-----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, AAawbYP3JXut8JmjwaFJ4phYzPurmzi1maByFdLXgP14Cbp4cdWfIzaFEnNfCTop Hzk3VrUN4KDF5RnI6KOLYg== 0000079225-04-000009.txt : 20040628 0000079225-04-000009.hdr.sgml : 20040628 20040628142946 ACCESSION NUMBER: 0000079225-04-000009 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20031128 FILED AS OF DATE: 20040628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PLYMOUTH RUBBER CO INC CENTRAL INDEX KEY: 0000079225 STANDARD INDUSTRIAL CLASSIFICATION: FABRICATED RUBBER PRODUCTS, NEC [3060] IRS NUMBER: 041733970 STATE OF INCORPORATION: MA FISCAL YEAR END: 1127 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05197 FILM NUMBER: 04884298 BUSINESS ADDRESS: STREET 1: 104 REVERE ST CITY: CANTON STATE: MA ZIP: 02021 BUSINESS PHONE: 6178280220 MAIL ADDRESS: STREET 1: PLYMOUTH RUBBER CO INC STREET 2: 104 REVERE ST CITY: CANTON STATE: MA ZIP: 02021 11-K 1 form11k.txt FORM 11-K FORM 11-K FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 { X } ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: November 28, 2003 OR { } TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the transition period from _______________ to ______________ Commission file number 1-5197 A. Full title of the plan and address of the plan, if different from that of the issuer below: Plymouth Rubber Company Retirement Savings and Profit Sharing Plan and Trust B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Plymouth Rubber Company, Inc., 104 Revere Street, Canton, Massachusetts 02021 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST FINANCIAL STATEMENTS Years Ended December 31, 2003 and 2002 Contents Page INDEPENDENT AUDITORS' REPORT. . . . . . . . . . . . . . . . . . . . . . . 1 FINANCIAL STATEMENTS: Statements of Net Assets Available for Plan Benefits . . . . . . . . . . 2 Statements of Changes in Net Assets Available for Plan Benefits . . . . . 3 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . 4-9 SUPPLEMENTAL MATERIAL: Statements of Net Assets Available for Plan Benefits with Fund Information . . . . . . . . . . . . . . . . . . . . . . . . . 11-12 Statements of Changes in Net Assets Available for Plan Benefits with Fund Information . . . . . . . . . . . . . . . . . . . . . 13-14 Schedule of Assets Held for Investment Purposes . . . . . . . . . . . . . 15 Signatures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 REPORT OF INDEPENDENT ACCOUNTANTS TO THE ADMINISTRATOR OF PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST Canton, Massachusetts 02021 We have audited the accompanying statements of net assets available for plan benefits of the Plymouth Rubber Company Retirement Savings and Profit Sharing Plan and Trust as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits 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 aforementioned financial statements present fairly, in all material respects, the net assets available for plan benefits of the Plymouth Rubber Company Retirement Savings and Profit Sharing Plan and Trust as of December 31, 2003 and 2002, and the changes in its net assets available for plan benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America. Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental material is presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations of the Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental material has been subjected to the auditing procedures applied in the audits 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. /S/ Morris & Morris, P.C. Morris & Morris. P.C. Needham Heights, Massachusetts June 4, 2004 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS December 31 2003 2002 ----------- ----------- ASSETS Investments, at Market . . . . . . . . . . . . $ 9,336,254 $ 7,616,494 Contributions Receivable . . . . . . . . . . . 48,353 65,860 Cash and Equivalents . . . . . . . . . . . . . 1,636,282 1,683,239 ----------- ----------- TOTAL ASSETS $11,020,889 $ 9,365,593 =========== =========== NET ASSETS AVAILABLE FOR PLAN BENEFITS NET ASSETS AVAILABLE FOR PLAN BENEFITS $11,020,889 $ 9,365,593 =========== =========== The accompanying notes and independent auditors' report are an integral part of the financial statements. 2 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS Years Ended December 31 2003 2002 ----------- ----------- ADDITIONS: INVESTMENT INCOME: Net Unrealized Appreciation (Depreciation) in Fair Value of Investments . . . . . . . $ 1,808,739 $ (492,729) Net Realized (Loss) Upon Disposition of Investments. . . . . . . . . . . . . . . (315,642) (1,310,679) Dividend Income. . . . . . . . . . . . . . . 117,916 119,918 Interest Income. . . . . . . . . . . . . . . 23,729 33,116 ----------- ----------- SUBTOTAL INVESTMENT GAIN (LOSS) 1,634,742 (1,650,374) ----------- ----------- CONTRIBUTIONS: Participant Contributions. . . . . . . . . . 759,674 828,461 ----------- ----------- SUBTOTAL CONTRIBUTIONS 759,674 828,461 ----------- ----------- TOTAL ADDITIONS 2,394,416 (821,913) ----------- ----------- DEDUCTIONS: Benefits Paid. . . . . . . . . . . . . . . . 737,019 1,203,468 Investment Fees. . . . . . . . . . . . . . . 2,101 2,601 ----------- ----------- 739,120 1,206,069 ----------- ----------- Net Additions (Deductions) 1,655,296 (2,027,982) ----------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, Beginning of Year. . . . . . . . . . . . . . 9,365,593 11,393,575 ----------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, End of Year. . . . . . . . . . . . . . . . . $11,020,889 $ 9,365,593 =========== =========== The accompanying notes and independent auditors' report are an integral part of the financial statements. 3 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS Years Ended December 31, 2003 and 2002 A. DESCRIPTION OF THE PLAN: The following description of the Plymouth Rubber Company Retirement Savings and Profit Sharing Plan and Trust (the Plan) is provided for general information purposes only. Participants should refer to the Plan Agreement for a more complete description of the Plan's provisions. 1. General Information: Plymouth Rubber Company, Inc. (the Company), as Plan sponsor, has adopted the CitiStreet Prototype Defined Contribution Plan as its Plan. The Plan is a defined contribution profit-sharing plan for the exclusive benefit of the employees of the Company and their beneficiaries, enabling participants to save and invest in accordance with the terms of the Plan. The Plan is established under provisions of Section 401(a) and 401(k) of the Internal Revenue Code and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), and as amended subsequent thereto. Participants in the Plan may elect to participate in a tax-deferred savings program offered under the Plan, whereby contributions are made through payroll deductions. 2. Administration The Plan is administered by the Company in accordance with the Plan Agreement. Trustees consist of designated Company directors and officers. The Plan's recordkeeper is CitiStreet. The Plan's assets are held in trust by State Street Bank & Trust Company. Expenses for recordkeeping and benefit distributions of the Plan are paid by the Company. 3. Eligibility An employee is eligible to participate in the compensation deferral contribution arrangement upon the completion of one month of continuous service and attainment of age 21. An employee is eligible to receive a matching employer contribution under the plan upon the completion of one year of continuous service with a minimum of 1,000 hours of service and attainment of age 21. 4 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS Years Ended December 31, 2003 and 2002 A. DESCRIPTION OF THE PLAN: (Continued) 4. Contributions Each year, participants may contribute up to one-hundred percent (100%) of their annual before-tax compensation, as defined in the Plan Agreement. Before-tax contributions are limited to the maximum 401(k) contribution permitted by law. Contributions from the Company are discretionary and are limited to the maximum amount deductible under the Internal Revenue Code. 5. Vesting Participants become vested in the Company-discretionary contributions, plus actual earnings thereon, based upon years of service to the Company as follows: Vested Years of Service Percentage Less than one year 0% 1 year but less than 2 years 0 2 years but less than 3 years 20 3 years but less than 4 years 40 4 years but less than 5 years 60 5 years or more 100 A participant is always fully vested in his or her voluntary contributions and earnings thereon. 6. Participant Accounts Each participant's account is credited with his or her contribution, and an allocation of both the Company's contribution and the current year's plan earnings. Allocations are based upon each participant's qualified compensation and account balances, as defined. The benefit to which a participant is entitled is the vested portion of that participant's account. 5 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS Years Ended December 31, 2003 and 2002 A. DESCRIPTION OF THE PLAN: (Continued) 7. Participant Loans Participants may borrow amounts not to exceed the lesser of fifty percent (50%) of the participant's vested account balance, or $50,000 reduced by the highest outstanding loan balance during the preceding twelve (12) months. Participants may take up to two loans in a calendar year, but may not have more than one loan outstanding at a time. Repayment terms of the loans are determined by each employee, but generally may not exceed sixty (60) months, and must bear a reasonable rate of interest. 8. Payment of Benefits Upon termination of service, due to death, disability or retirement, or financial hardship, a participant may elect to receive an amount equal to the value of the participant's vested interest in his or her account balance. If the participant's account balance is in excess of certain limitations, the participant may elect to have the Plan continue to administer their account balance. 9. Plan Amendment and Termination The Company intends to continue the Plan without interruption, but reserves the right to terminate or amend the Plan. In the event that the Company terminates the Plan, there shall be immediate and full vesting for all participants. B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: 1. Method of Accounting The financial statements have been prepared using the accrual- basis method of accounting. 6 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS Years Ended December 31, 2003 and 2002 B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Continued) 2. Investment Valuation The value of investments, other than cash and equivalents, is based on the closing price on December 31, 2003 and 2002, respectively, as received from the State Street Bank & Trust Company. Purchases and sales of investments are reflected on a trade-date basis. Gain or loss on sales of investments is computed based upon the difference between net sales price and ERISA Value. Investments at year-end are reported at market value (ERISA Value). ERISA Value for investments is determined by adjusting current year purchases or prior year market value (ERISA Value) to market value at the end of the Plan year. ERISA Value is then used as the basis for transactions for the following year. In accordance with the policy of stating investments at market value, net unrealized gain or loss on investments for the year is reflected in the Statement of Changes in Net Assets Available for Plan Benefits. 3. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at December 31, 2003 and 2002, and the reported amounts of revenues and expenses for the years then ended. Actual results and amounts may differ from the estimates made in the preparation of these financial statements. 4. Income Taxes The Plan's Prototype (non-standardized) has received a favorable determination letter from the Internal Revenue Service dated December 9, 1996, with respect to the tax-exempt status of the Plan. 7 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS Years Ended December 31, 2003 and 2002 C. CONTRIBUTION DUE FROM EMPLOYER: The Company's Board of Directors did not vote to make discretionary contributions on behalf of the Company, to the Plan for the years ended December 31, 2003 and 2002. D. CASH AND EQUIVALENTS: December 31 ------------------------ 2003 2002 ---- ---- State Street Bank & Trust Company $ 1,636,282 $ 1,683,239 =========== =========== E. NOTES RECEIVABLE - PARTICIPANTS: December 31 ------------------------ 2003 2002 ---- ---- Balance, Beginning of Year $ 629,442 $ 655,960 Plus: Loans Issued . . . . . . . . 302,206 299,277 Less: Loan Repayments . . . . . . . (341,131) (325,795) ----------- ---------- Balance, End of Year $ 590,517 $ 629,442 =========== =========== Interest earned on employee fund loans amounted to $23,729 and $33,116, respectively, for the years ended December 31, 2003 and 2002, and is included in interest income. F. CONCENTRATION OF CREDIT RISK: The Plan maintains its cash in various bank accounts, which at times, may exceed federally insured limits. Cash Equivalents and Investments include money market funds and investments in mutual funds, common stocks and bonds, which are not insured by the FDIC or otherwise guaranteed by the U.S. Government. The Plan has not experienced any losses in such accounts. Management believes that the Plan is not exposed to any significant credit risk in connection with cash, cash equivalents or investments. 8 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS Years Ended December 31, 2003 and 2002 G. SUMMARY OF INVESTMENTS: December 31, 2003 December 31, 2002 ------------------------ ------------------------ Cost Market Cost Market ------------ ----------- ------------ ----------- Mutual Funds $ 10,784,266 $ 8,671,369 $ 10,850,701 $ 6,919,567 Notes Receivable - Participants 590,517 590,517 629,442 629,442 Party-in-Interest Investments 237,611 74,368 221,193 67,485 ------------ ----------- ------------ ----------- TOTALS $ 11,612,394 $ 9,336,254 $ 11,701,336 $ 7,616,494 ============ =========== ============ =========== 9 SUPPLEMENTAL MATERIAL 10 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION December 31, 2003
PARTICIPANT DIRECTED ---------------------------------------------------------------- MONEY MKT INTERMEDIATE CORE S & P DISCIPLINE FUND FUND OPPORTUNITIES 500 EQUITY FUND ---------- ----------- ---------- --------- ---------- ASSETS INVESTMENTS, AT FAIR VALUE: Common Stocks & Mutual Funds $ - $ 1,024,414 $ 2,923,527 $ 495,704 $ 4,068,380 Plymouth Rubber Company Stock - - - - - Participant Notes Receivable - - - - - ---------- ----------- ---------- --------- ---------- Total Investments - 1,024,414 2,923,527 495,704 4,068,380 ---------- ----------- ---------- --------- ---------- RECEIVABLES: Employer's Contribution - - - - - Participant's Contribution - - - - - ---------- ----------- ---------- --------- ---------- Total Receivables - - - - - ---------- ----------- ---------- --------- ---------- CASH 1,636,282 - - - - ---------- ----------- ---------- --------- ---------- Total Assets 1,636,282 1,024,414 2,923,527 495,704 4,068,380 ---------- ----------- ---------- --------- ---------- LIABILITIES LIABILITIES - - - - - ---------- ----------- ---------- --------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $ 1,636,282 $ 1,024,414 $ 2,923,527 $ 495,704 $ 4,068,380 ========== =========== ========== ========= ==========
CONTINUED PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION December 31, 2003
PARTICIPANT DIRECTED ----------------------------------------------------------------------------- PARTICIPANT LS PRC A STOCK PRC B STOCK NOTES BALANCED FUND FUND RECEIVABLE OTHER TOTAL --------- -------- --------- ---------- -------- ----------- INVESTMENTS, AT FAIR VALUE: Common Stocks & Mutual Funds $ 159,344 $ - $ - $ - $ - $ 8,671,369 Plymouth Rubber Company Stock - 66,196 8,172 - - 74,368 Participant Notes Receivable - - - 590,517 - 590,517 --------- -------- --------- ---------- -------- ----------- Total Investments 159,344 66,196 8,172 590,517 - 9,366,254 --------- -------- --------- ---------- -------- ----------- RECEIVABLES: Employer's Contribution - - - - - - Participant's Contribution - - - - 48,353 48,353 --------- -------- --------- ---------- -------- ----------- Total Receivables - - - - 48,353 48,353 --------- -------- --------- ---------- -------- ----------- CASH - - - - - 1,636,282 --------- -------- --------- ---------- -------- ----------- Total Assets 159,344 66,196 8,172 590,517 48,353 11,020,889 --------- -------- --------- ---------- -------- ----------- LIABILITIES LIABILITIES - - - - - - --------- -------- --------- ---------- -------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $ 159,344 $ 66,196 $ 8,172 $ 590,517 $ 48,353 $ 11,020,889 ========= ======== ========= ========== ======== ===========
12 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION December 31, 2002
PARTICIPANT DIRECTED ---------------------------------------------------------------- MONEY MKT INTERMEDIATE CORE S & P DISCIPLINE FUND FUND OPPORTUNITIES 500 EQUITY FUND ---------- ----------- ---------- --------- ---------- ASSETS INVESTMENTS, AT FAIR VALUE: Common Stocks & Mutual Funds $ - $ 1,006,320 $ 2,424,216 $ 282,783 $ 3,119,211 Plymouth Rubber Company Stock - - - - - Participant Notes Receivable - - - - - ---------- ----------- ---------- --------- ---------- Total Investments - 1,006,320 2,424,216 282,783 3,119,211 ---------- ----------- ---------- --------- ---------- RECEIVABLES: Employer's Contribution - - - - - Participant's Contribution - - - - - ---------- ----------- ---------- --------- ---------- Total Receivables - - - - - ---------- ----------- ---------- --------- ---------- CASH 1,683,239 - - - - ---------- ----------- ---------- --------- ---------- Total Assets 1,683,239 1,006,320 2,424,216 282,783 3,119,211 ---------- ----------- ---------- --------- ---------- LIABILITIES LIABILITIES - - - - - ---------- ----------- ---------- --------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $ 1,683,239 $ 1,006,320 $ 2,424,216 $ 282,783 $ 3,119,211 ========== =========== ========== ========= ==========
CONTINUED PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION December 31, 2002
PARTICIPANT DIRECTED ----------------------------------------------------------------------------- PARTICIPANT LS PRC A STOCK PRC B STOCK NOTES BALANCED FUND FUND RECEIVABLE OTHER TOTAL --------- -------- --------- ---------- -------- ----------- INVESTMENTS, AT FAIR VALUE: Common Stocks & Mutual Funds $ 87,037 $ - $ - $ - $ - $ 6,919,567 Plymouth Rubber Company Stock - 54,258 13,227 - - 67,485 Participant Notes Receivable - - - 629,442 - 629,442 --------- -------- --------- ---------- -------- ----------- Total Investments 87,037 54,258 13,227 629,442 - 7,616,494 --------- -------- --------- ---------- -------- ----------- RECEIVABLES: Employer's Contribution - - - - - - Participant's Contribution - - - - 65,860 65,860 --------- -------- --------- ---------- -------- ----------- Total Receivables - - - - 65,860 65,860 --------- -------- --------- ---------- -------- ----------- CASH - - - - - 1,683,239 --------- -------- --------- ---------- -------- ----------- Total Assets 87,037 54,258 13,227 629,442 65,860 9,365,593 --------- -------- --------- ---------- -------- ----------- LIABILITIES LIABILITIES - - - - - - --------- -------- --------- ---------- -------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $ 87,037 $ 54,258 $ 13,227 $ 622,442 $ 65,860 $ 9,365,593 ========= ======== ========= ========== ======== ===========
12 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION Year Ended December 31, 2003
PARTICIPANT DIRECTED ---------------------------------------------------------------- MONEY MKT INTERMEDIATE CORE S & P DISCIPLINE FUND FUND OPPORTUNITIES 500 EQUITY FUND --------- --------- --------- ------- ---------- ADDITIONS INVESTMENT INCOME: Net Unrealized Appreciation in Fair Value of Investments $ - $ (4,899) $ 648,165 $ 101,483 $ 1,049,239 Net Realized Gain on Sale of Investments - 2,510 (122,910) (6,754) (183,463) Dividends 13,301 38,089 9,274 9,274 48,591 Interest - - - - - Employee Rollover - - - - - --------- --------- --------- ------- ---------- Total Investment Income 13,301 35,700 534,529 100,727 914,367 --------- --------- --------- ------- ---------- CONTRIBUTIONS: Transfer of Employee Directed Funds - - - - - Participants' 112,110 87,246 230,697 35,391 277,512 Employer's - - - - - --------- --------- --------- ------- ---------- Total Contributions 112,110 87,246 230,697 35,391 277,512 --------- --------- --------- ------- ---------- Total Additions 125,411 122,946 765,226 136,118 1,191,879 --------- --------- --------- ------- ---------- DEDUCTIONS BENEFITS PAID TO PARTICIPANTS 192,507 31,765 191,901 29,046 220,329 INVESTMENT FEES 526 229 502 67 763 --------- --------- --------- ------- ---------- Total Deductions 193,033 31,994 192,403 29,113 221,092 --------- --------- --------- ------- ---------- INTERFUND TRANSFERS 20,665 (72,858) (73,512) 105,916 (21,618) --------- --------- --------- ------- ---------- Net Increase (Decrease) (46,957) 18,094 499,311 212,921 949,169 --------- --------- --------- ------- ---------- NET ASSETS AVAILABLE FOR BENEFITS BEGINNING OF YEAR 1,683,239 1,006,320 2,424,216 282,783 3,119,211 --------- --------- --------- ------- ---------- END OF YEAR $ 1,636,282 $ 1,024,414 $ 2,923,527 $ 495,704 $ 4,068,380 ========= ========= ========= ======= ==========
CONTINUED PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION Year Ended December 31, 2003
PARTICIPANT DIRECTED --------------------------------------------------------------------------- PARTICIPANT LS PRC A STOCK PRC B STOCK NOTES BALANCED FUND FUND RECEIVABLE OTHER TOTAL --------- -------- ---------- --------- -------- ---------- ADDITIONS INVESTMENT INCOME: Net Unrealized Appreciation in Fair Value of Investments $ 24,286 $ (1,798) $ (7,737) $ - $ - $ 1,808,739 Net Realized Gain on Sale of Investments (3,193) (685) (1,147) - - (315,642) Dividends 2,663 - - - - 117,916 Interest - - - 23,729 - 23,729 Employee Rollover - - - - - - --------- -------- ---------- --------- -------- ---------- Total Investment Income 23,756 (2,483) (8,884) 23,729 - 1,634,742 --------- -------- ---------- --------- -------- ---------- CONTRIBUTIONS: Transfer of Employee Directed Funds - - - - - - Participants' 18,414 12,238 4,064 - (17,998) 759,674 Employer's - - - - - - --------- -------- ---------- --------- -------- ---------- Total Contributions 15,414 12,238 4,064 - (17,998) 759,674 --------- -------- ---------- --------- -------- ---------- Total Additions 42,170 9,755 (4,820) 23,723 (17,998) 2,394,416 --------- -------- ---------- --------- -------- ---------- DEDUCTIONS BENEFITS PAID TO PARTICIPANTS 2,455 440 393 68,183 - 737,019 INVESTMENT FEES 14 - - - - 2,101 --------- -------- ---------- --------- -------- ---------- Total Deductions 2,469 440 393 68,183 - 739,120 --------- -------- ---------- --------- -------- ---------- INTERFUND TRANSFERS 32,606 2,623 158 5,529 491 - --------- -------- ---------- --------- -------- ---------- Net Increase (Decrease) 72,307 11,938 (5,055) (38,925) (17,507) 1,655,296 --------- -------- ---------- --------- -------- ---------- NET ASSETS AVAILABLE FOR BENEFITS BEGINNING OF YEAR 87,037 54,258 13,227 629,442 68,868 9,365,593 --------- -------- ---------- --------- -------- ---------- END OF YEAR $ 159,344 $ 66,196 $ 8,172 $ 590,517 $ 48,353 $ 11,020,889 ========= ======== ========== ========= ======== ==========
13 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION Year Ended December 31, 2002
PARTICIPANT DIRECTED ---------------------------------------------------------------- MONEY MKT INTERMEDIATE CORE S & P DISCIPLINE FUND FUND OPPORTUNITIES 500 EQUITY FUND --------- --------- --------- ------- ---------- ADDITIONS INVESTMENT INCOME: Net Unrealized Appreciation in Fair Value of Investments $ - $ 29,038 $ (86,198) $ (15,356) $ (405,979) Net Realized Gain on Sale of Investments - 1,219 (716,509) (72,523) (530,076) Dividends 26,913 43,890 2,121 3,817 41,503 Interest - - - - - Employee Rollover - - - - - --------- --------- --------- ------- ---------- Total Investment Income 26,913 74,147 (800,586) (84,062) (894,552) --------- --------- --------- ------- ---------- CONTRIBUTIONS: Transfer of Employee Directed Funds - - - - - Participants' 110,679 78,168 245,081 31,865 325,372 Employer's - - - - - --------- --------- --------- ------- ---------- Total Contributions 110,679 78,168 245,081 31,865 325,372 --------- --------- --------- ------- ---------- Total Additions 137,592 152,315 (555,505) (52,197) (569,180) --------- --------- --------- ------- ---------- DEDUCTIONS BENEFITS PAID TO PARTICIPANTS 568,938 123,419 210,236 3,584 228,573 INVESTMENT FEES 615 277 633 69 872 --------- --------- --------- ------- ---------- Total Deductions 569,553 123,696 210,869 3,653 229,445 --------- --------- --------- ------- ---------- INTERFUND TRANSFERS 112,619 60,095 (71,408) (2,720) (134,027) --------- --------- --------- ------- ---------- Net Increase (Decrease) (319,343) 88,714 (837,782) (58,570) (932,652) --------- --------- --------- ------- ---------- NET ASSETS AVAILABLE FOR BENEFITS BEGINNING OF YEAR 2,002,581 917,606 3,261,998 341,353 4,051,863 --------- --------- --------- ------- ---------- END OF YEAR $ 1,683,239 $ 1,006,320 $ 2,424,216 $ 282,783 $ 3,119,211 ========= ========= ========= ======= ==========
CONTINUED PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION Year Ended December 31, 2002
PARTICIPANT DIRECTED --------------------------------------------------------------------------- PARTICIPANT LS PRC A STOCK PRC B STOCK NOTES BALANCED FUND FUND RECEIVABLE OTHER TOTAL --------- -------- ---------- --------- -------- ---------- ADDITIONS INVESTMENT INCOME: Net Unrealized Appreciation in Fair Value of Investments $ (3,352) $ (10,694) $ (188) $ - $ - $ (492,729) Net Realized Gain on Sale of Investments (4,468) 10,322 1,356 - - (1,310,679) Dividends 1,674 - - - - 119,918 Interest - - - 33,116 - 33,116 Employee Rollover - - - - - - --------- -------- ---------- --------- -------- ---------- Total Investment Income (6,146) (372) 1,168 33,116 - (1,650,374) --------- -------- ---------- --------- -------- ---------- CONTRIBUTIONS: Transfer of Employee Directed Funds - - - - - - Participants' 15,489 14,296 3,153 - 4,358 828,461 Employer's - - - - - - --------- -------- ---------- --------- -------- ---------- Total Contributions 15,489 14,296 3,153 - 4,358 828,461 --------- -------- ---------- --------- -------- ---------- Total Additions 9,343 13,924 4,321 33,116 4,358 (821,913) --------- -------- ---------- --------- -------- ---------- DEDUCTIONS BENEFITS PAID TO PARTICIPANTS 815 2,628 414 64,861 - 1,203,468 INVESTMENT FEES 135 - - - - 2,601 --------- -------- ---------- --------- -------- ---------- Total Deductions 950 2,628 414 64,861 - 1,206,069 --------- -------- ---------- --------- -------- ---------- INTERFUND TRANSFERS 28,804 1,172 238 5,227 - - --------- -------- ---------- --------- -------- ---------- Net Increase (Decrease) 37,197 12,468 4,145 (26,518) 4,358 (2,027,982) --------- -------- ---------- --------- -------- ---------- NET ASSETS AVAILABLE FOR BENEFITS BEGINNING OF YEAR 49,840 41,790 9,082 655,960 61,502 11,393,575 --------- -------- ---------- --------- -------- ---------- END OF YEAR $ 87,037 $ 54,258 $ 13,227 $ 629,442 $ 65,860 $ 9,365,593 ========= ======== ========== ========= ======== ==========
14 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 2003 and 2002 December 31, 2003 December 31, 2002 ------------------------ ------------------------ # OF SHARES NAME OF INVESTMENTS COST MARKET COST MARKET MUTUAL FUNDS: 101,327 Intermediate Fund $ 995,519 $ 1,024,414 $ 972,522 $ 1,006,320 161,076 Core Opportunitity 3,243,835 2,923,527 3,392,672 2,424,216 26,999 S & P 500 552,565 495,704 441,126 282,783 462,316 Disciplined Equity Fund 5,845,687 4,068,380 5,945,741 3,119,211 14,473 LS Balanced 146,660 159,344 98,640 87,037 ------------ ----------- ------------ ----------- TOTALS - MUTUAL FUNDS $ 10,784,266 $ 8,671,369 $ 10,850,701 $ 6,919,567 ============ =========== ============ =========== PARTY-IN-INTEREST INVESTMENTS: 47,283 Plymouth Rubber Co., Inc. - Class A Common $ 156,616 $ 66,196 $ 142,879 $ 54,258 20,953 Plymouth Rubber Co., Inc. - Class B Common 80,995 8,172 78,314 13,227 ------------ ----------- ------------ ----------- SUBTOTALS - PARTY-IN- INTEREST INVESTMENTS $ 237,611 $ 74,368 $ 221,193 $ 67,485 ============ =========== ============ =========== NOTES RECEIVABLE - PARTICIPANTS Notes Receivable - Participants $ 590,517 $ 590,517 $ 629,442 $ 629,442 Interest Rates: at Market ============ =========== ============ =========== 15 SIGNATURES The Plan Pursuant to the requirement of the Securities Exchange Act of 1934,the trustees (or other persons who administer of the employee benefit plan) have duly caused this annual report to be signed on behalf by the undersigned thereunto duly authorized. Plymouth Rubber Company Retirement Savings and Profit Sharing Plan and Trust /S/ Joseph J. Berns ------------------------- Joseph J. Berns Plan Administrator Date: June 28, 2004 16 -----END PRIVACY-ENHANCED MESSAGE-----