-----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, Hkd4qwBkA+n6pvdkIJ/yakSSVlAW6MrS7bL/ZCDSbaCuKJsJ3G5ggMaOUGe+QVPa dnc2G344g5zojggW0TJ8tw== 0000950152-97-004934.txt : 19970701 0000950152-97-004934.hdr.sgml : 19970701 ACCESSION NUMBER: 0000950152-97-004934 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970630 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: OHM CORP CENTRAL INDEX KEY: 0000788964 STANDARD INDUSTRIAL CLASSIFICATION: HAZARDOUS WASTE MANAGEMENT [4955] IRS NUMBER: 341503050 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09654 FILM NUMBER: 97633261 BUSINESS ADDRESS: STREET 1: 16406 US RTE 224 EAST CITY: FINDLAY STATE: OH ZIP: 45840 BUSINESS PHONE: 4194233529 MAIL ADDRESS: STREET 1: P.O. BOX 551 CITY: FINDLAY STATE: OH ZIP: 45839-0551 FORMER COMPANY: FORMER CONFORMED NAME: ENVIRONMENTAL TREATMENT & TECHNOLOGIES CORP DATE OF NAME CHANGE: 19890209 FORMER COMPANY: FORMER CONFORMED NAME: ENVIRONMENTAL TREATMENT & TECHNOLOGY CORP DATE OF NAME CHANGE: 19880816 11-K 1 OHM CORPORATION 1 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 COMMISSION FILE NUMBER 1-9654 OHM Corporation (Issuer of the Securities held pursuant to the Plan) OHM Corporation Retirement Savings Plan (Full Title of Plan) 16406 U.S. ROUTE 224 EAST, FINDLAY, OH 45840 (Address of principal executive offices) (Zip Code) (419) 423-3529 (Registrant's telephone number, including area code) (Mark One): ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1933 (FEE REQUIRED) X For the fiscal year ended December 31, 1996 - -------- TRANSITION REPORT PURSUANT TO SECTION 15(D0 OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the transition period from ________ to _________ - -------- 2 REQUIRED INFORMATION The following financial statements for the OHM Corporation Retirement Savings Plan are being filed herewith:
Description Page No. - ----------- -------- Audited Financial Statements: - ----------------------------- Report of Independent Auditors...............................................Page 1 Statements of Net Assets Available for Plan Benefits With Fund Information...Page 2 Statements of Changes in Net Assets Available for Plan Benefits With Fund Information................................................................Page 4 Notes to Financial Statements................................................Page 6 Schedules - --------- Assets Held for Investment...................................................Page 11 Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets...............................................Page 12
The following exhibit will be filed herewith:
Exhibit No. Description Page No. - ----------- ----------- -------- 1 Consent of Independent Auditors Page 13
3 Report of Independent Auditors Board of Directors OHM Corporation Retirement Savings Plan We have audited the accompanying statements of net assets available for plan benefits of OHM Corporation Retirement Savings Plan as of December 31, 1996 and 1995, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our 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 plan benefits of the Plan at December 31, 1996 and 1995, and the changes in its net assets available for plan benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment as of December 31, 1996 and transactions or series of transactions in excess of 5 percent of the current value of plan assets for the year then ended, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The Fund Information in the statements of net assets available for benefits and the statements of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for benefits and changes in net assets available for benefits of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in our audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1996 basic financial statements taken as a whole. ERNST & YOUNG LLP Columbus, Ohio May 2, 1997 1 4 OHM Corporation Retirement Savings Plan Statements of Net Assets Available for Plan Benefits With Fund Information December 31, 1996
OHM (NCB) (NCB) (NCB) EMPLOYER STABLE AGGRESSIVE (NCB) EQUITY STOCK VALUE GROWTH BALANCE INDEX LOAN FUND FUND FUND FUND FUND FUND TOTAL -------------------------------------------------------------------------------------------------- ASSETS Investments: Armada Money Market Portfolio $ 4,219 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ - $ 24,219 OHM Common Stock 5,960,271 - - - - - 5,960,271 LaSalle Income Plus Fund - 7,157,086 - - - - 7,157,086 Putnam Voyager Fund - - 11,711,236 - - - 11,711,236 Fidelity Balanced Fund - - - 5,045,821 - - 5,045,821 S&P 500 Flagship Fund - - - - 7,967,916 - 7,967,916 Loans to participants - - - - - 2,865,026 2,865,026 ------------------------------------------------------------------------------------------------- Total investments 5,964,490 7,162,086 11,716,236 5,050,821 7,972,916 2,865,026 40,731,575 Receivables: Contribution/interest receivable 281,443 165,088 223,627 78,868 115,589 - 864,615 Due from (to) other funds (122,235) (87,473) 61,381 (14,015) (9,958) 172,300 - ------------------------------------------------------------------------------------------------- Total receivables 159,208 77,615 285,008 64,853 105,631 172,300 864,615 ------------------------------------------------------------------------------------------------- Total assets 6,123,698 7,239,701 12,001,244 5,115,674 8,078,547 3,037,326 41,596,190 Distribution/refunds payable (33,808) (28,507) (26,530) (31,116) (19,300) (30,737) (169,998) Other liabilities (17,055) (7,245) (3,315) (674) (2,089) - (30,378) ------------------------------------------------------------------------------------------------- Total liabilities (50,863) (35,752) (29,845) (31,790) (21,389) (30,737) (200,376) ------------------------------------------------------------------------------------------------- Net assets available for plan benefits $ 6,072,835 $ 7,203,949 $ 11,971,399 $ 5,083,884 $ 8,057,158 $ 3,006,589 $ 41,395,814 =================================================================================================
See accompanying notes. 2 5 OHM Corporation Retirement Savings Plan Statements of Net Assets Available for Plan Benefits With Fund Information December 31, 1995
OHM (NCB) (NCB) (NCB) EMPLOYER STABLE AGGRESSIVE (NCB) EQUITY STOCK VALUE GROWTH BALANCE INDEX LOAN FUND FUND FUND FUND FUND FUND TOTAL ------------------------------------------------------------------------------------------------- ASSETS Investments: Interest bearing cash deposits (overdrafts) $ (3,804) $ - $ (7,600) $ (6,316) $ (4,527) $ - $ (22,247) Armada Money Market Portfolio 8,809 13,175 12,600 11,317 9,527 - 55,428 OHM Common Stock 2,625,418 - - - - - 2,625,418 LaSalle Income Plus Fund - 6,745,725 - - - - 6,745,725 Putnam Voyager Fund - - 8,593,281 - - - 8,593,281 Fidelity Balanced Fund - - - 5,331,344 - - 5,331,344 S&P 500 Flagship Fund - - - - 5,462,059 - 5,462,059 Loans to participants - - - - - 2,039,291 2,039,291 ------------------------------------------------------------------------------------------------- Total investments 2,630,423 6,758,900 8,598,281 5,336,345 5,467,059 2,039,291 30,830,299 Receivables: Contribution/interest receivable 206,529 160,256 151,282 84,648 83,047 - 685,762 Due from (to) other funds 35,620 (126,673) 49,992 (144,222) 36,183 149,100 - ------------------------------------------------------------------------------------------------- Total receivables 242,149 33,583 201,274 (59,574) 119,230 149,100 685,762 ------------------------------------------------------------------------------------------------- Total assets 2,872,572 6,792,483 8,799,555 5,276,771 5,586,289 2,188,391 31,516,061 Distribution/refunds payable (53,763) (91,260) (342,699) (84,232) (58,922) (118,879) (749,755) Other liabilities (3,134) (5,823) (1,391) (549) (1,652) - (12,549) ------------------------------------------------------------------------------------------------- Total liabilities (56,897) (97,083) (344,090) (84,781) (60,574) (118,879) (762,304) ------------------------------------------------------------------------------------------------- Net assets available for plan benefits $ 2,815,675 $ 6,695,400 $ 8,455,465 $ 5,191,990 $ 5,525,715 $ 2,069,512 $ 30,753,757 =================================================================================================
See accompanying notes. 3 6 OHM Corporation Retirement Savings Plan Statements of Changes in Net Assets Available for Plan Benefits With Fund Information Year ended December 31, 1996
OHM (NCB) (NCB) (NCB) EMPLOYER STABLE AGGRESSIVE (NCB) EQUITY STOCK VALUE GROWTH BALANCE INDEX LOAN FUND FUND FUND FUND FUND FUND TOTAL -------------------------------------------------------------------------------------------------- ADDITIONS Investment income $ 4,325 $ 422,625 $ 876,947 $ 286,006 $ 529,527 $ 78,339 $ 2,197,769 Employee contributions 622,803 1,123,010 2,253,204 965,476 1,206,741 - 6,171,234 Employer contributions 2,792,499 - - - - - 2,792,499 Rollover 42,337 187,219 281,366 139,736 170,934 - 821,592 -------------------------------------------------------------------------------------------------- Total additions 3,461,964 1,732,854 3,411,517 1,391,218 1,907,202 78,339 11,983,094 Deduction-benefits/distributions paid to plan participants and beneficiaries (264,334) (752,261) (1,023,471) (470,608) (706,237) (12,770) (3,229,681) Other: Net unrealized appreciation of investments 647,767 - 259,925 116,151 864,801 - 1,888,644 Transfers in (out) (588,237) (472,044) 867,963 (1,144,867) 465,677 871,508 - -------------------------------------------------------------------------------------------------- Net increase (decrease) in deduction and other (204,804) (1,224,305) 104,417 (1,499,324) 624,241 858,738 (1,341,037) -------------------------------------------------------------------------------------------------- Change in net assets available for plan benefits 3,257,160 508,549 3,515,934 (108,106) 2,531,443 937,077 10,642,057 Net assets available at December 31, 1995 2,815,675 6,695,400 8,455,465 5,191,990 5,525,715 2,069,512 30,753,757 -------------------------------------------------------------------------------------------------- Net assets available at December 31, 1996 $ 6,072,835 $ 7,203,949 $ 11,971,399 $ 5,083,884 $ 8,057,158 $ 3,006,589 $ 41,395,814 ==================================================================================================
See accompanying notes. 4 7 OHM Corporation Retirement Savings Plan Statements of Changes in Net Assets Available for Plan Benefits With Fund Information Year ended December 31, 1995
OHM (NCB) (NCB) (NCB) EMPLOYER STABLE AGGRESSIVE (NCB) EQUITY STOCK VALUE GROWTH BALANCE INDEX LOAN FUND FUND FUND FUND FUND FUND TOTAL ----------------------------------------------------------------------------------------------- ADDITIONS Investment income (loss) $ (21,974) $ 310,585 $ 666,841 $ 186,605 $ 855,623 $ - $ 1,997,680 Employee contributions 637,770 1,067,459 1,398,618 857,644 779,474 - 4,740,965 Employer contributions 1,205,178 111,548 159,844 98,053 84,401 - 1,659,024 Rollover 271,809 1,349,166 1,475,184 1,032,493 1,127,714 320,690 5,577,056 ----------------------------------------------------------------------------------------------- Total additions 2,092,783 2,838,758 3,700,487 2,174,795 2,847,212 320,690 13,974,725 Deduction-benefits/distributions paid to plan participants and beneficiaries (243,889) (624,647) (809,098) (324,977) (358,247) (10,140) (2,370,998) Other: Net unrealized appreciation (depreciation) of investments (666,372) - 1,502,979 361,121 275,092 - 1,472,820 Transfers in (out) (78,545) 19,258 (236,308) (290,122) 81,758 503,959 - ------------------------------------------------------------------------------------------------ Net increase (decrease) in deduction and other (988,806) (605,389) 457,573 (253,978) (1,397) 493,819 (898,178) ------------------------------------------------------------------------------------------------ Change in net assets available for plan benefits 1,103,977 2,233,369 4,158,060 1,920,817 2,845,815 814,509 13,076,547 Net assets available at December 31, 1994 1,711,698 4,462,031 4,297,405 3,271,173 2,679,900 1,255,003 17,677,210 ------------------------------------------------------------------------------------------------ Net assets available at December 31, 1995 $2,815,675 $ 6,695,400 $ 8,455,465 $ 5,191,990 $ 5,525,715 $ 2,069,512 $ 30,753,757 ===============================================================================================
See accompanying notes. 5 8 OHM Corporation Retirement Savings Plan Notes to Financial Statements December 31, 1996 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with generally accepted accounting principles. INVESTMENTS National City Bank (the Trustee) serves as the Trustee for the OHM Retirement Savings Plan (the Plan). The Trustee holds, manages, values, invests, reinvests, accounts for and otherwise deals with each investment fund separately. The current value of the bank administered trustee funds is obtained from the Trustee of the funds and is based on published market prices at the statement date. Realized gains or losses on the sale of investments are the difference between the proceeds received and the specific cost of investment sold. The change in the difference between fair value and the cost of investments is reflected in the statement of changes in net assets available for plan benefits as net unrealized appreciation (depreciation) in the fair value of investments. OHM Corporation stock held is valued at the quoted market price at the close of the last business day for that period. OPERATING EXPENSES All administrative expenses of the Plan and all fees and retainers of the Plan's Trustee, administrator, auditors, and counsel are paid by OHM Corporation (the Company). USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 6 9 OHM Corporation Retirement Savings Plan Notes to Financial Statements (continued) 2. DESCRIPTION OF PLAN The Plan is a defined contribution plan covering all full-time employees of the Company who were employed by OHM Corporation and its subsidiaries on the effective date, November 16, 1988. Each employee who is not a participant as of the effective date will be eligible to become a participant on the first day of each January, April, July and October subsequent to one year of employment. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Plan maintains separate accounts for each participant, which are credited with the participant's voluntary contributions and an allocation of (a) Company contributions, (b) plan earnings, and (c) forfeitures of non-vested terminated participants' accounts. Under the Plan, each participant may direct their contributions and allocations between the OHM Corporation Common Stock Fund (OHM Employer Stock Fund), Stable Value Fund, Aggressive Growth Fund, Equity Index Fund, or Balanced Fund. Effective April 1, 1990, as amended July 1, 1995, the Company matches 100 percent on the first 2 percent and 50 percent on the next 4 percent of a participant's compensation that such participant contributed as before-tax contribution. Beginning June 1995, all Company matches are made in OHM Corporation common stock. In addition, the Company, at its discretion, may make profit sharing contributions to the Plan for its participants each plan year. Profit sharing contributions will be allocated to the accounts of each participant in the ratio that the compensation of each such participant for the plan year bears to the total compensation of all such participants for the plan year. The Company made no profit sharing contributions during the years ended December 31, 1996 and 1995, respectively. An employee may make voluntary contributions to the Plan by payroll deduction, or by lump sum deposit for rollovers. Employee contributions may not exceed 15 percent of the employee's pre-tax compensation and/or post-tax compensation subject to IRS guidelines. Voluntary contributions shall be at all times non-forfeitable. 7 10 OHM Corporation Retirement Savings Plan Notes to Financial Statements (continued) 2. DESCRIPTION OF PLAN (CONTINUED) Under the terms of the Plan, a participant is eligible for normal retirement upon attainment of age 65, or upon suffering total and permanent disability. Upon retirement, disability, or death before retirement or disability, the amount credited to the participant's account, plus any amounts of additional credit as finally determined at the next valuation date, will be distributed to the participant. In the event of the termination of employment of a participant prior to his normal retirement date, the participant will receive the non-forfeitable interest in his participant account based on a vesting schedule specified in the Plan and all of his voluntary contributions account. A participant becomes 100 percent vested after two years of credited service. Employees working past their normal retirement date are eligible for continued participation until their retirement date. The Plan provides for distribution of a participant's account in the form of a "Life Annuity", "Qualified Joint and Survivor Annuity" or other methods of payment as described in the Plan. Participants with prior approval of the Plan Committee are allowed to borrow against the vested portion of their account and such loans shall bear interest at a rate established at the date of the loan. Generally, the period of repayment for any loan cannot exceed five years. In the event that the Plan is terminated, any account balance a participant may have accumulated up to that time will become fully vested and non-forfeitable. 8 11 OHM Corporation Retirement Savings Plan Notes to Financial Statements (continued) 3. INVESTMENTS During the year ended December 31, 1996 and 1995, the Plan's investments appreciated (depreciated) in fair value by $1,888,644 and $1,472,820, respectively, as follows:
NET APPRECIATION (DEPRECIATION) FAIR VALUE/ IN FAIR VALUE/ CONTRACT VALUE CONTRACT VALUE AT END DURING YEAR OF YEAR ----------------------------------------------------- Plan year ended December 31, 1996: Investment deposits under trustee National City Bank: Invested in Armada Money Market Portfolio (net of overdrafts) $ -- $ 24,219 Invested in OHM Common Stock* 647,767 5,960,271 Invested in LaSalle Income Plus Fund -- 7,157,086 Invested in Putnam Voyager Fund 259,925 11,711,236 Invested in Fidelity Balanced Fund 116,151 5,045,821 Investment in S&P 500 Flagship Fund 864,801 7,967,916 Loans to participants -- 2,865,026 ----------------------------------------------------- $1,888,644 $40,731,575 ===================================================== Plan year ended December 31, 1995: Investment deposits under trustee National City Bank: Invested in Armada Money Market Portfolio (net of overdrafts) $ - $ 33,181 Invested in OHM Common Stock* (666,372) 2,625,418 Invested in LaSalle Income Plus Fund - 6,745,725 Invested in Putnam Voyager Fund 1,502,979 8,593,281 Invested in Fidelity Balanced Fund 361,121 5,331,344 Investment in S&P 500 Flagship Fund 275,092 5,462,059 Loans to participants - 2,039,291 ----------------------------------------------------- $1,472,820 $30,830,299 =====================================================
*Indicates party-in-interest to the Plan. 9 12 4. FEDERAL INCOME TAXES The Internal Revenue Service has ruled that the Plan qualifies under section 401(a) of the Internal Revenue Code and is, therefore, not subject to tax under present income tax law. 5. ACQUISITION On May 30, 1995, the Company completed the acquisition of substantially all of the assets and certain liabilities of the hazardous and nuclear waste remediation services business units of Rust International Inc. (Rust). As a result of the acquisition, former employees of Rust became eligible to rollover vested benefits from the Rust Employee Benefit Plans into the OHM Retirement Savings Plan and became participants in the Plan. 10 13 OHM Corporation Retirement Savings Plan Assets Held for Investment December 31, 1996
DESCRIPTION OF INVESTMENT INCLUDING MATURITY DATE, RATE OF INTEREST AND CURRENT IDENTITY OF ISSUER PAR OR MATURITY VALUE COST VALUE - ------------------------------------------------------------------------------------------------------ OHM Corporation Common Stock $6,130,207 $5,960,271 Armada Money Market Mutual Fund Portfolio 24,219 24,219 LaSalle Income Plus Fund Mutual Fund 7,157,086 7,157,086 Putnam Voyager Fund Mutual Fund 9,823,078 11,711,236 Fidelity Balanced Fund Mutual Fund 4,621,412 5,045,821 S&P 500 Flagship Fund Mutual Fund 6,777,679 7,967,916 Loan Fund Loans to Participants 2,865,026 2,865,026
11 14 OHM Corporation Retirement Savings Plan Transactions or Series of Transactions in Excess of 5 Percent of the Current Value of Plan Assets
CURRENT DESCRIPTION OF INVESTMENT VALUE OF INCLUDING MATURITY DATE, ASSET ON NET RATE OF INTEREST AND PURCHASE SELLING COST OF TRANSACTION GAIN IDENTITY OF ISSUER PAR OR MATURITY VALUE PRICE PRICE ASSET DATE (LOSS) - ------------------------------------------------------------------------------------------------------------------------------------ CATEGORY (III)--A SERIES OF TRANSACTIONS IN EXCESS OF 5 PERCENT OF PLAN ASSETS Armada Money Market Mutual Fund Portfolio 313 purchases $ 10,768,799 $ - $ 10,768,799 $ 10,768,799 $ - 232 sales - 10,805,004 10,805,003 10,805,003 - LaSalle Income Plus Fund Mutual Fund 27 purchases 1,152,119 - 1,152,119 1,152,119 - 9 sales - 744,890 744,890 744,890 - Putnam Voyager Fund Mutual Fund 24 purchases 3,335,092 - 3,335,092 3,335,092 - 10 sales - 615,325 493,884 615,325 121,441 Fidelity Balanced Fund Mutual Fund 17 purchases 602,040 - 602,040 602,040 - 16 sales - 1,073,559 1,040,816 1,073,559 32,743
There were no category (i), (ii) or (iv) reportable transactions during 1996. 12 15 SIGNATURE Pursuant to the requirements of the Securities Act of 1934, the Plan Committee members have duly caused this annual report to be signed and undersigned thereunto duly authorized. OHM CORPORATION RETIREMENT SAVINGS PLAN Date: June 25, 1997 By: /s/ Steven E. Harbour ------------------------- Steven E. Harbour Vice President, Legal and Secretary Committee Chairman, OHM Corporation Retirement Savings Plan Committee 13 EX-1 2 EXHIBIT 1 1 Exhibit 1 Consent of Independent Auditors We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-24953) pertaining to the OHM Corporation Retirement Savings Plan and in the related Prospectus of our report dated May 2, 1997, with respect to the financial statements and schedules of OHM Corporation Retirement Savings Plan included in the Annual Report (Form 11-K) for the year ended December 31, 1996. ERNST & YOUNG LLP Columbus, Ohio June 25, 1997 -----END PRIVACY-ENHANCED MESSAGE-----