-----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, RmE0msIprSQkhl30uQ9OZFrlRwI257XQJ4mEPyF3Qm8TIavILWRGvoQ11dvg6H1M f9hY9g9BtrlRd4PsaGV4RA== 0001047469-99-025899.txt : 20030213 0001047469-99-025899.hdr.sgml : 20030213 19990629194339 ACCESSION NUMBER: 0001047469-99-025899 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: 99655959 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 Projects Profit Sharing Plan 40 Lane Road P.O. Box 2615 Fairfield, New Jersey 07007-2615 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 the Ogden Projects Profit Sharing Plan) have duly caused this annual report to be signed by the undersigned thereunto duly authorized. OGDEN PROJECTS PROFIT SHARING PLAN ADMINISTRATIVE COMMITTEE By: /s/ ANDREA R. EHRLICH -------------------------------------------------- Andrea R. Ehrlich Member of the Ogden Projects Profit Sharing Plan Administrative Committee Date: June 29, 1999 ----------------------------------------- OGDEN PROJECTS PROFIT SHARING PLAN FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997, SUPPLEMENTAL SCHEDULES FOR THE YEAR ENDED DECEMBER 31, 1998, AND INDEPENDENT AUDITORS' REPORT OGDEN PROJECTS PROFIT SHARING 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 4-11 SUPPLEMENTAL SCHEDULES FOR THE YEAR ENDED DECEMBER 31, 1998: Item 27(a) - Schedule of Assets Held for Investment Purposes 12 Item 27(d) - Schedule of Reportable Transactions 13
INDEPENDENT AUDITORS' REPORT Ogden Projects Profit Sharing Plan: We have audited the accompanying statements of net assets available for benefits of the Ogden Projects Profit Sharing 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 as of 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 24, 1999 OGDEN PROJECTS PROFIT SHARING PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1998 AND 1997 - -------------------------------------------------------------------------------
ASSETS 1998 1997 INVESTMENTS $42,614,193 $34,772,037 RECEIVABLES - Employer contributions 2,532,963 2,172,066 ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $45,147,156 $36,944,103 ----------- ----------- ----------- -----------
See notes to financial statements. OGDEN PROJECTS PROFIT SHARING PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEARS ENDED DECEMBER 31, 1998 AND 1997 - -------------------------------------------------------------------------------
1998 1997 EARNINGS (LOSSES) ON INVESTMENTS Interest and dividends $ 2,364,508 $ 2,668,266 Net appreciation in the fair value of investments 2,218,396 3,099,475 Investment management fees (30,268) (96,852) ----------- ----------- Net investment earnings 4,552,636 5,670,889 ----------- ----------- CONTRIBUTIONS: Employer 2,532,963 2,172,066 Employee 1,957,777 1,540,373 ----------- ----------- Total contributions 4,490,740 3,712,439 ----------- ----------- DISTRIBUTIONS TO PARTICIPANTS (817,119) (3,057,099) ----------- ----------- NET TRANSFER FROM (TO) OTHER PLANS -- 16,377 ----------- ----------- FORFEITURES (23,204) -- ----------- ----------- NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 8,203,053 6,342,606 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 36,944,103 30,601,497 ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $45,147,156 $36,944,103 ----------- ----------- ----------- -----------
See notes to financial statements. OGDEN PROJECTS PROFIT SHARING 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 Projects Profit Sharing 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 - During 1998 and 1997, the Plan included the following funds in which participants could elect to invest their Plan assets (Funds denoted by a * are new investment options offered during 1998.): - FIDELITY MAGELLAN FUND - This fund invests in common stock of domestic, foreign, and multinational companies of all sizes. The fund may also invest in bonds. - OGDEN STOCK FUND - This fund invests in Ogden Corporation common stock, traded on the New York Stock Exchange. - T. ROWE PRICE BALANCED FUND - This fund invests approximately 60% in stocks and 40% in bonds. - *T. ROWE PRICE BLUE CHIP GROWTH FUND - This fund invests in large and medium-sized blue chip growth companies. - T. ROWE PRICE EQUITY INCOME FUND - This fund invests in stocks that pay above-average dividends. - *T. ROWE PRICE EQUITY INDEX 500 FUND - This fund invests in the 500 stocks that make up the S&P 500 Index. - T. ROWE PRICE INTERNATIONAL STOCK FUND - This fund invests in established non-U.S. companies. - *T. ROWE PRICE SMALL-CAP VALUE FUND - This fund invests in small companies that appear to be undervalued. - *T. ROWE PRICE SPECTRUM INCOME FUND - This fund invests in five U.S. bond funds, two international bond funds, a money market fund, and an income-oriented stock fund. - T. ROWE PRICE STABLE VALUE FUND ("STABLE VALUE FUND") - This fund invests in investment contracts issued by high-quality insurance companies and banks. - *T. ROWE PRICE U.S. TREASURY MONEY FUND ("U.S. TREASURY MONEY FUND") - This fund invests primarily in short-term U.S. Treasury securities. - MERRILL LYNCH TREASURY FUND - This fund invests in U.S. Treasury bills and notes generally with maturities of one year or less. Such fund no longer exists in 1998 and is now substituted with the T. Rowe Price U.S. Treasury Money Fund (see description above). Shares in group trust funds were determined on the basis of the initial asset contribution to the Trust by each participating plan, adjusted for subsequent contributions, distributions and allocated income and realized and unrealized gains and losses. Allocation of income, realized and unrealized gains and losses, and administrative expenses were determined monthly on the basis of each plan's proportionate share in the Trust assets stated at fair value. The Stable Value 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 5.57% to 8.41% and 4.77% to 8.41%, respectively. The average yields of the Stable Value Fund for the years ended December 31, 1998 and 1997 were 6.59% and 6.26%, respectively. All investment contracts in the Stable Value Fund are fully benefit-responsive and are recorded at contract value which equals principal plus accrued interest. b. INVESTMENT VALUATION - Investments in securities listed on national securities exchanges are valued at closing composite prices published for the last business day of the year. Investments in guaranteed investment contracts included in the Stable Value Fund are stated at contract value. Investments in the U.S. Treasury Money Fund and the Merrill Lynch Treasury Fund are stated at cost plus investment income which approximates fair value. Other investments are stated at fair value as determined by the Trustee. 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 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 Plan and trust is intended to be qualified under Section 401(a) and tax exempt under Section 501(a) of the Internal Revenue Code (the "Code"), respectively. The Plan received a favorable determination letter from the Internal Revenue Service dated June 16, 1995. The Plan Administrator believes that the Plan is currently designed and 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. DISTRIBUTIONS TO PARTICIPANTS - Benefits are recorded when paid. f. GENERAL - The financial statements are prepared in conformity with generally accepted accounting principles. These principles require 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 changes in net assets available for benefits 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 - The Plan is an employee savings plan providing for both employer and employee contributions. The Plan includes a pre-tax savings feature which is intended to qualify under Sections 401(k) and 401(a) of the Code. Prior to January 1, 1998, the plan included included an after-tax savings feature which was intended to qualify under Section 401(a) of the Code (see note 2(j)). The Plan is intended to conform with the requirements of the Tax Reform Act of 1986 (TRA) and the Technical and Miscellaneous Revenue Act of 1988 (TAMRA). b. ADMINISTRATION OF THE PLAN - The Administrative Committee is appointed by the Board of Directors (the "Board") of Ogden Corporation ("Ogden") and serves as a fiduciary of the Plan. The Administrative Committee has general responsibility for the administration and interpretation of the Plan. Effective November 1, 1997, the Ogden Energy Group Investment Committee was established and charged with appointing investment advisors and reviewing the performance of the investment portfolio. Costs related to the administration of the Plan are paid by the participants out of Plan assets. c. PARTICIPATION - Each employee who was, as of December 31, 1988, a participant in the Plan continued to be a participant if he/she was in the employ of Ogden Energy Group, Inc., ("OEG") on such date. Each other employee who performs an hour of service after December 31, 1988 becomes a participant on the first day of the month coinciding with or next following the earlier of: (i) the last day of a period of 6 months of continuous employment and (ii) the close of: (a) a twelve-month period if he/she has at least 1,000 hours of service or (b) a Plan year during which he/she has at least 1,000 hours of service. d. VESTING - Vesting of employer contributions to the Plan is determined based on the period of vesting service by participants commencing on their date of hire to their date of termination of service in accordance with the following schedule:
PERCENT YEARS OF VESTING SERVICE IN THE PLAN VESTED Less than one year of vesting service 0% One but less than two years of vesting service 20 Two but less than three years of vesting service 40 Three but less than four years of vesting service 60 Four but less than five years of vesting service 80 Five or more years of vesting service 100
Participant contributions are immediately 100 percent vested. e. CONTRIBUTIONS - Contributions paid by OEG are determined by the Board. The Board's determination may be expressed in terms of a stated percentage of OEG's annual net profit, as a fixed dollar amount or as a percentage of total compensation paid to each participant. The contribution may not exceed the amount deductible by OEG for Federal income tax purposes and may be made only out of its current or accumulated earnings and profits. The allocation of the contributions to individual participants is based on the relationship of compensation paid to each participant to the compensation paid to all participants. Participants may contribute one to ten 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, in accordance with IRS Regulations. f. DISTRIBUTION FROM THE PLAN BECAUSE OF HARDSHIP - Withdrawals are permitted if a participant establishes, to the satisfaction of the Administrative Committee, a financial need for funds for which there is no other money available such as: (i) to purchase a primary residence, (ii) to pay uninsured medical expenses for the participant or immediate family, (iii) to prevent mortgage foreclosure on, or eviction from his/her primary residence, or (iv) to pay post-secondary educational expenses for the participant, spouse, children or dependents. g. PAYMENTS FROM THE PLAN'S TRUST - The value of a participant's interest in the Plan is payable upon retirement, disability, death, or termination of employment, as follows: i) Upon termination of service of a participant on or after his/her retirement date or by reason of his/her death or disability, an amount equal to the value of the participant's account as of the valuation date next following the date of his/her termination of service, whether or not such participant has a vested interest in such account, is paid from the Trust. Participants may elect to receive the distribution valued as of any month after the date of termination of service but not later than the April 1st of the year following the year the participant attains age 70-1/2. ii) Upon the termination of service of any participant which occurs other than on his/her retirement date and for any reason other than death or disability, the terminated participant is paid in a lump sum amount equal to the value, as of the valuation date coincident with or following the date of his/her termination of service, of his/her vested interest, if any, in his/her account. Such payment is made to the participant as soon as practicable after his/her termination of service. Participants may elect to receive the distribution valued as of any month after the date of termination of service but not later than April 1st of the year following the year the participant attains age 70-1/2. Any benefit payable under the Plan pursuant to (i) above is paid as one lump sum payment from the Trust, with a supplemental payment to be made as promptly as possible in respect to any contribution allocated to the participant's account for the Plan year. h. LOANS - In accordance with Plan policy, participants can borrow against the vested portion of their account balance. Borrowings are limited to the lesser of $50,000 or 50 percent of the participant's vested balance (not to exceed certain limitations). While such loans do not represent a reduction of the participant's account balance, participants are prohibited from receiving allocations (earnings) based on the loan amounts, although when the loans are repaid, the interest expense incurred by the participant is added to the participant's account balance. The interest rate on such loans is the Trustee's (T. Rowe Price) prime lending rate plus one percent. i. AMENDMENT, SUSPENSION AND TERMINATION - The Board or the Administrative Committee may amend the Plan at any time. No such amendment, however, may have the effect of diverting to OEG any part of the Plan or of diverting any part of the Plan for any purpose other than for the exclusive benefit of the participants. Likewise, an amendment may not reduce the interest of any participant in the Plan accrued prior to such amendment. The Board or the Administrative Committee may, however, make such amendments to the extent required to conform the Plan to ERISA or to maintain the continued qualified status of the Plan under the Code. OEG expects to continue the Plan indefinitely, but reserves the right to suspend contributions or to modify or terminate the Plan at any time. Upon termination of the Plan or discontinuance of contributions thereunder, the interest of each participant is fully vested and nonforfeitable. j. Effective January 1, 1998, participants in the Plan may not elect to, nor continue to, make after-tax contributions to the Plan. Any after-tax contributions made by a participant on or before December 31, 1997 and credited to his/her after-tax contribution account shall remain in such after-tax contribution account and will continue to be adjusted in accordance with the provisions of the Plan document. k. Forfeitures - Forfeitures arising under the Plan during the year are allocated by the Administrative Committee to participants' accounts in the same manner as contributions (see note 2e) 3. NET ASSETS AVAILABLE FOR BENEFITS BY FUND The following is a summary of the allocation by fund of net assets available for benefits at December 31, 1998 and 1997:
DECEMBER 31, 1998: U.S. EQUITY OGDEN STABLE TREASURY INTERNATIONAL INCOME STOCK VALUE MONEY LOAN MAGELLAN STOCK FUND FUND FUND FUND FUND FUND FUND INVESTMENTS $14,079,298 $1,459,861 $7,692,878 $1,928,673 $1,079,058 $8,502,908 $3,279,963 RECEIVABLES-Employer contributions 701,636 123,750 356,386 128,081 - 544,725 294,302 ----------- ---------- ---------- ---------- ---------- ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $14,780,934 $1,583,611 $8,049,264 $2,056,754 $1,079,058 $9,047,633 $3,574,265 ----------- ---------- ---------- ---------- ---------- ---------- ---------- ----------- ---------- ---------- ---------- ---------- ---------- ---------- SPECTRUM BLUE CHIP EQUITY SMALL-CAP BALANCED INCOME GROWTH INDEX 500 VALUE FUND FUND FUND FUND FUND TOTAL INVESTMENTS $910,923 $133,839 $1,895,133 $1,476,371 $175,288 $42,614,193 RECEIVABLES-Employer contributions 62,545 11,644 150,760 126,890 32,244 2,532,963 -------- -------- ---------- ---------- -------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $973,468 $145,483 $2,045,893 $1,603,261 $207,532 $45,147,156 -------- -------- ---------- ---------- -------- ----------- -------- -------- ---------- ---------- -------- ----------- DECEMBER 31, 1997: MERRILL EQUITY OGDEN STABLE LYNCH INTERNATIONAL INCOME STOCK VALUE TREASURY LOAN MAGELLAN STOCK FUND FUND FUND FUND FUND FUND FUND INVESTMENTS $15,798,587 $1,334,040 $6,490,518 $1,497,606 $1,131,752 $4,934,929 $2,827,108 RECEIVABLES-Employer contributions 862,853 85,752 305,604 99,461 - 434,881 325,074 TRANSFERS-Receivables (payables) from (to) other funds 1,527 (1,527) - - - - - ----------- ---------- ---------- ---------- ---------- ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $16,662,967 $1,418,265 $6,796,122 $1,597,067 $1,131,752 $5,369,810 $3,152,182 ----------- ---------- ---------- ---------- ---------- ---------- ---------- ----------- ---------- ---------- ---------- ---------- ---------- ---------- BALANCED FUND TOTAL INVESTMENTS $757,497 $34,772,037 RECEIVABLES-Employer contributions 58,441 2,172,066 TRANSFERS-Receivables (payables) from (to) other funds - - -------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $815,938 $36,944,103 -------- ----------- -------- -----------
4. CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND The changes in net assets available for benefits, by fund, for the year ended December 31, 1998 were as follows:
MERRILL U.S. EQUITY OGDEN STABLE LYNCH TREASURY INTERNATIONAL INCOME STOCK VALUE TREASURY MONEY LOAN MAGELLAN STOCK FUND FUND FUND FUND FUND FUND FUND FUND ------ ----- ------ -------- -------- ---- -------- ------------- EARNINGS (LOSSES) ON INVESTMENTS: Interest and dividends $ 1,133,664 $ 66,782 $ 398,928 $ 34,353 $ 55,384 $ 98,238 $ 367,790 $ 119,792 Net appreciation (depreciation) in fair value of investments 228,350 (185,710) -- -- -- -- 1,527,848 319,334 Investment management fees (8,750) (2,387) (3,826) (809) (575) -- (10,730) (1,808) ----------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net investment earnings 1,353,264 (121,315) 395,102 33,544 54,809 98,238 1,884,908 437,318 ----------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- CONTRIBUTIONS: Employer 701,636 123,750 356,386 -- 128,081 -- 544,724 294,303 Employee 602,275 140,507 211,560 35,168 34,788 -- 495,790 249,576 ----------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total contributions 1,303,911 264,257 567,946 35,168 162,869 -- 1,040,514 543,879 ----------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- DISTRIBUTIONS TO PARTICIPANTS (555,767) (33,218) (107,992) (858) (4,073) (20,380) (68,002) (15,290) ----------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- TRANSFERS (TO) FROM OTHER FUNDS (3,971,787) 60,284 394,995 (1,664,921) 1,884,508 (130,552) 827,672 (542,472) ----------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- FORFEITURES (11,654) (4,662) 3,093 -- (1,359) -- (7,269) (1,353) ----------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS (1,882,033) 165,346 1,253,144 (1,597,067) 2,056,754 (52,694) 3,677,823 422,082 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 16,662,967 1,418,265 6,796,120 1,597,067 -- 1,131,752 5,369,810 3,152,183 ----------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $14,780,934 $1,583,611 $8,049,264 $ -- $2,056,754 $1,079,058 $9,047,633 $3,574,265 ----------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
SPECTRUM BLUE CHIP EQUITY SMALL-CAP BALANCED INCOME GROWTH INDEX 500 VALUE FUND FUND FUND FUND FUND TOTAL -------- -------- -------- -------- -------- ----------- EARNINGS (LOSSES) ON INVESTMENTS: Interest and dividends $ 30,488 $ 8,719 $ 27,556 $ 10,451 $ 12,363 $ 2,364,508 Net appreciation (depreciation) in fair value of investments 102,689 (1,080) 122,047 139,059 (34,141) 2,218,396 Investment management fees (515) (63) (361) (395) (49) (30,268) -------- -------- --------- --------- -------- ----------- Net investment earnings 132,662 7,576 149,242 149,115 (21,827) 4,552,636 -------- -------- --------- --------- -------- ----------- CONTRIBUTIONS: Employer 62,545 11,644 150,760 126,890 32,244 2,532,963 Employee 81,534 4,179 70,372 25,307 6,721 1,957,777 -------- -------- --------- --------- -------- ----------- Total contributions 144,079 15,823 221,132 152,197 38,965 4,490,740 -------- -------- --------- --------- -------- ----------- DISTRIBUTIONS TO PARTICIPANTS (11,487) (52) -- -- -- (817,119) -------- -------- --------- --------- -------- ----------- TRANSFERS (TO) FROM OTHER FUNDS (107,725) 122,136 1,675,519 1,301,949 190,394 -- -------- -------- --------- --------- -------- ----------- FORFEITURES -- -- -- -- -- (23,204) -------- -------- --------- --------- -------- ----------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS 157,529 145,483 2,045,893 1,603,261 207,532 8,203,053 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 815,939 -- -- -- -- 36,944,103 -------- -------- --------- --------- -------- ----------- NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $973,468 $145,483 $2,045,893 $1,603,261 $ 207,532 $45,147,156 -------- -------- --------- --------- -------- ----------- -------- -------- --------- --------- -------- -----------
CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND These changes in net assets available for benefits, by fund, for the year ended December 31, 1997 were as follows:
EQUITY OGDEN STABLE INCOME STOCK VALUE TREASURY LOAN FUND FUND FUND FUND FUND ----------- ---------- ----------- ---------- ---------- EARNINGS (LOSSES) ON INVESTMENTS: Interests and dividends $ 1,580,482 $ 44,701 $ 402,787 $ 63,144 $ 95,550 Net appreciation (depreciation) in fair value of investments 2,026,696 420,410 -- -- -- Investment management fees (51,377) (3,289) (15,742) (4,083) -- ----------- ---------- ----------- ---------- ---------- Net investment earnings 3,555,801 461,822 387,045 59,061 95,550 ----------- ---------- ----------- ---------- ---------- CONTRIBUTIONS: Employer 862,853 85,752 305,604 99,461 -- Employee 579,858 38,110 282,460 50,944 -- ----------- ---------- ----------- ---------- ---------- Total contributions 1,442,711 123,862 588,064 150,405 -- ----------- ---------- ----------- ---------- ---------- DISTRIBUTIONS TO PARTICIPANTS (981,783) (125,281) (1,191,860) (21,230) -- ----------- ---------- ----------- ---------- ---------- TRANSFERS FROM OTHER PLANS 600 -- -- -- 15,777 ----------- ---------- ----------- ---------- ---------- TRANSFERS (TO) FROM OTHER FUNDS (84,506) 30,213 (268,469) 210,132 (219,051) ----------- ---------- ----------- ---------- ---------- FORFEITURES -- -- -- -- -- ----------- ---------- ----------- ---------- ---------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS 3,932,823 490,616 (485,220) 398,368 (107,724) NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 12,730,144 927,649 7,281,342 1,198,699 1,239,476 ----------- ---------- ----------- ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $16,662,967 $1,418,265 $ 6,796,122 $1,597,067 $1,131,752 ----------- ---------- ----------- ---------- ---------- ----------- ---------- ----------- ---------- ---------- INTERNATIONAL MAGELLAN STOCK BALANCED FUND FUND FUND TOTAL ---------- ------------- -------- ----------- EARNINGS (LOSSES) ON INVESTMENTS: Interests and dividends $ 313,190 $ 150,070 $18,342 $ 2,668,266 Net appreciation (depreciation) in fair value of investments 682,384 (69,207) 39,192 3,099,475 Investment management fees (14,252) (7,611) (498) (96,852) ---------- ----------- ------- ----------- Net investment earnings 981,322 73,252 57,036 5,670,889 ---------- ----------- ------- ----------- CONTRIBUTIONS: Employer 434,881 325,074 58,441 2,172,066 Employee 321,121 248,984 18,896 1,540,373 ---------- ----------- ------- ----------- Total contributions 756,002 574,058 77,337 3,712,439 ---------- ----------- ------- ----------- DISTRIBUTIONS TO PARTICIPANTS (469,240) (267,705) -- (3,057,099) ---------- ----------- ------- ----------- TRANSFERS FROM OTHER PLANS -- -- -- 16,377 ---------- ----------- ------- ----------- TRANSFERS (TO) FROM OTHER FUNDS 247,191 (597,075) 681,565 -- ---------- ----------- ------- ----------- FORFEITURES -- -- -- -- ---------- ----------- ------- ----------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS 1,515,275 (217,470) 815,938 6,342,606 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 3,854,535 3,369,652 -- 30,601,497 ---------- ----------- ------- ----------- NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $5,369,810 $3,152,182 $815,938 $36,944,103 ---------- ----------- ------- ----------- ---------- ----------- ------- -----------
* * * * * * OGDEN PROJECTS PROFIT SHARING PLAN ITEM 27(a) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1998 - -------------------------------------------------------------------------------
DESCRIPTION OF NUMBER CURRENT IDENTITY OF ISSUE INVESTMENT OF SHARES COST VALUE MUTUAL FUNDS: T. Rowe Price Equity Income Fund Mutual Fund 534,928 $12,680,818 $14,079,298 T. Rowe Price Stable Value Fund GIC 7,692,878 7,692,878 7,692,878 T. Rowe Price US Treasury Money Fund Mutual Fund 1,928,673 1,928,673 1,928,673 Fidelity Magellan Fund Mutual Fund 70,377 6,478,744 8,502,908 T. Rowe Price International Stock Fund Mutual Fund 218,810 3,077,642 3,279,963 T. Rowe Price Balanced Fund Mutual Fund 49,000 798,637 910,923 T. Rowe Price Spectrum Income Fund Mutual Fund 11,638 135,563 133,839 T. Rowe Price Blue Chip Growth Fund Mutual Fund 61,932 1,738,432 1,895,133 T. Rowe Price Equity Index 500 Fund Mutual Fund 44,229 1,339,498 1,476,371 T. Rowe Price Small Cap Value Fund Mutual Fund 9,240 209,421 175,288 ----------- ----------- 36,080,306 40,075,274 COMMON STOCKS: *Ogden Corporation Common Stock 58,248 1,400,090 1,459,861 PARTICIPANT LOANS: Participant Loans Loans N/A 1,079,058 1,079,058 ----------- ----------- TOTAL ASSETS HELD FOR INVESTMENT PURPOSES $38,559,454 $42,614,193 ----------- ----------- ----------- -----------
*Party-in-interest 12 OGDEN PROJECTS PROFIT SHARING PLAN ITEM 27(d) - SCHEDULE OF REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 1998 - -------------------------------------------------------------------------------
DESCRIPTION OF PURCHASE SELLING COST OF NET GAIN IDENTITY OF ISSUE ASSETS PRICE PRICE ASSET (LOSS) SERIES OF TRANSACTIONS INVOLVING SECURITIES OF THE SAME ISSUE: Merrill Lynch Treasury Fund Mutual Fund $ - $ 2,003,616 $ 2,003,616 $ - Fidelity Magellan Fund Mutual Fund 2,652,292 - - - T. Rowe Price Stable Value Fund GIC 2,425,532 - - - T. Rowe Price US Treasury Money Fund Mutual Fund 2,818,410 - - - T. Rowe Price Equity Income Fund Mutual Fund 3,069,676 - - - T. Rowe Price Equity Income Fund Mutual Fund - 5,016,471 4,430,437 586,034 T. Rowe Price Blue Chip Growth Fund Mutual Fund 2,217,489 - - -
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