-----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, EVF50X+e/CbTMlyhjabJ+74i/t2rlzv+trWbZn5ldipDX+6QFE8qjeCpQTkHF/qK /rNuc/qdPfCn8ltl2C422A== 0000950129-96-001970.txt : 19960819 0000950129-96-001970.hdr.sgml : 19960819 ACCESSION NUMBER: 0000950129-96-001970 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: 96616934 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. - 401(K) SAVINGS 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 401(k) Savings Plan B. American Ecology Corporation 805 W Idaho Suite 200 Boise ID 83702 SIGNATURES The Plan. 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 401(k) Savings Plan Date August 14, 1996 /s/ R. S. Thorn ----------------------- ----------------------------------------------- R. S. Thorn As Trustee for the Plan 2 AMERICAN ECOLOGY CORPORATION 401(K) SAVINGS 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 years Ended December 31, 1995 and 1994 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 401(k) Savings Plan We have audited the accompanying statement of net assets available for benefits of American Ecology Corporation 401(k) Savings 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 401(k) Savings 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 401(k) Savings 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 401(K) SAVINGS PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, ------------ 1995 1994 ---- ---- ASSETS: Cash $ 36,906 $ -- Interest receivable 1,868 -- Investments, at fair value: Equity investment funds 4,495,155 2,925,783 Common stock of American Ecology Corporation 189,703 112,382 Bond fund 520,540 381,421 Money market fund 476,502 790,492 Investment in guaranteed interest accounts at contract value 381,588 663,781 ----------- ----------- Total investments 6,063,488 4,873,859 Contributions receivable 143,602 133,640 ----------- ----------- Total assets 6,245,864 5,007,499 LIABILITIES: Administrative expenses payable 87,058 72,147 Other liabilities 4,965 -- ----------- ----------- Total liabilities 92,203 72,147 ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $ 6,153,841 $ 4,935,352 =========== ===========
The accompanying notes and schedules are an integral part of these financial statements. -4- 5 American Ecology Corporation 401(k) Savings Plan Statement of Net Assets Available for Benefits by Fund as of December 31, 1995
Participant Directed ------------------------------------------------------------------ Templeton Fidelity Fidelty Phoenix Scudder Foreign OTC Advisor Balanced ST Bond Fund Portfolio Equity GR Fund Fund ------------------------------------------------------------------ ASSETS: Cash $ -- $ -- $ -- $ -- $ -- Interest receivable -- -- -- -- -- Investments, at fair value: Equity investment funds 747,835 938,493 1,749,402 1,059,425 -- Common stock of American Ecology Corp -- -- -- -- -- Bond fund -- -- -- -- 520,540 Money market fund -- -- -- -- -- Investments in guaranteed interest accounts at contract value -- -- -- -- -- --------------------------------------------------------------- Total investments 747,835 938,493 1,749,402 1,059,425 520,540 Contributions receivable -- -- -- -- -- --------------------------------------------------------------- Total assets 747,835 938,493 1,749,402 1,059,425 520,540 LIABILITIES Administrative expenses payable -- -- -- -- -- Other liabilities -- -- -- -- -- --------------------------------------------------------------- Total liabilities -- -- -- -- -- --------------------------------------------------------------- NET ASSETS AVAILABLE FOR BENEFITS $747,835 $938,493 $1,749,402 $1,059,425 $520,540 =============================================================== Non- Participant Participant Directed Directed -------------------------------------- ----------- ----------- Alex Brown American Guaranteed Cash Reserve Ecology Interest Fund Pr Series Common Other Accounts TOTALS -------------------------------------- ----------- ----------- ASSETS: Cash $ -- $ -- $ 36,906 $ -- $ 36,906 Interest receivable -- -- 1,868 -- 1,868 Investments, at fair value: Equity investment funds -- -- -- -- 4,495,155 Common stock of American Ecology Corp -- 189,703 -- -- 189,703 Bond fund -- -- -- -- 520,540 Money market fund 476,502 -- -- -- 476,502 Investments in guaranteed interest accounts at contract value -- -- -- 381,588 381,588 ----------------------------------- --------- ---------- Total investments 476,502 189,703 -- 381,588 6,063,488 Contributions receivable -- -- 143,602 -- 143,602 ----------------------------------- -------- ---------- Total assets 476,502 189,703 182,376 381,588 6,245,864 LIABILITIES Administrative expenses payable -- -- 87,058 -- 87,058 Other liabilities -- -- 4,965 -- 4,965 ----------------------------------- -------- ---------- Total liabilities -- -- 92,023 -- 92,023 ----------------------------------- -------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $476,502 $189,703 $ 90,353 $381,588 $6,153,841 =================================== ======== ==========
See accompanying notes. -5- 6 American Ecology Corporation 401(k) Savings Plan Statement of Net Assets Available for Benefits by Fund as of December 31, 1994
Participant Directed ------------------------------------------------------------ Templeton Fidelity Fidelty Phoenix Scudder Foreign OTC Advisor Balanced ST Bond Fund Portfolio Equity GR Fund Fund ------------------------------------------------------------ ASSETS: Investments, at fair value: Equity investment funds $443,385 $583,702 $1,094,028 $804,668 $ -- Common stock of American Ecology Corp -- -- -- -- -- Bond fund -- -- -- -- 381,421 Money market fund -- -- -- -- -- Investments in guaranteed interest accounts at contract value -- -- -- -- -- ---------------------------------------------------------- Total investments 443,385 583,702 1,094,028 804,668 381,421 Due from (to) other funds 228,197 99,441 114,754 7,401 14,339 Contributions receivable -- -- -- -- -- ---------------------------------------------------------- Total assets 671,582 683,143 1,208,782 812,069 395,760 LIABILITIES Administrative expenses payable -- -- -- -- -- ---------------------------------------------------------- Total liabilities -- -- -- -- -- ---------------------------------------------------------- NET ASSETS AVAILABLE FOR BENEFITS $671,582 $683,143 $1,208,782 $812,069 $395,760 ========================================================== Non- Participant Participant Directed Directed --------------------------------- ----------- ----------- Alex Brown American Guaranteed Cash Reserve Ecology Interest Fund Pr Serie Common Other Accounts TOTALS -------------------------------- ----------- ----------- ASSETS: Investments, at fair value: Equity investment funds $ -- $ -- $ -- $ -- $2,925,783 Common stock of American Ecology Corp -- 112,382 -- -- 112,382 Bond fund -- -- -- -- 381,421 Money market fund 790,492 -- -- -- 790,492 Investments in guaranteed interest accounts at contract value -- -- -- 663,781 663,781 ------------------------------ -------- ---------- Total investments 790,492 112,382 -- 663,781 4,873,859 Due from (to) other funds (499,135 ) 32,295 -- 2,708 -- Contributions receivable -- -- 133,640 -- 133,640 ------------------------------ -------- ---------- Total assets 291,357 144,677 133,640 666,489 5,007,499 LIABILITIES Administrative expenses payable -- -- 72,147 -- 72,147 ------------------------------ -------- ---------- Total liabilities -- -- 72,147 -- 72,147 ------------------------------ -------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $291,357 $144,677 $61,493 $666,489 $4,935,352 ============================== ======== ==========
See accompanying notes. -6- 7 AMERICAN ECOLOGY CORPORATION 401(K) SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEARS ENDED DECEMBER 31, 1995 AND 1994
1995 1994 ----------- ---------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income (loss) Net appreciation in fair value of investments $ 696,284 $ (172,024) Interest 29,767 54,730 Dividends 308,376 122,122 ----------- ----------- 1,034,427 4,828 Contributions: Employer 434,387 343,417 Employee 1,069,709 836,387 ----------- ----------- 1,504,096 1,179,804 Rollovers from other plans -- 472,869 ----------- ----------- Total additions 2,538,523 1,657,501 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Withdrawal and benefit payments 1,228,011 633,053 Administrative expenses and other 92,023 34,592 ----------- ----------- Total deductions 1,320,034 667,645 NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 1,218,489 989,856 NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 4,935,352 3,945,496 ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 6,153,841 $ 4,935,352 =========== ===========
The accompanying notes and schedules are an integral part of these financial statements. -7- 8 American Ecology Corporation 401(k) Savings 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 Foreign OTC Advisor Balanced ST Bond Fund Portfolio Equity GR Fund Fund --------------------------------------------------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income (loss) Net appreciation in fair value of investments $ 7,108 $224,588 $403,074 $ 142,662 $27,091 Interest -- -- -- -- -- Dividends 34,379 57,056 84,136 85,425 20,847 -------------------------------------------------- 41,487 281,644 487,210 228,087 47,938 Contributions Employer match 52,389 44,135 96,551 57,878 20,078 Employee rollover 27,659 10,603 64,410 30,406 20,964 Employee deferral 162,608 141,264 304,380 170,320 70,459 -------------------------------------------------- 242,656 196,002 465,341 258,604 111,501 -------------------------------------------------- Total additions 284,143 477,646 952,551 486,691 159,439 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Withdrawals and benefit payments 175,069 187,170 432,936 271,696 62,198 Administrative expenses and other 8,296 10,147 16,533 12,263 6,367 -------------------------------------------------- Total deductions 183,365 197,317 449,469 283,959 68,565 NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENFITS BEFORE INTERFUND TRANSFERS 100,778 280,329 503,082 202,732 90,874 Interfund transfers (24,525) (24,979) 37,538 44,624 33,906 -------------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENFITS 76,253 255,350 540,620 247,356 124,780 NET ASSETS AVAILABLE FOR BENEFITS 01/01/95 671,582 683,143 1,208,782 812,069 395,760 -------------------------------------------------- NET ASSETS AVAILABLE FOR BENEFITS 12/31/95 $747,835 $938,493 $1,749,402 $1,059,425 $520,540 ======== ======== ========== ========== ========
Non- Participant Participant Directed Directed --------------------------------------- ----------- Alex Brown American Guaranteed Cash Reserve Ecology Interest Fund Pr Serie Common Other Accounts TOTALS ------------- ------- -------- ----------- ---------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income (loss) Net appreciation in fair value of investments $ -- $(108,239) $ -- $ -- $ 696,284 Interest -- -- 3,039 26,728 29,767 Dividends 26,533 -- -- -- 308,376 ------------------------------------ ------- ---------- 26,533 (108,239) 3,039 26,728 1,034,427 Contributions Employer match 15,835 95,676 51,845 -- 434,387 Employee rollover 4,117 6,302 -- -- 164,461 Employee deferral 49,930 48,170 (41,883) -- 905,248 ------------------------------------ ------- ---------- 69,882 150,148 9,962 -- 1,504,096 ------------------------------------ ------- ---------- Total additions 96,415 41,909 13,001 26,728 2,538,523 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Withdrawals and benefit payments 65,631 25,523 -- 7,788 1,228,011 Administrative expenses and other 6,043 2,131 19,876 10,367 92,023 ------------------------------------ ------- ---------- Total deductions 71,674 27,654 19,876 18,155 1,320,034 NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENFITS BEFORE INTERFUND TRANSFERS 24,741 14,255 (6,875) 8,573 1,218,489 Interfund transfers 160,404 30,771 35,735 (293,474) -- ------------------------------------ ------- ---------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENFITS 185,145 45,026 28,860 (284,901) 1,218,489 NET ASSETS AVAILABLE FOR BENEFITS 01/01/95 291,357 144,677 61,493 666,489 4,935,352 ------------------------------------ ------- ---------- NET ASSETS AVAILABLE FOR BENEFITS 12/31/95 $476,502 $189,703 $90,353 $381,588 $6,153,841 ==================================== ======== ==========
See accompanying notes. -8- 9 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1995 and 1994 NOTE A - DESCRIPTION OF THE PLAN General American Ecology Corporation 401(k) Savings Plan ("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 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. Employee Contributions Participants may elect to defer any whole percentage up to 10 percent of their compensation, as defined by the Plan, up to the maximum deferrable amount allowed by the Internal Revenue Service, and have the Company make contributions to the Plan on their behalf through payroll deductions. Participant contributions are fully vested and nonforfeitable. Participants may elect to deposit their contributions in any of the investment options available. -9- 10 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1995 and 1994 NOTE A - DESCRIPTION OF THE PLAN (Continued) Employer Contributions The Company also contributes a matching amount on behalf of each participant equal to 55 percent of the amount of compensation deferred by each participant for the calendar quarter not exceeding 3.3 percent of compensation. The Company's matching contributions are subject to the vesting schedule detailed below. Since January 1, 1993, the matching contributions have been directed by the participant. Vesting The vesting schedule is as follows on Company matching contributions and actual earnings thereon:
Percentage of Service Vested Interest ------- --------------- 1 year 20% 2 years 60 3 years 100
Participants vest immediately in their deferrals plus actual earnings thereon. The Plan provides for participants to be fully 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 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. -10- 11 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1995 and 1994 NOTE A - DESCRIPTION OF THE PLAN (Continued) 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. 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 participant's contributions and the Company's matching contributions. 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. 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. -11- 12 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1995 and 1994 NOTE A - DESCRIPTION OF THE PLAN (Continued) 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, 1995 and 1994, $92,023 and $21,501, 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 expenses payable. 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. 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. 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. -12- 13 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1995 and 1994 NOTE B - SUMMARY OF ACCOUNTING POLICIES (Continued) Reclassification Certain 1994 amounts have been reclassified to conform with the presentation of the 1995 financial statements. 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 8.00% at December 31, 1994), maturing on December 31, 1994 $ -- $ 280,335 Guaranteed interest account with interest at rate in effect at date of contribution (rate of 4.94% at December 31, 1994), maturing on September 30, 1995 -- 16,512 Guaranteed interest account with interest at rate in effect at date of contribution (rates of 8.15% to 8.30% at December 31, 1995 and 1994) maturing on December 31, 1995 280,342 267,208 Guaranteed interest account with interest at rate in effect at date of contribution (rates of 7.00% to 7.08% at December 31, 1995 and 7.02% at December 31, 1994), maturing on September 30, 1996 1,730 1,716
-13- 14 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1995 and 1994 NOTE C - GUARANTEED INTEREST ACCOUNTS (Continued) Guaranteed interest account with interest at rate in effect at date of contribution (rate of 6.85% at December 31, 1995 and 1994), maturing on December 31, 1996 98,091 96,445 Guaranteed interest account with interest at rate in effect at date of contribution (rates of 5.78% to 5.92% at December 31, 1995 and 5.89% at December 31, 1994), maturing on September 30, 1997 1,425 1,565 -------- -------- $381,588 $663,781 ======== ========
NOTE D - INCOME TAX STATUS The Plan obtained its latest determination letter on September 7, 1988, 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 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. -14- 15 SUPPLEMENTAL INFORMATION -15- 16 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1995
Current ------- Identity of Issue Description Shares Cost Value ----------------- ----------- ------ ---------- ----------- Templeton Funds, Inc. Foreign Fund 81,463 $ 752,003 $ 747,835 Fidelity Institutional Retirement Services Company OTC Portfolio 30,943 830,160 938,493 Fidelity Institutional Retirement Services Advisor Equity Company Growth Fund 46,638 1,548,136 1,749,402 Phoenix Equity Planning Corporation Balanced Fund 63,061 1,004,078 1,059,425 Scudder Short Term Bond Fund 45,862 506,002 520,540 Alex Brown & Sons Cash Reserve Fund Prime Series 476,503 476,503 476,502 American Ecology Corporation Common Stock 58,370 264,401 189,703 Principle Mutual Life Insurance Company: Maturing December 31, 1995, with interest rates of 8.15% to 8.30% -- 280,342 280,342 Maturing September 30, 1996, with interest rates of 7.00% to 7.08% -- 1,730 1,730 Maturing December 31, 1996, with interest rate of 6.85% -- 98,091 98,091 Maturing September 30, 1997, with interest rates of 5.78% to 5.92% -- 1,425 1,425 ---------- ---------- TOTAL ASSETS HELD FOR INVESTMENT PURPOSES $5,762,871 $6,063,488 ========== ==========
-16- 17 American Ecology Corporation 410(k) Savings 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 Fund Purchases $ 536,266 $ -- $ 536,266 $ 536,266 $ -- Sales -- 263,183 252,745 263,183 10,438 Fidelity Institutional RetirementFidelity OTC Services Company Purchases 433,569 -- 433,569 433,569 -- Sales -- 298,817 269,954 298,817 28,864 Fidelity Institutional RetirementFidelity Advisor Equity Services Company Purchases 784,069 -- 784,069 784,069 -- Sales -- 559,436 464,361 559,436 95,075 Phoenix Equity Planning Phoenix Series Balanced Corporation Purchases 444,928 -- 444,928 444,928 -- Sales -- 314,293 294,145 314,293 20,148
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-----