-----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, WadtYn/FjemPIcKAN20jQERTNtP92JPKO7YoShnHA5kK0DcNOx92MBhzQZ/5fIDF 0C/hF82zSPg8jkSTJWwimg== 0000896622-96-000006.txt : 19960617 0000896622-96-000006.hdr.sgml : 19960617 ACCESSION NUMBER: 0000896622-96-000006 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960614 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: APTARGROUP INC CENTRAL INDEX KEY: 0000896622 STANDARD INDUSTRIAL CLASSIFICATION: GASKETS, PACKAGING AND SEALING DEVICES & RUBBER & PLASTIC HOSE [3050] IRS NUMBER: 363853103 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11846 FILM NUMBER: 96581321 BUSINESS ADDRESS: STREET 1: 475 W TERRA COTTA AVE STREET 2: STE E CITY: CRYSTAL LAKE STATE: IL ZIP: 60014 BUSINESS PHONE: 8154770424 MAIL ADDRESS: STREET 1: 475 W. TERRA COTTA AVE. SUITE E CITY: CRYSTAL LAKE STATE: IL ZIP: 60014 11-K 1 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ----to---- COMMISSION FILE NUMBER 1-11846 APTARGROUP, INC. Profit Sharing and Savings Plan -------------------------------- (Full title of the Plan) APTARGROUP, INC. --------------------------- (Name of issuer of certain securities held pursuant to the Plan) 475 WEST TERRA COTTA AVENUE, SUITE E CRYSTAL LAKE, IL 60014 (ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICE AND PLAN) 2 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN INDEX TO FINANCIAL STATEMENTS AND SCHEDULES -------------------------------------------- Title PAGE - ----- ---- Report of independent accountants 3 Financial statements: Statement of Financial Position, With Fund Information, at December 31, 1995 and 1994 4-7 Statement of Income and Changes in Plan Equity, With Fund Information, for the years ended December 31, 1995 and 1994 8-14 Notes to financial statements 15-22 Supplemental schedules: Assets held for investment purposes (Schedule I) 23-24 Reportable transactions for year ended December 31, 1995 (Schedule II) 25-27 Consent of Independent Accountants Exhibit A Note: Supplementary schedules not included have been omitted because they are not applicable. 3 REPORT OF INDEPENDENT ACCOUNTANTS --------------------------------- To the Participants and the Administrative Committee of the AptarGroup, Inc. Profit Sharing and Savings Plan In our opinion, the accompanying statements of financial position, and the related statements of income and changes in plan equity present fairly, in all material respects, the financial position of the AptarGroup, Inc. Profit Sharing and Savings Plan at December 31, 1995 and 1994, and the results of its operations and changes in its plan equity for the years ended December 31, 1995 and 1994, in conformity with generally accepted accounting principles. 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 of these statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in Schedules I and II is presented for purposes of additional analysis and is not a required part of the basic financial statements but is additional 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 Fund Information in the Statement of Financial Position and the Statement of Income and Changes in Plan Equity is presented for purposes of additional analysis rather than to present the financial position and statement of income and changes in plan equity of each fund. Schedules I and II and the Fund Information have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ Price Waterhouse LLP Chicago, Illinois June 5, 1996 4 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN ------------------------------- STATEMENTS OF FINANCIAL POSITION, WITH FUND INFORMATION, AT DECEMBER 31, 1995 AND 1994 ----------------------------- Money Market Magellan Fund Fund ------------------ ------------------- ASSETS: 1995 1994 1995 1994 ---- ---- ---- ---- Investments, at market value $5,002,524 $4,619,384 $11,817,471 $8,034,694 Contributions receivable: Participating employees -- 33,040 -- 41,895 Employer -- 11,719 -- 14,447 Participant loans 781,868 480,933 -- -- --------- --------- ---------- --------- $5,784,392 $5,145,076 $11,817,471 $8,091,036 ========= ========= ========== ========= PLAN EQUITY: Participant's equity $5,784,392 $5,145,076 $11,817,471 $8,091,036 ========= ========= ========== ========= The accompanying notes are an integral part of this statement. 5 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN ------------------------------- STATEMENTS OF FINANCIAL POSITION, WITH FUND INFORMATION, AT DECEMBER 31, 1995 AND 1994 AptarGroup Pittway Stock Fund Stock Fund --------------------- -------------------- ASSETS: 1995 1994 1995 1994 ---- ---- ---- ---- Investments, at market value $2,670,922 $1,539,198 $ -- $ -- Contributions receivable: Participating employees 7,282 -- -- Employer 2,416 -- -- Participant loans -- -- --------- --------- ------- ------ $2,670,922 $1,548,896 $ -- $ -- ========= ========= ======= ====== PLAN EQUITY: Participants' equity $2,670,922 $1,548,896 $ -- $ -- ========= ========= ======= ====== The accompanying notes are an integral part of this statement. 6 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN ------------------------------- STATEMENTS OF FINANCIAL POSITION, WITH FUND INFORMATION AT DECEMBER 31, 1995 AND 1994 ----------------------------- Growth and Managed Income Fund Income Fund --------------------- ------------------ ASSETS: 1995 1994 1995 1994 ---- ---- ---- ---- Investment, at market value $3,211,670 $1,894,060 $806,088 $690,808 Contributions receivable: Participating employees -- 13,076 -- 6,189 Employer -- 4,442 -- 2,242 Participant loans -- -- -- -- --------- --------- ------- ------- $3,211,670 $1,911,578 $806,088 $699,239 ========= ========= ======= ======= PLAN EQUITY: Participants' equity $3,211,670 $1,911,578 $806,088 $699,239 ========= ========= ======== ======= The accompanying notes are an integral part of this statement. 7 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN ------------------------------- STATEMENTS OF FINANCIAL POSITION WITH FUND INFORMATION AT DECEMBER 31, 1995 AND 1994 ----------------------------- TOTAL ----------------------- 1995 1994 ------- ------- ASSETS: Investments, at market value $23,508,675 $16,778,144 Contributions receivable: Participating employees -- 101,482 Employer -- 35,266 Participant loans 781,868 480,933 ---------- ---------- $24,290,543 $17,395,825 ========== ========== PLAN EQUITY: Participants' equity $24,290,543 $17,395,825 =========== =========== 8 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN ------------------------------- STATEMENTS OF INCOME AND CHANGES IN PLAN EQUITY, WITH FUND INFORMATION FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 ---------------------------------------------- Money Market Magellan Fund Fund ----------------- ---------------- 1995 1994 1995 1994 ---- ---- ---- ---- Contributions: From participating employees $ 465,063 $ 511,994 $ 790,393 $ 889,678 From employer 210,995 219,651 297,877 306,703 Income from investments: Dividends and interest 290,658 187,036 692,129 327,519 Realized appreciation/ (depreciation) -- -- 162,688 (6,927) Unrealized appreciation/ (depreciation) in market value of investments -- -- 2,192,411 (446,044) Benefits paid to participants (310,374) (318,221) (108,469) (140,103) Administrative expenses (1,216) (2,041) (209) (443) Transfers between funds, net (15,810) (336,394) (300,385) (212,087) -------- --------- --------- -------- 9 PROFIT SHARING AND SAVINGS PLAN STATEMENTS OF INCOME AND CHANGES IN PLAN EQUITY, WITH FUND INFORMATION (CONT'D) FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 ---------------------------------------------- Money Market Magellan Fund Fund ----------------- ---------------- 1995 1994 1995 1994 ----- ----- ----- ----- Net increase/ (decrease) in participants' equity for the period $ 639,316 $ 262,025 $ 3,726,435 $ 718,296 Participants' equity, beginning of the period 5,145,076 4,883,051 8,091,036 7,372,740 --------- --------- --------- --------- Participants' equity, end of the period $5,784,392 $5,145,076 $11,817,471 $8,091,036 ========= ========= ========== ========= The accompanying notes are an integral part of this statement. 10 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN ------------------------------- STATEMENTS OF INCOME AND CHANGES IN PLAN EQUITY, WITH FUND INFORMATION FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 AptarGroup Pittway Stock Fund Stock Fund -------------------- ------------------- 1995 1994 1995 1994 ------ ------ ------ ------ Contributions: From participating employees $ 204,698 $ 46,158 $ -- $ -- From Employer 73,261 15,890 -- -- Income from investments: Dividends and interest 22,490 6,432 -- 1,184 Realized appreciation/ (depreciation) 64,971 22,017 -- 229 Unrealized appreciation/ (depreciation) in market value of investments 512,802 280,851 -- (264) Benefits paid to participants (3,205) (18,047) -- -- Administrative expenses -- -- -- -- Transfers between funds, net 247,009 551,252 -- (112,363) -------- -------- ------- -------- 11 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN -------------------------------- STATEMENTS OF INCOME AND CHANGES IN PLAN EQUITY, WITH FUND INFORMATION (CONT'D) FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 ----------------------------------------------- AptarGroup Pittway Stock Fund Stock Fund ------------------- ----------------- 1995 1994 1995 1994 ------ ------ ------ ------ Net increase/ (decrease) in participants' equity for the period $ 1,122,026 $ 904,553 -- $ (111,214) Participants' equity, beginning of the period 1,548,896 644,343 -- 111,214 --------- --------- ------ ------- Participants' equity, end of the period $ 2,670,922 $ 1,548,896 $ -- $ -- ========= ========= ====== ======= The accompanying notes are an integral part of this statement. 12 APTARGROUP, INC PROFIT SHARING AND SAVINGS PLAN ------------------------------- STATEMENTS OF INCOME AND CHANGES IN PLAN EQUITY, WITH FUND INFORMATION FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 ---------------------------------------------- Growth and Managed Income Fund Income Fund -------------------- -------------------- 1995 1994 1995 1994 ------ ------ ------ ------ Contributions: From participating employees $ 274,629 $ 289,317 $ 104,232 $ 100,861 From employer 98,023 89,331 38,791 36,464 Income from investments: Dividends and interest 163,141 136,053 46,133 27,785 Realized appreciation/ (depreciation) 18,227 2,252 -- -- Unrealized appreciation/ (depreciation) in market value of investments 608,446 (97,796) -- -- Benefits paid to participants (10,209) (14,093) (3,492) (315) Administrative expenses (90) (243) (76) (73) Transfers between funds, net 147,925 (4,706) (78,739) 114,298 -------- ------ ------- ------- 13 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN -------------------------------- STATEMENTS OF INCOME AND CHANGES IN PLAN EQUITY, WITH FUND INFORMATION (CONT'D), FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 ----------------------------------------------- Growth and Managed Income Fund Income Fund -------------------- ------------------ 1995 1994 1995 1994 ------ ------ ------ ------ Net increase/ (decrease) in participants' equity for the period $ 1,300,092 $ 400,115 $ 106,849 $ 279,020 Participants' equity, beginning of the period 1,911,578 1,511,463 699,239 420,219 ----------- ---------- -------- -------- Participants' equity, and of the period $ 3,211,670 $ 1,911,578 $ 806,088 $ 699,239 ========== ========== ======== ======== The accompanying notes are an integral part of this statement. 14 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN ------------------------------- STATEMENTS OF INCOME AND CHANGES IN PLAN EQUITY, WITH FUND INFORMATION FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 ---------------------------------------------- Total ----------------------- 1995 1994 ----- ----- Contributions: From participating employees $ 1,839,015 $ 1,838,008 From employer 718,947 668,039 Income from investments: Dividends and interest 1,214,551 686,009 Realized appreciation/ (depreciation) 245,886 17,571 Unrealized appreciation/ (depreciation) in market value of investments 3,313,659 (263,253) Benefits paid to participants (435,749) (490,779) Administrative expenses (1,591) (2,800) Transfers between funds, net -- -- ---------- ---------- Net increase/(decrease) in participants' equity for the period 6,894,718 2,452,795 Participants' equity, beginning of the period 17,395,825 14,943,030 ---------- ---------- Participants' equity, end of the period $ 24,290,543 $ 17,395,825 ========== ========== The accompanying notes are an integral part of this statement. 15 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN ------------------------------- NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 AND 1994 -------------------------------- NOTE 1 - DESCRIPTION OF THE PLAN - --------------------------------- The AptarGroup, Inc. Profit Sharing and Savings Plan (the "Plan"), established on April 22, 1993, covers eligible full-time employees of AptarGroup, Inc. and certain of its subsidiaries (the "Company" or the "Employer"). The Plan is administered by a committee appointed by the Company. An employee becomes eligible to participate at the beginning of each quarter after the completion of one year of service. Participation is elective and is exercised by means of authorizing contributions of salary to the Plan of not less than 1 percent and not more than 12 percent of earnings (subject to Internal Revenue Code limitations). Participants' earnings are generally defined as total compensation for services rendered to the Employer. Participants may elect to suspend their contributions at any time. Eligible employees will not share in any Employer contributions for any period in which they voluntarily suspend their contributions or do not participate in the Plan. Active participation can be elected again on the next regular enrollment date. The amount of Employer contributions is determined annually by the Employer. Such contributions are computed as a matching percentage of each participant's contribution within specified limits. Investment funds available that participants may select include the Money Market Fund, Magellan Fund, Managed Income Fund, Growth and Income Fund, and the AptarGroup Stock Fund. A participant may elect to transfer certain portions of his or her account in the Plan from one fund to another up to twelve times per year subject to certain restrictions between the Money Market Fund and Managed Income Fund. For those employees with investments in the Pittway Stock Fund prior to the spin-off (see Note 3),investments in the AptarGroup Stock Fund were made. On the date of the spin-off, the AptarGroup, Stock Fund and the Pittway Stock Fund were "frozen" (i.e., no new contributions or transfers from other funds, other than dividends which were reinvested, were allowed into or from these funds after such date). 16 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN ------------------------------- NOTES TO FINANCIAL STATEMENTS (CONT'D) DECEMBER 31, 1995 AND 1994 --------------------------------------- Effective July 1, 1994, the AptarGroup Stock Fund was reactivated and contributions and transfers were once again permitted into the fund. Fidelity Institutional Retirement Services Company is the trustee for the Money Market Fund, Magellan Fund, Growth and Income Fund and the Managed Income Fund. CTC Illinois Trustee Company is the trustee for the AptarGroup Stock Fund and Bank of America was the trustee for the Pittway Stock Fund. Each participant is fully vested in his or her contributions at all times. Vesting of the Employer contribution occurs at the rate of 20 percent per year on a cumulative basis for each year of service with a participating Employer. Forfeitures of nonvested amounts occur when a participant terminates employment for any reason other than retirement after age 65, death, or disability. Upon withdrawal from the Plan, the participant will receive the amount of his or her contributions plus the vested portion of his or her Employer contributions. Forfeited amounts are used to reduce contributions of the Employer. Further information about the Plan and the vesting and benefit provisions is contained in the booklet Summary Plan Description which is available from the Plan Administrator. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - --------------------------------------------------- Basis of accounting - ------------------- The financial statements of the Plan have been prepared on the accrual basis of accounting. Valuation of investments - ------------------------ All investments are stated at current market prices in actively traded markets. 17 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN ------------------------------- NOTES TO FINANCIAL STATEMENTS (CONT'D) DECEMBER 31, 1995 AND 1994 -------------------------------------- Contributions - ------------- Employer and employee contributions are invested directly in appropriate funds based upon employee elections made at the date of enrollment or through authorized changes. Security transactions and investment income - ------------------------------------------- Purchases and sales of securities, including related gains and losses, are recorded as of the trade date. Unsettled security investments represent transactions entered into prior to the end of the accounting period for which cash settlement is made in a subsequent period. Interest income is recorded when earned. Dividend income is recorded on the ex-dividend date. The cost of securities sold is determined on an average cost basis. In accordance with the policy of stating investments at current value, net unrealized appreciation or depreciation is reflected in the Statement of Income and Changes in Plan Equity. Benefit payments - ---------------- The plan follows the method of accounting for benefit payment obligations to terminated employees based upon AICPA guidance for accounting and disclosure by employee benefit plans. Based on this accounting method, participant distributions payable at year-end are not presented as a liability in the Statement of Financial Position or as benefit payments in the Statement of Income and Changes in Plan Equity. This treatment results in a difference between benefit payments in the Plan's Form 5500 and the benefit payments in the financial statements. Benefit obligations payable at December 31, 1995 and 1994 were $1,364,531 and $958,590, respectively. 18 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN -------------------------------- NOTES TO FINANCIAL STATEMENTS (CONT'D) DECEMBER 31, 1995 AND 1994 -------------------------------------- Trustee and administrative expenses - ----------------------------------- Expenses incurred in the administration of the Plan, except for loan service fees which are paid by the participants, are paid by the Company. NOTE 3 - TRANSFER FROM ANOTHER TRUST - ------------------------------------ On April 22, 1993 Pittway Corporation completed a tax-free spinoff of its investment in AptarGroup, Inc. (formerly the Seaquist packaging group) to its stockholders. As a result of this spinoff, Plan assets of $12,089,426 were transferred into the AptarGroup, Inc. Profit Sharing and Savings Plan representing AptarGroup, Inc. participant balances as of April 22, 1993 in the Pittway Corporation Blue Chip Profit Sharing and Savings Plan. NOTE 4 - PARTY-IN-INTEREST TRANSACTIONS - --------------------------------------- Party-in-interest transactions consisted of loans made to participants and investments in the AptarGroup Stock Fund. The Plan provides that a participant may, for specified reasons, borrow from the Plan an amount not to exceed 50 percent of the participant's vested account balance. Each participant loan is evidenced by a note and is considered an investment to that participants's account. Accordingly, principal and interest payments are credited to the respective participant's account. Each participant note carries an interest rate equal to the prime rate plus one percent (at December 31, 1995 interest rates ranged from 7.0% to 11.0%) charged by the Trustee on the date of the loan, and repayment occurs through payroll withholding over a period not to exceed 60 months. Stock in the AptarGroup Stock Fund was acquired by the Trustee in 1995 19 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN ------------------------------- NOTES TO FINANCIAL STATEMENTS (CONT'D) DECEMBER 31, 1995 AND 1994 -------------------------------------- and 1994 through investment elections by participants in the Plan and in 1993 as a result of the tax free spinoff from Pittway Corporation. NOTE 5 - FEDERAL INCOME TAX STATUS - ---------------------------------- The Internal Revenue Service has determined, and informed the Company by a letter dated March 27, 1995, that the Plan and related Trust are designed in accordance with applicable sections of the Internal Revenue Code. NOTE 6 - AMENDMENT AND TERMINATION OF PLAN - ------------------------------------------ The Plan may be amended at any time by the Company. However, no amendment may adversely affect the current rights of the participants in the Plan with respect to contributions made prior to the date of the amendment. Employer contributions may be discontinued and the Company may terminate its participation in the Plan at any time. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA) applicable to defined contribution plans. Since the Plan provides for an individual account for each participant and for benefits based solely on the amount contributed to the participant's account and any income, expenses, gains and losses attributed thereto, its benefits are not insured by the Pension Benefit Guaranty Corporation pursuant to Title IV of ERISA. NOTE 7 - SUBSEQUENT EVENTS - -------------------------- Effective January 1, 1996, participants are permitted to invest in two additional Fidelity funds and may contribute up to 16% of earnings. 20 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN -------------------------------- NOTES TO FINANCIAL STATEMENTS (CONT'D) DECEMBER 31, 1995 AND 1994 NOTE 7 - INVESTMENTS: - --------------------- The cost and market value of investments at December 31, 1995 and 1994 are as follows: Market 1995 Investments Cost Value - ---------------- ----- ------- Money Market Fund- Fidelity Money Market Fund, 5,002,524 Shares $ 5,002,524 $ 5,002,524 Magellan Fund- Fidelity Magellan Fund Portfolio, 137,444 Shares 9,840,187 11,817,471 AptarGroup Stock Fund- AptarGroup, Inc. Stock, 71,463 Shares 1,720,595 2,670,922 Growth and Income Fund- Fidelity Growth and Income Portfolio #027-0254927262, 118,731 Shares 2,625,766 3,211,670 Managed Income Fund- Fidelity Managed Income, 806,088 Shares 806,088 806,088 ----------- ----------- $19,995,160 $23,508,675 =========== =========== 21 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN -------------------------------- NOTES TO FINANCIAL STATEMENTS (CONT'D) DECEMBER 31, 1995 AND 1994 Market 1994 Investments Cost Value - ---------------- ----- ------- Money Market Fund- Fidelity Money Market Fund, 4,619,384 shares $ 4,619,384 $ 4,619,384 Magellan Fund- Fidelity Magellan Fund Portfolio, 120,280 shares 8,249,821 8,034,694 AptarGroup Stock Fund- AptarGroup, Inc. Stock, 53,537 shares 1,101,673 1,539,198 Growth and Income Fund- Fidelity Growth and Income Portfolio #027-0254927262, 89,808 shares 1,916,602 1,894,060 Managed Income Fund- Fidelity Managed Income, 690,808 shares 690,808 690,808 ----------- ----------- $16,578,288 $16,778,144 =========== =========== 22 APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN -------------------------------- NOTES TO FINANCIAL STATEMENTS (CONT'D) DECEMBER 31, 1995 AND 1994 The changes in unrealized appreciation/(depreciation) of investments during the years ended December 31, 1995 and 1994 are as follows: Balance at Appreciation/ Balance at 1/1/95 (Depreciation) 12/31/95 ------------- --------------- ----------- Magellan Fund $ (215,127) $ 2,192,411 $ 1,977,284 AptarGroup Stock Fund 437,525 512,802 950,327 Growth and Income Fund (22,542) 608,446 585,904 -------- --------- --------- Total $ 199,856 $ 3,313,659 $ 3,513,515 ======== ========= ========= Balance at Appreciation/ Balance at 1/1/94 (Depreciation) 12/31/94 ----------- ------------- ---------- Magellan Fund $ 230,917 $ (446,044) $ (215,127) AptarGroup Stock Fund 156,674 280,851 437,525 Growth and Income Fund 75,254 (97,796) (22,542) Pittway Stock Fund 264 (264) -- ---------- ----------- ----------- Total $ 463,109 $ (263,253) $ 199,856 ========== =========== =========== 23 SCHEDULE I APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN ------------------------------- ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1995 ----------------- Number of Party Involved Description Shares - ---------------------- ------------ ---------- Fidelity Money Market Trust Retirement Government Money Market Portfolio Mutual Fund 5,002,524 Fidelity Magellan Fund Portfolio Mutual Fund 137,444 AptarGroup, Inc. Stock Common Stock 71,463 Fidelity Growth and Income Portfolio #027-0254927262 Mutual Fund 118,731 Fidelity Managed Income Fund Mutual Fund 806,088 Participant Loans Loan -- 24 SCHEDULE I APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN (CONT'D) ---------------------------------------- ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1995 ----------------- Party Involved Cost Market Value - ------------------------- ------ ------------- Fidelity Money Market Trust Retirement Government Money Market Portfolio $ 5,002,524 $ 5,002,524 Fidelity Magellan Fund Portfolio 9,840,187 11,817,471 AptarGroup, Inc. Stock 1,720,595 2,670,922 Fidelity Growth and Income Portfolio #027-0254927262 2,625,766 3,211,670 Fidelity Managed Income Fund 806,088 806,088 Participant Loans 781,868 781,868 ---------- ---------- Total Assets Held for Investment $20,777,028 $24,290,543 ========== ========== 25 SCHEDULE II APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN -------------------------------- REPORTABLE TRANSACTIONS For the Year Ended December 31, 1995 ------------------------------------- AGGREGATED 5% SECURITY TRANSACTIONS BY ISSUE Description No. of Purchase Selling Party involved of investment transactions price price - -------------------- ------------- ------------- -------- --------- Fidelity Magellan Fund Mutual fund 119 $2,709,368 $ -- Fidelity Magellan Fund Mutual fund 66 -- 1,281,690 Fidelity Money Market Trust Mutual fund 82 1,458,531 -- Fidelity Money Market Trust Mutual fund 82 -- 1,075,392 Fidelity Growth & Income Mutual fund 81 1,278,529 -- Fidelity Growth & Income Mutual fund 32 -- 587,592 Managed Income Fund Mutual fund 55 320,359 -- Managed Income Fund Mutual fund 29 -- 205,079 AptarGroup Stock Fund Common stock 53 752,037 -- AptarGroup Stock Fund Common stock 24 -- 198,086 26 SCHEDULE II APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN (CONT'D) ---------------------------------------- REPORTABLE TRANSACTIONS For the Year Ended December 31, 1995 ------------------------------------- AGGREGATED 5% SECURITY TRANSACTIONS BY ISSUE Lease Expense Party involved rental incurred - ---------------------- ------- --------- Fidelity Magellan Fund -- -- Fidelity Magellan Fund -- -- Fidelity Money Market Trust -- -- Fidelity Money Market Trust -- -- Fidelity Growth & Income -- -- Fidelity Growth & Income -- -- Managed Income Fund -- -- Managed Income Fund -- -- AptarGroup Stock Fund -- -- AptarGroup Stock Fund -- -- 27 SCHEDULE II APTARGROUP, INC. PROFIT SHARING AND SAVINGS PLAN (CONT'D) ---------------------------------------- REPORTABLE TRANSACTIONS For the Year Ended December 31, 1995 ------------------------------------- AGGREGATED 5% SECURITY TRANSACTIONS BY ISSUE Current Net Cost value gain Party involved of asset transaction date or (loss) - ---------------------- ---------- ----------------- ----------- Fidelity Magellan Fund $ -- $ 2,709,368 $ -- Fidelity Magellan Fund 1,119,002 1,281,690 162,688 Fidelity Money Market Trust -- 1,458,531 -- Fidelity Money Market Trust 1,075,392 1,075,392 -- Fidelity Growth & Income -- 1,278,529 -- Fidelity Growth & Income 569,365 587,592 18,227 Managed Income Fund -- 320,359 -- Managed Income Fund 205,079 205,079 -- AptarGroup Stock Fund -- 752,037 -- AptarGroup Stock Fund 133,115 198,086 64,971 28 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, AptarGroup, Inc., as plan administrator, has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. AptarGroup, Inc. By: AptarGroup, Inc., as Plan Administrator By: /s/Lawrence Lowrimore ---------------------- Lawrence Lowrimore Vice President-Human Resources June 12, 1996 29 EXHIBIT INDEX Exhibit No. Description Sequential Page No. - ----------- ------------ -------------------- A Consent of Independent Accountants 30 30 EXHIBIT A CONSENT OF INDEPENDENT ACCOUNTANTS ----------------------------------- We hereby consent to the incorporation by reference in the Registration Statement of Form S-8 (No. 33-80408) of AptarGroup, Inc of our report dated June 5, 1996 appearing on page 3 of this Form 11-K. /S/ Price Waterhouse LLP - ------------------------ Price Waterhouse LLP Chicago, Illinois June 5, 1996 -----END PRIVACY-ENHANCED MESSAGE-----