-----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, MYjafQIaOmkiPNLFwiD671avSQ0Ebjq6gwtihzn0rCdkNlTUWu5P39GLPgD6zKZo P0wKRtpQ7ZHu4WR6Pwv/6g== 0000912057-01-517326.txt : 20010524 0000912057-01-517326.hdr.sgml : 20010524 ACCESSION NUMBER: 0000912057-01-517326 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010228 FILED AS OF DATE: 20010523 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL MULTIFOODS CORP CENTRAL INDEX KEY: 0000051410 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-GROCERIES & RELATED PRODUCTS [5140] IRS NUMBER: 410871880 STATE OF INCORPORATION: DE FISCAL YEAR END: 0303 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-06699 FILM NUMBER: 1646523 BUSINESS ADDRESS: STREET 1: 200 EAST LAKE STREET CITY: WAYZATA STATE: MN ZIP: 55391 BUSINESS PHONE: 6123403300 MAIL ADDRESS: STREET 1: 200 EAST LAKE STREET CITY: WAYZATA STATE: MN ZIP: 55391 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL MILLING CO INC DATE OF NAME CHANGE: 19700217 11-K 1 a2050317z11-k.txt FORM 11-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K (Mark One) [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 28, 2001 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 1-6699 STOCK PURCHASE PLAN OF ROBIN HOOD MULTIFOODS INC. 60 COLUMBIA WAY MARKHAM, ONTARIO L3R 0C9 (Full title and address of plan) INTERNATIONAL MULTIFOODS CORPORATION 110 CHESHIRE LANE, SUITE 300 MINNETONKA, MINNESOTA 55305 (Name of issuer and address of principal executive offices of issuer) INDEPENDENT AUDITORS' REPORT The Savings Committee Stock Purchase Plan of Robin Hood Multifoods Inc. We have audited the accompanying statements of financial condition of the Stock Purchase Plan of Robin Hood Multifoods Inc., as of February 28, 2001 and February 29, 2000, and the related statements of income and changes in plan equity for each of the years in the three-year period ended February 28, 2001. 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 auditing standards generally accepted in the United States of America. 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 financial position of the Plan as of February 28, 2001, and February 29, 2000, and the income and changes in plan equity for each of the years in the three-year period ended February 28, 2001, in conformity with accounting principles generally accepted in the United States of America. /s/ KPMG LLP Minneapolis, Minnesota May 4, 2001 STOCK PURCHASE PLAN OF ROBIN HOOD MULTIFOODS INC. Statements of Financial Condition February 28, 2001 and February 29, 2000 (Expressed in Canadian Dollars)
- --------------------------------------------------------------------------------------------------------------- 2001 2000 - --------------------------------------------------------------------------------------------------------------- ASSETS Cash and short term investments $ 2,465 $ 6,782 Contributions and deposits receivable: Employee 72,643 71,957 Employer 35,111 33,728 - --------------------------------------------------------------------------------------------------------------- 107,754 105,685 Investment in shares of common stock of International Multifoods Corporation at fair value: 2001 : 9,909 shares, cost = $ 241,925 285,169 182,922 2000 : 11,543 shares, cost = $ 284,832 - --------------------------------------------------------------------------------------------------------------- $ 395,388 $ 295,389 - --------------------------------------------------------------------------------------------------------------- PLAN EQUITY $ 395,388 $ 295,389 - ---------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. STOCK PURCHASE PLAN OF ROBIN HOOD MULTIFOODS INC. Statements of Income and Changes in Plan Equity Years ended February 28, 2001, February 29, 2000 and February 28, 1999 (Expressed in Canadian Dollars)
- ----------------------------------------------------------------------------------------- 2001 2000 1999 - ----------------------------------------------------------------------------------------- Investment Income: Cash dividends $ 51,017 $ 27,589 $ 23,049 Interest income 0 23 110 - ----------------------------------------------------------------------------------------- 51,017 27,612 23,159 Increase (decrease) in unrealized gain/loss on investment 145,154 (81,392) (32,988) Realized gain (loss) on withdrawals of common stock 281,008 (600,499) (112,907) - ----------------------------------------------------------------------------------------- Net investment gain (loss) 477,179 (654,279) (122,736) - ----------------------------------------------------------------------------------------- Contributions and deposits: Deposits by members 861,425 829,190 783,002 Contributions by participating Employer, net of forfeitures on termination 420,760 405,829 389,642 - ----------------------------------------------------------------------------------------- Total contributions and deposits 1,282,185 1,235,019 1,172,644 - ----------------------------------------------------------------------------------------- Total increase in plan equity 1,759,364 580,740 1,049,908 Withdrawals: Cash 10,213 6,303 11,691 Distributions in stock 1,649,152 608,772 1,004,559 - ----------------------------------------------------------------------------------------- Total withdrawals 1,659,365 615,075 1,016,250 - ----------------------------------------------------------------------------------------- Net increase (decrease) in plan equity 99,999 (34,335) 33,658 Balance of plan equity at beginning of year 295,389 329,724 296,066 - ----------------------------------------------------------------------------------------- Balance of plan equity at end of year $ 395,388 $ 295,389 $ 329,724 - -----------------------------------------------------------------------------------------
See accompanying notes to financial statements. STOCK PURCHASE PLAN OF ROBIN HOOD MULTIFOODS INC. Notes to Financial Statements February 28, 2001, February 29, 2000 and February 28, 1999 - -------------------------------------------------------------------------------- 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The accompanying financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. Transactions in securities are recorded on the transaction date. The investment in common stock of International Multifoods Corporation ("Multifoods") is stated at fair market value based on published market value. Robin Hood Multifoods Inc. and its participating subsidiary corporations (the "Employer") pay all administrative costs of the Stock Purchase Plan of Robin Hood Multifoods Inc., (the "Plan"). On or about February 15 of each year, the unit value of the vested units or portions thereof of the Trust Fund credited to each participating employee's ("Member's") account on the date of distribution are distributed in full shares of Common Stock of Multifoods to the extent possible and the balance, if any, is paid in cash. Realized gains or losses reflect the difference between fair market values of stock withdrawals by Members and historical cost of the shares on a first-in, first-out basis ("FIFO"). 2. SUMMARY DESCRIPTION OF PLAN: The Plan is a voluntary investment plan intended to provide an opportunity for salaried employees of the Employer to become stockholders of Multifoods and to encourage them to invest on a regular basis. A Member may contribute monthly from 2% to 5% of regular salary to the Plan. The Employer contributes an amount equal to 50% of the Member's contribution. Contributions of a Member, and of the Employer on behalf of the Member, are calculated and maintained in terms of shares of stock. The number of employees participating in the Plan together with the share and the share values of the participations under the Plan at February 28, 2001, February 29, 2000 and February 28, 1999 were as follows:
----------------------------------------------------------------------------------------------------------- 2001 2000 1999 ----------------------------------------------------------------------------------------------------------- Number of employees 332 351 340 Number of units 9,909 11,543 6,769 Net asset value per share: At cost $ 24.415 $ 24.676 $ 35.724 At market 28.778 15.847 32.692 -----------------------------------------------------------------------------------------------------------
STOCK PURCHASE PLAN OF ROBIN HOOD MULTIFOODS INC. Notes to Financial Statements, page 2 February 28, 2001, February 29, 2000 and February 28, 1999 - -------------------------------------------------------------------------------- 2. SUMMARY DESCRIPTION OF PLAN (CONT.): Employees' contributions are fully vested. Employer contributions become fully vested after the employee has been a Member of the Plan for three years, or upon retirement, pre-retirement death or disability, and certain other occurrences. The amounts forfeited by employees who withdraw prior to becoming fully vested are used to reduce subsequent Employer contributions. Robin Hood Multifoods Inc. may at any time, by action of its Board of Directors, terminate the Plan or discontinue contributions with respect to any one or more participating Employers. Upon termination or discontinuance of contributions, Employer contribution amounts in Member accounts will be distributable to the Member or his or her beneficiary. The corporations represented by the Employer are all Canadian corporations and all Members are Canadian residents. The Plan is not subject to the provisions of the United States Employee Retirement Income Security Act of 1974. 3. REALIZED GAINS OR LOSSES: Realized gains or losses resulting from withdrawals and distributions to Members of Multifoods Common Stock are as follows:
- ------------------------------------------------------------------------------------------------------- MULTIFOODS COMMON STOCK - ------------------------------------------------------------------------------------------------------- 2001: Aggregate market value/ proceeds $ 1,649,152 Aggregate FIFO cost 1,368,144 - ------------------------------------------------------------------------------------------------------- Realized gain $ 281,008 - ------------------------------------------------------------------------------------------------------- 2000: Aggregate market value/ proceeds $ 608,772 Aggregate FIFO cost 1,209,271 - ------------------------------------------------------------------------------------------------------- Realized loss $ (600,499) - ------------------------------------------------------------------------------------------------------- 1999: Aggregate market value/ proceeds $ 1,004,560 Aggregate FIFO cost 1,117,467 - ------------------------------------------------------------------------------------------------------- Realized loss $ (112,907) - -------------------------------------------------------------------------------------------------------
STOCK PURCHASE PLAN OF ROBIN HOOD MULTIFOODS INC. Notes to Financial Statements, page 3 February 28, 2001, February 29, 2000 and February 28, 1999 - -------------------------------------------------------------------------------- 4. INCOME TAXES: The Plan is not subject to U.S. or Canadian income taxes. Members are subject to Canadian income tax each year on the amount of Employer contributions to the Plan and income (including a portion of capital gains less capital losses arising and realized after December 31, 1971) from the Trust Fund allocated for the year by the trustee to their accounts, even though Employer contributions are on a contingent basis. Distributions from the Plan will be received by Members free of any further Canadian tax. If amounts are forfeited under the Plan, the Members affected will be entitled to a refund of 15 percent of the amounts contingently allocated to their accounts and previously included in their income for tax purposes. 5. CONTRIBUTIONS AND DEPOSITS: Contributions and deposits for the years ended February 28, 2001, February 29, 2000 and February 28, 1999 are as follows:
------------------------------------------------------------------------------------------------------ Members 2001 2000 1999 ------------------------------------------------------------------------------------------------------ Robin Hood Multifoods Inc. $ 793,274 $ 751,504 $ 700,587 Multifoods Inc. 63,412 73,386 78,556 Gourmet Baker Inc. 4,739 4,300 3,859 ------------------------------------------------------------------------------------------------------ $ 861,425 $ 829,190 $ 783,002 ------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------ Employer 2001 2000 1999 ------------------------------------------------------------------------------------------------------ Robin Hood Multifoods Inc. $ 386,684 $ 366,985 $ 348,434 Multifoods Inc. 31,706 36,694 39,278 Gourmet Baker Inc. 2,370 2,150 1,930 ------------------------------------------------------------------------------------------------------ $ 420,760 $ 405,829 $ 389,642 ------------------------------------------------------------------------------------------------------
Employer contributions are net of forfeitures. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. STOCK PURCHASE PLAN OF ROBIN HOOD MULTIFOODS INC. May 23, 2001 By: /s/ Robert C. Morgan ---------------------------------------- Robert C. Morgan Member of the Savings Committee EXHIBIT INDEX 23 Consent of KPMG LLP EX-23 2 a2050317zex-23.txt EXHIBIT 23 EXHIBIT 23 Independent Auditors' Consent The Board of Directors International Multifoods Corporation: We consent to incorporation by reference in Registration Statement No. 333-34173 on Form S-8 of International Multifoods Corporation of our report dated May 4, 2001, relating to the statements of financial condition of the Stock Purchase Plan of Robin Hood Multifoods Inc. as of February 28, 2001 and February 29, 2000, and the related statements of income and changes in plan equity for each of the years in the three-year period ended February 28, 2001, which report appears in the February 28, 2001 Annual Report on Form 11-K of International Multifoods Corporation. /s/ KPMG LLP Minneapolis, Minnesota May 22, 2001 -----END PRIVACY-ENHANCED MESSAGE-----