-----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, EOZdsvQvcPZUVgv8kkfgr32BEfv1vINgP8ZqErJjiv6EQjPPCsrcLZmlNsNECcxt lDnazlckeshLzP2ZA3W4iw== 0000950152-99-005762.txt : 19990701 0000950152-99-005762.hdr.sgml : 19990701 ACCESSION NUMBER: 0000950152-99-005762 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL CABLE CORP /DE/ CENTRAL INDEX KEY: 0000886035 STANDARD INDUSTRIAL CLASSIFICATION: DRAWING AND INSULATING NONFERROUS WIRE [3357] IRS NUMBER: 311351333 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-12983 FILM NUMBER: 99656878 BUSINESS ADDRESS: STREET 1: 4 TESSENEER DRIVE CITY: HIGHLAND HEIGHTS STATE: KY ZIP: 41076 BUSINESS PHONE: 6065728000 11-K 1 GENERAL CABLE CORPORATION 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 [NO FEE REQUIRED] For the fiscal year ended December 31, 1998 [ ] 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. . . . . . . . . . . . . . . . . . . A. Full Title of the Plan and the address of the Plan: GENERAL CABLE CORPORATION SAVINGS PLAN FOR HOURLY EMPLOYEES 4 Tesseneer Drive Highland Heights, Kentucky 41076 B. Name of issuer of the securities held pursuant to the Plan and the address of its principal executive office: GENERAL CABLE CORPORATION 4 Tesseneer Drive Highland Heights, Kentucky 41076 2 SIGNATURES Pursuant to the requirements of the Securities and 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. GENERAL CABLE CORPORATION SAVINGS PLAN FOR HOURLY EMPLOYEES Date: June 28, 1999 By: /s/ Robert. J. Siverd ----------------------------------- Name: Robert J. Siverd Title: Member, Retirement Plan Finance Committee 3 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statement No. 33-31869 of General Cable Corporation on Form S-8 of our report dated May 21, 1999, appearing in this Annual Report on Form 11-K of General Cable Corporation Savings Plan for Hourly Employees for the year ended December 31, 1998. Deloitee & Touche LLP Cincinnati, Ohio June 28, 1999 4 ------------------------------------------- GENERAL CABLE CORPORATION SAVINGS PLAN FOR HOURLY EMPLOYEES Financial Statements for the Years Ended December 31, 1998 and 1997 and Supplemental Schedules as of December 31, 1998 and Independent Auditors' Report 5 GENERAL CABLE CORPORATION SAVINGS PLAN FOR HOURLY EMPLOYEES TABLE OF CONTENTS - -------------------------------------------------------------------------------- Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Statement of Net Assets Available for Benefits, December 31, 1998 2 Statement of Net Assets Available for Benefits, December 31, 1997 3 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1998 4 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1997 5 Notes to Financial Statements 6 SUPPLEMENTAL SCHEDULES: Assets Held for Investment (Item 27a of Form 5500), December 31, 1998 10 SUPPLEMENTAL SCHEDULES OMITTED Certain of the Plan's assets are invested in the General Cable Corporation Master Defined Contribution Trust. Therefore, schedules of investments held at December 31, 1998 and of reportable transactions of the Master Trust for the year ended December 31, 1998 have been certified by the Master Trustee and are separately filed with the Department of Labor. Other supplemental schedules not filed herewith are omitted because of the absence of conditions under which they are required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. 6 INDEPENDENT AUDITORS' REPORT General Cable Corporation Savings Plan for Hourly Employees: We have audited the accompanying statements of net assets available for benefits of the General Cable Corporation Savings Plan for Hourly Employees ("the Plan") as of December 31, 1998 and 1997, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1998 and 1997, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed in the Table of Contents are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information by fund in the statements of net assets available for benefits and the statements of changes in net assets available for benefits is presented for the purpose of additional analysis rather than to present the net assets available for benefits and changes in net assets available for benefits of the individual funds. The supplemental schedules and supplemental information by fund is the responsibility of the Plan's management. Such supplemental schedules and supplemental information by fund have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. Deloitte & Touche Cincinnati, Ohio May 21, 1999 7 GENERAL CABLE CORPORATION SAVINGS PLAN FOR HOURLY EMPLOYEES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1998 - --------------------------------------------------------------------------------
Supplemental Information by Fund ------------------------------------------------------------------------------------------ Wilmington Trust Company ------------------------------------------------------------------------------------------ American Massachusetts Lasalle MFS Funds FPA General Investors Income Emerging PBHG EuroPacific New Cable Trust Plus Growth Growth Growth Income Corporation Fund Fund Fund Fund Fund Fund Stock Fund ASSETS: Investment in General Cable Corporation Master Defined Contribution Trust (Notes 1,2,4) $1,251,044 $ 779,883 $ 549,387 $ 386,171 $ 298,499 $ 170,087 $ 185,302 Contributions receivable 14,866 14,943 10,956 8,889 6,351 4,548 3,779 Loans to participants (Note 1) ---------- ---------- ---------- ---------- ---------- ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $1,265,910 $ 794,826 $ 560,343 $ 395,060 $ 304,850 $ 174,635 $ 189,081 ========== ========== ========== ========== ========== ========== ==========
Supplemental Information by Fund -------------------------------- Wilmington Trust Company -------------------------------- Loan Fund Total ASSETS: Investment in General Cable Corporation Master Defined Contribution Trust (Notes 1,2,4) $3,620,373 Contributions receivable 64,332 Loans to participants (Note 1) $ 82,917 82,917 ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $ 82,917 $3,767,622 ========== ==========
See notes to financial statements -2- 8 GENERAL CABLE CORPORATION SAVINGS PLAN FOR HOURLY EMPLOYEES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1997 - --------------------------------------------------------------------------------
Supplemental Information by Fund ----------------------------------------------------------------------------------------- The Chase Manhattan Bank ----------------------------------------------------------------------------------------- American Massachusetts Lasalle MFS Funds FPA General Investors Income Emerging PBHG EuroPacific New Cable Trust Plus Growth Growth Growth Income Corporation Fund Fund Fund Fund Fund Fund Stock Fund ASSETS: Investment in General Cable Corporation Master Retirement Trust (Notes 1,2,4) $ 858,003 $ 513,677 $ 280,210 $ 270,716 $ 174,853 $ 89,889 $ 69,981 Contributions receivable 17,204 25,807 14,624 12,903 9,462 5,161 860 Loans to participants (Note 1) ---------- ---------- ---------- ---------- ---------- ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $ 875,207 $ 539,484 $ 294,834 $ 283,619 $ 184,315 $ 95,050 $ 70,841 ========== ========== ========== ========== ========== ========== ==========
Supplemental Information by Fund -------------------------------- The Chase Manhattan Bank -------------------------------- Loan Fund Total ASSETS: Investment in General Cable Corporation Master Retirement Trust (Notes 1,2,4) $2,257,329 Contributions receivable 86,021 Loans to participants (Note 1) $ 78,630 78,630 ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $ 78,630 $2,421,980 ========== ==========
-3- 9 GENERAL CABLE CORPORATION SAVINGS PLAN FOR HOURLY EMPLOYEES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1998 - --------------------------------------------------------------------------------
Supplemental Information by Fund ------------------------------------------------------------------------- Wilmington Trust Company ------------------------------------------------------------------------- Massachusetts Lasalle MFS American FPA Investors Income Emerging PBHG Funds New Trust Plus Growth Growth EuroPacific Income Fund Fund Fund Fund Growth Fund Fund INCREASES: Employee Contributions (Note 3) $ 260,625 $ 261,978 $ 192,077 $ 155,834 $ 111,345 $ 79,739 Equity in net earnings of the General Cable Corporation Master Defined Contribution Trust (Notes 1,2,4) 232,478 37,692 92,430 20,186 34,321 3,863 Interest income ----------- --------- --------- --------- --------- --------- Total increases 493,103 299,670 284,507 176,020 145,666 83,602 ----------- --------- --------- --------- --------- --------- DECREASES: Distributions to participants (Note 3) 58,191 35,910 19,498 9,396 12,391 2,881 ----------- --------- --------- --------- --------- --------- INTERFUND TRANSFERS (44,209) (8,418) 500 (55,183) (12,740) (1,136) ----------- --------- --------- --------- --------- --------- INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 390,703 255,342 265,509 111,441 120,535 79,585 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 875,207 539,484 294,834 283,619 184,315 95,050 ----------- --------- --------- --------- --------- --------- End of year $ 1,265,910 $ 794,826 $ 560,343 $ 395,060 $ 304,850 $ 174,635 =========== ========= ========= ========= ========= =========
Supplemental Information by Fund ---------------------------------- Wilmington Trust Company ---------------------------------- General Cable Corporation Loan Stock Fund Fund Total INCREASES: Employee Contributions (Note 3) $ 66,257 $ 1,127,855 Equity in net earnings of the General Cable Corporation Master Defined Contribution Trust (Notes 1,2,4) (44,330) 376,640 Interest income 1,433 1,433 --------- -------- ----------- Total increases 21,927 1,433 1,505,928 --------- -------- ----------- DECREASES: Distributions to participants (Note 3) 1,361 20,658 160,286 --------- -------- ----------- INTERFUND TRANSFERS 97,674 23,512 - --------- -------- ----------- INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 118,240 4,287 1,345,642 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 70,841 78,630 2,421,980 --------- -------- ----------- End of year $ 189,081 $ 82,917 $ 3,767,622 ========= ======== ===========
-4- 10 GENERAL CABLE CORPORATION SAVINGS PLAN FOR HOURLY EMPLOYEES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1997 - --------------------------------------------------------------------------------
SUPPLEMENTAL INFORMATION BY FUND ---------------------------------------------------------------------------------------- THE CHASE MANHATTAN BANK ---------------------------------------------------------------------------------------- AMERICAN MASSACHUSETTS LASALLE MFS FUNDS FPA GENERAL INVESTORS INCOME EMERGING PBHG EUROPACIFIC NEW CABLE TRUST PLUS GROWTH GROWTH GROWTH INCOME CORPORATION FUND FUND FUND FUND FUND FUND STOCK FUND INCREASES: Employee contributions (Note 3) $ 162,772 $ 259,047 $ 139,669 $ 119,852 $ 90,991 $ 51,725 $ 7,243 Equity in net earnings of the General Cable Corporation Master Retirement Trust (Notes 1,2,4) 196,491 19,422 33,360 29,072 8,586 4,745 435 Interest income ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total increase 359,263 278,469 173,029 148,924 99,577 56,470 7,678 ---------- ---------- ---------- ---------- ---------- ---------- ---------- DECREASES - Distributions to participants (Note 3) 17,424 21,480 2,149 854 447 415 ---------- ---------- ---------- ---------- ---------- ---------- ---------- INTERFUND TRANSFERS 533,368 282,495 123,954 135,549 85,185 38,995 63,163 ---------- ---------- ---------- ---------- ---------- ---------- ---------- INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS 875,207 539,484 294,834 283,619 184,315 95,050 70,841 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year ---------- ---------- ---------- ---------- ---------- ---------- ---------- End of year $ 875,207 $ 539,484 $ 294,834 $ 283,619 $ 184,315 $ 95,050 $ 70,841 ========== ========== ========== ========== ========== ========== ==========
SUPPLEMENTAL INFORMATION BY FUND ----------------------------------------------------------------- NATIONS BANK ----------------------------------------------------------------- NB SHORT- NB INTERMEDIATE EQUITY NB GOVERNMENT INCOME TREASURY LOAN FUND FUND FUND FUND TOTAL INCREASES: Employee contributions (Note 3) $ 30,558 $ 82,899 $ 22,126 $ 966,882 Equity in net earnings of the General Cable Corporation Master Retirement Trust (Notes 1,2,4) 80 13,070 3,544 308,805 Interest income $ 2,216 2,216 ---------- ---------- ---------- ---------- ---------- Total increase 30,638 95,969 25,670 2,216 1,277,903 ---------- ---------- ---------- ---------- ---------- DECREASES - Distributions to participants (Note 3) 8,986 18,283 6,871 76,909 ---------- ---------- ---------- ---------- ---------- INTERFUND TRANSFERS (261,749) (814,634) (238,852) 52,526 ---------- ---------- ---------- ---------- ---------- INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS (240,097) (736,948) (220,053) 54,742 1,200,994 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 240,097 736,948 220,053 23,888 1,220,986 ---------- ---------- ---------- ---------- ---------- End of year $ -- $ -- $ -- $ 78,630 $2,421,980 ========== ========== ========== ========== ==========
-5- 11 GENERAL CABLE CORPORATION SAVINGS PLAN FOR HOURLY EMPLOYEES NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 1. PLAN DESCRIPTION The assets of the Plan are maintained in the General Cable Corporation Master Defined Contribution Trust ("Master Trust"). This description of the Plan is provided for general information only. Participants should refer to the Summary Plan Description for more information. General - The General Cable Corporation Savings Plan for Hourly Employees (the "Plan") is a defined contribution plan consisting primarily of the following components: the Before-Tax Savings Account which accumulates the participant's share of the trust funds attributable to participant contributions and the Rollover Contribution Account which represents the participant's share of the trust funds attributable to the rollover of their accrued benefits from previous employer qualified retirement plans. The Plan was created on January 1, 1994. The Wilmington Trust Company ("Wilmington") became the Trustee of the Plan effective January 1, 1998 replacing Chase Manhattan Bank ("Chase"). Chase became the Trustee of the Plan effective April 1, 1997, replacing Nations Bank N.A. The purpose of the Plan is to provide eligible employees with an opportunity to save on a regular basis and thereby accumulate capital for their retirement years. Contributions and earnings accumulate tax free until withdrawn from the Plan. The Plan is intended to comply with the provisions of Sections 401(a) and 401(k) of the Internal Revenue Code, and the requirements of the Employee Retirement Income Security Act of 1974 ("ERISA"). Participation - Hourly employees of the Bonham, Texas plant, the Monticello, Illinois plant, the Manchester, New Hamphshire plant, the Kenly, North Carolina plant, the Sanger, California plant, the Plano, Texas plant, the Cass City, Michigan plant, the Watkinsville, Georgia plant, the Kingman, Arizona plant, the Altoona, Pennsylvania plant, the Lincoln, Rhode Island plant, the Williamstown, Massachusetts plant, the Taunton, Rhode Island plant, the Norcross, Georgia regional distribution center, the Vineland, New Jersey regional distribution center, the Anaheim, California regional distribution center, the Grapevine, Texas regional distribution center, and the Lebanon, Indiana regional distribution center of General Cable Corporation (the "Company") are eligible to participate in the Plan following completion of six months of service. Participation in the Plan is voluntary. Separate participant accounts are maintained and participants can choose from among the following Wilmington investment funds within the Master Trust (Fund descriptions have been provided by the Trustee of the Plan or the Plan Administrator): - Massachusetts Investors Trust Fund - Invests primarily in equity securities. The fund seeks reasonable current income and long-term growth of income and capital. - Lasalle Income Plus Fund - Invests principally in guaranteed investment contracts with the objective of obtaining competitive fixed income returns in different interest rate environments. - MFS Emerging Growth Fund - Invests primarily in emerging growth companies, early in their life cycles, with the objective of long-term growth of capital. -6- 12 - PBHG Growth Fund - Invests principally in common stocks with the objective of capital appreciation. - American Funds EuroPacific Growth Fund - Invests in the stocks of non-U.S. companies with the objective of long-term growth of capital. - FPA New Income Fund - Invests primarily in bonds with short to intermediate maturities, U.S. Government securities, mortgage-backed securities, and commercial paper. - General Cable Corporation Stock Fund - Invests principally in the common stock of General Cable Corporation. During the first three months of 1997, participants could choose from among three investment funds. A brief description of these funds, provided by the Fund Prospectus, is as follows: - NationsBank Short-Intermediate Government Fund - Invests principally in bonds issued by the U.S. Government, its agencies and instrumentalities. It is structured to have an average weighted maturity of less than five years. - NationsBank Equity Income Fund - Invests in common stocks and convertible securities. - NationsBank Treasury Fund - Invests in obligations both issued and guaranteed by the U.S. Treasury and repurchase agreements secured by such obligations. Maturities are limited to thirteen months or less. The Plan also has a Loan Fund provision from which loans to participants are permitted at an interest rate equal to the prime rate plus 1%. The amount borrowed may not exceed, as of the date of the loan, the lesser of one half the participant's vested amount in the Plan or $50,000. The interest rate on loans outstanding at December 31, 1998 ranged from 9.25% to 9.50% and the loans mature from 1999 to 2003. 2. SIGNIFICANT ACCOUNTING POLICIES The following are the significant accounting policies followed by the Plan: - Investments are generally valued on the basis of the quoted market value. - Security transactions are recorded on the trade date. - Income from investments is recognized when earned. Use of Estimates - The preparation of the 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 increases or decreases in net assets available for benefits during the reporting period. Actual results could differ from those estimates. 3. PARTICIPANTS' ACCOUNTS AND BENEFITS Contributions - Employees who are eligible to participate in the Plan may make a Before-Tax Savings Account contribution up to 13% of their compensation subject to an overall limitation. -7- 13 Rollovers - A participant may at any time make a rollover contribution to the Plan if satisfactory evidence that the amount qualifies as a "Rollover Contribution" as defined in the Internal Revenue Code is provided. Vesting - Participants' contributions are fully vested. Benefit Payments - Upon retirement or other termination of employment, a participant's account balance less any amounts necessary to repay participant loans may be distributed to the participant, or in the case of death to a designated beneficiary, in a lump-sum distribution. Withdrawals - Once the participant has attained the age of 59 1/2, all or part of their rollover contribution account and Before-Tax Savings Account may be withdrawn without penalty. The full value of the Rollover Contribution Account may be transferred to another IRC Qualified Plan before age 59 1/2 without penalty or can be paid to the participant prior to age 59 1/2 subject to applicable excise taxes. 4. INVESTMENTS The Plan's investment in the Master Trust consists of an interest in a commingled employee benefit trust administered by the Company's Retirement Plans Finance Committee with Wilmington as trustee. For 1998, the Master Trust includes the Company's two qualified defined contribution plans as compared to 1997 which includes the Company's four qualified benefit plans (two defined contribution plans and two defined benefit plans). The assets of the various retirement plans of the Company are commingled for investment purposes; however, the trustee accounts for changes in net assets of the Master Trust for each plan. The Master Trust is presented at fair value based on the market value of the investments of the Master Trust. Market values are generally determined by the quoted closing price of the securities on the last business day of the period. Income from investments is recognized when earned. The cost of investments sold is determined by the average cost method. Net assets and changes in net assets of the Master Trust are:
DECEMBER 31, DECEMBER 31, 1998 1997 NET ASSETS, AT FAIR VALUE Noninterest-bearing cash $ 489,780 Temporary investment fund 525,328 Corporate common stocks $ 2,510,053 35,734,274 Mutual and money market funds 64,636,542 114,528,213 Coal lease 5,282,199 Guaranteed investment contract 2,365,039 ------------ ------------ Total investments 67,146,595 158,924,833 Other assets and liabilities, net (174,133) ------------ ------------ Total net assets $ 67,146,595 $158,750,700 ============ ============
-8- 14
YEAR ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, CHANGES IN NET ASSETS 1998 1997 Deposits by participating plans $ 6,696,513 $ 8,232,587 Withdrawals by participating plans (9,300,671) (15,263,955) Interest and dividends 3,082,175 13,385,776 Unrealized gain/(loss) 2,785,245 3,754,192 Realized gain/(loss) 1,813,177 11,407,792 ----------- ------------ Total change in net assets $ 5,076,439 $ 21,516,392 =========== ============
Equity in the net earnings of the Master Trust is allocated to participating plans and participants daily. 5. PLAN TERMINATION The Company expects to continue the Plan indefinitely, but reserves the right to terminate it by duly adopted written resolution of the Board of Directors of the Company. In the event of termination, the plan assets will be allocated to provide benefits to participants as set forth in the Plan, or as otherwise required by law. 6. TAX STATUS The Plan obtained a determination letter on October 24, 1994, in which the Internal Revenue Service stated that the Plan was in compliance with the applicable requirements of the Internal Revenue Code (IRC). The Plan has been amended since receiving the determination letter; however, the plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable provisions of the IRC and the Plan was qualified and the related trust was tax-exempt as of the financial statement date. Therefore, no provision for income taxes has been included in the Plan's financial statements. 7. TRANSACTIONS WITH RELATED PARTIES All administrative costs of the Plan are paid by the Company, for which no fees are charged to the Plan. 8. PARTY-IN-INTEREST INVESTMENTS AND TRANSACTIONS The Company is a party-in-interest as defined in ERISA. As a result of administrative changes in 1997, certain participant contributions from one of the Company's plants for the year ended December 31, 1997 were not remitted to the Plan in a timely manner. These contributions and interest thereon were remitted to the Plan prior to the filing of the Form 5500 for the year ended December 31, 1997. The party-in-interest portion of this contribution totaled $4,285. * * * * * * -9- 15 GENERAL CABLE CORPORATION SAVINGS PLAN FOR HOURLY EMPLOYEES SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT (ITEM 27A OF FORM 5500) DECEMBER 31, 1998 - --------------------------------------------------------------------------------
IDENTITY OF ISSUE, BORROWER, FAIR LESSOR OR SIMILAR PARTY DESCRIPTION OF INVESTMENT COST VALUE Participant loans 88 loans with maturities ranging from January 1999 to November 2003 and interest rates of 9.25% to 9.50% $ - $ 82,917 ==== ========
Note: The remaining net assets of the Plan are held in the General Cable Corporation Master Defined Contribution Trust. -10- -----END PRIVACY-ENHANCED MESSAGE-----