-----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, REWcWmodsUpCumIyVGJe/xY+L2fhA4/T6EfqyatHJUsWd4Utlyx0n9t1LNCfRebp f5ZsC8mPITW6ycML0bXfbw== 0001047469-99-025897.txt : 20030213 0001047469-99-025897.hdr.sgml : 20030213 19990629194231 ACCESSION NUMBER: 0001047469-99-025897 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990629 DATE AS OF CHANGE: 19990701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OGDEN CORP CENTRAL INDEX KEY: 0000073902 STANDARD INDUSTRIAL CLASSIFICATION: AIRPORTS, FLYING FIELDS & AIRPORT TERMINAL SERVICES [4581] IRS NUMBER: 135549268 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03122 FILM NUMBER: 99655958 BUSINESS ADDRESS: STREET 1: TWO PENNSYLVANIA PLZ - 25TH FLR CITY: NEW YORK STATE: NY ZIP: 10121 BUSINESS PHONE: 2128686100 MAIL ADDRESS: STREET 1: TWO PENNSYLVANIA PLZ - 25TH FLR CITY: NEW YORK STATE: NY ZIP: 10121 11-K 1 FORM 11-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 11-K /X/ Annual report pursuant to Section 15(d) of the Securities and Exchange Act of 1934 For the fiscal year ended December 31, 1998. / / Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934 for the Transition period from _____ to _____ Commission file number: 1-3122 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: Ogden 401(k) Plan B. Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office: Ogden Corporation Two Pennsylvania Plaza New York, NY 10121 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer of the Ogden 401(k) Plan) have duly caused this annual report to be signed by the undersigned thereunto duly authorized. OGDEN 401(k) PLAN ADMINISTRATIVE COMMITTEE By: /s/ J. L. EFFINGER ------------------------------------- J. L. Effinger Member of the Ogden 401(k) Plan Administrative Committee Date: June 29, 1999 THE OGDEN 401(k) PLAN FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997, AND INDEPENDENT AUDITORS' REPORT THE OGDEN 401(k) PLAN TABLE OF CONTENTS - --------------------------------------------------------------------------------
PAGE ------ INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997: Statements of Net Assets Available for Benefits 2 Statements of Changes in Net Assets Available for Benefits 3 Notes to Financial Statements 4-13 SUPPLEMENTAL SCHEDULES FOR THE YEAR ENDED DECEMBER 31, 1998: Item 27a - Schedule of Assets Held for Investment Purposes 14 Item 27d - Schedule of Reportable Transactions 15
INDEPENDENT AUDITORS' REPORT The Ogden 401(k) Plan We have audited the accompanying statements of net assets available for benefits of The Ogden 401(k) Plan (the "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, such financial statements 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 net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed in the Table of Contents 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. These schedules are the responsibility of the Plan's management. Such schedules have been subjected to the auditing procedures applied in our audit of the basic 1998 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. /s/ DeLoitte & Touche LLP New York, New York June 21, 1999 THE OGDEN 401(k) PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1998 AND 1997 - --------------------------------------------------------------------------------
1998 1997 ------------ ------------ ASSETS: Investments: Interest bearing cash $ 12,619,208 $ 12,661,819 Ogden common stock 9,982,569 11,874,801 Common/collective trust 55,938,680 41,768,882 Registered investment companies 48,070,702 46,720,932 Participant notes receivable 5,757,559 7,357,863 Investment contracts with insurance companies 16,351,577 28,408,372 ------------ ------------ Total investments 148,720,295 148,792,669 ------------ ------------ Receivables: Employer 238,592 275,462 Employee 548,059 624,174 Accrued income 966,291 1,221,352 ------------ ------------ Total receivables 1,752,942 2,120,988 ------------ ------------ Total assets 150,473,237 150,913,657 LIABILITIES -- -- ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $150,473,237 $150,913,657 ------------ ------------ ------------ ------------
See notes to financial statements. THE OGDEN 401(k) PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEARS ENDED DECEMBER 31, 1998 AND 1997
1998 1997 ------------- ------------- EARNINGS /(LOSSES) ON INVESTMENTS: Net investment gain from registered investment companies: Interest and dividends $ 4,245,551 $ 4,348,601 Net realized and unrealized appreciation of assets 2,389,003 2,401,957 ------------- ------------- Net investment gain from registered investment companies 6,634,554 6,750,558 ------------- ------------- Net investment gain from Ogden common stock: Interest and dividends 536,517 606,281 Net realized and unrealized appreciation (depreciation) of assets (1,385,827) 4,394,744 ------------- ------------- Net investment gain (loss) from Ogden common stock (849,310) 5,001,025 ------------- ------------- Net investment gain from common/collective trust: Interest and dividends 737,745 -- Net realized and unrealized appreciation of assets 8,001,853 8,126,086 ------------- ------------- Net investment gain from common/collective trust 8,739,598 8,126,086 ------------- ------------- Interest on participant notes receivable 522,297 523,259 Interest on investment contracts with insurance companies 1,730,748 2,196,730 Interest on interest-bearing cash (including money markets) 38,728 414,218 ------------- ------------- Total earnings on investments 16,816,615 23,011,876 ------------- ------------- CONTRIBUTIONS: Employer 2,997,193 3,205,335 Employee 7,099,207 8,071,526 Rollovers 470,941 77,840 ------------- ------------- Total contributions 10,567,341 11,354,701 DISTRIBUTIONS TO PARTICIPANTS (16,150,725) (14,075,292) EXPENSES (104,690) (362,131) NET TRANSFER (TO) FROM OTHER PLANS (11,568,961) 233,322 ------------- ------------- NET (DECREASE) INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS (440,420) 20,162,476 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 150,913,657 130,751,181 ------------- ------------- NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $ 150,473,237 $ 150,913,657 ------------- ------------- ------------- -------------
See notes to financial statements. THE OGDEN 401(k) PLAN NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1998 AND 1997 - -------------------------------------------------------------------------------- 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting and reporting policies followed in the preparation of the financial statements of The Ogden 401(k) Plan (the "Plan") are in conformity with generally accepted accounting principles. The following is a description of the more significant of these policies: a. INVESTMENT FUNDS - Effective June 3, 1996, the Plan retained the American Express Trust Company to serve as the Trustee (the "Trustee") of the Plan's assets. Prior to this date, the Plan's assets were held in a master trust by the Bank of New York Trust Company (the "Predecessor Trustee") as trustee for the benefit of various Ogden Corporation subsidiary plans. During 1998 and 1997, the Plan included the following funds in which participants could elect to invest their Plan assets: - EQUITY FUND - Investments in a diversified portfolio of equity securities. - STOCK FUND - Investments in common stock of Ogden Corporation. - FIDUCIARY CAPITAL MANAGEMENT FIXED INCOME FUND ("FIXED INCOME FUND") - Investment contracts with insurance companies and banks which provide for a guaranteed return on principal invested over a specified time period. - MERRILL LYNCH TREASURY FUND ("TREASURY FUND") - Investments in U.S. Treasury bills and notes generally with maturities of one year or less. - FIDELITY MAGELLAN MUTUAL FUND ("MAGELLAN FUND") - Investments in a mutual fund consisting primarily of common stocks and securities convertible to common stock, under the management of Fidelity Investments. - AMERICAN EXPRESS EQUITY INDEX FUND II ("AMEX EQUITY FUND") - Investments in a collective trust consisting of a diversified portfolio of equity securities under the management of American Express Trust Company. - IDS MUTUAL FUND BALANCED PORTFOLIO ("IDS BALANCED FUND") - Investments in a mutual fund consisting primarily of common stock, preferred stock and debt securities under the management of IDS Mutual. - TEMPLETON FOREIGN FUND ("TEMPLETON FUND") - Investments in a mutual fund consisting primarily of established, non-U.S. companies under the management of Templeton Associates. - IDS GROWTH FUND ("IDS GROWTH FUND") - Investments in a mutual fund seeking to provide long-term growth of capital primarily in growth, improving, and technology companies. -4- - IDS NEW DIMENSIONS FUND ("IDS DIMENSIONS FUND") - Investments in a mutual fund which invests primarily in common stocks of U.S. and foreign companies in which economic and technical changes may take place. - U.S. GOVERNMENT SECURITIES FUND II ("GOVERNMENT SECURITIES FUND") - Investments in a collective money market fund, managed to provide maximum current income consistent with conserving capital and maintaining high liquidity. Also, during 1997, the Plan announced that the following funds would no longer be offered as investment options: - MERRILL LYNCH TREASURY FUND - FIDELITY MAGELLAN MUTUAL FUND b. INVESTMENT VALUATION - Investments in securities listed on national securities exchanges are valued at the closing composite prices published for the last business day of the year. Other investments in securities are stated at fair value as determined by the Trustee. Investments in guaranteed investment contracts included in the Fixed Income Fund are stated at cost plus accrued income. Investments in the Treasury Fund are stated at cost plus accrued income which approximates fair value. c. INVESTMENT TRANSACTIONS AND INVESTMENT INCOME - Investment transactions are accounted for on the date purchases or sales are executed. Realized and unrealized gains and losses are determined based on the fair market value of assets at the beginning of the Plan year. Dividend income is accounted for on the ex-dividend date. Interest income is recorded on the accrual basis as earned. d. UNITED STATES FEDERAL INCOME TAXES - The Internal Revenue Service has determined and informed the Company by letter dated June 14, 1995 that the Plan and related trust are designed in accordance with the applicable sections of the Internal Revenue Code (the "Code"). The Plan Administrator believes that the plan is currently being operated in compliance with the applicable requirements of the Code. Therefore, no provision for income taxes has been included in the Plan's financial statements. e. USE OF ESTIMATES - The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 2. DESCRIPTION OF THE PLAN The following is a brief description of the Plan. Participants should refer to the Plan document for more complete information. a. GENERAL INFORMATION - Effective June 3, 1996, the Company changed the Plan name from the Ogden Profit Sharing Plan to The Ogden 401(k) Plan. The Plan is an employee savings plan providing for both employer and employee contributions. The Plan was established as the Ogden Food Service Corporation Savings and Security Plan by Ogden Food Service Corporation on -5- January 1, 1982. The Plan was amended and restated effective January 1, 1991 to conform with the Tax Reform Act of 1986. Subsequently, the Company amended and restated the Plan again to comply with the requirements of: - The Omnibus Reconciliation Act of 1993 - The Unemployment Compensation Amendment of 1992 - Applicable revenue rulings and notices thereunder - Miscellaneous administrative policies and procedures Other amendments have been made since the Plan's inception to reflect changes in the Plan name and participating Ogden subsidiaries and affiliates adopting the Plan. Participating companies in the Plan include: - Ogden Services Corporation (the Sponsor of the Plan); - Ogden Management Services, Inc.; - All subsidiaries and affiliates of the participating companies which adopt the Plan. b. ADMINISTRATION OF THE PLAN - Administrative and Investment Committees are appointed by the Board of Directors (the "Board") of Ogden Services Corporation (the "Company") and serve as fiduciaries of the Plan. The Administrative Committee has responsibility for administering the Plan and the Investment Committee has responsibility for reviewing the performance of the Plan's investments. Costs related to the administration of the Plan may be paid out of Plan assets if the Company does not pay such expenses directly. c. PARTICIPATION - Full-time employees of participating companies who are not covered under a collective bargaining agreement with a recognized union and have attained age 21 are eligible to participate in the Plan on the first day of the calendar month following the date he or she has completed twelve months of employment and 1,000 hours of service. d. CONTRIBUTIONS - Participants may elect to contribute to the Plan from one to fifteen percent of their annual compensation on a pre-tax basis. For 1998 and 1997, participant pre-tax contributions could not exceed $10,000 and $9,500, respectively. The Company matches 100 percent up to the first 3 percent of a participant's annual compensation for participants who are eligible and who elect to contribute. A participant's elective contributions and Company contributions are invested, at the direction of the participant, in accordance with one of the following options: - 100 percent in one of the Investment Funds; or - in more than one Investment Fund allocated in multiples of five percent. If a participant does not make such an election, he or she is deemed to have elected investment in the Treasury Fund or the Government Securities Fund. -6- e. LOANS TO PARTICIPANTS - Loans are made to participants at a minimum of $500 and up to the lesser of fifty percent of the vested balance or $50,000 not to exceed the limitations of the Tax Reform Act of 1986. The terms of the loans are a minimum of 6 months and a maximum of 5 years or 60 months (10 year maximum on loans for a primary residence). Participants are prohibited from borrowing funds accumulated in the Stock Fund. The interest rate charged is the Wall Street Journal's prime rate plus 1 percent as of the first business day of each month. f. VESTING - Employees eligible to participate in the Plan on December 31, 1990 remain 100 percent vested in all past and future Company contributions. Employees eligible to participate in the Plan after December 31, 1990 become 100 percent vested in Company contributions after 5 years of service. Participant contributions are immediately 100 percent vested. g. RETIREMENT DATES - A participant's normal retirement date is the participant's sixty-fifth birthday. A participant may elect early retirement at age 55 with 10 years of credited service. h. AMENDMENT OR DISCONTINUANCE OF THE PLAN - The Company expects to continue the Plan indefinitely, but reserves the right to modify, suspend or terminate the Plan at any time, which includes the right to vary the amount of, or to terminate, the Company's contributions to the Plan. In no event shall assets of the Plan be used for any purpose other than to benefit participants or beneficiaries. In the event of the Plan's termination or discontinuance of contributions thereunder, the interest of each participant to benefits accrued to such date, to the extent then funded, is fully vested and nonforfeitable. i. FORM OF BENEFITS - Benefits are paid in one lump sum. 3. INVESTMENTS The following is a summary of the Plan's investments held by the Trustee at December 31, 1998 and 1997:
1998 1997 ------------ ------------ Investments at fair value as determined by quoted market price: Stock Fund $ 10,214,280 $ 12,088,890 IDS Growth Fund 27,022,252 24,671,817 AMEX Equity Fund 35,826,602 32,952,458 IDS Balanced Fund 11,622,492 11,640,044 Templeton Fund 5,832,048 7,726,933 IDS Dimensions Fund 3,593,910 2,682,138 Government Securities Fund 12,385,469 12,426,592 Investments at contract value as determined by the Trustee -- Fixed Income Fund 36,463,655 37,224,796 Investments at estimated fair value as determined by the Trustee - Loan Fund 5,759,587 7,379,001 ------------ ------------ Total Plan investments held by the Trustee $148,720,295 $148,792,669 ------------ ------------ ------------ ------------
-7- The following is a summary of the Plan's cost of investments held by the Trustee at December 31, 1998 and 1997:
1998 1997 ------------ ------------ Stock Fund $ 10,636,446 $ 8,611,836 IDS Growth Fund 23,435,519 24,132,282 AMEX Equity Fund 24,315,520 26,310,007 IDS Balanced Fund 12,266,224 11,659,791 Templeton Fund 6,940,095 8,213,588 IDS Dimensions Fund 3,375,484 2,719,541 Government Securities Fund 12,385,469 12,426,592 Fixed Income Fund 36,158,805 37,152,812 Loan Fund 5,759,587 7,379,001 ------------ ------------ Total $135,273,149 $138,605,450 ------------ ------------ ------------ ------------
Loans to participants at December 31, 1998 and 1997, which comprise the Loan Fund, are reported at cost which approximates fair value. The Fixed Income Fund primarily invests in investment contracts providing a guaranteed return on principal invested over a specified time period. The crediting interest rates at December 31, 1998 and 1997 for the various investment contracts ranged from 4.82% to 8.16% and 4.82% to 8.16%, respectively. The average yields of the Fixed Income Fund for the years ended December 31, 1998 and 1997 were 7.17% and 6.36%, respectively. All investment contracts in the Fixed Income Fund are fully benefit-responsive and are recorded at contract value which equals principal plus accrued interest. If the investment contracts were reported at fair value, the investment contracts in the Fixed Income Fund would have approximated $17,145,489 at December 31, 1998 and the Plan's beneficial interest in the Fixed Income Fund would have approximated $29,051,310 at December 31, 1997. -8- 4. ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS The following is a summary of the allocation by fund of net assets available for benefits at December 31, 1998:
AMEX FIXED EQUITY STOCK INCOME LOAN TEMPLETON FUND FUND FUND FUND FUND ------------ ------------ ------------ ------------ ------------ ASSETS: INVESTMENTS: Interest-bearing cash $ -- $ 231,711 $ -- $ 2,028 $ -- Ogden common stock -- 9,982,569 -- -- -- Common/collective trust 35,826,602 -- 20,112,078 -- -- Registered investment companies -- -- -- -- 5,832,048 Participant notes receivable -- -- -- 5,757,559 -- Investment contracts with insurance companies -- -- 16,351,577 -- -- ------------ ------------ ------------ ------------ ------------ Total investments 35,826,602 10,214,280 36,463,655 5,759,587 5,832,048 ------------ ------------ ------------ ------------ ------------ RECEIVABLES: Employer 58,053 16,416 28,275 -- 19,260 Employee 137,387 35,535 63,944 -- 45,053 Accrued income -- 123,257 793,960 -- -- ------------ ------------ ------------ ------------ ------------ Total receivables 195,440 175,208 886,179 -- 64,313 ------------ ------------ ------------ ------------ ------------ TOTAL ASSETS 36,022,042 10,389,488 37,349,834 5,759,587 5,896,361 LIABILITIES - Other -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 36,022,042 $ 10,389,488 $ 37,349,834 $ 5,759,587 $ 5,896,361 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
IDS GOVERNMENT IDS IDS BALANCED SECURITIES DIMENSIONS GROWTH FUND FUND FUND FUND TOTAL ------------ ------------ ------------ ------------ ------------ ASSETS: INVESTMENTS: Interest-bearing cash $ -- $ 12,385,469 $ -- $ -- $ 12,619,208 Ogden common stock -- -- -- -- 9,982,569 Common/collective trust -- -- -- -- 55,938,680 Registered investment companies 11,622,492 -- 3,593,910 27,022,252 48,070,702 Participant notes receivable -- -- -- -- 5,757,559 Investment contracts with insurance companies -- -- -- -- 16,351,577 ------------ ------------ ------------ ------------ ------------ Total investments 11,622,492 12,385,469 3,593,910 27,022,252 148,720,295 ------------ ------------ ------------ ------------ ------------ RECEIVABLES: Employer 25,276 19,848 12,959 58,505 238,592 Employee 58,050 40,861 32,917 134,312 548,059 Accrued income -- 49,074 -- -- 966,291 ------------ ------------ ------------ ------------ ------------ Total receivables 83,326 109,783 45,876 192,817 1,752,942 ------------ ------------ ------------ ------------ ------------ TOTAL ASSETS 11,705,818 12,495,252 3,639,786 27,215,069 150,473,237 LIABILITIES - Other -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 11,705,818 $ 12,495,252 $ 3,639,786 $ 27,215,069 $150,473,237 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
-9- The following is a summary of the allocation by fund of net assets available for benefits at December 31, 1997:
AMEX FIXED EQUITY STOCK INCOME LOAN TEMPLETON FUND FUND FUND FUND FUND ------------ ------------ ------------ ------------ ------------ ASSETS: INVESTMENTS: Interest-bearing cash $ -- $ 214,089 $ -- $ 21,138 $ -- Ogden common stock -- 11,874,801 -- -- -- Common/collective trust 32,952,458 -- 8,816,424 -- -- Registered investment companies -- -- -- -- 7,726,933 Participant notes receivable -- -- -- 7,357,863 -- Investment contracts with insurance companies -- -- 28,408,372 -- -- ------------ ------------ ------------ ------------ ------------ Total investments 32,952,458 12,088,890 37,224,796 7,379,001 7,726,933 ------------ ------------ ------------ ------------ ------------ RECEIVABLES: Employer 63,234 19,341 37,321 -- 27,630 Employee 147,309 39,818 85,163 -- 64,126 Accrued income -- 138,182 1,032,409 50,761 -- ------------ ------------ ------------ ------------ ------------ Total receivables 210,543 197,341 1,154,893 50,761 91,756 ------------ ------------ ------------ ------------ ------------ TOTAL ASSETS 33,163,001 12,286,231 38,379,689 7,429,762 7,818,689 LIABILITIES -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 33,163,001 $ 12,286,231 $ 38,379,689 $ 7,429,762 $ 7,818,689 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
IDS GOVERNMENT IDS IDS BALANCED SECURITIES DIMENSIONS GROWTH FUND FUND FUND FUND TOTAL ------------ ------------ ------------ ------------ ------------ ASSETS: INVESTMENTS: Interest-bearing cash $ -- $ 12,426,592 $ -- $ -- $ 12,661,819 Ogden common stock -- -- -- -- 11,874,801 Common/collective trust -- -- -- -- 41,768,882 Registered investment companies 11,640,044 -- 2,682,138 24,671,817 46,720,932 Participant notes receivable -- -- -- -- 7,357,863 Investment contracts with insurance companies -- -- -- -- 28,408,372 ------------ ------------ ------------ ------------ ------------ Total investments 11,640,044 12,426,592 2,682,138 24,671,817 148,792,669 ------------ ------------ ------------ ------------ ------------ RECEIVABLES: Employer 30,822 21,572 7,022 68,520 275,462 Employee 72,133 44,422 17,638 153,565 624,174 Accrued income -- -- -- -- 1,221,352 ------------ ------------ ------------ ------------ ------------ Total receivables 102,955 65,994 24,660 222,085 2,120,988 ------------ ------------ ------------ ------------ ------------ TOTAL ASSETS 11,742,999 12,492,586 2,706,798 24,893,902 150,913,657 LIABILITIES -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 11,742,999 $ 12,492,586 $ 2,706,798 $ 24,893,902 $150,913,657 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
-10- 5. INFORMATION RELATED TO CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS The change in net assets available for benefits, by fund, for the year ended December 31, 1998 is as follows:
AMEX FIXED EQUITY STOCK INCOME LOAN TEMPLETON FUND FUND FUND FUND FUND ----------- ----------- ----------- ----------- ----------- EARNINGS/(LOSSES) ON INVESTMENTS: Net investment gain (loss) from registered investment companies: Interest and dividends $ -- $ -- $ -- $ -- $ 639,542 Net realized and unrealized appreciation (depreciation) of assets -- -- -- -- (1,028,812) ----------- ----------- ----------- ----------- ----------- Net investment gain (loss) from registered investment companies -- -- -- -- (389,270) Net investment gain (loss) from Ogden common stock Interest and dividends -- 536,517 -- -- -- Net realized and unrealized (depreciation) of assets -- (1,385,827) -- -- -- ----------- ----------- ----------- ----------- ----------- Net investment loss from Ogden common stock -- (849,310) -- -- -- Net investment gain from common/collective trust Interest and dividends 2,101 -- 735,644 -- -- Net realized and unrealized appreciation of assets 8,001,853 -- -- -- -- ----------- ----------- ----------- ----------- ----------- Net investment gain from common/collective trust 8,003,954 -- 735,644 -- -- Interest on participant notes receivable -- -- -- 522,297 -- Interest on investment contracts with insurance companies -- -- 1,730,748 -- -- Interest on interest-bearing cash (including money markets) -- 28,596 10,132 -- -- ----------- ----------- ----------- ----------- ----------- Total earnings (loss) on investments 8,003,954 (820,714) 2,476,524 522,297 (389,270) CONTRIBUTIONS: Employer 728,336 191,043 367,419 -- 284,030 Employee 1,767,965 444,934 887,800 -- 662,502 Rollovers 86,272 60,561 12,859 -- 16,230 ----------- ----------- ----------- ----------- ----------- Total contributions 2,582,573 696,538 1,268,078 -- 962,762 DISTRIBUTIONS TO PARTICIPANTS (2,708,997) (1,530,987) (5,698,254) (992,522) (432,509) EXPENSES (24,907) (8,969) (26,907) -- (5,095) TRANSFERS (TO) FROM OTHER PLANS (5,159,379) (399,927) 1,187,436 (1,062,324) (2,108,738) TRANSFERS TO (FROM) THE FUND 165,797 167,316 (236,732) (137,626) 50,522 ----------- ----------- ----------- ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS 2,859,041 (1,896,743) (1,029,855) (1,670,175) (1,922,328) NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 33,163,001 12,286,231 38,379,689 7,429,762 7,818,689 ----------- ----------- ----------- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $36,022,042 $10,389,488 $37,349,834 $ 5,759,587 $ 5,896,361 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
IDS GOVERNMENT IDS IDS BALANCED SECURITY DIMENSION GROWTH FUND FUND FUND FUND TOTAL ----------- ----------- ----------- ----------- ------------ EARNINGS/(LOSSES) ON INVESTMENTS: Net investment gain (loss) from registered investment companies: Interest and dividends $ 1,580,733 $ 641,127 $ 196,974 $ 1,187,175 $ 4,245,551 Net realized and unrealized appreciation (depreciation) of assets (571,143) (9,354) 389,096 3,609,216 2,389,003 ----------- ----------- ----------- ----------- ------------ Net investment gain (loss) from registered investment companies 1,009,590 631,773 586,070 4,796,391 6,634,554 Net investment gain (loss) from Ogden common stock Interest and dividends -- -- -- -- 536,517 Net realized and unrealized (depreciation) of assets -- -- -- -- (1,385,827) ----------- ----------- ----------- ----------- ------------ Net investment loss from Ogden common stock -- -- -- -- (849,310) Net investment gain from common/collective trust Interest and dividends -- -- -- -- 737,745 Net realized and unrealized appreciation of assets -- -- -- -- 8,001,853 ----------- ----------- ----------- ----------- ------------ Net investment gain from common/collective trust -- -- -- -- 8,739,598 Interest on participant notes receivable -- -- -- -- 522,297 Interest on investment contracts with insurance companies -- -- -- -- 1,730,748 Interest on interest-bearing cash (including money markets) -- -- -- -- 38,728 ----------- ----------- ----------- ----------- ------------ Total earnings (loss) on investments 1,009,590 631,773 586,070 4,796,391 16,816,615 CONTRIBUTIONS: Employer 337,028 232,295 119,643 737,399 2,997,193 Employee 769,288 493,061 317,728 1,755,929 7,099,207 Rollovers 84,123 -- 84,321 126,575 470,941 ----------- ----------- ----------- ----------- ------------ Total contributions 1,190,439 725,356 521,692 2,619,903 10,567,341 DISTRIBUTIONS TO PARTICIPANTS (1,183,328) (1,694,458) (208,778) (1,700,892) (16,150,725) EXPENSES (8,300) (9,602) (2,122) (18,788) (104,690) TRANSFERS (TO) FROM OTHER PLANS (1,080,966) 416,081 4,970 (3,366,114) (11,568,961) TRANSFERS TO (FROM) THE FUND 35,384 (66,484) 31,156 (9,333) -- ----------- ----------- ----------- ----------- ------------ NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS (37,181) 2,666 932,988 2,321,167 (440,420) NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 11,742,999 12,492,586 2,706,798 24,893,902 150,913,657 ----------- ----------- ----------- ----------- ------------ NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $11,705,818 $12,495,252 $ 3,639,786 $27,215,069 $150,473,237 ----------- ----------- ----------- ----------- ------------ ----------- ----------- ----------- ----------- ------------
-11- The change in net assets available for benefits, by fund, for the year ended December 31, 1997 is as follows:
AMEX FIXED EQUITY STOCK INCOME TREASURY LOAN MAGELLAN FUND FUND FUND FUND FUND FUND ----------- ----------- ----------- ------------ ------------- ------------ EARNINGS/(LOSSES) ON INVESTMENTS: Net investment gain from registered investment companies: Interest and dividends $ -- $ -- $ -- $ -- $ -- $ 533,321 Net realized and unrealized appreciation (depreciation) of assets -- -- -- -- -- 1,668,050 ----------- ----------- ----------- ------------ ------------- ------------ Net investment gain from registered investment companies -- -- -- -- -- 2,201,371 ----------- ----------- ----------- ------------ ------------- ------------ Net investment gain from Ogden common stock: Interest and dividends -- 606,281 -- -- -- -- Net realized and unrealized appreciation of assets -- 4,394,744 -- -- -- -- ----------- ----------- ----------- ------------ ------------- ------------ Net investment gain from Ogden common stock -- 5,001,025 -- -- -- -- ----------- ----------- ----------- ------------ ------------- ------------ Net realized and unrealized appreciation from common/collective trust 7,973,209 -- 152,877 -- -- -- Interest on participant notes receivable -- -- -- -- 523,259 -- Interest on investment contracts with insurance companies -- -- 2,196,730 -- -- -- Interest on interest-bearing cash (including money markets) -- 12,403 114,792 287,023 -- -- ----------- ----------- ----------- ------------ ------------- ------------ Total earnings on investments 7,973,209 5,013,428 2,464,399 287,023 523,259 2,201,371 ----------- ----------- ----------- ------------ ------------- ------------ CONTRIBUTIONS: Employer 817,808 217,132 474,637 (208,868) -- 388,844 Employee 1,907,949 499,642 1,119,576 211,415 -- 789,209 Rollovers 13,705 6,503 -- 6,918 -- 1,062 ----------- ----------- ----------- ------------ ------------- ------------ Total contributions 2,739,462 723,277 1,594,213 9,465 -- 1,179,115 ----------- ----------- ----------- ------------ ------------- ------------ DISTRIBUTIONS TO PARTICIPANTS (2,127,217) (1,325,619) (4,986,773) (831,695) (903,739) (563,208) EXPENSES (68,792) (25,114) (138,588) (11,140) -- (17,315) TRANSFERS (TO) FROM OTHER PLANS -- -- -- -- -- -- TRANSFERS TO (FROM) THE FUND 1,125,683 (3,023,586) 2,237,077 (13,808,642) 646,008 (23,004,480) ----------- ----------- ----------- ------------ ------------- ------------ NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS 9,642,345 1,362,386 1,170,328 (14,354,989) 265,528 (20,204,517) NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 23,520,656 10,923,845 37,209,361 14,354,989 7,164,234 20,204,517 ----------- ----------- ----------- ------------ ------------- ------------ NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $33,163,001 $12,286,231 $38,379,689 $ -- $ 7,429,762 $ -- ----------- ----------- ----------- ------------ ------------- ------------ ----------- ----------- ----------- ------------ ------------- ------------
IDS GOVERNMENT IDS IDS TEMPLETON BALANCED SECURITIES DIMENSIONS GROWTH FUND FUND FUND FUND FUND TOTALS ----------- ----------- ----------- ------------ ------------- ------------ EARNINGS/(LOSSES) ON INVESTMENTS: Net investment gain from registered investment companies: Interest and dividends $ 847,715 $ 1,687,168 $ 374,988 $ 185,952 $ 719,457 $ 4,348,601 Net realized and unrealized appreciation (depreciation) of assets (335,133) 221,385 -- -- 847,655 2,401,957 ----------- ----------- ----------- ------------ ------------- ------------ Net investment gain from registered investment companies 512,582 1,908,553 374,988 185,952 1,567,112 6,750,558 ----------- ----------- ----------- ------------ ------------- ------------ Net investment gain from Ogden common stock: Interest and dividends -- -- -- -- -- 606,281 Net realized and unrealized appreciation of assets -- -- -- -- -- 4,394,744 ----------- ----------- ----------- ------------ ------------- ------------ Net investment gain from Ogden common stock -- -- -- -- -- 5,001,025 ----------- ----------- ----------- ------------ ------------- ------------ Net realized and unrealized appreciation from common/collective trust -- -- -- -- -- 8,126,086 Interest on participant notes receivable -- -- -- -- -- 523,259 Interest on investment contracts with insurance companies -- -- -- -- -- 2,196,730 Interest on interest-bearing cash (including money markets) -- -- -- -- -- 414,218 ----------- ----------- ----------- ------------ ------------- ------------ Total earnings on investments 512,582 1,908,553 374,988 185,952 1,567,112 23,011,876 ----------- ----------- ----------- ------------ ------------- ------------ CONTRIBUTIONS: Employer 381,434 419,088 162,319 38,698 514,243 3,205,335 Employee 898,333 968,245 336,294 96,249 1,244,614 8,071,526 Rollovers 1,477 24,372 11,448 -- 12,355 77,840 ----------- ----------- ----------- ------------ ------------- ------------ Total contributions 1,281,244 1,411,705 510,061 134,947 1,771,212 11,354,701 ----------- ----------- ----------- ------------ ------------- ------------ DISTRIBUTIONS TO PARTICIPANTS (447,117) (913,040) (842,126) (42,811) (1,091,947) (14,075,292) EXPENSES (18,056) (25,398) (17,873) (3,240) (36,615) (362,131) TRANSFERS (TO) FROM OTHER PLANS -- -- 233,322 -- -- 233,322 TRANSFERS TO (FROM) THE FUND (560,648) (961,716) 12,234,214 2,431,950 22,684,140 -- ----------- ----------- ----------- ------------ ------------- ------------ NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS 768,005 1,420,104 12,492,586 2,706,798 24,893,902 20,162,476 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 7,050,684 10,322,895 -- -- -- 130,751,181 ----------- ----------- ----------- ------------ ------------- ------------ NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $ 7,818,689 $11,742,999 $12,492,586 $ 2,706,798 $24,893,902 $150,913,657 ----------- ----------- ----------- ------------ ------------- ------------ ----------- ----------- ----------- ------------ ------------- ------------
-12- 6. TRANSFERS DUE TO SALE OF BUSINESSES During October of 1997, the Plan sponsor, Ogden Services Corporation, sold a portion of Atlantic Design Corporation to SMT. During April of 1998, the participant accounts of affected employees were transferred to another plan sponsor by the purchaser. During June of 1998, the Plan sponsor, Ogden Services Corporation, sold the in-flight catering business. Some of the participants in the Plan were employees of such business and became employees of the purchaser. During September of 1998, the participant accounts of affected employees were transferred to another plan sponsor by the purchaser. ****** -13- THE OGDEN 401(k) PLAN FORM 5500 ITEM 27a SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1998 - --------------------------------------------------------------------------------
SHARES/ MARKET DESCRIPTION OF INVESTMENTS UNITS COST VALUE ---------------------------- ------------ ------------ ------------ OGDEN CORPORATION COMMON STOCK INVESTMENTS 398,307 $ 10,404,735 $ 9,982,569 ------------ ------------ GUARANTEED INVESTMENT CONTRACTS: CNA Life Insurance, GP-13034, due 3/31/00 -- 4,009,026 4,009,026 Commonwealth Life Insurance, 302ST, due 12/31/49 -- 506,103 506,103 John Hancock Mutual Life, #7332, due 4/30/00 -- 826,534 826,534 Metropolitan Life Insurance, #14020, due 6/30/99 -- 1,539,668 1,539,668 New York Life Insurance Co., #3-9002, 3/31/01 -- 3,822,127 3,822,127 New York Life Insurance Co., #30009, 9/30/99 -- 2,903,486 2,903,486 Sun Life Assurance Co. of Canada, #0929-G, 6/30/00 -- 2,744,633 2,744,633 ------------ ------------ Total Investment Contracts 16,351,577 16,351,577 ------------ ------------ MUTUAL FUND INVESTMENTS: IDS Balanced Fund 892,390 12,266,224 11,622,492 IDS Dimension Fund 124,594 3,375,484 3,593,910 IDS Growth Fund 724,826 23,435,519 27,022,252 Templeton Foreign Fund 695,119 6,940,095 5,832,048 ------------ ------------ Total Mutual Fund Investments 46,017,322 48,070,702 ------------ ------------ SHORT-TERM INVESTMENTS: American Express Trust Money Market I -- 233,739 233,739 Government Security Fund -- 12,385,469 12,385,469 ------------ ------------ Total Short-Term Investments 12,619,208 12,619,208 ------------ ------------ AMERICAN EXPRESS EQUITY INDEX FUND II 1,078,920 24,315,520 35,826,602 AMERICAN EXPRESS INCOME FUND II 1,090,558 19,807,228 20,112,078 PARTICIPANT PROMISSORY NOTE -- 5,757,559 5,757,559 ------------ ------------ TOTAL ASSETS HELD FOR INVESTMENT PURPOSES $135,273,149 $148,720,295 ------------ ------------ ------------ ------------
-14- THE OGDEN 401(k) PLAN FORM 5500 ITEM 27d SCHEDULE OF REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 1998 - --------------------------------------------------------------------------------
PURCHASE SELLING NET GAIN/ DESCRIPTION OF INVESTMENTS PRICE PRICE COST LOSS ---------------------------- ---------- -------- ------ ------------ IDS Growth Fund $ 7,232,974 $21,904,348 $21,331,467 $ 572,881 IDS Mutual Fund Balanced Portfolio 4,872,576 13,606,797 13,529,614 77,183 Ogden Corporation Stock 16,620,604 49,328,971 46,601,325 2,727,646 American Express Income Fund II 35,369,549 95,548,635 95,045,861 502,774 U.S. Government Securities Fund II 4,185,002 11,993,225 11,993,225 -- AMEX Equity Index Fund II 10,267,722 33,930,527 29,767,564 4,162,963
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