-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D2H/uUvOGP620TyLoOnd8ux+DpwmRc1tKh3LXK7F6gMSoss0Xr7iZNV0SWgggJ2w dbqVJrey9Thy33eyWFlG0g== /in/edgar/work/20000628/0000950116-00-001538/0000950116-00-001538.txt : 20000920 0000950116-00-001538.hdr.sgml : 20000920 ACCESSION NUMBER: 0000950116-00-001538 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991128 FILED AS OF DATE: 20000628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HUNT CORP CENTRAL INDEX KEY: 0000049146 STANDARD INDUSTRIAL CLASSIFICATION: [3950 ] IRS NUMBER: 210481254 STATE OF INCORPORATION: PA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: SEC FILE NUMBER: 001-08044 FILM NUMBER: 662221 BUSINESS ADDRESS: STREET 1: ONE COMMERCE SQ STREET 2: 2005 MARKET ST CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 2157327700 MAIL ADDRESS: STREET 1: ONE COMMERCE SQ STREET 2: 2005 MARKET ST CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: HUNT MANUFACTURING CO DATE OF NAME CHANGE: 19920703 10-K/A 1 0001.txt SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K/A AMENDMENT NO. 1 [ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended November 28, 1999 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ______ to ______. For the fiscal year ended November 28, 1999 Commission File No. 1-8044 HUNT CORPORATION (Registrant) Pennsylvania 21-0481254 ------------------------------ --------------------------------- (State of Incorporation) (IRS Employer Identification No.) One Commerce Square, 2005 Market Street, Philadelphia, PA 19103-7085 - --------------------------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (215) 656-0300 Securities registered pursuant to Section 12(b) of the Act: Name of Each Exchange Title of Each Class: on Which Registered: ------------------- -------------------- Common Shares, par value $.10 per share New York Stock Exchange Rights to Purchase Series A Junior New York Stock Exchange Participating Preferred Stock Securities registered pursuant to Section 12(g) of the Act: None 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___ The number of shares of the registrant's common shares outstanding as of June 1, 2000 was 10,164,939. 1 Pursuant to General Instruction F to Form 10-K and Rule 15d-21 under the Securities Exchange Act of 1934, Hunt Corporation's Annual Report on Form 10-K for the fiscal year ended November 28, 1999 is hereby amended to include the attached financial statements described in amended Item 14(a)(1)(B) below required by Form 11-K with respect to the Hunt Corporation Savings Plan for the Plan's fiscal year ended December 31, 1999. The Savings Plan is subject to the Employee Retirement Income Security Act of 1974. Item 14, as amended, provides in its entirety as follows: Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K (a) Documents filed as part of the Report 1. Financial Statements: Pages ----- A. The Company and Subsidiaries: Report of Independent Accountants F-1 Consolidated Statements of Income for the fiscal years 1999, 1998 and 1997 F-2 Consolidated Balance Sheets, November 28, 1999 and November 29, 1998 F-3 Consolidated Statements of Stockholders' Equity for the fiscal years 1999, 1998 and 1997 F-4 Consolidated Statements of Comprehensive Income for the fiscal years 1999, 1998, and 1997 F-5 Consolidated Statements of Cash Flows for the fiscal years 1999, 1998, and 1997 F-6 Notes to Consolidated Financial Statements F-7-F-29 B. The Savings Plan: Report of Independent Accountants PF-2 Statements of Net Assets Available for Benefits as of December 31, 1999 and 1998 PF-3 Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 1998, 1997, and 1997 PF-4 Notes to Financial Statements PF-5-PF-11 2. Financial Statement Schedule: Schedule II. Valuation and Qualifying Accounts for the fiscal years 1999, 1998 and 1997 F-30 All other schedules not listed above have been omitted, since they are not applicable or are not required, or because the required information is included in the consolidated financial statements or notes thereto. Individual financial statements of the Company have been omitted, since the Company is primarily an operating company and any subsidiary companies included in the consolidated financial statements are directly or indirectly wholly-owned and are not indebted to any person, other than the parent or the consolidated subsidiaries, in an amount which is material in relation to total consolidated assets at the date of the latest balance sheet filed, except indebtedness incurred in the ordinary course of business which is not overdue and which matures in one year. 3. Exhibits: (3) Articles of incorporation and bylaws: (a) Restated Articles of Incorporation, as amended (composite) (incorp. by ref. to Ex. 3(a) to fiscal 1997 Form 10-K) (reference also is made to Exhibit 4(c) below for the Designation of Powers, Preferences, Rights and Qualifications of Preferred Stock). (b) By-laws, as amended (incorp. by ref. to Ex. 3(b) to Form 10-Q for quarter ended May 28, 1995). (4) Instruments defining rights of security holders, including indentures:* (a) Note Purchase Agreement dated as of August 1, 1996 between the Company and several insurance companies (incorp. by ref. to Form 10-Q for quarter ended September 1, 1996). (b) (1) Second Amendment and Restatement of Credit Agreement dated February 20, 1997 between the Company and NationsBank, N. A. and other lenders and (2) Third Amendment dated as of April 24, 1998 to Credit Agreement (incorp. by ref. to Ex. 4(b)(1) and 4(b)(2), respectively to fiscal 1998 Form 10-K). (c) (1) Rights Agreement dated as of August 8, 1990 (including as Exhibit A thereto the Designation of Powers, Preferences, Rights and Qualifications of Preferred Stock), between the Company and Mellon Bank (East), N. A., as original Rights Agent; and (2) Assignment and Assumption Agreement dated December 2, 1991, with American Stock Transfer and Trust Company, as successor Rights Agent (incorp. by ref. to Ex. 4(c)(1) and 4(c)(2), respectively to fiscal 1999 Form 10-K). Miscellaneous long-term debt instruments and credit facility agreements of the Company, under which the underlying authorized debt is equal to less than 10% of the total assets of the Company and its subsidiaries on a consolidated basis, may not be filed as exhibits to this report. The Company agrees to furnish to the Commission, upon request, copies of any such unfiled instruments. (10) Material contracts: (a) Lease Agreement dated June 1, 1979 and First Supplemental Lease Agreement dated as of July 31, 1994 between the Iredell County Industrial Facilities and Pollution Control Financing Authority and the Company (incorp. by ref. to Ex. 10(a) to fiscal 1999 Form 10-K). (b) 1983 Stock Option and Stock Grant Plan, as amended, of the Company (incorp. by ref. to Ex. 10(b) to fiscal 1996 Form 10-K).** (c) 1993 Stock Option and Stock Grant Plan of the Company, as amended (incorp. by ref. to Ex. 10 to Form 10-Q for quarter ended June 1, 1997).** (d) 1994 Non-Employee Directors' Stock Option Plan (incorp. by ref. to Ex. 10(d) to fiscal 1999 Form 10-K).** (e) 1997 Non-Employee Director Compensation Plan (incorp. by ref. to Ex. 10(f) to fiscal 1997 Form 10-K).** (f) (1) Form of Change in Control Agreement between the Company and various officers of the Company; and (2) list of executive officers who are parties to such Change in Control Agreements (incorp. by ref. to Ex. 10(f)(1) and 10(f)(2), respectively to fiscal 1999 Form 10-K).** (g) (1) Form of Supplemental Executive Benefits Plan of the Company, effective January 1, 1997 (incorporated by reference to Ex. 10(g)(1) of fiscal 1998 Form 10-K); (2) Amendment No. 1 to Supplemental Executive Benefits Plan (filed herewith); and (3) form of related Amended and Restated Trust Agreement, effective January 1, 1997 (incorp. by ref. to Ex. 10(g)(2) to fiscal 1998 Form 10-K).** (h) (1) Employment Agreement, dated as of April 8, 1996, between the Company and Donald L. Thompson (incorp. by ref. to Ex. 10 to Form 10-Q for quarter ended June 2, 1996); and (2) description of amendment to Employment Agreement (incorp. by ref. to Ex. 10(h)(1) and 10(h)(2), respectively to fiscal 1999 Form 10-K).** (21) Subsidiaries (filed incorp. by reference to Ex. 11 to 1997 Form 10-K). (23) (a) Consent of PricewaterhouseCoopers LLP to incorporation by reference in registration statements on Forms S8 Nos. 333-73197, 33-57105, 33-57103, 33-70660, 33-25947, 33-6359, and 2-83144, of their report on the consolidated financial statements and schedule included in this report (incorp. by ref. to Ex. 23 to fiscal 1999 Form 10-K). (b) Consent of PricewaterhouseCoopers LLP to incorporation by reference, in Registration Statement Nos. 33-6359 and 33-57103 on Form S-8, of their report on the financial statements related to the Savings Plan included with this report as amended (filed herewith). (27) Financial Data Schedule (incorp. by ref. to Ex. 27 to fiscal 1999 Form 10-K). * Reference also is made to (1) Articles 5th, 6th, 7th, and 8th of the Company's composite Articles of Incorporation (Ex. 3(a) to this report) and (2) to Sections 1, 7, and 8 of the Company's By-Laws (Ex. 3(b) to this report). ** Indicates a management contract or compensatory plan or arrangement. (b) Reports on Form 8-K The Company did not file any reports on Form 8-K during the last quarter of the fiscal year covered by this report. SIGNATURES Pursuant to the requirements of Section 13 of, and Rule 12b-15 under, the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. HUNT CORPORATION Dated: June 28, 2000 By:_______________________________________________ Donald L. Thompson Chairman, President and Chief Executive Officer June 28, 2000 By:_______________________________________________ William E. Chandler Senior Vice President, Finance (Principal Financial Officer) HUNT CORPORATION SAVINGS PLAN REPORT ON AUDITS OF FINANCIAL STATEMENTS for the years ended December 31, 1999, 1998, and 1997 AND SUPPLEMENTAL SCHEDULE for the year ended December 31, 1999 HUNT CORPORATION SAVINGS PLAN TABLE OF CONTENTS Page ---- Report of Independent Accountants 2 Financial Statements: Statements of Net Assets Available for Benefits as of December 31, 1999 and 1998 3 Statements of Changes in Net Assets Available for Benefits, for the years ended December 31, 1999, 1998, and 1997 4 Notes to Financial Statements 5-11 Supplemental Schedule: Schedule of Assets Held for Investment Purposes as of December 31, 1999 Schedule H, Part IV, Item 4i* * Refers to item number in Form 5500 (Annual Return/Report of Employee Benefit Plan) for the plan year ended December 31, 1999 1 Report of Independent Accountants To the Administrative Committee of Hunt Corporation: In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Hunt Corporation Savings Plan (the "Plan") at December 31, 1999 and 1998, and the changes in net assets available for benefits for each of the three years in the period ended December 31, 1999 in conformity with accounting principles generally accepted in the United States. 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 of these statements in accordance with auditing standards generally accepted in the United States, which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets held for investment purposes as of December 31, 1999 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is 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. This supplemental schedule is the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. PricewaterhouseCoopers LLP Philadelphia, PA June 15, 2000 2 HUNT CORPORATION SAVINGS PLAN Statements of Net Assets Available for Benefits as of December 31, 1999 and 1998 ASSETS 1999 1998 ---- ---- Investments, at fair value $32,854,449 $27,133,169 Accrued interest 27,060 21,698 ----------- ----------- Total assets 32,881,509 27,154,867 ----------- ----------- Net assets available for benefits $32,881,509 $27,154,867 =========== =========== The accompanying notes are an integral part of the financial statements. 3 HUNT CORPORATION SAVINGS PLAN Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 1999, 1998, and 1997
ADDITIONS 1999 1998 1997 ---- ---- ---- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments $ 3,476,457 $ (129,971) $1,902,654 Dividends 1,662,491 2,615,934 2,964,273 Interest 386,744 365,901 358,692 Contributions: Participants 1,709,051 1,875,894 2,388,168 Employer 590,724 617,769 891,032 ----------- ------------ ---------- Total additions 7,825,467 5,345,527 8,504,819 ----------- ------------ ---------- DEDUCTIONS Deductions from net assets attributed to: Benefits paid to participants 2,090,826 7,134,695 3,786,862 Management fees 7,999 8,992 10,106 ----------- ------------ ---------- Total deductions 2,098,825 7,143,687 3,796,968 ----------- ------------ ---------- Net increase (decrease) 5,726,642 (1,798,160) 4,707,851 Net assets available for benefits, beginning of year 27,154,867 28,953,027 24,245,176 ----------- ------------ ----------- Net assets available for benefits, end of year $32,881,509 $ 27,154,867 $28,953,027 =========== ============ ===========
The accompanying notes are an integral part of the financial statements. 4 HUNT CORPORATION SAVINGS PLAN Notes to Financial Statements 1. Description of Plan: The following description of the Hunt Corporation Savings Plan (the "Plan") provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. General: The Plan is a defined contribution plan which provides individual accounts for each participant. The Plan is designed to comply with the requirements of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") and with the requirements of Sections 401(a) and 401(k) of the Internal Revenue Code of 1986, as amended (the "Code"). Eligibility and Participation: Generally, all active associates (i.e., employees, including officers) of Hunt Corporation and of any participating subsidiary company (collectively, the "Company") are eligible to participate in the Plan upon meeting the applicable service requirements. Leased employees, non-resident aliens, persons classified as independent contractors, and associates who are covered by a collective bargaining agreement to which the Company or any participating company is a party (unless the collective bargaining agreement specifically otherwise provides) are not eligible to participate in the Plan. Associates who work in full-time, temporary positions as part of an undergraduate or graduate degree program, college students enrolled in a degree program, or high school graduates matriculating in a degree program who assume temporary employment with a participating company during the summer months, and associates who are hired for a specific length of time of no more than 18 consecutive months are eligible to participate in the Plan, but only if such associates complete a minimum of 1,000 hours of service during the Plan year. Associates are eligible to participate in the Associate Pre-Tax Contribution portion of the Plan as of the entry date on or after the first day of the second month after the month in which the associate becomes an eligible employee. Associates are eligible to participate in the Matching Contribution portion of the Plan as of the entry date on or after the date on which they complete a year of service. (Hunt Graphics bargaining unit employees are eligible to participate in the Associate Pre-Tax Contribution and Matching Contribution portions of the Plan on the January 1, April 1, July 1, or October 1 nearest the date on which they complete a year of service.) Eligible associates (other than Hunt Graphics bargaining unit employees) who have completed at least two consecutive years of service as of any December 1 are eligible for 5 Notes to Financial Statements, continued 1. Description of Plan, continued: participation in the Basic Contribution portion of the Plan provided such eligible associate is employed by a participating company on December 1 of the Plan year for which the Basic Contribution is being made. Associate Pre-Tax Contributions: Subject to the limitations of the Plan and the Code, participants may authorize the Company to withhold each year up to 15% (10% for Hunt Graphics bargaining unit employees) of their annual pre-tax compensation. Participants (other than Hunt Graphics bargaining unit employees) also may authorize the Company to withhold a portion of any retention bonus included in their annual pre-tax compensation. Participants may also make rollover contributions to the Plan of qualifying distributions from other qualified plans. Matching Contributions: The Company will make Matching Contributions on behalf of participants equal to $.25 for each $1.00 of participant contributions up to 6% of the participant's pre-tax compensation for each year (excluding retention bonuses). (Matching Contributions will be made on behalf of Hunt Graphics bargaining unit employees equal to $.50 for each $1.00 of participant contributions to the extent such contributions do not exceed 3% of the participant's pre-tax compensation for the year.) Basic Contributions: The Company may also make a discretionary annual Basic Contribution of up to 1% of the base rate of pay, as defined in the Plan (90% of the annual compensation of salesmen, 100% of the annual compensation for other associates), on behalf of eligible associates whether or not such associates make contributions to the Plan. (Basic Contributions are not available to Hunt Graphics bargaining unit employees.) Such Basic Contributions can only be invested in the Stock Fund and are not transferable to other funds. Participant Accounts: Each participant's account is credited with the Associate Pre-Tax Contribution and allocations of (a) Matching Contributions, (b) Basic Contributions, and (c) Plan earnings, and charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as set forth in the Plan. Vesting: A participant's Associate Pre-Tax Contributions (adjusted for earnings and losses) and Basic Contributions (adjusted for earnings and losses) are always 100% vested and nonforfeitable. 6 Notes to Financial Statements, continued 1. Description of Plan, continued: If, while in the service of the Company or any other participating company, a participant attains age 65, becomes permanently and totally disabled, or dies, the full value of the Matching Contributions (adjusted for earnings and losses) allocated to such participant's accounts becomes fully vested and is nonforfeitable. Prior to the occurrence of such an event, the Matching Contributions (adjusted for earnings and losses) will vest based on such participant's years of service for vesting (years in which a participant completes 1,000 or more hours of service commencing with the date of hire, or in the case of Hunt Graphics bargaining unit employees, the calendar year), as indicated in the following table: Less than 1 year 0% 1 year 20% 2 years 40% 3 years 60% 4 years 80% 5 years or more 100% Withdrawals and Distributions: Distributions are made according to the vested interest to which participants are entitled upon retirement, termination, death, or disability. The participant's vested interest will be distributed in one lump sum payment, in cash, unless the participant elects to receive that portion invested in the Stock Fund in whole shares of common stock or in any combination of stock and cash. A participant may also withdraw any portion of his or her vested account balances after he or she attains age 59-1/2, subject to certain administrative restrictions. Otherwise, withdrawals before termination of employment are allowed only in cases of hardship as determined as set forth in the Plan. Disposition of Forfeitures: Forfeitures of Matching Contributions resulting from the termination of participants with less than fully vested rights under the Plan shall be applied to reduce Employer's Contributions to the Plan. During 1999 and 1998, there were $4,633 and $7,628, respectively, of forfeitures used to reduce employer contributions. There were no unallocated forfeitures at December 31, 1999 and 1998. Plan Amendment and Termination: 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. In the event of Plan termination, the net assets of the Plan will be distributed to Plan participants and beneficiaries in proportion to their respective account balances which will be fully vested as a result of such termination. The Company may also amend the Plan at any time, subject to certain restrictions. 7 Notes to Financial Statements, continued 2. Summary of Significant Accounting Policies: Basis of Accounting: The accompanying financial statements are prepared on the accrual method of accounting. Investment Valuation: Investments are stated at fair value. Quoted market prices are used to value investments. Shares of mutual funds are valued at the net asset value of shares held by the Plan at year-end. Investment Income: Dividend income is recorded on the ex-dividend date. Income from other investments is recorded as earned on the accrual basis. Purchases and sales of securities are reflected on a trade-date basis. Gain or loss on sales of securities is based on average cost. The Plan presents in the statements of changes in net assets available for benefits the net appreciation (depreciation) in the fair market value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on the Plan's investments. Plan Expenses: Investment management fees and brokerage fees related to transactions within the Stock Fund are paid by the Plan. All additional administrative fees are paid by the Company. Payment of Benefits: Benefits are recorded when paid. Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires the Administrative Committee to make estimates and assumptions that affect the reported amounts of assets, liabilities and changes therein, and disclosures of contingent assets and liabilities. Actual results could differ from those estimates. 8 Notes to Financial Statements, continued 2. Summary of Significant Accounting Policies, continued: Risks and Uncertainties: Investment securities are exposed to various risks, such as interest rate, market and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants' account balances and the amounts reported in the statement of net assets available for benefits and the statement of changes in net assets available for benefits. 3. Participant Loans: Participants may borrow a minimum of $1,000 and up to a maximum equal to the lesser of $50,000 or 50 percent of their vested account balance. The period of repayment may not exceed five years (except in the case of a loan to a Hunt Graphics bargaining unit employee for the purpose of acquiring a principal residence). Loans are required to be repaid through payroll deductions in equal periodic installments of principal and interest. The interest rate on a loan is one percentage point above the prime rate as published in The Wall Street Journal on the first business day of the month in which the loan is made (the Plan provides for use of a reasonable interest rate with respect to Hunt Graphics bargaining unit employees). Participant loans mature from January 6, 2000 to December 28, 2004 and bear interest at 8.75% to 9.75% at December 31, 1999. 4. Investments: The following presents investments that represent 5 percent or more of the Plan's net assets:
December 31, 1999 1998 ---- ---- Hunt Corporation Common Stock, 255,092 and 191,404 shares, respectively $ 2,428,938* $2,033,663* American Century Balanced Fund, 164,894 and 147,431 shares, respectively 2,839,477 2,723,049 American Century Select Fund, 150,928 and 149,413 shares, respectively 7,950,907 7,080,666 American Century Stable Fund, 5,627,462 and 4,558,424 shares, respectively 5,627,462 4,558,424 American Century Ultra Fund, 263,254 and 258,012 shares, respectively 12,051,784 8,620,167
* Includes $1,267,945 and $1,156,977 of non participant-directed 9 Notes to Financial Statements, continued 4. Investments, continued: During 1999, 1998, and 1997 the Plan's investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:
1999 1998 1997 ---- ---- ---- Mutual Funds $3,711,882 $ 2,203,418 $ 656,849 Common Stock (235,425) (2,333,389) 1,245,805 ---------- ----------- ---------- $3,476,457 $ (129,971) $1,902,654 ========== =========== ==========
5. Non Participant-Directed Information about the net assets and the significant components of the changes in net assets relating to the non participant-directed investments is as follows:
1999 1998 ---- ---- Net assets: Hunt Corporation common stock $1,268,325 $1,156,977 1999 1998 1997 ---- ---- ---- Changes in net assets: Contributions $ 279,265 $ 288,212 $ 473,239 Dividends 52,530 50,136 52,334 Net (depreciation) appreciation (134,640) (1,501,023) 783,294 Benefits paid to participants (85,807) (890,649) (407,882) --------- ------------ --------- $ 111,348 $ (2,053,324) $ 900,985 ========= ============ =========
10 Notes to Financial Statements, continued 6. Reconciliation of Financial Statements to Form 5500: The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500 for the years ended December 31, 1999, 1998, and 1997:
1999 1998 1997 ---- ---- ---- Benefits paid to participants per the financial statements $2,090,826 $ 7,134,695 $3,786,862 Add: Amounts allocated to withdrawing participants at end of year - - 3,090,034 Less: Amounts allocated to withdrawing participants at beginning of year - (3,090,034) (312,164) ---------- ----------- ---------- Benefits paid to participants per the Form 5500 $2,090,826 $ 4,044,661 $6,564,732 ========== =========== ==========
Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31 but not yet paid as of that date. 7. Tax Status: The Internal Revenue Service has determined and informed the Company by a letter dated October 27, 1995, that the Plan and related trust are designed in accordance with applicable sections of the Code. The Plan has been amended since receiving the determination letter. However, the Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code. Therefore, no provision for income taxes has been included in the Plan's financial statements. 8. Related Party Transactions: American Century Investors, Inc. is the recordkeeper and manager of the Plan's investments and as such, is a party-in-interest of the Plan. The Plan is interpreted, administered, and operated by an Administrative Committee comprised entirely of executives of the Company. 11 Schedule H, Part IV, Item 4i HUNT CORPORATION SAVINGS PLAN Schedule of Assets Held for Investment Purposes as of December 31, 1999
Description of Investment ---------------------------------------------- Fair Identity of Issuer Shares Type Value ------------------ ------ ---- ----- *Hunt Corporation 255,092 Common Stock $ 2,428,938 *American Century Investors Funds: Balanced Fund 164,894 Mutual Fund 2,839,477 Select Fund 150,928 Mutual Fund 7,950,907 Stable Fund 5,627,462 Mutual Fund 5,627,462 Ultra Fund 263,254 Mutual Fund 12,051,784 Value Fund 171,924 Mutual Fund 943,865 Participant Loans Participant loans with interest rates from 8.75% to 9.75% 1,012,016 ----------- Total investments $32,854,449 ===========
*Party-in-interest CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 33-6359 and 33-57103) of Hunt Corporation of our report dated June 15, 2000 relating to the financial statements of the Hunt Corporation Savings Plan, which appears in this Form 10K-A, which is Amendment No. 1 to Hunt Corporation's Annual Report on Form 10-K. PricewaterhouseCoopers LLP Philadelphia, PA June 26, 2000 -----END PRIVACY-ENHANCED MESSAGE-----