-----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, FK91owFD+BWd8BiNlyDp5c/3DfHJg6nYAX9KvOoYfRtNPwGwjMwoeal1xWakRXQj IypoDnzxECi8nwEBN/H5mg== 0000950135-98-004293.txt : 19980720 0000950135-98-004293.hdr.sgml : 19980720 ACCESSION NUMBER: 0000950135-98-004293 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980717 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NASHUA CORP CENTRAL INDEX KEY: 0000069680 STANDARD INDUSTRIAL CLASSIFICATION: CONVERTED PAPER & PAPERBOARD PRODS (NO CONTAINERS/BOXES) [2670] IRS NUMBER: 020170100 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-05492 FILM NUMBER: 98667878 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 NASHUA CORPORATION 1 - -------------------------------------------------------------------------------- Page 1 - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 For the fiscal year ended December 31, 1997. ----------------- 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 Nashua, New Hampshire 03060 2 - -------------------------------------------------------------------------------- Page 2 - -------------------------------------------------------------------------------- NASHUA CORPORATION - ------------------ SAVINGS PLAN FOR SPECIFIED - -------------------------- HOURLY EMPLOYEES - ---------------- FINANCIAL STATEMENTS - -------------------- DECEMBER 31, 1997 AND 1996 - -------------------------- 3 - -------------------------------------------------------------------------------- Page 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, 1997 and 1996 2-3 Statement of Changes in Net Assets Available for Plan Benefits (With Fund Information) for the Years Ended December 31, 1997 and 1996 4-5 Notes to Financial Statements 6-11 Supplementary Information:* * Schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable. 4 REPORT OF INDEPENDENT ACCOUNTANTS July 15, 1998 To the Participants and Administrator of the Nashua Corporation Savings Plan for Specified Hourly Employees In our opinion, the accompanying statements of net assets available for plan benefits and the related statements 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, 1997 and 1996, 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. As discussed in Note 1, effective December 31, 1997, the Plan was merged into the Nashua Corporation Employee's Savings Plan. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. 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 the purpose 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 audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. 1 5 NASHUA CORPORATION SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND INFORMATION) DECEMBER 31, 1997
Guaranteed Nashua Investment Common Equity- Growth Asset Contract Stock Puritan Magellan Income Company Manager Europe Fund Fund Fund Fund Contrafund Fund Fund Fund Fund ---- ---- ---- ---- ---------- ---- ---- ---- ---- Assets: Guaranteed Investment Contracts, at Contract Value $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- Investments at Fair Value: Nashua Common Stock Fund -- -- -- -- -- -- -- -- -- Mutual Funds -- -- -- -- -- -- -- -- -- Collective Investment Fund -- -- -- -- -- -- -- -- -- Treasury Instruments -- -- -- -- -- -- -- -- -- Cash -- -- -- -- -- -- -- -- -- Net Assets Available for Plan Benefits $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- =====================================================================================
Pacific Intermediate Small Cap Gov't Money U.S. Equity Basin Bond Stock Market Index Loan Fund Fund Fund Fund Fund Fund Total ---- ---- ---- ---- ---- ---- ----- Assets: Guaranteed Investment Contracts, at Contract Value $ -- $ -- $ -- $ -- $ -- $ -- $ -- Investments at Fair Value: Nashua Common Stock Fund -- -- -- -- -- -- -- Mutual Funds -- -- -- -- -- -- -- Collective Investment Fund -- -- -- -- -- -- -- Treasury Instruments -- -- -- -- -- -- -- Cash -- -- -- -- -- -- -- Net Assets Available for Plan Benefits $ -- $ -- $ -- $ -- $ -- $ -- $ -- ==========================================================================
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, 1996
Guaranteed Nashua Investment Common Equity- Growth Asset Contract Stock Puritan Magellan Income Company Manager Fund Fund Fund Fund Contrafund Fund Fund Fund ---- ---- ---- ---- ---------- ---- ---- ---- Assets: Guaranteed Investment Contracts, at Contract Value $19,326 $ -- $-- $ -- $ -- $ -- $ -- $ -- Investments at Fair Value: Nashua Common Stock Fund -- 4,443 -- -- -- -- -- -- Mutual Funds -- -- -- 12,838 2,107 1,459 15,187 Collective Investment Fund 30,488 -- -- -- -- -- -- -- Cash 773 -- -- -- -- -- -- -- Employee Contributions Receivable -- -- -- -- -- -- -- -- Employer Contributions Receivable -- -- -- -- -- -- -- -- Participant Loans Receivable, at -- Fair Value -- -- -- -- -- -- -- -- -------------------------------------------------------------------------------------- Net Assets Available for Plan Benefits $50,587 $4,443 $-- $12,838 $2,107 $1,459 $15,187 $ -- ======================================================================================
Pacific Intermediate Gov't Money U.S. Equity Europe Basin Bond Market Index Loan Fund Fund Fund Sm Cap Stk Fund Fund Fund Total ---- ---- ---- ---------- ---- ---- ---- ----- Assets: Guaranteed Investment Contracts, at Contract Value $-- $-- $-- $ -- $ -- $ -- $ -- $19,326 Investments at Fair Value: Nashua Common Stock Fund -- -- -- -- -- -- -- 4,443 Mutual Funds 9 161 -- -- 1,000 -- -- 32,761 Collective Investment Fund -- -- -- -- -- -- -- 30,488 Cash -- -- -- -- -- -- -- 773 Employee Contributions Receivable -- -- -- -- -- -- -- -- Employer Contributions Receivable -- -- -- -- -- -- -- -- Participant Loans Receivable, at Fair Value -- -- -- -- -- -- -- -- ------------------------------------------------------------------------------------------ Net Assets Available for Plan Benefits $ 9 $161 $-- $ -- $1,000 $ -- $ -- $87,791 ===========================================================================================
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, 1997
Guaranteed Nashua Investment Common Equity- Growth Asset Contract Stock Puritan Magellan Income Company Manager Fund Fund Fund Fund Contrafund Fund Fund Fund ---- ---- ---- ---- ---------- ---- ---- ---- Sources of Net Assets: Employee Contributions $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- Employer Contributions -- -- -- -- -- -- -- -- Investment Income 1,690 -- -- 387 35 260 330 -- Net Appreciation of Investments -- 341 -- 1,402 -- 795 2,129 -- Rollovers -- -- -- -- -- -- -- -- Loan Repayments -- -- -- -- -- -- -- -- Loan Interest -- -- -- -- -- -- -- -- ------------------------------------------------------------------------------------------- 1,690 341 -- 1,789 35 1,055 2,459 -- ------------------------------------------------------------------------------------------- Applications of Net Assets: Plan Withdrawals 47,785 3,553 -- 10,017 2,082 -- 14,407 -- Net Depreciation of Investments -- 22 -- -- 60 -- -- -- Loan Withdrawals -- -- -- -- -- -- -- -- Rollovers -- -- -- -- -- -- -- -- Administrative Expenses 254 -- -- 50 -- 80 -- -- ------------------------------------------------------------------------------------------- 48,039 3,575 -- 10,067 2,142 80 14,407 -- ------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets During the Year Prior to Transfers (46,349) (3,234) -- (8,278) (2,107) 975 (11,948) -- Net Transfer between Funds (3,227) -- -- -- -- 3,227 -- -- Net Transfer Due to Merger of Plans (1,011) (1,209) -- (4,560) -- (5,661) (3,239) -- Net Assets Available for Plan Benefits: Beginning of Year 50,587 4,443 -- 12,838 2,107 1,459 15,187 -- ------------------------------------------------------------------------------------------- End of Year $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- ===========================================================================================
Pacific Intermediate Small Cap Gov't Money U.S. Equity Europe Basin Bond Stock Market Index Loan Fund Fund Fund Fund Fund Fund Fund Total ---- ---- ---- ---- ---- ---- ---- ----- Sources of Net Assets: Employee Contributions $-- $-- $-- $ -- $ -- $ -- $ -- $ -- Employer Contributions -- -- -- -- -- -- -- -- Investment Income -- 3 -- -- 51 -- -- 2,756 Net Appreciation of Investments 2 -- -- -- -- -- -- 4,669 Rollovers -- -- -- -- -- -- -- -- Loan Repayments -- -- -- -- -- -- -- -- Loan Interest -- -- -- -- -- -- -- -- ------------------------------------------------------------------------------------------- 2 3 -- -- 51 -- -- 7,425 ------------------------------------------------------------------------------------------- Applications of Net Assets: Plan Withdrawals 1 -- -- -- 2 -- -- 77,847 Net Depreciation of Investments -- 27 -- -- -- -- -- 109 Loan Withdrawals -- -- -- -- -- -- -- -- Rollovers -- -- -- -- -- -- -- -- Administrative Expenses 10 -- -- -- 80 -- -- 474 ------------------------------------------------------------------------------------------- 11 27 -- -- 82 -- -- 78,430 ------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets During the Year Prior to Transfers (9) (24) -- -- (31) -- -- (71,005) Net Transfer between Funds -- -- -- -- -- -- -- -- Net Transfer Due to Merger of Plans -- (137) -- -- (969) -- -- (16,786) Net Assets Available for Plan Benefits: Beginning of Year 9 161 -- -- 1,000 -- -- 87,791 ------------------------------------------------------------------------------------------- End of Year $-- $-- $-- $ -- $ -- $ -- $ -- $ -- ===========================================================================================
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, 1996
Guaranteed Nashua Investment Common Equity- Growth Asset Contract Stock Puritan Magellan Income Company Manager Fund Fund Fund Fund Contrafund Fund Fund Fund ---- ---- ---- ---- ---------- ---- ---- ---- Sources of Net Assets: Employee Contributions $ (169) $ -- $ 32 $ (129) $ -- $ 70 $ 35 $-- Employer Contributions (52) 6 24 (18) -- 41 20 -- Investment Income 2,732 -- 122 2,449 88 142 682 -- Net Appreciation of Investments 1 97 394 -- 19 359 1,620 -- Loan Repayments -- -- -- -- -- -- -- -- Loan Interest -- -- -- -- -- -- -- -- ----------------------------------------------------------------------------------------- 2,512 103 572 2,302 107 612 2,357 -- ----------------------------------------------------------------------------------------- Applications of Net Assets: Plan Withdrawals 15,435 4,226 11,135 4,392 -- 2,690 1,049 -- Net Depreciation of Investments -- 597 -- 903 -- -- -- -- Loan Withdrawals -- -- -- -- -- -- -- -- Transfers to Regular Savings Plan 12,986 -- 1,013 11,681 -- 533 -- -- Administrative Expenses 258 5 20 110 -- 60 -- -- ----------------------------------------------------------------------------------------- 28,679 4,828 12,168 17,086 -- 3,283 1,049 -- ----------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets During the Year Prior to Transfers (26,167) (4,725) (11,596) (14,784) 107 (2,671) 1,308 -- Net Transfers Between Funds -- -- -- (2,000) 2,000 -- -- -- Net Assets Available for Plan Benefits: Beginning of Year 76,754 9,168 11,596 29,622 -- 4,130 13,879 -- ----------------------------------------------------------------------------------------- End of Year $ 50,587 $ 4,443 $ -- $ 12,838 $2,107 $ 1,459 $15,187 $-- =========================================================================================
Pacific Intermediate Small Cap Gov't Money U.S. Equity Europe Basin Bond Stock Market Index Loan Fund Fund Fund Fund Fund Fund Fund Total ---- ---- ---- ---- ---- ---- ---- ----- Sources of Net Assets: Employee Contributions $-- $-- $-- $-- $ -- $ -- $ -- $ (161) Employer Contributions 4 -- -- -- 11 -- -- 36 Investment Income 1 1 -- -- 52 -- -- 6,269 Net Appreciation of Investments 2 -- -- -- -- -- -- 2,492 Loan Repayments -- -- -- -- -- -- -- -- Loan Interest -- -- -- -- -- -- -- -- ---------------------------------------------------------------------------------------- 7 1 -- -- 63 -- -- 8,636 ---------------------------------------------------------------------------------------- Applications of Net Assets: Plan Withdrawals -- -- -- -- -- -- 2,996 41,923 Net Depreciation of Investments -- 5 -- -- -- -- -- 1,505 Loan Withdrawals -- -- -- -- -- -- -- -- Transfers to Regular Savings Plan -- -- -- -- -- -- -- 26,213 Administrative Expenses 10 -- -- -- 89 -- -- 552 ---------------------------------------------------------------------------------------- 10 5 -- -- 89 -- 2,996 70,193 ---------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets During the Year Prior to Transfers (3) (4) -- -- (26) -- (2,996) (61,557) Net Transfers Between Funds -- -- -- -- -- -- -- -- Net Assets Available for Plan Benefits: Beginning of Year 12 165 -- -- 1,026 -- 2,996 149,348 ---------------------------------------------------------------------------------------- End of Year $ 9 $161 $ -- $ -- $1,000 $ -- $ -- $ 87,791 ========================================================================================
See accompanying notes to financial statements. -5- 9 - -------------------------------------------------------------------------------- Page 6 - -------------------------------------------------------------------------------- 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. Subsequently, the hourly employees of Nashua Corporation's Exeter facility were eligible to participate in the Plan. On May 25, 1994 Nashua Corporation's Santa Clara facility was sold and the Plan transferred $1,214,400 to a plan established by the buyer. PLAN MERGER Effective December 31, 1997 the Plan merged into the Nashua Corporation Employees' Savings Plan. ASSET MAINTENANCE Fidelity Management Trust Company was the Plan trustee ("the Trustee"). Assets of the Plan were invested, at the election of the participants, in up to twelve 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 Fund, Fidelity Intermediate Bond Fund, Fidelity Contrafund, Fidelity Small Cap Stock Fund, Fidelity Spartan U.S. Equity Index Portfolio, or Fidelity Retirement Government Money Market Fund), a Guaranteed Investment Contract Fund managed by the Trustee or the Nashua Common Stock Fund. The Plan's assets were 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 was recorded based on individual plan participants' account balances. Investment income and expenses for each investment option were 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") and treasury instruments held in the Plan were valued at closing sales prices supplied by a pricing service. The Plan's guaranteed investment contracts were valued at contract value which approximates fair 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 and collective investment fund accounts were valued at the respective funds' closing net asset values. Investment transactions were recorded on the trade date. Participant loans were valued at cost plus accrued interest which approximates fair value. Cost was determined on an average cost basis. 10 - -------------------------------------------------------------------------------- Page 7 - -------------------------------------------------------------------------------- INVESTMENT INCOME Income from investments was recorded as earned on an accrual basis. CONTRIBUTIONS The Plan had certain established criteria for eligibility. All contributions were immediately 100% vested. 401(k) Plan contributions - Employees could make a basic contribution of up to 15% of their earnings to the Plan. The Company contributed an amount equal to 50% of up to 6% of the employees' contributed earnings. Employees could direct their contributions and the Company matching contribution into any of the investment funds available for their contributions. Employee's contributions into the Nashua Common Stock Fund were limited to 25% of their account balance. WITHDRAWALS AND LOANS Plan participants could withdraw part or all of their account balances subject to certain restrictions stipulated by current Internal Revenue Service regulations. The Plan also provided for optional forms of withdrawal at the time of retirement. Plan participants could borrow against individual Plan balances subject to Plan and current Internal Revenue Service regulations. Interest on the loans was payable at 2% above the prime rate. Loans were 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 was 20 years. At December 31, 1997 and 1996, there were no outstanding loans. EXPENSES Trustee administrative fees, audit and other expenses were paid directly by the Company and, accordingly, such items were not reflected in the financial statements of the Plan. Fees for participant loans were paid by the Plan and were reflected in the accompanying financial statements as administrative expenses. USE OF ESTIMATES The preparation of financial statements in accordance with generally accepted accounting principles required management to make estimates and assumptions that affected the reported amounts and disclosures in the financial statements. Actual results could differ from those estimated. FEDERAL INCOME TAX STATUS The Company was advised by the U.S. Treasury Department on November 17, 1993 that the Plan is qualified under Section 401 of the Internal Revenue Code ("the 11 - -------------------------------------------------------------------------------- Page 8 - -------------------------------------------------------------------------------- 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"). NOTE 2 - GENERAL DESCRIPTION OF THE PLAN The following brief description of the Plan was provided for general information purposes only. Participants should refer to the Plan agreement for more complete information. 1. GENERAL - The Plan was a defined contribution plan covering all eligible employees. It was subject to the provisions of ERISA. 2. TERMINATION - The Plan was administered by the Nashua Audit/Finance & Investment Committee, which is composed of officers of the Company. The Company anticipated and believed that the Plan would continue without interruption, but reserved the right to discontinue the Plan. In the event that such discontinuance resulted in the termination of the Plan, the Plan provided that net assets would be allocated among the participants. NOTE 3 - INVESTMENTS The Plan's investments, excluding the Guaranteed Investment Contract Fund, were summarized as follows:
December 31, ---------------------- 1997 1996 ------- ------- Nashua Common Stock Fund $ - $ 4,443 Fidelity Magellan Fund - 12,838 Fidelity Contrafund - 2,107 Fidelity Equity Income Fund - 1,459 Fidelity Growth Company Fund - 15,187 Fidelity Europe Fund - 9 Fidelity Pacific Basin Fund - 161 Fidelity Retirement Government Money Market Fund - 1,000 ------- ------- $ - $37,204 ======= =======
12 - -------------------------------------------------------------------------------- Page 9 - -------------------------------------------------------------------------------- NOTE 4 - GUARANTEED INVESTMENT CONTRACT FUND The Plan's investment in the Guaranteed Investment Contract Fund consists of the following:
December 31, --------------------- 1997 1996 ------- ------- Pacific Mutual Life Insurance Company 5.3% Due 3/30/99 - 6/30/99 $ - $ 2,150 State Mutual Life Assurance 5.48% Due 1/1/98 - 1/3/99 - 1,782 Life of Virginia 8.32% Due 3/31/97 - 3,000 Lincoln National Life Insurance Company 6.28% Due 12/31/96 - 2,565 People's Security Life 5.52% Due 2/28/00 - 1,565 People's Security Life 5.41% Due 2/28/00 - 1,146 Confederation Life Insurance Company 8.77% Due 1/3/95 - 7,118 Fidelity Managed Income Portfolio II - 30,488 Cash - 773 ------- ------- $ - $50,587 ======= =======
The average yields of the Guaranteed Investment Contract Fund for the periods ended December 31, 1997 and 1996 were approximately 6.4% and 4.8%, respectively. Crediting interest rates remained the same, as noted above, for both 1997 and 1996. The issuing institution's ability to meet its contractual obligation under the respective contracts may be affected by future economic and regulatory developments in the insurance industry. 13 - -------------------------------------------------------------------------------- Page 10 - -------------------------------------------------------------------------------- NOTE 5 - SAVINGS PLANS MASTER TRUST The assets of the Plan had been commingled with assets of another Company savings plan in the Nashua Corporation Savings Plans Master Trust ("the Master Trust"). The Plan administrator adjusted the financial data as confirmed on a cash basis by the Trustee to the accrual basis on which the information shown below was prepared. The effect of converting to the accrual basis was to record accrued employer and employee contributions receivable. The Plan owned 0% and 0.1% of the Master Trust as of December 31, 1997 and 1996, respectively.
December 31, -------------------------- 1997 1996 ----------- ----------- Statement of Net Assets Available for Plan Benefits: Guaranteed Investment Contracts, at Contract Value $ 4,691,494 $ 7,451,125 Nashua Common Stock Fund, at Fair Value 2,832,373 3,213,925 Mutual Funds, at Fair Value 45,933,949 37,776,562 Collective Investment Fund, at Fair Value 9,095,453 11,084,095 Treasury Instruments, at Fair Value 3,361,455 - Cash 277,019 281,044 Employee Contributions Receivable 14,844 48,897 Employer Contributions Receivable 42,164 17,147 Participant Loans Receivable, at Fair Value 2,201,717 2,685,736 ----------- ----------- Net Assets Available for Plan Benefits $68,450,468 $62,558,531 =========== =========== Year Ended December 31, -------------------------- 1997 1996 ----------- ----------- Statement of Changes in Net Assets Available for Plan Benefits: Sources of Net Assets: Employee Contributions $ 3,395,798 $ 3,615,103 Employer Contributions 1,177,340 1,249,798 Investment Income 4,554,817 4,948,193 Net Appreciation of Investments 5,689,688 1,591,827 Rollovers In 18,665 32,952 Loan interest 196,126 208,324 ----------- ----------- 15,032,434 11,646,197 ----------- ----------- Applications of Net Assets: Plan Withdrawals 8,665,329 7,039,555
14 - -------------------------------------------------------------------------------- Page 11 - -------------------------------------------------------------------------------- Net Depreciation of Investment 165,421 1,236,846 Administrative Expenses 42,128 50,128 Rollovers Out 267,619 1,364,080 ----------- ----------- 9,140,497 9,690,609 ----------- ----------- Increase in Net Assets During the Year $ 5,891,937 $ 1,955,588 =========== ===========
The Master Trust purchased 15,500 and 69,700 common shares of Nashua Corporation at a total cost of $209,098 and $941,484 during 1997 and 1996, respectively. The Master Trust received $443,411 and $1,421,147 from the sale of 38,010 and 96,685 common shares of Nashua Corporation during 1997 and 1996, respectively. 15 - -------------------------------------------------------------------------------- Page 12 - -------------------------------------------------------------------------------- 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 16, 1998 By: /s/ Peter C. Anastos ------------- -------------------------------- Peter C. Anastos Nashua Corporation Vice President, General Counsel and Secretary EX-23 2 CONSENT OF PRICEWATERHOUSECOOPERS LLP 1 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 15, 1998 relating to the financial statements of the Nashua Corporation Employees' Savings Plan for the year ended December 31, 1997 included with this Form 11-K. We also consent to the incorporation by reference in the Registration Statement on Form S-8 of Nashua Corporation of our report dated July 15, 1998 relating to the financial statements of the Nashua Corporation Employees' Savings Plan for Specified Hourly Employees for the year ended December 31, 1997 included with this Form 11-K. Pricewaterhouse Coopers LLP Boston, Massachusetts July 16, 1998 -----END PRIVACY-ENHANCED MESSAGE-----