-----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, EJHcU8zLRwdf1gzu5kdMS7T5yH/hMPwM4ZLS2ZtbYWvcS9B3tH9Kx+ELXTFKyKi8 QLwPM77RPAAGyg1Zhs63Bw== 0000068366-99-000029.txt : 19990630 0000068366-99-000029.hdr.sgml : 19990630 ACCESSION NUMBER: 0000068366-99-000029 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990629 FILED AS OF DATE: 19990629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORDANT TECHNOLOGIES INC CENTRAL INDEX KEY: 0000068366 STANDARD INDUSTRIAL CLASSIFICATION: GUIDED MISSILES & SPACE VEHICLES & PARTS [3760] IRS NUMBER: 362678716 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-06179 FILM NUMBER: 99655072 BUSINESS ADDRESS: STREET 1: 15 W. SOUTH TEMPLE STREET 2: SUITE 1600 CITY: SALT LAKE CITY STATE: UT ZIP: 84101 BUSINESS PHONE: 8019334000 MAIL ADDRESS: STREET 1: 15 W SOUTH TEMPLE STREET 2: SUITE 1600 CITY: SALT LAKE CITY STATE: UT ZIP: 84101 FORMER COMPANY: FORMER CONFORMED NAME: THIOKOL CORP /DE/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MORTON THIOKOL INC DATE OF NAME CHANGE: 19890705 FORMER COMPANY: FORMER CONFORMED NAME: MORTON NORWICH PRODUCTS INC/DE DATE OF NAME CHANGE: 19821004 11-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to Commission file number: 1-6179 CORDANT TECHNOLOGIES INC. BARGAINING UNIT RETIREMENT SAVINGS AND INVESTMENT PLAN CORDANT TECHNOLOGIES INC. 15 West S. Temple, Suite 1600, Salt Lake City, Utah 84101-1532 CORDANT TECHNOLOGIES INC. BARGAINING UNIT RETIREMENT SAVINGS AND INVESTMENT PLAN Audited Financial Statements December 31, 1998 and 1997 Report of Independent Auditors............................................1 Statements of Net Assets Available for Benefits...........................2 Statements of Changes in Net Assets Available for Benefits................3 Notes to Financial Statements.............................................4 Report of Independent Auditors Compensation Committee of the Board of Directors Cordant Technologies Inc. We have audited the accompanying statements of net assets available for benefits of the Cordant Technologies Inc. Bargaining Unit Retirement Savings and Investment Plan as of December 31, 1998 and 1997, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 1998 and 1997, and the changes in its net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. /s/ Ernst & Young LLP Salt Lake City, Utah June 8, 1999 1 CORDANT TECHNOLOGIES INC. BARGAINING UNIT RETIREMENT SAVINGS AND INVESTMENT PLAN Statements of Net Assets Available for Benefits
December 31 1998 1997 ------------------- ------------------ ASSETS Investments, at fair value Equity Index Fund $ 738,014 $ 540,815 Cordant Technologies Inc. Stock Fund 336,089 336,325 Balanced Fund 84,427 86,629 Aggressive Equity Fund 81,396 82,666 International Equity Fund 55,402 52,614 Investments, at contract value Fixed Income Fund 2,089,897 2,150,270 Government Securities Fund 1,579 5,474 -------------------- ------------------- TOTAL INVESTMENTS 3,386,804 3,254,793 Income and contributions receivable 12,861 4,762 -------------------- ------------------- TOTAL ASSETS 3,399,665 3,259,555 LIABILITIES Other payables 1,392 2,970 -------------------- ------------------- NET ASSETS AVAILABLE FOR BENEFITS $ 3,398,273 $ 3,256,585 ==================== =================== See notes to Financial Statements.
2 CORDANT TECHNOLOGIES INC. BARGAINING UNIT RETIREMENT SAVINGS AND INVESTMENT PLAN Statements of Changes in Net Assets Available for Benefits
Year Ended December 31 1998 1997 ------------------- ------------------ Contributions and investment income Company contributions $ 50,634 $ 46,233 Participant contributions 153,733 130,537 Dividend income 6,887 5,596 Interest income 135,567 138,908 Net realized and unrealized appreciation in fair value of investments 142,728 292,038 ------------------- ------------------ TOTAL CONTRIBUTIONS AND INVESTMENT INCOME 489,549 613,312 Participant payments (342,353) (603,946) Administrative expenses (5,508) (4,945) Plan transfers - (125,384) -------------------- ------------------ NET INCREASE (DECREASE) 141,688 (120,963) Net assets available for benefits at beginning of year 3,256,585 3,377,548 -------------------- ------------------ NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 3,398,273 $ 3,256,585 ==================== ================= See notes to Financial Statements.
3 CORDANT TECHNOLOGIES INC. BARGAINING UNIT RETIREMENT SAVINGS AND INVESTMENT PLAN Notes to Financial Statements NOTE A - SIGNIFICANT ACCOUNTING POLICIES General: On May 5, 1998, Thiokol Corporation changed its corporate name to Cordant Technologies Inc. (the Company). During 1998, the plan name was changed to the Cordant Technologies Inc. Bargaining Unit Retirement Savings and Investment Plan (the Plan). All investments of the Plan are held in the Cordant Technologies Inc. Master Savings Trust (the Trust) by The Northern Trust Company (the Trustee). The Trustee invests the assets of three employee retirement savings and investment plans of the Company pursuant to instructions provided to it by the investment managers. The investment managers are appointed by the Compensation Committee of the Company's Board of Directors. The Company's and participants' contributions, loans made to participants, repayments received from participants, and benefit payments or withdrawals are specifically identified for each plan. Income (loss) is allocated to the various plans based upon each plan's proportionate share of the fair value of the Trust's assets related to that income (loss). Asset values in the Plan reflect the deduction of brokerage commissions, related transaction costs and other fees assessed by the various investment managers. Costs incurred by the Plan to administer the daily valuation system are allocated daily to each investment fund as a reduction of the Net Asset Value (NAV) at an annual rate of fifteen one hundredths of one percent. All other Plan administrative and general expenses are paid by the Company. Certain reclassifications have been made to the 1997 statements to conform to the 1998 presentation. Investments: There are seven investment options under the Plan. Investment options are: the Equity Index Fund, Cordant Technologies Inc. Stock Fund, Balanced Fund, International Equity Fund, Aggressive Equity Fund, Fixed Income Fund, and the Government Securities Fund. Investments in the Company stock are recorded at fair market value as determined by the closing price on the New York Stock Exchange. 4 CORDANT TECHNOLOGIES INC. BARGAINING UNIT RETIREMENT SAVINGS AND INVESTMENT PLAN Notes to Financial Statements (continued) NOTE A - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The investment managers for the Equity Index, Balanced, International Equity, and Aggressive Equity Funds provide the unit value of their respective funds on a daily basis to the Trustee based upon each investment's closing price from the appropriate exchange or closing bid prices from investment brokerage firms. The Fixed Income and Government Securities Funds are valued at contract value, which represents periodic deposit amounts net of funds used to pay participants' withdrawals, plus credited interest at the contract rate. The interest rate for each contract is reviewed and may be adjusted semi-annually to reflect current interest rates. The stated interest rate has been adjusted for estimated contract transaction and plan administration costs. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes, such as the adjustment of the stated interest rate for the Fixed Income and Government Securities Funds. Actual results could differ from those estimates. Funds may be invested on a temporary basis in common trust funds. Participation units in common trust funds, comprised exclusively of short-term investments, are valued at par value, which is equal to redemption value. Gain or loss on the sale of Plan assets is determined by utilizing a historical average unit cost of investments. Unrealized appreciation or depreciation is determined by the change in fair value for the twelve-month period. NOTE B - DESCRIPTION OF THE PLAN The Plan is a defined-contribution 401(k) plan established to provide eligible employees with an incentive to make systematic savings for retirement from current income through payroll deductions and to provide an opportunity to acquire an equity interest in the Company or to invest in one of the other six investment choices. All bargaining unit employees of the Kingston Division of Huck International, Inc. (Kingston) are eligible to participate in the Plan. 5 NOTE B - DESCRIPTION OF THE PLAN (CONTINUED) All operations ceased at the Huntsville division in 1996 and the Longhorn division in 1997. As a result, there are no longer any active employees from Huntsville and Longhorn participating in the Plan. However, former employees from these locations have balances in the Plan. Participation in the Plan is voluntary. Kingston participants may make contributions to the plan for any whole percentage up to a maximum of 8 percent of base pay subject to limitations imposed by Federal Tax Regulations. Huck International, Inc. contributes an amount equal to 50 percent of each Kingston participant's base pay up to 4 percent, adjusted for any current forfeitures and reinstatement of prior forfeitures. Company contributions are allocated among the investment funds in accordance with the participants' elections. Participants may transfer amounts from one investment fund to another subject to certain restrictions. A more complete description of the plan including vesting and benefit provisions is contained in the booklet entitled Your Employee Benefits and is available from the Company's human resources department. Although it has not expressed any intent to do so, the Company has the right to terminate, amend, modify, or suspend the Plan at any time. In the event the Plan is terminated, the entire value of the investment funds shall be applied for the exclusive benefit of participants, and no part of the funds will revert to the Company. Upon termination of the Plan, the Company will have no obligation to continue making contributions to the Plan. NOTE C - INVESTMENTS A description of the investment funds follows: Equity Index Fund: This fund is managed by the Bankers Trust Company. The fund is invested primarily in common stocks and securities convertible into common stocks and in other similar types of equity investments which closely mirror the Standard and Poor's 500 Composite Stock Price Index. The value of investments can fluctuate due to general stock market conditions and the performance of the individual securities, which comprise the Standard and Poor's 500 Composite Stock Price Index. 6 NOTE C - INVESTMENTS (CONTINUED) Cordant Technologies Inc. Stock Fund: This fund is invested primarily in Cordant Technologies Inc. common stock. Its performance depends primarily upon the performance of the Company's stock. As with other stocks, the market value of this stock can fluctuate, and participants' investments in this fund can increase or decrease in value. On January 22, 1998, the Company's Board of Directors declared a two-for-one stock split in the form of a stock dividend payable March 13, 1998, for each stockholder of record on February 27, 1998. The Company Stock Fund is valued in units, rather than shares, and therefore the split did not impact the number of units or the value allocated to the participants accounts. The NAV is also unaffected by the stock split. Balanced Fund: This fund is managed by the investment management firm of Dodge and Cox. The fund is invested in both common stocks and bonds. The value of investments can fluctuate due to general stock and bond market conditions as well as the performance of the individual securities in which the fund is invested. Investments in any single stock or bond issue, with the exception of United States government securities, are seldom in excess of 2 percent of total fund assets. Aggressive Equity Fund: This fund is managed by the investment management firms of Norwest Investment Management, Inc., and Provident Investment Counsel. This fund is invested in the common stocks of small, rapidly growing companies. A small growth company is one which is still in the early stage of its life cycle, yet has demonstrated, or is expected to achieve, long-term earnings growth. Investments in any single stock rarely exceed 4 percent of total fund assets. The value of investments can fluctuate due to general stock market conditions and the performance of the individual securities in the fund. 7 NOTE C - INVESTMENTS (CONTINUED) International Equity Fund: This fund was previously managed solely by the investment management firm of T. Rowe Price Associates, Inc. Morgan Stanley Dean Witter Advisors Inc. was added as an investment manager during the year. On May 1, 1998, T. Rowe Price Associates transferred the value of 50 percent of the outstanding shares of the T. Rowe Price Institutional International Foreign Equity Fund to Morgan Stanley Dean Witter Advisors. Morgan Stanley Dean Witter Advisors invested the cash proceeds into the Morgan Stanley Institutional International Equity Portfolio. The T. Rowe Price Institutional International Foreign Equity Fund is broadly diversified in over 300 equity securities of established foreign companies in more than 25 countries. This fund may invest in corporate and government debt securities, futures, options and enter into forward foreign currency exchange contracts. The Morgan Stanley Dean Witter Institutional International Equity Portfolio seeks long-term appreciation by investing primarily in equity securities of non-US markets. Morgan Stanley Dean Witter Advisors considers cash flow and intrinsic value of company assets to select undervalued securities from a group of approximately 1,900 companies. The value of this fund fluctuates with world stock and currency market conditions and the performance of the individual securities in the fund. Fixed Income Fund: This fund is managed by Connecticut General Life Insurance Company (CIGNA) under a group annuity contract issued to the Trustee, which provides for a fixed rate of return. The stated annual rate of return was 6.35 percent and 6.65 percent for the first and second halves of 1998, respectively, and 6.35 percent for 1997. The average yield for the fund was 6.50 percent and 6.35 percent for 1998 and 1997, respectively. The majority of fund assets consists of intermediate-term investment grade corporate bonds. The contract is included in the financial statements at contract value which approximates fair value as reported to the Plan by CIGNA. The fund is maintained in a separate account at the insurance company to prevent the assets from being subject to the claims of the general creditors of CIGNA. 8 NOTE C - INVESTMENTS (CONTINUED) Government Securities Fund: This fund is managed by Metropolitan Life Insurance Company (MetLife) under a group annuity contract. The fund invests in intermediate-term United States Government and Government National Mortgage Association Fixed Income Securities backed by the full faith and credit of the United States Treasury and in other highly rated short-term securities. The stated annual rate of return was 5.85 percent and 6.15 percent for the first and second halves of 1998, respectively, and 5.85 percent for 1997. The average yield for the fund was 6.00 percent and 5.85 percent for 1998 and 1997, respectively. The contract is included in the financial statements at contract value, which approximates fair value, as reported to the Plan by MetLife. The fund is maintained in a separate account at the insurance company to prevent the assets from being subject to the claims of the general creditors of MetLife. 9 NOTE D - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY INVESTMENT FUND
Year Ended December 31, 1998 ------------------------------------------------------------------- Equity Company Aggressive Index Stock Balanced Equity Fund Fund Fund Fund ------------------------------------------------------------------- Contributions and investment income: Company contributions $ 16,180 $ 10,518 $ 3,220 $ 4,324 Participant contributions 51,069 35,296 9,492 14,081 Dividend income - 2,250 3,327 354 Interest income - 233 - - Net realized and unrealized appreciation (depreciation) in fair value of investments 157,928 (22,898) 3,155 (2,548) ----------------- --------------- ------------- -------------- TOTAL CONTRIBUTIONS AND INVESTMENT INCOME 225,177 25,399 19,194 16,211 Participant payments (52,240) (57,032) (5,935) (9,970) Administrative expenses (1,362) (336) (154) (421) Participant transfers 28,266 32,792 (15,077) (6,764) ----------------- --------------- ------------- -------------- NET INCREASE (DECREASE) 199,841 823 (1,972) (944) Net assets available for benefits at beginning of year 540,504 336,309 91,271 82,582 ----------------- --------------- ------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 740,345 $ 337,132 $ 89,299 $ 81,638 ================= =============== ============= ==============
10
Year Ended December 31, 1998 - ----------------------------------------------------------------------------------------------------------------------------- Int'l Fixed Gov't Equity Income Sec. Fund Fund Fund Total - ----------------------------------------------------------------------------------------------------------------------------- Contributions and Investment Income: Company contributions $ 2,026 $ 14,239 $ 127 $ 50,634 Participant contributions 6,663 36,624 508 153,733 Dividend income 956 - - 6,887 Interest Income - 135,273 61 135,567 Net realized and unrealized appreciation (depreciation) in fair value of investments 7,091 - - 142,728 -------------------------------------------------------------------------- TOTAL CONTRIBUTIONS AND INVESTMENT INCOME 16,736 186,136 696 489,549 Participant Payments (406) (211,611) (5,159) (342,353) Administrative expenses (83) (3,150) (2) (5,508) Participant transfers (13,637) (26,155) 575 - ---------------------------------------------------------------------------- NET INCREASE (DECREASE) 2,610 (54,780) (3,890) 141,688 Net assets available for benefits at beginning of year 52,607 2,147,838 5,474 3,256,585 --------------------------------------------------------------------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 55,217 $ 2,093,058 $ 1,584 $ 3,398,273 ==========================================================================
11 CORDANT TECHNOLOGIES INC. BARGAINING UNIT RETIREMENT SAVINGS AND INVESTMENT PLAN Notes to Financial Statements (continued) NOTE D - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY INVESTMENT FUND (CONTINUED)
Year Ended December 31, 1997 ------------------------------------------------------------------- Equity Company Aggressive Index Stock Balanced Equity Fund Fund Fund Fund ------------------------------------------------------------------- Contributions and investment income: Company contributions $ 15,503 $ 7,111 $ 2,314 $ 3,299 Participant contributions 46,007 21,885 6,938 10,347 Dividend income 3 2,928 2,457 54 Interest income - 253 - - Net realized and unrealized appreciation in fair value of investments 137,547 133,888 14,574 3,878 -------------------------------------------------------------------- TOTAL CONTRIBUTIONS AND INVESTMENT INCOME 199,060 166,065 26,283 17,578 Participant payments (62,134) (54,909) (3,430) (3,608) Administrative expenses (900) (397) (136) (68) Plan transfers (80,656) 12,408 (27,317) (21,251) Participant transfers 1,944 70,190 (23,116) 9,808 Net loan activity 444 94 - - ------------------------------------------------------------------ NET INCREASE (DECREASE) 57,758 193,451 (27,716) 2,459 Net assets available for benefits at beginning of year 482,746 142,858 118,987 80,123 ------------------------------------------------------------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 540,504 $ 336,309 $ 91,271 $ 82,582 ===================================================================
12
Year Ended December 31, 1997 - ----------------------------------------------------------------------------------------------------------------------------- Int'l Fixed Gov't Equity Income Sec. Loan Fund Fund Fund Fund Total --------------------------------------------------------------------------------------------- Contributions and investment Income: Company contributions $ 2,107 $ 15,881 $ 18 $ - $ 46,233 Participant contributions 6,317 38,949 94 - 130,537 Dividend income 154 - - - 5,596 Interest Income - 138,323 316 16 138,908 Net realized and unrealized appreciation (depreciation) in fair value of investments 2,151 - - - 292,038 ------------------------------------------------------------------------------- TOTAL CONTRIBUTIONS AND INVESTMENT INCOME 10,729 193,153 428 16 613,312 Participant payments (1,925) (447,271) (353) (30,316) (603,946) Administrative expenses (107) (3,329) (8) - (4,945) Plan transfers (22,852) 14,284 - - (125,384) Participant transfers (20,883) (37,943) - - - Net loan activity - - - (538) - ------------------------------------------------------------------------------- NET INCREASE (DECREASE) (35,038) (281,106) 67 (30,838) (120,963) Net assets available for benefits At beginning of year 87,645 2,428,944 5,407 30,838 3,377,548 ------------------------------------------------------------------------------ NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 52,607 $ 2,147,838 $ 5,474 $ - $ 3,256,585 ==============================================================================
13 CORDANT TECHNOLOGIES INC. BARGAINING UNIT RETIREMENT SAVINGS AND INVESTMENT PLAN Notes to Financial Statements (continued) NOTE E - INCOME TAX STATUS The Company has received a favorable letter of determination from the Internal Revenue Service stating that the Plan qualifies under section 401(a) and the Trust is exempt from tax under section 501(a) of the Internal Revenue Code (IRC). The Plan is required to operate in conformity with the IRC to maintain its qualification. The Company is not aware of any course of action or series of events that have occurred that would adversely affect the Plan's qualified status. Participants are not subject to income tax on Company contributions or income credited to their accounts until such time as these amounts are distributed. NOTE F - QUARTERLY NET ASSET VALUE INFORMATION The NAV of each fund was established at $10.00 on January 1, 1995. A participant's fund balance is computed by multiplying the NAV by the number of units owned. The investment fund NAV at the end of each quarter for 1998 and 1997 was as follows:
March 31 June 30 Sept 30 Dec 31 ---------------- -------------- --------------- -------------- Calendar Year 1998 Equity Index Fund $ 25.5693 $ 26.3948 $ 23.7722 $ 28.8359 Cordant Technologies Stock Fund 33.5301 32.0316 29.4211 26.1354 Balanced Fund 18.8838 18.9207 17.4168 18.8886 Aggressive Equity Fund 13.1325 12.4013 9.3473 11.3809 International Equity Fund 15.1573 15.2626 13.2197 15.4074 Fixed Income Fund 12.0034 12.1917 12.3908 12.5932 Government Securities Fund 11.8257 11.9958 12.1770 12.3612 Calendar Year 1997 Equity Index Fund $ 17.2947 $ 20.3152 $ 21.8366 $ 22.4551 Cordant Technologies Stock Fund 19.3789 24.3948 29.8851 28.2672 Balanced Fund 14.8108 16.4264 17.7097 17.7295 Aggressive Equity Fund 9.3690 10.9900 12.7147 11.5949 International Equity Fund 12.9622 14.5394 14.4370 13.3608 Fixed Income Fund 11.2903 11.4647 11.6437 11.8256 Government Securities Fund 11.1744 11.3336 11.4969 11.6625
14 NOTE G - YEAR 2000 (UNAUDITED) The Plan is dependent on information systems controlled and maintained by the Company and significant third party service providers. The Company believes its systems are Year 2000 compliant. Third party service providers have represented that their systems are Year 2000 compliant. In the event the systems are not compliant, there may be delays in processing (ie. checks, transfers, investments, etc.) The Company and the third party service providers bear all costs associated with becoming Year 2000 compliant. No significant impact to the Plan is anticipated from Year 2000 issues. 15 Exhibit Consent of Independent Auditors We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-10316) pertaining to certain Retirement Savings and Investment Plans of Cordant Technologies Inc. of our report dated June 8, 1999, with respect to the financial statements of the Cordant Technologies Inc.Bargaining Unit Retirement Savings and Investment Plan included in this Annual Report (Form 11-K) for the year ended December 31, 1998. /s/ Ernst & Young LLP Salt Lake City, Utah June 28, 1999 16 SIGNATURES 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 thereunto duly authorized. CORDANT TECHNOLOGIES INC. BARGAINING UNIT RETIREMENT SAVINGS AND INVESTMENT PLAN /s/ Richard L. Corbin Date: June 28, 1999 --------------------------------------------- Richard L. Corbin, Executive Vice President and Chief Financial Officer for the Plan Administrative Committee -----END PRIVACY-ENHANCED MESSAGE-----