-----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, O7QVb3phU/eQDZTUAbrRk6EXcffODsKu2Iiu6TshiFn4sQ0G77utc4LRVFT29JFA DANjB5UD/+fIa1LNBFIVyA== 0000950152-96-006387.txt : 19961202 0000950152-96-006387.hdr.sgml : 19961202 ACCESSION NUMBER: 0000950152-96-006387 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960601 FILED AS OF DATE: 19961127 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: REVCO D S INC CENTRAL INDEX KEY: 0000083496 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DRUG STORES AND PROPRIETARY STORES [5912] IRS NUMBER: 341527876 STATE OF INCORPORATION: DE FISCAL YEAR END: 0602 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 033-91774 FILM NUMBER: 96673891 BUSINESS ADDRESS: STREET 1: 1925 ENTERPRISE PKWY CITY: TWINSBURG STATE: OH ZIP: 44087 BUSINESS PHONE: 2164259811 MAIL ADDRESS: STREET 1: 1925 ENTERPRISE PKWY CITY: TWINSBURG STATE: OH ZIP: 44087 10-K/A 1 REVCO 10-K/A 1 FORM 10-K/A SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 1, 1996 Commission File Number 1-5025 REVCO D.S., INC. (Exact name of registrant as specified in its charter) DELAWARE 34-1527876 (State of incorporation) (I.R.S. Employer Identification No.) 1925 ENTERPRISE PARKWAY TWINSBURG, OHIO 44087 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 216/425-9811 SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: Common Stock, par value $.01 per share (New York Stock Exchange) SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X] The aggregate market value of voting stock held by non-affiliates of the Registrant as of August 19, 1996 was $1,246,995,169 (based on total shares outstanding reduced by the number of shares held by directors and officers, at the last sale price as reported on the New York Stock Exchange Composite Tape on August 19, 1996). Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes X No ___ The following documents are incorporated herein by reference: the Registrant's Annual Report to Stockholders for the fiscal year ended June 1, 1996 (into Part II of this report); and the Registrant's Proxy Statement for the 1996 Annual Meeting of Stockholders (into Part III of this report). As of August 19, 1996, there were 68,561,049 shares of Common Stock outstanding. 2 PART IV Item 14. Exhibits. Financial Statement Schedules and Reports on Form 8-K --------------------------------------------------------------- (a) Documents filed as part of this report: 1. Financial Statements: The Registrant hereby amends its Annual Report on Form 10-K for the fiscal year ended June 1, 1996 for the sole purpose of filing, in accordance with Rule 15d-21 promulgated under the Exchange Act, the financial statements required by Form 11-K with respect to the 401(k) Savings Plan (formerly known as the Profit Sharing and Savings Plan) of Revco D.S., Inc. The foregoing financial statements are set forth beginning on page F-1 of this amendment. 3. Exhibits:
EXHIBIT INDEX EXHIBIT PAGE NUMBER EXHIBIT DESCRIPTION NUMBER --------- ------------------- ------ 23.1 -Consent of Arthur Andersen LLP, independent public accountants, with respect to Registration Statement Nos. 33-67816 and 33-91774 23.2 -Consent of Arthur Andersen LLP, independent public accountants
2 3 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized. REVCO D.S., INC. (Registrant) Date: November 27, 1996 By: /s/ Jack A. Staph ----------------------------- Jack A. Staph, Senior Vice President Secretary and General Counsel 4 REVCO D.S., INC. 401(K) SAVINGS PLAN Index ----- Page ---- Report of Independent Public Accountants..................................................... 2 Combined Statements of Net Assets Available for Plan Benefits as of May 31, 1996 and 1995.................................................................. 3 Combined Statements of Changes in Net Assets Available for Plan Benefits for the Years Ended May 31, 1996 and 1995.................................................... 4 Notes to Financial Statements................................................................ 5 Schedule I: Combining Statement of Net Assets Available for Plan Benefits as of May 31, 1995................................................................... 14 Schedule II: Combining Statement of Changes in Net Assets Available for Plan Benefits for the Year Ended May 31, 1995........................................ 15
5 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Plan Committee of the Revco D.S., Inc. 401(k) Savings Plan We were engaged to audit the accompanying combined statements of net assets available for plan benefits of the Revco D.S., Inc. 401(k) Savings Plan (the "Plan") as of May 31, 1996 and 1995, and the related combined statements of changes in net assets available for plan benefits for the years ended May 31, 1996 and 1995. These combined financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these combined 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 combined financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of May 31, 1996 and 1995, and the changes in its net assets available for plan benefits for the years ended May 31, 1996 and 1995, in conformity with generally accepted accounting principles. /s/ Arthur Andersen LLP - ----------------------- Arthur Andersen LLP Cleveland, Ohio, November 27, 1996. 6 REVCO D.S., INC. 401(K) SAVINGS PLAN COMBINED STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
May 31, --------------------------- 1996 1995 ------------ ------------ Assets: The Revco D.S., Inc. Master Trust for Profit Sharing and Savings Plans (Note 5) . $120,480,122 $ -- Investments held at Northern Trust ........... -- 90,944,265 Receivables: Dividend income ........................... -- 4,183 Company contributions ..................... -- 282,437 Participant contributions ................. -- 735,403 ------------ ------------ Total receivables ...................... -- 1,022,023 ------------ ------------ Total assets ........................... 120,480,122 91,966,288 ------------ ------------ Liabilities: Other payables ............................... 28,933 30,509 ------------ ------------ Net assets available for plan benefits ........... $120,451,189 $ 91,935,779 ============ ============
The accompanying Notes to Financial Statements are an integral part of these statements. 3 7 REVCO D.S., INC. 401(K) SAVINGS PLAN COMBINED STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Years Ended May 31, --------------------------- 1996 1995 ------------ ------------ Additions to net assets attributable to: Investment income: Revco D.S., Inc. Master Trust for Profit Sharing and Savings Plans (Note 5): Net appreciation of investments $ 12,317,774 $ -- Interest 2,863,810 -- Dividends 601,495 -- Investments held at Northern Trust: Net appreciation of investments -- 5,164,711 Interest -- 3,523,480 Dividends -- 363,383 ------------ ------------ 15,783,079 9,051,574 ------------ ------------ Contributions: Company 3,469,328 1,185,659 Participant 18,473,185 7,301,895 ------------ ------------ 21,942,513 8,487,554 ------------ ------------ Total additions 37,725,592 17,539,128 ------------ ------------ Deductions from net assets attributable to: Benefits paid 8,970,322 4,539,795 Administrative fees 239,860 107,294 ------------ ------------ Total deductions 9,210,182 4,647,089 ------------ ------------ Net increase 28,515,410 12,892,039 Net assets available for plan benefits: Beginning of year 91,935,779 79,043,740 ------------ ------------ End of year $120,451,189 $ 91,935,779 ============ ============
The accompanying Notes to Financial Statements are an integral part of these statements. 4 8 REVCO D.S., INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (1) GENERAL On July 15, 1994, Revco D.S., Inc. (the "Company") acquired all of the outstanding common stock of Hook-SupeRx, Inc. ("HSI") under a merger agreement dated as of March 31, 1994 that was approved by HSI's stockholders on July 8, 1994. As of June 1, 1995, all participants in the Hook-SupeRx, Inc. Savings and Profit Sharing Plan (the "HSI Plan") became eligible to participate in the Profit Sharing and Savings Plan of Revco D.S., Inc. (the "Plan"). The Company's Plan was amended effective June 1, 1995 to, among other things: (1) expand coverage to all eligible employees of the Company, both salaried and hourly, (2) revise the percentage of the Company's match to 40% of the first 3% of the participants' basic deposit, (3) enhance investment elections, and (4) increase flexibility to revise participant elections. The Plan was renamed the Revco D.S., Inc. 401(k) Savings Plan as of that date. Effective September 30, 1996, the Company merged the HSI Plan with the Plan. (2) DESCRIPTION OF PLAN The following is a summary description of the Plan, as amended, and does not purport to be complete. The summary description is qualified in its entirety by reference to the full text of the Plan. GENERAL The Plan is a contributory, defined contribution plan covering all qualified employees of the Company who have at least one full year of service, as defined, and who are not covered by a collective bargaining agreement that provides profit sharing and savings benefits. Certain highly compensated employees, as defined by the Plan, may have contributions limited in order to comply with Internal Revenue Service ("IRS") non-discrimination testing. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). The Plan is administered by a committee (the "Plan Committee" or the "Plan Administrator") consisting of at least three individuals who are appointed by the Company's Board of Directors. The Plan Administrator has fiduciary authority to establish and review funding policies, investment policies and other administrative matters related to the Plan. 5 9 REVCO D.S., INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS PARTICIPANT AND COMPANY CONTRIBUTIONS Participants may contribute 1% to 10% of eligible pay (2% to 6% of base salary prior to June 1, 1995) as the basic deposit and 1% to 4% of eligible pay as a supplemental deposit. The Company matches 40% of the first 3% of the participants' basic deposit (20% of total basic deposits prior to June 1, 1995). Company contributions may be made in the form of cash or common stock of the Company, or a combination thereof. Since September 1, 1993, the Company matching contribution has been made in common stock of the Company and is invested in the Revco Stock Fund. The number of shares contributed to the Plan is calculated based on the fair value of the stock on the date of contribution. Forfeitures are used to reduce Company contributions. Separate accounts are maintained for each participants' basic deposit, supplemental deposit and Company contribution. Each account is credited with an allocation of the Plan's earnings based upon account balances. INVESTMENT OF PARTICIPANT AND COMPANY CONTRIBUTIONS Effective June 1, 1995, resolutions to the Plan were adopted to expand investment options available to Plan participants (see Note 1). The following investment options are available under the Plan: (a) Stable Value Fund The Stable Value Fund is invested in investment contracts issued by insurance companies, banks, or other financial institutions. In addition, other investment grade fixed income investments may be included from time to time. (b) Balanced Fund The Balanced Fund is invested in common stock and bonds. (c) Equity Index Fund The Equity Index Fund is invested in certain common stocks so as to closely approximate the investment results of the Standard and Poor's 500 Industrials ("S&P 500"). Accordingly, the Equity Index Fund invests primarily in stocks which are included in the S&P 500 index. 6 10 REVCO D.S., INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (d) Aggressive Equity Fund The Aggressive Equity Fund is invested in common stocks with the primary objective of obtaining appreciation in value. The Aggressive Equity Fund is invested in the Putnam Voyager Fund. (e) Revco Stock Fund The Revco Stock Fund is invested in the common stock of the Company. Prior to June 1, 1995, the following investment funds were available as investment options under the Plan: (a) Diversified Fixed Income Fund The Diversified Fixed Income Fund invested in various fixed interest contracts issued by a diversified set of insurance companies, or in such other forms of investments having a fixed rate of return. The Diversified Fixed Income Fund invested in insurance contracts with Connecticut General Life Insurance Company ("CIGNA") and Allstate Life Insurance Company ("Allstate"). (b) S&P 500 Index Fund The S&P 500 Index Fund invested in such common stocks as to closely approximate the investment results of the Standard and Poor's 500 Industrials. The S&P 500 Index Fund invested in the Mellon Bank Employee Benefit Equity Market Fund. (c) Aggressive Equity Fund The Aggressive Equity Fund invested in common stocks with the primary objective of obtaining appreciation in value. The Aggressive Equity Fund invested in the Putnam Voyager Fund. (d) Revco Stock Fund The Revco Stock Fund invested in the common stock of the Company. A participant may change his election with respect to contributions on a daily basis throughout the plan year. 7 11 REVCO D.S., INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS VESTING Participants' interests in their voluntary contributions and earnings thereon are immediately vested. Participants' interests in Company contributions and the earnings thereon vest ratably at 20% per year, over a five-year period, commencing one year from date of employment. Upon retirement, death or disability, participants' interests in Company contributions become fully vested. PAYMENT OF BENEFITS AND WITHDRAWALS Upon termination of service due to retirement, death or disability, a participant or beneficiary may receive the value of his accounts in a lump sum or in installments as determined by the Plan Committee in consultation with the participant or beneficiary. Upon termination of service prior to retirement, death or disability, the participant's basic and supplemental deposit account and vested portions of employer contributions may be distributed to the participant in one lump sum or, if the participant's account balance is greater than $3,500, may be maintained in the Plan until retirement or age 70-1/2. Withdrawals of supplemental deposit accounts, exclusive of earnings thereon, may be made by participant request without affecting the participant's ability to continue making basic and supplemental deposits. Withdrawals of basic deposit accounts and vested portions of employer contributions and earnings thereon may be made by application to the Plan Committee as to pre-June 1, 1984 contributions. Post-June 1, 1984 contribution withdrawals may be made only in the case of severe financial hardship or the attainment of age 59 1/2. Participants electing a hardship withdrawal may not contribute to the Plan for a period of at least twelve months subsequent to withdrawing basic or employer contributions. PARTICIPANT LOANS Effective January 1, 1996 the Plan was amended to permit loans to participants. Subject to certain limitations, the Plan permits participants to borrow a minimum of $1,000 and a maximum of $50,000, up to one-half of the vested amount credited to a participant's account. Loan transactions are treated as a transfer between the 8 12 REVCO D.S., INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS investment funds and the participant loans receivable fund. The period of repayment for a loan is one to four and one-half years with an interest rate equal to the bank prime rate as of the most recent calendar quarter end as reported in the Wall Street Journal plus one percent. The interest rate is adjusted each calendar quarter end based upon changes in the prime rate. Loan repayments are made through payroll withholding. (3) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) BASIS OF ACCOUNTING The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting, with the exception of benefit payments. In accordance with the American Institute of Certified Public Accountants' Audit and Accounting Guide for Audits of Employee Benefit Plans, the Plan's financial statements account for benefit payments as they are paid. The value of benefits payable at May 31, 1995 was $1,019,000. There were no benefits payable as of May 31, 1996. (b) INVESTMENTS Effective April 1, 1995 the Plan changed trustees from KeyCorp Investment Management and Trust Services to The Northern Trust Company (the "Trustee"). Effective June 1, 1995, the assets of the Plan were transferred to the Revco D.S., Inc. Master Trust for Profit Sharing and Savings Plans (the "Master Trust") (Note 5). The Plan's investments are stated at fair value. Shares of mutual funds are valued at quoted market prices which represent the net asset value of shares held by the Plan at year end. The fair value of the Revco Stock Fund is based on the calculated value using the May 31, 1996 and 1995 closing stock price per the New York Stock Exchange. (c) USE OF ESTIMATES The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of net assets available for plan benefits at the date of the financial statements and the reported amount of additions to and deductions from net assets available for plan benefits during the period. Since actual results may differ from these estimates, management revises its estimates and assumptions as new information becomes available. 9 13 REVCO D.S., INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (4) PLAN TERMINATION The Company expects the Plan to be permanent and continue indefinitely. Although it has not expressed any intent to do so, the Company has the right to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants will become fully vested in their respective balances of the employer's contribution account. (5) INVESTMENTS On June 1, 1995, the assets of the Plan were transferred into the Master Trust administered by the Trustee. The Master Trust was established by the Company for the pooled investment of assets of the Plan and the HSI Plan. Pursuant to the Trustee's method of allocating the investment holdings between the two plans, contributions to the Master Trust are treated as purchases of shares in the Master Trust, withdrawals are treated as sales of shares, and investment income is allocated proportionately to all shares held. Accordingly, the value of the Plan's investment in the Master Trust is equal to the Plan's interest in each applicable investment, increased or decreased by the Plan's allocated share of income, gains, and losses attributable to each applicable investment, which share is generally based upon the Plan's respective share of the Master Trust's combined net assets available for benefits before investment income and net appreciation or depreciation in fair value of investments. Those administrative expenses of the Master Trust which can be specifically identified as being applicable to the Plan are charged to the Plan. The remaining expenses are allocated to the Plan based on the Plan's respective share of the Master Trust's combined net assets available for benefits as of the entry date into the Master Trust, or total number of Plan participants, as appropriate. 10 14 REVCO D.S., INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS Investments held by the Trustee, of which the Plan has a proportionate interest of approximately 60.7% at May 31, 1996, were as follows:
Investments at fair value as determined by quoted market price: Cash $ 92,287 Stable Value Fund 71,306,800 Balanced Fund 29,589,065 Equity Index Fund 39,016,346 Aggressive Equity Fund 40,741,810 Revco Stock Fund 15,459,677 Participant loans 2,151,097 ------------ 198,357,082 Accrued interest and dividends 67,158 ------------ Total investments $198,424,240 ============ Amount allocated to the Plan $120,480,122 ============
At May 31, 1995, the investments of the Plan held by the Trustee were as follows:
Investments at fair value as determined by quoted market price: Cash and cash equivalents $ 1,416,867 Group Insurance Contracts: Allstate 5.8% group insurance contract 11,512,791 CIGNA group insurance contract 45,346,604 Mutual funds: Putnam Voyager Fund 8,384,024 Other 169,977 Bank Collective Fund: Mellon Bank Employee Benefit Equity Market Fund 14,066,853 Common Stock: Revco D.S., Inc. Common Stock 10,047,149 ----------- $90,944,265 ===========
11 15 REVCO D.S., INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS During 1996 and 1995, the investments held by the Trustee (including investments bought, sold, as well as held during the year) appreciated in value as follows:
Year Ended May 31, 1996 1995 ------------- ------------- Investments in Master Trust at fair value as determined by quoted market price: Balanced Fund $ 3,140,371 Equity Index Fund 8,382,402 Aggressive Equity Fund 10,773,997 Revco Stock Fund 1,372,101 ----------- Net appreciation in fair value $23,668,871 =========== Amount allocated to the Plan $12,317,774 =========== Investments at fair value as determined by quoted market price: Mutual Funds $1,188,201 Bank Collective Fund 2,014,371 Common Stock 1,962,139 ---------- Net appreciation in fair value $5,164,711 ==========
(6) TRANSACTIONS WITH PARTIES-IN-INTEREST Fees paid during the year for services rendered by parties-in-interest were based on customary and reasonable rates for such services. (7) FEDERAL INCOME TAXES The Plan obtained a determination letter dated July 25, 1995 in which the IRS stated that the Plan, as then designed, was in compliance with the applicable requirements of Section 401(a) of the Internal Revenue Code (the "Code"), including all applicable changes made to the Code by the Tax Reform Act of 1986 and subsequent legislation. The Plan has been amended since receiving this determination letter. The Company believes that the Plan is currently designed and is being operated in compliance with the applicable requirements of the Code. Accordingly, no provision for federal income taxes has been made in the accompanying financial statements. 12 16 REVCO D.S., INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (8) RECONCILIATION OF FINANCIAL STATEMENTS TO THE FORM 5500 The following is a reconciliation of net assets available for plan benefits per the financial statements to the Form 5500 at May 31, 1995: Net assets available for plan benefits, per financial statements $91,935,779 Amounts allocated to withdrawing participants (1,019,000) ----------- Net assets per the Form 5500 $90,916,779 ===========
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500 for the year ended May 31, 1995: Benefits paid per the financial statements $ 4,539,795 Amounts allocated to withdrawing participants at May 31, 1994 (1,576,072) Amounts allocated to withdrawing participants at May 31, 1995 1,019,000 ----------- Benefits paid per the Form 5500 $ 3,982,723 ===========
13 17 SCHEDULE I REVCO D.S., INC. 401(K) SAVINGS PLAN COMBINING STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
MAY 31, 1995 ------------------------------------------------------------------- Diversified S & P Aggressive Revco Fixed Income 500 Index Equity Stock Fund Fund Fund Fund Total ------------ ----------- ----------- ----------- ----------- ASSETS: Investments, at market value: Group insurance contracts ................. $56,859,395 $ -- $ -- $ -- $56,859,395 Mutual funds .............................. -- 169,977 8,384,024 -- 8,554,001 Bank collective fund ...................... -- 14,066,853 -- -- 14,066,853 Common stock .............................. -- -- -- 10,047,149 10,047,149 Cash equivalents .......................... 643,817 105,597 533,309 134,144 1,416,867 ------------------------------------------------------------------- Total investments ..................... 57,503,212 14,342,427 8,917,333 10,181,293 90,944,265 Receivables: Dividend income ........................... -- 4,183 -- -- 4,183 Company contributions ..................... -- -- -- 282,437 282,437 Participant contributions ................. 429,676 127,330 130,546 47,851 735,403 ------------------------------------------------------------------- Total receivables ..................... 429,676 131,513 130,546 330,288 1,022,023 ------------------------------------------------------------------- TOTAL ASSETS .......................... 57,932,888 14,473,940 9,047,879 10,511,581 91,966,288 ------------------------------------------------------------------- LIABILITIES: Other Payables ............................ 17,002 6,773 3,386 3,348 30,509 ------------------------------------------------------------------- NET ASSETS AVAILABLE FOR PLAN BENEFITS ........ $57,915,886 $14,467,167 $ 9,044,493 $10,508,233 $91,935,779 ===================================================================
The accompanying Notes to Financial Statements are an integral part of this statement. 14 18 SCHEDULE II REVCO D.S., INC. 401(K) SAVINGS PLAN COMBINING STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED MAY 31,1995 -------------------------------------------------------------------------- Diversified S & P Aggressive Revco Fixed Income 500 Index Equity Stock Fund Fund Fund Fund Total ------------ ------------ ------------ ------------ ------------ ADDITIONS TO NET ASSETS ATTRIBUTABLE TO: Investment Income: Net appreciation of investments ....... $ -- $ 2,014,371 $ 1,188,201 $ 1,962,139 $ 5,164,711 Interest .............................. 3,490,746 11,031 18,982 2,721 3,523,480 Dividends ............................. -- 363,383 -- -- 363,383 -------------------------------------------------------------------------- 3,490,746 2,388,785 1,207,183 1,964,860 9,051,574 Contributions: Company ............................... -- -- -- 1,185,659 1,185,659 Participant ........................... 3,472,670 1,543,932 1,447,975 837,318 7,301,895 -------------------------------------------------------------------------- 3,472,670 1,543,932 1,447,975 2,022,977 8,487,554 -------------------------------------------------------------------------- TOTAL ADDITIONS ....... 6,963,416 3,932,717 2,655,158 3,987,837 17,539,128 -------------------------------------------------------------------------- DEDUCTIONS FROM NET ASSETS ATTRIBUTABLE TO: Benefits paid ........................... 3,226,603 669,092 288,042 356,058 4,539,795 Administrative fees ..................... 58,780 22,438 12,167 13,909 107,294 -------------------------------------------------------------------------- TOTAL DEDUCTIONS ...... 3,285,383 691,530 300,209 369,967 4,647,089 -------------------------------------------------------------------------- Transfers ....................... 51,312 (641,332) (183,799) 773,819 -- -------------------------------------------------------------------------- NET INCREASE .......... 3,729,345 2,599,855 2,171,150 4,391,689 12,892,039 NET ASSETS AVAILABLE FOR PLAN BENEFITS: BEGINNING OF YEAR ....................... 54,186,541 11,867,312 6,873,343 6,116,544 79,043,740 -------------------------------------------------------------------------- END OF YEAR ............................. $ 57,915,886 $ 14,467,167 $ 9,044,493 $ 10,508,233 $ 91,935,779 ==========================================================================
The accompanying Notes to Financial Statements are an integral part of this statement. 15 EX-23.1 2 EXHIBIT 23.1 1 Exhibit 23.1 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation of our report included in this Amendment to Form 10-K/A into the Company's previously filed Registration Statement on Form S-8, File Nos. 33-67816 and 33-91774. /s/ Arthur Andersen LLP ----------------------- Arthur Andersen LLP Cleveland, Ohio November 27, 1996 EX-23.2 3 EXHIBIT 23.2 1 Exhibit 23.2 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation by reference in this Amendment to Form 10-K/A of our report dated July 12, 1996 included in Revco D.S., Inc.'s annual report to stockholders. It should be noted that we have not audited any financial statements of the Company subsequent to June 1, 1996 or performed any audit procedures subsequent to the date of our report. /s/ Arthur Andersen LLP ----------------------- Arthur Andersen LLP Cleveland, Ohio November 27, 1996 -----END PRIVACY-ENHANCED MESSAGE-----