-----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, UeufYkC7XihI0jvykt1/XNtBFLMMLRYxNq0KiW9mX/SrLC4YwAOt3ABkBKWBlRs9 p9tWLCHvy0fS1SO11MZn2Q== 0000912057-97-022391.txt : 19970701 0000912057-97-022391.hdr.sgml : 19970701 ACCESSION NUMBER: 0000912057-97-022391 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970630 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENN TRAFFIC CO CENTRAL INDEX KEY: 0000077155 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 250716800 STATE OF INCORPORATION: PA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09930 FILM NUMBER: 97632664 BUSINESS ADDRESS: STREET 1: 1200 STATE FAIR BLVD CITY: SRYACUSE STATE: NY ZIP: 13221-4737 BUSINESS PHONE: 8145369900 MAIL ADDRESS: STREET 1: 1200 STATE FAIR BLVD CITY: SYRACUSE STATE: NY ZIP: 13221-4737 11-K 1 FORM 11K COVER SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K ANNUAL REPORT Pursuant to Section 15 (d) of the Securities Exchange Act of 1934 For The Year Ended December 31, 1996 (A) Full title of the plan and the address of the plan, if different from that of the issuer named below: The Penn Traffic Company 401(k) Savings Plan (B) Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: The Penn Traffic Company 1200 State Fair Boulevard Syracuse, New York 13209 The Penn Traffic Company 401(k) Savings Plan Financial Statements December 31, 1996 and 1995 THE PENN TRAFFIC COMPANY 401(K) SAVINGS PLAN INDEX TO FINANCIAL STATEMENTS AND SCHEDULES PAGE Report of Independent Accountants 1 Financial Statements: Statement of Net Assets Available for Plan Benefits at December 31, 1996 and 1995 2 Statement of Changes in Net Assets Available for Plan Benefits for the years ended December 31, 1996 and 1995 3 Notes to Financial Statements 4 Supplemental Schedules:* Schedule of Assets Held for Investment at December 31, 1996 (Schedule I) 13 Schedule of Reportable 5% Transactions for the Year Ended December 31, 1996 (Schedule II) 14 * Other supplemental schedules required by Section 2520.103-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable. REPORT OF INDEPENDENT ACCOUNTANTS June 20, 1997 To the Participants and Administrator of The Penn Traffic Company 401(k) Savings Plan In our opinion, the accompanying statements of net assets available for plan benefits and the related statements of changes in net assets available for plan benefits present fairly, in all material respects, the net assets available for plan benefits of The Penn Traffic Company 401(k) Savings Plan (the "Plan") at December 31, 1996 and 1995, and the changes in net assets available for plan benefits for the years then ended, in conformity with generally accepted accounting principles. 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 of these statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in Schedules I and II is presented for purposes of additional analysis and is not a required part of the basic financial statements but is additional information required by the Employee Retirement Income Security Act of 1974. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. -1- The Penn Traffic Company 401(k) Savings Plan Financial Statements - -------------------------------------------------------------------------------- STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS December 31, 1996 1995 ASSETS Investments at market (cost of $83,405,851 in 1996 and $68,799,556 in 1995) $ 88,554,674 $72,697,271 ------------ ----------- Receivables: Accrued income 840,215 508,060 Employee contributions - 173,763 ------------ ----------- Total receivables 840,215 681,823 ------------ ----------- Net assets available for plan benefits $89,394,889 $73,379,094 ------------ ----------- ------------ ----------- The accompanying notes are an integral part of the financial statements. -2- The Penn Traffic Company 401(k) Savings Plan Financial Statements - -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS Year ended December 31, 1996 1995 ADDITIONS TO NET ASSETS Investment income: Interest and dividends $ 7,641,208 $5,181,881 Net appreciation in market value of investments 1,251,116 3,083,398 Net gain on sale of investments 313,164 132,091 ------------ ---------- Total investment income 9,205,488 8,397,370 Participant contributions 10,266,948 9,770,734 Asset transfer from The Penn Traffic Company Insalaco Markets Division Profit Sharing Retirement Plan (Note 11) 3,119,095 - ------------ ---------- Total additions 22,591,531 18,168,104 ------------ ---------- DEDUCTIONS FROM NET ASSETS Payments to participants (6,435,142) (4,545,759) Payment of individual insurance contract premiums (79,624) (89,432) Administrative expenses (60,970) (47,890) ------------ ---------- Total deductions (6,575,736) (4,683,081) ------------ ---------- INCREASE IN NET ASSETS 16,015,795 13,485,023 NET ASSETS AVAILABLE FOR PLAN BENEFITS Beginning of year 73,379,094 59,894,071 ------------ ---------- End of year $89,394,889 $73,379,094 ------------ ---------- ------------ ---------- The accompanying notes are an integral part of the financial statements. -3- The Penn Traffic Company 401(k) Savings Plan Notes to Financial Statements December 31, 1996 and 1995 - -------------------------------------------------------------------------------- 1. DESCRIPTION OF THE PLAN GENERAL The following brief description of The Penn Traffic Company 401(k) Savings Plan (the "Plan") sponsored by The Penn Traffic Company (the "Company") is provided for general information purposes only. Participants should refer to the Plan agreement for more complete information. The Plan is a defined contribution plan established by the Company on July 9, 1987. The Plan is designed to provide benefits to all Company employees who have attained age twenty-one and have completed at least one year of service. As part of the Plan, the Company has entered into a trust agreement with the US Bancorp Trust Company (the "Bank"), under which the Bank, as trustee, transfers contributions to a separate trust fund in the Bank's trust department. The assets of the Plan are held by the Bank's trust department in a fiduciary capacity and as such are not assets of the Bank. The Plan's trust fund is administered by the Administrative Committee of the Plan, which has retained Coopers & Lybrand LLP in the capacity of recordkeeper of the Plan. CONTRIBUTIONS Employees in the Plan ("participants") may contribute from 1% to 15% of gross compensation as specified in writing and may elect to change such once per plan quarter. INVESTMENTS Participants have five options to which they can direct their contributions. These options are a stable income fund, two diversified equity funds, one balanced fund and one Company stock fund. The stable income fund consists of a mix of guaranteed investment contracts and three actively managed mutual funds. One of the diversified equity funds, the MAS EQUITY FUND, invests primarily in large blue chip companies with solid financial characteristics and above-average dividend yields. The other diversified equity fund, the ACORN FUND, is aggressively managed with a higher degree of risk. The balanced fund, the DELAWARE FUND, invests in stocks, bonds and money market instruments. The PENN TRAFFIC COMMON STOCK FUND allows employees the opportunity to purchase Company stock with pre-tax dollars. A life insurance plan which allows employees to elect to purchase life insurance for themselves and their spouses and children is still effective for those employees purchasing such insurance before January 1, 1989 (Note 3). LOANS Participants may obtain loans of not less that $500 but not more than the lesser of $50,000 or 50% of the participant's individual investment account balance. Generally, the term of the loans may not exceed five years. -4- The Penn Traffic Company 401(k) Savings Plan Notes to Financial Statements December 31, 1996 and 1995 - -------------------------------------------------------------------------------- DISTRIBUTIONS Each participant is entitled to a retirement benefit equal to 100% of the participant's accrued benefit as of the valuation date. In the event of the death of a participant before actual retirement, 100% of the participant's accrued benefit on the valuation date following his/her death will constitute his/her death benefit and will be distributed to the participant's designated beneficiary or beneficiaries. If a participant terminates employment, he/she will receive 100% of his/her accrued benefit on the valuation date following his/her separation. A participant attaining the age of 591/2 has the right to withdraw all or a portion of his/her Plan assets. An in-service distribution to a participant will only occur if the participant can prove financial hardship to a committee formed by the Company. INCOME Net investment fund income is allocated quarterly to each participant's investment account in the ratio of their individual investment account to the investment fund in total. 2. BASIS OF ACCOUNTING The financial statements of the Plan are prepared on the accrual basis of accounting. Interest and dividend income is recognized as earned and expenses are recognized when the related obligation is incurred. Investments, excluding guaranteed investment contracts, are recorded at the closing market prices on December 31, 1996 and 1995. Guaranteed investment contracts are stated at contract value. The preparation of financial statements in conformity with generally accepted accounting principles requires the Administrative Committee of the Plan to make estimates and assumptions that affect the reported amounts of net assets at the date of the financial statements and the reported amounts of additions to and deductions from net assets during the reporting period. Actual results could differ from those estimates. -5- The Penn Traffic Company 401(k) Savings Plan Notes to Financial Statements December 31, 1996 and 1995 - -------------------------------------------------------------------------------- 3. INSURANCE PLAN Participants of the Plan are permitted to have a portion of their contributions directed towards the purchase of individual life insurance contracts for themselves, their spouse and their children, for those employees electing this option before January 1, 1989. As a result of these elections, the Plan disburses funds periodically to the First Colony Life Insurance Company for the payment of life insurance premiums. These insurance contracts are allocated on an individual participant basis and, as such, are excluded from Plan assets. 4. INVESTMENTS Investments which exceed 5% of the Plan's net assets at December 31, 1996 include: Market/Contract Cost Value The Acorn Fund $24,313,239 $ 30,353,310 Delaware Balanced Fund 6,035,968 6,331,995 Miller Anderson Sherrard Fixed Income Fund 7,823,505 7,897,552 Miller Anderson Sherrard Equity Fund 11,269,883 11,428,001 Institutional Investors Stable Asset Fund 6,474,656 6,822,693 John Hancock Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.14%, maturity date of 12/31/99 4,642,733 4,642,733 5. GUARANTEED INVESTMENT CONTRACTS The following aggregate amounts apply to fully benefit-responsive guaranteed investment contracts reported at contract value and held by the Plan in its Stable Asset Fund at December 31, 1996 and December 31, 1995: December 31, 1996 1995 Average yearly yield 6.90% 8.11% Crediting interest rate 6.73% 8.22% Fair market value $ 15,422,496 $16,456,068 -6- The Penn Traffic Company 401(k) Savings Plan Notes to Financial Statements December 31, 1996 and 1995 - -------------------------------------------------------------------------------- Under certain situations specified in the various contracts, the issuer of the contract may elect to limit its guarantee and distribute funds at either contract value or fair market value, whichever is lower. These situations include premature withdrawals related to cancellation of the contract by the Plan prior to maturity, plant closings, layoffs, Plan termination, sponsor bankruptcy and certain early retirement incentives. 6. BENEFIT DISTRIBUTIONS PAYABLE At December 31, 1996 and 1995, the amount allocated to participant accounts who have elected to withdraw from the Plan but have not yet been paid was $1,352,000 and $1,190,000, respectively. 7. ADMINISTRATIVE COSTS Expenses incurred by the Bank in connection with investment transactions and payments to participants are paid by the Plan. Bank, professional and administrative fees and other expenses of the Plan are paid by the Company. Personnel and facilities of the Company are used by the Plan for its accounting and other activities at no charge to the Plan. 8. TAX STATUS The Company received a favorable Internal Revenue Service ("IRS") determination letter dated August 14, 1995 stating the Plan meets the requirements of Sections 401(a) and 401(k) of the IRS code and that the Plan is exempt from taxation under Section 501(a) of the IRS code. Under present federal income tax laws, a participant will not be subject to federal income taxes on the contributions by the participant or on interest or profits on the sale of securities held by the Plan until the participant's assets are distributed. 9. PLAN TERMINATION The Company expressly reserves the right to terminate the Plan. In the event of termination, all Plan objectives will be satisfied. All unallocated assets will then be allocated to the accrued benefits of the participants' accounts at the date of termination at which time the participants are fully vested. -7- The Penn Traffic Company 401(k) Savings Plan Notes to Financial Statements December 31, 1996 and 1995 - -------------------------------------------------------------------------------- 10. TRANSACTIONS WITH PARTIES-IN-INTEREST As of December 31, 1996 and 1995, the Plan held the following: DECEMBER 31, 1996 DECEMBER 31, 1995 ---------------------------- ------------------------------ NUMBER MARKET NUMBER MARKET OF SHARES COST VALUE OF SHARES COST VALUE Company common stock 99,535 $ 2,189,603 $ 360,815 57,528 $ 1,758,328 $ 861,682 11. TRANSFER OF ASSETS INTO PLAN On January 31, 1996, The Penn Traffic Company Insalaco Markets Division Profit Sharing Retirement Plan (the "Insalaco Plan"), was merged into the Plan. On that date, assets totalling $3,119,095 were transferred into the Plan. This asset transfer is presented as an addition to net assets in the statement of changes in net assets available for Plan benefits for the year ended December 31, 1996. -8- The Penn Traffic Company 401(k) Savings Plan Notes to Financial Statements December 31, 1996 and 1995 - -------------------------------------------------------------------------------- 12. NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT FUND AT DECEMBER 31,1996 STABLE PENN TRAFFIC MAS 401(K) INCOME ACORN COMMON EQUITY DELAWARE LOAN FUND FUND STOCK FUND FUND FUND INSURANCE TOTAL ASSETS Investments at market: Cash and equivalents $1,543,901 $ 273,590 $ 10,425 $ 123,740 $ 79,232 $ 810 $ - $ 2,031,698 Mutual funds (cost of $58,229,368) 17,093,673 30,353,310 - 11,428,001 6,331,995 - - 65,206,979 Equities (cost of $2,189,603) - - 360,815 - - - - 360,815 Participants' loans (cost of $5,275,135) - - - - - 5,275,135 - 5,275,135 ---------- ---------- ----------- ----------- ---------- ----------- ---------- ----------- 18,637,574 30,626,900 371,240 11,551,741 6,411,227 5,275,945 - 72,874,627 Investments at contract value: Guaranteed invest- ment contracts 15,680,047 - - - - - - 15,680,047 ---------- ---------- ----------- ----------- ---------- ----------- ---------- ----------- Total investments 34,317,621 30,626,900 371,240 11,551,741 6,411,227 5,275,945 - 88,554,674 ---------- ---------- ----------- ----------- ---------- ----------- ---------- ----------- Receivables: Accrued income 147,554 - - - 692,661 - - 840,215 Employee contribution - - - - - - - - ---------- ---------- ----------- ----------- ---------- ----------- ---------- ----------- Total receivables 147,554 - - - 692,661 - - 840,215 ---------- ---------- ----------- ----------- ---------- ----------- ---------- ----------- Net assets available for plan benefits $ 34,465,175 $30,626,900 $ 371,240 $ 11,551,741 $7,103,888 $5,275,945 $ - $89,394,889 ---------- ---------- ----------- ----------- ---------- ----------- ---------- ----------- ---------- ---------- ----------- ----------- ---------- ----------- ---------- -----------
-9- The Penn Traffic Company 401(k) Savings Plan Notes to Financial Statements December 31, 1996 - -------------------------------------------------------------------------------- 13. CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT FUND FOR THE YEAR ENDED DECEMBER 31, 1996 STABLE PENN TRAFFIC MAS 401(K) INCOME ACORN COMMON EQUITY DELAWARE LOAN FUND FUND STOCK FUND FUND FUND INSURANCE TOTAL Investment income: Interest and dividends $ 1,937,936 $ 2,879,610 $ - $ 2,001,059 $ 822,603 $ - $ - $ 7,641,208 Net appreciation (depreciation) in market value of investments 174,464 2,213,127 (932,143) (195,500) (8,832) - - 1,251,116 Net gain on sale of investments 21,284 277,309 - - 14,571 - - 313,164 ---------- ------------ ----------- ----------- ---------- ----------- ------- ----------- Total investment income 2,133,684 5,370,046 (932,143) 1,805,559 828,342 - - 9,205,488 Participant contributions 3,519,872 3,741,334 252,372 1,548,514 1,125,232 - 79,624 10,266,948 Transfer of assets from The Penn Traffic Company Insalaco Division Profit Sharing Retire- ment Plan (Note 11) 2,680,156 175,068 10,491 85,912 156,276 11,192 - 3,119,095 Loan activity 1,087,509 846,877 58,925 289,699 169,464 (2,452,474) - - Fund transfer activity (2,547,416) 452,628 162,983 1,374,149 557,656 - - - ---------- ------------ ----------- ----------- ---------- ----------- ------- ----------- Total additions 6,873,805 10,585,953 (447,372) 5,103,833 2,836,970 (2,441,282) 79,624 22,591,531 ---------- ------------ ----------- ----------- ---------- ----------- ------- ----------- Payments to participants (3,074,550) (1,998,218) (38,303) (662,442) (314,396) (347,233) - (6,435,142) Payment of individual insur- ance contract premiums - - - - - - (79,624) (79,624) Administrative expenses (24,998) (22,188) (268) (8,367) (5,149) - - (60,970) Loans to participants (1,946,662) (1,086,375) (11,410) (346,825) (241,348) 3,632,620 - - ---------- ------------ ----------- ----------- ---------- ----------- ------- ----------- Total deductions (5,046,210) (3,106,781) (49,981) (1,017,634) (560,893) 3,285,387 (79,624)(6,575,736) ---------- ------------ ----------- ----------- ---------- ----------- ------- ----------- Net increase 1,827,595 7,479,172 (497,353) 4,086,199 2,276,077 844,105 - 16,015,795 Net assets available for plan benefits Beginning of year 32,637,580 23,147,728 868,593 7,465,542 4,827,811 4,431,840 - 73,379,094 ---------- ------------ ----------- ----------- ---------- ----------- ------- ----------- End of year $ 34,465,175 $ 30,626,900 $ 371,240 $11,551,741 $7,103,888 $5,275,945 $ - $89,394,889 ---------- ------------ ----------- ----------- ---------- ----------- ------- ----------- ---------- ------------ ----------- ----------- ---------- ----------- ------- -----------
-10- The Penn Traffic Company 401(k) Savings Plan Notes to Financial Statements December 31, 1996 - -------------------------------------------------------------------------------- 14. NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT FUND AT DECEMBER 31,1995 STABLE PENN TRAFFIC MAS 401(K) INCOME ACORN COMMON EQUITY DELAWARE LOAN FUND FUND STOCK FUND FUND FUND INSURANCE TOTAL ---------- ------------ ----------- ----------- ---------- ----------- ------- ----------- ASSETS: Investments at market: Cash and equivalents $ 412,477 $ - $ - $ - $ - $ - $ - $ 412,477 Mutual funds (cost of $44,354,512) 14,170,983 23,083,026 - 7,443,609 4,511,894 - - 49,209,512 Equities (cost of $1,758,328) - - 862,920 - - - - 862,920 Participants' loans (cost of $4,431,840) - - - - - 4,431,840 - 4,431,840 ---------- ------------ ----------- ----------- ---------- ----------- ------- ----------- 14,583,460 23,083,026 862,920 7,443,609 4,511,894 4,431,840 - 54,916,749 Investments at contract value: Guaranteed invest- ment contracts 17,780,522 - - - - - - 17,780,522 ---------- ------------ ----------- ----------- ---------- ----------- ------- ----------- Total investments 32,363,982 23,083,026 862,920 7,443,609 4,511,894 4,431,840 - 72,697,271 ---------- ------------ ----------- ----------- ---------- ----------- ------- ----------- Receivables: Accrued income 208,628 - - - 299,432 - - 508,060 Employee contribution 64,970 64,702 5,673 21,933 16,485 - - 173,763 ---------- ------------ ----------- ----------- ---------- ----------- ------- ----------- Total receivables 273,598 64,702 5,673 21,933 315,917 - - 681,823 ---------- ------------ ----------- ----------- ---------- ----------- ------- ----------- Net assets available for plan benefits $ 32,637,580 $ 23,147,728 $ 868,593 $7,465,542 $4,827,811 $4,431,840 $ - $73,379,094 ---------- ------------ ----------- ----------- ---------- ----------- ------- ----------- ---------- ------------ ----------- ----------- ---------- ----------- ------- -----------
-11- The Penn Traffic Company 401(k) Savings Plan Notes to Financial Statements December 31, 1996 - -------------------------------------------------------------------------------- 15. CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT FUND FOR THE YEAR ENDED DECEMBER 31, 1995 STABLE PENN TRAFFIC MAS 401(K) INCOME ACORN COMMON EQUITY DELAWARE LOAN FUND FUND STOCK FUND FUND FUND INSURANCE TOTAL Investment income: Interest and dividends $ 2,245,788 $ 1,829,127 $ - $715,857 $ 391,109 $ - $ - $5,181,881 Net appreciation (deprecia- tion) in market value of investments 827,451 1,899,905 (1,034,403) 871,576 518,869 - - 3,083,398 Net gain on sale of investments - 130,135 - 550 1,406 - - 132,091 ---------- ---------- ------------- --------- ---------- ---------- --------- ---------- Total investment income 3,073,239 3,859,167 (1,034,403) 1,587,983 911,384 - - 8,397,370 Participant contributions 3,652,137 3,679,211 425,969 1,061,593 862,392 - 89,432 9,770,734 Loan activity 897,082 657,426 73,560 167,792 91,493 (1,887,353) - - Fund transfer activity 230,170 (1,055,976) 37,374 651,140 137,292 - - - ---------- ---------- ------------- --------- ---------- ---------- --------- ---------- Total additions 7,852,628 7,139,828 (497,500) 3,468,508 2,002,561 (1,887,353) 89,432 18,168,104 ---------- ---------- ------------- --------- ---------- ---------- --------- ---------- Payments to participants (2,725,464)(1,023,665) (66,133) (297,276) (292,668) (140,553) - (4,545,759) Payment of individual insurance contract premiums - - - - - - (89,432) (89,432) Administrative expenses (21,324) (14,702) (1,359) (5,907) (4,598) - - (47,890) Loans to participants (1,510,721) (859,692) (78,646) (237,207) (116,979) 2,803,245 - - ---------- ---------- ------------- --------- ---------- ---------- --------- -------- Total deductions (4,257,509)(1,898,059) (146,138) (540,390) (414,245) 2,662,692(89,432)(4,683,081) ---------- ---------- ------------- --------- ---------- ---------- --------- -------- Net increase 3,595,119 5,241,769 (643,638) 2,928,118 1,588,316 775,339 - 13,485,023 Net assets available for plan benefits: Beginning of year 29,042,461 17,905,959 1,512,231 4,537,424 3,239,495 3,656,501 - 59,894,071 ---------- ---------- ------------- --------- ---------- ---------- --------- -------- End of year $32,637,580 $23,147,728 $ 868,593 $7,465,542 $4,827,811 $4,431,840 $ - $73,379,094 ---------- ---------- ------------- --------- ---------- ---------- --------- -------- ---------- ---------- ------------- --------- ---------- ---------- --------- --------
-12- The Penn Traffic Company SCHEDULE I 401(k) Savings Plan Supplemental Schedule December 31, 1996 - -------------------------------------------------------------------------------- SCHEDULE I SCHEDULE OF ASSETS HELD FOR INVESTMENT DECEMBER 31, 1996 ---------------------- NUMBER OF FAIR SHARES COST VALUE Stable Income Fund: 2,943,988 Aetna Guaranteed Investment Contract, guaranteed effective annual interest rate of 5.79%, maturity date of 12/31/98 $ 2,943,988 $ 2,943,988 1,184,768 Allstate Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.17%, maturity date of 12/30/99 1,184,768 1,184,768 1,357,708 Continental Assurance Co. Guaranteed Investment Contract, guaranteed effective annual interest rate of 7.0%, maturity date of 5/27/97 1,357,708 1,357,708 4,642,733 John Hancock Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.14%, maturity date of 12/31/99 4,642,733 4,642,733 2,922,179 ITT Hartford Guaranteed Investment Contract, guaranteed effective annual interest rate of 5.52%, maturity date of 12/31/98 2,922,179 2,922,179 1,257,547 Pacific Mutual Guaranteed Investment Contract, guaranteed effective annual interest rate of 6.17%, maturity date of 12/31/97 1,257,548 1,257,548 1,336,548 Principal Mutual Guaranteed Investment Contract, guaranteed effective annual interest rate of 7.87%, maturity date of 12/31/97 1,336,548 1,336,548 34,576 Principal Mutual Guaranteed Investment Contract, guaranteed effective annual interest rate of 6.65%, maturity date of 12/31/96 34,576 34,576 384,269 Institutional Investor Stable Asset Fund 6,474,655 6,822,693 672,132 Miller Anderson Sherrard Fixed Income Fund 7,823,505 7,897,552 230,430 Payden Rygel Global Fixed Income Fund 2,312,117 2,373,427 ------------- ---------- Total Stable Income Fund 32,290,325 32,773,720 2,018,172 The Acorn Fund 24,313,239 30,353,310 491,738 Miller Anderson Sherrard Equity Fund 11,269,883 11,428,001 316,283 Delaware Balanced Fund 6,035,968 6,331,995 99,535 The Penn Traffic Company Common Stock * 2,189,603 360,815 1,501,063 Cash 1,501,063 1,501,063 530,635 Provident Federal Funds 530,635 530,635 1,791 401(k) Participant Loans 5,275,135 5,275,135 Total investments $ 83,405,851 $ 88,554,674 ------------- ------------ ------------- ------------
* Represents Party-in-Interest investment. -13- The Penn Traffic Company SCHEDULE II 401(k) Savings Plan Supplemental Schedule December 31, 1996 - -------------------------------------------------------------------------------- SCHEDULE OF REPORTABLE 5% TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1996 COST OF NUMBER OF PURCHASE NUMBER OF SELLING SECURITIES NET GAIN/ PURCHASES PRICE SALES PRICE SOLD (LOSS) SERIES OF TRANSACTIONS: Acorn Mutual Fund 25 $5,887,131 Daily Income Trust - Government IIA Fund 53 13,112,576 68 $ 13,484,717 $ 13,484,717 - Institutional Investors Stable Asset Fund 3 4,974,657 Miller Anderson Sherrard Equity Fund 30 4,179,892
-14- EXHIBITS EXHIBIT NUMBER DESCRIPTION 23.1 Consent of Independent Public Accountants SIGNATURES THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan has duly caused this Annual Report to be signed by the undersigned thereunto duly authorized. THE PENN TRAFFIC COMPANY 401(k) SAVINGS PLAN By: __________________________ Robert J. Davis Chairman Administrative Committee Date: June ____, 1997 -15- EXHIBIT INDEX The following exhibit is filed as part of the Annual Report: EXHIBIT NUMBER DESCRIPTION PAGE NUMBER 23.1 Consent of Independent 17 Public Accountants -16- EX-23.1 2 EXHIBIT 23.1 EXHIBIT 23.1 CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 33-44063) of The Penn Traffic Company of our report dated June 20, 1997, appearing on page 1 of this Form 11-K. Price Waterhouse - -------------------- PRICE WATERHOUSE LLP Syracuse, New York June 27, 1997 -17- -----END PRIVACY-ENHANCED MESSAGE-----