan assets for the year then ended 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 of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules have been subjected to the auditing procedures applied in the audit 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. /s/ Ernst & Young May 13, 1994 Polymer Group Retirement Savings Plan Statement of Assets Available for Plan Benefits December 31, 1993
U.S. Asset Bond S&P 500 Treasury Tilts & Money M.A. Hanna Allocation Index Stock Allocation Timing Market Stock Wellsfunds Wellsfunds Wellsfunds Wellsfunds Wellsfunds Wellsfunds Wellsfunds ------------ ------------ ------------ ------------ ------------ ------------ ------------ Assets Investments at fair value $6,332,684 $1,364,416 $6,257,440 $10,548,377 $2,075,350 $7,584,959 $13,418,370 Interest receivable 18,345 Employer contribution receivable 433,107 104,106 313,530 86,339 174,568 212,538 $1,653,257 Employee contribution receivable 795 170 477 254 282 463 265 Loans to participants 1,856,547 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Assets available for plan benefits $6,766,586 $1,468,692 $6,571,447 $10,634,970 $2,250,200 $9,672,852 $15,071,892 ============ ============ ============ ============ ============ ============ ============ See accompanying notes. Total ------------ Assets Investments at fair value $47,581,596 Interest receivable 18,345 Employer contribution receivable 2,977,445 Employee contribution receivable 2,706 Loans to participants 1,856,547 ------------ Assets available for plan benefits $52,436,639 ============
Polymer Group Retirement Savings Plan Statement of Assets Available for Plan Benefits December 31, 1992
U.S. Asset Bond S&P 500 Treasury Tilts & Money Allocation Index Stock Allocation Timing Market Fund Fund Fund Fund Fund Fund ------------ ------------ ------------ ------------ ------------ ------------ Assets Investments at fair value $4,297,253 $1,201,869 $5,076,031 $8,682,951 $1,539,514 $8,514,084 Employer contribution receivable 437,450 104,988 297,466 192,478 157,482 332,679 Employee contribution receivable 20,693 3,359 11,061 8,856 6,103 8,930 Loans to participants 1,210,428 ------------ ------------ ------------ ------------ ------------ ------------ Assets available for plan benefits $4,755,396 $1,310,216 $5,384,558 $8,884,285 $1,703,099 $10,066,121 ============ ============ ============ ============ ============ ============ See accompanying notes. M.A. Hanna Stock Fund Total ------------ ------------ Assets Investments at fair value $9,715,744 $39,027,446 Employer contribution receivable $1,604,721 3,127,264 Employee contribution receivable 8,987 67,989 Loans to participants 1,210,428 ------------ ------------ Assets available for plan benefits $11,329,452 $43,433,127 ============ ============
Polymer Group Retirement Savings Plan Statement of Changes in Assets Available for Plan Benefits Year ended December 31, 1993
U.S. Asset Bond S&P 500 Treasury Tilts & Money Allocation Index Stock Allocation Timing Market Wellsfunds Wellsfunds Wellsfunds Wellsfunds Wellsfunds Wellsfunds ------------ ------------ ------------ ------------ ------------ ------------ Additions Investment income: Interest $0 $0 $0 $0 $0 $149,028 Dividends 163,833 40,158 75,515 589,596 0 99,988 Contributions: Day International Corporation 199,687 48,773 142,494 93,955 145,350 100,609 Employees of Day International Corporation 356,159 86,967 254,060 167,456 252,844 179,507 Transfers between accounts 5,776 (3,724) 1,094 (5,119) (1,003) (15,877) ------------ ------------ ------------ ------------ ------------ ------------ 725,455 172,174 473,163 845,888 397,191 513,255 Deductions Benefit payments and withdrawals 49,594 20,736 45,864 213,198 28,783 268,691 Administrative expenses 1,328 355 1,250 843 658 1,637 ------------ ------------ ------------ ------------ ------------ ------------ 50,922 21,091 47,114 214,041 29,441 270,328 Net realized and unrealized appreciation (depreciation) in fair value of investments 160,974 (6,872) 257,200 (82,877) 194,391 0 ------------ ------------ ------------ ------------ ------------ ------------ Net additions(deductions) 835,507 144,211 683,249 548,970 562,141 242,927 Assets available for plan benefits at beginning of year 0 0 0 0 1,703,099 0 Transfers from previously held funds 5,931,079 1,324,481 5,888,198 10,086,000 (15,040) 9,429,925 ------------ ------------ ------------ ------------ ------------ ------------ Assets available for plan benefits at end of year $6,766,586 $1,468,692 $6,571,447 $10,634,970 $2,250,200 $9,672,852 ============ ============ ============ ============ ============ ============ See accompanying notes. U.S. M.A. Hanna Asset Bond Treasury Stock Allocation Index S&P 500 Allocation Fund Fund Fund Stock Fund Fund ------------ ------------ ------------ ------------ ------------ Additions Investment income: Interest $0 $0 $0 $0 $0 Dividends 0 0 0 0 0 Contributions: Day International Corporation 1,709,425 228,114 51,416 160,375 130,126 Employees of Day International Corporation 526,280 385,262 88,142 274,343 222,717 Transfers between accounts 40,306 3,284 (4,228) (2,666) (6,102) ------------ ------------ ------------ ------------ ------------ 2,276,011 616,660 135,330 432,052 346,741 Deductions Benefit payments and withdrawals 480,308 361,462 8,938 45,416 328,202 Administrative expenses 2,396 874 232 879 570 ------------ ------------ ------------ ------------ ------------ 482,704 362,336 9,170 46,295 328,772 Net realized and unrealized appreciation (depreciation) in fair value of investments 1,753,905 448,870 98,536 195,203 1,056,078 ------------ ------------ ------------ ------------ ------------ Net additions(deductions) 3,547,212 703,194 224,696 580,960 1,074,047 Assets available for plan benefits at beginning of year 11,329,452 4,755,396 1,310,216 5,384,558 8,884,285 Transfers from previously held funds 195,228 (5,458,590) (1,534,912) (5,965,518) (9,958,332) ------------ ------------ ------------ ------------ ------------ Assets available for plan benefits at end of year $15,071,892 $0 $0 $0 $0 ============ ============ ============ ============ ============ Money Market Fund Total ------------ ------------ Additions Investment income: Interest $114,361 $263,389 Dividends 0 969,090 Contributions: Day International Corporation 109,565 3,119,889 Employees of Day International Corporation 186,052 2,979,789 Transfers between accounts (11,741) 0 ------------ ------------ 398,237 7,332,157 Deductions Benefit payments and withdrawals 540,410 2,391,602 Administrative expenses 1,429 12,451 ------------ ------------ 541,839 2,404,053 Net realized and unrealized appreciation (depreciation) in fair value of investments 0 4,075,408 ------------ ------------ Net additions(deductions) (143,602) 9,003,512 Assets available for plan benefits at beginning of year 10,066,121 43,433,127 Transfers from previously held funds (9,922,519) 0 ------------ ------------ Assets available for plan benefits at end of year $0 $52,436,639 ============ ============
Polymer Group Retirement Savings Plan Statement of Changes in Assets Available for Plan Benefits Year ended December 31, 1992
U.S. Asset Bond Treasury Tilts & Money Allocation Index S&P 500 Allocation Timing Market Fund Fund Stock Fund Fund Fund Fund ------------ ------------ ------------ ------------ ------------ ------------ Additions Investment income: Interest $0 $0 $0 $0 $0 $437,152 Contributions: Day International Corporation 439,685 104,988 301,269 234,334 158,522 333,859 Employees of Day International Corporation 705,716 169,785 489,587 299,610 248,784 404,222 Transfers between accounts 3,463,145 1,017,986 (1,601,587) 2,271,996 1,262,450 (964,918) ------------ ------------ ------------ ------------ ------------ ------------ 4,608,546 1,292,759 (810,731) 2,805,940 1,669,756 210,315 Deductions Benefit payments and withdrawals 65,945 33,016 419,129 946,335 34,350 1,376,313 Administrative expenses 152 47 225 111 40 2,255 ------------ ------------ ------------ ------------ ------------ ------------ 66,097 33,063 419,354 946,446 34,390 1,378,568 Net realized and unrealized appreciation (depreciation) in fair value of investments 212,947 50,520 386,358 507,740 67,733 0 ------------ ------------ ------------ ------------ ------------ ------------ Net additions(deductions) 4,755,396 1,310,216 (843,727) 2,367,234 1,703,099 (1,168,253) Assets available for plan benefits at beginning of year 0 0 0 0 0 0 Transfers from previously held funds 0 0 6,228,285 6,517,051 0 11,234,374 ------------ ------------ ------------ ------------ ------------ ------------ Assets available for plan benefits at end of year $4,755,396 $1,310,216 $5,384,558 $8,884,285 $1,703,099 $10,066,121 ============ ============ ============ ============ ============ ============ See accompanying notes. M.A. Hanna Guaranteed Stock Interest Fund Fund Total ------------ ------------ ------------ Additions Investment income: Interest $0 $107,736 $544,888 Contributions: Day International Corporation 1,607,557 0 3,180,214 Employees of Day International Corporation 482,623 0 2,800,327 Transfers between accounts 1,928,405 (7,377,477) 0 ------------ ------------ ------------ 4,018,585 (7,269,741) 6,525,429 Deductions Benefit payments and withdrawals 650,807 0 3,525,895 Administrative expenses 259 0 3,089 ------------ ------------ ------------ 651,066 0 3,528,984 Net realized and unrealized appreciation (depreciation) in fair value of investments 2,510,903 0 3,736,201 ------------ ------------ ------------ Net additions(deductions) 5,878,422 (7,269,741) 6,732,646 Assets available for plan benefits at beginning of year 0 0 0 Transfers from previously held funds 5,451,030 7,269,741 36,700,481 ------------ ------------ ------------ Assets available for plan benefits at end of year $11,329,452 $0 $43,433,127 ============ ============ ============
Polymer Group Retirement Savings Plan Notes to Financial Statements December 31, 1993 1. Plan Information Plan Sponsor Cadillac Plastic Group, Inc., formerly called Day International Corporation (the Company), a subsidiary of the M. A. Hanna Company, is the legal sponsor of the Plan. Plan Restatement Effective January 1, 1992, the Capital Accumulation and Savings Plan for Salaried Employees of Day International Corporation was amended and restated to become the Polymer Group Retirement Savings Plan (the Plan). A successor trustee was also appointed. As of January 1, 1992, the Plan provides for employee contributions to be invested in seven separate daily-valued Wells Fargo Investment Funds for Retirement Plans. The seven funds are: the Asset Allocation Wellsfunds, the Bond Index Wellsfunds, the U.S. Treasury Allocation Wellsfunds, the S&P 500 Stock Wellsfunds, the M.A. Hanna Stock Wellsfunds, the Money Market Wellsfunds, and the Tilts & Timing Wellsfunds. The allocation of each participant's contribution and the employer's discretionary contribution is made to these funds as directed by the participant. In 1993 and 1992, the Company's matching contribution is invested in the M. A. Hanna stock fund. As of January 1, 1994 and every two years thereafter, participants shall be provided with at least a two-week window in which they can direct the Company's matching contribution. The qualified nonelective contribution made in 1993 and 1992 is invested according to the participant's investment election on the date of contribution. 2. Significant Accounting Policies Basis of Accounting The accounting records of the Plan are maintained on an accrual basis in conformity with generally accepted accounting principles. Valuation of Investments Investments are carried at current value as determined by the valuation at market of net assets applicable to outstanding units of the Wells Fargo Investment Funds for Retirement Plans. 3. Description of the Plan The Plan is a defined contribution plan which covers substantially all salaried employees of the Company and certain related companies. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Company's annual contribution to the Plan is comprised of two elements, a discretionary contribution and a matching contribution. The Company's discretionary contribution is computed as the sum of the participants' compensation for the accounting year ending on the December 31 valuation date multiplied by a predetermined percentage (3.5% for the accounting years ended December 31, 1993 and 1992). Contributions to participants' accounts are subject to certain limitations as defined by the Plan. The Company's matching contribution is computed as the sum of the matchable contributions (contributions not exceeding 6% of the participant's current compensation) made by the participants to the Plan during the year multiplied by a predetermined percentage which is based on the fully diluted earnings per share of the M. A. Hanna Company. Participants are not required to make contributions to the Plan. They may, however, voluntarily contribute to their own account an amount not exceeding 11% of their compensation received while a participant during the year. Under the provisions of the plan agreement, the Company is also permitted to make a qualified nonelective contribution. This contribution is made in amounts necessary to keep the Plan from violating certain Internal Revenue Code nondiscriminatory regulations. When made, these contributions are allocated to non-highly-compensated participants as designated by the Company and are immediately 100% vested. The Plan has met the minimum funding requirements of ERISA. Participants are immediately vested in the employee contributions and the Company's matching contributions made to the Plan. Each participant's account is also credited with an allocation of (a) the Company's contributions and (b) plan earnings. Allocations are based on participant earnings, account balances, and employee contributions as defined by the Plan. Participants are vested in this portion of their account based on their years of service. A participant is 100% vested after five years of credited service. Upon termination of service, a participant may receive either a lump-sum amount equal to the value of his or her account or monthly payments over a period of time as defined by the plan agreement. Forfeitures of terminated participants' nonvested accounts are used to offset future Company contributions. Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants will become 100% vested in their accounts. All expenses of the Plan, except investment management fees and loan fees, are paid by the Company. Information about the plan agreement, including the vesting and benefit provisions, is available from the Plan's Committee for Employee Benefits Administration. 4. Investments The following table presents individual investments that represented 5% or more of the fair value of net assets available for plan benefits for the year ended December 31: 1993 1992 Asset Allocation Fund $ - $4,297,253 S&P 500 Stock Fund - 5,076,031 U.S. Treasury Allocation Fund - 8,682,951 Money Market Fund - 8,514,084 Asset Allocation Wellsfunds 6,332,684 - S&P 500 Stock Wellsfunds 6,257,440 - U.S. Treasury Allocation Wellsfunds 10,548,377 - Money Market Wellsfunds 7,584,959 - M.A. Hanna Stock Fund 13,418,370 9,715,744 5. Income Tax Status The Internal Revenue Service has ruled that the Plan qualifies under Section 401(a) of the Internal Revenue Code (IRC) and is, therefore, not subject to tax under present income tax law. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. Subsequent to qualification under Section 401(a), the Plan has been amended to comply with changes required by the Tax Reform Act of 1986 and has filed for approval of plan changes to maintain its qualification. The Committee for Employee Benefits Administration of the Company is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status. 6. Transactions with Parties-In-Interest The Plan had substantially all of the M. A. Hanna stock fund assets at December 31, 1993 and 1992 invested in the common stock of the M. A. Hanna Company. Under the provisions of the plan agreement, the Company may direct the trustee to acquire and hold M.A. Hanna Company stock in an amount equal to up to 100% of the sum of all Participants' Matching Accounts. Polymer Group Retirement Savings Plan Schedule of Assets Held for Investment December 31, 1993
Description of Current Investment Units Cost Value - - ----------------------------------------- ------------------------- ------------ ------------ Asset Allocation Wellsfunds 616,619.628 $6,187,117 $6,332,684 Bond Index Wellsfunds 137,265.209 1,373,788 1,364,416 S&P 500 Stock Wellsfunds 599,371.652 6,006,904 6,257,440 U.S. Treasury Allocation Wellsfunds 1,602,273.573 10,646,830 10,548,377 Tilts & Timing Fund 151,928.989 1846612 2075350 Money Market Wellsfunds 7,584,958.980 7,584,959 7,584,959 M.A. Hanna Stock Fund 797,288.787 10,950,931 13,418,370 ------------ ------------ $44,597,141 $47,581,596 ============ ============
Polymer Group Retirement Savings Plan Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets Year Ended December 31, 1993
Number of Purchase Number of Identity of Party Involved Description of Assets Purchases Price Sales - - -------------------------------------------------- ----------------------------------- ------------ ------------ ------------ Category (i) - A Single Transaction in Excess of 5% of Plan Assets Asset Allocation Fund Participating Units 1 S&P 500 Stock Fund Participating Units 1 U.S. Treasury Allocation Fund Participating Units 1 Money Market Fund Participating Units 1 Asset Allocation Wellsfunds Participating Units 1 $5,817,919 Money Market Wellsfunds Participating Units 1 7,459,879 S&P 500 Stock Wellsfunds Participating Units 1 5,869,364 U.S. Treasury Allocation Wellsfunds Participating Units 1 10,032,187 Category (iii) - A Series of Transaction in Excess of 5% of Plan Assets Asset Allocation Fund Participating Units 31 S&P 500 Stock Fund Participating Units 44 U.S. Treasury Allocation Fund Participating Units 62 Money Market Fund Participating Units 79 Asset Allocation Wellsfunds Participating Units 73 6,518,902 Money Market Wellsfunds Participating Units 61 8,031,258 S&P 500 Stock Wellsfunds Participating Units 73 6,270,614 U.S. Treasury Allocation Wellsfunds Participating Units 63 11,081,239 M.A. Hanna Funds: M.A. Hanna Stock Fund Participating Units 129 3,225,249 There were no reportable Category (ii) or (iv) transactions for the year. Historical Selling Net Gain Identity of Party Involved Description of Assets Cost Price (Loss) - - -------------------------------------------------- ----------------------------------- ------------ ------------ ------------ Category (i) - A Single Transaction in Excess of 5% of Plan Assets Asset Allocation Fund Participating Units $5,219,876 $5,816,581 $596,705 S&P 500 Stock Fund Participating Units 5,423,419 5,868,788 445,369 U.S. Treasury Allocation Fund Participating Units 8,563,755 10,031,753 1,467,998 Money Market Fund Participating Units 7,459,029 7,459,029 0 Asset Allocation Wellsfunds Participating Units Money Market Wellsfunds Participating Units S&P 500 Stock Wellsfunds Participating Units U.S. Treasury Allocation Wellsfunds Participating Units Category (iii) - A Series of Transaction in Excess of 5% of Plan Assets Asset Allocation Fund Participating Units 5,567,292 6,199,018 631,726 S&P 500 Stock Fund Participating Units 5,756,561 6,228,930 472,369 U.S. Treasury Allocation Fund Participating Units 8,926,801 10,437,805 1,511,004 Money Market Fund Participating Units 9,035,690 9,035,690 0 Asset Allocation Wellsfunds Participating Units Money Market Wellsfunds Participating Units S&P 500 Stock Wellsfunds Participating Units U.S. Treasury Allocation Wellsfunds Participating Units M.A. Hanna Funds: M.A. Hanna Stock Fund Participating Units
EX-99 5 FINANCIAL STATEMENTS ALLIED SAVINGS & RETIREMENT Audited Financial Statements Allied Color Industries, Inc. Savings and Retirement Plan for Associates of the Vonore, TN, Kansas City, MO, San Fernando, CA, and Vancouver, WA Operations and Trust (formerly the Avecor, Inc. Savings and Retirement Plan and Trust) December 31, 1993 and 1992 Report ofIndependent Auditors Committee for Employee Benefits Administration Allied Color Industries, Inc. Savings and Retirement Plan for Associates of the Vonore, TN, Kansas City, MO, San Fernando, CA, and Vancouver, WA, Operations and Trust (formerly the Avecor, Inc. Savings and Retirement Plan and Trust) We have audited the accompanying statements of net assets available for plan benefits of the Allied Color Industries, Inc. Savings and Retirement Plan for Associates of the Vonore, TN, Kansas City, MO, San Fernando, CA, and Vancouver, WA, Operations and Trust (formerly the Avecor, Inc. Savings and Retirement Plan and Trust) as of December 31, 1993 and 1992, and the related statement of changes in net assets available for plan benefits for the year ended December 31, 1993. 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 present fairly, in all material respects, the net assets available for plan benefits of the Plan at December 31, 1993 and 1992, and the changes in its net assets available for plan benefits for the year ended December 31, 1993, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment as of December 31, 1993, and transactions or series of transactions in excess of five percent of the current value of plan assets for the year then ended, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1993 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1993 basic financial statements taken as a whole. /s/ Ernst & Young June 24, 1994 Allied Color Industries, Inc. Savings and Retirement Plan for Associates of the Vonore,TN, Kansas City, MO, San Fernando, CA, and Vancouver, WA Operations and Trust Statement of Net Assets Available for Plan Benefits December 31, 1993
Wells Fargo Mutual Funds ---------------------------------------------------------------- U.S. Asset Growth Treasury Money M.A. Hanna Allocation Stock S&P 500 Allocation Market Company Fund Fund Stock Fund Fund Fund Stock Fund ------------ ------------ ------------ ------------ ------------ ------------ Assets Investments at fair value $113,887 $40,869 $145,032 $49,729 $32,789 $13,802 Employer's contribution receivable 4,653 881 5,630 1,746 1,240 14,265 Employee's contribution receivable 2,065 150 2,434 725 583 Participant loans ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits $120,605 $41,900 $153,096 $52,200 $34,612 $28,067 ============ ============ ============ ============ ============ ============ See notes to financial statements. Loans Total ------------ ------------ Assets Investments at fair value $396,108 Employer's contribution receivable 28,415 Employee's contribution receivable 5,957 Participant loans $16,146 16,146 ------------ ------------ Net assets available for plan benefits $16,146 $446,626 ============ ============
Allied Color Industries, Inc. Savings and Retirement Plan for Associates of the Vonore,TN, Kansas City, MO, San Fernando,CA, and Vancouver,WA Operations and Trust Statement of Net Assets Available for Plan Benefits December 31, 1992
Wells Fargo Collective Investment Funds ---------------------------------------------------------------- Three Way U.S. Asset Growth Treasury Money M.A. Hanna Allocation Stock S&P 500 Allocation Market Company Fund Fund Stock Fund Fund Fund Stock Fund ------------ ------------ ------------ ------------ ------------ ------------ Assets Investments at fair value $59,596 $16,429 $75,263 $29,107 $13,287 Employers' contribution receivable 4,592 713 5,598 2,121 1,212 $14,236 Employees' contribution receivable 597 351 888 515 249 Participant loans ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits $64,785 $17,493 $81,749 $31,743 $14,748 $14,236 ============ ============ ============ ============ ============ ============ See notes to financial statements. Loans Total ------------ ------------ Assets Investments at fair value $193,682 Employers' contribution receivable 28,472 Employees' contribution receivable 2,600 Participant loans $2,676 2,676 ------------ ------------ Net assets available for plan benefits $2,676 $227,430 ============ ============
Allied Color Industries, Inc. Savings and Retirement Plan for Associates of the Vonore,TN, Kansas City, MO, San Fernando, CA, and Vancouver,WA Operations and Trust Statement of Changes in Net Assets Available for Plan Benefits
Wells Fargo Collective Investment Funds ---------------------------------------------------------------- Three Way U.S. Asset Growth Treasury Money Sweep Allocation Stock S&P 500 Allocation Market Account Fund Fund Stock Fund Fund Fund ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits as of January 1, 1993 $0 $64,785 $17,493 $81,749 $31,743 $14,748 Investment income: Net realized and unrealized appreciation (depreciation) in fair value of investments 6,284 337 3,103 3,837 Interest 4 294 Dividends ------------ ------------ ------------ ------------ ------------ ------------ 4 6,284 337 3,103 3,837 294 Contributions: Employer Employee 26,460 9,115 34,467 11,572 8,497 ------------ ------------ ------------ ------------ ------------ 26,460 9,115 34,467 11,572 8,497 Distributions to employees partially and wholly withdrawn from the Plan (12,524) (136) (9,816) (4,212) (1,658) Net transfers from (to) other funds (4) (84,971) (26,797) (109,393) (42,925) (21,845) Administrative expenses (34) (12) (110) (15) (36) ------------ ------------ ------------ ------------ ------------ ------------ Net increase (decrease) 0 (64,785) (17,493) (81,749) (31,743) (14,748) ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits as of December 31, 1993 $0 $0 $0 $0 $0 $0 ============ ============ ============ ============ ============ ============ See notes to financial statements. Wells Fargo Mutual Funds ---------------------------------------------------------------- U.S. Asset Growth Treasury Money M.A. Hanna Allocation Stock S&P 500 Allocation Market Company Fund Fund Stock Fund Fund Fund Stock Fund ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits as of January 1, 1993 $0 $0 $0 $0 $0 $14,236 Investment income: Net realized and unrealized appreciation (depreciation) in fair value of investments 2,149 3,177 5,207 (815) 1,793 Interest Dividends 2,787 1,189 1,676 2,602 418 ------------ ------------ ------------ ------------ ------------ ------------ 4,936 4,366 6,883 1,787 418 1,793 Contributions: Employer 4,653 881 5,630 1,746 1,240 14,265 Employee 37,047 5,910 40,646 12,563 14,704 ------------ ------------ ------------ ------------ ------------ ------------ 41,700 6,791 46,276 14,309 15,944 14,265 Distributions to employees partially and wholly withdrawn from the Plan (2,236) (5,013) (2,346) (2,574) (2,230) Net transfers from (to) other funds 76,269 30,767 105,170 38,464 20,863 3 Administrative expenses (64) (24) (220) (14) (39) ------------ ------------ ------------ ------------ ------------ ------------ Net increase (decrease) 120,605 41,900 153,096 52,200 34,612 13,831 ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits as of December 31, 1993 $120,605 $41,900 $153,096 $52,200 $34,612 $28,067 ============ ============ ============ ============ ============ ============ Loans Total ------------ ------------ Net assets available for plan benefits as of January 1, 1993 $2,676 $227,430 Investment income: Net realized and unrealized appreciation (depreciation) in fair value of investments 25,072 Interest 669 967 Dividends 8,672 ------------ ------------ 669 34,711 Contributions: Employer 28,415 Employee 200,981 ------------ 229,396 Distributions to employees partially and wholly withdrawn from the Plan (1,598) (44,343) Net transfers from (to) other funds 14,399 0 Administrative expenses (568) ------------ ------------ Net increase (decrease) 13,470 219,196 ------------ ------------ Net assets available for plan benefits as of December 31, 1993 $16,146 $446,626 ============ ============
Allied Color Industries, Inc. Savings and Retirement Plan for Associates of the Vonore, TN, Kansas City, MO, San Fernando, CA and Vancouver, WA, Operations and Trust December 31, 1993 and 1992 Notes to Financial Statements A. Significant Accounting Policies The accounting records of the Allied Color Industries, Inc. Savings and Retirement Plan for Associates of the Vonore, TN, Kansas City, MO, San Fernando, CA, and Vancouver, WA, Operations and Trust (the Plan) are maintained on the accrual basis. The change in the difference between fair value and cost of investments is reflected in the statement of changes in net assets available for plan benefits as unrealized appreciation (depreciation). The Wells Fargo Collective Investment Funds ("the Funds") invest in units of Wells Fargo Institutional Trust Company ("WFITC") Collective Trust Funds for Employee Benefit Trusts ("the Master Funds") which have similar investment objectives to the Funds. The Funds also invest in the Money Market Fund as a short-term investment vehicle. Effective July 2, 1993 The Wells Fargo Collective Investment Funds were converted to the Stagecoach Inc. Mutual Funds of Wells Fargo ("the Funds"). Wells Fargo Bank, N.A. ("Wells Fargo") is the Trustee and Investment Manager of the Funds. WFITC is the Trustee and Investment Manager of the Master Funds and receives investment advice from Wells Fargo Nikko Investment Advisors. The following is a summary of significant accounting policies consistently followed by Wells Fargo: Fund Valuation Valuation of the Funds' units occurs daily. Unit values are determined by dividing the fair market value of each Fund's net assets by the number of units outstanding on the valuation date. Units of the Master Funds are valued on the basis of the unit value established by WFITC for each fund at each valuation date. Valuation of Investments Securities traded on exchanges are valued at the last reported sales price on the valuation date, or in the absence of any sales, at the last reported bid price on the valuation date. Securities traded over-the-counter are valued at the final bid price on the valuation date. Securities not traded are valued on the basis of quotations from pricing services or securities dealers. U.S. Treasury obligations are valued daily at the mean of bid and ask prices. Investment Transactions and Investment Income Investment transactions are accounted for on the trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on the accrual basis. The cost of investments sold is computed on an average cost basis. B. Description of the Plan The Plan is a defined contribution plan which covers substantially all employees of the Vonore, TN, Kansas City, MO, San Fernando, CA, and Vancouver, WA operations of Avecor, Incorporated (Allied Color Industries, Inc. effective January 1, 1994) (the Company), effective February 1, 1992. Each participant may elect to voluntarily contribute up to 15% of his aggregate compensation subject to certain annual limits. Employer contributions will total 25% of each participant's before-tax contributions except that no match is made on contributions in excess of 4% of the participant's aggregate compensation. Contributions may be allocated by participants among investment options selected by the plan administrator. One-half of the employer match is automatically directed to the M.A. Hanna Company Stock Fund. Employer contributions are made annually. Participants are fully vested in their accounts at all times. Employer contributions become vested at the end of the calendar year in which the contributions are made, provided the participant is employed on the last day of the calendar year. The Company has reserved the right under the Plan to discontinue contributions at any time and terminate the Plan. In the event of a complete termination of the Plan, all participant accounts shall become 100% vested and the net assets of the Plan are to be set aside for distribution to all Plan participants. The Plan administrator has received notice that the Plan is not covered by the Pension Benefit Guaranty Corporation. Details of the Plan agreement, including vesting and benefit provisions, is contained in the Allied Color Industries, Inc. Savings and Retirement Plan. Copies of this agreement are available from the Committee for Employee Benefits Administration. C. Investments The individual investments that represent 5% or more of the fair value of net assets available for plan benefits at December 31, 1993 and 1992 are: 1993 1992 Bank Common Trust Funds: Wells Fargo Mutual Funds: Asset Allocation Fund $113,887 Growth Stock Fund 40,869 S&P 500 Stock Fund 145,032 U.S. Treasury Allocation Fund 49,729 Money Market Fund 32,789 Wells Fargo Collective Investment Funds: Three Way Asset Allocation Fund $59,596 Growth Stock Fund 16,429 S&P 500 Stock Fund 75,263 U.S. Treasury Allocation Fund 29,107 Money Market Fund 13,287 D. Transactions with Parties-in-Interest All expenses of administering the plan are paid by the Company. Investment management fees are paid by participants in that management fees reduce the investment return reported and credited to participants. E. Income Tax Status The Plan has not received a favorable determination letter from the Internal Revenue Service as to the tax qualified status of the Plan; such a letter has been requested. The Plan administrator believes that the Plan is in operational compliance with the Internal Revenue Code and, therefore, will remain qualified and exempt from income taxes. Allied Color Industries, Inc. Savings and Retirement Plan for Associates of the Vonore,TN, Kansas City, MO, San Fernando, CA, and Vancouver,WA Operations and Trust Schedule 27(a) - Schedule of Assets Held for Investment Purposes December 31, 1993
Identity of Issue, Borrower, Lessor Description of Current or Similar Party Investment Cost Value - - ----------------------------------------- ------------------------- ------------ ------------ M.A. Hanna Stock Fund 820 units $12,037 $13,802 Wells Fargo Mutual Funds: Asset Allocation Fund 11,089 units 112,007 113,887 Growth Stock Fund 3,712 units 37,725 40,869 S&P 500 Stock Fund 13,892 units 140,178 145,032 U.S. Treasury Allocation Fund 5,008 units 50,579 49,729 Money Market Fund 32,789 units 32,789 32,789 ------------ ------------ 373,278 382,306 Participant Loans Various personal loans at 7% interest with terms of 1 to 5 years 16,146 16,146 ------------ ------------ $401,461 $412,254 ============ ============
Allied Color Industries, Inc. Savings and Retirement Plan for Associates of the Vonore,TN, Kansas City, MO, San Fernando, CA and Vancouver, WA Operations and Trust Schedule 27(d) - Schedule of Reportable Transactions Year Ended December 31, 1993 Series Of Transactions
Purchases Sales ------------------------- ------------------------- Identity of Party Involved Description Number Amount Number Cost - - ----------------------------------------- ----------------------------------- ------------ ------------ ------------ ------------ Wells Fargo Bank, N.A. M.A. Hanna Company Stock Fund 3 $14,238 12 $2,202 Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund 30 31,337 17 89,244 Wells Fargo Bank, N.A. Growth Stock Fund 27 12,369 6 27,209 Wells Fargo Bank, N.A. S&P 500 Stock Fund 36 42,519 19 114,343 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 33 13,938 12 42,378 Wells Fargo Bank, N.A. Money Market Fund 28 16,542 14 30,122 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund 35 120,488 10 8,480 Wells Fargo Bank, N.A. Growth Stock Fund 30 38,212 2 487 Wells Fargo Bank, N.A. S&P 500 Stock Fund 35 150,705 9 10,527 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 31 52,652 2 2,073 Wells Fargo Bank, N.A. Money Market Fund 28 40,278 4 7,854 Single Transactions Purchases Sales ------------------------- ------------------------- Identity of Party Involved Description Date Amount Date Cost - - ----------------------------------------- ----------------------------------- ------------ ------------ ------------ ------------ Wells Fargo Bank, N.A. M.A. Hanna Company Stock Fund 2/8/93 $13,982 Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund 7/2/93 $75,311 Wells Fargo Bank, N.A. Growth Stock Fund 7/2/93 26,317 Wells Fargo Bank, N.A. S&P 500 Stock Fund 7/2/93 99,579 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 7/2/93 32,338 Wells Fargo Bank, N.A. Money Market Fund 7/2/93 25,505 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund 7/2/93 83,492 Wells Fargo Bank, N.A. Growth Stock Fund 7/2/93 28,487 Wells Fargo Bank, N.A. S&P 500 Stock Fund 7/2/93 106,667 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 7/2/93 36,374 Wells Fargo Bank, N.A. Money Market Fund 7/2/93 25,872 Series of Transactions -------------------------- Selling Identity of Party Involved Description Price Net Gain - - ----------------------------------------- ----------------------------------- ------------ ------------ Wells Fargo Bank, N.A. M.A. Hanna Company Stock Fund $2,230 $28 Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund 97,258 8,014 Wells Fargo Bank, N.A. Growth Stock Fund 29,135 1,926 Wells Fargo Bank, N.A. S&P 500 Stock Fund 120,885 6,542 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 46,882 4,504 Wells Fargo Bank, N.A. Money Market Fund 30,122 0 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund 8,751 271 Wells Fargo Bank, N.A. Growth Stock Fund 519 32 Wells Fargo Bank, N.A. S&P 500 Stock Fund 10,879 352 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 2,108 35 Wells Fargo Bank, N.A. Money Market Fund 7,854 0 Single Transactions -------------------------- Selling Identity of Party Involved Description Price Net Gain - - ----------------------------------------- ----------------------------------- ------------ ------------ Wells Fargo Bank, N.A. M.A. Hanna Company Stock Fund Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund $82,298 $6,987 Wells Fargo Bank, N.A. Growth Stock Fund 28,208 1,891 Wells Fargo Bank, N.A. S&P 500 Stock Fund 105,248 5,669 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 36,001 3,663 Wells Fargo Bank, N.A. Money Market Fund 25,505 0 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund Wells Fargo Bank, N.A. Growth Stock Fund Wells Fargo Bank, N.A. S&P 500 Stock Fund Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund Wells Fargo Bank, N.A. Money Market Fund
EX-99 6 FINANCIAL STATEMENT BURTON SAVINGS & RETIREMENT Audited Financial Statements The Burton Rubber Processing, Incorporated Savings and Retirement Plan and Trust December 31, 1993 and 1992 Report of Independent Auditors Committee for Employee Benefits Administration The Burton Rubber Processing, Incorporated Savings and Retirement Plan and Trust We have audited the accompanying statements of net assets available for plan benefits of the Burton Rubber Processing, Incorporated Savings and Retirement Plan and Trust as of December 31, 1993 and 1992, and the related statement of changes in net assets available for plan benefits for the year ended December 31, 1993. 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 present fairly, in all material respects, the net assets available for plan benefits of the Plan at December 31, 1993 and 1992, and the changes in its net assets available for plan benefits for the year ended December 31, 1993 in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment as of December 31, 1993, and transactions or series of transactions in excess of five percent of the current value of plan assets for the year then ended, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1993 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1993 basic financial statements taken as a whole. /s/ Ernst & Young June 24, 1994 The Burton Rubber Processing, Incorporated Savings and Retirement Plan and Trust Statement of Net Assets Available for Plan Benefits December 31, 1993
Wells Fargo Mutual Funds ---------------------------------------------------------------- U.S. Asset Growth Treasury Money M.A. Hanna Allocation Stock S&P 500 Allocation Market Company Fund Fund Stock Fund Fund Fund Stock Fund Loans ------------ ------------ ------------ ------------ ------------ ------------ ------------ Assets Investments at fair value $921,838 $907,994 $727,893 $1,052,537 $440,341 Employer's contribution receivable 16,338 16,093 12,905 18,671 7,806 $166,918 Participant loans $98,376 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits $938,176 $924,087 $740,798 $1,071,208 $448,147 $166,918 $98,376 ============ ============ ============ ============ ============ ============ ============ See notes to financial statements. Total ------------ Assets Investments at fair value $4,050,603 Employer's contribution receivable 238,731 Participant loans 98,376 ------------ Net assets available for plan benefits $4,387,710 ============
The Burton Rubber Processing, Incorporated Savings and Retirement Plan and Trust Statement of Net Assets Available for Plan Benefits December 31, 1992
Wells Fargo Collective Investment Funds ---------------------------------------------------------------- Three Way U.S. Asset Growth Treasury Money Allocation Stock S&P 500 Allocation Market Fund Fund Stock Fund Fund Fund ------------ ------------ ------------ ------------ ------------ Assets Investments at fair value $641,946 $471,852 $508,483 $917,029 $387,694 Employers' contribution receivable 59,647 56,865 54,024 61,041 43,035 Participant loans ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits $701,593 $528,717 $562,507 $978,070 $430,729 ============ ============ ============ ============ ============ See notes to financial statements. Loans Total ------------ ------------ Assets $2,927,004 Investments at fair value 274,612 Employers' contribution receivable $22,922 22,922 Participant loans ------------ ------------ $22,922 $3,224,538 Net assets available for plan benefits ============ ============
The Burton Rubber Processing, Incorporated Savings and Retirement Plan and Trust Statement of Changes in Net Assets Available for Plan Benefits
Wells Fargo Collective Investment Funds ---------------------------------------------------------------- Three Way U.S. Asset Growth Treasury Money Sweep Allocation Stock S&P 500 Allocation Market Account Fund Fund Stock Fund Fund Fund ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits as of January 1, 1993 $0 $701,593 $528,717 $562,507 $978,070 $430,729 Investment income: Net realized and unrealized appreciation (depreciation) in fair value of investments 62,332 (815) 21,339 102,576 Interest 1 5,317 Dividends ------------ ------------ ------------ ------------ ------------ ------------ 1 62,332 (815) 21,339 102,576 5,317 Contributions: Employer 9,844 9,933 7,883 5,772 5,944 Employee 56,631 55,642 44,959 29,507 28,488 ------------ ------------ ------------ ------------ ------------ 66,475 65,575 52,842 35,279 34,432 Distributions to employees partially and wholly withdrawn from the Plan (98) (2,689) (17,483) (15,568) (34,119) (5,903) Net transfers from (to) other funds 457 (827,653) (575,909) (621,049) (1,081,731) (464,467) Transfers out (69) Administrative expenses (360) (58) (85) (71) (75) (39) ------------ ------------ ------------ ------------ ------------ ------------ Net increase (decrease) 0 (701,593) (528,717) (562,507) (978,070) (430,729) ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits as of December 31, 1993 $0 $0 $0 $0 $0 $0 ============ ============ ============ ============ ============ ============ See notes to financial statements. Wells Fargo Mutual Funds ---------------------------------------------------------------- U.S. Asset Growth Treasury Money Allocation Stock S&P 500 Allocation Market Fund Fund Stock Fund Fund Fund ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits as of January 1, 1993 $0 $0 $0 $0 $0 Investment income: Net realized and unrealized appreciation (depreciation) in fair value of investments 20,797 72,246 28,551 (9,463) Interest Dividends 23,103 26,401 8,557 58,046 5,768 ------------ ------------ ------------ ------------ ------------ 43,900 98,647 37,108 48,583 5,768 Contributions: Employer 31,685 30,618 25,200 28,060 16,918 Employee 77,016 77,077 62,622 44,604 43,710 ------------ ------------ ------------ ------------ ------------ 108,701 107,695 87,822 72,664 60,628 Distributions to employees partially and wholly withdrawn from the Plan (4,545) (4,208) (4,130) (21,608) (13,918) Net transfers from (to) other funds 790,191 722,057 620,109 971,682 395,720 Transfers out Administrative expenses (71) (104) (111) (113) (51) ------------ ------------ ------------ ------------ ------------ Net increase (decrease) 938,176 924,087 740,798 1,071,208 448,147 ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits as of December 31, 1993 $938,176 $924,087 $740,798 $1,071,208 $448,147 ============ ============ ============ ============ ============ M.A. Hanna Company Stock Fund Loans Total ------------ ------------ ------------ Net assets available for plan benefits as of January 1, 1993 $0 $22,922 $3,224,538 Investment income: Net realized and unrealized appreciation (depreciation) in fair value of investments 297,563 Interest 4,861 10,179 Dividends 121,875 ------------ ------------ 4,861 429,617 Contributions: Employer 166,918 338,775 Employee 520,256 ------------ ------------ 166,918 859,031 Distributions to employees partially and wholly withdrawn from the Plan (124,269) Net transfers from (to) other funds 70,593 0 Transfers out (69) Administrative expenses (1,138) ------------ ------------ ------------ Net increase (decrease) 166,918 75,454 1,163,172 ------------ ------------ ------------ Net assets available for plan benefits as of December 31, 1993 $166,918 $98,376 $4,387,710 ============ ============ ============
The Burton Rubber Processing, Incorporated Savings and Retirement Plan and Trust Notes to Financial Statements December 31, 1993 and 1992 A. Significant Accounting Policies The accounting records of The Burton Rubber Processing, Incorporated Savings and Retirement Plan and Trust (the Plan) are maintained on the accrual basis. The change in the difference between fair value and cost of investments is reflected in the statement of changes in net assets available for plan benefits as unrealized appreciation (depreciation). The Wells Fargo Collective Investment Funds (the "Funds") invest in units of Wells Fargo Institutional Trust Company ("WFITC") Collective Trust Funds for Employee Benefit Trusts (the "Master Funds") which have similar investment objectives to the Funds. The Funds also invest in the Money Market Fund as a short-term investment vehicle. Effective July 2, 1993, The Wells Fargo Collective Investment Funds were converted to Stagecoach Inc. mutual funds of Wells Fargo (the "Funds"). Wells Fargo Bank, N.A. ("Wells Fargo") is the Trustee and Investment Manager of the Funds. WFITC is the Trustee and Investment Manager of the Funds and receives investment advice from Wells Fargo Nikko Investment Advisors. The following is a summary of significant accounting policies consistently followed by Wells Fargo (the "Funds"): Fund Valuation Valuation of the Funds' units occurs daily. Unit values are determined by dividing the fair market value of each Fund's net assets by the number of units outstanding on the valuation date. Units of the Master Funds are valued on the basis of the unit value established by WFITC for each fund at each valuation date. Valuation of Investments Securities traded on securities exchanges are valued at the last reported sales price on the valuation date, or in the absence of any sales, at the last reported bid price on the valuation date. Securities traded over-the- counter are valued at the final bid price on the valuation date. Securities not traded are valued on the basis of quotations from pricing services or securities dealers. U.S. Treasury obligations are valued daily at the mean of bid and ask prices. Investment Transactions and Investment Income Investment transactions are accounted for on the trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on a daily accrual basis. The cost of investments sold is computed on an average cost basis. B. Description of the Plan The Plan is a defined contribution plan which covers substantially all employees of Burton Rubber Processing, Incorporated (the Company). Employer profit sharing contributions to the Plan are discretionary and are determined by the officers and directors of the Company. Effective January 1, 1993, the Plan provides for eligible employees to contribute pre-tax dollars from 0% to 10% each month through payroll deductions and provides for a 50% matching contribution (up to 6% of pay) by the Company. One half of the employer match is automatically directed to the M. A. Hanna Company Stock Fund. Effective January 1, 1992, each participant may elect to distribute contributions made to their account by the Company among several funds selected by the Plan administrator in whole percentage increments. Participants are fully vested in all accounts at all times. The Company has reserved the right under the Plan to discontinue contributions at any time and terminate the Plan. In the event of a complete termination of the Plan, all participant accounts shall become 100% vested and the net assets of the Plan are to be set aside for distribution to all Plan participants. The Plan administrator has received notice that the Plan is not covered by the Pension Benefit Guaranty Corporation. Information about the Plan agreement, including vesting and benefit provisions, is contained in the Burton Rubber Processing, Incorporated Savings and Retirement Plan and Trust. Copies of this agreement are available from the Committee for Employee Benefits Administration. C. Investments The individual investments that represent 5% or more of the fair value of net assets available for plan benefits at December 31, 1993 and 1992 are: 1993 1992 Bank Common Trust Funds: Wells Fargo Mutual Funds: Asset Allocation Fund $ 921,838 Growth Stock Fund 907,994 S&P 500 Stock Fund 727,893 U.S. Treasury Allocation Fund 1,052,537 Money Market Fund 440,341 Wells Fargo Collective Investment Funds: Three Way Asset Allocation Fund $641,946 Growth Stock Fund 471,852 S&P 500 Stock Fund 508,483 U.S. Treasury Allocation Fund 917,029 Money Market Fund 387,694 D. Transactions with Parties-in-Interest All expenses of administering the Plan are paid by the Company. Investment management fees are paid by participants in that management fees reduce the investment return reported and credited to participants. E. Income Tax Status The Internal Revenue Service (the IRS) has ruled that the Plan qualifies under Section 401(a) of the Internal Revenue Code and that the Trust is exempt under Section 501(a) of the Internal Revenue Code and is, therefore, not subject to tax under present income tax laws. Continued qualification of the Plan depends upon timely adoption and operational application of certain amendments required as a result of the Tax Reform Act of 1986 (the Act). In the Company's opinion, the Plan is operating in compliance with the applicable provisions of the Act. A determination has been requested from the IRS as to the qualification of the Plan, with respect to amendments required as a result of the Act. The Company is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status. The Burton Rubber Processing, Incorporated Savings and Retirement Plan and Trust Schedule 27(a) - Schedule of Assets Held for Investment Purposes December 31, 1993
Identity of Issue, Borrower, Lessor Description of Current or Similar Party Investment Cost Value - - ----------------------------------------- ------------------------- ------------ ------------ Wells Fargo Mutual Funds: Asset Allocation Fund 89,760 units $ 901,999 $ 921,838 Growth Stock Fund 82,470 units 839,516 907,994 S&P 500 Stock Fund 69,722 units 701,541 727,893 U.S. Treasury Allocation Fund 105,996 units 1,063,308 1,052,537 Money Market Fund 440,341 units 440,341 440,341 ------------ ------------ 3,946,705 4,050,603 Participant Loans Various personal loans ranging from 7% to 10% with terms of 1 to 5 years 98,376 98,376 ------------ ------------ $4,045,081 $4,148,979 ============ ============
The Burton Rubber, Incorporated Savings and Retirement Plan and Trust Schedule 27(d) - Schedule of Reportable Transactions Year Ended December 31, 1993 Series Of Transactions
Purchases Sales ------------------------- ------------------------- Identity of Party Involved Description Number Amount Number Cost - - ----------------------------------------- ----------------------------------- ------------ ------------ ------------ ------------ Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund 37 $172,876 24 $797,238 Wells Fargo Bank, N.A. Growth Stock Fund 49 350,204 25 759,720 Wells Fargo Bank, N.A. S&P 500 Stock Fund 44 197,611 30 681,550 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 22 167,564 40 1,008,675 Wells Fargo Bank, N.A. Money Market Fund 20 123,918 26 516,930 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund 24 925,148 11 23,149 Wells Fargo Bank, N.A. Growth Stock Fund 25 908,647 18 69,131 Wells Fargo Bank, N.A. S&P 500 Stock Fund 23 767,407 20 65,866 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 23 1,112,041 17 48,734 Wells Fargo Bank, N.A. Money Market Fund 15 527,125 14 92,419 Single Transactions Purchases Sales ------------------------- ------------------------- Identity of Party Involved Description Date Amount Date Cost - - ----------------------------------------- ----------------------------------- ------------ ------------ ------------ ------------ Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund 7/2/93 $705,091 Wells Fargo Bank, N.A. Growth Stock Fund 7/2/93 666,939 Wells Fargo Bank, N.A. S&P 500 Stock Fund 7/2/93 597,091 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 7/2/93 808,464 Wells Fargo Bank, N.A. Money Market Fund 7/2/93 411,506 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund 7/2/93 $779,516 Wells Fargo Bank, N.A. Growth Stock Fund 7/2/93 724,141 Wells Fargo Bank, N.A. S&P 500 Stock Fund 7/2/93 637,934 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 7/2/93 961,736 Wells Fargo Bank, N.A. Money Market Fund 7/2/93 411,506 Series of Transactions -------------------------- Selling Identity of Party Involved Description Price Net Gain - - ----------------------------------------- ----------------------------------- ------------ ------------ Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund $877,154 $79,916 Wells Fargo Bank, N.A. Growth Stock Fund 821,241 61,521 Wells Fargo Bank, N.A. S&P 500 Stock Fund 727,433 45,883 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 1,187,169 178,494 Wells Fargo Bank, N.A. Money Market Fund 516,930 0 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund 24,107 958 Wells Fargo Bank, N.A. Growth Stock Fund 72,899 3,768 Wells Fargo Bank, N.A. S&P 500 Stock Fund 68,064 2,198 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 50,042 1,308 Wells Fargo Bank, N.A. Money Market Fund 92,419 0 Single Transactions -------------------------- Selling Identity of Party Involved Description Price Net Gain - - ----------------------------------------- ----------------------------------- ------------ ------------ Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund $779,516 $74,425 Wells Fargo Bank, N.A. Growth Stock Fund 724,141 57,202 Wells Fargo Bank, N.A. S&P 500 Stock Fund 637,934 40,843 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 961,736 153,272 Wells Fargo Bank, N.A. Money Market Fund 411,506 0 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund Wells Fargo Bank, N.A. Growth Stock Fund Wells Fargo Bank, N.A. S&P 500 Stock Fund Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund Wells Fargo Bank, N.A. Money Market Fund
EX-99 7 FINANICALS PMS PROFT SHARING & RETIREMENT Audited Financial Statements PMS Profit Sharing and Retirement Savings Plan and Trust December 31, 1993 and 1992 Report of Independent Auditors Committee for Employee Benefits Administration PMS Profit Sharing and Retirement Savings Plan and Trust We have audited the accompanying statements of net assets available for plan benefits of the PMS Profit Sharing and Retirement Savings Plan and Trust as of December 31, 1993 and 1992, and the related statement of changes in net assets available for plan benefits for the year ended December 31, 1993. 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 present fairly, in all material respects, the net assets available for plan benefits of the Plan at December 31, 1993 and 1992, and the changes in its net assets available for plan benefits for the year ended December 31, 1993, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment as of December 31, 1993, transactions or series of transactions in excess of five percent of the current value of plan assets, and schedule of nonexempt transactions for the year then ended, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1993 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1993 basic financial statements taken as a whole. /s/ Ernst & Young June 24, 1994 PMS Profit Sharing and Retirement Savings Plan and Trust Statement of Net Assets Available for Plan Benefits December 31, 1993
Wells Fargo Mutual Funds ---------------------------------------------------------------- U.S. Asset Growth Treasury Money Sweep Allocation Stock S&P 500 Allocation Market Account Fund Fund Stock Fund Fund Fund ------------ ------------ ------------ ------------ ------------ ------------ Assets Cash Investments at fair value $54,562 $2,288,125 $2,115,826 $1,797,408 $1,403,869 $2,106,335 Employer's contribution receivable 123,529 187,229 127,604 70,897 148,201 Employees' contribution receivable 1,910 3,164 2,325 1,402 1,698 Participant loans ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits $54,562 $2,413,564 $2,306,219 $1,927,337 $1,476,168 $2,256,234 ============ ============ ============ ============ ============ ============ See notes to financial statements. M.A. Hanna Real Company Estate Other Stock Fund Fund Loans Assets Total ------------ ------------ ------------ ------------ ------------ Assets Cash $105,450 $105,450 Investments at fair value $98,141 $982,786 10,847,052 Employer's contribution receivable 4,205 661,665 Employees' contribution receivable 10,499 Participant loans $4,882 4,882 ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits $102,346 $982,786 $4,882 $105,450 $11,629,548 ============ ============ ============ ============ ============
PMS Profit Sharing and Retirement Savings Plan and Trust Statement of Net Assets Available for Plan Benefits December 31, 1992
Wells Fargo Collective Investment Funds ---------------------------------------------------------------- Three Way U.S. Asset Growth Treasury Money Sweep Allocation Stock S&P 500 Allocation Market Account Fund Fund Stock Fund Fund Fund ------------ ------------ ------------ ------------ ------------ ------------ Assets Cash Investments at fair value $24,857 $1,728,748 $1,303,704 $1,234,113 $1,058,281 $2,487,199 Employer's contribution receivable 128,964 182,886 110,550 66,396 171,204 Tax reimbursement receivable ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits $24,857 $1,857,712 $1,486,590 $1,344,663 $1,124,677 $2,658,403 ============ ============ ============ ============ ============ ============ See notes to financial statements. Real Estate Other Fund Assets Total ------------ ------------ ------------ Assets Cash $90,637 $90,637 Investments at fair value $990,800 8,827,702 Employer's contribution receivable 660,000 Tax reimbursement receivable 14,724 14,724 ------------ ------------ ------------ Net assets available for plan benefits $990,800 $105,361 $9,593,063 ============ ============ ============
PMS Profit Sharing and Retirement Savings Plan and Trust Statement of Changes in Net Assets Available for Plan Benefits
Wells Fargo Collective Investment Funds ---------------------------------------------------------------- Three Way U.S. Asset Growth Treasury Money Sweep Allocation Stock S&P 500 Allocation Market Account Fund Fund Stock Fund Fund Fund ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits as of January 1, 1993 $24,857 $1,857,712 $1,486,590 $1,344,663 $1,124,677 $2,658,403 Investment income: Net realized and unrealized appreciation (depreciation) in fair value of investments 164,311 (729) 40,445 124,285 Interest 1,357 33,477 Dividends Rental income ------------ ------------ ------------ ------------ ------------ ------------ 1,357 164,311 (729) 40,445 124,285 33,477 Contributions: Employer 10,950 10,614 9,517 10,161 62,949 Employee 39,234 63,009 48,493 25,655 37,654 ------------ ------------ ------------ ------------ ------------ 50,184 73,623 58,010 35,816 100,603 Distributions to employees partially and wholly withdrawn from the Plan (14) (13,931) (4,444) (41,571) (43,797) (110,310) Net transfers from (to) other funds 59,277 (2,050,284) (1,552,062) (1,398,624) (1,232,965) (2,606,123) Transfers out (30,915) (7,992) (2,978) (2,923) (8,016) (76,035) Administrative expenses (15) ------------ ------------ ------------ ------------ ------------ ------------ Net increase (decrease) 29,705 (1,857,712) (1,486,590) (1,344,663) (1,124,677) (2,658,403) ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits as of December 31, 1993 $54,562 $0 $0 $0 $0 $0 ============ ============ ============ ============ ============ ============ See notes to financial statements. Wells Fargo Mutual Funds ---------------------------------------------------------------- U.S. Asset Growth Treasury Money M.A. Hanna Real Allocation Stock S&P 500 Allocation Market Company Estate Fund Fund Stock Fund Fund Fund Stock Fund Fund ------------ ------------ ------------ ------------ ------------ ------------ --------- Net assets available for plan benefits as of January 1, 1993 $0 $0 $0 $0 $0 $0 $990,800 Investment income: Net realized and unrealized appreciation (depreciation) in fair value of investments 53,837 180,864 70,714 (17,289) 9,139 Interest Dividends 58,328 61,534 21,376 77,261 29,494 Rental income ------------ ------------ ------------ ------------ ------------ ------------ 112,165 242,398 92,090 59,972 29,494 9,139 Contributions: Employer 128,931 195,027 133,221 73,982 160,006 93,659 Employee 89,729 140,757 106,326 48,423 61,067 ------------ ------------ ------------ ------------ ------------ ------------ 218,660 335,784 239,547 122,405 221,073 93,659 Distributions to employees partially and wholly withdrawn from the Plan (9,204) (5,496) (6,210) (1,293) (45,074) (450) Net transfers from (to) other funds 2,095,779 1,733,537 1,601,921 1,299,009 2,050,767 (2) (5,056) Transfers out (3,829) (3,917) (2,958) Administrative expenses (7) (4) (11) (8) (26) ------------ ------------ ------------ ------------ ------------ ------------ --------- Net increase (decrease) 2,413,564 2,306,219 1,927,337 1,476,168 2,256,234 102,346 (8,014) ------------ ------------ ------------ ------------ ------------ ------------ --------- Net assets available for plan benefits as of December 31, 1993 $2,413,564 $2,306,219 $1,927,337 $1,476,168 $2,256,234 $102,346 $982,786 ============ =========== ============ =========== ============ ========== ========= Other Loans Assets Total ------------ ------------ ------------- Net assets available for plan benefits as of January 1, 1993 $0 $105,361 $9,593,063 Investment income: Net realized and unrealized appreciation (depreciation) in fair value of investments 625,577 Interest 56 1,618 36,508 Dividends 247,993 Rental income 103,200 103,200 ------------ ------------ ------------ 56 104,818 1,013,278 Contributions: Employer 889,017 Employee 660,347 ------------ 1,549,364 Distributions to employees partially and wholly withdrawn from the Plan (281,794) Net transfers from (to) other funds 4,826 0 Transfers out (104,729) (244,292) Administrative expenses (71) ------------ ------------ ------------ Net increase (decrease) 4,882 89 2,036,485 ------------ ------------ ------------ Net assets available for plan benefits as of December 31, 1993 $4,882 $105,450 $11,629,548 =========== =========== ============
PMS Profit Sharing and Retirement Savings Plan and Trust Notes to Financial Statements December 31, 1993 and 1992 A. Significant Accounting Policies The accounting records of the PMS Profit Sharing and Retirement Savings Plan and Trust (the Plan) are maintained on the accrual basis. The change in the difference between fair value and cost of investments is reflected in the statement of changes in net assets available for plan benefits as unrealized appreciation (depreciation). The Wells Fargo Collective Investment Funds invest in units of Wells Fargo Institutional Trust Company ("WFITC") Collective Trust Funds for Employee Benefit Trusts ("the Master Funds") which have similar investment objectives to the Funds. The Funds also invest in the Money Market Fund for Employee Benefit Trusts (the "Money Market Fund") as a short-term investment vehicle. Effective July 2, 1993 The Wells Fargo Collective Investment Funds were converted to the Stagecoach Inc. mutual funds of Wells Fargo ("the Funds"). Wells Fargo Bank, N.A. ("Wells Fargo") is the Trustee and Investment Manager of the Funds. WFITC is the Trustee and Investment Manager of the Master Funds and receives investment advice from Wells Fargo Nikko Investment Advisors. The following is a summary of significant accounting policies consistently followed by Wells Fargo: Fund Valuation Valuation of the Funds' units occurs daily. Unit values are determined by dividing the fair market value of each Fund's net assets by the number of units outstanding on the valuation date. Units of the Master Funds are valued on the basis of the unit value established by WFITC for each fund at each valuation date. Valuation of Investments Securities traded on exchanges are valued at the last reported sales price on the valuation date, or in the absence of any sales, at the last reported bid price on the valuation date. Securities traded over-the-counter are valued at the final bid price on the valuation date. Securities not traded are valued on the basis of quotations from pricing services or securities dealers. U.S. Treasury obligations are valued daily at the mean of bid and ask prices. A. Significant Accounting Policies-Continued Investment Transactions and Investment Income Investment transactions are accounted for on the trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on the accrual basis. The cost of investments sold is computed on an average cost basis. B. Description of the Plan The Plan is a qualified profit sharing plan which covers substantially all employees of PMS Consolidated, Inc. (the Company). Employer profit sharing contributions to the Plan are discretionary and are determined by the officers and directors of the Company. Effective April 5, 1993 the Plan provides that eligible employees may elect to voluntarily contribute up to 12% of their aggregate compensation subject to certain annual limits. Employer contributions are made periodically at 25% of each participant's before-tax contributions except that no match is made on contributions in excess of 5% of the participant's aggregate compensation. Contributions may be allocated by participants among investment options selected by the plan administrator. One-half of the employer match is automatically directed to the M.A. Hanna Company Stock Fund. Employer profit sharing contributions are made annually. Participant 401(k) accounts are 100% vested at all times. Profit sharing contributions to participants' accounts vest at 20% a year over five years, after an initial three years of service. The Company has reserved the right under the Plan to discontinue contributions at any time and terminate the Plan. In the event of a complete termination of the Plan, all participant accounts shall become 100% vested and the net assets of the Plan are to be set aside for distribution to all Plan participants. The Plan administrator has received notice that the Plan is not covered by the Pension Benefit Guaranty Corporation. Details of the Plan agreement, including vesting and benefit provisions, are contained in the PMS Profit Sharing and Retirement Savings Plan and Trust. Copies of this agreement are available from the Committee for Employee Benefits Administration. C. Investments The individual investments that represent 5% or more of the fair value of net assets available for plan benefits at December 31 1993 and 1992 are: 1993 1992 Real Estate Fund $ 982,786 $ 990,800 Wells Fargo Mutual Funds: Asset Allocation Fund 2,288,125 Growth Stock Fund 2,115,826 S&P 500 Stock Fund 1,797,408 U.S. Treasury Allocation Fund 1,403,869 Money Market Fund 2,106,335 Wells Fargo Collective Investment Funds: Three Way Asset Allocation Fund 1,728,748 Growth Stock Fund 1,303,704 S&P 500 Stock Fund 1,234,113 U.S. Treasury Allocation Fund 1,058,281 Money Market Fund 2,487,199 D. Transactions with Parties-in-Interest All expenses of administering the Plan are paid by the Company. Investment management fees are paid by participants in that management fees reduce the investment return reported and credited to participants. The Plan's real estate fund owns land and a building located in Coral Springs, Florida which is being leased to PMS Consolidated, Inc. E. Income Tax Status The Internal Revenue Service (the IRS) has ruled that the Plan qualifies under Section 401(a) of the Internal Revenue Code and that the Trust is exempt under Section 501(a) of the Internal Revenue Code and is, therefore, not subject to tax under present income tax laws. Continued qualification of the Plan depends upon timely adoption and operational application of certain amendments required as a result of the Tax Reform Act of 1986 (the Act). In the Company's opinion, the Plan is operating in compliance with the applicable provisions of the Act. A determination has been requested from the IRS as to the qualification of the Plan, with respect to amendments required as a result of the Act. The Company is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status. PMS Profit Sharing and Retirement Savings Plan and Trust Schedule 27(a) - Schedule of Assets Held for Investment Purposes December 31, 1993
Identity of Issue, Borrower, Lessor Description of Current or Similar Party Investment Cost Value - - ----------------------------------------- ------------------------- ------------ ------------ Cash $54,562 $54,562 M.A. Hanna Stock Fund 5,831 units 88,998 98,141 Real Estate Fund 98,279 units 982,786 982,786 Wells Fargo Mutual Funds: Asset Allocation Fund 222,796 units 2,234,896 2,288,125 Growth Stock Fund 192,173 units 1,944,910 2,115,826 S&P 500 Stock Fund 172,166 units 1,728,475 1,797,408 U.S. Treasury Allocation Fund 141,377 units 1,423,731 1,403,869 Money Market Fund 2,106,335 units 2,106,335 2,106,335 ------------ ------------ 9,438,347 9,711,563 Participant Loans Various personal loans at 8% interest with terms of 1 - 5 years 4,882 4,882 ------------ ------------ $10,569,575 $10,851,934 ============ ============ PMS Profit Sharing and Retirement Savings Plan and Trust Schedule 27(d) - Schedule of Reportable Transactions December 31, 1993
Series Of Transactions Purchases Sales ------------------------- ------------------------- Identity of Party Involved Description Number Amount Number Cost - - ----------------------------------------- ----------------------------------- ------------ ------------ ------------ ------------ Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund 32 $280,180 21 $1,971,372 Wells Fargo Bank, N.A. Growth Stock Fund 51 732,578 14 1,862,343 Wells Fargo Bank, N.A. S&P 500 Stock Fund 48 518,085 14 1,696,978 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 32 434,605 25 1,479,578 Wells Fargo Bank, N.A. Money Market Fund 28 268,759 36 2,765,170 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund 57 2,251,588 8 16,691 Wells Fargo Bank, N.A. Growth Stock Fund 52 2,092,042 13 147,132 Wells Fargo Bank, N.A. S&P 500 Stock Fund 57 1,792,896 10 64,421 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 57 1,491,964 9 68,233 Wells Fargo Bank, N.A. Money Market Fund 36 2,323,622 32 239,346 Single Transactions Purchases Sales ------------------------- ------------------------- Identity of Party Involved Description Date Amount Date Cost - - ----------------------------------------- ----------------------------------- ------------ ------------ ------------ ------------ Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund 7/2/93 $1,836,689 Wells Fargo Bank, N.A. Growth Stock Fund 7/2/93 1,600,767 Wells Fargo Bank, N.A. S&P 500 Stock Fund 7/2/93 1,483,539 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 7/2/93 1,085,696 Wells Fargo Bank, N.A. Money Market Fund 7/2/93 2,240,344 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund 7/2/93 2,032,554 Wells Fargo Bank, N.A. Growth Stock Fund 7/2/93 1,753,229 Wells Fargo Bank, N.A. S&P 500 Stock Fund 7/2/93 1,569,659 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 7/2/93 1,203,180 Wells Fargo Bank, N.A. Money Market Fund 7/2/93 2,234,258 Series of Transactions -------------------------- Selling Price Net Gain - - ----------------------------------------- ----------------------------------- ------------ ------------ Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund $2,173,239 $201,867 Wells Fargo Bank, N.A. Growth Stock Fund 2,035,553 173,210 Wells Fargo Bank, N.A. S&P 500 Stock Fund 1,792,644 95,666 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 1,617,171 137,593 Wells Fargo Bank, N.A. Money Market Fund 2,765,170 0 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund 17,300 609 Wells Fargo Bank, N.A. Growth Stock Fund 157,080 9,948 Wells Fargo Bank, N.A. S&P 500 Stock Fund 66,202 1,781 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 70,806 2,573 Wells Fargo Bank, N.A. Money Market Fund 239,346 0 Single Transactions -------------------------- Selling Identity of Party Involved Description Price Net Gain - - ----------------------------------------- ----------------------------------- ------------ ------------ Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund $2,032,818 $196,129 Wells Fargo Bank, N.A. Growth Stock Fund 1,753,507 152,740 Wells Fargo Bank, N.A. S&P 500 Stock Fund 1,570,174 86,635 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 1,203,180 117,484 Wells Fargo Bank, N.A. Money Market Fund 2,240,344 0 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund Wells Fargo Bank, N.A. Growth Stock Fund Wells Fargo Bank, N.A. S&P 500 Stock Fund Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund Wells Fargo Bank, N.A. Money Market Fund
PMS Profit Sharing and Retirement Savings Plan and Trust Schedule 27(e) - Schedule of Nonexempt Transactions December 31, 1993
Annual Description of Lease Current Identity of Party Involved Transaction Rental Cost Value - - ----------------------------------------- --------------------------- ------------- ------------ ------------ PMS Consolidated The Plan owns land and $103,200 $982,786 $982,786 building (PMS Consolidated Technical Center) which is leased by PMS Consolidated)
EX-99 8 FINANCIAL STATEMENTS WILSON PROFIT SHARING PLAN Audited Financial Statements Wilson Color Profit Sharing Plan and Trust December 31, 1993 and 1992 Report of Independent Auditors Committee for Employee Benefits Administration Wilson Color Profit Sharing Plan and Trust We have audited the accompanying statements of net assets available for plan benefits of the Wilson Color Profit Sharing Plan and Trust as of December 31, 1993 and 1992, and the related statement of changes in net assets available for plan benefits for the year ended December 31, 1993. 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 present fairly, in all material respects, the net assets available for plan benefits of the Plan at December 31, 1993 and 1992, and the changes in its net assets available for plan benefits for the year ended December 31, 1993, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment as of December 31, 1993, and transactions or series of transactions in excess of five percent of the current value of plan assets for the year then ended, are presented for the purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1993 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1993 basic financial statements taken as a whole. /s/ Ernst & Young June 24, 1994 Wilson Color Profit Sharing Plan and Trust Statement of Net Assets Available for Plan Benefits December 31, 1993
Wells Fargo Mutual Funds ---------------------------------------------------------------- U.S. Asset Bond Treasury Money Sweep Allocation Index S&P 500 Allocation Market Account Fund Fund Stock Fund Fund Fund ------------ ------------ ------------ ------------ ------------ ------------ Assets Investments at fair value $236 $374,931 $28,342 $549,335 $85,991 $437,107 Employer's contribution receivable 22,987 3,626 24,959 4,858 43,479 Employees' contribution receivable 3,407 518 4,600 481 4,708 Participant loans ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits $236 $401,325 $32,486 $578,894 $91,330 $485,294 ============ ============ ============ ============ ============ ============ See notes to financial statements. Tilts & M.A. Hanna Timing Company Fund Stock Fund Loans Total ------------ ------------ ------------ ------------ Assets Investments at fair value Employer's contribution receivable $109,705 $194,945 $1,780,592 Employees' contribution receivable 6,887 16,062 122,858 Participant loans 1,154 392 15,260 $233,375 233,375 Net assets available for plan benefits ------------ ------------ ------------ ------------ $117,746 $211,399 $233,375 $2,152,085 ============ ============ ============ ============
Wilson Color Profit Sharing Plan and Trust Statement of Net Assets Available for Plan Benefits December 31, 1992
Wells Fargo Collective Investment Funds ----------------------------------------------------------------------------- Three Way Daily U.S. Asset Bond Treasury Tilts & Money Allocation Index S&P 500 Allocation Timing Market Fund Fund Stock Fund Fund Fund Fund ------------ ------------ ------------ ------------ ------------ ------------ Assets Investments at fair value $21,068 $2,365 $26,214 $2,953 $5,176 $24,411 Employer's contribution receivable 884 113 888 119 235 995 Employees' contribution receivable 3,894 502 4,731 570 1,010 4,525 ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits $25,846 $2,980 $31,833 $3,642 $6,421 $29,931 ============ ============ ============ ============ ============ ============ See notes to financial statements. Money Market M.A. Hanna Transition Company Fund Stock Fund Total ------------ ------------ ------------ Assets Investments at fair value $1,541,116 $27,422 $1,650,725 Employer's contribution receivable 3,720 6,954 Employees' contribution receivable 1,680 16,912 ------------ ------------ ------------ Net assets available for plan benefits $1,541,116 $32,822 $1,674,591 ============ ============ ============
Wilson Color Profit Sharing Plan and Trust Statement of Changes in Net Assets Available for Plan Benefits
Wells Fargo Collective Investment Funds ----------------------------------------------------------------------------- Three Way Daily U.S. Asset Bond Treasury Tilts & Money Sweep Allocation Index S&P 500 Allocation Timing Market Account Fund Fund Stock Fund Fund Fund Fund ------------ ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits as of January 1, 1993 $0 $25,846 $2,980 $31,833 $3,642 $6,421 $29,931 Investment income: Net realized and unrealized appreciation (depreciation) in fair value of investments 13,313 1,190 8,114 3,528 8,924 Interest 4,065 Dividends ------------ ------------ ------------ ------------ ------------ ------------ 13,313 1,190 8,114 3,528 8,924 4,065 Contributions: Employer 3,469 477 4,133 481 12,946 4,102 Employee 15,255 2,120 21,929 2,323 13,045 18,976 ------------ ------------ ------------ ------------ ------------ ------------ 18,724 2,597 26,062 2,804 25,991 23,078 Distributions to employees partially and wholly withdrawn from the Plan (150) (11,838) (83) (25,141) (1,777) (2,834) (28,898) Net transfers from (to) other funds 386 (46,045) (6,684) (40,868) (8,197) 79,257 (28,176) Transfers (out) in Administrative expenses (13) ------------ ------------ ------------ ------------ ------------ ------------ ------------ 236 (25,846) (2,980) (31,833) (3,642) 111,325 (29,931) ------------ ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits as of December 31, 1993 $236 $0 $0 $0 $0 $117,746 $0 ============ ============ ============ ============ ============ ============ ============ See notes to financial statements. Wells Fargo Mutual Funds ---------------------------------------------------------------- U.S. Money Market Asset Bond Treasury Money Transition Allocation Index S&P 500 Allocation Market Fund Fund Fund Stock Fund Fund Fund ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits as of January 1, 1993 $1,541,116 $0 $0 $0 $0 $0 Investment income: Net realized and unrealized appreciation (depreciation) in fair value of investments 7,772 (33) 22,559 (957) Interest 7,064 Dividends 9,517 887 6,691 4,760 5,743 ------------ ------------ ------------ ------------ ------------ ------------ 7,064 17,289 854 29,250 3,803 5,743 Contributions: Employer 59,378 5,915 43,434 7,483 69,804 Employee 91,479 3,440 31,196 3,296 32,865 ------------ ------------ ------------ ------------ ------------ 150,857 9,355 74,630 10,779 102,669 Distributions to employees partially and wholly withdrawn from the Plan (2,082) (1,967) (24,209) Net transfers from (to) other funds (1,547,680) 325,771 22,279 477,032 76,753 401,165 Transfers (out) in (500) (90,464) Administrative expenses (46) (2) (51) (5) (74) ------------ ------------ ------------ ------------ ------------ ------------ (1,541,116) 401,325 32,486 578,894 91,330 485,294 ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits as of December 31, 1993 $0 $401,325 $32,486 $578,894 $91,330 $485,294 ============ ============ ============ ============ ============ ============ M.A. Hanna Company Stock Fund Loans Total ------------ ------------ ------------ Net assets available for plan benefits as of January 1, 1993 $32,822 $0 $1,674,591 Investment income: Net realized and unrealized appreciation (depreciation) in fair value of investments 40,635 105,045 Interest 16,605 27,734 Dividends 27,598 ------------ ------------ ------------ 40,635 16,605 160,377 Contributions: Employer 53,504 265,126 Employee 10,567 246,491 ------------ ------------ 64,071 511,617 Distributions to employees partially and wholly withdrawn from the Plan (5,716) (1) (104,696) Net transfers from (to) other funds 162,593 132,414 0 Transfers (out) in (82,998) 84,357 (89,605) Administrative expenses (8) (199) ------------ ------------ ------------ 178,577 233,375 477,494 ------------ ------------ ------------ Net assets available for plan benefits as of December 31, 1993 $211,399 $233,375 $2,152,085 ============ ============ ============
Wilson Color Profit Sharing Plan and Trust Notes to Financial Statements December 31, 1993 and 1992 A. Significant Accounting Policies The accounting records of the Wilson Color Profit Sharing Plan and Trust (the Plan) are maintained on the accrual basis. The change in the difference between fair value and cost of investments is reflected in the statement of changes in net assets available for plan benefits as unrealized appreciation (depreciation). The Wells Fargo Collective Investment Funds ("the Funds") invest in units of Wells Fargo Institutional Trust Company ("WFITC") Collective Trust Funds for Employee Benefit Trusts ("the Master Funds") which have similar investment objectives to the Funds. The Funds also invest in the Money Market Fund as a short-term investment vehicle. Effective July 2, 1993, the Wells Fargo Collective Investment Funds were converted to the Stagecoach Inc. mutual funds of Wells Fargo ("the Funds"). Wells Fargo Bank, N.A. ("Wells Fargo") is the Trustee and Investment Manager of the Funds. WFITC is the Trustee and Investment Manager of the Master Funds and receives investment advice from Wells Fargo Nikko Investment Advisors. The following is a summary of significant accounting policies consistently followed by Wells Fargo: Fund Valuation-Valuation of the Funds' units occurs daily. Unit values are determined by dividing the fair market value of each Fund's net assets by the number of units outstanding on the valuation date. Units of the Master Funds are valued on the basis of the unit value established by WFITC for each fund at each valuation date. The Daily Bond Index Fund invests in units of the WFITC Government/Corporate Bond Index Fund ("Bond Master Fund"). The Bond Master Fund's units are valued approximately once every five business days ("Master Fund Valuation Date"). Daily valuations of the Bond Master Fund are calculated by adjusting its unit value on the most recent Master Fund Valuation Date for subsequent changes in the Lehman Brothers Government/Corporate Bond Index. Valuation of Investments-Securities traded on exchanges are valued at the last reported sales price on the valuation date, or in the absence of any sales, at the last reported bid price on the valuation date. Securities traded over-the-counter are valued at the final bid price on the valuation date. Securities not traded are valued on the basis of quotations from pricing services or securities dealers. U.S. Treasury obligations are valued daily at the mean of bid and ask prices. Investment Transactions and Investment Income-Investment transactions are accounted for on the trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. The cost of investments sold is computed on an average cost basis. B. Description of the Plan The Plan is a defined contribution plan which covers substantially all employees of the Wilson Color, Incorporated division of M.A. Hanna Company (the Company) effective July 1, 1992. Each participant may elect to voluntarily contribute up to 12% of his aggregate compensation subject to certain annual limits. Employer contributions represent a 50% match of each participant's before tax contributions except that no match is made on contributions in excess of 6% of his aggregate compensation. Contributions may be allocated by participants among investment options selected by the plan administrator. One- half of the employer match is automatically directed to the M.A. Hanna Company Stock Fund. Employer contributions are made following each pay period. Participant's 401(k) contributions and accounts are 100% vested at all times. "Discretionary Employer Retirement" contributions and accounts vest at 20% per year over five years for eligible associates employed on the last day of the year. The Company has reserved the right under the Plan to discontinue contributions at any time and terminate the Plan. In the event of a complete termination of the Plan, all participant accounts shall become 100% vested and the net assets of the Plan are to be set aside for distribution to all Plan participants. The Plan administrator has received notice that the Plan is not covered by the Pension Benefit Guaranty Corporation. Details of the Plan agreement, including vesting, forfeiture and benefit provisions, is contained in the Wilson Color Profit Sharing Plan and Trust. Copies of this agreement are available from the Committee for Employee Benefits Administration. C. Investments The individual investments that represent 5% or more of the fair value of net assets available for plan benefits at December 31, 1993 and 1992 are as follows: 1993 1992 M.A. Hanna Company Stock Fund $194,945 Wells Fargo Mutual Funds: Asset Allocation Fund 374,931 S & P 500 Stock Fund 549,335 Money Market Fund 437,107 Wells Fargo Collective Investment Fund: Tilts and Timing Fund 109,705 Money Market Transition Fund $1,541,116 D. Transactions with Parties-in-Interest All expenses of administering the Plan are paid by the Company. Investment management fees are paid by participants in that management fees reduce the investment return reported and credited to participants. E. Income Tax Status The Plan has not received a favorable determination letter from the Internal Revenue Service as to the tax qualified status of the Plan; such a letter has been requested. The Plan administrator believes that the Plan is in operational compliance with the Internal Revenue Code and, therefore, will remain qualified and exempt from income taxes. Wilson Color Profit Sharing Plan and Trust Schedule 27(a) - Schedule of Assets Held for Investment Purposes December 31, 1993
Identity of Issue, Borrower, Lessor Description of Current or Similar Party Investment Cost Value - - ----------------------------------------- ------------------------- ------------ ------------ Cash $236 $236 M.A. Hanna Company Stock Fund 11,583 units 170,629 194,945 Wells Fargo Mutual Funds: Asset Allocation Fund 36,507 units 369,455 374,931 Bond Index Fund 2,851 units 28,581 28,342 S&P 500 Stock Fund 52,618 units 527,907 549,335 U.S. Treasury Allocation Fund 8,660 units 86,973 85,991 Money Market Fund 437,107 units 437,107 437,107 ------------ ------------ 1,450,023 1,475,706 Wells Fargo Collective Investment Funds: Tilts & Timing Fund 8,031 units 102,685 109,705 Participant Loans Various personal loans ranging from 7 to 11.5% with terms of 1 - 5 years 233,375 233,375 ------------ ------------ $1,956,948 $2,013,967 ============ ============
Wilson Color Profit Sharing Plan and Trust Schedule 27(d) - Schedule of Reportable Transactions December 31, 1993 Series Of Transactions
Purchases Sales ------------------------- -------------------------- Identity of Party Involved Description Number Amount Number Cost - - ----------------------------------------- ----------------------------------- ------------ ------------ ------------ ------------ Wells Fargo Bank, N.A. M.A. Hanna Company Stock Fund 28 $334,377 15 $189,407 Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund 17 320,865 18 341,917 Wells Fargo Bank, N.A. Daily Bond Index Fund 9 45,961 3 48,316 Wells Fargo Bank, N.A. S&P 500 Stock Fund 17 533,200 15 559,714 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 13 82,281 9 85,215 Wells Fargo Bank, N.A. Tilts & Timing Fund 24 152,270 13 54,803 Wells Fargo Bank, N.A. Money Market Fund 15 456,970 13 485,446 Wells Fargo Bank, N.A. Money Market Transition Fund 12 7,785 3 1,544,524 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund 22 478,657 7 109,203 Wells Fargo Bank, N.A. Bond Index Fund 15 56,372 1 27,791 Wells Fargo Bank, N.A. S&P 500 Stock Fund 15 574,198 11 46,291 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 16 88,137 2 1,164 Wells Fargo Bank, N.A. Money Market Fund 17 480,346 14 48,098 Single Transactions Purchases Sales ------------------------- -------------------------- Identity of Party Involved Description Date Amount Date Cost - - ----------------------------------------- ----------------------------------- ------------ ------------ ------------ ------------ Wells Fargo Bank, N.A. M.A. Hanna Company Stock Fund 2/26/93 $217,905 Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund 2/26/93 273,592 7/2/93 $298,355 Wells Fargo Bank, N.A. S&P 500 Stock Fund 2/26/93 474,537 7/2/93 501,337 Wells Fargo Bank, N.A. Tilts & Timing Fund 2/26/93 94,609 Wells Fargo Bank, N.A. Money Market Fund 2/26/93 409,739 7/2/93 407,275 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund 7/2/93 310,869 Wells Fargo Bank, N.A. Asset Allocation Fund 8/16/93 90,464 8/13/93 88,676 Wells Fargo Bank, N.A. Money Market Fund 7/2/93 407,275 Wells Fargo Bank, N.A. S&P 500 Stock Fund 7/2/93 508,587 Series of Transactions ------------------------- Selling Identity of Party Involved Description Price Net Gain - - ----------------------------------------- ----------------------------------- ------------ ------------ Wells Fargo Bank, N.A. M.A. Hanna Company Stock Fund $207,489 $18,082 Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund 355,245 13,328 Wells Fargo Bank, N.A. Daily Bond Index Fund 49,516 1,200 Wells Fargo Bank, N.A. S&P 500 Stock Fund 567,528 7,814 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 88,762 3,547 Wells Fargo Bank, N.A. Tilts & Timing Fund 56,665 1,862 Wells Fargo Bank, N.A. Money Market Fund 485,446 0 Wells Fargo Bank, N.A. Money Market Transition Fund 1,544,524 0 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund 111,498 2,295 Wells Fargo Bank, N.A. Bond Index Fund 27,997 206 Wells Fargo Bank, N.A. S&P 500 Stock Fund 47,421 1,130 Wells Fargo Bank, N.A. U.S. Treasury Allocation Fund 1,189 25 Wells Fargo Bank, N.A. Money Market Fund 48,098 0 Single Transactions ------------------------- Selling Identity of Party Involved Description Price Net Gain - - ----------------------------------------- ----------------------------------- ------------ ------------ Wells Fargo Bank, N.A. M.A. Hanna Company Stock Fund Collective Investment Funds ----------------------------------- Wells Fargo Bank, N.A. Three Way Asset Allocation Fund $310,869 $12,514 Wells Fargo Bank, N.A. S&P 500 Stock Fund 508,587 7,250 Wells Fargo Bank, N.A. Tilts & Timing Fund Wells Fargo Bank, N.A. Money Market Fund 407,275 0 Mutual Funds ----------------------------------- Wells Fargo Bank, N.A. Asset Allocation Fund Wells Fargo Bank, N.A. Asset Allocation Fund 90,464 1,788 Wells Fargo Bank, N.A. Money Market Fund Wells Fargo Bank, N.A. S&P 500 Stock Fund
EX-99 9 FINANCIAL STATEMENTS ALLIED COLOR Financial Statements Allied Color Industries, Inc. Profit Sharing Plan for Associates of Broadview Heights, OH, Greenville SC and Phoenix AZ December 31, 1993 and 1992 ALLIED COLOR INDUSTRIES, INC. PROFIT SHARING PLAN FOR ASSOCIATES OF BROADVIEW HEIGHTS, OH, GREENVILLE, SC, AND PHOENIX, AZ STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (UNAUDITED)
December 31 December 31 1993 1992 ASSETS Hanna Stock Fund $14,271 $ - Wells Fargo Collective Investment Funds 3,877,951 3,115,252 ----------- ----------- TOTAL INVESTMENTS 3,892,222 3,115,252 Receivables: Employer contribution receivable 206,854 296,121 Loans receivable 195,795 - ----------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $4,294,871 $3,411,373 =========== =========== See notes to financial statements.
ALLIED COLOR INDUSTRIES, INC. PROFIT SHARING PLAN FOR ASSOCIATES OF BROADVIEW HEIGHTS, OH, GREENVILLE, SC, AND PHOENIX, AZ STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (UNAUDITED)
Three-Way S&P US US Asset Growth Midcap Treasury Tilts & Money Sweep Allocation Stock Stock Allocation Timing Market Account Fund Fund Fund Fund Fund Fund --------- --------- --------- --------- ---------- --------- --------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1992 $370,626 $723,177 $371,177 $456,026 $352,316 $400,354 $737,697 Investment Income: Interest 1,222 9,764 Mutual fund income Gain on sale of investments 62,605 1,497 30,918 41,343 10,195 Unrealized appreciation of investments 23,684 31,198 --------- --------- --------- --------- ---------- --------- --------- 1,222 62,605 1,497 54,602 41,343 41,393 9,764 Contributions: Employees 16,589 20,700 96,715 12,197 24,655 94,641 Employer matching contributions Employer profit sharing contributions (5,071) 63,076 42,981 46,656 39,320 44,577 80,227 Reverse 1992 employer receivable (296,121) 1993 employer receivable 206,854 --------- --------- --------- --------- ---------- --------- --------- (94,338) 79,665 63,681 143,371 51,517 69,232 174,868 Distributions to employees partially and wholly with- drawn from the plan (62,330) (7,801) (3,250) (3,545) (11,189) (1,495) (12,240) Net transfers (from) to other funds 59,979 (857,597) (433,059) (258,925) (433,935) (161,421) (910,023) Administrative expenses (171) (49) (46) (41) (52) (71) (66) --------- --------- --------- --------- ---------- --------- --------- NET ADDITIONS (95,638) (723,177) (371,177) (64,538) (352,316) (52,362) (737,697) --------- --------- --------- --------- ---------- --------- --------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $274,988 $0 $0 $391,488 $0 $347,992 $0 ========= ========= ========= ========= ========== ========= ========= Wellsfunds Wellsfunds Wellsfunds Wellsfunds Hanna Asset Growth Money Treasury Stock Allocation Stock Market Allocation Fund Loans Total ---------- ---------- ----------- ---------- --------- --------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1992 $0 $0 $0 $0 $0 $0 $3,411,373 Investment Income: Interest 12,810 23,796 Mutual fund income 17,695 14,425 17,503 17,307 66,930 Gain on sale of investments 2,855 19,133 1,475 170,021 Unrealized appreciation of investments 15,393 29,057 (3,411) (47) 95,874 ---------- ---------- ----------- ---------- --------- --------- ----------- 35,943 62,615 17,503 15,371 (47) 12,810 356,621 Contributions: Employees 13,927 82,122 21,957 12,357 14,318 410,178 Employer matching contributions Employer profit sharing contributions 311,766 Reverse 1992 employer receivable (296,121) 1993 employer receivable 206,854 ---------- ---------- ----------- ---------- --------- --------- ----------- 13,927 82,122 21,957 12,357 14,318 0 632,677 Distributions to employees partially and wholly with- drawn from the plan 0 (2,052) (712) (535) (105,149) Net transfers (from) to other funds 609,013 351,683 1,573,323 277,977 182,985 0 Administrative expenses (37) (33) (54) (31) (651) ---------- ---------- ----------- ---------- --------- --------- ----------- NET ADDITIONS 658,846 494,335 1,612,017 305,139 14,271 195,795 883,498 ---------- ---------- ----------- ---------- --------- --------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $658,846 $494,335 $1,612,017 $305,139 $14,271 $195,795 $4,294,871 ========== ========== =========== ========== ========= ========= ===========
EX-99 10 FINANCIAL STATEMENTS BRUCK PROFIT SHARING Financial Statements Bruck Plastics Company Profit Sharing Plan December 31, 1993 and 1992 BRUCK PLASTICS COMPANY PROFIT SHARING PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (UNAUDITED)
December 31 December 31 1993 1992 ASSETS Hanna Stock Fund $91,893 $24,536 Wells Fargo Collective Investment Funds 4,228,126 4,108,256 ----------- ----------- TOTAL INVESTMENTS 4,320,019 4,132,792 Receivables: Employer contribution receivable 372,000 365,000 Loans receivable 248,034 203,940 ----------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $4,940,053 $4,701,732 =========== =========== See notes to financial statements.
BRUCK PLASTICS COMPANY PROFIT SHARING PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (UNAUDITED)
Three-Way S&P US Asset Growth 500 Treasury Money Sweep Allocation Stock Stock Allocation Market Account Fund Fund Fund Fund Fund --------- --------- --------- --------- ----------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1992 $368,929 $665,200 $425,639 $552,058 $879,501 $1,581,928 Investment Income: Interest 156 19,096 Mutual fund income Gain on sale of investments 66,672 1,812 20,461 115,058 Unrealized appreciation of investments --------- --------- --------- --------- ----------- ----------- 156 66,672 1,812 20,461 115,058 19,096 Contributions: Employees (532) 16,468 17,307 14,769 13,665 16,009 Employer matching contribution Employer profit sharing contribution (5,105) 53,569 43,792 47,848 88,341 88,413 Reverse 1992 employer receivable (365,000) 1993 employer receivable 372,000 --------- --------- --------- --------- ----------- ----------- 1,363 70,037 61,099 62,617 102,006 104,422 Distributions to employees partially and wholly with- drawn from the plan (16,832) (7,344) (4,771) (7,075) (4,938) (264,470) Net transfers (from) to other funds 26,734 (794,527) (483,754) (628,042) (1,091,553) (1,440,835) Administrative expenses (181) (38) (25) (19) (74) (141) --------- --------- --------- --------- ----------- ----------- NET ADDITIONS 11,240 (665,200) (425,639) (552,058) (879,501) (1,581,928) --------- --------- --------- --------- ----------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $380,169 $0 $0 $0 $0 $0 ========= ========= ========= ========= =========== =========== Wellsfunds Wellsfunds Wellsfunds Wellsfunds Wellsfunds Hanna Asset Growth Money S&P Treasury Stock Allocation Stock Market 500 Allocation Fund ---------- ---------- ----------- ----------- ----------- --------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1992 $0 $0 $0 $0 $0 $24,537 Investment Income: Interest Mutual fund income 22,113 18,366 16,742 8,348 62,361 Gain on sale of investments 4,794 213 138 7,754 208 Unrealized appreciation of investments 19,308 54,618 27,847 (10,467) 8,264 ---------- ---------- ----------- ----------- ----------- --------- 46,215 73,197 16,742 36,333 59,648 8,472 Contributions: Employees 18,298 20,872 12,247 19,250 12,819 3,917 Employer matching contribution 45,173 Employer profit sharing contribution 1,786 Reverse 1992 employer receivable 1993 employer receivable ---------- ---------- ----------- ----------- ----------- --------- 18,298 20,872 12,247 19,250 12,819 50,876 Distributions to employees partially and wholly with- drawn from the plan (75,268) (301,453) (78,254) (4,397) Net transfers (from) to other funds 849,034 538,426 1,227,615 645,966 1,098,460 12,415 Administrative expenses (30) (16) (87) (12) (44) (11) ---------- ---------- ----------- ----------- ----------- --------- NET ADDITIONS 838,249 632,479 955,064 701,537 1,092,629 67,355 ---------- ---------- ----------- ----------- ----------- --------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $838,249 $632,479 $955,064 $701,537 $1,092,629 $91,892 ========== ========== =========== =========== =========== ========= Loans Total --------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1992 $203,940 $4,701,732 Investment Income: Interest 16,376 35,628 Mutual fund income 127,930 Gain on sale of investments 217,110 Unrealized appreciation of investments 99,570 --------- ------------ 16,376 480,238 Contributions: Employees 165,089 Employer matching contribution 45,173 Employer profit sharing contribution 318,644 Reverse 1992 employer receivable (365,000) 1993 employer receivable 372,000 --------- ------------ 0 535,906 Distributions to employees partially and wholly with- drawn from the plan (12,343) (777,145) Net transfers (from) to other funds 40,061 0 Administrative expenses (678) --------- ------------ NET ADDITIONS 44,094 238,321 --------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $248,034 $4,940,053 ========= ============
EX-99 11 FINANCIALS DAYTON PLASTICS PROFIT SHARING Financial Statements Dayton Plastics Profit Sharing Plan December 31, 1993 and 1992 DAYTON PLASTICS PROFIT SHARING PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (UNAUDITED)
December 31 December 31 1993 1992 ASSETS Society National Bank Collective Investment Funds $ - $4,073,104 Wells Fargo Collective Investment Funds 3,871,182 - ----------- ----------- TOTAL INVESTMENTS 3,871,182 4,073,104 Receivables: Employer contribution receivable 129,300 - ----------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $4,000,482 $4,073,104 =========== =========== See notes to financial statements.
DAYTON PLASTICS PROFIT SHARING PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (UNAUDITED)
Three-Way S&P US US Society Asset Growth 500 Treasury Tilts & Treasury Sweep Allocation Stock Stock Allocation Timing Fund Account Fund Fund Fund Fund Fund ----------- --------- --------- --------- --------- ---------- --------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1992 $4,073,104 $0 $0 $0 $0 $0 $0 Investment Income: Interest Mutual fund income Gain on sale of investments 11,928 2,767 (810) 23,347 2,100 Unrealized appreciation of investments 24,552 12,966 ----------- --------- --------- --------- --------- ---------- --------- 0 24,552 11,928 2,767 (810) 23,347 15,066 Contributions: Company profit sharing contribution 13,950 6,042 31,176 18,627 6,618 Restore forfeiture (22,256) 1993 employer receivable 129,300 ----------- --------- --------- --------- --------- ---------- --------- 0 107,044 13,950 6,042 31,176 18,627 6,618 Distributions to employees partially and wholly with- drawn from the plan (10,209) Net transfers (from) to other funds (4,065,024) 49 (25,878) (8,809) (30,366) (41,974) 221,080 Administrative expenses (8,080) ----------- --------- --------- --------- --------- ---------- --------- NET ADDITIONS (4,073,104) 131,645 0 0 0 0 232,555 ----------- --------- --------- --------- --------- ---------- --------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $0 $131,645 $0 $0 $0 $0 $232,555 =========== ========= ========= ========= ========= ========== ========= Money Wellsfunds Wellsfunds Wellsfunds Wellsfunds Wellsfunds Market Asset Growth Money S&P Treasury Fund Allocation Stock Market 500 Allocation --------- ---------- ---------- ----------- ----------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1992 $0 $0 $0 $0 $0 $0 Investment Income: Interest 16,469 Mutual fund income 17,065 2,413 19,340 12,087 30,015 Gain on sale of investments 2,237 1,496 2,508 5,713 Unrealized appreciation of investments 12,741 4,449 37,420 (7,038) --------- ---------- ---------- ----------- ----------- ---------- 16,469 32,043 8,358 19,340 52,015 28,690 Contributions: Company profit sharing contribution 71,588 Restore forfeiture 22,256 1993 employer receivable --------- ---------- ---------- ----------- ----------- ---------- 71,588 0 0 22,256 0 0 Distributions to employees partially and wholly with- drawn from the plan (318,177) (4,484) (199,940) (2,874) (39,924) Net transfers (from) to other funds 230,120 631,355 74,601 1,527,613 945,060 542,173 Administrative expenses --------- ---------- ---------- ----------- ----------- ---------- NET ADDITIONS 0 658,914 82,959 1,369,269 994,201 530,939 --------- ---------- ---------- ----------- ----------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $0 $658,914 $82,959 $1,369,269 $994,201 $530,939 ========= ========== ========== =========== =========== ========== Total ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1992 $4,073,104 Investment Income: Interest 16,469 Mutual fund income 80,920 Gain on sale of investments 51,286 Unrealized appreciation of investments 85,090 ------------ 233,765 Contributions: Company profit sharing contribution 148,001 Restore forfeiture 0 1993 employer receivable 129,300 ------------ 277,301 Distributions to employees partially and wholly with- drawn from the plan (575,608) Net transfers (from) to other funds 0 Administrative expenses (8,080) ------------ NET ADDITIONS (72,622) ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $4,000,482 ============
EX-99 12 FINANCIAL STATEMENTS DH SAVINGS & RETIREMENT Financial Statements DH Compounding Savings and Retirement Plan December 31, 1993 and 1992 DH COMPOUNDING SAVINGS AND RETIREMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (UNAUDITED)
December 31 December 31 1993 1992 ASSETS Wells Fargo Collective Investment Funds $665,225 $419,056 --------- --------- TOTAL INVESTMENTS 665,225 419,056 Receivables: Loans receivable 61,522 29,110 --------- --------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $726,747 $448,166 ========= ========= See notes to financial statements.
DH COMPOUNDING SAVINGS AND RETIREMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (UNAUDITED)
Three-Way S&P Asset 500 Money Wellsfunds Wellsfunds Wellsfunds Sweep Allocation Stock Market Asset Money S&P Account Fund Fund Fund Allocation Market 500 Loans --------- --------- --------- --------- --------- --------- --------- --------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1992 $0 $95,244 $257,453 $66,359 $0 $0 $0 $29,110 Investment Income: Interest 1,366 4,701 Mutual fund income 4,501 1,702 4,077 Gain on sale of investments 10,859 8,598 249 203 Unrealized appreciation of investments 18 3,450 12,821 --------- --------- --------- --------- --------- --------- --------- --------- 18 10,859 8,598 1,366 8,200 1,702 17,101 4,701 Contributions: Employees (1,601) 25,159 26,743 13,476 26,384 14,256 30,609 Employer match contribution 47,699 Employer retirement contribution 20,679 26,240 9,857 --------- --------- --------- --------- --------- --------- --------- --------- (1,601) 45,838 52,983 71,032 26,384 14,256 30,609 0 Distributions to employees partially and wholly with- drawn from the plan (1,255) (2,427) (2,341) (2,333) (755) (763) (2,611) Net transfers (from) to other funds 1,583 (150,517) (316,475) (136,360) 148,102 127,305 296,040 30,322 Administrative expenses (169) (132) (56) (248) (126) (249) --------- --------- --------- --------- --------- --------- --------- --------- NET ADDITIONS 0 (95,244) (257,453) (66,359) 180,105 142,382 342,738 32,412 --------- --------- --------- --------- --------- --------- --------- --------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $0 $0 $0 $0 $180,105 $142,382 $342,738 $61,522 ========= ========= ========= ========= ========= ========= ========= ========= Total --------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1992 $448,166 Investment Income: Interest 6,067 Mutual fund income 10,280 Gain on sale of investments 19,909 Unrealized appreciation of investments 16,289 --------- 52,545 Contributions: Employees 135,026 Employer match contribution 47,699 Employer retirement contribution 56,776 --------- 239,501 Distributions to employees partially and wholly with- drawn from the plan (12,485) Net transfers (from) to other funds 0 Administrative expenses (980) --------- NET ADDITIONS 278,581 --------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $726,747 =========
EX-99 13 FINANCIAL STATEMENTS FIBERCHEM 401(K) Financial Statements Fiberchem, Inc. 401(K) Savings Plan December 31, 1993 and 1992 FIBERCHEM, INC. 401(K) PLAN AND TRUST STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (UNAUDITED)
December 31 December 31 1993 1992 ASSETS Hanna Stock Fund $125,370 $ - Wells Fargo Collective Investment Funds 681,159 477,671 ---------- ---------- TOTAL INVESTMENTS 806,529 477,671 Receivables: Employer and employee contributions - 39,991 Loans receivable 12,477 - ---------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $819,006 $517,662 ========== ========== See notes to financial statements.
FIBERCHEM, INC. 401(K) PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (UNAUDITED)
Three-Way S&P US Asset Growth 500 Treasury Money Wellsfunds Sweep Allocation Stock Stock Allocation Market Asset Account Fund Fund Fund Fund Fund Allocation --------- --------- --------- --------- ---------- --------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1992 $517,622 $0 $0 $0 $0 $0 $0 Investment Income: Interest 3,770 1,061 Mutual fund income 10,438 Gain on sale of investments 13,419 3,957 798 1,293 782 Unrealized appreciation of investments 8,498 --------- --------- --------- --------- ---------- --------- ---------- 3,770 13,419 3,957 798 1,293 1,061 19,718 Contributions: Employees (156) 65,415 18,271 4,979 5,911 37,693 77,109 Employer contributions 7,377 1,947 743 540 438 Reverse 1992 receivable (39,991) --------- --------- --------- --------- ---------- --------- ---------- (40,147) 72,792 20,218 5,722 6,451 38,131 77,109 Distributions to employees partially and wholly with- drawn from the plan (2,371) (1,634) (1,617) (1,604) (25) (30,005) (211) Net transfers (from) to other funds (478,874) (84,577) (22,558) (4,916) (7,719) (9,187) 322,303 --------- --------- --------- --------- ---------- --------- ---------- NET ADDITIONS (517,622) 0 0 0 0 0 418,919 --------- --------- --------- --------- ---------- --------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $0 $0 $0 $0 $0 $0 $418,919 ========= ========= ========= ========= ========== ========= ========== Wellsfunds Wellsfunds Wellsfunds Wellsfunds Hanna Growth Money S&P Treasury Stock Stock Market 500 Allocation Fund Loans Total ---------- ----------- ----------- ---------- --------- --------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1992 $0 $0 $0 $0 $0 $0 $517,622 Investment Income: Interest 276 5,107 Mutual fund income 4,225 394 624 1,983 17,664 Gain on sale of investments 500 212 79 402 21,442 Unrealized appreciation of investments 11,097 1,550 (484) 14,978 35,639 ---------- ----------- ----------- ---------- --------- --------- ------------ 15,822 394 2,386 1,578 15,380 276 79,852 Contributions: Employees 21,349 6,771 8,302 7,143 39,212 291,999 Employer contributions 14,497 25,542 Reverse 1992 receivable (39,991) ---------- ----------- ----------- ---------- --------- --------- ------------ 21,349 6,771 8,302 7,143 53,709 0 277,550 Distributions to employees partially and wholly with- drawn from the plan (3,455) (5,219) (3,804) (2,804) (3,269) (56,018) Net transfers (from) to other funds 111,543 27,905 44,432 29,897 59,550 12,201 0 ---------- ----------- ----------- ---------- --------- --------- ------------ NET ADDITIONS 145,259 29,851 51,316 35,814 125,370 12,477 301,384 ---------- ----------- ----------- ---------- --------- --------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $145,259 $29,851 $51,316 $35,814 $125,370 $12,477 $819,006 ========== =========== =========== ========== ========= ========= ===========
EX-99 14 FINANCIAL STATEMENTS TEXAPOL 401(K) Financial Statements Texapol Corporation Employees' 401(K) Savings Plan December 31, 1993 and 1992 TEXAPOL CORPORATION EMPLOYEES' 401(K) SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (UNAUDITED)
December 31 December 31 1993 1992 ASSETS: Cookson American Master Funds $ - $220,616 Hanna Stock Fund 2,475 - Wells Fargo Collective Investment Funds 297,600 - ---------- ---------- TOTAL INVESTMENTS 300,075 220,616 Receivables: Contribution receivable - 231 ---------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $300,075 $220,847 ========== ========== See notes to financial statements.
TEXAPOL CORPORATION EMPLOYEES' 401(K) SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (UNAUDITED)
Cookson Cookson Cookson Cookson Wells Fargo Wellsfunds Wellsfunds Stock Balanced Bond Money Sweep Asset Money Fund Fund Fund Market Account Allocation Market --------- --------- --------- --------- --------- ---------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1992 $119,401 $35,565 $31,567 $34,314 $0 $0 $0 Investment Income: Interest 166 Mutual fund income 5,118 2,200 2,485 615 1,472 160 Gain on sale of investments Unrealized appreciation of investments (1,733) --------- --------- --------- --------- --------- ---------- ----------- 5,118 2,200 2,485 615 166 (261) 160 Contributions: Employees 32,726 8,311 6,162 7,684 8,466 1,494 Employer match 7,736 1,831 1,441 1,821 922 179 --------- --------- --------- --------- --------- ---------- ----------- 40,462 10,142 7,603 9,505 0 9,388 1,673 Distributions to employees partially and wholly with- drawn from the plan (9,048) (2,044) (2,108) (11,788) Net transfers (from) to other funds (155,933) (45,863) (39,547) (32,646) (166) 106,043 13,695 --------- --------- --------- --------- --------- ---------- ----------- NET ADDITIONS (119,401) (35,565) (31,567) (34,314) 0 115,170 15,528 --------- --------- --------- --------- --------- ---------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $0 $0 $0 $0 $0 $115,170 $15,528 ========= ========= ========= ========= ========= ========== =========== Wellsfunds Wellsfunds Hanna S&P Treasury Stock 500 Allocation Fund Total ----------- ----------- --------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1992 $0 $0 $0 $220,847 Investment Income: Interest 166 Mutual fund income 1,069 582 13,701 Gain on sale of investments (17) (1,166) (1,183) Unrealized appreciation of investments (1,319) (673) (3) (3,728) ----------- ----------- --------- ------------ (267) (1,257) (3) 8,956 Contributions: Employees 11,689 949 77,481 Employer match 1,259 116 2,474 17,779 ----------- ----------- --------- ------------ 12,948 1,065 2,474 95,260 Distributions to employees partially and wholly with- drawn from the plan (24,988) Net transfers (from) to other funds 144,714 9,699 4 0 ----------- ----------- --------- ------------ NET ADDITIONS 157,395 9,507 2,475 79,228 ----------- ----------- --------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1993 $157,395 $9,507 $2,475 $300,075 =========== =========== ========= ============
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