-----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, LB5xgMBELgqMnoePNRFrhT3bEHGJJNloXJ0nCiVnI7WiV3FqtygbSmgvrzlEEJ68 BWY7wFAgH5s5QDuEMCokNA== 0000950124-99-004001.txt : 19990701 0000950124-99-004001.hdr.sgml : 19990701 ACCESSION NUMBER: 0000950124-99-004001 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LABARGE INC CENTRAL INDEX KEY: 0000057139 STANDARD INDUSTRIAL CLASSIFICATION: SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812] IRS NUMBER: 730574586 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-05761 FILM NUMBER: 99656294 BUSINESS ADDRESS: STREET 1: 1300 NATIONAL HIGHWAY CITY: THOMASVILLE STATE: NC ZIP: 27360 BUSINESS PHONE: 9104764777 MAIL ADDRESS: STREET 1: PO BOX 14499 CITY: ST LOUIS STATE: MO ZIP: 63178-4499 FORMER COMPANY: FORMER CONFORMED NAME: DORSETT ELECTRONICS INC DATE OF NAME CHANGE: 19690406 11-K 1 FORM 11-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 11-K ANNUAL REPORT Pursuant to Section 15(d) of The Securities Exchange Act of 1934 For the fiscal year ended December 31, 1998 A. Full Title of the Plan: The LaBarge, Inc. Employees Savings Plan B. Name of the issuer of securities held pursuant to the Plan and the address of its principal executive offices: LaBarge, Inc. 9900A Clayton Road St. Louis, MO 63124 This filing has a total of 20 pages. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the LaBarge, Inc. Employees Savings Plan Administrative Committee has duly caused this Annual Report to be signed by the undersigned thereunto duly authorized. THE LABARGE, INC. EMPLOYEES SAVINGS PLAN By: /s/ William J. Maender ____________________________________ William J. Maender Chairman, Administrative Committee Date: 6/29/99 3 REQUIRED INFORMATION Financial Statements. Exhibits. 23. Consent of KPMG LLP. 4 LABARGE, INC. EMPLOYEES SAVINGS PLAN Financial Statements and Schedules December 31, 1998 and 1997 (With Independent Auditors' Report Thereon) 5 LABARGE, INC. EMPLOYEES SAVINGS PLAN TABLE OF CONTENTS
PAGE TABLE OF CONTENTS: Independent Auditors' Report 1 Financial Statements: Statement of Net Assets Available for Plan Benefits, With Fund Information, December 31, 1998 2 Statement of Net Assets Available for Plan Benefits, With Fund Information, December 31, 1997 3 Statement of Changes in Net Assets Available for Plan Benefits, With Fund Information, Year ended December 31, 1998 4 Statement of Changes in Net Assets Available for Plan Benefits, With Fund Information, Year ended December 31, 1997 5 Notes to Financial Statements 6-11 SCHEDULES Line 27a: Schedule of Assets Held for Investment Purposes, December 31, 1998 1 12 Schedule of Assets Which Were Both Acquired and Disposed of Within the Plan Year * Line 27b - Schedule of Loans or Fixed Income Obligations * Line 27c - Schedule of Leases in Default or Classified as Uncollectible * Line 27d - Schedule of Reportable Transactions, Year ended December 31, 1998 2 13 Line 27e - Schedule of Nonexempt Transactions *
* There were no assets held for investment purposes which were both acquired and disposed of and no nonexempt transactions with parties-in-interest within the plan year ended December 31, 1998 which require separate disclosure. Additionally, there were no loans or fixed income obligations and no leases in default or classified as uncollectible at December 31, 1998. DEFINITIONS: Plan - LaBarge, Inc. Employees Savings Plan Trustee - A. G. Edwards Trust Company ERISA - Employee Retirement Income Security Act of 1974 Company - LaBarge, Inc. Plan Administrator - LaBarge, Inc. Plan Administration Committee
6 KPMG 10 South Broadway Suite 900 St. Louis MO 63102-1761 INDEPENDENT AUDITORS' REPORT Plan Administration Committee LaBarge, Inc. Employees Savings Plan We have audited the accompanying statements of net assets available for plan benefits, with fund information, of the LaBarge, Inc. Employees Savings Plan as of December 31, 1998 and 1997 and the related statements of changes in net assets available for plan benefits, with fund information, for the years then ended. These financial statements are the responsibility of the Plan Administrator. 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 the Plan Administrator, 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 LaBarge, Inc. Employees Savings Plan as of December 31, 1998 and 1997, and the changes in net assets available for plan benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information in Schedules 1 and 2 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 ERISA. The fund information in the statements of net assets available for plan benefits and the statements of changes in net assets available for plan benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ KPMG LLP __________________________________ KPMG LLP May 21, 1999 7 LABARGE, INC. EMPLOYEES SAVINGS PLAN Statement of Net Assets Available for Plan Benefits, With Fund Information December 31, 1998
LABARGE EQUITY MONEY INTERMEDIATE COMMON INDEX GROWTH BALANCED MARKET BOND STOCK LOAN FUND FUND FUND FUND FUND FUND FUND TOTAL ---------- --------- --------- ------- ------------ --------- ------- ---------- Assets: Investments: Registered investment company shares $3,859,642 2,980,053 1,937,398 -- 709,080 -- -- 9,486,173 Money market accounts -- -- -- 617,543 -- 947 -- 618,490 LaBarge, Inc. common stock -- -- -- -- -- 2,373,423 -- 2,373,423 Loans to participants -- -- -- -- -- -- 698,153 698,153 ---------- --------- --------- ------- ------------ --------- ------- ---------- Total investments 3,859,642 2,980,053 1,937,398 617,543 709,080 2,374,370 698,153 13,176,239 Receivables: Employer contributions -- -- -- -- -- 65,559 -- 65,559 Participant contributions 39,875 31,262 14,500 5,760 5,915 3,025 -- 100,337 Participant loans 21,523 26,462 5,082 1,234 1,803 553 -- 56,657 Interest and dividends 19 13 7 2,787 4 17 -- 2,847 ---------- --------- --------- ------- ------------ --------- ------- ---------- Net assets available for plan benefits $3,921,059 3,037,790 1,956,987 627,324 716,802 2,443,524 698,153 13,401,639 ========== ========= ========= ======= ============ ========= ======= ==========
See accompanying notes to financial statements. 2 8 LABARGE, INC. EMPLOYEES SAVINGS PLAN Statement of Net Assets Available for Plan Benefits, With Fund Information December 31, 1997
LABARGE AGGRESSIVE MONEY INTERMEDIATE COMMON GROWTH GROWTH BALANCED MARKET BOND STOCK LOAN FUND FUND FUND FUND FUND FUND FUND TOTAL ---------- --------- --------- ------- ------------ --------- ------- ---------- Assets: Investments: Registered investment company shares $2,926,283 2,109,804 1,927,851 -- 828,240 -- -- 7,792,178 Money market accounts 14 30 21 944,757 708 2,267 -- 947,797 LaBarge, Inc. common stock -- -- -- -- -- 3,644,775 -- 3,644,775 Loans to participants -- -- -- -- -- -- 594,675 594,675 ---------- --------- --------- ------- ------------ --------- ------- ---------- Total investments 2,926,297 2,109,834 1,927,872 944,757 828,948 3,647,042 594,675 12,979,425 Receivables: Employer contributions -- -- -- 980 -- 52,881 -- 53,861 Participant contributions 38,265 22,555 14,368 7,507 7,438 2,342 -- 92,475 Participant loans 5,448 5,135 4,858 1,241 2,919 1,196 -- 20,797 Interest and dividends 39 26 17 4,659 4,315 14 -- 9,070 ---------- --------- --------- ------- ------------ --------- ------- ---------- Net assets available for plan benefits $2,970,049 2,137,550 1,947,115 959,144 843,620 3,703,475 594,675 13,155,628 ========== ========= ========= ======= ============ ========= ======= ==========
See accompanying notes to financial statements. 3 9 LABARGE, INC. EMPLOYEES SAVINGS PLAN Statement of Changes in Net Assets Available for Plan Benefits, With Fund Information Year ended December 31, 1998
LABARGE AGGRESSIVE EQUITY MONEY INTERMEDIATE COMMON GROWTH INDEX GROWTH BALANCED MARKET BOND STOCK LOAN FUND FUND FUND FUND FUND FUND FUND FUND TOTAL ----------- ---------- ---------- ---------- --------- ------------ ----------- -------- ----------- Investment income (loss): Interest and dividends $ 719 20,402 19,882 51,758 41,949 50,470 819 62,512 248,511 Net appreciation (depreciation) in fair market value of Investments 417,471 361,566 527,642 148,510 -- 3,610 (1,283,546) -- 175,253 ---------- --------- --------- --------- -------- ----------- ---------- ------- ---------- Total investment income (loss) 418,190 381,968 547,524 200,268 41,949 54,080 (1,282,727) 62,512 423,764 Participant contributions 217,402 233,241 329,178 161,654 61,186 71,781 28,570 -- 1,103,012 Employer contributions -- -- -- -- -- -- 256,178 -- 256,178 Participant distributions (304,018) (153,307) (161,729) (108,162) (381,425) (95,052) (262,646) (55,170) (1,521,509) Administrative expenses (3,990) (5,304) (4,633) 324 2,942 (1,726) (3,047) -- (15,434) Interfund transfers (3,297,633) 3,464,461 189,900 (244,212) (56,472) (155,901) 3,721 96,136 -- ---------- --------- --------- --------- -------- ----------- ---------- ------- ---------- Increase (decrease) in net assets available for plan benefits (2,970,049) 3,921,059 900,240 9,872 (331,820) (126,818) (1,259,951) 103,478 246,011 Net assets available for plan benefits: Beginning of year 2,970,049 -- 2,137,550 1,947,115 959,144 843,620 3,703,475 594,675 13,155,628 ---------- --------- --------- --------- -------- ----------- ---------- ------- ---------- End of year $ -- 3,921,059 3,037,790 1,956,987 627,324 716,802 2,443,524 698,153 13,401,639 ========== ========= ========= ========= ======== =========== ========== ======= ==========
See accompanying notes to financial statements. 4 10 LABARGE, INC. EMPLOYEES SAVINGS PLAN Statement of Changes in Net Assets Available for Plan Benefits, With Fund Information Year ended December 31, 1997
LABARGE AGGRESSIVE MONEY INTERMEDIATE COMMON GROWTH GROWTH BALANCED MARKET BOND STOCK LOAN FUND FUND FUND FUND FUND FUND FUND TOTAL ----------- ---------- ---------- -------- ------------ ----------- -------- ----------- Investment income (loss): Interest and dividends $ 124,971 21,972 42,555 52,064 45,098 780 49,238 336,678 Net appreciation (depreciation) in fair market value of investments 202,838 419,608 267,915 -- 3,106 (1,651,644) -- (758,177) ---------- --------- --------- ------- ----------- ---------- -------- ---------- Total investment income (loss) 327,809 441,580 310,470 52,064 48,204 (1,650,864) 49,238 (421,499) Participant contributions 351,346 208,307 143,707 67,807 88,148 19,937 -- 879,252 Employer contributions -- -- -- -- -- 195,730 -- 195,730 Participant distributions (121,558) (24,357) (46,787) (51,860) (23,533) (148,970) (49,757) (466,822) Administrative expenses (10,474) (5,209) (1,518) 691 (3,139) (7,181) -- (26,830) Interfund transfers (115,188) 44,404 (1,782) (5,394) (5,278) 10,069 73,169 -- ---------- --------- --------- ------- ----------- ---------- -------- ---------- Increase (decrease) in net assets available for plan benefits 431,935 664,725 404,090 63,308 104,402 (1,581,279) 72,650 159,831 Net assets available for plan benefits: Beginning of year 2,538,114 1,472,825 1,543,025 895,836 739,218 5,284,754 522,025 12,995,797 ---------- --------- --------- ------- ----------- ---------- -------- ---------- End of year $2,970,049 2,137,550 1,947,115 959,144 843,620 3,703,475 594,675 13,155,628 ========== ========= ========= ======= =========== ========== ======== ==========
See accompanying notes to financial statements. 5 11 (1) DESCRIPTION OF THE PLAN The following description of the Plan provides only general information. Participants should refer to the plan document for a more complete description of the Plan's provisions. (a) GENERAL The Plan is a defined contribution plan sponsored by the Company covering substantially all employees with 60 days of service and is subject to the provisions of ERISA. (b) CONTRIBUTIONS Employees may elect to contribute, on a pre-tax basis, up to 15% of covered compensation in various investment funds of the Plan. The Company contributes an amount equal to 50% of the first $25 per month of employee contributions plus 25% of the employee contribution in excess of $25. The Company provides matching contributions in an amount not to exceed 8% of the participant's compensation. Each year the Company may also, at its option, contribute an additional discretionary amount as determined by the Company's Board of Directors as a profit-sharing contribution. There were no discretionary profit-sharing contributions for 1998 or 1997. (c) PARTICIPANTS' ACCOUNTS Each participant account is credited with the participant's contribution, the Company's matching contribution, and an allocation of the Company's discretionary profit-sharing contribution and fund earnings net of administrative charges. Allocations are based upon covered compensation or account balances as defined in the plan agreement. Participants may transfer amounts between funds on quarterly enrollment dates throughout the year. The Plan Administrator will record these transfers in the participant's account and direct the Trustee to reinvest the amounts to reflect these changes. Money market accounts are maintained for each fund to provide for short-term investments while transfers are in process. At year-end, the investments are presented net of any transfers in process as directed by the participants. A participant's interest in transfers and trading activity in the LaBarge Common Stock Fund is based on a weighted average formula which considers the fair market value of the stock (traded on the American Stock Exchange) for each of 20 consecutive trading dates immediately preceding the valuation date. (Continued) 6 12 LABARGE INC. EMPLOYEES SAVINGS PLAN Notes to Financial Statements December 31, 1998 and 1997 (d) VESTING Participants are immediately vested in their contributions plus any earnings thereon. Participants are fully vested with respect to a calendar quarter employer matching contribution if that participant is employed by the Company on the last day of such calendar quarter. Upon a participant's attainment of his/her normal retirement date (65th birthday), or upon death or total disability, his/her entire account balance as of the most recent valuation date will become 100% vested. In the event a participant terminates employment, vesting in the Company's profit-sharing contribution allocated to the participant's account is 100% after five full years of continuous service. (e) LOANS TO PARTICIPANTS Participants are allowed to transfer portions of their account balances into the Loan Fund and borrow from the Loan Fund at the prevailing market rate (prime plus .5%). Loans will be limited to the lesser of (i) 50% of a participant's vested plan account balance as of the last day of the calendar quarter for which the loan is being made, or (ii) $50,000. Loans to participants include interest-bearing promissory notes at rates from 6.5% to 9.5% with final due dates through October 2003. (f) PAYMENT OF BENEFITS Upon termination or retirement of service, a participant's account is distributed in the form of a lump-sum payment or installment payments over a period of time. Distributions are made as soon as practical after the close of the plan quarter in which the termination of employment occurs or is deferred until age 70-1/2 at the participant's election. (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) BASIS OF PRESENTATION The accompanying financial statements of the Plan have been prepared on the accrual basis and present the net assets available for plan benefits and changes in those net assets. (b) INVESTMENTS Participants may elect to have a portion of their account balances invested in the following separate investment funds within the Plan: o Aggressive Growth Fund, which shall have as its principal objective long-term growth by investing primarily in medium-sized and smaller growth companies; o Equity Index Fund, which shall have at its principal objective long-term capital growth by investing in the same stocks and in substantially the same percentage as the S&P 500 Composite Stock Price Index; o Growth Fund, which shall have as its principal objective long-term growth by investing in stocks of companies that are undervalued relative to the stock market as a whole; (Continued) 7 13 LABARGE INC. EMPLOYEES SAVINGS PLAN Notes to Financial Statements December 31, 1998 and 1997 o Balanced Fund, which shall have as its principal objective conservation of principal, current income, and long-term growth of principal and income by investing in stocks and fixed income securities; o Money Market Fund, which shall have as its principal objective the preservation of principal and the earning of interest at rates prevailing on short-term fixed income investments; o Intermediate Bond Fund, which shall have as its principal objective the preservation of principal and the production of income by investing in government securities and high-quality corporate bonds; o LaBarge Common Stock Fund, which shall be exclusively invested in common stock of the Company; and o Loan Fund, which shall account for all principal and interest outstanding on loans to plan participants. Effective April 1, 1998, the Aggressive Growth Fund was eliminated from the investment funds in which participants could elect to invest their account balances. All assets within the Aggressive Growth Fund were transferred to the Equity Index Fund as of April 1, 1998. The Aggressive Growth Fund, Equity Index Fund, Growth Fund, Balanced Fund, and Intermediate Bond Fund (all investing in registered investment company shares), and the LaBarge Common Stock Fund are stated at fair market value. The fair market value of the Company's common stock is determined based on the quoted market value of the stock on the last day of trading for the period. The Money Market Fund (trust prime money market account) is valued at cost plus interest, which approximates net realizable value. The appreciation (depreciation) in fair market value of investments of the Plan represents the change in the difference between market value and cost of the investments during the year and realized gain or losses on the sale of investments based upon their historical cost on a specific identification basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Purchases and sales of securities are recorded on a trade-date basis. (c) TRUST FUND MANAGED BY THE TRUSTEE Under the terms of a trust agreement, the Trustee manages a trust fund on behalf of the Plan. The investments and changes therein of this trust fund have been reported to the Plan by the Trustee. (d) ADMINISTRATIVE CHARGES The Plan gives the Company the option of paying all administrative expenses or charging them to the Plan. All expenses incidental to the operation and management of the Plan have been charged to the Plan and paid with plan assets. (Continued) 8 14 LABARGE INC. EMPLOYEES SAVINGS PLAN Notes to Financial Statements December 31, 1998 and 1997 (e) BENEFITS PAID TO PARTICIPANTS Benefits are recorded when paid. (f) USE OF ESTIMATES Certain amounts included in the financial statements are estimated based on currently available information and the Plan Administrator's judgment as to the outcome of future conditions and circumstances. While every effort is made to ensure the integrity of such estimates, including the use of third-party specialists where appropriate, actual results could differ from these estimates. (3) PLAN AMENDMENT The Plan was amended effective January 1, 1998 to change the employee eligibility requirements from the completion of one year of service to sixty consecutive days of service with the Company. (4) TAX STATUS The Plan Administrator has received a favorable determination letter dated April 8, 1994 from the Internal Revenue Service which indicates that the Plan and its underlying trust qualify under the applicable provisions of the Internal Revenue Code and, therefore, are exempt from federal income taxes. The Plan has been subsequently amended. In the opinion of the Plan Administrator, such amendments do not affect the tax status of the Plan. (5) PLAN TERMINATION Although it has not expressed an intent to do so, the Company has the right under the provisions of 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 fully vested. (6) RELATED-PARTY TRANSACTIONS On various dates during 1998, the Plan purchased 61,850 shares of the Company's common stock at fair market value at prices ranging from $3.3125 to $4.50 per share for investment in the Plan's LaBarge Common Stock Fund. On various dates during 1998, the Plan sold 3,405 shares of the Company's common stock at fair market value at prices ranging from $3.875 to $4.375 per share of the Plan's LaBarge Common Stock Fund. The market value of the investment in the LaBarge Common Stock Fund was valued at $2.688 and $4.063 per share at December 31, 1998 and 1997, respectively. (Continued) 9 15 (7) RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 The following is a reconciliation of net assets available for plan benefits per the financial statements to the Form 5500:
DECEMBER 31, 1998 1997 -------------- ---------- Net assets available for plan benefits per the financial statements 13,401,639 13,155,628 Amounts allocated to withdrawing participants 702,160 519,673 -------------- ---------- Net assets available for plan benefits per the Form 5500 $12,699,479 12,635,955 ============== ==========
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500:
YEAR ENDED DECEMBER 31, 1998 1997 ---------- ------- Distributions to participants per the financial statements $1,521,509 466,822 Add amounts allocated to withdrawing participants at end of year 702,160 519,673 Less amounts allocated to withdrawing participants at beginning of year 519,673 -- ---------- ------- Benefits paid to participants per the Form 5500 $1,703,996 986,495 ========== =======
Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payments prior to December 31 but not yet paid as of that date. 10 16 LABARGE, INC. EMPLOYEES SAVINGS PLAN Notes to Financial Statements December 31, 1998 and 1997 (8) INVESTMENTS Investments of the Plan are comprised of the following: Investments that represent 5% or more of the Plan's net assets are separately identified.
DECEMBER 31, 1998 1997 -------------- ---------- Investments at fair value as determined by quoted market price: Mutual funds: AIM Equity Funds Inc., Constellation $ -- 2,926,283 American Balanced Fund Inc. Income Fund 1,937,398 1,927,851 Fidelity Advisor Series II Growth Opportunity Fund Class T 2,980,053 2,109,804 Intermediate Bond Fund of America 709,080 828,240 Mainstay Funds Equity Index Fund Class A 3,859,642 -- LaBarge, Inc. common stock 2,373,423 3,644,775 -------------- ---------- 11,859,596 11,436,953 -------------- ---------- Investments at fair value: Money market accounts - Goldman Sachs Financial Square Pop-A Prime Obligations 618,490 947,797 Loans to participants 698,153 594,675 -------------- ---------- 1,316,643 1,542,472 -------------- ---------- $13,176,239 12,979,425 ============== ==========
NET APPRECIATION (DEPRECIATION) IN FAIR VALUE During the years ended December 31, 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 by $175,253 and $(758,177), respectively, as follows:
DECEMBER 31, 1998 1997 -------------- ----------- Mutual funds: AIM Equity Funds Inc., Constellation $417,471 202,838 American Balanced Fund Inc. Income Fund 148,510 267,915 Fidelity Advisor Series II Growth Opportunity Fund Class T 527,642 419,608 Intermediate Bond Fund of America 3,610 3,106 Mainstay Funds Equity Index Fund Class A 361,566 -- LaBarge, Inc. common stock (1,283,546) (1,651,644) -------------- ---------- $175,253 (758,177) ============== ==========
11 17 Schedule 1 LABARGE, INC. EMPLOYEES SAVINGS PLAN Item 27(a) - Schedule of Assets Held for Investment Purposes December 31, 1998
NUMBER OF SHARES CURRENT DESCRIPTION OF INVESTMENTS OR UNITS COST VALUE - ------------------------------------------------------------- ---------------- ---------------- ---------- Money market accounts - Goldman Sachs Financial Square Pop-A Prime Obligations 618,490 $ 618,490 618,490 Equity Mutual Funds: American Balanced Fund Inc. Income Fund 122,932 1,822,684 1,937,398 Fidelity Advisor Series II Growth Opportunity Fund 59,352 2,187,721 2,980,053 Class T Mainstay Funds Equity Index Fund Class A 97,787 3,464,370 3,859,642 Fixed Income Fund - Intermediate Bond Fund of America 52,370 708,358 709,080 LaBarge Common Stock Fund - LaBarge Inc. common stock* 882,970 1,397,108 2,373,423 Loans to participants - 698,153 698,153 ---------------- ---------- Total investments $10,896,884 13,176,239 ================ ==========
* Represents a party-in-interest transaction allowable under ERISA regulations. See accompanying independent auditors' report. 12 18 Schedule 2 LABARGE, INC. EMPLOYEES SAVINGS PLAN Item 27(d) - Schedule of Reportable Transactions Year ended December 31, 1998 CURRENT VALUE OF ASSET ON IDENTITY OF PURCHASE SELLING COST TRANSACTION NET GAIN OR PARTY INVOLVED DESCRIPTION OF ASSET PRICE PRICE OF ASSET DATE (LOSS) - ---------------------- ------------------------------------------------ --------- --------- --------- ----------- ----------- A.G. Edwards Trust Co. AIM Equity Funds Inc. Constellation $ 189,250 -- 189,250 189,250 -- A.G. Edwards Trust Co. AIM Equity Funds Inc. Constellation -- 3,455,381 2,822,575 3,455,381 632,806 A.G. Edwards Trust Co. American Balanced Fund Inc. Income Fund 351,613 -- 351,613 351,613 -- A.G. Edwards Trust Co. American Balanced Fund Inc. Income Fund -- 352,176 314,423 352,176 37,753 A.G. Edwards Trust Co. Fidelity Advisor Series II Growth Opportunity Fund Class T 626,935 -- 626,935 626,935 -- A.G. Edwards Trust Co. Fidelity Advisor Series II Growth Opportunity Fund Class T -- 180,383 126,106 180,383 54,277 A.G. Edwards Trust Co. Goldman Sachs Financial Square Pop A 5,525,732 -- 5,525,732 5,525,732 -- A.G. Edwards Trust Co. Goldman Sachs Financial Square Pop A -- 5,855,038 5,855,038 5,855,038 -- A.G. Edwards Trust Co. Mainstay Funds Equity Index Fund Class A 3,953,739 -- 3,935,739 3,935,739 -- A.G. Edwards Trust Co. Mainstay Funds Equity Index Fund Class A -- 492,297 489,368 492,297 2,929 - ---------------------- ---------------------------------------- ========= ========= ========= =========== ===========
See accompanying independent auditors' report. 13 EX-23 2 CONSENT OF KPMG LLP 1 EXHIBIT 23 INDEPENDENT AUDITORS' CONSENT The Plan Administrator LaBarge, Inc. Employees Savings Plan: We consent to incorporation by reference in the registration statement No. 33-31330 on Form S-8 of LaBarge, Inc. of our report dated May 21, 1999, relating to the statements of net assets available for benefits, with fund information of the LaBarge, Inc. Employees Savings Plan as of December 31, 1998 and 1997, and the related statements of changes in net assets available for benefits, with fund information for each of the years then ended, and the related schedules as of and for the years ended December 31, 1998 and 1997, which report appears in the annual report on Form 11-K of the LaBarge, Inc. Employees Savings Plan. /s/ KPMG LLP St. Louis, Missouri June 25, 1999 -----END PRIVACY-ENHANCED MESSAGE-----