-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ZVdARYlrFrjsF1m+XFL6TkI7yjpl0IvwjsI/UYX5SAW3C62X2HJkX0fW+rDbjiN1 9/wbFwfEzkark1xJ+dGVVA== 0000912057-95-005095.txt : 199507030000912057-95-005095.hdr.sgml : 19950703 ACCESSION NUMBER: 0000912057-95-005095 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950630 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: 95551548 BUSINESS ADDRESS: STREET 1: 319 WASHINGTON STREET CITY: JOHNSTOWN STATE: PA ZIP: 15901 BUSINESS PHONE: 8145369900 MAIL ADDRESS: STREET 1: 1200 STATE FAIR BLVD CITY: SYRACUSE STATE: NY ZIP: 13221-4737 11-K 1 11-K 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, 1994 (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 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, 1994 and 1993 2 Statement of Changes in Net Assets Available for Plan Benefits for the year ended December 31, 1994 and 1993 3 Notes to Financial Statements 4 Supplemental Schedules:* Schedule of Assets Held for Investment at December 31, 1994 (Schedule I) 14 Schedule of Reportable Transactions for the Year Ended December 31, 1994 (Schedule II) 15 * Schedules not included with this additional data have been omitted because they are not applicable. REPORT OF INDEPENDENT ACCOUNTANTS June 23, 1995 To the Participants and Administrator of The Penn Traffic Company 401(k) Savings Plan In our opinion, the accompanying statement of net assets available for plan benefits and the related statement 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, 1994 and 1993, 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, 1994 1993 ASSETS Investments at market (cost of $58,696,936 in 1994 and $49,205,856 in 1993) $ 59,499,473 $ 53,342,440 ------------- ------------- Receivables: Accrued income 283,814 462,369 Employee contributions 110,784 280,309 Employer contribution (Note 5) - 279,900 ------------- ------------- 394,598 1,022,578 ------------- ------------- Total assets $ 59,894,071 $ 54,365,018 ------------- ------------- ------------- ------------- LIABILITIES Accrued expenses $ - $ 8,215 ------------- ------------- Total liabilities - 8,215 ------------- ------------- Net assets available for plan benefits $ 59,894,071 $ 54,356,803 ------------- ------------- ------------- -------------
The accompanying notes are an integral part of the financial statements. - 2 - FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1994 1993 ADDITIONS TO NET ASSETS Investment income: Interest and dividends $ 3,251,337 $ 3,480,157 Net appreciation (depreciation) in market value of investments (3,334,047) 1,646,034 Net gain (loss) on sale of investments (189,557) 55,479 ------------- ------------- Total investment income (272,267) 5,181,670 ------------- ------------- Participant contributions 9,169,405 5,943,501 Employer contributions - 279,900 ------------- ------------- Total contributions 9,169,405 6,223,401 ------------- ------------- Total additions 8,897,138 11,405,071 ------------- ------------- DEDUCTIONS FROM NET ASSETS Payments to participants (3,227,955) (1,312,800) Payment of individual insurance contract premiums (Note 3) (95,312) (101,233) Administrative expenses (36,603) (23,959) ------------- ------------- Total deductions (3,359,870) (1,437,992) ------------- ------------- INCREASE IN NET ASSETS 5,537,268 9,967,079 Asset transfer from P&C Food Markets, Inc. 401(k) Savings Plan (Note 11) - 9,694,143 Asset transfer from Quality Markets, Inc. Employees' Profit Sharing Retirement Plan (Note 11) - 7,817,983 NET ASSETS AVAILABLE FOR PLAN BENEFITS Beginning of year 54,356,803 26,877,598 ------------- ------------- End of year $ 59,894,071 $ 54,356,803 ------------- ------------- ------------- -------------
The accompanying notes are an integral part of the financial statments. - 3 - NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 AND 1993 - -------------------------------------------------------------------------------- 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 United States National Bank in Johnstown, Pennsylvania (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 12% of gross compensation as specified in writing and may elect to change such once per plan quarter. In November of 1993, the Plan was amended to allow participants to contribute a maximum of 15% of gross compensation effective January 1, 1994. 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 two 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 allowed 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 - NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 AND 1993 - -------------------------------------------------------------------------------- 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 59-1/2 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. RESTATEMENT OF THE PLAN AGREEMENT Effective December 21, 1994, the Plan agreement was restated to reflect all prior amendments into the Plan agreement in anticipation of the Company's March 1995 Internal Revenue Service determination letter filing (Note 8). 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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, 1994 and 1993. Guaranteed investment contracts are stated at contract value plus accrued interest. 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 themself, 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. - 5 - NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 AND 1993 - -------------------------------------------------------------------------------- 4. INVESTMENTS Investments which exceed 5% of the Plan's net assets at December 31, 1994 include:
MARKET/CONTRACT COST VALUE The Acorn Fund $ 15,939,677 $ 17,866,716 Delaware Balanced Fund 3,359,923 3,145,913 Miller Anderson Sherrard Fixed Income Fund 5,040,698 4,542,227 Miller Anderson Sherrard Equity Fund 5,045,854 4,527,896 Continental Assurance Co. Guaranteed Investment Contract, guaranteed effective annual interest rate of 7.0%, maturity dates of 5/26/95 (33.3%), 5/28/96 (50%) and 5/27/97 (100%) 3,555,846 3,555,846 Provident National Life Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.7%, maturity date of 12/31/94 3,489,067 3,489,067
5. COMPANY CONTRIBUTIONS Under the former Quality Markets, Inc. Employees' Profit Sharing Retirement Plan (Note 11), the Company was allowed to make discretionary contributions. The Company elected to contribute $279,900 to the successor plan in 1993. In accordance with the provisions of the Plan agreement, the Company made no other contributions to the Plan for the years ended December 31, 1994 and 1993 and does not expect to make any future employer contributions. 6. BENEFIT DISTRIBUTIONS PAYABLE At December 31, 1994, the amount allocated to participant accounts who have elected to withdraw from the Plan but have not yet been paid was $609,000. 7. ADMINISTRATIVE COSTS Expenses incurred by the Bank in connection with investment transactions and payments to participants are paid by the Plan. Professional, Bank 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. - 6 - NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 AND 1993 - -------------------------------------------------------------------------------- 8. TAX STATUS The Company received a favorable Internal Revenue Service (IRS) determination letter dated March 10, 1992 stating the Plan meets the requirements of Section 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. On March 31, 1995, the Company filed for an IRS determination letter for the Plan restated as of December 21, 1994. The Company believes that the restated Plan meets the requirements of Sections 401(a) and 401(k) of the IRS Code and that the restated 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. 10. TRANSACTIONS WITH PARTIES-IN-INTEREST As of December 31, 1994 and 1993, the Plan held the following:
DECEMBER 31, 1994 DECEMBER 31, 1993 ------------------------------------- ------------------------------------ NUMBER MARKET NUMBER MARKET OF SHARES COST VALUE OF SHARES COST VALUE Penn Traffic common stock 39,649 $ 1,368,935 $ 1,506,662 26,843 $ 860,049 $ 973,059
- 7 - 11. PLAN MERGERS Effective January 1, 1993, the Plan was amended to include all eligible participants of the Quality Markets, Inc. Employees' Profit Sharing Retirement Plan. Accordingly, assets of the Quality Markets, Inc. Employees' Profit Sharing Retirement Plan aggregating $7,817,983 were transferred January 1, 1993. On July 17, 1993, the Executive Committee of the Board of Directors from the Penn Traffic Company consented to merge the P&C Food Markets, Inc. 401(k) Savings Plan into the Plan effective October 1, 1993. On this date, assets of the P&C Food Markets, Inc. 401(k) Savings Plan totalling $9,694,143 were transferred. - 8 - NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1994 - --------------------------------------------------------------------------------
12.NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT FUND FOR THE YEAR ENDED DECEMBER 31, 1994 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 (at cost) $ 632,945 $ - $ - $ - $ - $ - $ - $ 632,945 Mutual Funds (cost of $31,710,349) 6,834,634 17,866,716 - 4,527,896 3,145,913 - - 32,375,159 Equities - (cost of $1,368,935) - - 1,506,662 - - - - 1,506,662 Participants' Loans (cost of $3,656,501) - - - - - 3,656,501 - 3,656,501 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ 7,467,579 17,866,716 1,506,662 4,527,896 3,145,913 3,656,501 - 38,171,267 Investments at contract value: Guaranteed invest- ment contracts 21,328,206 - - - - - - 21,328,206 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Total investments 28,795,785 17,866,716 1,506,662 4,527,896 3,145,913 3,656,501 - 59,499,473 Receivables: Accrued income 199,826 - - - 83,988 - - 283,814 Employee contribution 46,850 39,243 5,569 9,528 9,594 - - 110,784 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Total receivables 246,676 39,243 5,569 9,528 93,582 - - 394,598 Net assets available for plan benefits $ 29,042,461 $17,905,959 $ 1,512,231 $ 4,537,424 $ 3,239,495 $ 3,656,501 $ - $ 59,894,071 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------
- 9 - NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1994 - --------------------------------------------------------------------------------
13. CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT FUND FOR THE YEAR ENDED DECEMBER 31, 1994 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 $ 1,806,512 $ 926,850 $ - $ 359,032 $ 158,943 $ - $ - $ 3,251,337 Net appreciation (deprecia- tion) in market value of investments (592,671) (2,234,620) 24,717 (331,353) (200,120) - - (3,334,047) Net gain (loss) on sale of investments (185,228) 5,964 - (10,120) (173) - - (189,557) ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Total investment income 1,028,613 (1,301,806) 24,717 17,559 (41,350) - - (272,267) ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Participant contributions 3,047,707 3,670,048 352,706 886,305 809,355 307,972 95,312 9,169,405 Loan activity 751,307 628,514 71,648 142,555 102,494 (1,696,518) - - Fund transfer activity (1,090,906) 1,293,564 207,079 (272,569) (137,168) - - - ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Total additions 3,736,721 4,290,320 656,150 773,850 733,331 (1,388,546) 95,312 8,897,138 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Payments to participants (1,789,848) (827,726) (75,125) (254,362) (128,828) (152,066) - (3,227,955) Payment of individual insurance contract premiums - - - - - - (95,312) (95,312) Administrative expenses (26,282) (6,841) (558) (1,712) (1,210) - - (36,603) Loans to participants (1,336,827) (872,586) (41,295) (200,572) (109,189) 2,560,469 - - ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Total deductions (3,152,957) (1,707,153) (116,978) (456,646) (239,227) 2,408,403 (95,312) (3,359,870) ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Net increase 583,764 2,583,167 539,172 317,204 494,104 1,019,857 - 5,537,268 - 10 - Net assets available for plan benefits Beginning of year 28,458,697 15,322,792 973,059 4,220,220 2,745,391 2,636,644 - 54,356,803 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ End of year $ 29,042,461 $ 17,905,959 $ 1,512,231 $ 4,537,424 $ 3,239,495 $ 3,656,501 $ - $ 59,894,071 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------
- 11 - NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 - --------------------------------------------------------------------------------
14. NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT FUND FOR THE YEAR ENDED DECEMBER 31, 1993 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 $ 2,287,948 $ - $ - $ - $ - $ - $ - $ 2,287,948 Mutual Funds (cost of $25,709,680) 7,750,389 15,238,443 - 4,198,452 2,545,970 - - 29,733,254 Equities (cost of $860,049) - - 973,059 - - - - 973,059 Participants' loans (cost of $2,636,644) - - - - - 2,636,644 - 2,636,644 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ 10,038,337 15,238,443 973,059 4,198,452 2,545,970 2,636,644 - 35,630,905 Investments at contract value: Guaranteed invest- ment contracts 17,711,535 - - - - - - 17,711,535 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Total investments 27,749,872 15,238,443 973,059 4,198,452 2,545,970 2,636,644 - 53,342,440 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Receivables: Accrued income 276,552 - - - 185,817 - - 462,369 Employee contribution 156,973 86,896 - 22,425 14,.015 - - 280,309 Employer contribution 279,900 - - - - - - 279,900 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Total receivables 713,425 86,896 - 22,425 199,832 - - 1,022,578 Total assets 28,463,297 15,325,339 973,059 4,220,877 2,745,802 2,636,644 - 54,365,018 LIABILITIES: Accrued expenses 4,600 2,547 - 657 411 - - 8,215 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Net assets available for plan benefits $ 28,458,697 $15,322,792 $ 973,059 $ 4,220,220 $ 2,745,391 $ 2,636,644 $ - $ 54,356,803 - 12 - ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------
- 13 - NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 - --------------------------------------------------------------------------------
15. CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT FUND FOR THE YEAR ENDED DECEMBER 31, 1993 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 $ 2,258,977 $ 653,585 $ - $ 446,492 $ 121,103 $ - $ - $ 3,480,157 Net appreciation (deprecia- tion) in market value of investments (13,428) 1,905,526 46,331 (237,970) (54,425) - - 1,646,034 Net gain on sale of investments 40,765 - 7,143 4,564 3,007 - - 55,479 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Total investment income 2,286,314 2,559,111 53,474 213,086 69,685 - - 5,181,670 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Participant contributions 2,352,984 1,907,800 164,696 685,051 530,444 201,293 101,233 5,943,501 Employer contributions 279,900 - - - - - - 279,900 Loan activity 759,277 323,545 60,262 89,160 56,223 (1,288,467) - - Fund transfer activity (1,938,053) 1,625,064 74,319 (257,287) 495,957 - - - ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Total additions 3,740,422 6,415,520 352,751 730,010 1,152,309 (1,087,174) 101,233 11,405,071 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Payments to participants (803,113) (281,876) (21,372) (90,757) (50,940) (64,742) - (1,312,800) Payment of individual insurance contract premiums - - - - - - (101,233) (101,233) Administrative expenses (14,136) (6,229) (240) (1,917) (1,437) - - (23,959) Loans to participants (1,266,118) (384,130) (35,620) (113,568) (42,811) 1,842,247 - - ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Total deductions (2,083,367) (672,235) (57,232) (206,242) (95,188) 1,777,505 (101,233) (1,437,992) ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ Net increase 1,657,055 5,743,285 295,519 523,768 1,057,121 690,331 - 9,967,079
- 14 - NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 - --------------------------------------------------------------------------------
15. CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT FUND FOR THE YEAR ENDED DECEMBER 31, 1993 (CONTINUED) STABLE PENN TRAFFIC MAS 401(K) INCOME ACORN COMMON EQUITY DELAWARE LOAN FUND FUND STOCK FUND FUND FUND INSURANCE TOTAL Allocation of forfeitures of employer contributions $ (42,200) $ 28,731 $ - $ 3,478 $ 9,991 $ - $ - $ - Asset transfer from Quality Markets, Inc. Employees' Profit Sharing Retirement Plan (Note 11) 7,817,983 - - - - - - 7,817,983 Asset transfer from P&C Food Markets, Inc. 401(k) Savings Plan (Note 11) 3,797,526 3,336,953 336,103 1,371,327 434,636 417,598 - 9,694,143 Net assets available for plan benefits: Beginning of year $ 15,228,333 $ 6,213,823 $ 341,437 $ 2,321,647 $ 1,243,643 $ 1,528,715 $ - $ 26,877,598 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ End of year $ 28,458,697 $15,322,792 $ 973,059 $ 4,220,220 $ 2,745,391 $ 2,636,644 $ - $ 54,356,803 ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ----------- ------------ ------------ ------------ ------------ ------------ ------------
- 15 - 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: --------------------------------- Eugene R. Sunderhaft Chairman Administrative Committee Date: June 28, 1995 - 16 - SCHEDULE I SUPPLEMENTAL SCHEDULE DECEMBER 31, 1994 - --------------------------------------------------------------------------------
SCHEDULE OF ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1994 ------------------------------- NUMBER OF MARKET SHARES COST VALUE Stable Income Fund 66,502 Cash $ 66,502 $ 66,502 566,443 U.S. Government Agency Repo 566,443 566,443 2,630,514 Aetna Guaranteed Investment Contract, guaranteed effective annual interest rate of 5.79%, maturity date of 12/31/98 2,630,514 2,630,514 2,830,137 Allstate Guaranteed Investment Contract, guaranteed effective annual interest rate of 9.2%, maturity date of 10/2/95 2,830,137 2,830,137 1,012,558 Allstate Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.17%, maturity date of 12/30/99 1,012,558 1,012,558 3,555,846 Continental Assurance Co. Guaranteed Investment Contract, guaranteed effective annual interest rate of 7.0%, maturity dates of 5/26/95 (33.3%), 5/28/96 (50%) and 5/27/97 (100%) 3,555,846 3,555,846 2,624,443 ITT Hartford Guaranteed Investment Contract, guaranteed effective annual interest rate of 5.52%, maturity date of 12/31/98 2,624,443 2,624,443 2,242,114 Pacific Mutual Guaranteed Investment Contract, guaranteed effective annual interest rate of 6.17%, maturity dates of 12/31/96 (50%) and 12/31/97 (50%) 2,242,114 2,242,114 1,148,579 Principal Mutual Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.50%, maturity date of 12/31/97 1,148,579 1,148,579 30,397 Principal Mutual Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.65%, maturity date of 12/31/96 30,397 30,397 601,828 Principal Mutual Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.65%, maturity date of 12/31/95 601,828 601,828 1,162,723 Principal Mutual Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.65%, maturity date of 12/31/94 1,162,723 1,162,723 3,489,067 Provident National Life Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.7%, maturity date of 12/31/94 3,489,067 3,489,067 428,916 Miller Anderson Sherrard Fixed Income Fund 5,040,698 4,542,227 239,436 Payden Rygel Global Fixed Income Fund 2,324,197 2,292,407 ------------- ------------- 29,326,046 28,795,785 1,459,699 The Acorn Fund 15,939,677 17,866,716 232,438 Miller Anderson Sherrard Equity Fund 5,045,854 4,527,896 187,475 Delaware Balanced Fund 3,359,923 3,145,913 39,649 Penn Traffic Common Stock * 1,368,935 1,506,662 338 401(k) Participant Loans 3,656,501 3,656,501 ------------- ------------- Total investments $ 58,696,936 $ 59,499,473 ------------- ------------- ------------- ------------- * Represents Party-in-Interest investment.
SCHEDULE II SUPPLEMENTAL SCHEDULE DECEMBER 31, 1994 SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1994
COST OF NUMBER OF PURCHASE NUMBER OF SELLING SECURITIES NET GAIN/ PURCHASES PRICE SALES PRICE SOLD (LOSS) Acorn Mutual Funds 10 $ 4,888,914 1 $ 31,986 $ 26,021 $ 5,965 Principal Guaranteed Investment Contract, guaranteed effective annual interest rate of 9.35%, maturity date of 12/31/93 - - 1 3,776,022 3,776,022 - U.S. Government Agency Repo 78 10,448,001 51 10,994,044 10,994,044 -
EXHIBIT INDEX The following exhibit is filed as part of the Annual Report: EXHIBIT NUMBER DESCRIPTION PAGE NUMBER 23.1 Consent of Independent 18 Public Accountants 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 our report dated June 23, 1995, appearing on page 1 of this Form 11-K. PRICE WATERHOUSE LLP Syracuse, New York June 23, 1995 - 18 - -----END PRIVACY-ENHANCED MESSAGE-----