-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, XzBVkCwXaR0nICAeo/no7W3HhtbjzdcDn5Q/jX45jdIFyWtDDfi41xAWKnUDbIpo hkK4XVBjP35xmjotXu3KIg== 0000950152-94-000621.txt : 19940701 0000950152-94-000621.hdr.sgml : 19940701 ACCESSION NUMBER: 0000950152-94-000621 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940622 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OGLEBAY NORTON CO CENTRAL INDEX KEY: 0000073918 STANDARD INDUSTRIAL CLASSIFICATION: 4400 IRS NUMBER: 340158970 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00663 FILM NUMBER: 94535225 BUSINESS ADDRESS: STREET 1: 1100 SUPERIOR AVE CITY: CLEVELAND STATE: OH ZIP: 44114-2598 BUSINESS PHONE: 2168613300 MAIL ADDRESS: STREET 1: 1100 SUPERIOR AVENUE CITY: CLEVELAND STATE: OH ZIP: 44114-2598 11-K 1 OGLEBAY NORTON COMPANY 11-K 1 FORM 11-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1993 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from _________ to _________ Commission file number 33-37975 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST B. Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office: OGLEBAY NORTON COMPANY 1100 Superior Avenue Cleveland, Ohio 44114 2 FORM 11-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ITEM 9. FINANCIAL STATEMENTS AND EXHIBIT -------------------------------- (a) Financial Statements (1) Report of Independent Accountants; (2) Statement of Assets Available for Plan Benefits, With Fund Information as of December 31, 1993 and 1992; (3) Statements of Income and Changes in Assets Available for Plan Benefits, With Fund Information for the years ended December 31, 1993, 1992 and 1991; (4) Notes to Financial Statements; and (5) Supplemental Schedules: Schedule of Assets Held for Investment Purposes as of December 31, 1993 Schedule of Reportable Transactions for the year ended December 31, 1993 Schedule of Nonexempt Transactions for the year ended December 31, 1993 (b) Exhibit (23) Consent of Independent Accountants SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan administrator for the Oglebay Norton Taconite Company Thrift Plan and Trust has duly caused this annual report to be signed by the undersigned thereunto duly authorized. OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST BY OGLEBAY NORTON COMPANY, Plan Administrator Richard J. Kessler ________________________ By Richard J. Kessler, Vice President - Finance and Development DATE: June 22, 1994 3 INDEX OF FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES _______ Page(s) ------ Report of Independent Accountants 2-3 Financial Statements: Statement of Assets Available for Plan Benefits, With Fund Information as of December 31, 1993 and 1992 4 Statement of Income and Changes in Assets Available for Plan Benefits, With Fund Information for the year ended December 31, 1993 5 Statement of Income and Changes in Assets Available for Plan Benefits, With Fund Information for the year ended December 31, 1992 6 Statement of Income and Changes in Assets Available for Plan Benefits, With Fund Information for the year ended December 31, 1991 7 Notes to Financial Statements 8-14 Supplemental Schedules: Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1993 15 Item 27d - Schedule of Reportable Transactions for the year ended December 31, 1993 16 Item 27e - Schedule of Nonexempt Transactions for the year ended December 31, 1993 17 1 4 [LOGO] REPORT OF INDEPENDENT ACCOUNTANTS --------------------------------- To the Pension Committee of the Oglebay Norton Taconite Company Thrift Plan and Trust: We have audited the accompanying statement of assets available for plan benefits, with fund information, including the schedule of investments, of the Oglebay Norton Taconite Company Thrift Plan and Trust as of December 31, 1993 and 1992, and the related statements of income and changes in assets available for plan benefits, with fund information for the years ended December 31, 1993, 1992 and 1991. These financial statements are the responsibility of the Plan Administrator. 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 audits 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 assets available for plan benefits of the Oglebay Norton Taconite Company Thrift Plan and Trust as of December 31, 1993 and 1992, and the income and changes in assets available for plan benefits for the years ended December 31, 1993, 1992 and 1991 in conformity with generally accepted accounting principles. 2 5 Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of the Plan on pages 15 through 17 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 statement of assets available for plan benefits, the statements of income and changes in assets available for plan benefits is presented for purposes of additional analysis rather than to present the assets available for plan benefits and income and changes in assets available for plan benefits, of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audit 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. COOPERS & LYBRAND Minneapolis, Minnesota May 13, 1994 3 6 OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST STATEMENT OF ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION as of December 31, 1993 and 1992 _______
1993 --------------------------------------------- Insured Equity Bond ASSETS Fund Fund Fund Total ------- ------ ---- ----- Investments, at fair value: Plan interest in Oglebay Norton Master Trust $4,341,802 $414,015 $1,012,402 $5,768,219 Short-Term Invest- ment Fund 31,123 19,691 36,027 86,841 ---------- -------- ---------- ---------- 4,372,925 433,706 1,048,429 5,855,060 Receivables: Employer contribution 5,318 5,824 11,142 Employee contributions 9,136 1,458 2,474 13,068 Accrued interest and dividends 169 148 5,585 5,902 ---------- -------- ---------- ---------- Assets avail- able for plan benefits $4,387,548 $435,312 $1,062,312 $5,885,172 ========== ======== ========== ========== The accompanying notes are an integral part of the financial statements.
4 7 1992 --------------------------------------------- Insured Equity Bond ASSETS Fund Fund Fund Total ------- ------ ---- ----- Investments, at fair value: Plan interest in Oglebay Norton Master Trust $3,966,755 $893,560 $730,482 $5,590,797 Short-Term Invest- ment Fund 37,124 37,441 16,429 90,994 ---------- -------- -------- ---------- 4,003,879 931,001 746,911 5,681,791 Receivables: Employer contribution 966 466 330 1,762 Employee contributions 3,585 1,751 1,070 6,406 Accrued interest and dividends 93 104 44 241 ---------- -------- -------- ---------- Assets avail- able for plan benefits $4,008,523 $933,322 $748,355 $5,690,200 ========== ======== ======== ========== The accompanying notes are an integral part of the financial statements.
8 OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST STATEMENT OF INCOME AND CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION for the year ended December 31, 1993 _______
Insured Equity Bond Fund Fund Fund Total ------- ------ ---- ----- Investment income: Plan interest in Oglebay Norton Master Trust investment income (loss) $ 253,106 $ (33,320) $ 100,120 $ 319,906 Interest income 1,948 521 798 3,267 ---------- --------- ---------- ---------- Net investment income (loss) 255,054 (32,799) 100,918 323,173 Employee contributions 218,609 49,461 52,415 320,485 Employer contributions 48,501 11,912 12,942 73,355 Interfund transfers 355,051 (515,696) 160,645 Distributions to participants (498,190) (10,888) (12,963) (522,041) ---------- --------- ---------- ---------- Net increase (decrease) in assets available for plan benefits 379,025 (498,010) 313,957 194,972 Assets available for plan benefits, beginning of year 4,008,523 933,322 748,355 5,690,200 ---------- --------- ---------- ---------- Assets available for plan benefits, end of year $4,387,548 $ 435,312 $1,062,312 $5,885,172 ========== ========= ========== ==========
The accompanying notes are an integral part of the financial statements. 5 9 OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST STATEMENT OF INCOME AND CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION for the year ended December 31, 1992 _______
Insured Equity Bond Fund Fund Fund Total ------- ------ ---- ----- Investment income: Plan interest in Oglebay Norton Master Trust investment income (loss) $ 267,194 $ (22,426) $ 43,095 $ 287,863 Interest income 2,022 1,695 2,167 5,884 ---------- --------- -------- ---------- Net investment income (loss) 269,216 (20,731) 45,262 293,747 Employee contributions 223,009 88,037 53,456 364,502 Employer contributions 50,000 20,641 14,648 85,289 Interfund transfers (7,342) 52,624 (45,282) Distributions to participants (506,579) (119,527) (56,872) (682,978) ---------- --------- -------- ---------- Net increase in assets available for plan benefits 28,304 21,044 11,212 60,560 Assets available for plan benefits, beginning of year 3,980,219 912,278 737,143 5,629,640 ---------- --------- -------- ---------- Assets available for plan benefits, end of year $4,008,523 $ 933,322 $748,355 $5,690,200 ========== ========= ======== ==========
The accompanying notes are an integral part of the financial statements. 6 10 OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST STATEMENT OF INCOME AND CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION for the year ended December 31, 1991 _______
Insured Equity Bond Fund Fund Fund Total ------- ------ ---- ----- Investment income: Plan interest in Oglebay Norton Master Trust investment income $ 258,790 $ 97,323 $116,027 $ 472,140 Interest income 35,616 5,984 1,296 42,896 ---------- --------- -------- ---------- Net investment income 294,406 103,307 117,323 515,036 Employee contributions 235,529 76,827 54,455 366,811 Employer contributions 53,879 18,509 14,086 86,474 Interfund transfers (457,869) (108,057) 565,926 Distributions to participants (251,736) (59,985) (14,647) (326,368) ---------- --------- -------- ---------- Net increase (decrease) in assets available for plan benefits (125,791) 30,601 737,143 641,953 Assets available for plan benefits, beginning of year 4,106,010 881,677 4,987,687 ---------- --------- -------- ---------- Assets available for plan benefits, end of year $3,980,219 $ 912,278 $737,143 $5,629,640 ========== ========= ======== ==========
The accompanying notes are an integral part of the financial statements. 7 11 OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS _______ 1. Description of Plan: ------------------- The following brief description of the Oglebay Norton Taconite Company (ONTAC) Thrift Plan and Trust (the Plan) is provided for general information purposes only. Participants should refer to the Plan document for complete information regarding the Plan's definitions, benefits, eligibility and other matters. GENERAL: The Plan is a contributory defined contribution plan available to all full-time salaried employees of ONTAC. Employee participation in the Plan is voluntary and enrollment in the Plan is permitted on the first day of each January and July. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). CONTRIBUTIONS: The Plan allows participants to contribute up to fifteen percent of their base salary which includes overtime compensation. ONTAC makes monthly contributions equal to 50% of the participants' eligible monthly contributions up to a maximum of two percent, subject to any statutory limits. Forfeitures of ONTAC's contributions by nonvested participants will reduce future ONTAC contributions. PARTICIPANT ACCOUNTS: Participant contributions are invested in the following trustee-managed investment funds that are part of the Oglebay Norton Master Trust: . Insured Fund - consists primarily of corporate securities and other assets the income from which is fixed, limited, or determinable in advance. . Equity Fund - consists primarily of common stocks and securities convertible to common stocks. . Bond Fund - consists primarily of short-term U.S. government securities, corporate securities, mortgage-related securities and zero coupon bonds. Continued 8 12 OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS, Continued _______ 1. Description of Plan, continued: ------------------- PARTICIPANT ACCOUNTS, continued: The allocation of the participant's contributions to these investment funds is selected by the participant and may be changed on each enrollment date. Allocation between funds is limited to multiples of 10 percent of the participant's contributions. The allocation of the employer contributions to the investment funds will match that of the participant's contributions. Each participant's contribution account is credited with the participant's monthly contribution, the monthly allocation of ONTAC's contribution, and fund earnings. ONTAC's contributions are allocated to the participant's respective fund accounts for participants who are employed on the last working day of the month. A participant is entitled to the benefit that can be provided from the participant accounts. As of December 31, 1993, approximately 133 employees were participating in the Plan. At December 31, 1993, 1992 and 1991, the approximate number of participants in each investment fund was as follows:
1993 1992 1991 ---- ---- ---- Insured Fund 88 121 84 Equity Fund 79 58 55 Bond Fund 34 67 24
VESTING: Participants are immediately vested in the value of their contributions plus actual earnings thereon. Participants achieve 100 percent vesting in ONTAC contributions and earnings thereon upon completion of five years of service after plan enrollment or upon death, disability, or retirement after age 65. If employees terminate before rendering five years of service, they forfeit the right to obtain any ONTAC nonvested contributions and earnings thereon in excess of 10 percent for each full year of service up to 40 percent. Any forfeitures will be used to reduce future ONTAC contributions. Continued 9 13 OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS, Continued _______ 1. Description of Plan, continued: -------------------- PAYMENT OF BENEFITS: Upon retirement, death, disability or separation from service, a participant or beneficiary will receive a lump sum distribution equal to the vested portion of the participant's account. PLAN TERMINATION: While ONTAC has not expressed any intent to discontinue its contributions, it is free to do so at any time subject to the provisions of ERISA. In the event such discontinuance results in the termination of the Plan, participants will become 100 percent vested in their accounts and the Plan assets will be available for the exclusive use of the participants subject to the discretion of the plan administrator. 2. Summary of Significant Accounting Policies: ------------------------------------------ VALUATION OF INVESTMENTS: Investments of the Plan consist of units in the Oglebay Norton Master Trust and the Society National Bank Short-Term Investment Fund. The Oglebay Norton Master Trust consists of commingled trust funds maintained by the Trustee. The assets of these commingled trust funds (equity securities and fixed interest obligations) that are traded on a national securities exchange are valued at the last reported sales price on the last business day of the year; investment securities traded in the over-the-counter market are valued at the last reported bid price. Investments in the Short-Term Investment Fund are recorded at cost which is equivalent to fair value. CONTRIBUTIONS: Employee contributions are recorded in the period ONTAC makes payroll deductions from plan participants. Employer contributions are accrued based on employee contributions. INTEREST AND DIVIDENDS: Interest income is recorded as earned on an accrual basis and dividend income is recorded on the ex dividend date. Continued 10 14 OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS, Continued _______ 2. Summary of Significant Accounting Policies, continued: ------------------------------------------ NET APPRECIATION (DEPRECIATION) IN THE FAIR VALUE OF INVESTMENTS: The statements of income and changes in assets available for plan benefits, including fund information, include the net appreciation (depreciation) in the fair value of investments which consists of the realized gains or losses and the change in unrealized appreciation (depreciation) on those investments held. RECLASSIFICATIONS: Certain investment-related amounts in the 1992 statement of assets available for plan benefits, with fund information, and 1992 and 1991 statements of income and changes in assets available for plan benefits, with fund information, have been reclassified to conform with the 1993 presentation. These reclassifications had no impact on previously reported assets available for plan benefits or income and changes in assets available for plan benefits. 3. Related Party and Party-In-Interest Transactions: ------------------------------------------------ The trustee is authorized under contract provisions or by ERISA regulations providing an administrative or statutory exemption, to invest in funds under its control and in securities of Oglebay Norton Company. In 1993, there were 92 purchases and 41 sales in the various investment funds under the trustee's control, totaling $1,269,076 and $1,277,809, respectively. In 1992, there were 118 purchases and 21 sales in the various investment funds under the trustee's control, totaling $721,872 and $797,896, respectively. In 1991, there were 105 purchases and 29 sales in the various investment funds under the trustee's control, totaling $5,595,068 and $10,358,332, respectively. Temporary cash balances are invested on a daily basis in short-term investment funds under the trustee's control. Such temporary cash balances are not significant to the Plan's financial statements. Continued 11 15 OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS, Continued _______ 4. Tax Status: ---------- The Plan constitutes a qualified trust under Section 401(a) of the Internal Revenue Code and therefore is considered to be exempt from federal income taxes under provisions of Section 501(a). The Plan also complies with the provisions of Section 401(k) of the Code. A tax qualification letter, dated March 31, 1989, was received from the Internal Revenue Service. The Plan has been amended since receiving the determination letter. However, the Plan's administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code and was qualified, and the related trust was tax-exempt as of the financial statement dates. 5. Investments: ----------- Investments held by the Plan at December 31, 1993 and 1992 are summarized as follows:
Fair Value Cost ---------------------------- ------------------------ Description 1993 1992 1993 1992 ----------- ---- ---- ---- ---- Insured Fund: Oglebay Norton Master Trust $4,341,802 $3,966,755 $3,743,031 $3,586,303 Society National Bank, Short-Term Invest- ment Fund 31,123 37,124 31,123 37,124 Equity Fund: Oglebay Norton Master Trust 414,015 893,560 410,662 843,808 Society National Bank, Short-Term Invest- ment Fund 19,691 37,441 19,691 37,441 Bond Fund: Oglebay Norton Master Trust 1,012,402 730,482 931,733 678,945 Society National Bank, Short-Term Invest- ment Fund 36,027 16,429 36,027 16,429 ---------- ---------- ---------- ---------- $5,855,060 $5,681,791 $5,172,267 $5,200,050 ========== ========== ========== ==========
Continued 12 16 OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS, Continued _______ 6. Plan Interest in Oglebay Norton Master Trust: -------------------------------------------- The Plan's investments are principally in the Oglebay Norton Master Trust which was established for the investment of assets of the Plan and one other Oglebay Norton sponsored retirement plan. Each of the participating retirement plans have an individual interest in the Master Trust. A summary of the net assets included in the Oglebay Norton Master Trust at December 31, 1993 and 1992 are as follows:
1993 1992 ---- ---- Investments, at fair value: Fixed Income - Corporate $10,213,230 $ 9,560,342 Common and convertible preferred stock 3,733,389 4,391,131 Fixed Income - U.S. Government 1,111,696 1,605,202 Mortgage-related securities 1,286,766 709,826 Cash equivalents 327,312 225,015 Zero coupon bonds 230,616 128,970 ----------- ----------- Total Oglebay Norton Master Trust net assets $16,903,009 $16,620,486 =========== ===========
Investment income of the Oglebay Norton Master Trust in 1993, 1992 and 1991 is as follows:
1993 1992 1991 ---- ---- ---- Net appreciation (depreciation) in fair value of investments: Fixed Income - Corporate $1,208,098 $ 736,268 $ 311,866 Common and convertible preferred stock 39,571 261,485 631,751 Fixed income - U.S. Government 54,025 44,507 61,973 Mortgage-related securities 25,550 27,076 41,389 Zero coupon bonds 32,095 25,528 12,658 ---------- ---------- ---------- 1,359,339 1,094,864 1,059,637 Interest and dividends 391,700 356,723 468,530 ---------- ---------- ---------- $1,751,039 $1,451,587 $1,528,167 ========== ========== ==========
Continued 13 17 OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS, Continued _______ 6. Plan Interest in Oglebay Norton Master Trust, continued: -------------------------------------------- Interest, dividends and net appreciation (depreciation) in the fair value of these investments are allocated to the Plan on a monthly basis, based upon the value of investments held at the close of the prior month. The Plan held approximately 34.1% and 33.6% of the total fair value of the Oglebay Norton Master Trust net assets at the end of 1993 and 1992, respectively. 14 18 SUPPLEMENTAL SCHEDULES 19 OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES as of December 31, 1993 _______ EIN 34-1201326 Plan Number 003
Identity of Issue, Borrower, Lessor, Current or Similar Party Description of Investment Cost Value ------------------ ------------------------- ---- ------- Society National Bank Short-Term Investment Fund $86,841 $86,841
15 20 OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS for the year ended December 31, 1993 _______ EIN 34-1201326 Plan Number 003
Current Value of Identity Cost Asset on Net of Party Purchase Selling of Transaction Gain Involved Description of Asset Price Price Asset Date (Loss) - - - -------- -------------------- -------- ------- ----- ----------- ----- Society Insured Fund: National Short-Term Investment Bank Fund $698,613 $706,929 $706,929 $706,929 - Equity Fund: Short-Term Investment Fund 313,353 333,367 333,367 333,367 - Bond Fund: Short-Term Investment Fund 257,110 237,513 237,513 237,513 - Note: The following columns of Schedule 27d were excluded as they are not applicable: column (f)-lease rental, and column (g)-expenses incurred with transaction.
16 21 OGLEBAY NORTON TACONITE COMPANY THRIFT PLAN AND TRUST ITEM 27e - SCHEDULE OF NONEXEMPT TRANSACTIONS for the year ended December 31, 1993 _______ EIN 34-1201326 Plan Number 003
Identity Description Relation- Current Net of Party of ship to Purchase Selling Cost of Value Gain Involved Transactions Plan Price Price Asset of Asset (Loss) - - - -------- ------------ -------- -------- ------- ------- -------- ----- Society Short-Term National Invest- Bank ment Fund Trustee $1,269,076 $1,277,809 $1,277,809 $1,277,809 -
Note: The following columns of Schedule 27e were excluded as they are not applicable: column (f)-lease rental, and column (g)-expenses incurred with transaction. 17 EX-23 2 EXHIBIT 1 CONSENT OF INDEPENDENT ACCOUNTANTS We consent to the incorporation by reference in the Registration Statement of Oglebay Norton Company on Form S-8 (Registration No. 33-37975) of our report dated May 13, 1994, on our audits of the financial statements of the Oglebay Norton Taconite Company Thrift Plan and Trust as of December 31, 1993 and 1992 and for the years ended December 31, 1993, 1992 and 1991 which report is included in this Annual Report on Form 11-K. COOPERS & LYBRAND COOPERS & LYBRAND Minneapolis, Minnesota June 17, 1994 -----END PRIVACY-ENHANCED MESSAGE-----