-----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, NbAmhGNrPG03ii0mPYjKW6AuQ1wy9YiRnNqWDL8+dK60TUa15M2R4LAz7KvTgDHM c2so8t35qeXjMTQaBJNd2A== 0000896463-96-000100.txt : 19960719 0000896463-96-000100.hdr.sgml : 19960719 ACCESSION NUMBER: 0000896463-96-000100 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960718 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BAREFOOT INC /DE CENTRAL INDEX KEY: 0000878944 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE SERVICES [0700] IRS NUMBER: 311265715 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19602 FILM NUMBER: 96596181 BUSINESS ADDRESS: STREET 1: 450 W WILSON BRIDGE RD STREET 2: STE 160 CITY: WORTHINGTON STATE: OH ZIP: 43085 BUSINESS PHONE: 6148461800 MAIL ADDRESS: STREET 2: 450 WILSON BRIDGE RD CITY: WORTHINGTON STATE: OH ZIP: 43085 11-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1995 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 33-59310 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: Barefoot Grass Lawn Service, Inc. Profit Sharing Plan B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Barefoot Inc. 450 W. Wilson Bridge Road Suite 160 Worthington, Ohio 43085 Page 2 of 15 SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. BAREFOOT GRASS LAWN SERVICE, INC. PROFIT SHARING PLAN (Name of Plan) Date: July 17, 1996 By: /s/ MICHAEL R. GOODRICH ---------------------------------------- Michael R. Goodrich, Plan Administrator of the Barefoot Grass Lawn Service, Inc. Profit Sharing Plan Page 3 of 15 REQUIRED INFORMATION The following financial statements and schedules for the Barefoot Grass Lawn Service, Inc. Profit Sharing Plan are being filed herewith: Description Page No. - --------------------------- ------------ Report of Independent Public Accountants Page 4 Statements of Financial Condition as of December 31, 1995 and 1994 Pages 5 through 6 Statements of Income and Other Changes in Plan Equity for the Years Ended December 31, 1995, 1994 and 1993 Pages 7 through 9 Notes to Financial Statements Pages 10 through 14 Financial Statement Schedules: Schedules I, II and III are not applicable The following exhibit is being filed herewith: Exhibit No. Description Page No. - ------------- --------------------------- ---------- 1 Consent of Independent Page 15 Public Accountants Report of Independent Public Accountants To the Plan Administrator of the Barefoot Grass Lawn Service, Inc. Profit Sharing Plan: We have audited the accompanying statements of financial condition of the BAREFOOT GRASS LAWN SERVICE, INC. PROFIT SHARING PLAN (the Plan) as of December 31, 1995 and 1994, and the related statements of income and other changes in plan equity for each of the three years in the period ended December 31, 1995. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial condition of the Plan as of December 31, 1995 and 1994, and the results of its operations and the changes in plan equity for each of the three years in the period ended December 31, 1995, in conformity with generally accepted accounting principles. ARTHUR ANDERSEN LLP Columbus, Ohio, July 17, 1996. -4- BAREFOOT GRASS LAWN SERVICE, INC. PROFIT SHARING PLAN STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 1995 Money Barefoot Market Income Growth Other Participant Inc. Fund Fund Fund Funds Loan Fund Stock Fund ------------ --------- --------- --------- -------- ----------- INVESTMENTS, at fair market value: Money market fund (cost - $1,196,480) ............... $ -- $1,196,480 $ -- $ -- $ -- $ -- Participant loans (cost - $143,065) ................. -- -- -- -- -- 143,065 Barefoot Inc. common stock (cost - .................. 659,630 -- -- -- -- -- $782,285) Mutual funds- Equity - Growth Fund (cost - $976,602) ............ -- -- -- 1,083,251 -- -- Equity - Other Funds (cost $178,450) .............. -- -- -- -- 178,260 -- Bond - Income Fund (cost - $444,048) .............. -- -- 455,180 -- -- -- Bond - Other Funds (cost - $18,704) ............... -- -- -- -- 19,043 -- -------- ---------- -------- ---------- -------- -------- Total investments .......................... 659,630 1,196,480 455,180 1,083,251 197,303 143,065 CONTRIBUTION RECEIVABLE: Employer ............................................ -- -- -- -- -- -- Employees ........................................... -- -- -- -- -- -- -------- ---------- -------- ---------- -------- -------- Total assets ......................... 659,630 1,196,480 455,180 1,083,251 197,303 143,065 -------- ---------- -------- ---------- -------- -------- PLAN EQUITY ............................................ $659,630 $1,196,480 $455,180 $1,083,251 $197,303 $143,065 ======== ========== ======== ========== ======== ======== ABOVE TABLE CONTINUED BELOW: Contributions Receivable (Unallocated) Total ------------ ---------- INVESTMENTS, at fair market value: Money market fund (cost - $1,196,480) $ - $1,196,480 Participant loans (cost - $143,065) - 143,065 Barefoot Inc. common stock (cost - - 659,630 $782,285) Mutual funds- Equity - Growth Fund (cost - $976,602) - 1,083,251 Equity - Other Funds (cost $178,450) - 178,260 Bond - Income Fund (cost - $444,048) - 455,180 Bond - Other Funds (cost - $18,704) - 19,043 --------- ---------- Total investments - 3,734,909 CONTRIBUTION RECEIVABLE: Employer 111,352 111,352 Employees 24,105 24,105 --------- ---------- Total assets 135,457 3,870,366 --------- ---------- PLAN EQUITY $135,457 $3,870,366 ========= ========== The accompanying notes to financial statements are an integral part of this statement.
-5- BAREFOOT GRASS LAWN SERVICE, INC. PROFIT SHARING PLAN STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 1994 Money Barefoot Market Income Composite Participant Inc. Fund Fund Stock Loan Fund Total Stock Fund Fund ------------ ----------- -------- ---------- ---------- ---------- INVESTMENTS, at fair market value: Money market fund (cost - $1,066,921) ....... $ 6,338 $ 1,060,583 $ -- $ -- $ -- $ 1,066,921 Participant loans (cost - $102,611) ......... -- -- -- -- 102,611 102,611 Barefoot Inc. common stock (cost - .......... 814,908 -- -- -- -- 814,908 $756,987) Mutual funds- Equity (cost - $890,640) .................. -- -- -- 827,839 -- 827,839 Fixed income (cost - $543,098) ............ -- -- 481,444 -- -- 481,444 ---------- ----------- --------- -------- -------- ----------- Total investments ................ 821,246 1,060,583 481,444 827,839 102,611 3,293,723 ---------- ----------- --------- -------- -------- ----------- CONTRIBUTION RECEIVABLE: Employer .................................... 165,504 67,443 31,653 61,306 -- 325,906 Employees ................................... 6,651 3,230 2,252 4,347 -- 16,480 ACCRUED INTEREST INCOME ........................ 38 4,197 -- -- -- 4,235 NET TRANSFERS RECEIVABLE ....................... 75,435 -- -- 5,966 -- 81,401 OTHER RECEIVABLES .............................. 651 -- -- -- -- 651 ---------- ----------- --------- -------- -------- ----------- Total receivables ................ 248,279 74,870 33,905 71,619 -- 428,673 ---------- ----------- --------- -------- -------- ----------- TOTAL ASSETS ................................... 1,069,525 1,135,453 515,349 899,458 102,611 3,722,396 NET TRANSFERS PAYABLE .......................... -- (49,819) (31,582) -- -- (81,401) ---------- ----------- --------- -------- -------- ----------- PLAN EQUITY .................................... $1,069,525 $ 1,085,634 $ 483,767 $899,458 $102,611 $ 3,640,995 ========== =========== ========= ======== ======== =========== The accompanying notes to financial statements are an integral part of this statement.
-6- BAREFOOT GRASS LAWN SERVICE, INC. PROFIT SHARING PLAN STATEMENT OF INCOME AND OTHER CHANGES IN PLAN EQUITY FOR THE YEAR ENDED DECEMBER 31, 1995 Money Barefoot Market Income Composite Growth Other Inc. Fund Fund Stock Fund Fund Funds Stock Fund ------------ ---------- ---------- ----------- ---------- ---------- INVESTMENT INCOME: Dividends ........................... $ 10,294 $ 36,780 $ 17,942 $ 6,097 $ 13,535 $ 1,386 Interest ............................ 531 28,525 16,264 44 -- 71 Realized gains (losses) ............. (10,585) -- 33,203 100,904 13,205 10,993 Unrealized appreciation (depreciation) .................... (199,500) -- 11,132 -- 106,649 151 ----------- ----------- --------- ----------- ----------- --------- Total investment income ......... (199,260) 65,305 78,541 107,045 133,389 12,601 (loss) ----------- ----------- --------- ----------- ----------- --------- CONTRIBUTIONS: Employee ............................ 113,541 88,484 43,104 -- 47,896 69,370 Employer matching ................... -- -- -- -- -- -- Employer discretionary .............. -- -- -- -- -- -- Rollovers and other ................. 4,480 15,302 282 -- 776 437 ----------- ----------- --------- ----------- ----------- --------- Total contributions ............. 118,021 103,786 43,386 -- 48,672 69,807 ----------- ----------- --------- ----------- ----------- --------- TOTAL ADDITIONS ........................ (81,239) 169,091 121,927 107,045 182,061 82,408 NET TRANSFERS .......................... (218,741) 208,702 (61,717) (1,006,503) 905,019 117,525 DISTRIBUTIONS TO PARTICIPANTS .......... (109,915) (266,947) (88,797) -- (3,829) (2,630) ----------- ----------- --------- ----------- ----------- --------- Net increase (decrease) ......... (409,895) 110,846 (28,587) (899,458) 1,083,251 197,303 PLAN EQUITY, beginning of year ......... 1,069,525 1,085,634 483,767 899,458 -- -- ----------- ----------- --------- ----------- ----------- --------- PLAN EQUITY, end of year ............... $ 659,630 $ 1,196,480 $ 455,180 $ -- $ 1,083,251 $ 197,303 =========== =========== ========= =========== =========== ========= ABOVE TABLE CONTINUED BELOW: Participant Contributions Loan Fund Receivable Total ----------- ------------- ---------- INVESTMENT INCOME: Dividends ......................... $ -- $ -- $ 86,034 Interest .......................... 6,606 -- 52,041 Realized gains (losses) ........... -- -- 147,720 Unrealized appreciation (depreciation) .................. -- -- (81,568) --------- -------- ----------- Total investment income ....... 6,606 -- 204,227 (loss) --------- -------- ----------- CONTRIBUTIONS: Employee .......................... -- 24,105 386,500 Employer matching ................. -- 111,352 111,352 Employer discretionary ............ -- -- -- Rollovers and other ............... -- -- 21,277 --------- -------- ----------- Total contributions ........... -- 135,457 519,129 --------- -------- ----------- TOTAL ADDITIONS ...................... 6,606 135,457 723,356 NET TRANSFERS ........................ 55,715 -- -- DISTRIBUTIONS TO PARTICIPANTS ........ (21,867) -- (493,985) --------- -------- ----------- Net increase (decrease) ....... 40,454 135,457 229,371 PLAN EQUITY, beginning of year ....... 102,611 -- 3,640,995 --------- -------- ----------- PLAN EQUITY, end of year ............. $ 143,065 $135,457 $ 3,870,366 ========= ======== =========== The accompanying notes to financial statements are an integral part of this statement.
-7- BAREFOOT GRASS LAWN SERVICE, INC. PROFIT SHARING PLAN STATEMENT OF INCOME AND OTHER CHANGES IN PLAN EQUITY FOR THE YEAR ENDED DECEMBER 31, 1994 Money Barefoot Market Income Composite Participant Inc. Fund Fund Stock Fund Loan Fund Total Stock Fund ----------- ---------- ---------- ----------- ---------- --------- INVESTMENT INCOME: Dividends ................................... $ 4,161 $ -- $ 28,478 $ 11,959 $ -- $ 44,598 Interest .................................... 579 42,354 87 141 9,677 52,838 Realized gains (losses) ..................... (36,023) -- (4,900) 16,995 -- (23,928) Unrealized depreciation ..................... (208,728) -- (44,116) (43,881) -- (296,725) ----------- ----------- --------- --------- --------- ----------- Total investment income (loss) ... (240,011) 42,354 (20,451) (14,786) 9,677 (223,217) ----------- ----------- --------- --------- --------- ----------- CONTRIBUTIONS: Employee .................................... 154,442 81,773 82,058 143,658 -- 461,931 Employer matching ........................... 38,225 21,310 13,119 28,252 -- 100,906 Employer discretionary ...................... 127,279 46,133 18,534 33,054 -- 225,000 Rollovers and other ......................... 1,703 4,263 3,041 38,078 -- 47,085 ----------- ----------- --------- --------- --------- ----------- Total contributions .............. 321,649 153,479 116,752 243,042 -- 834,922 ----------- ----------- --------- --------- --------- ----------- TOTAL ADDITIONS ................................ 81,638 195,833 96,301 228,256 9,677 611,705 NET TRANSFERS .................................. 293,706 (124,428) (117,310) (73,704) 21,736 -- DISTRIBUTIONS TO PARTICIPANTS .................. (150,854) (175,250) (25,801) (40,045) (20,835) (412,785) ----------- ----------- --------- --------- --------- ----------- Net increase (decrease) .......... 224,490 (103,845) (46,810) 114,507 10,578 198,920 PLAN EQUITY, beginning of year ................. 845,035 1,189,479 530,577 784,951 92,033 3,442,075 ----------- ----------- --------- --------- --------- ----------- PLAN EQUITY, end of year ....................... $ 1,069,525 $ 1,085,634 $ 483,767 $ 899,458 $ 102,611 $ 3,640,995 =========== =========== ========= ========= ========= ===========
The accompanying notes to financial statements are an integral part of this statement. -8- BAREFOOT GRASS LAWN SERVICE, INC. PROFIT SHARING PLAN STATEMENT OF INCOME AND OTHER CHANGES IN PLAN EQUITY FOR THE YEAR ENDED DECEMBER 31, 1993 Money Predecessor Barefoot Market Income Composite Participant Fund Inc. Fund Fund Stock Loan Fund Total Stock Fund Fund ----------- ------------ ---------- ---------- ---------- ---------- ---------- INVESTMENT INCOME: Dividends ....................... $ -- $ -- $ -- $ 20,721 $ 9,755 $ -- $ 30,476 Interest ........................ -- 17,243 26,050 274 152 6,395 50,114 Realized gains .................. -- 563 -- 21,126 14,508 -- 36,197 Unrealized appreciation ......... -- 217,405 -- (23,661) (26,918) -- 166,826 (depreciation) ................ -- -- -- -- -- -- -- Total investment income ..... -- 235,211 26,050 18,460 (2,503) 6,395 283,613 (loss) .................... -- -- -- -- -- -- -- CONTRIBUTIONS: Employee ........................ -- 86,115 72,225 45,000 78,524 -- 281,864 Employer matching ............... -- 13,591 15,631 10,311 16,102 -- 55,635 Employer discretionary .......... -- 92,250 57,318 20,588 29,844 -- 200,000 Rollovers and other ............. -- 55,330 88,168 41,776 128,490 28,344 342,108 ----------- --------- ----------- --------- --------- -------- ----------- Total contributions .. -- 247,286 233,342 117,675 252,960 28,344 879,607 ----------- --------- ----------- --------- --------- -------- ----------- TOTAL ADDITIONS .................... -- 482,497 259,392 136,135 250,457 34,739 1,163,220 NET TRANSFERS ...................... (2,520,976) 492,120 1,070,074 397,184 560,379 1,219 -- DISTRIBUTIONS TO PARTICIPANTS ...... -- (129,582) (139,987) (2,742) (25,885) (11,137) (309,333) ----------- --------- ----------- --------- --------- -------- ----------- Net additions ........ (2,520,976) 845,035 1,189,479 530,577 784,951 24,821 853,887 PLAN EQUITY, beginning of year ..... 2,520,976 -- -- -- -- 67,212 2,588,188 ----------- --------- ----------- --------- --------- -------- ----------- PLAN EQUITY, end of year ........... $ -- $ 845,035 $ 1,189,479 $ 530,577 $ 784,951 $ 92,033 $ 3,442,075 =========== ========= =========== ========= ========= ======== ===========
The accompanying notes to financial statements are an integral part of this statement. -9- BAREFOOT GRASS LAWN SERVICE, INC. PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 AND 1994 (1) DESCRIPTION OF THE PLAN General The Barefoot Grass Lawn Service, Inc. Profit Sharing Plan (the Plan) is a defined contribution plan covering all full-time employees of Barefoot Grass Lawn Service, Inc. (the Company). The Company is a wholly-owned subsidiary of Barefoot Inc. The Plan was established effective January 1, 1985, amended effective January 1, 1989, and restated effective January 1, 1993 to incorporate changes regarding eligibility, vesting, employer match, investment options and designation of the Plan trustee. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Trustee of the Plan is Bank One Ohio Trust Company, N.A. (the Trustee). The Plan's investments are held in several distinct investment funds, one of which consists exclusively of the common stock of Barefoot Inc. The participants may direct their accounts among these funds. The Plan Administrator is the President of the Company and/or his designee. The Trustee holds all of the Plan assets and executes all of the Plan's transactions. All administrative expenses are paid by the Company. The Trustee engaged an outside third party, First Data Corporation, during 1995 to perform record keeping and asset custodial services. Subsequent to year-end BISYS Fund Services, Inc. began performing these services for the Trustee. The Plan was restated as of January 1, 1993 and has received a determination letter from the Internal Revenue Service (IRS), dated December 14, 1995, stating that the restated Plan is exempt from taxation under Section 401(a) of the Internal Revenue Code (IRC). The Plan has not been amended since the determination letter and management believes the Plan to be operating in accordance with the IRC requirements. Contributions The Plan provides for participants to defer between one percent (1%) and ten percent (10%) of their annual compensation via salary deferral. The amount of a participant's contributions for any plan year may not exceed certain limits which are set forth in the Plan. The Company provides for an employer match of 25% in the year 1993, and 35% in -10- the years 1994 and 1995 of participant deferrals up to a limit of 6% of the participants' annual compensation. The employer match was $55,635, $100,906 and $111,352 in the years 1993, 1994 and 1995, respectively. The Plan also provides for discretionary contributions by the Company. Contributions for the years 1993, 1994 and 1995 were $200,000, $225,000 and $0, respectively. Eligibility and Vesting As amended effective January 1, 1989, employees reaching the age of 21 become eligible as participants in the Plan on the January 1 or July 1 of the Plan year following completion of one year of service. One year of service is at least one-thousand (1,000) hours worked or credited in a consecutive twelve -month period. Participants are immediately vested in their salary deferrals plus actual earnings thereon. Vesting in Company discretionary contributions, matching contributions and earnings thereon, occurs after 5 years of service. As of December 31, 1995, there were 865 employees participating in the Plan. Allocation of Discretionary Contributions, Investment Gains and Losses, and Forfeitures Discretionary contributions to the Plan from the Company are allocated to participants' accounts at the end of each Plan year based on the ratio of each participant's compensation to the total compensation of all the participants for the Plan year. Investment gains and losses are posted to participants' accounts based on the daily valuation of each fund's investments. Forfeitures of terminated participants' nonvested account balances are allocated to the remaining participants' accounts at the end of each Plan year based on the ratio of each participant's compensation to the total compensation of all the participants for the Plan year. There were approximately $54,000, $67,000 and $0 forfeitures reallocated to participants during 1993, 1994 and 1995, respectively. There were approximately $0 and $31,000 of forfeitures unallocated as of December 31, 1994 and 1995, respectively. Benefit Payments Upon retirement or termination of employment, a participant may elect to receive the amount in his/her vested account balance in a lump-sum payment or in installments with payments to begin no later than April 1 following the Plan year in which the participant attains 70.5 years of age. Terminated participants with vested account balances in excess of $3,500 are not required to withdraw their account balances until such time as they choose or until required by law. -11- Participant Loans Participant loans are permitted under the Plan subject to certain rules established by law. All loan applications must be approved by the Plan Administrator. Participants may borrow from their investment fund accounts a minimum of $1,000 up to a maximum of 50% of their vested account balance. Loan transactions are treated as a transfer to (from) an investment fund from (to) the participant loan fund. Loan terms vary based on individual circumstances. The loans bear interest at a rate of prime 1%. Principal and interest is paid ratably through regular payroll deductions. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions and deductions during the reporting period. Actual results could differ from those estimates. (2) SUMMARY OF ACCOUNTING POLICIES Investments are valued at fair market value, as measured by quoted market prices in an active market. The financial statements are prepared using the accrual basis of accounting. Unrealized appreciation (depreciation) of assets is based on market value at year-end and the market value at the beginning of the Plan year or cost at the time of purchase during the year. Net gain (loss) on sale of assets is based on sale proceeds and the market value at the beginning of the Plan year or cost at the time of purchase during the year. Market values do not vary significantly from original cost values. (3) PLAN INVESTMENTS Participants may direct the investment of their funds to one of five individually selected investment options or they may choose from among six fully managed portfolio options. a. Individually Selected Portfolio i. Barefoot Inc. Stock Fund - This fund invests solely in the common stock of Barefoot Inc. which is publicly-traded on NASDAQ/NMS. ii. Fidelity Advisor Growth Opportunities Fund (Growth Fund) - This fund invests primarily in companies with above-average growth in sales or earnings. -12- iii. Composite Stock Fund - This fund seeks capital appreciation with the secondary goal of achieving current income by investing primarily in equity securities. It was replaced in fiscal 1995 with the Growth Fund. iv. One Group Income Bond Fund (Income Fund) - This fund invests in high and medium grade fixed income securities and seeks to generate current income without unexpected valuation fluctuations. v. One Group Prime Money Market Fund (Money Market Fund) - This fund invests in short-term cash instruments and seeks to generate steady current income while maintaining the principal value. b. Fully Managed Portfolio Banc One Investment Advisors Corporation manages participant portfolios for those participants who elect one of six lifestyle choices. These six lifestyle choices are: Aggressive Growth Growth Growth & Income Balanced Conservative Growth Fixed Income Based upon the lifestyle choices made, participant funds are invested in a mix of One Group equity funds, fixed income funds or money market funds designed to achieve the desired investment return and risk. c. Net Asset Value Net asset values by fund as of December 31, 1995 and 1994 are as follows: 1995 1994 ---------------- --------------- Shares/ Unit Shares/ Unit Issuer/Title of Issuer Units Value Units Value --------------------------------- -------- ----- ------- ----- Barefoot Inc. Stock Fund 62,548 $10.50 59,266 $13.75 The One Group Prime Money 1,173,903 1.00 1,066,921 1.00 Market Fund The One Group Income Bond Fund 46,447 9.80 53,913 8.93 The One Group Composite Stock - - 65,661 12.61 Fund Fidelity Advisor Growth 34,237 31.64 - - Opportunities Fund Various Other Funds 14,764 13.36 - - -13- d. The net realized gains (losses) from sales of investments for the years 1993, 1994 and 1995 were as follows: Realized Gains Proceeds Cost (Losses) --------- --------- --------- 1993 $4,329,323 $4,293,126 $ 36,197 1994 2,092,996 2,116,924 (23,928) 1995 1,941,754 1,794,034 147,720 (4) BENEFIT CLAIMS Several employees terminated employment at the Company during 1994 and 1995 and elected to withdraw their account balances from the Plan subsequent to year-end. The total equity in the Plan, to be paid out subsequent to year-end, amounted to approximately $210,000 and $190,000 in 1994 and 1995, respectively. In accordance with generally accepted accounting principles, these amounts are not reflected as a liability in the accompanying financial statements. However, these amounts will be reported as a liability on Form 5500. (5) PLAN TERMINATION Although it has not expressed any intent to do so, the Company has the right under the Plan 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 100% vested in their accounts. -14- EX-1 2 EXHIBIT 1 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation by reference of our report, dated July 17, 1996, included in this Form 11-K, into the following previously filed Registration Statements and in the related prospectuses: o Form S-8 No. 33-54280 - Barefoot Inc. Amended and Restated 1989 ------------------------- Stock Option Plan ----------------- o Form S-8 No. 33-59310 - Barefoot Grass Lawn Service, Inc. Profit Sharing Plan ------------------- o Form S-8 No. 333-06699 - Barefoot Inc. Amended and Restated 1989 ------------------------- Stock Option Plan ----------------- ARTHUR ANDERSEN LLP Columbus, Ohio, July 17, 1996. -----END PRIVACY-ENHANCED MESSAGE-----