-----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, A4dVS6qtl5kSfwEhl1nJTSCii2HKq4uhWoglKNJuMxhQtpS4SmdwcrihItvPVzlg leGTFvKDA7kez9O76D0rfw== 0000950129-97-002658.txt : 19970701 0000950129-97-002658.hdr.sgml : 19970701 ACCESSION NUMBER: 0000950129-97-002658 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970630 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: 97633310 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 CORPORATION 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, 1996 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 June 27, 1997 /s/ R.S. Thorn ------------- ------------------------- R.S. Thorn As Trustee for the Plan 2 FINANCIAL STATEMENTS ------ AMERICAN ECOLOGY CORPORATION 401(K) SAVINGS PLAN ------ DECEMBER 31, 1996 AND 1995 3 TABLE OF CONTENTS
Page No. -------- INDEPENDENT AUDITORS' REPORT .................................... 1 FINANCIAL STATEMENTS Statement of Net Assets Available for Benefits ................ 3 Statement of Changes in Net Assets Available for Benefits ................................................. 4 Notes to Financial Statements ................................. 5 SUPPLEMENTAL INFORMATION Item 27a - Schedule of Assets Held for Investment Purposes .... 19 Item 27d - Schedule of Reportable Transactions ................ 22
4 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, 1996 and 1995 and the related statement of changes in net assets available for benefits for the year then ended December 31, 1996. 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, 1996 and 1995 and the changes in net assets available for benefits for the year then ended in conformity with generally accepted accounting principles. 5 Our audit were made for the purpose of forming an opinion on the basic financial statements taken as 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 audits 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. /s/ D. Jae Hallett - ------------------------------- by D. Jae Hallett, Partner BALUKOFF, LINDSTROM & CO., P.A. Boise, Idaho June 20, 1997 6 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS December 31, 1996 and 1995 ASSETS
1996 1995 ---------- ---------- Cash $ -- $ 36,906 Interest receivable -- 1,868 Investments, at fair value Equity investment funds 6,320,030 4,495,155 Common stock of American Ecology Corporation 158,406 189,703 Bond fund 20,455 520,540 Money market fund 2,305,898 476,502 Investment in guaranteed interest accounts, at contract value 579,497 381,588 Participant loans 272,384 -- ---------- ---------- TOTAL INVESTMENTS 9,656,670 6,063,488 Contributions receivable 146,384 143,602 ---------- ---------- TOTAL ASSETS 9,803,054 6,245,864 LIABILITIES Administrative expenses payable -- 87,058 Other liabilities -- 4,965 ---------- ---------- TOTAL LIABILITIES -- 92,023 ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $9,803,054 $6,153,841 ========== ==========
See accompanying notes -3- 7 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED DECEMBER 31, 1996 ADDITIONS TO NET ASSETS ATTRIBUTED TO Investment income Net appreciation in fair value of investments $ 291,981 Interest 48,156 Dividends 173,410 ------------ 513,547 Contributions Employer 268,746 Employee 668,121 Employee rollover 35,252 ------------ 972,119 Plan Merger with American Ecology Retirement Plan 4,656,067 ------------ TOTAL ADDITIONS 6,141,733 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO Withdrawals and benefit payments 2,503,795 Administrative expenses and other (11,275) ------------ TOTAL DEDUCTIONS 2,492,520 ------------ NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 3,649,213 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 6,153,841 ------------ NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $ 9,803,054 ============
See accompanying notes -4- 8 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1996 and 1995 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 (Alex Brown), was appointed as custodian of the Plan's assets authorizing Alex Brown to manage the Plan's assets. During the period May 1, 1995 through 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 PGG&R as plan administrator, Manulife Financial as recordkeeper of the plan, and Fleet Investment Advisors as the trustee of the Plan. As plan trustees, 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 a single plan known exclusively as the American Ecology Corporation 401(k) Savings Plan. Transfer of the American Ecology Corporation Retirement Plan assets of $4,656,067 occurred on December 12, 1996. -5- 9 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1996 and 1995 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 (IRS). Participant contributions are fully vested and nonforfeitable. Participants may elect to deposit their contributions in any of the investment options available. 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 6 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 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. -6- 10 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1996 and 1995 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. 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. 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 High-Quality Bond Fund - invests in U.S. Treasury and Agency bonds and high -quality corporate bonds. Manulife Balanced Fund - seeks capital growth by investing in equity and fixed income securities. 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 earning growth rates that do not do business with specified foreign countries. -7- 11 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1996 and 1995 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 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 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 Income Fund - invests in shares of T. Rowe Price Spectrum Income Fund that invests in a diversified group of fixed income securities. 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 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. 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 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 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. -8- 12 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1996 and 1995 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 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 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 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 Life Style Fund-Aggressive - seeks to maximize long-term growth by investing in Manulife's 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-Balanced - seeks growth by investing in fixed income funds 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-Conservative - seeks growth by investing in funds specializing in fixed income and stock funds. Manulife Guaranteed Interest Accounts - invested primarily in federal and other government bonds and commercial mortgages. Interest rates are established upon enrollment and guaranteed by Manulife as long as held to maturity, with a choice of 3, 5, or 10 year terms. -9- 13 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1996 and 1995 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 5.59% and 8.39% at December 31, 1996 and 1995) 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 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 participant's nonvested benefits are applied to pay administrative expenses and reduce the Company's contributions to the Plan. As of December 31, 1996 the Plan had $305,051 of unused forfeitures. Effective November 20, 1996 the Plan was amended to allow the Company to withdraw any excess forfeitures. No withdrawals were made from forfeitures during fiscal year 1996. Forfeitures were utilized during fiscal 1995 and 1996 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. 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, 1996 and 1995, $40,285 and $92,023, respectively, of administrative expenses were paid by the Company on behalf of the Plan. At December 31, 1995 the plan administrator determined that payables of $87,058 were outstanding and owed to various vendors. Accordingly -10- 14 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1996 and 1995 the related administrative expenses and liability were recorded. During 1996 these payables were paid directly by the Company. The plan administrator and the Company determined the continued recognition of the payables on the plan books was not necessary as the amount will be repaid to the Company through future forefeiture distributions. Accordingly, administrative expenses were reduced by $87,058 in 1996 to reflect this change. 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. 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 Participant Notes fund to the investment. 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. 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. -11- 15 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1996 and 1995 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, 1996 1995 ---- ---- Guaranteed interest account with interest at rate in effect of date of contribution (rate of 5.75% as of December 31, 1996) maturing on December 31, 2005 $ 10,314 $ -- Guaranteed interest account with interest at rate in effect of date of contribution (rate of 5.25% as of December 31, 1996) maturing on December 31, 1998 40,874 -- Guaranteed interest account with interest at rate in effect of date of contribution (rate of 5.45% as of December 31, 1996) maturing on December 31, 2000 20,674 --
-12- 16 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1996 and 1995
December 31, 1996 1995 ---- ---- Guaranteed interest account with interest at rate in effect at date of contribution (rates of 8.15% to 8.30% at December 31, 1995), maturing on December 31, 1995 -- 280,342 Guaranteed interest account with interest at rate in effect at date of contribution (rates of 7.00% to 7.08% at December 31, 1995), maturing on September 30, 1996 -- 1,730 Guaranteed interest account with interest at rate in effect at date of contribution (rate of 6.57% at December 31, 1996 and 1995), maturing on December 31, 1996 52,360 -- Guaranteed interest account with interest at rate in effect at date of contribution (rate of 8.53% at December 31, 1996 and 1995), maturing on December 31, 1997 447,039 -- Guaranteed interest account with interest at rate in effect at date of contribution (rate of 6.85% at December 31, 1996 and 1995), maturing on December 31, 1996 80,098 98,091 Guaranteed interest account with interest at rate in effect at date of contribution (rates of 5.78% to 5.92% at December 31, 1995), maturing on September 30, 1997 -- 1,425 -------- -------- $651,359 $381,588 ======== ========
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 -13- 17 AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1996 and 1995 administrator believes the Plan was qualified and the related trust was tax-exempt as of December 31, 1996. NOTE E - PLAN SPONSOR GOING CONCERN The Company issued its latest audited financial statements as of December 31, 1996. 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 - SUBSEQUENT EVENTS Effective February 1, 1997, the Plan was amended that requires an employer contribution equal to five percent of the compensation not in excess of his excess compensation of each union participant who is eligible to share 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. On May 27, 1997 the IRS made a favorable determination on the Plan for all amendments adopted through November 20, 1996. NOTE G - PARTICIPANT DATA Following is the statement of changes in net assets available for benefits by fund at December 31, 1996: -14- 18 American Ecology Corporation 401(k) Savings Plan Statement of Changes in Net Assets For the year ended December 31, 1996
Participant directed ------------------------------------------------------------------------------------------------ Templeton Fidelity Fidelity Phoenix Scudder Alex Foreign OTC Advisors Balanced Short-term Brown Lifestyle Fund Portfolio Equity GR Fund Bond Fund Prime Conserve ------------------------------------------------------------------------------------------------ ADDITIONS Investment income (loss) Net appreciation (loss) $ 72,718 $ 79,081 $ 249,026 $ 62,879 $ (9,082) $ -- $ (10) Interest 1,239 2,837 3,957 2,129 900 21,902 -- Dividends 37,245 78,533 9,384 18,422 26,446 -- -- ------------------------------------------------------------------------------------------------ Subtotal 111,202 160,451 262,367 83,430 18,264 21,902 (10) Contributions Employer 4,616 5,622 11,066 5,779 2,016 2,906 676 Employee 75,353 91,787 180,668 94,350 32,922 47,438 2,239 Rollover -- -- 15,233 -- -- -- -- ------------------------------------------------------------------------------------------------ Subtotal 79,969 97,409 206,967 100,129 34,938 50,344 2,915 ------------------------------------------------------------------------------------------------ Interfund transfers and plan merger (605,487) (843,309) (1,390,994) (835,616) (361,282) (265,800) 169,239 ------------------------------------------------------------------------------------------------ Total additions (414,316) (585,449) (921,660) (652,057) (308,080) (193,554) 172,144 DEDUCTIONS Withdrawals and benefit payments 333,519 353,044 827,742 407,368 212,460 282,948 -- Administrative expenses and other -- -- -- -- -- -- -- ------------------------------------------------------------------------------------------------ Total deductions 333,519 353,044 827,742 407,368 212,460 282,948 -- Net increase (decrease) during year (747,835) (938,493) (1,749,402) (1,059,425) (520,540) (476,502) 172,144 Net assets available for benefits beginning of year 747,835 938,493 1,749,402 1,059,425 520,540 476,502 -- ------------------------------------------------------------------------------------------------ Net assets available for benefits end of year $ -- $ -- $ -- $ -- $ -- $ -- $ 172,144 ================================================================================================
Participant directed ---------------------------------------------------------------------------- Guaranteed Guaranteed Lifestyle Lifestyle Lifestyle Lifestyle Interest Interest Moderate Balance Growth Aggressive 3 yr 5 yr ---------------------------------------------------------------------------- ADDITIONS Investment income (loss) Net appreciation (loss) $ 26 $ 2,915 $ 2,522 $ 1,531 $ 129 $ 85 Interest -- -- -- -- -- -- Dividends -- -- -- -- -- -- ---------------------------------------------------------------------------- Subtotal 26 2,915 2,522 1,531 129 85 Contributions Employer 342 5,058 8,204 3,007 3 522 Employee 957 12,025 19,966 7,828 4 1,312 Rollover -- -- -- -- -- -- ---------------------------------------------------------------------------- Subtotal 1,299 17,083 28,170 10,835 7 1,834 ---------------------------------------------------------------------------- Interfund transfers and plan merger 32,162 1,136,635 1,385,202 539,506 40,738 24,168 ---------------------------------------------------------------------------- Total additions 33,487 1,156,633 1,415,894 551,872 40,874 26,087 DEDUCTIONS Withdrawals and benefit payments -- 785 1,801 -- -- 5,413 Administrative expenses and other -- -- -- -- -- -- ---------------------------------------------------------------------------- Total deductions -- 785 1,801 -- -- 5,413 Net increase (decrease) during year 33,487 1,155,848 1,414,093 551,872 40,874 20,674 Net assets available for benefits beginning of year -- -- -- -- -- -- ---------------------------------------------------------------------------- Net assets available for benefits end of year $ 33,487 $ 1,155,848 $ 1,414,093 $ 551,872 $ 40,874 $ 20,674 ============================================================================
-15- 19 American Ecology Corporation 401(k) Savings Plan Statement of Changes in Net Assets For the year ended December 31, 1996
Participant directed ------------------------------------------------------------------------------------------- Guaranteed Interest Money ST Hi-Qual High-Yield Diversified 10 yr Market Govt Bond Income Fund Capital Balanced ------------------------------------------------------------------------------------------- ADDITIONS Investment income (loss) Net appreciation (loss) $ 50 $ 7,033 $ 2 $ (56) $ 217 $ 1,283 $ 367 $ (252) Interest -- -- -- -- -- -- -- -- Dividends -- -- -- -- -- -- -- -- ------------------------------------------------------------------------------------------- Subtotal 50 7,033 2 (56) 217 1,283 367 (252) Contributions Employer 166 7,361 11 55 333 686 210 185 Employee 302 17,279 28 117 727 1,882 582 451 Rollover -- 20,019 -- -- -- -- -- -- ------------------------------------------------------------------------------------------- Subtotal 468 44,659 39 172 1,060 2,568 792 636 ------------------------------------------------------------------------------------------- Interfund transfers and plan merger 9,796 2,255,718 598 20,339 59,666 120,060 75,609 24,703 ------------------------------------------------------------------------------------------- Total additions 10,314 2,307,410 639 20,455 60,943 123,911 76,768 25,087 DEDUCTIONS Withdrawals and benefit payments -- 1,512 -- -- 54 406 -- -- Administrative expenses and other -- -- -- -- -- -- -- -- ------------------------------------------------------------------------------------------- Total deductions -- 1,512 -- -- 54 406 -- -- Net increase (decrease) during year 10,314 2,305,898 639 20,455 60,889 123,505 76,768 25,087 Net assets available for benefits beginning of year -- -- -- -- -- -- -- -- ------------------------------------------------------------------------------------------- Net assets available for benefits end of year $ 10,314 $2,305,898 $639 $20,455 $60,889 $123,505 $76,768 $25,087 ===========================================================================================
Participant directed -------------------------------------------------------------------------------- Growth & Value Mid-cap Index Capital Growth Select Income Fund Value Stock Growth Plus Growth -------------------------------------------------------------------------------- ADDITIONS Investment income (loss) Net appreciation (loss) $ (2,043) $ (614) $ -- $ (2,848) $ (921) $ (936) $ (355) Interest -- -- -- -- -- -- -- Dividends -- -- -- -- -- -- -- -------------------------------------------------------------------------------- Subtotal (2,043) (614) -- (2,848) (921) (936) (355) Contributions Employer 1,818 592 -- 1,605 576 619 199 Employee 4,252 1,577 -- 4,311 1,362 1,296 476 Rollover -- -- -- -- -- -- -- -------------------------------------------------------------------------------- Subtotal 6,070 2,169 -- 5,916 1,938 1,915 675 -------------------------------------------------------------------------------- Interfund transfers and plan merger 337,970 108,484 101,936 152,670 62,877 81,324 31,562 ------------------------------------------------------------------------------- Total additions 341,997 110,039 101,936 155,738 63,894 82,303 31,882 DEDUCTIONS Withdrawals and benefit payments 382 54 -- 282 168 220 -- Administrative expenses and other -- -- -- -- -- -- -- ------------------------------------------------------------------------------- Total deductions 382 54 -- 282 168 220 -- Net increase (decrease) during year 341,615 109,985 101,936 155,456 63,726 82,083 31,882 Net assets available for benefits beginning of year -- -- -- -- -- -- -- ------------------------------------------------------------------------------- Net assets available for benefits end of year $341,615 $109,985 $101,936 $155,456 $63,726 $82,083 $31,882 ===============================================================================
-16- 20 American Ecology Corporation 401(k) Savings Plan Statement of Changes in Net Assets For the year ended December 31, 1996
Participant directed ----------------------------------------------------------------------------- Growth Int'l Mid-cap Capital Oppor Contra Foreign Stock Growth Apprec ----------------------------------------------------------------------------- ADDITIONS Investment income (loss) Net appreciation (loss) $ (3,704) $ (1,800) $ 1,234 $ 1,774 $ 437 $ 4,920 Interest -- -- -- -- -- -- Dividends -- -- -- -- -- -- ----------------------------------------------------------------------------- Subtotal (3,704) (1,800) 1,234 1,774 437 4,920 Contributions Employer 1,952 2,787 754 759 2,486 4,646 Employee 4,983 7,409 1,959 2,028 6,510 12,272 Rollover -- -- -- -- -- -- ----------------------------------------------------------------------------- Subtotal 6,935 10,196 2,713 2,787 8,996 16,918 ----------------------------------------------------------------------------- Interfund transfers and plan merger 255,610 443,922 92,142 104,154 272,568 252,820 ----------------------------------------------------------------------------- Total additions 258,841 452,318 96,089 108,715 282,001 274,658 DEDUCTIONS Withdrawals and benefit payments 667 464 -- 293 225 -- Administrative expenses and other -- -- -- -- -- -- ----------------------------------------------------------------------------- Total deductions 667 464 -- 293 225 -- Net increase (decrease) during year 258,174 451,854 96,089 108,422 281,776 274,658 Net assets available for benefits beginning of year -- -- -- -- -- -- ----------------------------------------------------------------------------- Net assets available for benefits end of year $ 258,174 $ 451,854 $ 96,089 $ 108,422 $281,776 $274,658 =============================================================================
Non- participant Participant directed directed ---------------------------------------------------------- ----------- American Guaranteed Emerging Science & Participant Ecology Interest Growth Technology Other Note Rec Common Account Total ---------------------------------------------------------- ----------- --------- ADDITIONS Investment income (loss) Net appreciation (loss) $ 539 $ (2,475) $ 6 $ -- $(171,697) $ -- $ 291,981 Interest -- -- (1,868) 3,405 453 13,202 48,156 Dividends -- -- 3,380 -- -- -- 173,410 ----------------------------------------------------------------------------------- Subtotal 539 (2,475) 1,518 3,405 (171,244) 13,202 513,547 Contributions Employer 256 3,395 (502) -- 187,980 -- 268,746 Employee 637 8,658 3,650 -- 18,524 -- 668,121 Rollover -- -- -- -- -- -- 35,252 ----------------------------------------------------------------------------------- Subtotal 893 12,053 3,148 -- 206,504 -- 972,119 ----------------------------------------------------------------------------------- Interfund transfers and plan merger 34,697 230,474 35,125 268,978 (27,195) 224,298 4,656,067 ----------------------------------------------------------------------------------- Total additions 36,129 240,052 39,791 272,383 8,065 237,500 6,141,733 DEDUCTIONS Withdrawals and benefit payments -- -- -- -- 34,397 39,591 2,503,795 Administrative expenses and other -- -- (16,240) -- 4,965 -- (11,275) ----------------------------------------------------------------------------------- Total deductions -- -- (16,240) -- 39,362 39,591 2,492,520 Net increase (decrease) during year 36,129 240,052 56,031 272,383 (31,297) 197,909 3,649,213 Net assets available for benefits beginning of year -- -- 90,353 -- 189,703 381,588 6,153,841 ----------------------------------------------------------------------------------- Net assets available for benefits end of year $36,129 $240,052 $ 146,384 $272,383 $ 158,406 $579,497 $9,803,054 ===================================================================================
-17- 21 SUPPLEMENTAL INFORMATION -18- 22 AMERICAN ECOLOGY CORPORATION EIN: 95-3889638 401(k) SAVINGS PLAN PLAN NUMBER 003 ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
Current Identity of Issue Description Cost Value ----------------- ----------- ---- ------- Manulife Lifestyle Conservative $ 172,154 $ 172,144 Manulife Lifestyle Moderate 33,462 33,487 Manulife Lifestyle Balanced 1,152,934 1,155,848 Manulife Lifestyle Growth 1,411,571 1,414,093 Manulife Lifestyle Aggressive 550,342 551,872 Manulife Money Market Conservative 2,298,864 2,305,898 Vanguard Short Term Federal Portfolio 638 639 Manulife High-Quality Bond Fund Bonds 20,511 20,455 T. Rowe Price Spectrum Income Fixed Income Securities 60,672 60,889 Fidelity Institutional Retirement Services Advisor High Yield Company Fund 122,221 123,505 Fidelity Institutional Retirement Services Advisor Diversified Company Capital Fund 76,402 76,768 Manulife Balanced Balanced Fund 25,339 25,087
-19- 23 AMERICAN ECOLOGY CORPORATION EIN: 95-3889638 401(k) SAVINGS PLAN PLAN NUMBER 003 ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
Current Identity of Issue Description Cost Value ----------------- ----------- ---- ------- T. Rowe Price Growth & Income Common Stock 343,658 341,615 Manulife Value Fund Guardian Trust 110,599 109,985 Manulife Mid-Cap Fund Common/Preferred 101,936 101,936 Manulife Index Stock S&P's 500 Stock Index 158,305 155,456 Manulife Capital Growth Stock Fund 64,647 63,726 Manulife Growth Plus Stock Fund 83,019 82,083 Manulife Selective Growth Stock Fund 32,237 31,882 Fidelity Institutional Retirement Services Advisor Growth Company Opportunities Fund 261,877 258,174 Fidelity Institutional Retirement Services Advisor Contrafund 453,654 451,854 Company Templeton Funds, Inc. Foreign Fund 94,855 96,089 T. Rowe Price International Stock 106,648 108,422 AIM Constellation Mid-cap Growth 281,339 281,776 PBHG Growth Fund 269,738 274,658 Manulife Emerging Growth Stock Fund 35,589 36,129 T. Rowe Price Science & Technology Fund 242,529 240,052
-20- 24 AMERICAN ECOLOGY CORPORATION EIN: 95-3889638 401(k) SAVINGS PLAN PLAN NUMBER 003 ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
Current Identity of Issue Description Cost Value ----------------- ----------- ---- ------- *American Ecology Corporation Common Stock 381,450 158,406 Principal Mutual Life Insurance Company: Maturing December 31, 1996 with an interest rate of 6.57% 52,360 52,360 Maturing December 31, 1997 with an interest rate of 8.53% 446,122 447,039 Maturing December 31, 1996 with an interest rate of 6.85% 80,098 80,098 Manulife GICS Maturing December 31, 1998, with interest rates of 5.21% to 5.25% 40,521 40,874 Maturing December 31, 2000, with interest rates of 5.45% to 5.55% 20,317 20,674 Maturing December 31, 2005, with an interest rate of 5.75% to 5.77% 9,913 10,314 ---------- ---------- Borrower Participant loans 9.25-9.50% -- 272,383 ---------- ---------- TOTAL ASSETS HELD FOR INVESTMENT PURPOSES $9,559,781 $9,656,670 ========== ==========
*Known party in interest -21- 25 American Ecology Corporation EIN: 95-3889638 401(k) Savings Plan Item 27d - Schedule of Reportable Transactions Plan Number 003 For the year ended December 31, 1996
Current Value of asset Net Purchase Selling Cost of at date of Gain Identity of Party Involved Description Price Price Asset transaction \(Loss) - ----------------------------------- ------------------------ ---------- ---------- ---------- ----------- ------- Category (i): A single transaction in excess of 5% of plan assets Phoenix Equity Planning Corporation Phoenix Series Balance $ -- $ 754,799 $ 701,026 $ 754,799 $ 53,773 Fidelity Institutional Retirement Services Company Fidelity Advisors Grow -- 1,312,115 1,131,772 1,312,115 180,343 Alex Brown & Sons Alex Brown Prime -- 4,264,880 4,264,880 4,264,880 -- 1,266,417 -- 1,266,417 1,266,417 -- 2,667,420 -- 2,667,420 2,667,420 -- Fidelity Institutional Retirement Services Company Fidelity OTC -- 863,688 790,533 863,688 73,155 Scudder Scudder -- 402,729 407,475 402,729 (4,746) Templeton Funds, Inc. Templeton Foreign Fund -- 600,505 550,934 600,505 49,571 Manulife Financial Savings & Retirement Services Lifestyle-Aggresive 537,910 -- 537,910 537,910 -- Manulife Financial Savings & Retirement Services Lifestyle-Balanced 1,133,832 -- 1,133,832 1,133,832 -- Manulife Financial Savings & Retirement Services Contra Fund 341,824 -- 341,824 341,824 -- Manulife Financial Savings & Retirement Services Growth & Income Fund 1,385,571 -- 1,385,571 1,385,571 -- Manulife Financial Savings & Retirement Services Money Market Fund 2,220,242 -- 2,220,242 2,220,242 --
-22- 26
Current Value of asset Net Purchase Selling Cost of at date of Gain Identity of Party Involved Description Price Price Asset transaction \(Loss) - ----------------------------------- ---------------------- ---------- ---------- ---------- ----------- ------- Category (iii): A series of transactions in excess of 5% of plan assets Manulife Financial Savings & Retirement Services Lifestyle-Aggresive 557,224 -- 557,224 557,224 -- Manulife Financial Savings & Retirement Services Lifestyle-Balanced 1,165,713 -- 1,165,713 1,165,713 -- Manulife Financial Savings & Retirement Services Contra Fund 461,281 -- 461,281 461,281 -- Manulife Financial Savings & Retirement Services Growth & Income Fund 348,768 -- 348,768 348,768 -- Manulife Financial Savings & Retirement Services Lifestyle-Growth 1,430,607 -- 1,430,607 1,430,607 -- Manulife Financial Savings & Retirement Services Money Market Fund 2,304,953 -- 2,304,953 2,304,953 -- Fidelity Institutional Retirement Services Company Fidelity Advisors Grow -- 2,292,519 2,043,493 2,292,519 249,026 Alex Brown & Sons Alex Brown Prime 4,129,708 -- 4,129,708 4,129,708 -- -- 4,601,090 4,601,090 4,601,090 -- Fidelity Institutional Retirement Services Company Fidelity OTC -- 1,327,934 1,248,853 1,327,934 79,081 Phoenix Equity Planning Corporation Phoenix Series Balance -- 1,272,070 1,209,191 1,272,070 62,879 Scudder Scudder -- 667,216 676,298 667,216 (9,082) Templeton Funds, Inc. Templeton Foreign Fund -- 1,013,734 941,016 1,013,734 72,718
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 asse There were no category (ii) or (iv) reportable tranactions during 1996. -23- -----END PRIVACY-ENHANCED MESSAGE-----