-----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, Si9SUOkpwux6lL3SpJ3mb/XThiKUB0nnkAnHjjgboEcVFUqOB3WVfHvY7Jirqcyo m9TeEsCma9FnPyToijGTDA== 0000950129-96-001969.txt : 19960819 0000950129-96-001969.hdr.sgml : 19960819 ACCESSION NUMBER: 0000950129-96-001969 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960816 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: 1934 Act SEC FILE NUMBER: 000-11688 FILM NUMBER: 96616932 BUSINESS ADDRESS: STREET 1: 805 W IDAHO STREET 2: STE 200 CITY: BOSIE STATE: OH ZIP: 83702-8916 BUSINESS PHONE: 2083318400 MAIL ADDRESS: STREET 1: 5333 WESTHEIMER STREET 2: STE 1000 CITY: HOUSTON STATE: TX ZIP: 77056-5407 11-K 1 AMERICAN ECOLOGY CORP. - RETIREMENT PLAN 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, 1995 COMMISSION FILE NUMBER 0-11688 A. American Ecology Corporation Retirement Plan B. American Ecology Corporation 805 W. Idaho Street, Suite 200 Boise, ID 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: August 14, 1996 /s/ R. S. Thorn ----------------------------- R. S. Thorn Plan Administrator 2 AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN INDEX TO FINANCIAL STATEMENTS, EXHIBITS AND SCHEDULES DECEMBER 31, 1995 AND 1994 Independent Auditors' Report Statements of Net Assets Available for Benefits as of December 31, 1995 and 1994 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1995 Notes to Financial Statements Supplemental Information: Item 27a - Schedule of Assets Held for Investment Purposes Item 27d - Schedule of Reportable Transactions -2- 3 INDEPENDENT AUDITORS' REPORT To the Administrative Committee American Ecology Corporation Retirement Plan We have audited the accompanying statement of net assets available for benefits of American Ecology Corporation Retirement Plan as of December 31, 1995, and the related statement of changes in net assets available for benefits for the year 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 audit. The financial statements of American Ecology Corporation Retirement Plan as of December 31, 1994 were audited by other auditors whose report dated June 30, 1995 expressed an unqualified opinion on those statements. We conducted our audit 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 audit provides 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 Retirement Plan as of December 31, 1995, and the changes in net assets available for benefits for the year then ended 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. Balukoff, Lindstrom & Co. P.A. July 30, 1996 -3- 4 AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
ASSETS: December 31, ------------------------------ 1995 1994 ----------- ----------- Cash $ 101,795 $ 42,167 Interest Receivable 160 -- Equity investment funds 3,670,219 3,015,964 Common stock of American Ecology Corporation 26,556 98,615 Bond fund 470,723 499,545 Money market fund 365,492 251,979 Common collective trust 18,653 -- Investment in guaranteed interest accounts, at contract value 631,937 703,007 ----------- ----------- Total investments 5,183,580 4,569,110 Employer contributions receivable 84,509 56,054 Employee contributions receivable -- 2,581 ----------- ----------- Total assets 5,370,044 4,669,912 ----------- ----------- LIABILITIES: Administrative expenses payable 30,130 72,682 Other liabilities -- 42,167 ----------- ----------- Total liabilities 30,130 114,849 ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $ 5,339,914 $ 4,555,063 =========== ===========
The accompanying notes and schedules are an integral part of these financial statements. -4- 5 American Ecology Corporation Retirement Plan Statement of Net Assets Available for Benefits by Fund as of December 31, 1995
Participant Directed -------------------------------------------------------------------------------- Templeton Fidelity Fidelty Phoenix Scudder Alex Brown Foreign OTC Advisor Balanced ST Bond Cash Reserve Fund Portfolio Equity GR Fund Fund Fund Pr Series -------------------------------------------------------------------------------- ASSETS: Cash $ -- $ -- $ -- $ -- $ -- $ -- Interest receivable -- -- -- -- -- -- Investments, at fair value: Equity investment funds 545,896 783,030 1,335,527 1,005,766 -- -- Common stock of American Ecology Corporation -- -- -- -- -- -- Common Collective Trust -- -- -- -- -- -- Bond fund -- -- -- -- 470,723 -- Money market fund -- -- -- -- -- 365,492 Investments in guaranteed interest accounts at contract value -- -- -- -- -- -- ------------------------------------------------------------------------------- Total investments 545,896 783,030 1,335,527 1,005,766 470,723 365,492 Contributions receivable -- -- -- -- -- -- ------------------------------------------------------------------------------- Total assets 545,896 783,030 1,335,527 1,005,766 470,723 365,492 LIABILITIES Administrative expenses payable -- -- -- -- -- -- ------------------------------------------------------------------------------- Total liabilities -- -- -- -- -- -- ------------------------------------------------------------------------------- NET ASSETS AVAILABLE FOR BENEFITS $ 545,896 $ 783,030 $ 1,335,527 $ 1,005,766 $ 470,723 $ 365,492 ===============================================================================
Non- Participant Participant Directed Directed -------------------------------- ----------- ----------- American Short-Term Guaranteed Ecology Income Interest Common Fund Other Accounts TOTALS -------------------------------- ---------- ----------- ASSETS: Cash $ -- $ -- $ 101,795 $ -- $ 101,795 Interest receivable -- -- 160 -- 160 Investments, at fair value: Equity investment funds -- -- -- -- 3,670,219 Common stock of American Ecology Corporation 26,556 -- -- -- 26,556 Common Collective Trust -- 18,653 -- -- 18,653 Bond fund -- -- -- -- 470,723 Money market fund -- -- -- -- 365,492 Investments in guaranteed interest accounts at contract value -- -- -- 631,937 631,937 ------------------------------ --------- ----------- Total investments 26,556 18,653 -- 631,937 5,183,580 Contributions receivable -- -- 84,509 -- 84,509 ------------------------------ --------- ----------- Total assets 26,556 18,653 186,464 631,937 5,370,044 LIABILITIES Administrative expenses payable -- -- 30,130 -- 30,130 ----------------------------- --------- ----------- Total liabilities -- -- 30,130 -- 30,130 ----------------------------- --------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $ 26,556 $ 18,653 $ 156,334 $ 631,937 $ 5,339,914 ============================= ========= ===========
See accompanying notes -5- 6 American Ecology Corporation Retirement Plan Statement of Net Assets Available for Benefits by Fund as of December 31, 1994
Participant Directed -------------------------------------------------------------------------------- Templeton Fidelity Fidelty Phoenix Scudder Alex Brown Foreign OTC Advisor Balanced ST Bond Cash Reserve Fund Portfolio Equity GR Fund Fund Fund Pr Series -------------------------------------------------------------------------------- ASSETS: Cash $ -- $ -- $ -- $ -- $ -- $ -- Investments, at fair value: Equity investment funds 407,816 593,191 1,056,360 958,597 Common stock of American Ecology Corporation -- -- -- -- -- -- Bond fund -- -- -- -- 499,545 -- Money market fund -- -- -- -- -- 251,979 Investments in guaranteed interest accounts at contract value -- -- -- -- -- -- -------------------------------------------------------------------------------- Total investments 407,816 593,191 1,056,360 958,597 499,545 251,979 Due from (to) other funds 178,890 (10,553) (43,841) (117,917) (59,399) (9,783) Contributions Receivable -- -- -- -- -- -- -------------------------------------------------------------------------------- Total assets 586,706 582,638 1,012,519 840,680 440,146 242,196 LIABILITIES Administrative expenses payable -- -- -- -- -- -- Other liabilities -- -- -- -- -- -- -------------------------------------------------------------------------------- Total liabilities -- -- -- -- -- -- -------------------------------------------------------------------------------- NET ASSETS AVAILABLE FOR BENEFITS $586,706 $582,638 $1,012,519 $840,680 $440,146 $242,196 ================================================================================
Non- Participant Participant Directed Directed ----------------------- -------------- ------------- American Guaranteed Ecology Interest Common Other Accounts TOTALS ----------------------- -------------- ------------- ASSETS: Cash $ -- $ 42,167 $ -- $ 42,167 Investments, at fair value: Equity investment funds 3,015,964 Common stock of American Ecology Corporation 98,615 -- -- 98,615 Bond fund -- -- -- 499,545 Money market fund -- -- -- 251,979 Investments in guaranteed interest accounts -- at contract value -- -- 703,007 703,007 -------------------------------------------------------- Total investments 98,615 -- 703,007 4,569,110 Due from (to) other funds 68,074 -- (5,471) -- Contributions Receivable -- 58,635 -- 58,635 -------------------------------------------------------- Total assets 166,689 100,802 697,536 4,669,912 LIABILITIES Administrative expenses payable -- 72,682 -- 72,682 Other liabilities -- 42,167 -- 42,167 -------------------------------------------------------- Total liabilities -- 114,849 -- 114,849 -------------------------------------------------------- NET ASSETS AVAILABLE FOR BENEFITS $ 166,689 ($14,047) $ 697,536 $ 4,555,063 ========================================================
See accompanying notes -6- 7 AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED DECEMBER 31, 1995 ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income (loss): Net appreciation in fair value of investments $ 576,984 Interest 64,586 Dividends 261,175 ----------- 902,745 ----------- Contributions: Employer 546,021 Employee 26,522 ----------- 572,543 ----------- Total additions 1,475,288 ----------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Withdrawals and benefit payments 660,267 Administrative expenses and other 30,170 ----------- Total deductions 690,437 NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 784,851 NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 4,555,063 ----------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 5,339,914 ===========
The accompanying notes and schedules are an integral part of these financial statements. -7- 8 American Ecology Corporation Retirement Plan Statement of Changes in Net Assets Available for Benefits by Fund for the Year Ended December 31, 1995
Participant Directed --------------------------------------------------------------------------- Templeton Fidelity Fidelty Phoenix Scudder Alex Brown Foreign OTC Advisor Balanced ST Bond Cash Reserve Fund Portfolio Equity GR Fund Fund Fund Pr Series --------------------------------------------------------------------------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income (loss) Net appreciation in fair value of investments $ 7,051 $ 191,408 $ 327,796 $ 117,594 $ 17,609 $ -- Interest -- -- -- -- -- -- Dividends 29,906 46,536 65,647 82,559 20,926 15,261 -------- --------- ----------- ----------- --------- ----------- 36,957 237,944 393,443 200,153 38,535 15,261 Contributions Employer 56,877 58,108 107,685 70,573 38,305 101,479 Employee 4,830 2,963 5,377 4,910 1,749 2,856 -------- --------- ----------- ----------- --------- ----------- 61,707 61,071 113,062 75,483 40,054 104,335 -------- --------- ----------- ----------- --------- ----------- Total additions 98,664 299,015 506,505 275,636 78,589 119,596 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Withdrawals and benefit payments 132,337 132,590 169,661 126,871 55,537 21,519 Administrative expenses and other 8,542 9,709 16,306 14,261 7,666 3,494 -------- --------- ----------- ----------- --------- ----------- Total deductions 140,879 142,299 185,967 141,132 63,203 25,013 NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS BEFORE INTERFUND TRANSFERS (42,215) 156,716 320,538 134,504 15,386 94,583 Interfund transfers 1,405 43,676 2,470 30,582 15,191 28,713 -------- --------- ----------- ----------- --------- ----------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS (40,810) 200,392 323,008 165,086 30,577 123,296 NET ASSETS AVAILABLE FOR BENEFITS 01/01/95 586,706 582,638 1,012,519 840,680 440,146 242,196 -------- --------- ----------- ----------- --------- ----------- NET ASSETS AVAILABLE FOR BENEFITS 12/31/95 $545,896 $ 783,030 $ 1,335,527 $ 1,005,766 $ 470,723 $ 365,492 ======== ========= =========== =========== ========= ===========
Non- Participant Participant Directed Directed ----------------------------------- ------------- ----------- American Short-Term Guaranteed Ecology Income Interest Common Fund Other Accounts TOTALS ----------------------------------- ------------- ----------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income (loss) Net appreciation in fair value of investments $ (84,474) $ -- $ -- $ -- $ 576,984 Interest -- 1,020 6,749 56,817 64,586 Dividends 340 -- -- -- 261,175 --------- --------- --------- ---------- ----------- (84,134) 1,020 6,749 56,817 902,745 Contributions Employer 15,860 -- 97,134 -- 546,021 Employee 1,085 -- 2,752 -- 26,522 --------- --------- --------- ---------- ----------- 16,945 -- 99,886 -- 572,543 --------- --------- --------- ---------- ----------- Total additions (67,189) 1,020 106,635 56,817 1,475,288 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Withdrawals and benefit payments 7,908 -- -- 13,844 660,267 Administrative expenses and other 2,110 -- (42,512) 10,594 30,170 --------- --------- --------- ---------- ----------- Total deductions 10,018 -- (42,512) 24,438 690,437 NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS BEFORE INTERFUND TRANSFERS (77,207) 1,020 149,147 32,379 784,851 Interfund transfers (62,926) 17,633 21,234 (97,978) -- --------- --------- --------- ---------- ----------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS (140,133) 18,653 170,381 (65,599) 784,851 NET ASSETS AVAILABLE FOR BENEFITS 01/01/95 166,689 -- (14,047) 697,536 4,555,063 --------- --------- --------- ---------- ----------- NET ASSETS AVAILABLE FOR BENEFITS 12/31/95 $ 26,556 $ 18,653 $ 156,334 $ 631,937 $ 5,339,914 ========= ========= ========= ========== ===========
See accompanying notes -8- 9 AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1995 and 1994 NOTE A - DESCRIPTION OF THE PLAN General American Ecology Corporation Retirement Plan ("the Plan"), was originally adopted effective January 1, 1972, as a defined contribution plan, and was amended and restated to its present form effective March 23, 1987. 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 appoints a member of the administrative committee to serve as Plan administrator. 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 May 1, 1995, the administrative committee appointed three employees of the Company as trustees, who had the authority to control the assets of the Plan in accordance with the terms of the Plan. During this period, Alex Brown & Sons, Incorporated was appointed as custodian of the Plan's assets, authorizing Alex Brown to manage the Plan's assets. Effective May 1, 1995, the administrative committee appointed Hand and Associates as recordkeeper and American Industries Trust Company as trustee of the Plan. Contributions The Company makes a basic contribution equal to 5 percent of compensation below the prior year's FICA wage base plus a contribution equal to 10 percent of compensation above the prior year's FICA wage base, and a past service contribution, as defined, for each participant who is an active participant on the contribution date. Additionally, active participants may make voluntary after-tax contributions up to 10 percent of their compensation, as defined. Voluntary contributions are made in accordance with procedures and limitations set up by the Plan administrator. -9- 10 AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1995 and 1994 NOTE A - DESCRIPTION OF THE PLAN (Continued) Plan Amendment Effective December 31, 1995, the Plan was amended to provide that participants will not earn additional benefits under the Plan, Company contributions will not be made, and employees will not be eligible to become participants in the Plan on or after December 31, 1995. Vesting Employee contributions and the earnings associated therewith are 100 percent vested for each participant. Participants are vested in the Company's basic and supplemental contributions and earnings thereon at the rate of 20 percent on the first year of service anniversary and an additional 20 percent after completing each year of service after each anniversary. The Plan provides for participants to be fully vested upon death, permanent disability or the attainment of age 55. Investment Options Upon enrollment in the Plan, a participant may direct employee and employer contributions in any of the following seven investment options: Templeton Foreign Fund - seeks capital growth by investing in stocks and debt obligations of companies and governments principally outside the United States. Fidelity OTC Portfolio - seeks capital growth by investing primarily in securities traded in the over-the-counter securities market. Fidelity Advisor Equity Growth Fund - seeks capital growth by investing in common stock, preferred stock, and securities convertible to common stock with above average growth statistics. Phoenix Balanced Fund - seeks capital growth and conservation of capital by investing in common stocks and fixed- income securities such as U.S. Treasury obligations. Scudder Short-Term Bond Fund - seeks high level of income consistent with a high degree of principal stability by investing in high quality short-term bonds, including U.S. government securities and corporate debt securities. -10- 11 AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1995 and 1994 NOTE A - DESCRIPTION OF THE PLAN (Continued) Alex Brown Cash Reserve Fund Prime Series - seeks preservation of capital and liquidity by investing in money market investments, including U.S. Treasury obligations. 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 8.39% at December 31, 1995 and 1994) and mature through December 31, 1997. The balances in the guaranteed interest accounts will remain in such accounts until maturity or withdrawal by the employee. Participant Accounts Each participant's account is credited with the Company's contributions, voluntary contributions and the proportionate allocation of the earnings of the Plan. 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 the equity in each investment fund before such allocation. Forfeitures of terminated participants' nonvested benefits are applied to pay administrative expenses and reduce the Company's contributions to the Plan. No forfeitures were utilized during fiscal 1994 to pay administrative expenses. Forfeitures were used in 1995 to pay for administration expenses. Payment of Withdrawals and Benefits Upon normal retirement or death, vested benefits due to participants and their beneficiaries may be paid in a lump-sum or by the purchase and delivery of a life annuity contract. Terminated employees and current employees who have discontinued contributions to the Plan are not required to withdraw amounts from their Plan accounts. Expenses Expenses of administering the Plan are the responsibility of the Plan. During the years ended December 31, 1995 and 1994, $30,130 and $19,940, respectively, of administrative expenses were paid by the Company on behalf of the plan and are to be reimbursed by the Plan. These amounts are included in administrative expense payable. -11- 12 AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1995 and 1994 NOTE A - DESCRIPTION OF THE PLAN (Continued) Termination Although the Company expects to continue the Plan indefinitely, the Company may terminate the 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 fully vested and nonforfeitable as of the effective date of the Plan termination. 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. All other investments are valued at quoted market prices or by the contracted price. Investment income is recorded as earned. 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. Reclassification Certain 1994 amounts have been reclassified to conform with the presentation of the 1995 financial statements. -12- 13 AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1995 and 1994 NOTE B - SUMMARY OF ACCOUNTING POLICIES (Continued) 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, -------------------------- 1995 1994 ----------- ----------- Guaranteed interest account with interest at rate in effect at date of contribution (rate of 8.4% at December 31, 1994), maturing on December 31, 1994 $ -- $ 10,341 Guaranteed interest account with interest at rate in effect at date of contribution (rate of 8.01% at December 31, 1995 and 1994), maturing on December 31, 1995 11,616 11,020 Guaranteed interest account with interest at rate in effect at date of contribution (rate of 6.57% at December 31, 1995 and 1994), maturing on December 31, 1996 49,284 46,987 Guaranteed interest account with interest at rate in effect at date of contribution (rate of 8.53% at December 31, 1995 and 1994), maturing on December 31, 1997 571,037 634,659 ----------- ----------- $ 631,937 $ 703,007 =========== ===========
-13- 14 AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1995 and 1994 NOTE D - INCOME TAX STATUS The Plan obtained its latest determination letter on March 23, 1987, in which the Internal Revenue Service stated that the Plan, as then designed, was 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, the Plan administrator believes the Plan was qualified and the related trust was tax-exempt as of December 31, 1995. NOTE E - PLAN SPONSOR GOING CONCERN The Company issued its latest audited financial statements as of December 31, 1995. Included in the independent auditors report was a paragraph regarding 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. -14- 15 SUPPLEMENTAL INFORMATION -15- 16 AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1995
Current ------- Identity of Issue Description Shares Cost Value ----------------- ----------- ------ ---- ----- Short Term Income Short Term $ 18,653 $ 18,653 $ 18,653 Templeton Funds, Inc. Foreign Fund 59,466 545,605 545,896 Fidelity Institutional Retirement Services Company OTC Portfolio 25,817 696,096 783,030 Fidelity Institutional Retirement Services Advisor Equity Company Growth Fund 35,605 1,152,231 1,335,527 Phoenix Equity Planning Corporation 59,867 947,557 1,005,766 Balanced Fund Scudder 41,473 456,139 470,723 Short Term Bond Alex Brown & Sons Cash Reserve Fund 365,492 365,492 365,492 Prime Series American Ecology Corporation Common Stock 8,171 49,704 26,556 Principle Mutual Life Insurance Company: Maturing December 31, 1995, with an interest rate of 8.01% -- 11,616 11,616 Maturing December 31, 1996, with an interest rate of 6.57% -- 49,284 49,284 Maturing December 31, 1997, with an interest rate of 8.53% -- 571,038 571,037 ------------ ----------- TOTAL ASSETS HELD FOR INVESTMENT PURPOSES $ 4,863,415 $ 5,183,580 ============ ===========
-16- 17 American Ecology Corporation Retirement Plan Item 27d - Schedule of Reportable Transactions For the Year Ended December 31, 1995
Current Value of Asset Purchase Selling Cost of at Date of Net Identity of Party Involved Description Price Price Asset Transaction Gain (loss) -------------------------- ----------- -------- ------- ------- ------------- ----------- Category (iii): A series of transactions in excess of 5% of plan assets Templeton Funds, Inc. Templeton Foreign $279,187 $ -- $279,187 $279,187 $ -- Fidelity Institutional Retirement Fidelity Advisor -- 268,724 226,197 268,724 42,528 Phoenix Equity Planning Phoenix Series Balanced -- 270,483 263,936 270,483 6,547
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, 1995. There were no category (i), (ii), or (iv) reportable transactions during 1995 -17- -----END PRIVACY-ENHANCED MESSAGE-----