-----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, DjbhMswvQKFTMduG9fogIOoaDpThCZ+zxGxFGCoKznNzK/ZX8vLPZZLYtjYaTn1l HGWgwRMQ0o6+yvx7UKtNKw== 0001047469-98-025276.txt : 19980626 0001047469-98-025276.hdr.sgml : 19980626 ACCESSION NUMBER: 0001047469-98-025276 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980625 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: COSTCO WHOLESALE CORP CENTRAL INDEX KEY: 0000734198 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-VARIETY STORES [5331] IRS NUMBER: 911223280 STATE OF INCORPORATION: WA FISCAL YEAR END: 0902 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 033-48878 FILM NUMBER: 98653869 BUSINESS ADDRESS: STREET 1: 10809 120TH AVE N E CITY: KIRKLAND STATE: WA ZIP: 98033 BUSINESS PHONE: 2068288100 11-K 1 FORM 11-K - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 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, 1997 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to __________ Commission file number 333-21093 COSTCO 401(k) RETIREMENT PLAN -------------------- COSTCO COMPANIES, INC. 999 LAKE DRIVE ISSAQUAH, WASHINGTON 98027 (425) 313-8100 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- COSTCO WHOLESALE 401(k) RETIREMENT PLAN EIN 33-0572969 PIN 002 FINANCIAL STATEMENTS AND SCHEDULES DECEMBER 31, 1997 AND 1996 TOGETHER WITH AUDITORS' REPORT COSTCO 401(k) RETIREMENT PLAN FINANCIAL STATEMENTS AND SCHEDULES DECEMBER 31, 1997 AND 1996 INDEX REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS FINANCIAL STATEMENTS Statements of Net Assets Available for Plan Benefits as of December 31, 1997 and 1996 Statement of Changes in Net Assets Available for Plan Benefits for the Year Ended December 31, 1997 NOTES TO FINANCIAL STATEMENTS AND SCHEDULES SUPPLEMENTAL INFORMATION Schedule I, Item 27a -- Schedule of Assets Held for Investment Purposes as of December 31, 1997 Schedule II, Item 27d -- Schedule of Reportable Transactions for the Year Ended December 31, 1997 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Benefits Committee of the Costco 401(k) Retirement Plan: We have audited the accompanying statements of net assets available for plan benefits of the Costco 401(k) Retirement Plan as of December 31, 1997 and 1996, and the related statement of changes in net assets available for plan benefits for the year ended December 31, 1997. 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 plan benefits of the Plan as of December 31, 1997 and 1996, and the changes in its net assets available for plan benefits for the year ended December 31, 1997, 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 schedules of assets held for investment purposes and reportable transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The Fund information in the statements 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 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. Seattle, Washington, June 1, 1998 COSTCO 401(k) RETIREMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1997
Participant Directed ----------------------------------------------------------------------- Cash Stable Equity Spectrum Spectrum and Cash Value Income Income Growth New Horizons Equivalents Fund Fund Fund Fund Fund ----------- ----------- ----------- ----------- ----------- ------------ ASSETS: Investments at fair value-- Registered investment company funds $56,916 $60,285,173 $84,103,540 $61,805,443 $73,829,666 $6,846,070 Costco Companies, Inc. common stock --2,634,491 shares held -- -- -- -- -- -- Participant loans -- -- -- -- -- -- ------- ----------- ----------- ----------- ----------- ---------- Total investments 56,916 60,285,173 84,103,540 61,805,443 73,829,666 6,846,070 ------- ----------- ----------- ----------- ----------- ---------- Contributions receivable-- Employee -- 219,816 345,247 105,392 333,312 63,569 Employer -- 10,871,560 7,537,033 2,400,076 7,046,161 1,172,191 ------- ----------- ----------- ----------- ----------- ---------- Total receivables -- 11,091,376 7,882,280 2,505,468 7,379,473 1,235,760 ------- ----------- ----------- ----------- ----------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $56,916 $71,376,549 $91,985,820 $64,310,911 $81,209,139 $8,081,830 ------- ----------- ----------- ----------- ----------- ---------- ------- ----------- ----------- ----------- ----------- ---------- ---------------------------------------- Costco Companies, Mid-Cap Inc. Participant Growth Fund Common Stock Loans Total ----------- ------------ ------------ ------------ ASSETS: Investments at fair value-- Registered investment company funds $10,353,107 $ -- $ -- $297,279,915 Costco Companies, Inc. common stock --2,634,491 shares held -- 117,564,146 -- 117,564,146 Participant loans -- -- 13,529,202 13,529,202 ----------- ------------ ----------- ------------ Total investments 10,353,107 117,564,146 13,529,202 428,373,263 ----------- ------------ ----------- ------------ Contributions receivable-- Employee 82,603 287,045 -- 1,436,984 Employer 1,584,456 7,238,174 -- 37,849,651 ----------- ------------ ----------- ------------ Total receivables 1,667,059 7,525,219 -- 39,286,635 ----------- ------------ ----------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS $12,020,166 $125,089,365 $13,529,202 $467,659,898 ----------- ------------ ----------- ------------ ----------- ------------ ----------- ------------
The accompanying notes and schedules are an integral part of this statement. COSTCO 401(k) RETIREMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1996
Participant Directed ----------------------------------------------------------------------- Cash Stable Equity Spectrum Spectrum and Cash Value Income Income Growth New Horizons Equivalents Fund Fund Fund Fund Fund ----------- ----------- ----------- ----------- ----------- ------------ ASSETS: Investments at fair value-- Registered investment company funds $42,748 $47,323,062 $53,829,752 $64,681,834 $54,688,418 $ -- Costco Companies, Inc. common stock --2,170,687 shares held -- -- -- -- -- -- ------- ----------- ----------- ----------- ----------- ---------- Total investments 42,748 47,323,062 53,829,752 64,681,834 54,688,418 -- ------- ----------- ----------- ----------- ----------- ---------- Contributions receivable-- Employee -- 232,480 298,912 94,382 321,820 3,354 Employer -- 12,263,804 6,331,811 2,101,594 6,409,617 564,570 ------- ----------- ----------- ----------- ----------- ---------- Total receivables -- 12,496,284 6,630,723 2,195,976 6,731,437 567,924 ------- ----------- ----------- ----------- ----------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $42,748 $59,819,346 $60,460,475 $66,877,810 $61,419,855 $ 567,924 ------- ----------- ----------- ----------- ----------- ---------- ------- ----------- ----------- ----------- ----------- ---------- ------------------------- Costco Companies, Mid-Cap Inc. Growth Common Fund Stock Total ----------- ------------ ------------ ASSETS: Investments at fair value-- Registered investment company funds $ -- $ -- $220,565,814 Costco Companies, Inc. common stock --2,170,687 shares held -- 54,538,510 54,538,510 ----------- ----------- ------------ Total investments -- 54,538,510 275,104,324 ----------- ----------- ------------ Contributions receivable-- Employee 4,220 193,233 1,148,401 Employer 613,125 5,306,538 33,591,059 ----------- ----------- ------------ Total receivables 617,345 5,499,771 34,739,460 ----------- ----------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS $617,345 $60,038,281 $309,843,784 ----------- ----------- ------------ ----------- ----------- ------------
The accompanying notes and schedules are an integral part of this statement. COSTCO 401(k) RETIREMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1997
Participant Directed ----------------------------------------------------------------------- Cash Stable Equity Spectrum Spectrum and Cash Value Income Income Growth New Horizons Equivalents Fund Fund Fund Fund Fund ----------- ------------ ----------- ----------- ----------- ----------- NET INVESTMENT RESULTS: Net appreciation in fair value of investments $ -- $ -- $ 9,795,030 $ 2,462,328 $ 3,195,834 $ 281,405 Interest -- 3,566,824 80,314 4,656,507 63,431 9,710 Dividends -- -- 8,266,462 -- 7,484,894 166,050 ------- ----------- ----------- ------------ ----------- ---------- Total net investment results -- 3,566,824 18,141,806 7,118,835 10,744,159 457,165 ------- ----------- ----------- ------------ ----------- ---------- CONTRIBUTIONS TO THE PLAN: Employee -- 5,769,153 8,684,217 2,642,390 8,567,565 1,348,732 Rollovers -- 104,077 192,149 84,903 78,701 48,441 Employer -- 12,828,773 9,268,999 2,970,584 8,809,464 1,431,028 ------- ----------- ----------- ------------ ----------- ---------- Total contributions -- 18,702,003 18,145,365 5,697,877 17,455,730 2,828,201 ------- ----------- ----------- ------------ ----------- ---------- DISTRIBUTIONS TO PARTICIPANTS: Hardship withdrawals -- (451,892) (398,734) (66,266) (487,139) (23,230) Terminations -- (2,247,373) (2,472,746) (2,971,528) (2,233,901) (127,734) ------- ----------- ----------- ------------ ----------- ---------- Total distributions -- (2,699,265) (2,871,480) (3,037,794) (2,721,040) (150,964) ------- ----------- ----------- ------------ ----------- ---------- PARTICIPANT LOANS: New loans -- (2,417,951) (3,602,010) (816,323) (2,789,830) (192,226) Loan repayments -- 139,527 215,925 70,397 178,334 28,234 ------- ----------- ----------- ------------ ----------- ---------- Total loans -- (2,278,424) (3,386,085) (745,926) (2,611,496) (163,992) ------- ----------- ----------- ------------ ----------- ---------- INTERFUND TRANSFERS 14,168 (5,733,935) 1,495,739 (11,599,891) (3,078,069) 4,543,496 ------- ----------- ----------- ------------ ----------- ---------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR PLAN BENEFITS 14,168 11,557,203 31,525,345 (2,566,899) 19,789,284 7,513,906 NET ASSETS AVAILABLE FOR PLAN BENEFITS, beginning of year 42,748 59,819,346 60,460,475 66,877,810 61,419,855 567,924 ------- ----------- ----------- ------------ ----------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, end of year $56,916 $71,376,549 $91,985,820 $ 64,310,911 $81,209,139 $8,081,830 ------- ----------- ----------- ------------ ----------- ---------- ------- ----------- ----------- ------------ ----------- ---------- --------------------------------------- Costco Companies, Mid-Cap Inc. Growth Common Participant Fund Stock Loans Total ----------- ----------- ----------- ------------ NET INVESTMENT RESULTS: Net appreciation in fair value of investments $ 1,117,915 $ 49,702,156 $ -- $ 66,554,668 Interest 11,608 81,610 -- 8,470,004 Dividends 107,527 -- -- 16,024,933 ----------- ------------ ----------- ------------ Total net investment results 1,237,050 49,783,766 -- 91,049,605 ----------- ------------ ----------- ------------ CONTRIBUTIONS TO THE PLAN: Employee 1,628,324 6,300,349 -- 34,940,730 Rollovers 200,487 67,419 -- 776,177 Employer 1,881,198 8,534,060 -- 45,724,106 ----------- ------------ ----------- ------------ Total contributions 3,710,009 14,901,828 -- 81,441,013 ----------- ------------ ----------- ------------ DISTRIBUTIONS TO PARTICIPANTS: Hardship withdrawals (11,693) (730,820) -- (2,169,774) Terminations (144,251) (2,307,197) -- (12,504,730) ----------- ------------ ----------- ------------ Total distributions (155,944) (3,038,017) -- (14,674,504) ----------- ------------ ----------- ------------ PARTICIPANT LOANS: New loans (237,584) (4,351,299) 14,407,223 -- Loan repayments 28,961 216,643 (878,021) -- ----------- ------------ ----------- ------------ Total loans (208,623) (4,134,656) 13,529,202 -- ----------- ------------ ----------- ------------ INTERFUND TRANSFERS 6,820,329 7,538,163 -- -- ----------- ------------ ----------- ------------ NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR PLAN BENEFITS 11,402,821 65,051,084 13,529,202 157,816,114 NET ASSETS AVAILABLE FOR PLAN BENEFITS, beginning of year 617,345 60,038,281 -- 309,843,784 ----------- ------------ ----------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS, end of year $12,020,166 $125,089,365 $13,529,202 $467,659,898 ----------- ------------ ----------- ------------ ----------- ------------ ----------- ------------
The accompanying notes and schedules are an integral part of this statement. COSTCO 401(k) RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS AND SCHEDULES DECEMBER 31, 1997 1. PLAN DESCRIPTION: The following description of the Costco 401(k) Retirement Plan (the Plan) provides only general information. Participants should refer to the plan document for a more complete description of the Plan's provisions. The Plan is a defined-contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Costco Wholesale Corporation and The Price Company are wholly-owned subsidiaries of Costco Companies, Inc. Prior to January 1, 1997 the Plan was named the PriceCostco 401(k) Retirement Plan. ELIGIBILITY The Plan covers certain employees over the age of 18 who have completed one year of service containing a minimum of 1,000 hours worked. The employee enters the Plan on the entry date following the fulfillment of these requirements. The Price Company employees covered by a collective bargaining agreement in the State of California are not eligible for participation in this Plan. CONTRIBUTIONS Each year, participants may contribute from 1% to 15% of their compensation before income taxes, subject to certain limitations set by the Internal Revenue Service (IRS). Participants may also contribute amounts representing distributions from other qualified benefit or contribution plans (known as "rollover" contributions). The Company matches 50% of the employee's contribution, up to a maximum employer matching contribution of $500. The Company may, at its discretion, make a qualified nonelective contribution. In addition, for each plan year, the Company may contribute a discretionary amount to the account of each participant who is employed by the Company on the last day of the plan year. The discretionary contribution may range from 3% to 10% of compensation based on years of service. PARTICIPANT ACCOUNTS Each participant's account is credited with his or her contributions, employer matching and discretionary contributions, and an allocation of plan earnings. Allocations are based on participant account balances as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. 2 VESTING Participants are immediately vested in their contributions and any qualified nonelective contributions, plus actual earnings thereon. Vesting in the employer matching and discretionary contributions is based on years of continuous service, according to the following schedule:
Years of Service Percentage Vested ---------------- ----------------- Less than 2 0% 2-3 10 3-4 25 4-5 50 5 or more 100
FORFEITURES During 1997, forfeitures of approximately $1,120,000 were used to reduce the employer contributions to the Plan. Forfeitures can be restored to a participant's account if the participant is re-employed by the Company prior to the expiration of five consecutive breaks in service and repays the full dollar amount distributed because of the termination within five years of the reemployment date. As of December 31, 1997, forfeitures of approximately $714,000 had not been used to reduce employer contributions. These forfeitures will be used to offset future employer contributions. INVESTMENT OPTIONS Upon enrollment in the Plan, a participant may direct contributions in any of the seven investment options listed below. T. Rowe Price acts as trustee for all investments, serves as investment manager for all funds and provides record keeping of all participant accounts. Funds may be temporarily invested in a cash account. Stable Value Fund -- Funds are invested primarily in high-quality insurance company and bank-issued investment contracts. Equity Income Fund -- Funds are invested in common stocks of established companies that pay above-average dividends and have prospects of future dividend increases. Spectrum Income Fund -- Funds are invested in a managed mix of funds including four domestic bond funds, an international bond fund, a money market fund and an income-oriented stock fund. Spectrum Growth Fund -- Funds are invested in a managed mix of funds, including five U.S. stock funds, an international stock fund and a money market fund. New Horizons Fund -- Funds are invested in common stock of rapidly growing companies in a broad range of industries. Mid-Cap Growth Fund - Funds are invested in stock of companies with medium-sized market capitalization that have attractive growth prospects and established operating histories. Costco Companies, Inc. Common Stock Fund -- Funds are invested in common stock of the Company. 3 Participants may change their investment options daily. UNIT ACCOUNTING All contributions to a participant's account and the participant's account balance are reflected in units of each fund selected or shares of Costco Companies, Inc. common stock. As of December 31, 1997 and 1996, units held by the Plan were as follows:
Units/Shares Held at Units/Shares held at Description of Asset December 31, 1997 December 31, 1996 -------------------- -------------------- --------------------- Stable Value Fund 60,285,173 47,323,062 Equity Income Fund 3,226,066 2,388,188 Spectrum Income Fund 5,300,638 5,775,164 Spectrum Growth Fund 4,634,631 3,614,568 New Horizons Fund 293,823 -- Mid-Cap Growth Fund 361,997 -- Costco Companies, Inc. Common Stock 2,634,491 2,170,687
DISTRIBUTIONS Upon termination of employment, death or total disability, the vested interest in a participant's account is distributed in a lump sum. Participants may apply for a distribution of all or a portion of the vested interest at any time after attainment of age 59-1/2. Participants are also eligible to make hardship withdrawals from their salary deferral contributions in the event of certain financial hardships. Following a hardship withdrawal, participants are not allowed to contribute to the Plan for a one-year period. PARTICIPANT LOANS Effective July 1, 1997, a participant may borrow the lesser of $50,000 or 45% of his or her vested account balance (including participant pre-tax and Company matching contributions, excluding the Company discretionary contribution balance), with a minimum loan of $1,000. Loans are payable through payroll deductions over a period ranging up to 180 months, depending on the purpose of the loan. The interest rate is determined by the plan administrator based on prevailing market conditions. The rates at December 31, 1997 were either 9.5% or 10.5%, depending on the type of loan. PLAN ADMINISTRATOR The Plan is administered by the Benefits Committee ("the Committee"), which is appointed by the Board of Directors of the Company. ADMINISTRATIVE EXPENSES All administrative and custodial fees of the Plan are paid by the Company. All investment management and transaction fees directly related to the plan investments are shown as a reduction of net investment results. 4 2. SIGNIFICANT ACCOUNTING POLICIES: BASIS OF ACCOUNTING The financial statements of the Plan are prepared under the accrual method of accounting. USE OF ESTIMATES The preparation of financial statements requires the use of estimates. Actual results could differ from those estimates. INVESTMENT VALUATION AND INCOME RECOGNITION Investments are stated at fair value. Registered investment company funds and Costco Companies, Inc. common stock are valued using the closing price of the investments on the last day of business of the plan year. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) in fair value of assets includes the change in the fair value of assets from one period to the next, and realized gains and losses, and is computed using the moving average method. PAYMENT OF BENEFITS Benefits are recorded when paid. 3. PLAN TERMINATION: Although it has not expressed any intent to do so, the Company has the right under 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 100% vested in their accounts. 4. TAX STATUS: The IRS has informed the Company, by a letter dated November 29, 1996, that the Plan is designed in accordance with applicable sections of the Internal Revenue Code. The Plan has been amended subsequent to receiving a determination letter. The plan administrator and the Plan's counsel believe that the Plan is currently designed and is being operated in compliance with the applicable requirements of the IRS. SCHEDULE I COSTCO 401(k) RETIREMENT PLAN EIN: 33-0572969 PIN: 002 ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 31, 1997
Identity of Party Involved/ Description of Investments Cost Current Value - ------------------------------------------ ------------ ---------------- *T. Rowe Price: Cash and cash equivalents $ 56,916 $ 56,916 Stable Value Fund 60,285,173 60,285,173 Equity Income Fund 75,944,088 84,103,540 Spectrum Income Fund 59,582,240 61,805,443 Spectrum Growth Fund 71,736,216 73,829,666 New Horizons Fund 6,567,441 6,846,070 Mid-Cap Growth Fund 9,337,299 10,353,107 *Costco Companies, Inc. common stock 75,551,184 117,564,146 *Participant loans, with interest rates of 9.5% or 10.5% 13,529,202 13,529,202 ------------ ------------ $372,589,759 $428,373,263 ------------ ------------ ------------ ------------
*Represents a party in interest. The accompanying notes are an integral part of this schedule. SCHEDULE II COSTCO 401(k) RETIREMENT PLAN EIN: 33-0572969 PIN 002 ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1997 CATEGORY (III) -- SERIES OF TRANSACTIONS IN EXCESS OF 5% OF PLAN ASSETS AT BEGINNING OF YEAR
Costco Companies, Stable Equity Spectrum Spectrum Inc. Value Income Income Growth Common Fund Fund Fund Fund Stock ----------- ----------- ----------- ----------- ----------- PURCHASES: Number of transactions 92 135 55 95 145 Purchase price $33,188,873 $30,571,949 $ 8,669,078 $24,990,917 $35,250,926 SALES: Number of transactions 162 119 196 158 109 Sale price $20,244,052 $10,118,914 $14,015,721 $ 9,045,951 $21,939,806 Cost of asset 20,244,052 8,464,208 12,861,577 7,715,605 17,778,847 ----------- ----------- ----------- ----------- ----------- Gain $ -- $ 1,654,706 $ 1,154,144 $ 1,330,346 $ 4,160,959 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
There were no category (i), (ii) or (iv) transactions. The accompanying notes are an integral part of this schedule. EX-99.1 2 EXHIBIT 99.1 EXHIBIT 99.1 ARTHUR ANDERSON LLP CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation of our reports included in this Form 11-K, into the Company's previously filed Registration Statement File No. 333-21093 on Form S-8. /s/ Arthur Anderson LLP Seattle, Washington June 22, 1998 -----END PRIVACY-ENHANCED MESSAGE-----