-----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, MeK5dExm6Z8nihT5LOCDr47/QPJqNM2tSSMNu4VE92MbotBorF2Q5Fcw+C+pHy6q c/7gNJiRnoNlpmxz/vMFEQ== 0001005477-96-000178.txt : 19960701 0001005477-96-000178.hdr.sgml : 19960701 ACCESSION NUMBER: 0001005477-96-000178 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960628 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: 96588696 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 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, 1995 (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, 1995 and 1994 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, 1995 and 1994 2 Statement of Changes in Net Assets Available for Plan Benefits for the years ended December 31, 1995 and 1994 3 Notes to Financial Statements 4 Supplemental Schedules:* Schedule of Assets Held for Investment at December 31, 1995 (Schedule I) 13 Schedule of Reportable 5% Transactions for the Year Ended December 31, 1995 (Schedule II) 14 * Schedules not included with this additional data have been omitted because they are not applicable. REPORT OF INDEPENDENT ACCOUNTANTS June 12, 1996 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, 1995 and 1994, 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, 1995 1994 Assets Investments at market (cost of $68,799,556 in 1995 and $58,696,936 in 1994) $72,697,271 $59,499,473 ----------- ----------- Receivables: Accrued income 508,060 283,814 Employee contributions 173,763 110,784 ----------- ----------- Total receivables 681,823 394,598 ----------- ----------- Net assets available for plan benefits $73,379,094 $59,894,071 =========== =========== 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, 1995 1994 Additions to net assets Investment income (loss): Interest and dividends $ 5,181,881 $ 3,251,337 Net appreciation (depreciation) in market value of investments 3,083,398 (3,334,047) Net gain (loss) on sale of investments 132,091 (189,557) ------------ ------------ Total investment income (loss) 8,397,370 (272,267) Participant contributions 9,770,734 9,169,405 ------------ ------------ Total additions 18,168,104 8,897,138 ------------ ------------ Deductions from net assets Payments to participants (4,545,759) (3,227,955) Payment of individual insurance contract premiums (89,432) (95,312) Administrative expenses (47,890) (36,603) ------------ ------------ Total deductions (4,683,081) (3,359,870) ------------ ------------ Increase in net assets 13,485,023 5,537,268 Net assets available for plan benefits Beginning of year 59,894,071 54,356,803 ------------ ------------ End of year $ 73,379,094 $ 59,894,071 ============ ============ 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, 1995 and 1994 - -------------------------------------------------------------------------------- 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 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 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 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- The Penn Traffic Company 401(k) Savings Plan Notes to Financial Statements December 31, 1995 and 1994 - -------------------------------------------------------------------------------- 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. A favorable Internal Revenue Service determination letter for the restated Plan was received August 14, 1995 (Note 8). Use of estimates 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. 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, 1995 and 1994. Guaranteed investment contracts are stated at contract value. -5- The Penn Traffic Company 401(k) Savings Plan Notes to Financial Statements December 31, 1995 and 1994 - -------------------------------------------------------------------------------- 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, 1995 include: Market/Contract Cost Value The Acorn Fund $19,239,699 $23,066,643 Delaware Balanced Fund 4,203,996 4,508,855 Miller Anderson Sherrard Fixed Income Fund 7,756,553 7,847,903 Miller Anderson Sherrard Equity Fund 7,084,336 7,437,954 Payden Rygel Global Fixed Income Fund 4,569,928 4,775,777 John Hancock Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.14%, maturity date of 12/31/99 4,293,262 4,293,262 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, 1995 and December 31, 1994: Year Ended December 31, 1995 1994 Average yearly yield 8.11% 7.58% Crediting interest rate 8.22% 7.82% Fair market value $ 16,456,068 $ 16,716,286 -6- The Penn Traffic Company 401(k) Savings Plan Notes to Financial Statements December 31, 1995 and 1994 - -------------------------------------------------------------------------------- Under certain premature withdrawal 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, 1995 and 1994, the amount allocated to participant accounts who have elected to withdraw from the Plan but have not yet been paid was $1,190,000 and $609,000, respectively. 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. 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, 1995 and 1994 - -------------------------------------------------------------------------------- 10. Transactions with Parties-in-Interest As of December 31, 1995 and 1994, the Plan held the following:
December 31, 1995 December 31, 1994 -------------------------------- -------------------------------- Number Market Number Market of Shares Cost Value of Shares Cost Value Penn Traffic common stock 57,528 $ 1,758,328 $ 861,682 39,649 $ 1,368,935 $ 1,506,662
11. Subsequent Event On January 31, 1996, under authorization from the Company's Board of Directors, participant balances and other assets totalling $3,248,089 were transferred from The Penn Traffic Company Insalaco Markets Division Profit Sharing Retirement Plan (the "Insalaco Plan") to the Plan and the Insalaco Plan was terminated. Former participants of the Insalaco Plan were accorded full eligibility status under the Plan. -8- The Penn Traffic Company 401(k) Savings Plan Notes to Financial Statements December 31, 1995 - -------------------------------------------------------------------------------- 12. 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 =========== =========== ========== ========== ========== ========== =========== ===========
-9- The Penn Traffic Company 401(k) Savings Plan Notes to Financial Statements December 31, 1995 - -------------------------------------------------------------------------------- 13. 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 (loss): Interest and dividends $ 2,245,788 $ 1,829,127 $ -- $ 715,857 $ 391,109 $ -- $ -- $ 5,181,881 Net appreciation (depreciation) 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 (loss) 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 (decrease) 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 ============ =========== =========== ========== ========== =========== ======== ===========
-10- The Penn Traffic Company 401(k) Savings Plan Notes to the Financial Statements December 31, 1994 14. Net Assets Available for Plan Benefits by Investment Fund at 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 =========== =========== ========== ========== ========== ========== =========== ===========
-11- The Penn Traffic Company 401(k) Savings Plan Notes to the Financial Statements December 31, 1994 - -------------------------------------------------------------------------------- 15. 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 (loss): Interest and dividends $ 1,806,512 $ 926,850 $ -- $ 359,032 $ 158,943 $ -- $ -- $ 3,251,337 Net appreciation (depreciation) 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 (loss) 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 in- surance 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 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 ============ ============ =========== =========== =========== =========== ======== ============
-12- The Penn Traffic Company SCHEDULE I 401(k) Savings Plan Supplemental Schedule December 31, 1995 - -------------------------------------------------------------------------------- SCHEDULE OF ASSETS HELD FOR INVESTMENT
December 31, 1995 ---------------------------- Number of Fair Shares Cost Value Stable Income Fund: 75,901 Cash $ 75,901 $ 75,901 336,576 Daily Income Trust Government Fund 336,576 336,576 2,782,821 Aetna Guaranteed Investment Contract, guaranteed effective annual interest rate of 5.79%, maturity date of 12/31/98 2,782,821 2,782,821 1,095,284 Allstate Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.17%, maturity date of 12/30/99 1,095,284 1,095,284 2,537,532 Continental Assurance Co. Guaranteed Investment Contract, guaranteed effective annual interest rate of 7.0%, maturity dates of 5/28/96 (50%) and 5/27/97 (100%) 2,537,532 2,537,532 4,293,262 John Hancock Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.14%, maturity date of 12/31/99 4,293,262 4,293,262 2,769,313 ITT Hartford Guaranteed Investment Contract, guaranteed effective annual interest rate of 5.52%, maturity date of 12/31/98 2,769,313 2,769,313 2,380,453 Pacific Mutual Guaranteed Investment Contract, guaranteed effective annual interest rate of 6.17%, maturity dates of 12/31/96 (50%) and 12/31/97 (100%) 2,380,453 2,380,453 1,238,972 Principal Mutual Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.50%, maturity date of 12/31/97 1,238,972 1,238,972 32,418 Principal Mutual Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.65%, maturity date of 12/31/96 32,418 32,418 650,467 Principal Mutual Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.65%, maturity date of 12/31/95 650,467 650,467 90,307 Institutional Investor Stable Asset Fund 1,500,000 1,511,741 666,702 Miller Anderson Sherrard Fixed Income Fund 7,756,553 7,847,903 460,109 Payden Rygel Global Fixed Income Fund 4,569,928 4,775,777 ------------ ------------ Total Stable Income Fund 32,019,480 32,328,420 1,697,281 The Acorn Fund 19,239,699 23,066,643 318,375 Miller Anderson Sherrard Equity Fund 7,084,336 7,437,954 242,003 Delaware Balanced Fund 4,203,996 4,508,855 57,528 Penn Traffic Common Stock * 1,758,328 861,682 463 401(k) Participant Loans 4,493,717 4,493,717 ------------ ------------ Total investments $ 68,799,556 $ 72,697,271 ============ ============
* Represents Party-in-Interest investment. -13- The Penn Traffic Company SCHEDULE II 401(k) Savings Plan Supplemental Schedule December 31, 1995 - -------------------------------------------------------------------------------- SCHEDULE OF REPORTABLE 5% TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1995
Cost of Number of Purchase Number of Selling Securities Net Gain/ Purchases Price Sales Price Sold (Loss) Single Transactions: U.S. Government Agency Repo 1 $ 3,515,438 1 $ 5,431,773 $ 5,431,773 $ -- Daily Income Trust - Government IIA Fund 1 5,431,773 1 4,000,000 4,000,000 -- Daily Income Trust - Government IIA Fund 1 3,023,479 John Hancock Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.14%, maturity date of 12/31/99 1 4,000,000 Allstate Guaranteed Investment Contract, guaranteed effective annual interest rate of 9.2%, maturity date of 10/2/95 1 3,022,706 3,022,706 -- Provident National Life Guaranteed Investment Contract, guaranteed effective annual interest rate of 8.7%, maturity date of 12/31/94 1 3,489,067 3,489,067 -- Series of Transactions: Acorn Mutual Fund 12 3,985,010 1 798,740 668,605 130,135 U.S. Government Agency Repo 3 4,903,880 2 5,470,322 5,470,322 -- Daily Income Trust - Government IIA Fund 86 18,131,633 53 17,759,332 17,759,332 -- Allstate Guaranteed Investment Contract, guaranteed effective annual interest rate of 9.2%, maturity date of 10/2/95 9 192,569 1 3,022,706 3,022,706 --
-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:/s/ Eugene R. Sunderhaft ------------------------ Eugene R. Sunderhaft Chairman Administrative Committee Date: June 21, 1996 -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 CONSENT OF INDEPENDENT ACCOUNTANTS 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 12, 1996, appearing on page 1 of this Form 11- K. PRICE WATERHOUSE LLP Syracuse, New York June 21, 1996 -17- -----END PRIVACY-ENHANCED MESSAGE-----