-----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, GkTdOhTzBUxNh+HTIcDnkc84eLJfnTtLyt3envbN1Fwb4gjmq6nV9MAD9BF9WaVN lfnxU+QRDNJty2TAxHiMVQ== 0000950129-98-002783.txt : 19980630 0000950129-98-002783.hdr.sgml : 19980630 ACCESSION NUMBER: 0000950129-98-002783 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980629 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN ECOLOGY CORP CENTRAL INDEX KEY: 0000742126 STANDARD INDUSTRIAL CLASSIFICATION: REFUSE SYSTEMS [4953] IRS NUMBER: 953889638 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-11688 FILM NUMBER: 98657062 BUSINESS ADDRESS: STREET 1: 805 W IDAHO STREET 2: STE 200 CITY: BOSIE STATE: ID ZIP: 83702 BUSINESS PHONE: 2083318400 MAIL ADDRESS: STREET 1: 805 W IDAHO STREET 2: STE 200 CITY: BOISE STATE: ID ZIP: 83702 11-K 1 AMERICAN ECOLOGY CORP. 401(K) SAVINGS & RETIREMENT 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997 COMMISSION FILE NUMBER 0-11688 A. American Ecology Corporation 401(k) Savings and Retirement Plan and Trust B. American Ecology Corporation 805 W. Idaho Street Suite 200 Boise, Idaho 83702 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. American Ecology Corporation Retirement Plan Date: 26 JUNE 1998 /s/ R. S. THORN ------------ -------------------------------------------- R. S. Thorn As Trustee for the Plan 2 FINANCIAL STATEMENTS ---------- AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST ---------- DECEMBER 31, 1997 AND 1996 3 TABLE OF CONTENTS
Page No. -------- INDEPENDENT AUDITORS' REPORT ........................................................... 1 FINANCIAL STATEMENTS Statements of Net Assets Available for Benefits by Fund............................. 2 Statement of Changes in Net Assets Available for Benefits...................................................................... 3 Notes to Financial Statements....................................................... 4 SUPPLEMENTAL INFORMATION Item 27a - Schedule of Assets Held for Investment Purposes.......................... 18 Item 27d - Schedule of Reportable Transactions...................................... 22
4 INDEPENDENT AUDITORS' REPORT To the Administrative Committee American Ecology Corporation 401(k) Savings and Retirement Plan and Trust We have audited the accompanying statements of net assets available for benefits of American Ecology Corporation 401(k) Savings and Retirement Plan and Trust as of December 31, 1997 and 1996 and the related statement of changes in net assets available for benefits for the year ended December 31, 1997. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of American Ecology Corporation 401(k) Savings Plan as of December 31, 1997 and 1996 and the changes in net assets available for benefits for the year then ended December 31, 1977 in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for purposes 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 supplemental schedules have been subjected to the auditing procedures applied in our 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. June 5, 1998 -1- 5 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS December 31, 1997 and 1996
1997 1996 ----------- ----------- ASSETS Cash $ 411 $ -- Investments, at fair value Equity investment funds 7,015,190 6,248,168 Common stock of American Ecology Corporation 140,188 158,406 Bond fund 24,028 20,455 Money market fund 1,134,590 2,305,898 Investment in guaranteed interest accounts, at contract value 452,054 651,359 Participant loans 284,630 272,384 ----------- ----------- TOTAL INVESTMENTS 9,050,680 9,656,670 Contributions receivable 69,714 146,384 ----------- ----------- TOTAL ASSETS 9,120,805 9,803,054 LIABILITIES -- -- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $ 9,120,805 $ 9,803,054 =========== ===========
See accompanying notes -2- 6 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS Year Ended December 31, 1997 ADDITIONS TO NET ASSETS ATTRIBUTED TO Investment income Net appreciation in fair value of investments $ 962,482 Interest 58,221 Dividends 73,384 ----------- 1,094,087 Contributions Employer 308,608 Employee 630,300 Employee rollover 36,286 ----------- 975,194 ----------- TOTAL ADDITIONS 2,069,281 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO Withdrawals and benefit payments 2,436,454 Forfeitures 311,981 Other 3,095 ----------- TOTAL DEDUCTIONS 2,751,530 ----------- NET DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS (682,249) NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 9,803,054 ----------- NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $ 9,120,805 ===========
See accompanying notes -3- 7 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1997 and 1996 NOTE A - DESCRIPTION OF THE PLAN General American Ecology Corporation 401(k) Savings and Retirement Plan and Trust ("the Plan"), was adopted effective January 1, 1987, as a defined contribution plan. The Plan covers all employees of American Ecology Corporation and its subsidiaries ("the Company"), hired in a job category which will result in 1,000 hours of service during any consecutive 12-month period and who have attained the age of 21. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). Participants should refer to the Plan agreement for a more complete description of the Plan. An administrative committee, appointed by the board of directors of the Company, is responsible for the general administration of the Plan. The administrative committee is given all powers necessary to enable it to carry out its duties including, but not limited to, the power to interpret the Plan, decide on all questions of eligibility and the status and rights of participants and direct disbursements of benefits in accordance with the provisions of the Plan. Prior to November 20, 1996 the administrative committee appointed Hand and Associates as recordkeeper and American Industries Trust Company as trustee of the plan. As plan trustees, American Industries Trust Company had the authority to control the assets of the Plan in accordance with the terms of the Plan. Effective November 20, 1996, the administrative committee appointed Pinnacle Pension Service as plan administrator, Manulife Financial as record keeper of the plan, and Fleet Investment Advisors as the trustee of the Plan. As plan trustee, Fleet Investment Advisors has the authority to control the assets of the Plan in accordance with the terms of the Plan. Effective November 20, 1996, the Plan merged with the American Ecology Corporation Retirement Plan into one plan known exclusively as the American Ecology Corporation 401(k) Savings and Retirement Plan and Trust. Transfer of the American Ecology Corporation Retirement Plan assets of $4,656,067 occurred on December 12, 1996. Employee Contributions Through November 20, 1996, participants could elect to defer any whole percentage up to 10 percent of their compensation. As of November 20, 1996 the Plan was amended to allow participants to defer up to 15 percent of their compensation as defined by the Plan, up to the maximum deferrable amount allowed by the Internal Revenue Service. Participants may elect to deposit their contributions in any of the investment options available. -4- 8 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1997 and 1996 Employer Contributions The Company contributes a discretionary matching contribution which is determined by the Employer. For 1997 the Company established the discretionary matching contribution for all participants equal to 55 percent of the amount of compensation deferred by each participant for the calendar quarter not exceeding 6 percent of compensation. A discretionary profit sharing contribution which is determined by the Company from time to time and is determined separately for union and non-union participants. For union employees, the Company contributes 5 percent of the employees compensation that is not excess compensation plus 10 percent of the employees excess compensation. The Company's matching contributions are subject to the vesting schedule detailed below. Vesting The vesting schedule is as follows on Company matching contributions and actual earnings thereon: Union Employees: Percentage of Service Vested Interest ------- --------------- 1 year 20% 2 years 40% 3 years 60% 4 years 80% 5 years or more 100% Non-Union Employees: Percentage of Service Vested Interest ------- --------------- 1 year 20% 2 years 60% 3 years or more 100% The Plan provides for participants to be 100% vested upon death, permanent disability or the attainment of age 65. Investment Options Upon enrollment in the Plan, a participant may direct employee and employer contributions in any of the following investment options: -5- 9 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1997 and 1996 Manulife Life Style Fund-Conservative - seeks growth by investing in funds specializing in fixed income and stock funds. Manulife Life Style Fund-Moderate - seeks growth by investing in funds that emphasize capital preservation with a combination of income and modest capital growth. Manulife Life Style Fund-Balance - seeks growth by investing in fixed income funds and stock funds. Manulife Life Style Fund-Growth - seeks growth by investing in growth and undervalued stocks, as well as domestic and international. Manulife Life Style Fund-Aggressive - seeks to maximize long-term growth by investing in Manulife's stock funds. Manulife Guaranteed Interest Accounts - invested primarily in federal and other government bonds and commercial mortgages. Interest rate are established upon enrollment and guaranteed by Manulife as long as held to maturity, with a choice or 3, 5, or 10 year terms. Manulife Money Market Fund - invests primarily in short-term debt holdings of the U.S. and Canadian Governments and their agencies, major bank certificates of deposit and high-quality commercial paper. Manulife Short-Term Government Fund - seeks growth by investing in shares of the Vanguard Fixed Income Securities Fund - Short Term Federal Portfolio which invests in high level of safety of principal. Manulife High-Quality Bond Fund - invests in U.S. Treasury and Agency bonds and high -quality corporate bonds. Manulife Income Fund - invests in shares of T. Rowe Price Spectrum Income Fund that invests in a diversified group of fixed income securities. Manulife High-Yield Fund - seeks growth by investing in shares of the Fidelity Advisor High Yield Fund which invests in high-yielding non-investment grade, fixed-income, zero coupon securities, convertible securities and preferred stocks. Manulife Diversified Capital Fund - seeks growth by investing in shares of SoGen International Fund which invests in a diversified portfolio of assets of U.S. and foreign companies. -6- 10 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1997 and 1996 Manulife Balanced Fund - seeks capital growth by investing in equity and fixed income securities. Manulife Growth & Income Fund - seeks growth by investing in shares of T. Rowe Price Growth & Income Fund which invests primarily in common stocks of companies that are expected to grow at a rate in excess of that of common stocks in general and are adequate to support a growing dividend. Manulife Value Fund - seeks growth by investing in shares of Neuberger & Berman Guardian Trust which invests in common stock of well-established, high-quality companies considered to be undervalued in comparison to stocks of similar companies. Manulife Mid-Cap Value Fund - seeks growth by investing in shares of the Mutual Beacon Fund that invests in common and preferred stocks that have been determined to be below their intrinsic values. Manulife Index Stock Fund - invests in common stock, futures contracts and short term investments of companies that are on the Standard & Poor's 500 Stock Index. Manulife Capital Growth Stock Fund - seeks capital growth by investing in stocks of U.S. companies which have above-average growth rates and meet specific market capitalization levels. Manulife Growth Plus Stock Fund - invests in the stocks of U.S. companies which have above-average earnings growth rates. Manulife Selective Growth Stock Fund - invests in the stocks of U.S. companies which have above-average earnings growth rates that do not do business with specified foreign countries. Manulife Growth Opportunities Fund - invests in shares of the Fidelity Advisor Growth Opportunities Fund that invests in common stock and securities convertible into common stocks of companies with long-term growth potential. Manulife Equity Income Fund - invests in common and preferred stock of companies whose yield is considered a major factor as well as the potential for earnings and dividend growth. Manulife Small Cap Value Fund - invests in shares of Franklin Balance Sheet Investment Fund which invests in the common and preferred stock of companies whose assets may have been overlooked in conventional balance sheet calculations. -7- 11 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1997 and 1996 Manulife Contra Fund - invests in shares of Fidelity Contra-fund which invests in undervalued common stocks and convertible securities in companies that are currently out of favor with the investing public. Manulife Foreign Fund - invests in shares of the Templeton Foreign Fund that invests in stocks primarily outside of the U.S. Manulife International Stock Fund - invests solely in shares of the T. Rowe Price International Stock Fund which invests in common stocks of foreign companies that have the potential for growth of capital or income or both. Manulife Mid-Cap Growth Fund - invests in shares of the AIM Constellation Fund which invests in a portfolio of primarily small to medium-sized stocks with strong earnings growth and earnings potential. Manulife Capital Appreciation Fund - invests in shares of the PBHG Growth Fund which invests in common stock of small to medium capitalization companies. Manulife Emerging Growth Stock Fund - seeks capital growth by investing in stocks of a wide variety of small to medium-sized U.S. companies in such industries as health care, technology and consumer services. Manulife Science & Technology Fund - invests in shares of T. Rowe Price Science & Technology Fund that normally invests a majority of its assets in domestic and foreign companies that seek to develop or use scientific and technological advances. Manulife Discovery Fund - invests in shares of Mutual Discovery Fund which typically invests in common and preferred stocks that are traded at price below their intrinsic value according to standard valuation methods. Manulife Developing Markets Fund - invests in shares of Templeton Developing Markets Trust which typically invests in equity securities of developing or emerging countries. American Ecology Corporation Common Stock - invests in common stock of American Ecology Corporation. Prior to January 1993, the Company had entered into a group annuity contract with Principal Mutual Life Insurance Company ("PMLIC"). The Company and participants had several investment options under this contract and had utilized guaranteed interest accounts which bear interest at a rate in effect at the date of contribution as determined by PMLIC (composite rate of 5.40% and 5.59% at December 31, 1997 and 1996 respectively) and mature through December 31, -8- 12 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1997 and 1996 1997. The balances in the guaranteed interest accounts will be transferred subsequent to December 31, 1997 and are shown in the financial statements as investment in guaranteed interest accounts. Participant Accounts Each participant's account is credited with the participant's elective deferral, the Company's discretionary contribution, and the Company's matching contribution. Dividend and interest income, net of administrative expenses with respect to each category of investments, is allocated quarterly to participants' accounts based upon their pro-rata share of equity in each investment fund before allocation. Forfeitures of terminated participant's nonvested benefits are applied to pay administrative expenses and reduce the Company's contributions to the Plan. Effective November 20, 1996, the Plan was amended to allow the Company to withdraw any excess forfeitures. As of December 31, 1997 and December 31, 1996 the Plan had unused forfeitures of $40,254 and $305,051 respectively. The Plan determined $311,981 of forfeitures was available to be returned to the Company during 1997. Of this amount, $161,536 was returned to the Company and $150,445 was used to offset employer contributions. Payment of Withdrawals and Benefits Upon normal retirement or death, vested benefits due to participants and their beneficiaries may be paid in the form of either a lump-sum distribution or fixed period annuities. Terminated employees who have a vested balance greater than $3,500 and current employees who have discontinued contributions to the Plan are not required to withdraw amounts from their Plan accounts. The Plan has provisions for hardship withdrawals from the participant's deferral account. Matching contributions and allocated earnings are not available for hardship withdrawals. Expenses Expenses of administering the Plan are the responsibility of the Plan. During the years ended December 31, 1997 and 1996, $108,061 and $40,285, respectively, of administrative expenses were paid by the Company on behalf of the Plan. Manulife's fee for the administration of the plan funds for 1997 of $23,057 was taken directly from fund earnings before being allocated to plan assets. Termination Although the Company expects to continue the Plan indefinitely, the Company may terminate the -9- 13 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1997 and 1996 Plan in whole or in part at any time upon giving written notice to all parties concerned. If the Plan is terminated, the account of each participant will be 100% vested and nonforfeitable as of the effective date of the Plan termination. Participant Notes Receivable Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. Loan transactions are treated as a transfer from the investment to the Participant Notes fund. Payments on loans are treated as a transfer from the Participants Notes fund to the investment fund. Loan terms range from 1-5 years or up to 15 years for the purchase of a primary residence. The loans are secured by the balance in the participant's account and bear interest at a rate commensurate with local prevailing rates as determined by the Plan administrator. Interest rates range from 9.25% to 9.50%. Principal and interest is paid ratably through monthly payroll deductions. Plan Amendments The plan was amended as of November 20, 1996 requiring the employer contributions to be made in cash and not in Company stock. The amendment also allowed participants to receive excess Section 415 contribution amounts from their deferred contributions as opposed to returning excess employer contributions to the employer. As of February 1, 1997 the plan was amended to require an employer contribution equal to five percent of the compensation not in excess of the excess compensation of each union participant who is eligible under the Plan, plus ten percent of such compensation in excess of such union participant's excess compensation. Excess compensation is defined as compensation exceeding the social security taxable wage base in effect at the beginning of the Plan year. Reclassifications Certain 1996 amounts have been reclassified to conform to the 1997 presentation. NOTE B - SUMMARY OF ACCOUNTING POLICIES Investment Valuation and Income Recognition Investments in guaranteed interest accounts are carried at contract value, which approximates principal amounts contributed to the accounts, plus accrued interest, less distributions from the contract. Investments in all other investment options are carried at their fair value measured and quoted market prices in active markets or by the contracted price. Investment income is recorded as earned. -10- 14 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1997 and 1996 Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. Payment of Benefits Benefits are recorded when paid. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires the plan administrator to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates. NOTE C - GUARANTEED INTEREST ACCOUNTS The guaranteed interest accounts held by the Plan are as follows:
December 31, ------------------------ 1997 1996 -------- -------- Guaranteed interest account with interest at rate in effect of date of contribution (rate of 5.85% as of December 31, 1997 and 5.75% as of December 31, 1996) maturing on December 31, 2005 $ 10,812 $ 10,314 Guaranteed interest account with interest at rate in effect of date of contribution (rate of 5.85% as of December 31, 1997) maturing on December 31, 2006 2,885 -- Guaranteed interest account with interest at rate in effect of date of contribution (rate of 5.75% as of December 31, 1997 and 5.25% as of December 31, 1996) maturing on December 31, 1998 43,004 40,874 Guaranteed interest account with interest at rate in effect of date of contribution (rate of 5.75% as of December 31, 1997) maturing on December 31, 1999 6,154 --
-11- 15 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1997 and 1996 Guaranteed interest account with interest at rate in effect of date of contribution (rate of 5.80% as of December 31, 1997 and 5.45% as of December 31, 1996) maturing on December 31, 2000 21,278 20,674 Guaranteed interest account with interest at rate in effect of date of contribution (rate of 5.80% as of December 31, 1997) maturing on December 31, 2001 4,006 -- Guaranteed interest account with interest at rate in effect at date of contribution (rate of 6.57% at December 31, 1996) maturing on December 31, 1996 -- 52,360 Guaranteed interest account with interest at rate in effect at date of contribution (rate of 5.40% at December 31, 1997 and 8.53% as of December 31, 1996) maturing on December 31, 1997 363,915 447,039 Guaranteed interest account with interest at rate in effect at date of contribution (rate of 6.85% at December 31, 1996) maturing on December 31, 1996 -- 80,098 -------- -------- $452,054 $651,359 ======== ========
NOTE D - INCOME TAX STATUS The Plan obtained its latest determination letter on May 27, 1997 in which the Internal Revenue Service stated that the Plan, as originally adopted in September 7, 1988, and all amendments through November 26, 1996, were in compliance with the applicable requirements of the Internal Revenue Code ("IRC"). The Plan has been amended since receiving the determination letter. However, the Plan administrator believes the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan's financial statements. -12- 16 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1997 and 1996 NOTE E - PLAN SPONSOR GOING CONCERN The Company issued its latest audited financial statements as of December 31, 1997. Included in the independent auditor's report was a paragraph regarding the substantial doubt about the Company's ability to continue as a going concern. Failure of the Company to continue as a going concern could ultimately affect the Plan. NOTE F - PARTICIPANT DATA The following is the statement of changes in net assets available for benefits by fund at December 31, 1997: -13- 17 SUPPLEMENTARY INFORMATION 18 AMERICAN ECOLOGY CORPORATION EIN: 95-3889638 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST PLAN NUMBER 003 ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1997
(e) Current (a) (b) Identity of Issue (c) Description (d) Cost Value - ------------------------- --------------- ---------- ----------- Manulife Lifestyle Conservative $ 187,330 $ 202,157 Manulife Lifestyle Moderate 43,959 48,452 Manulife Lifestyle Balanced 1,090,201 1,208,288 Manulife Lifestyle Growth 1,292,750 1,453,477 Manulife Lifestyle Aggressive 613,691 681,746 Manulife GICS Maturing December 31, 1998, with interest rates of 5.21% to 5.30% 42,926 43,004 Maturing December 31, 1998 with interest rates of 5.30% to 5.66% 6,231 6,154 Maturing December 31, 2000, with interest rates of 5.45% to 5.55% 21,179 21,278 Maturing December 31, 2001, with interest rates of 5.42% to 5.85% 4,105 4,006 Maturing December 31, 2005, with interest rates of 5.77% to 5.80% 10,739 10,812 Maturing December 31, 2006, with interest rates of 6.05% to 6.60% 2,958 2,885 Manulife Money Market Conservative 1,101,559 1,134,590 Vanguard Short Term Federal Portfolio 1,530 1,530 Manulife High-Quality Bond Fund Bonds 22,403 24,028 T. Rowe Price Fixed Spectrum Income Securities 58,890 63,700
-18- 19 AMERICAN ECOLOGY CORPORATION EIN: 95-3889638 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST PLAN NUMBER 003 ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (continued) December 31, 1997
(e) Current (a) (b) Identity of Issue (c) Description (d) Cost Value - ------------------------- --------------- -------- ----------- Fidelity Institutional Retirement Services Advisor High Yield Company Fund 152,919 170,100 Fidelity Institutional Retirement Services Advisor Diversified Company Capital Fund 61,774 64,021 Manulife Balanced Balanced Fund 34,031 36,729 T. Rowe Price Growth & Income Common Stock 291,174 341,220 Manulife Value Fund Guardian Trust 123,661 140,921 Manulife Mid-Cap Fund Common/Preferred 22,860 23,921 Manulife Index Stock Fund S&P's 500 Index 196,243 234,268 Manulife Capital Growth Stock Fund 76,966 93,737 Manulife Growth Plus Stock Fund 100,336 122,770 Manulife Selective Growth Stock Fund 32,657 39,624 Fidelity Institutional Retirement Services Advisor Growth Company Opportunities Fund 298,265 361,103 Manulife Equity Income Fund Stock Fund 16,920 17,093 Franklin Balance Sheet Investment Fund Stock Fund 13,417 14,751
-19- 20 AMERICAN ECOLOGY CORPORATION EIN: 95-3889638 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST PLAN NUMBER 003 ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (continued) December 31, 1997
(e) Current (a) (b) Identity of Issue (c) Description (d) Cost Value - ------------------------- --------------- ---------- ----------- Fidelity Institutional Retirement Services Advisor Contrafund 406,217 470,126 Company Templeton Funds, Inc. Foreign Fund 127,086 131,525 T. Rowe Price International Stock 96,442 98,336 AIM Constellation Mid-cap Growth 300,724 329,859 PBHG Growth Fund 255,100 249,218 Manulife Emerging Growth Stock Fund 54,798 62,470 T. Rowe Price Science & Technology Fund 333,024 324,125 Mutual Discovery Fund Stock Fund 16,594 17,981 Templeton Developing Markets Plus Foreign 15,033 11,942 Borrower Participant loans 9.25%-9.5% -- 284,630 * American Ecology Corporation Common Stock 113,652 140,188
-20- 21 AMERICAN ECOLOGY CORPORATION EIN: 95-3889638 401(k) SAVINGS AND RETIREMENT PLAN AND TRUST PLAN NUMBER 003 ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (continued) December 31, 1997
(e) Current (a) (b) Identity of Issue (c) Description (d) Cost Value - ------------------------- --------------- ---------- ----------- Principal Mutual Life Insurance Company: Maturing December 31, 1997 with an interest rate of 5.40% 363,915 363,915 ---------- ---------- TOTAL ASSETS HELD FOR INVESTMENT PURPOSES $8,004,259 $9,050,680 ========== ==========
*Known party in interest -21- 22 American Ecology Corporation EIN: 95-3889638 401(k) Savings and Retirement Plan and Trust Item 27d - Schedule of Reportable Transactions Plan Number 003 For the year ended December 31, 1997
(h) Current Value of asset (i) Net (c) Purchase (d) Selling (g) Cost of at date of Gain (a) Identity of Party Involved (b) Description of asset Price Price Asset transaction \(Loss) - ------------------------------ ------------------------ ------------ ----------- ----------- ----------------- ----------- Category (iii): A series of transactions in excess of 5% of plan assets Manulife Financial Savings & Retirement Services Money Market Fund -- 2,096,358 2,064,452 2,096,358 31,906 862,570 -- 862,570 862,570 -- Manulife Financial Savings & Retirement Services Lifestyle-Growth -- 525,120 470,823 525,120 54,297
A reportable transaction represents a transaction, or series of transactions in the same security involving an aggregate amount in excess of 5% of the Plan assets as of January 1, 1997. There were no category (i), (ii) or (iv) reportable transactions during 1997. -22- -----END PRIVACY-ENHANCED MESSAGE-----