-----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, O/gpPXcr/Zm4QYdYbz/Jnu6H35C77oYLPvQQgab3qKUzIFoTFcdlTg9nZpLRICxd rcPiIhm1QAPYyNtLFZ648Q== 0000079225-98-000006.txt : 19980702 0000079225-98-000006.hdr.sgml : 19980702 ACCESSION NUMBER: 0000079225-98-000006 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980701 SROS: AMEX 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: SEC FILE NUMBER: 001-05197 FILM NUMBER: 98658652 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 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 29, 1997 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 REPORT OF INDEPENDENT ACCOUNTANTS TO THE PLAN 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, 1997 and 1996, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsi- bility 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 audit provides 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, 1997 and 1996, 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 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 informa- tion 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 state- ments and, in our opinion, are 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, 1998 [CAPTION] PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS December 31 -------------------------- 1997 1998 ----------- ----------- ASSETS Investments, at Market $ 7,259,724 $ 5,126,203 Contributions Receivable 339,869 189,002 Cash and Equivalents 1,066,778 842,510 ----------- ----------- TOTAL ASSETS $ 8,666,371 $ 6,157,715 =========== =========== NET ASSETS AVAILABLE FOR PLAN BENEFIT NET ASSETS AVAILABLE FOR PLAN BENEFITS $ 8,666,371 $ 6,157,715 =========== ==========
The accompanying notes and independent auditors' report are an integral part of the financial statements. 2 [CAPTION] 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 ---------------------------- 1997 1996 ----------- ------------ ADDITIONS: Change in Unrealized Gain (Loss) on Investments $ (66,310) $ 649,930 Participant Contributions 954,336 715,373 Employer Contributions 248,508 189,002 Interest Income 76,749 82,775 Net Realized Gain Upon Disposition of Investments 812,922 23,336 Dividend Income 857,202 36,366 Employee Rollover - 22,414 ---------- ---------- 2,883,407 1,719,196 ----------- ----------- DEDUCTIONS: Benefits Paid 301,278 103,712 Investment Fees 41,379 40,662 Employee Transfers 32,094 44,172 ----------- ----------- 374,751 188,546 ----------- ----------- Net Additions 2,508,656 1,530,650 ASSETS AVAILABLE FOR PLAN BENEFITS, Beginning of Year 6,157,715 4,627,065 ----------- ----------- ASSETS AVAILABLE FOR PLAN BENEFITS, End of Year $ 8,666,371 $ 6,157,715 =========== ===========
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, 1997 and 1996 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 Effective December 1, 1989, Plymouth Rubber Company, Inc. (the Company), as Plan sponsor, amended a trust which embodied a profit- sharing plan for the Company. 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, as amended, 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), as amended. 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 State Street Global Advisors for the Participant directed funds, and Kimball, Akins and Bigwood for the Non-Participant directed funds. The Plan's assets are held in trust by State Street Bank & Trust Company. Expenses for record- keeping and benefit distributions of the Plan are paid by the Company. 3. Eligibility An employee is eligible to participate in the Plan upon the com- pletion 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, 1997 and 1996 A. DESCRIPTION OF THE PLAN (Continued): 4. Contributions Participants may contribute up to 15% 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 discre- tionary and are limited to the maximum amount deductible under the Internal Revenue Code. 5. Vesting A participant's vested interest in Company-discretionary contributions, plus actual earnings thereon, is based upon years of service to the Company as follows: Vested Years of Service Percentage Less than three years 0% 3 years but less than 4 years 10 4 years but less than 5 years 20 5 years or more 100 A participant is always fully vested in his or her voluntary contributions and earnings thereon. 6. 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 bear a reasonable rate of interest. 5 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS Years Ended December 31, 1997 and 1996 A. DESCRIPTION OF THE PLAN (Continued): 7. Distributions Distributions are made to participants or their beneficiaries upon death, retirement, disability, termination of employment or financial hardship. If one of the preceding events occur and the participants' or their beneficiaries' account balance is in excess of certain limitations, they may elect to have the Plan continue to administer their account balance. 8. 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. 9. Change in Participants Investment Options During 1997, the Plan changed participants investments options from Pooled Funds to Mutual Funds. Accordingly, the Pooled Funds were sold and the proceeds were invested in the Mutual Funds as directed by the participants. B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: 1. Method of Accounting The financial statements have been prepared using the accrual basis of accounting. Purchases and sales of investments are reflected on a trade-date basis. Gain or loss on sale 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 all 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. 6 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS Years Ended December 31, 1997 and 1996 B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Continued) 2. Investment Valuation The value of investments, other than cash and equivalents, is based on the closing prices on December 31, 1997 and 1996, as received from State Street Bank & Trust Company. 3. Income Taxes The Plan has received a favorable determination letter from the Internal Revenue Service dated March 27, 1991, with respect to the tax-exempt status of the Plan. C. CONTRIBUTION DUE FROM EMPLOYER: The Company's Board of Directors voted to make discretionary contribu- tions on behalf of the Company, to the Plan in the amount of $248,508 and $189,002 for the years ended December 31, 1997 and 1996, respec- tively. D. CASH AND EQUIVALENTS: December 31 ------------------------- 1997 1996 ---------- ---------- State Street Bank & Trust Co. $1,066,778 $ 842,510 ========== ========== E. PARTICIPANT NOTES RECEIVABLE: Years Ended December 31 ------------------------- 1997 1996 ---------- ---------- Balance, Beginning of Year $ 239,807 $ 190,830 Plus: Loans Issued 326,928 175,427 Less: Loan Repayments (187,135) (126,450) ---------- ---------- Balance, End of Year $ 379,600 $ 239,807 ========== ========== 7 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS Years Ended December 31, 1997 and 1996 E. PARTICIPANT NOTES RECEIVABLE: (Continued) Interest income earned on employee fund loans for the year ended December 31, 1997 and 1996 was $24,795 and $22,261, respectively, and is included in interest income. F. NET GAINS (LOSSES) REALIZED UPON DISPOSITION OF INVESTMENTS: ERISA Sale Gain Value Proceeds (Loss) Year Ended December 31, 1997 Common Stocks and Mutual Funds $15,497,419 $16,311,006 $ 813,587 Corporate Bonds and Debentures 295,206 295,125 (81) Party-in Interest Investments 1,645 1,061 (584) ----------- ----------- --------- TOTALS $15,794,270 $16,607,192 $ 812,922 =========== =========== ========= Year Ended December 31, 1996 Common Stocks and Mutual Funds $ 223,314 $ 247,116 $ 23,802 Corporate Bonds and Debentures 25,687 25,221 (466) Party-in Interest Investments - - - ---------- --------- -------- TOTALS $ 249,001 $ 272,337 $ 23,336 ========== ========= ======== 8 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS Years Ended December 31, 1997 and 1996 G. PURCHASES OF SECURITIES (COST): Year Ended December 31, 1997 Common Stocks and Mutual Funds $19,140,678 Corporate Bonds and Debentures 27,043 ----------- TOTAL $19,167,721 =========== Year Ended December 31, 1996 Common Stocks and Mutual Funds $ 856,310 Corporate Bonds and Debentures 60,663 ----------- TOTAL $ 916,973 =========== H. SUBSEQUENT EVENTS: In January 1998, the Plan was amended. The amendment included the transfer of the Non-Participant directed funds into a separate plan for reporting purposes. 9 SUPPLEMENTAL MATERIAL [CAPTION] PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION December 31, 1997 (CONTINUED BELOW) PARTICIPANT DIRECTED -------------------------------------------------------------------------------------------------------- INVESTMENT MONEY MKT SAM SAM STOCK MONEY MKT ACCOUNT ACCOUNT BOND STOCK FUND FUND ASSETS -------- -------- -------- ------- -------- ----------- INVESTMENTS, AT FAIR VALUE: Foreign Government Obligations $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Corporate Bonds and Debentures 0 0 0 0 0 0 Common Stocks & Mutual Funds 0 0 0 0 0 0 Plymouth Rubber Company Stock 0 0 0 0 0 0 Participant Notes Receivable 0 0 0 0 0 0 -------- -------- -------- ------- -------- ---------- Total Investments 0 0 0 0 0 0 -------- -------- -------- ------- -------- ---------- RECEIVABLES: Employer's Contribution 0 0 0 0 0 0 Participant's Contribution 0 0 0 0 0 0 -------- -------- -------- ------- -------- ---------- Total Receivables 0 0 0 0 0 0 -------- -------- -------- ------- -------- ---------- CASH 0 0 0 0 0 1,032,570 -------- -------- -------- ------- -------- ---------- Total Assets 0 0 0 0 0 1,032,570 -------- -------- -------- ------- -------- ---------- LIABILITIES LIABILITIES 0 0 0 0 0 0 -------- -------- -------- ------- -------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,032,570 ======== ======== ======== ======= ======== ==========
[CAPTION] PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION December 31, 1997 (CONTINUED FROM ABOVE) PARTICIPANT DIRECTED --------------------------------------------------------------------------------------------- PARTICIPANT INTERMEDIATE GROWTH & MATRIX PRC A STOCK PRC B STOCK NOTES ASSETS FUND INCOME FUND EQUITY FUND FUND FUND RECEIVABLE --------- ---------- ---------- -------- ------- ---------- INVESTMENTS, AT FAIR VALUE: Foreign Government Obligations $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Corporate Bonds and Debentures 0 0 0 0 0 0 Common Stocks & Mutual Funds 277,763 1,416,343 4,088,863 0 0 0 Plymouth Rubber Company Stock 0 0 0 16,390 58 0 Participant Notes Receivable 0 0 0 0 0 379,600 --------- ---------- --------- -------- ------ ---------- Total Investments 277,763 1,416,343 4,088,863 16,390 58 379,600 --------- ---------- --------- -------- ------ ---------- RECEIVABLES: Employer's Contribution 0 0 0 0 0 0 Participant's Contribution 0 0 0 0 0 0 --------- ---------- --------- -------- ------ ---------- Total Receivables 0 0 0 0 0 0 --------- ---------- --------- -------- ------ ---------- CASH 0 0 0 0 0 0 --------- ---------- --------- -------- ------ ---------- Total Assets 277,763 1,416,343 4,088,863 16,390 58 379,600 --------- ---------- --------- -------- ------ ---------- LIABILITIES LIABILITIES 0 0 0 0 0 0 --------- ----------- ---------- -------- ------ ---------- NET ASSETS AVAILABLE FOR BENEFITS $ 277,763 $ 1,416,343 $ 4,088,863 $ 16,390 $ 58 $ 379,600 ========= =========== ========== ======== ====== ==========
[CAPTION] PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION December 31, 1997 (CONTINUED FROM ABOVE) PARTICIPANT DIRECTED NON-PARTICIPANT DIRECTED ------------------------- -------------------------- PROFIT VOLUNTARY ASSETS OTHER SHARING FUND TOTAL ----------- ---------- -------- INVESTMENTS, AT FAIR VALUE: Foreign Government Obligations $ 0 $ 53,094 $ 0 $ 53,094 Corporate Bonds and Debentures 0 178,891 0 178,891 Common Stocks & Mutual Funds 0 699,380 0 6,482,349 Plymouth Rubber Company Stock 0 130,895 18,447 165,790 Participant Notes Receivable 0 0 0 379,600 ----------- ---------- -------- ----------- Total Investments 0 1,062,260 18,447 7,259,724 ----------- ---------- -------- ----------- RECEIVABLES: Employer's Contribution 91,361 0 0 91,361 Participant's Contribution 248,508 0 0 248,508 ----------- ---------- -------- ----------- Total Receivables 339,869 0 0 339,869 ----------- ---------- -------- ----------- CASH 0 (22,240) 56,448 1,066,778 ----------- ---------- -------- ----------- Total Assets 339,869 1,040,020 74,895 8,666,371 ----------- ---------- -------- ----------- LIABILITIES LIABILITIES 0 0 0 0 ----------- ----------- -------- ----------- NET ASSETS AVAILABLE FOR BENEFIT $ 339,869 $ 1,040,020 $ 74,895 $ 8,666,371 =========== =========== ======== ===========
11 [CAPTION] PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION December 31, 1996 (CONTINUED BELOW) PARTICIPANT DIRECTED ---------------------------------------------------------------------------------------- INVESTMENT MONEY MKT SAM SAM PRC MONEY MKT ACCOUNT ACCOUNT BOND STOCK FUND FUND ASSETS ---------- --------- --------- ---------- -------- -------- INVESTMENTS, AT FAIR VALUE: Foreign Government Obligations $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Corporate Bonds and Debentures 0 0 217,272 0 0 0 Common Stocks & Mutual Funds 2,853,724 0 0 759,081 0 0 Plymouth Rubber Company Stock 0 0 0 0 5,804 0 Participant Notes Receivable 0 0 0 0 0 0 --------- --------- --------- ---------- -------- -------- Total Investments 2,853,724 0 217,272 759,081 5,804 0 --------- --------- --------- ---------- -------- -------- RECEIVABLES: Employer's Contribution 100,350 44,466 10,782 31,763 1,641 0 Participant's Contribution 0 0 0 0 0 0 --------- --------- --------- ---------- -------- -------- Total Receivables 100,350 44,466 10,782 31,763 1,641 0 --------- --------- --------- ---------- -------- -------- CASH 11,903 745,635 2,176 10,540 603 0 --------- --------- --------- ---------- -------- -------- Total Assets 2,965,977 790,101 230,230 801,384 8,048 0 --------- --------- --------- ---------- -------- -------- LIABILITIES LIABILITIES 0 0 0 0 0 0 --------- --------- --------- --------- -------- -------- NET ASSETS AVAILABLE FOR BENEFITS $ 2,965,977 $ 790,101 $ 230,230 $ 801,384 $ 8,048 $ 0 ========= ========= ========= ========= ======== ========
[CAPTION] PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION December 31, 1996 (CONTINUED FROM ABOVE) PARTICIPANT DIRECTED ------------------------------------------------------------------------------------------------------- PARTICIPANT INTERMEDIATE GROWTH & MATRIX PRC A STOCK PRC B STOCK NOTES FUND INCOME FUND EQUITY FUND FUND FUND RECEIVABLE ASSETS -------- -------- -------- ------- -------- -------- INVESTMENTS, AT FAIR VALUE: Foreign Government Obligations $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Corporate Bonds and Debentures 0 0 0 0 0 0 Common Stocks & Mutual Funds 0 0 0 0 0 0 Plymouth Rubber Company Stock 0 0 0 0 0 0 Participant Notes Receivable 0 0 0 0 0 239,807 -------- -------- -------- -------- -------- -------- Total Investments 0 0 0 0 0 239,807 -------- -------- -------- -------- -------- -------- RECEIVABLES: Employer's Contribution 0 0 0 0 0 0 Participant's Contribution 0 0 0 0 0 0 -------- -------- -------- -------- -------- -------- Total Receivables 0 0 0 0 0 0 -------- -------- -------- -------- -------- -------- CASH 0 0 0 0 0 0 -------- -------- -------- -------- -------- -------- Total Assets 0 0 0 0 0 239,807 -------- -------- -------- -------- -------- -------- LIABILITIES LIABILITIES 0 0 0 0 0 0 -------- -------- -------- -------- -------- -------- NET ASSETS AVAILABLE FOR BENEFITS $ 0 $ 0 $ 0 $ 0 $ 0 $ 239,807 ======== ======== ======== ======== ======== ========
[CAPTION] PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION December 31, 1996 (CONTINUED FROM ABOVE) PARTICIPANT DIRECTED NON-PARTICIPANT DIRECTED --------------------- ------------------------------- PROFIT VOLUNTARY OTHER SHARING FUND TOTAL ASSETS -------- ----------- ---------- ---------- INVESTMENTS, AT FAIR VALUE: Foreign Government Obligations $ 0 $ 53,055 $ 0 $ 53,055 Corporate Bonds and Debentures 0 227,625 0 444,897 Common Stocks & Mutual Funds 0 552,234 0 4,165,039 Plymouth Rubber Company Stock 0 190,712 26,889 223,405 Participant Notes Receivable 0 0 0 239,807 -------- ----------- ---------- --------- Total Investments 0 1,023,626 26,889 5,126,203 -------- ----------- ---------- --------- RECEIVABLES: Employer's Contribution 0 0 0 189,002 Participant's Contribution 0 0 0 0 -------- ----------- ---------- --------- Total Receivables 0 0 0 189,002 -------- ----------- ---------- --------- CASH 0 17,611 54,042 842,510 -------- ----------- ---------- --------- Total Assets 0 1,041,237 80,931 6,157,715 -------- ----------- ---------- --------- LIABILITIES LIABILITIES 0 0 0 0 -------- ----------- ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $ 0 $ 1,041,237 $ 80,931 $ 6,157,715 ======== =========== ========== ==========
12 [CAPTION] PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR INVESTMENT PURPOSES Year Ended December 31, 1997 (CONTINUED BELOW) PARTICIPANT DIRECTED ---------------------------------------------------------------------------------------------------------- INVESTMENT MONEY MKT SAM SAM STOCK MONEY MKT ACCOUNT ACCOUNT BOND STOCK FUND FUND ---------- ---------- --------- --------- --------- ---------- ADDITIONS INVESTMENT INCOME: Net Unrealized Appreciation in Fair Value of Investments $ 0 $ 0 $ 0 $ 0 $ (69) $ 0 Net Realized Gain on Sale of Investment 617,820 0 810 170,523 0 0 Dividends 0 0 7,768 6,737 0 25,210 Interest 180 24,225 125 223 39 0 Employee Rollover 0 0 0 0 0 0 ---------- ---------- ---------- --------- --------- ---------- Total Investment Income 618,000 24,225 8,703 177,483 (30) 25,210 ---------- ---------- ---------- --------- --------- ---------- CONTRIBUTIONS: Participants' 120,894 26,091 12,166 38,763 1,718 75,313 Employer's 0 0 0 0 0 0 Total Contributions 120,894 26,091 12,166 38,763 1,718 75,313 ---------- ---------- ---------- --------- --------- ---------- Total Additions 738,894 50,316 20,869 216,246 1,688 100,523 ---------- ---------- ---------- --------- --------- ---------- DEDUCTIONS Benefits Paid To Participants 5,258 710 0 0 0 42,525 Investment Fees 17,789 2,786 1,012 6,012 (12) 417 ---------- ---------- ---------- --------- --------- ---------- Total Deductions 23,047 3,496 1,012 6,012 (12) 42,942 ---------- ---------- ---------- --------- --------- ---------- INTERFUND TRANSFERS (3,681,825) (836,921) (250,087) (1,011,618) (9,748) 974,989 ---------- ---------- ---------- --------- --------- ---------- Net Increase (Decrease) (2,965,978) (790,101) (230,230) (801,384) (8,048) 1,032,570 ---------- ---------- ---------- --------- --------- ---------- NET ASSETS AVAILABLE FOR BENEFITS BEGINNING OF YEAR 2,965,978 790,101 230,230 801,384 8,048 0 --------- ---------- ---------- --------- --------- ---------- END OF YEAR $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,032,570 ========= ========== ========== ========= ========= ==========
[CAPTION] PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR INVESTMENT PURPOSES Year Ended December 31, 1997 (CONTINUED FROM ABOVE) PARTICIPANT DIRECTED ---------------------------------------------------------------------------------------------- PARTICIPANT INTERMEDIATE GROWTH & MATRIX PRC A STOCK PRC B STOCK NOTES FUND INCOME FUND EQUITY FUND FUND FUND RECEIVABLE --------- ---------- --------- --------- ------- --------- ADDITIONS INVESTMENT INCOME: Net Unrealized Appreciation in Fair Value of Investments $ 2,649 $ 26,670 $ (189,199) $ (3,445) $ (49) $ 0 Net Realized Gain on Sale of Investments 183 3,155 25,808 (576) (8) 0 Dividends 9,006 125,947 670,812 0 0 0 Interest 0 0 0 0 0 24,795 Employee Rollover 0 0 0 0 0 0 --------- ---------- --------- --------- ------- --------- Total Investment Income 11,838 155,772 507,421 (4,021) (57) 24,795 --------- ---------- --------- --------- ------- --------- CONTRIBUTIONS: Participants' 33,469 168,555 376,988 9,018 0 0 Employer's 0 0 0 0 0 0 --------- ---------- --------- --------- ------- --------- Total Contributions 33,469 168,555 376,988 9,018 0 0 --------- ---------- --------- --------- ------- --------- Total Additions 45,307 324,327 884,409 4,997 (57) 24,795 --------- ---------- --------- --------- ------- --------- DEDUCTIONS Benefits Paid To Participants 13,280 2,725 132,370 58 0 10,013 Investment Fees 86 328 918 0 0 0 --------- ---------- --------- -------- ------- --------- Total Deductions 13,366 3,053 133,288 58 0 10,013 --------- ---------- --------- -------- ------- --------- INTERFUND TRANSFERS 245,822 1,095,069 3,337,742 11,451 115 125,011 --------- ---------- --------- -------- ------- --------- Net Increase (Decrease) 277,763 1,416,343 4,088,863 16,390 58 139,793 --------- ---------- --------- -------- ------- --------- NET ASSETS AVAILABLE FOR BENEFITS BEGINNING OF YEAR 0 0 0 0 239,807 --------- ---------- --------- -------- ------- --------- END OF YEAR $ 277,763 $ 1,416,343 $ 4,088,863 $ 16,390 $ 58 $ 379,600 ========= ========== ========= ======== ======= =========
[CAPTION] PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR INVESTMENT PURPOSES Year Ended December 31, 1997 (CONTINUED FROM ABOVE) PARTICIPANT DIRECTED NON-PARTICIPANT DIRECTED -------------------- -------------------------- PROFIT VOLUNTARY OTHER SHARING FUND TOTAL --------- ----------- --------- ----------- ADDITIONS INVESTMENT INCOME: Net Unrealized Appreciation in Fair Value of Investments $ 0 $ 105,575 $ (8,442) $ (66,310) Net Realized Gain on Sale of Investments 0 (4,793) 0 812,922 Dividends 0 11,722 0 857,202 Interest 0 23,985 3,177 76,749 Employee Rollover 0 0 0 0 --------- ----------- --------- ----------- Total Investment Income 0 136,489 (5,265) 1,680,563 --------- ----------- --------- ----------- CONTRIBUTIONS: Participants' 91,361 0 0 954,336 Employer's 248,508 0 0 248,508 --------- ----------- --------- ----------- Total Contributions 339,869 0 0 1,202,844 --------- ----------- --------- ----------- Total Additions 339,869 136,489 (5,265) 2,883,407 --------- ----------- --------- ----------- DEDUCTIONS Benefits Paid To Participants 0 94,339 0 301,278 Investment Fees 0 11,271 772 41,379 --------- ----------- --------- ----------- Total Deductions 0 105,610 772 342,657 --------- ----------- --------- ----------- INTERFUND TRANSFERS 0 (32,094) 0 (32,094) --------- ----------- --------- ----------- Net Increase (Decrease) 339,869 (1,215) (6,037) 2,508,656 --------- ----------- --------- ----------- NET ASSETS AVAILABLE FOR BENEFITS BEGINNING OF YEAR 0 1,041,235 80,932 6,157,715 --------- ----------- --------- ----------- END OF YEAR $ 339,869 $ 1,040,020 $ 74,895 $ 8,666,371 ========= =========== ========= ===========
13 [CAPTION] PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR INVESTMENT PURPOSES Year Ended December 31, 1996 (CONTINUED BELOW) PARTICIPANT DIRECTED ------------------------------------------------------------------------------------------- INVESTMENT MONEY MKT SAM SAM STOCK MONEY MKT ACCOUNT ACCOUNT BOND STOCK FUND FUND --------- ------- ------- -------- ------ -------- ADDITIONS INVESTMENT INCOME: Net Unrealized Appreciation in Fair Value of Investments $ 533,392 $ 0 $ (4,403) $ 113,663 $ (929) $ 0 Net Realized Gain on Sale of Investments 12,208 0 (591) 107 0 0 Dividends 0 0 13,061 11,853 7 0 Interest 258 34,165 189 185 14 0 Employee Rollover 11,207 0 0 0 11,207 0 --------- ------- ------- ------- ------- -------- Total Investment Income 557,065 34,165 8,256 137,015 (908) 0 --------- ------- ------- ------- ------- -------- CONTRIBUTIONS: Participants' 414,624 99,269 50,165 143,391 7,924 0 Employer's 100,350 44,466 10,782 31,763 1,641 0 --------- ------- ------- ------- ------- -------- Total Contributions 514,974 143,735 60,947 175,154 9,565 0 --------- ------- ------- ------- ------- -------- Total Additions 1,072,039 177,900 69,203 312,169 8,657 0 --------- ------- ------- ------- ------- -------- DEDUCTIONS Benefits Paid To Participants 14,178 23,567 6,205 7,019 0 0 Investment Fees 19,076 3,150 1,247 5,880 20 0 --------- ------- ------- ------- ------- -------- Total Deductions 33,254 26,717 7,452 12,899 20 0 --------- ------- ------- ------- ------- -------- INTERFUND TRANSFERS (20,903) 25,036 (28,406) (1,854) (589) 0 --------- ------- ------- ------- ------- -------- Net Increase (Decrease) 1,017,882 176,219 33,345 297,416 8,048 0 --------- ------- ------- ------- ------- -------- NET ASSETS AVAILABLE FOR BENEFITS BEGINNING OF YEAR 1,948,096 613,882 196,885 503,968 0 0 --------- ------- ------- ------- ------- -------- END OF YEAR $ 2,965,978 $ 790,101 $ 230,230 $ 801,384 $ 8,048 $ 0 ========= ======= ======= ======= ======= ========
[CAPTION] PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR INVESTMENT PURPOSES Year Ended December 31, 1996 (CONTINUED FROM ABOVE) PARTICIPANT DIRECTED -------------------------------------------------------------------------------------------------- PARTICIPANT INTERMEDIATE GROWTH & MATRIX PRC A STOCK PRC B STOCK NOTES FUND INCOME FUND EQUITY FUND FUND FUND RECEIVABLE -------- -------- -------- -------- -------- -------- ADDITIONS INVESTMENT INCOME: Net Unrealized Appreciation in Fair Value of Investments $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Net Realized Gain on Sale of Investments 0 0 0 0 0 0 Dividends 0 0 0 0 0 0 Interest 0 0 0 0 0 22,261 Employee Rollover 0 0 0 0 0 0 -------- -------- -------- -------- -------- ------- Total Investment Income 0 0 0 0 0 22,261 -------- -------- -------- -------- -------- ------- CONTRIBUTIONS: Participants' 0 0 0 0 0 0 Employer's 0 0 0 0 0 0 -------- -------- -------- -------- -------- ------- Total Contributions 0 0 0 0 0 0 -------- -------- -------- -------- -------- ------- 0 0 0 0 0 22,261 Total Additions -------- -------- -------- -------- -------- ------- DEDUCTIONS Benefits Paid To Participants 0 0 0 0 0 0 Investment Fees 0 0 0 0 0 0 -------- -------- -------- -------- -------- ------- Total Deductions 0 0 0 0 0 0 -------- -------- -------- -------- -------- ------- INTERFUND TRANSFERS 0 0 0 0 0 26,716 -------- -------- -------- -------- ------- Net Increase (Decrease) 0 0 0 0 0 48,977 -------- -------- -------- -------- -------- ------- NET ASSETS AVAILABLE FOR BENEFITS BEGINNING OF YEAR 0 0 0 0 0 190,830 -------- -------- -------- -------- -------- ------- END OF YEAR $ 0 $ 0 $ 0 $ 0 $ 0 $ 239,807 ======== ======== ======== ======== ======== =======
[CAPTION] PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR INVESTMENT PURPOSES Year Ended December 31, 1996 (CONTINUED FROM ABOVE) PARTICIPANT DIRECTED NON-PARTICIPANT DIRECTED ------------------------ ------------------------ PROFIT VOLUNTARY OTHER SHARING FUND TOTAL -------- --------- -------- ---------- ADDITIONS INVESTMENT INCOME: Net Unrealized Appreciation in Fair Value of Investments $ 0 $ 17,843 $ (9,636) $ 649,930 Net Realized Gain on Sale of Investments 0 0 11,612 23,336 Dividends 0 11,441 4 36,366 Interest 0 22,184 3,519 82,775 Employee Rollover 0 0 0 22,414 -------- --------- ------- ---------- Total Investment Income 0 63,080 (6,113) 814,821 -------- --------- ------- ---------- CONTRIBUTIONS: Participants' 0 0 0 715,373 Employer's 0 0 0 189,002 -------- --------- ------- ---------- Total Contributions 0 0 0 904,375 -------- --------- ------- ---------- Total Additions 0 63,080 (6,113) 1,719,196 -------- -------- ------- ---------- DEDUCTIONS Benefits Paid To Participants 0 41,599 11,144 103,712 Investment Fees 0 10,338 951 40,662 -------- --------- ------- ---------- Total Deductions 0 51,937 12,095 144,374 -------- --------- ------- ---------- INTERFUND TRANSFERS 0 (44,172) 0 (44,172) -------- --------- ------- ---------- Net Increase (Decrease) 0 (33,029) (18,208) 1,530,650 -------- --------- ------ ---------- NET ASSETS AVAILABLE FOR BENEFITS BEGINNING OF YEAR 0 1,074,264 99,140 4,627,065 -------- --------- ------ ---------- END OF YEAR $ 0 $ 1,041,235 $ 80,932 $ 6,157,715 ======== ========= ====== ==========
14 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1997 and 1996 ERISA Face Company Due Value Market Value CORPORATE BONDS AND DEBENTURES December 31, 1997 Profit Sharing $ 25,000 General Motors 06/01/1999 $ 25,406 $ 25,313 Accept. Corp. 7.125% 50,000 Philip Morris 03/01/1999 51,984 51,391 Cos., Inc. 8.625% 50,000 Texas Utils. Elec. Co. 1st Mtg. & Col. 6.75% 03/01/2003 49,883 51,031 50,000 Nationsbank Corp. 6.875% 02/15/2005 49,461 51,156 -------- -------- TOTALS $176,734 $178,891 ======== ======== 15 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued) December 31, 1997 and 1996 Face ERISA Value Company Due Value Market CORPORATE BONDS AND DEBENTURES December 31, 1996 Profit Sharing $ 50,000 Ford Holdings Co., Inc. 07/15/1999 $ 52,695 $ 50,891 9.25% 25,000 General 06/01/1999 26,004 25,406 Motors Accept. Corp. 7.125% 50,000 Philip Morris Cos., Inc. 8.625% 03/01/1999 53,898 51,984 50,000 Texas Utils. Elec. Co. 1st Mtg. & Col. 6.75% 03/01/2003 51,289 49,883 50,000 Nationsbank Corp. 02/15/2005 52,094 49,461 6.875% -------- -------- Sub-Totals 235,980 227,625 -------- -------- SAM Bond 21,398 sh. Strategic Active Management Bond Fund for Employee Trusts 221,675 217,272 -------- -------- TOTALS $457,655 $444,897 ======== ======== 16 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued) December 31, 1997 and 1996 COMMON STOCKS AND MUTUAL FUNDS December 31, 1997 ERISA Shares Company Value Market PROFIT SHARING 600 Allied Signal $ 20,100 $ 23,288 600 American General Corp. 24,525 32,438 300 American International Group, Inc. 21,650 32,625 200 American Telephone & Telegraph, Co. 8,261 12,262 600 Amsouth Bancorporation 19,350 32,588 500 Automatic Data Processing 21,438 30,687 700 Bristol Myers Squibb Co. 38,150 66,237 400 Exxon Corp. 19,600 24,475 600 First Data Corp. 21,900 17,550 700 General Electric Co. 34,606 51,362 632 GTE Corporation 28,677 33,022 400 Hewlett Packard Co. 20,100 24,950 500 Intel Corporation 32,734 35,125 64 Lucent Technologies 2,960 5,112 500 May Department Stores 23,375 26,344 700 McDonalds Corp. 31,763 33,425 450 Merck & Co. 35,831 47,700 400 Mobil Corp. 24,450 28,875 12 NCR Corp. 414 334 400 Pepsico, Inc. 10,812 14,500 300 Reuters Holdings 22,950 19,875 800 Royal Dutch Petroleum 34,150 43,350 40 Tricon Global Restaurante 888 1,162 500 Warner Lambert 37,500 62,094 ------- ------- TOTAL COMMON STOCKS 536,184 699,380 ------- ------- 17 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued) December 31, 1997 and 1996 COMMON STOCKS AND MUTUAL FUNDS (Continued) December 31, 1997 ERISA Shares Company Value Market INTERMEDIATE FUND 28,488 Intermediate Fund $ 277,763 $ 277,763 GROWTH & INCOME 78,381 Growth and Income Fund 1,416,343 1,416,343 MATRIX EQUITY FUND 248,261 Matrix Equity Fund 4,088,863 4,088,863 ---------- ---------- TOTAL MUTUAL FUNDS 5,782,969 5,782,969 ---------- ---------- TOTAL COMMON STOCKS & MUTUAL FUNDS $6,319,153 $6,482,349 ========== ========== 18 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued) December 31, 1997 and 1996 COMMON STOCKS AND MUTUAL FUNDS (Continued) December 31, 1996 ERISA Shares Company Value Market PROFIT SHARING 300 Allied Signal $ 14,250 $ 20,100 600 American General Corp. 20,925 24,525 200 American International Group, Inc. 18,500 21,650 200 American Telephone & Telegraph, Co. 9,325 8,675 400 Amsouth Bancorporation 16,150 19,350 500 Automatic Data Processing 18,563 21,438 350 Bristol Myers Squibb Co. 30,056 38,150 200 Eastman Kodak 13,400 16,050 200 Exxon Corp. 16,100 19,600 600 First Data Corp. 23,796 21,900 350 General Electric Co. 25,200 34,606 632 GTE Corporation 27,729 28,677 400 Hewlett Packard Co. 20,970 20,100 250 Intel Corporation 14,188 32,734 64 Lucent Technologies 3,625 2,960 500 May Department Stores 19,137 23,375 700 McDonalds Corp. 31,588 31,763 450 Merck & Co. 29,531 35,831 200 Mobil Corp. 22,350 24,450 400 Pepsico, Inc. 11,175 11,700 300 Reuters Holdings 16,538 22,950 200 Royal Dutch Petroleum 28,225 34,150 500 Warner Lambert 24,281 37,500 ------- ------- TOTALS 455,602 552,234 ------- ------- 19 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued) December 31, 1997 and 1996 COMMON STOCKS AND MUTUAL FUNDS (Continued) December 31, 1996 ERISA Shares Company Value Market INVESTMENT ACCOUNT 29,368 Matrix Stock Fund $2,320,332 $2,853,724 ========== ========== SAM Stock 34,136 Strategic Active Management Stock Fund for Employee Trusts 645,419 759,081 ---------- ---------- TOTALS $3,421,353 $4,165,039 ========== ========== 20 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued) December 31, 1997 and 1996 ERISA Value Market PARTY-IN-INTEREST INVESTMENTS December 31, 1997 Profit Sharing Fund Plymouth Rubber Co., Inc. - Class A $ 92,151 $ 70,515 14,207 Plymouth Rubber Co., Inc. - Class B 98,561 60,380 -------- -------- Totals $190,712 $130,895 ======== ======== Voluntary Fund 1,800 Plymouth Rubber Co., Inc - Class A $ 12,938 $ 9,900 2,011 Plymouth Rubber Co., Inc - Class B 13,951 8,547 -------- -------- Totals $ 26,889 $ 18,447 ======== ======== PRC A Stock Fund 2,980 Plymouth Rubber Co., Inc. - Class A $ 16,390 $ 16,390 ======== ======== PRC B Stock Fund 12 Plymouth Rubber Co., Inc. - Class B $ 58 $ 58 ======== ======== 21 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued) December 31, 1997 and 1996 ERISA Value Market PARTY-IN-INTEREST INVESTMENTS December 31, 1996 Profit Sharing Fund 12,821 Plymouth Rubber Co., Inc. - Class A $ 123,631 $ 92,151 14,207 Plymouth Rubber Co., Inc. - Class B 135,382 98,561 --------- --------- Totals $ 259,013 $ 190,172 ========= ========= Voluntary Fund 1,800 Plymouth Rubber Co., Inc - Class A $ 17,357 $ 12,938 2,011 Plymouth Rubber Co., Inc - Class B 19,168 13,951 --------- --------- Totals $ 36,525 $ 26,889 ========= ========= Stock Fund 795 Plymouth Rubber Co., Inc. - Class A $ 6,612 $ 5,714 13 Plymouth Rubber Co., Inc. - Class B 120 90 --------- --------- Totals $ 6,732 $ 5,804 ========= ========= 22 PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued) December 31, 1997 and 1996 Face ERISA Value Company Due Value Market FOREIGN GOVERNMENT OBLIGATIONS Profit Sharing Fund December 31, 1997 $ 50,000 Ontario Prov. 10/17/2001 $ 53,055 $ 53,094 CDA 8% ======== ======== December 31, 1996 $ 50,000 Ontario Prov. 10/17/2001 $ 55,188 $ 53,055 CDA 8% ======== ======== PARTICIPANTS NOTES RECEIVABLES December 31, 1997 Participants Notes Receivable $ - $379,600 ======== ======== December 31, 1996 Participants Notes Receivable $ - $439,807 ======== ======== 23 THE PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST SCHEDULES OF REPORTABLE TRANSACTIONS PURCHASE PROCEEDS DESCRIPTION PRICE FROM SALE YEAR ENDED DECEMBER 31, 1997 (iii) Series of Transactions Greater Than 5% of Net Assets Available for Benefits at the Beginning of the Plan Year SAM Stock Fund $ - $1,020,841 Money Market Account - 850,000 Investment Account - 3,637,225 Money Market 6,936,082 5,903,512 Intermediate Fund 571,980 296,866 Growth and Income Fund 2,482,007 1,092,335 Matrix Equity Fund 8,490,843 4,212,785 YEAR ENDED DECEMBER 31, 1996 (iii) Series of Transactions Greater Than 5% of Net Assets Available for Benefits at the Beginning of the Plan Year Investment Income $1,525,688 $ 888,447 There were no type (i), (ii) or (iv) reportable transactions for the year ended December 31, 1997. There were no type (i), (ii) or (iv) reportable transactions for the year ended December 31, 1996. 24 -----END PRIVACY-ENHANCED MESSAGE-----