-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, kgrR4e2bl9VW1abzzLnGVUuYZ6gSOlhx7kOjMmnAtDlLflQmdUhQ43wz3LtTCTdY XsatFYfkbkcYNZyxxUtuWw== 0000950135-94-000453.txt : 19940720 0000950135-94-000453.hdr.sgml : 19940720 ACCESSION NUMBER: 0000950135-94-000453 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NASHUA CORP CENTRAL INDEX KEY: 0000069680 STANDARD INDUSTRIAL CLASSIFICATION: 2670 IRS NUMBER: 020170100 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05492 FILM NUMBER: 94539175 BUSINESS ADDRESS: STREET 1: 44 FRANKLIN ST STREET 2: PO BOX 2002 CITY: NASHUA STATE: NH ZIP: 03061-2002 BUSINESS PHONE: 6038802323 MAIL ADDRESS: STREET 1: 44 FRANKLIN STREET STREET 2: P.O. BOX 2002 CITY: NASHUA STATE: NH ZIP: 03061-2002 11-K 1 SPECIFIED HOURLY EMPLOYEES SAVINGS PLAN FORM 11-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) (X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED) For the fiscal year ended December 31, 1993 ----------------- OR ( )TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the transition period from _____________ to _________________ Commission file number 1-5492-1 ----------- A. Full title of the plan and the address of the plan, if different from that of the issuer named below: Nashua Corporation Savings Plan for Specified Hourly Employees B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Nashua Corporation 44 Franklin Street P.O. Box 2002 Nashua, New Hampshire 03061-2002 2 NASHUA CORPORATION ------------------ SAVINGS PLAN FOR SPECIFIED -------------------------- HOURLY EMPLOYEES ---------------- FINANCIAL STATEMENTS -------------------- DECEMBER 31, 1993 ----------------- 3 NASHUA CORPORATION ------------------ SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES ------------------------------------------- INDEX TO FINANCIAL STATEMENTS -----------------------------
PAGES ----- Financial Statements: Report of Independent Accountants 1 Statement of Net Assets Available for Plan Benefits (With Fund Information) as of December 31, 1993 and 1992 2-3 Statement of Changes in Net Assets Available for Plan Benefits (With Fund Information) for the Years Ended December 31, 1993 and 1992 4-5 Notes to Financial Statements 6-10
Supplementary Information: * * Schedules required by Section 2520.103-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable. 4 Report of Independent Accountants July 14, 1994 To the Participants and Pension Committee of the Nashua Corporation Savings Plan for Specified Hourly Employees In our opinion, the accompanying statement of net assets available for plan benefits and the related statement of changes in net assets available for plan benefits present fairly, in all material respects, the net assets available for plan benefits of the Nashua Corporation Savings Plan for Specified Hourly Employees (the "Plan") at December 31, 1993 and 1992 and the changes in net assets available for plan benefits for the years then ended, in conformity with generally accepted accounting principles. 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 generally accepted auditing standards 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 made for the purpose of forming an opinion on the basic financial statements taken as a whole. The fund information in the statement of net assets available for plan benefits and the statement 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 fund information has been subjected to the auditing procedures applied in the audit 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. 5 NASHUA CORPORATION SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND INFORMATION) DECEMBER 31, 1993 - - --------------------------------------------------------------------------------------------------------------------------------
GUARANTEED NASHUA INVESTMENT COMMON EQUITY- GROWTH CONTRACT STOCK PURITAN MAGELLAN INCOME COMPANY FUND FUND FUND FUND FUND FUND -------- -------- ------- -------- ------- ------- ASSETS: GUARANTEED INVESTMENT CONTRACT FUND, AT CONTRACT VALUE $518,392 $ - $ - $ - $ - $ - INVESTMENTS AT FAIR VALUE: NASHUA COMMON STOCK FUND - 206,251 - - - - MUTUAL FUNDS - - 50,121 133,229 71,590 34,441 EMPLOYEE CONTRIBUTIONS RECEIVABLE 14,700 345 1,904 5,240 2,569 1,940 EMPLOYER CONTRIBUTIONS RECEIVABLE 1,567 6,113 576 1,048 508 350 PARTICIPANT LOANS RECEIVABLE, AT FAIR VALUE - - - - - - -------- -------- ------- -------- ------- ------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $534,659 $212,709 $52,601 $139,517 $74,667 $36,731 ======== ======== ======= ======== ======= =======
GOV'T PACIFIC MONEY EUROPE BASIN MARKET LOAN FUND FUND FUND FUND TOTAL ---- ------ ------- ------- ---------- ASSETS: GUARANTEED INVESTMENT CONTRACT FUND, AT CONTRACT VALUE $ - $ - $ - $ - $ 518,392 INVESTMENTS AT FAIR VALUE: NASHUA COMMON STOCK FUND - - - - 206,251 MUTUAL FUNDS 656 6,474 17,622 - 314,133 EMPLOYEE CONTRIBUTIONS RECEIVABLE 95 213 1,500 - 28,506 EMPLOYER CONTRIBUTIONS RECEIVABLE 19 47 197 - 10,425 PARTICIPANT LOANS RECEIVABLE, AT FAIR VALUE - - - 50,348 50,348 ---- ------ ------- ------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $770 $6,734 $19,319 $50,348 $1,128,055 ==== ====== ======= ======= ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS - 2 - 6 NASHUA CORPORATION SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND INFORMATION) DECEMBER 31, 1992 - - --------------------------------------------------------------------------------------------------------------------------------
GUARANTEED NASHUA INVESTMENT COMMON EQUITY- GROWTH CONTRACT STOCK PURITAN MAGELLAN INCOME COMPANY FUND FUND FUND FUND FUND FUND -------- -------- ------- ------- ------- ------ ASSETS: GUARANTEED INVESTMENT CONTRACT FUND, AT CONTRACT VALUE $333,190 $ - $ - $ - $ - $ - INVESTMENTS AT FAIR VALUE: NASHUA CORPORATION COMMON STOCK - 165,339 - - - - MUTUAL FUNDS - - 13,287 60,131 42,788 6,226 EMPLOYEE CONTRIBUTIONS RECEIVABLE 11,211 24 454 2,831 1,362 1,178 EMPLOYER CONTRIBUTIONS RECEIVABLE 364 5,936 48 111 - 152 DIVIDENDS RECEIVABLE - 1,049 - - - - PARTICIPANT LOANS RECEIVABLE, AT FAIR VALUE - - - - - - -------- -------- ------- ------- ------- ------ NET ASSETS AVAILABLE FOR PLAN BENEFITS $344,765 $172,348 $13,789 $63,073 $44,150 $7,556 ======== ======== ======= ======= ======= ======
GOV'T MONEY MARKET LOAN FUND FUND TOTAL ------ ------- -------- ASSETS: GUARANTEED INVESTMENT CONTRACT FUND, AT CONTRACT VALUE $ - $ - $333,190 INVESTMENTS AT FAIR VALUE: NASHUA CORPORATION COMMON STOCK - - 165,339 MUTUAL FUNDS 3,848 - 126,280 EMPLOYEE CONTRIBUTIONS RECEIVABLE 396 - 17,456 EMPLOYER CONTRIBUTIONS RECEIVABLE 26 - 6,637 DIVIDENDS RECEIVABLE - - 1,049 PARTICIPANT LOANS RECEIVABLE, AT FAIR VALUE - 17,992 17,992 ------ ------- -------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $4,270 $17,992 $667,943 ====== ======= ========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS - 3 - 7 NASHUA CORPORATION SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND INFORMATION) YEAR ENDED DECEMBER 31, 1993 - - --------------------------------------------------------------------------------------------------------------------------------
GUARANTEED NASHUA INVESTMENT COMMON EQUITY- GROWTH CONTRACT STOCK PURITAN MAGELLAN INCOME COMPANY FUND FUND FUND FUND FUND FUND -------- -------- ------- -------- ------- ------- SOURCES OF NET ASSETS: EMPLOYEE CONTRIBUTIONS $164,849 $ 4,268 $16,329 $ 49,688 $22,995 $19,835 EMPLOYER CONTRIBUTIONS 15,100 73,972 4,451 8,222 3,970 3,374 INVESTMENT INCOME 32,256 3,584 5,271 12,060 2,438 3,147 NET APPRECIATION OF INVESTMENTS - - 193 8,118 8,473 605 LOAN REPAYMENTS 4,498 - 494 2,282 1,182 135 LOAN INTEREST 1,387 - 103 521 473 32 PLAN TRANSFER 20,876 9,774 2,611 8,652 956 81 -------- -------- ------- -------- ------- ------- 238,966 91,598 29,452 89,543 40,487 27,209 -------- -------- ------- -------- ------- ------- APPLICATIONS OF NET ASSETS: PLAN WITHDRAWALS 38,153 17,140 1,006 4,208 754 568 NET DEPRECIATION OF INVESTMENTS - 3,272 - - - - LOAN WITHDRAWALS 18,817 - 528 12,099 8,844 252 ADMINISTRATIVE EXPENSES 200 30 5 91 35 6 -------- -------- ------- -------- ------- ------- 57,170 20,442 1,539 16,398 9,633 826 -------- -------- ------- -------- ------- ------- INCREASE IN NET ASSETS DURING THE YEAR 181,796 71,156 27,913 73,145 30,854 26,383 NET TRANSFERS BETWEEN FUNDS 8,098 (30,795) 10,899 3,299 (337) 2,792 NET ASSETS AVAILABLE FOR PLAN BENEFITS: BEGINNING OF YEAR 344,765 172,348 13,789 63,073 44,150 7,556 -------- -------- ------- -------- ------- ------- END OF YEAR $534,659 $212,709 $52,601 $139,517 $74,667 $36,731 ======== ======== ======= ======== ======= =======
GOV'T PACIFIC MONEY EUROPE BASIN MARKET LOAN FUND FUND FUND FUND TOTAL ---- ------ ------- ------- ---------- SOURCES OF NET ASSETS: EMPLOYEE CONTRIBUTIONS $ 95 $ 298 $13,850 $ - $ 292,207 EMPLOYER CONTRIBUTIONS 19 90 2,221 - 111,419 INVESTMENT INCOME - 3 270 - 59,029 NET APPRECIATION OF INVESTMENTS 15 353 - - 17,757 LOAN REPAYMENTS - - 53 (8,644) - LOAN INTEREST - - 10 - 2,526 PLAN TRANSFER - - 184 - 43,134 ---- ------ ------- ------- ---------- 129 744 16,588 (8,644) 526,072 ---- ------ ------- ------- ---------- APPLICATIONS OF NET ASSETS: PLAN WITHDRAWALS - - 492 - 62,321 NET DEPRECIATION OF INVESTMENTS - - - - 3,272 LOAN WITHDRAWALS - - 460 (41,000) - ADMINISTRATIVE EXPENSES - - - - 367 ---- ------ ------- ------- ---------- - - 952 (41,000) 65,960 ---- ------ ------- ------- ---------- INCREASE IN NET ASSETS DURING THE YEAR 129 744 15,636 32,356 460,112 NET TRANSFERS BETWEEN FUNDS 641 5,990 (587) - - NET ASSETS AVAILABLE FOR PLAN BENEFITS: BEGINNING OF YEAR - - 4,270 17,992 667,943 ---- ------ ------- ------- ---------- END OF YEAR $770 $6,734 $19,319 $50,348 $1,128,055 ==== ====== ======= ======= ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS - 4 - 8 NASHUA CORPORATION SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND INFORMATION) YEAR ENDED DECEMBER 31, 1992 - - --------------------------------------------------------------------------------------------------------------------------------
GUARANTEED NASHUA INVESTMENT COMMON EQUITY- GROWTH CONTRACT STOCK PURITAN MAGELLAN INCOME COMPANY FUND FUND FUND FUND FUND FUND -------- -------- ------- ------- ------- ------ SOURCES OF NET ASSETS: EMPLOYEE CONTRIBUTIONS $118,548 $ 239 $ 4,734 $25,158 $12,684 $6,907 EMPLOYER CONTRIBUTIONS 2,058 65,079 256 583 - 268 INVESTMENT INCOME 22,236 3,449 1,133 7,165 1,261 274 NET APPRECIATION OF INVESTMENTS - 24,400 347 - 3,320 318 LOAN REPAYMENTS 9,932 - 127 2,312 666 - LOAN INTEREST 724 - 62 420 61 - PLAN TRANSFER 235,024 87,434 8,883 30,156 20,281 1,781 -------- -------- ------- ------- ------- ------ 388,522 180,601 15,542 65,794 38,273 9,548 -------- -------- ------- ------- ------- ------ APPLICATIONS OF NET ASSETS: PLAN WITHDRAWALS 16,240 8,062 2,013 389 - 1,082 NET DEPRECIATION OF INVESTMENTS - - - 3,652 - - LOAN WITHDRAWALS 16,085 - 1,365 750 2,700 - ADMINISTRATIVE EXPENSES 157 7 - 97 - - -------- -------- ------- ------- ------- ------ 32,482 8,069 3,378 4,888 2,700 1,082 -------- -------- ------- ------- ------- ------ INCREASE IN NET ASSETS DURING THE YEAR 356,040 172,532 12,164 60,906 35,573 8,466 NET TRANSFERS BETWEEN FUNDS (11,275) (184) 1,625 2,167 8,577 (910) NET ASSETS AVAILABLE FOR PLAN BENEFITS: BEGINNING OF YEAR - - - - - - -------- -------- ------- ------- ------- ------ END OF YEAR $344,765 $172,348 $13,789 $63,073 $44,150 $7,556 ======== ======== ======= ======= ======= ======
GOV'T MONEY MARKET LOAN FUND FUND TOTAL ------ ------- -------- SOURCES OF NET ASSETS: EMPLOYEE CONTRIBUTIONS $2,749 $ - $171,019 EMPLOYER CONTRIBUTIONS 166 - 68,410 INVESTMENT INCOME 76 - 35,594 NET APPRECIATION OF INVESTMENTS - - 28,385 LOAN REPAYMENTS - (13,037) - LOAN INTEREST - - 1,267 PLAN TRANSFER 1,279 14,901 399,739 ------ ------- -------- 4,270 1,864 704,414 ------ ------- -------- APPLICATIONS OF NET ASSETS: PLAN WITHDRAWALS - 4,772 32,558 NET DEPRECIATION OF INVESTMENTS - - 3,652 LOAN WITHDRAWALS - (20,900) - ADMINISTRATIVE EXPENSES - - 261 ------ ------- -------- - (16,128) 36,471 ------ ------- -------- INCREASE IN NET ASSETS DURING THE YEAR 4,270 17,992 667,943 NET TRANSFERS BETWEEN FUNDS - - - NET ASSETS AVAILABLE FOR PLAN BENEFITS: BEGINNING OF YEAR - - - ------ ------- -------- END OF YEAR $4,270 $17,992 $667,943 ====== ======= ========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS - 5 - 9 NASHUA CORPORATION ------------------ SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES ------------------------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES --------------------------------------------------- Basis of Accounting ------------------- The financial statements of the Nashua Corporation Savings Plan for Specified Hourly Employees ("the Plan") are presented on the accrual basis of accounting. Plan Establishment ------------------ The Plan was established January 1, 1992 for hourly employees at Nashua Corporation's Santa Clara facility as the result of a spin-off of assets from the Nashua Corporation Employees' Savings Plan of $399,739. Additionally, effective January 1, 1993, the hourly employees at Nashua Corporation's Exeter facility were transferred from the Nashua Corporation Employees' Savings Plan into the Plan. As a result $43,134 of assets were transferred into the Plan. Asset Maintenance ----------------- Fidelity Management Trust Company is the Plan trustee ("the Trustee"). Assets of the Plan are invested, at the election of the participants, in up to nine Fidelity Investments' mutual funds (Fidelity Magellan Fund, Fidelity Puritan Fund, Fidelity Equity-Income Fund, Fidelity Growth Company Fund, Fidelity Pacific Basin Fund, Fidelity Europe Fund, Fidelity Asset Manager, Fidelity Intermediate Bond Fund, or Fidelity Retirement Government Money Market Fund), a Guaranteed Investment Contract Fund managed by the Trustee or the Nashua Common Stock Fund. Effective August 1, 1993 the Plan's investment in Nashua Corporation common stock was converted into a unitized stock fund. Also effective July 1, 1992, employees can direct up to 25% of their account balances into the Nashua Common Stock Fund. The Europe Fund, Pacific Basin Fund, Intermediate Bond Fund, and Asset Manager are new investment options effective July 15, 1993. The Plan's assets are commingled with assets of the Nashua Corporation Employees' Savings Plan in a participant-directed master trust arrangement. The Plan's participation in the net assets of the master trust is recorded based on individual plan participants' account balances. Investment income and expenses for each investment option are allocated to the individual participant account balances based on the prorata beginning account balances less withdrawals and loans made to participants. Investment Valuation -------------------- Common shares of Nashua Corporation ("the Company") held in the Plan are valued at closing sales prices supplied by a pricing service. The cost of Nashua common stock is determined on an average cost basis. The Plan's guaranteed investment contracts are valued at contract value. Contract value represents contributions made under the contracts, plus interest earned, less funds used to pay withdrawals and expenses. The Plan's mutual fund accounts are valued at the respective funds' closing net asset values. -6- 10 Contributions ------------- The Plan has certain established criteria for eligibility. All contributions are immediately 100% vested. 401(k) Plan contributions - Employees may make a basic contribution of up to 15% of their earnings to the Plan. The Company contributes an amount equal to 50% of up to 6% of the employees' contributed earnings. Contributions are subject to certain limitations. Effective July 1, 1992, employees can direct the Company matching contribution into any of the investment funds available for their contributions. Prior to July 1, 1992, the Company's contributions were invested solely in common shares of the Company. Withdrawals and Loans --------------------- Plan participants may withdraw part or all of their account balances subject to certain restrictions stipulated by current Internal Revenue Service regulations. The Plan also provides for optional forms of withdrawal at the time of retirement. Plan participants may borrow against individual Plan balances subject to Plan and current Internal Revenue Service regulations. Interest on the loans is payable at 2% above the prime rate. Loans are payable within 5 years from the date of withdrawal unless the amount was withdrawn to purchase a primary residence, in which case the term of the loan is 20 years. At December 31, 1993 and 1992, there were 17 and 10 loans outstanding totalling $50,348 and $17,992, respectively. Expenses -------- Trustee administrative fees, audit and other expenses are paid directly by the Company and, accordingly, such items are not reflected in the financial statements of the Plan. Investment Income ----------------- Income from investments is recorded as earned on an accrual basis. Federal Income Tax Status ------------------------- The company was advised by the U.S. Treasury Department in November of 1993 that the Plan is qualified under Section 401 of the Internal Revenue Code ("the Code") and is exempt from federal income taxes. The Plan has since been amended, however, a new letter has not yet been requested. Management believes that the Plan, as amended, and its operations have been and continue to be in accordance with all applicable provisions of the Code and the Employee Retirement Income Security Act of 1974 ("ERISA"). Reclassifications ----------------- Certain reclassifications were made to the 1992 financial statements to conform to the 1993 presentation. NOTE 2 - GENERAL DESCRIPTION OF THE PLAN ---------------------------------------- The following brief description of the Plan is provided for general information purposes only. Participants should refer to the Plan agreement for more complete information. 1. GENERAL - The Plan is a defined contribution plan covering all eligible employees. It is subject to the provisions of ERISA. -7- 11 2. INVESTMENT FUNDS - Employees' contributions and, effective July 1, 1992, Company contributions, can be invested in guaranteed investment contracts and/or mutual funds at the election of the participants. Additionally, effective July 1, 1992, employees can direct up to 25% of their contributions into the Nashua Common Stock Fund. Prior to July 1, 1992, all contributions of the Company were invested solely in common shares of Nashua Corporation. 3. TERMINATION - The Plan is administered by the Nashua Pension Committee, which is composed of officers of the Company. The Company anticipates and believes that the Plan will continue without interruption, but reserves the right to discontinue the Plan. In the event that such discontinuance results in the termination of the Plan, the Plan provides that net assets shall be allocated among the participants and beneficiaries in the order provided for by ERISA. NOTE 3 - INVESTMENTS -------------------- Plan investments at fair value are summarized as follows:
December 31, -------------------- 1993 1992 ---- ---- Nashua Common Stock Fund $206,251 $165,339 Fidelity Magellan Fund 133,229 60,131 Fidelity Puritan Fund 50,121 13,287 Fidelity Equity Income Fund 71,590 42,788 Fidelity Growth Company Fund 34,441 6,226 Fidelity Europe Fund 656 -- Fidelity Pacific Basin Fund 6,474 -- Fidelity Retirement Government Money Market Fund 17,622 3,848 -------- -------- $520,384 $291,619 ======== ========
NOTE 4 - GUARANTEED INVESTMENT CONTRACT FUND -------------------------------------------- The Plan's investment in the Guaranteed Investment Contract Fund consists of the following:
December 31, ----------------------- 1993 1992 ------ ------ Continental Assurance Company 9.10% Due 12/31/93 $ -- $ 61,068 Confederation Life Insurance Company 8.77% Due 1/3/95 71,453 51,757 Life of Virginia 8.32% Due 3/31/96 114,122 76,297 Aetna Insurance Company 6.78% Due 6/30/95 91,297 61,917 Lincoln National 6.28% Due 12/31/96 46,615 -- Provident Life 6.14% Due 6/30/97 46,946 23,812 Fidelity U.S. Government Reserve Fund 147,959 58,339 -------- -------- $518,392 $333,190 ======== ========
-8- 12 NOTE 5 - SAVINGS PLANS MASTER TRUST ----------------------------------- The assets of the Plan have been commingled with assets of another Company savings plan in the Nashua Corporation Savings Plans Master Trust ("the Master Trust"). The Plan owned approximately 2.1% and 1.5% of the Master Trust as of December 31, 1993 and 1992, respectively.
December 31, -------------------------- 1993 1992 -------- -------- Statement of Net Assets Available for Plan Benefits: Guaranteed Investment Contracts, at Contract Value $23,619,548 $20,910,707 Nashua Common Stock Fund, at Fair Value 7,400,889 8,256,638 Mutual Funds, at Fair Value 20,801,964 12,452,214 Employee Contributions Receivable 455,661 451,872 Employer Contributions Receivable 164,494 167,864 Dividends Receivable -- 52,377 Participant Loans Receivable, at Fair Value 1,614,261 1,273,934 ----------- ----------- Net Assets Available for Plan Benefits $54,056,817 $43,565,606 =========== ===========
Year Ended December 31, -------------------------- 1993 1992 -------- -------- Statement of Changes in Net Assets Available for Plan Benefits: Sources of Net Assets: Transfer in of Assets from Nashua Corporation Employees' Savings Plan $ - $34,964,932 Employee Contributions 5,800,957 4,828,486 Employer Contributions 1,871,318 1,795,180 Investment Income 3,413,427 2,942,063 Net Appreciation of Investments 1,526,740 1,616,269 Loan Interest 115,273 93,555 ----------- ----------- 12,727,715 46,240,485 Applications of Net Assets: Plan Withdrawals 2,025,091 2,193,515 Net Depreciation of Investments 200,601 473,036 Administrative Expenses 10,812 8,328 ----------- ----------- Increase in Net Assets During the Year $10,491,211 $43,565,606 =========== ===========
The Master Trust purchased 41,648 and 70,197 common shares of Nashua Corporation at at total cost of $1,162,503 and $1,818,624 during 1993 and 1992, respectively. The Master Trust received $2,010,267 and $642,255 from the sale of 74,078 and 25,464 common shares of Nashua Corporation during 1993 and 1992, respectively. -9- 13 NOTE 6 - SUBSEQUENT EVENT ------------------------- On May 25, 1994 the Santa Clara facility was sold. The participants of the Plan who were employees of the Santa Clara facility will be transfered into a plan that will be established by the buyer. The transfer is expected to be completed during the third quarter of 1994. -10- 14 Consent of Independent Accountants We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 of Nashua Corporation of our report dated July 14, 1994 relating to the financial statements of the Nashua Corporation Savings Plan for Specified Hourly Employees for the year ended December 31, 1993 included with this Form 11-K. PRICE WATERHOUSE Boston, Massachusetts July 14, 1994 15 SIGNATURE NASHUA CORPORATION SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES. -------------------------------------------------------------- Pursuant to the requirements of the Securities Act of 1934, the Plan Committee has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized. NASHUA CORPORATION SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES Date: July 15, 1994 By Paul Buffum -------------------- ------------------------------------ Paul Buffum Nashua Corporation Savings Plan for Specified Hourly Employees Plan Committee -----END PRIVACY-ENHANCED MESSAGE-----