-----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, ACj9Y1Tp5Mittz+9ew+H7TZwn7+rzNF2BGrAWcBUNZFWXQvAo+MzbyznpyUTkUrL vvIUBhureXdXwDlqu/jMNQ== 0000950129-99-002855.txt : 19990629 0000950129-99-002855.hdr.sgml : 19990629 ACCESSION NUMBER: 0000950129-99-002855 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COOPER CAMERON CORP CENTRAL INDEX KEY: 0000941548 STANDARD INDUSTRIAL CLASSIFICATION: OIL & GAS FILED MACHINERY & EQUIPMENT [3533] IRS NUMBER: 760451843 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-13884 FILM NUMBER: 99653711 BUSINESS ADDRESS: STREET 1: 515 POST OAK BLVD STREET 2: STE 1200 CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 7135133322 MAIL ADDRESS: STREET 1: 515 POST OAK BOULEVARD CITY: HOUSTON STATE: TX ZIP: 77027 11-K 1 COOPER CAMERON CORPORATION - DATED 12/31/1998 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K ANNUAL REPORT [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-13884 A. Full title of the Plan and the address of the Plan, if different from that of the issuer named below: INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR COOPER CAMERON CORPORATION HOURLY EMPLOYEES, IAM, AT THE SUPERIOR PLANT B. Name of issuer of the securities held pursuant to the Plan and the address of the principal executive office: COOPER CAMERON CORPORATION 515 Post Oak Boulevard, Suite 1200 Houston, Texas 77027 2 INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR COOPER CAMERON CORPORATION HOURLY EMPLOYEES, IAM, AT THE SUPERIOR PLANT
Page Report of Independent Public Accountants 1 Audited Financial Statements Statements of Net Assets Available for Benefits 2 Statement of Changes in Net Assets Available for Benefits 4 Notes to Financial Statements 5 Signature 27 Consent of Independent Public Accountants 28
3 FINANCIAL STATEMENTS COOPER CAMERON CORPORATION SELECTED INDIVIDUAL ACCOUNT RETIREMENT PLANS DECEMBER 31, 1998 AND 1997 4 Cooper Cameron Corporation Selected Individual Account Retirement Plans Financial Statements December 31, 1998 and 1997 CONTENTS Report of Independent Public Accountants.....................................1 Audited Financial Statements Statements of Net Assets Available for Benefits..............................2 Statement of Changes in Net Assets Available for Benefits....................4 Notes to Financial Statements................................................5
5 [ERNST & YOUNG LLP LETTERHEAD] Report of Independent Auditors Participants and Administrator Cooper Cameron Corporation Selected Individual Account Retirement Plans We have audited the accompanying statements of net assets available for benefits of the Cooper Cameron Corporation Selected Individual Account Retirement Plans, listed on pages 2 and 3, at December 31, 1998 and 1997, and the related statement of changes in net assets available for benefits for the year ended December 31, 1998. These financial statements are the responsibility of the Plans' 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 net assets available for benefits of the Plans at December 31, 1998 and 1997, and changes in their net assets available for benefits for the year ended December 31, 1998, in conformity with generally accepted accounting principles. /s/ ERNST & YOUNG LLP June 11, 1999 1 6 Cooper Cameron Corporation Selected Individual Account Retirement Plans Statements of Net Assets Available for Benefits December 31, 1998
EMPLOYER EMPLOYEE PLAN CONTRIBUTIONS CONTRIBUTIONS NO. PLAN NAME RECEIVABLE RECEIVABLE - ------------------------------------------------------------------------------------------------------------------------------ 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 33,626 $ 43,535 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility 53,732 42,856 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility 15,628 12,199 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant 86,164 70,738 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant 16,705 16,090 PLAN INTEREST IN COOPER CAMERON CORPORATION MASTER TRUST FOR DEFINED NET ASSETS PLAN CONTRIBUTION PLANS AVAILABLE FOR NO. PLAN NAME (Notes 1 and 2) BENEFITS - --------------------------------------------------------------------------------------------------------------------------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 7,459,656 $ 7,536,817 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility 16,017,669 16,114,257 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility 5,959,628 5,987,455 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant 18,611,814 18,768,716 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant 3,308,643 3,341,438
See accompanying notes. 2 7 Cooper Cameron Corporation Selected Individual Account Retirement Plans Statements of Net Assets Available for Benefits (continued) December 31, 1997
EMPLOYER EMPLOYEE PLAN CONTRIBUTIONS CONTRIBUTIONS NO. PLAN NAME RECEIVABLE RECEIVABLE - ------------------------------------------------------------------------------------------------------------------------------ 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 32,948 $ 45,779 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility 51,473 49,655 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility 36,442 34,298 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant 112,736 104,669 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant 9,863 21,204 PLAN INTEREST IN COOPER CAMERON CORPORATION MASTER TRUST FOR DEFINED NET ASSETS PLAN CONTRIBUTION PLANS AVAILABLE FOR NO. PLAN NAME (Notes 1 and 2) BENEFITS - --------------------------------------------------------------------------------------------------------------------------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 6,466,160 $ 6,544,887 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility 15,612,125 15,713,253 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility 7,344,404 7,415,144 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant 16,971,920 17,189,325 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant 2,839,927 2,870,994
See accompanying notes. 3 8 Cooper Cameron Corporation Selected Individual Account Retirement Plans Statement of Changes in Net Assets Available for Benefits Year ended December 31, 1998
NET ASSETS AVAILABLE FOR PLAN BENEFITS AT EMPLOYER EMPLOYEE NO. PLAN NAME JANUARY 1, 1998 CONTRIBUTIONS CONTRIBUTIONS - ------------------------------------------------------------------------------------------------------------------------------ 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 6,544,887 $ 393,357 $ 514,746 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility 15,713,253 672,755 587,249 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility 7,415,144 280,791 260,853 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant 17,189,325 1,121,587 963,787 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant 2,870,994 221,435 205,873 NET INVESTMENT GAIN (LOSS) FROM COOPER CAMERON CORPORATION MASTER TRUST FOR DEFINED OTHER CONTRIBUTION PLANS CHANGES IN PLAN BENEFIT (NET OF EXPENSES) NET ASSETS NO. PLAN NAME PAYMENTS (Notes 1 and 2) (Note 5) - ------------------------------------------------------------------------------------------------------------------------------ 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ (125,890) $ 247,252 $ (37,535) 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility (1,601,652) 706,891 35,761 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility (1,420,123) (538,293) (10,917) 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant (986,703) 526,320 (45,600) 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant (116,494) 170,751 (11,121) NET ASSETS AVAILABLE FOR PLAN BENEFITS AT NO. PLAN NAME DECEMBER 31, 1998 - ------------------------------------------------------------------------------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 7,536,817 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility 16,114,257 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility 5,987,455 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant 18,768,716 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant 3,341,438
See accompanying notes. 4 9 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements December 31, 1998 1. SIGNIFICANT ACCOUNTING PRINCIPLES ACCOUNTING PRINCIPLES The accompanying financial statements of the Cooper Cameron Corporation (the "Company") Selected Individual Account Retirement Plans (the "Plans") have been prepared on the accrual basis of accounting in accordance with generally accepted accounting principles. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Benefit payments to participants are recorded upon distribution. INVESTMENTS At December 31, 1998 and 1997, investments of the Plans consisted of beneficial interests in the following separate investment accounts of the Cooper Cameron Corporation Master Trust for Defined Contribution Plans (the "Master Trust"): Company Stock Fund, Fidelity Growth Company Fund, Fixed Income Fund, Money Market Fund, Stock Market Fund, and Vanguard Balanced Index Fund (collectively, the "Funds"), as described in Note 2. The Plans' beneficial interest percentages in each investment account at December 31, 1998 and 1997 are disclosed in Note 8. The Funds' security transactions are accounted for on the date the securities are purchased or sold. Investment income is recorded as earned. The Funds' investments in securities traded on the exchanges are valued at the last reported sale price on the valuation date. Securities not listed on exchanges and securities for which no sale was reported on that day are valued at the last quoted bid price or at fair value as determined by the trustee. Investments in The Chase Manhattan Bank, N.A. Pooled Investment Trust for Employee Benefit Plans II - Cash Investment Fund ("Chase Cash Investment Fund") are stated at cost, which approximates fair value. All other mutual funds and common/collective funds are valued at fair market value based upon the quoted market values of the underlying assets. 5 10 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (Continued) 1. SIGNIFICANT ACCOUNTING PRINCIPLES (CONTINUED) Investment contracts within the Fixed Income Fund, with varying contract rates and maturity dates, are stated at contract value. Contract value represents cost plus accrued income reduced for any reductions in the estimated value of the investment contract. Although it is management's intention to hold the investment contracts in the Fixed Income Fund until maturity, certain investment contracts provide for adjustments to contract value for withdrawals made prior to maturity. FUNDING POLICY The Company contributes to each participant's account monthly based on hours actively worked and specific contribution rates. This contribution is also paid for each hour of overtime, vacation, or holiday, but excludes sick time for which the employee may be paid. Company contributions are made to the fund option that the employee elected. Vesting in employer contributions is on a graduated scale with 100% at five years. Amounts which are forfeited due to a participant's termination of employment prior to vesting in employer contributions made on the participant's behalf are used to reduce the required Company contribution in subsequent periods. All Plans allow for employee contributions based on hours actively worked and elected contribution rates. Electing to contribute is completely voluntary, and these contributions are immediately 100% vested. Participants may elect to have their contributions allocated in 1% increments to one or more of the following funds within the Master Trust: Stock Market Fund, Money Market Fund, Fixed Income Fund, Fidelity Growth Company Fund, Vanguard Balanced Index Fund, or the Company Stock Fund ("allocable funds"). Allocations among the funds may be changed at the participant's discretion on a daily basis. 6 11 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (Continued) 2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST The purpose of the Funds is the collective investment of the assets of participating employee benefit plans of the Company. The Funds' assets are allocated among participating plans by assigning to each plan those transactions (primarily contributions and benefit payments) which can be specifically identified and allocating among all plans, in proportion to the fair value of the assets assigned to each plan, the income and expenses resulting from the collective investment of the assets of the Funds. Certain funds include assets of other employee benefit plans in addition to those included in these financial statements. 7 12 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST (CONTINUED) The following table presents the fair value of investments for the separate investment accounts of the Master Trust:
FIDELITY COMPANY GROWTH FIXED STOCK COMPANY INCOME DECEMBER 31, 1998 FUND FUND FUND ------------------------------------------------------- Assets: Accrued investment income $ 8,363 $ - $ 29,456 Net unsettled sales of investments - - - Investments at fair value as determined by quoted market prices: Chase Cash Investment Fund 1,748,278 - 5,850,633 Cooper Cameron Corporation common stock 51,949,016 - - Fidelity Growth Company Fund - 24,978,405 - U.S. Stock Index Fund - - - Vanguard Balanced Index Fund - - - Investments at estimated fair value or contract value: Investment contracts - - 75,756,490 Loans to participants - - - Plan loans - - 1,271,364 ----------------- --------------- --------------- Total investments 53,697,294 24,978,405 82,878,487 ----------------- --------------- --------------- Total assets 53,705,657 24,978,405 82,907,943 ----------------- --------------- --------------- Liabilities: Net unsettled purchases of investments 247,974 - - ----------------- --------------- --------------- Net assets available to participating plans $ 53,457,683 $ 24,978,405 $ 82,907,943 ================= =============== =============== VANGUARD MONEY STOCK BALANCED MARKET MARKET INDEX DECEMBER 31, 1998 FUND FUND FUND ---------------------------------------------------- Assets: Accrued investment income $ 86,540 $ 3,698 $ - Net unsettled sales of investments - 161,000 - Investments at fair value as determined by quoted market prices: Chase Cash Investment Fund 20,110,412 839,027 - Cooper Cameron Corporation common stock - - - Fidelity Growth Company Fund - - - U.S. Stock Index Fund - 86,308,328 - Vanguard Balanced Index Fund - - 39,354,834 Investments at estimated fair value or contract value: Investment contracts - - - Loans to participants - - - Plan loans - - - --------------- --------------- --------------- Total investments 20,110,412 87,147,355 39,354,834 --------------- --------------- --------------- Total assets 20,196,952 87,312,053 39,354,834 --------------- --------------- --------------- Liabilities: Net unsettled purchases of investments - - - --------------- --------------- --------------- Net assets available to participating plans $ 20,196,952 $ 87,312,053 $ 39,354,834 =============== =============== ===============
8 13 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST (CONTINUED) The following table presents the fair value of investments for the separate investment accounts of the Master Trust:
FIDELITY COMPANY GROWTH FIXED STOCK COMPANY INCOME DECEMBER 31, 1997 FUND FUND FUND ----------------------------------------------------- Assets: Accrued investment income $ 9,336 $ - $ 47,042 Investments at fair value as determined by quoted market prices: Chase Cash Investment Fund 1,786,660 - 12,699,017 Chase S&P 500 Index Fund - - - Cooper Cameron Corporation common stock 107,599,486 - - Fidelity Growth Company Fund - 16,795,005 - Vanguard Balanced Index Fund - - - Investments at estimated fair value or contract value: Investment contracts - - 63,089,937 ---------------- --------------- --------------- Total investments 109,386,146 16,795,005 75,788,954 ---------------- --------------- --------------- Net assets available to participating plans $ 109,395,482 $ 16,795,005 $ 75,835,996 ================ =============== =============== VANGUARD MONEY STOCK BALANCED MARKET MARKET INDEX DECEMBER 31, 1997 FUND FUND FUND ---------------------------------------------------- Assets: Accrued investment income $ 71,465 $ 90,190 $ - Investments at fair value as determined by quoted market prices: Chase Cash Investment Fund 14,766,289 1,057,597 - Chase S&P 500 Index Fund - 59,303,072 - Cooper Cameron Corporation common stock - - - Fidelity Growth Company Fund - - - Vanguard Balanced Index Fund - - 18,723,573 Investments at estimated fair value or contract value: Investment contracts - - - --------------- --------------- --------------- Total investments 14,766,289 60,360,669 18,723,573 --------------- --------------- --------------- Net assets available to participating plans $ 14,837,754 $ 60,450,859 $ 18,723,573 =============== =============== ===============
9 14 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST (CONTINUED) Investment income and net appreciation (depreciation) in fair value of investments for the separate investment accounts of the Master Trust are as follows:
FIDELITY COMPANY GROWTH STOCK COMPANY YEAR ENDED DECEMBER 31, 1998 FUND FUND ------------------------------------ Net appreciation (depreciation) in fair value of investments as determined by quoted market prices: Chase S&P 500 Index Fund $ - $ - Cooper Cameron Corporation common stock (63,125,161) - Fidelity Growth Company Fund - 3,282,821 U.S. Stock Index Fund - - Vanguard Balanced Index Fund - - ----------------- -------------- (63,125,161) 3,282,821 Interest and dividends 344,981 1,715,458 ----------------- -------------- $ (62,780,180) $ 4,998,279 ================= ============== FIXED MONEY INCOME MARKET YEAR ENDED DECEMBER 31, 1998 FUND FUND ------------------------------- Net appreciation (depreciation) in fair value of investments as determined by quoted market prices: Chase S&P 500 Index Fund $ - $ - Cooper Cameron Corporation common stock - - Fidelity Growth Company Fund - - U.S. Stock Index Fund - - Vanguard Balanced Index Fund - - ---------------- ----------- - - Interest and dividends 5,022,488 914,303 ---------------- ----------- $ 5,022,488 $ 914,303 ================ =========== VANGUARD STOCK BALANCED MARKET INDEX YEAR ENDED DECEMBER 31, 1998 FUND FUND ---------------------------------- Net appreciation (depreciation) in fair value of investments as determined by quoted market prices: Chase S&P 500 Index Fund $ 14,105,672 $ - Cooper Cameron Corporation common stock - - Fidelity Growth Company Fund - - U.S. Stock Index Fund 3,653,901 - Vanguard Balanced Index Fund - 4,572,042 --------------- -------------- 17,759,573 4,572,042 Interest and dividends 1,053,346 1,039,822 --------------- -------------- $ 18,812,919 $ 5,611,864 =============== ==============
10 15 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST (CONTINUED) The Fixed Income Fund invests in actively managed Synthetic Bank and Insurance Company Investment Contracts ("SICs") and in Guaranteed Investment Contracts ("GICs"). The GICs are promises by insurance companies or a bank to repay the principal plus accrued income at contract maturity. SICs differ from GICs in that the assets supporting the SICs are owned by the Master Trust. The bank or insurance company issues a wrapper contract that allows participant directed transactions to be made at contract value. Wrapper contracts are valued as the difference between the fair value of the supporting assets and the contract value. The assets supporting the SICs owned by the Master Trust are comprised of corporate bonds, asset backed bonds, mutual funds, and common trust funds with a fair value of $55,573,148 and $27,501,143 at December 31, 1998 and 1997, respectively. The contract values of the SICs at December 31, 1998 and 1997 were $54,603,992 and $27,069,062, respectively. Interest crediting rates on the contracts in the Fixed Income Fund are generally determined at the time of purchase. At December 31, 1998 the interest crediting rates for all contracts ranged from 5.7% to 9.5%. At December 31, 1997 the interest crediting rates for all contracts ranged from 5.5% to 9.5%. For 1998 and 1997, the average annual yield for the investment contracts in the Fixed Income Fund was 6.4% and 6.6%, respectively. At December 31, 1998 and 1997, fair value of the investment contracts in the Fund was estimated to be approximately 102% and 101% of contract value, respectively. Fair value was estimated by discounting the weighted average of the Fund's cash flows at the then-current interest crediting rate for a comparable maturity investment contract. 3. DESCRIPTION OF THE PLANS Each of the Plans is a profit sharing plan which provides payments to eligible employees of the respective plans at termination, retirement, death, or disability. Should the Plans terminate, the assets will be distributed according to the total amount in each participant's account, including earnings thereon less related benefits and expenses. Distributions shall be made as soon as practicable to members or their beneficiaries by payments in lump sum. 11 16 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 3. DESCRIPTION OF THE PLANS (CONTINUED) Information about the Plans, the funding, vesting, and benefit provisions is contained in each Plan's Summary Plan Description. Copies of these pamphlets are available at the Company's corporate office. 4. INCOME TAX STATUS The Plans have been designed to meet the requirements of the Internal Revenue Code ("IRC") under Sections 401(a) and 501(a) and, therefore, are not subject to tax under present income tax laws. Once qualified, the Plans are required to operate in conformity with the IRC to maintain their qualifications. A favorable determination has been obtained for each of the Plans in which the Internal Revenue Service stated that each Plan, as then designed, was in compliance with the applicable requirements of the IRC. All Plans have been amended since receiving their determination letters. However, the Company believes that the Plans are currently designed and being operated in compliance with the applicable requirements of the IRC. 5. OTHER CHANGES IN NET ASSETS For the year ended December 31, 1998, net asset admissions (withdrawals) represent the following:
NET TRANSFERS OF PARTICIPANTS' ACCOUNT BALANCES (TO) OR FROM THE COOPER CAMERON PLAN NO. CORPORATION RETIREMENT SAVINGS PLAN - ----------------------------------------------------------------------------------------------------------- 005 $ (37,535) 006 $ 35,761 007 $ (10,917) 008 $ (45,600) 010 $ (11,121)
12 17 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 6. YEAR 2000 ISSUE (UNAUDITED) The Company has determined that it will be necessary to take certain steps in order to ensure that the Plans' information systems are prepared to handle year 2000 dates. The Company is taking a two phase approach. The first phase addresses internal systems that must be modified or replaced to function properly. Both internal and external resources are being utilized to replace or modify existing software applications, and test the software and equipment for the year 2000 modifications. The Company anticipates substantially completing this phase of the project by June 1999. Costs associated with modifying software and equipment are not estimated to be significant and will be paid by the Company. For the second phase of the project, Plan management established formal communications with its third-party service providers to determine that they have developed plans to address their own year 2000 problems as they relate to the Plans' operations. All third-party service providers have indicated that they will be year 2000 compliant by mid-1999. If modifications of data processing systems of either the Plans, the Company, or its service providers are not completed timely, the year 2000 problem could have a material impact on the operations of the Plans. Plan management has developed a contingency plan in the event that all systems are not year 2000 ready. 13 18 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 The following is a reconciliation of net assets available for benefits and benefits paid to participants per the financial statements to the Form 5500 at December 31, 1998:
NET ASSETS AVAILABLE AMOUNTS ALLOCATED TO FOR BENEFITS PER THE WITHDRAWING PLAN NO. PLAN NAME FINANCIAL STATEMENTS PARTICIPANTS - ---------------------------------------------------------------------------------------------------------------------------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 7,536,817 $ (3,466) 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility $ 16,114,257 $ (29,549) 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility $ 5,987,455 $ (514,644) 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant $ 18,768,716 $ (2,010) 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant $ 3,341,438 $ -
NET ASSETS AVAILABLE BENEFITS PAID TO FOR BENEFITS PER PARTICIPANTS PER PLAN NO. PLAN NAME FORM 5500 THE FINANCIAL STATEMENTS - ---------------------------------------------------------------------------------------------------------------------------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 7,533,351 $ 125,890 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility $ 16,084,708 $ 1,601,652 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility $ 5,472,811 $ 1,420,123 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant $ 18,766,706 $ 986,703 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant $ 3,341,438 $ 116,494
LESS AMOUNTS ALLOCATED TO PLUS AMOUNTS ALLOCATED TO WITHDRAWING WITHDRAWING PARTICIPANTS AT PARTICIPANTS AT PLAN NO. PLAN NAME DECEMBER 31, 1997 DECEMBER 31, 1998 - ------------------------------------------------------------------------------------------------------------------------------------ 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ - $ 3,466 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility $ (36,319) $ 29,549 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility $ (780) $ 514,644 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant $ - $ 2,010 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant $ (242) $ -
BENEFITS PAID TO PLAN NO. PLAN NAME PARTICIPANTS PER FORM 5500 - ----------------------------------------------------------------------------------------------------------------------------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 129,356 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility $ 1,594,882 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility $ 1,933,987 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant $ 988,713 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant $ 116,252
14 19 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 (CONTINUED) The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 at December 31, 1997:
NET ASSETS AVAILABLE AMOUNTS ALLOCATED TO FOR BENEFITS PER THE WITHDRAWING PLAN NO. PLAN NAME FINANCIAL STATEMENTS PARTICIPANTS - ----------------------------------------------------------------------------------------------------------------------------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 6,544,887 $ - 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility $ 15,713,253 $ (36,319) 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility $ 7,415,144 $ (780) 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant $ 17,189,325 $ - 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant $ 2,870,994 $ (242)
NET ASSETS AVAILABLE FOR BENEFITS PER PLAN NO. PLAN NAME FORM 5500 - ------------------------------------------------------------------------------------------------------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 6,544,887 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility $ 15,676,934 007 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility $ 7,414,364 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant $ 17,189,325 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant $ 2,870,752
15 20 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 8. FUND INFORMATION Fund information for each of the plans is as follows: Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant (Plan No. 005) Statements of Net Assets Available for Benefits
PLAN INTEREST PLAN INTEREST PERCENTAGE IN PERCENTAGE IN COOPER CAMERON COOPER CAMERON CORPORATION MASTER TRUST CORPORATION MASTER FOR DEFINED CONTRIBUTION TRUST FOR DEFINED PLANS CONTRIBUTION PLANS FUNDS AT FUNDS AT DECEMBER 31, 1998 DECEMBER 31 DECEMBER 31, 1997 (NOTES 1 AND 2) 1998 1997 (NOTES 1 AND 2) ------------------------------------------------------------------------ ASSETS Contributions receivable: Employer $ 33,626 $ 32,948 Employee 43,535 45,779 ------------------------------ Total contributions receivable 77,161 78,727 Plan interest in Cooper Cameron Corporation Master Trust for Defined Contribution Plans (Notes 1 and 2): Company Stock Fund 1.198% 640,204 1,045,144 0.955% Fidelity Growth Company Fund 2.711% 677,241 456,114 2.716% Fixed Income Fund 2.009% 1,665,570 1,595,979 2.105% Money Market Fund 3.247% 655,818 388,982 2.622% Stock Market Fund 2.254% 1,968,259 1,321,261 2.186% Vanguard Balanced Index Fund 4.707% 1,852,564 1,658,680 8.859% ------------------------------ Total Plan interest in Master Trust 7,459,656 6,466,160 ------------------------------ Net assets available for benefits $ 7,536,817 $ 6,544,887 ==============================
See accompanying notes. 16 21 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 8. FUND INFORMATION (CONTINUED) Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility (Plan No. 006) Statements of Net Assets Available for Benefits
PLAN INTEREST PLAN INTEREST PERCENTAGE IN PERCENTAGE IN COOPER CAMERON COOPER CAMERON CORPORATION MASTER TRUST CORPORATION MASTER FOR DEFINED CONTRIBUTION TRUST FOR DEFINED PLANS CONTRIBUTION PLANS FUNDS AT FUNDS AT DECEMBER 31, 1998 DECEMBER 31 DECEMBER 31, 1997 (NOTES 1 AND 2) 1998 1997 (NOTES 1 AND 2) ------------------------------------------------------------------------ ASSETS Contributions receivable: Employer $ 53,732 $ 51,473 Employee 42,856 49,655 ----------------------------- Total contributions receivable 96,588 101,128 Plan interest in Cooper Cameron Corporation Master Trust for Defined Contribution Plans (Notes 1 and 2): Company Stock Fund 1.172% 626,524 1,329,771 1.216% Fidelity Growth Company Fund 5.632% 1,406,744 991,647 5.904% Fixed Income Fund 10.703% 8,873,605 9,602,347 12.662% Money Market Fund 3.838% 775,164 216,684 1.460% Stock Market Fund 2.256% 1,969,584 1,393,916 2.306% Vanguard Balanced Index Fund 6.012% 2,366,048 2,077,760 11.097% ----------------------------- Total Plan interest in Master Trust 16,017,669 15,612,125 ============================= Net assets available for benefits $ 16,114,257 $ 15,713,253 =============================
See accompanying notes. 17 22 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 8. FUND INFORMATION (CONTINUED) Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility (Plan No. 007) Statements of Net Assets Available for Benefits
PLAN INTEREST PLAN INTEREST PERCENTAGE IN PERCENTAGE IN COOPER CAMERON COOPER CAMERON CORPORATION MASTER TRUST CORPORATION MASTER FOR DEFINED CONTRIBUTION TRUST FOR DEFINED PLANS CONTRIBUTION PLANS FUNDS AT FUNDS AT DECEMBER 31, 1998 DECEMBER 31 DECEMBER 31, 1997 (NOTES 1 AND 2) 1998 1997 (NOTES 1 AND 2) ------------------------------------------------------------------------ ASSETS Contributions receivable: Employer $ 15,628 $ 36,442 Employee 12,199 34,298 --------------------------- Total contributions receivable 27,827 70,740 Plan interest in Cooper Cameron Corporation Master Trust for Defined Contribution Plans (Notes 1 and 2): Company Stock Fund 1.408% 752,609 1,490,548 1.363% Fidelity Growth Company Fund 0.599% 149,731 147,829 0.880% Fixed Income Fund 4.865% 4,033,410 4,962,349 6.544% Money Market Fund 1.935% 390,833 113,309 0.764% Stock Market Fund 0.279% 243,503 288,840 0.478% Vanguard Balanced Index Fund 0.990% 389,542 341,529 1.824% --------------------------- Total Plan interest in Master Trust 5,959,628 7,344,404 =========================== Net assets available for benefits $ 5,987,455 $ 7,415,144 ===========================
See accompanying notes. 18 23 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 8. FUND INFORMATION (CONTINUED) Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant (Plan No. 008) Statements of Net Assets Available for Benefits
PLAN INTEREST PLAN INTEREST PERCENTAGE IN PERCENTAGE IN COOPER CAMERON COOPER CAMERON CORPORATION MASTER TRUST CORPORATION MASTER FOR DEFINED CONTRIBUTION TRUST FOR DEFINED PLANS CONTRIBUTION PLANS FUNDS AT FUNDS AT DECEMBER 31, 1998 DECEMBER 31 DECEMBER 31, 1997 (NOTES 1 AND 2) 1998 1997 (NOTES 1 AND 2) ------------------------------------------------------------------------ ASSETS Contributions receivable: Employer $ 86,164 $ 112,736 Employee 70,738 104,669 ----------------------------- Total contributions receivable 156,902 217,405 Plan interest in Cooper Cameron Corporation Master Trust for Defined Contribution Plans (Notes 1 and 2): Company Stock Fund 3.606% 1,927,827 2,401,523 2.195% Fidelity Growth Company Fund 7.360% 1,838,521 1,459,547 8.690% Fixed Income Fund 8.830% 7,320,643 7,456,623 9.833% Money Market Fund 10.654% 2,151,870 1,336,050 9.004% Stock Market Fund 2.751% 2,402,058 1,915,658 3.169% Vanguard Balanced Index Fund 7.549% 2,970,895 2,402,519 12.832% ----------------------------- Total Plan interest in Master Trust 18,611,814 16,971,920 ============================= Net assets available for benefits $ 18,768,716 $ 17,189,325 =============================
See accompanying notes. 19 24 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 8. FUND INFORMATION (CONTINUED) Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant (Plan No. 010) Statements of Net Assets Available for Benefits
PLAN INTEREST PLAN INTEREST PERCENTAGE IN PERCENTAGE IN COOPER CAMERON COOPER CAMERON CORPORATION MASTER CORPORATION MASTER TRUST FOR DEFINED TRUST FOR DEFINED CONTRIBUTION PLANS CONTRIBUTION PLANS FUNDS AT FUNDS AT DECEMBER 31, 1998 DECEMBER 31 DECEMBER 31, 1997 (NOTES 1 AND 2) 1998 1997 (NOTES 1 AND 2) ------------------------------------------------------------------------ ASSETS Contributions receivable: Employer $ 16,705 $ 9,863 Employee 16,090 21,204 ---------------------------- Total contributions receivable 32,795 31,067 Plan interest in Cooper Cameron Corporation Master Trust for Defined Contribution Plans (Notes 1 and 2): Company Stock Fund 0.508% 271,513 36,512 0.033% Fidelity Growth Company Fund 1.516% 378,688 -- -- Fixed Income Fund 2.057% 1,705,178 2,786,425 3.674% Money Market Fund 0.828% 167,250 -- -- Stock Market Fund 0.413% 360,790 -- -- Vanguard Balanced Index Fund 1.080% 425,224 16,990 0.091% ---------------------------- Total Plan interest in Master Trust 3,308,643 2,839,927 ============================ Net assets available for benefits $ 3,341,438 $ 2,870,994 ============================
See accompanying notes. 20 25 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 8. FUND INFORMATION (CONTINUED) Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant (Plan No. 005) Statement of Changes in Net Assets Available for Benefits With Fund Information Year ended December 31, 1998
PARTICIPANT-DIRECTED ------------------------------------------------------------- FIDELITY COMPANY GROWTH FIXED MONEY STOCK COMPANY INCOME MARKET FUND FUND FUND FUND ------------------------------------------------------------- Additions: Contributions: Employer $ 46,758 $ 33,498 $ 40,324 $ 111,043 Employee 66,708 48,511 65,684 88,163 ------------------------------------------------------------- Total contributions 113,466 82,009 106,008 199,206 Net investment gain (loss) from Cooper Cameron Corporation Master Trust for Defined Contribution Plans, net of expenses (Note 2) (680,198) 122,863 95,873 24,591 ------------------------------------------------------------- Total additions (566,732) 204,872 201,881 223,797 Deductions: Benefits paid to participants -- -- 115,795 10,095 Other changes in net assets: Interfund transfers 162,812 16,648 2,556 50,441 Net asset withdrawals (Note 5) (4,690) -- (17,341) -- ------------------------------------------------------------- Total other changes 158,122 16,648 (14,785) 50,441 ------------------------------------------------------------- Net increase (decrease) (408,610) 221,520 71,301 264,143 Net assets available for benefits at beginning of year 1,056,353 462,860 1,605,007 406,973 ------------------------------------------------------------- Net assets available for benefits at end of year* $ 647,743 $ 684,380 $ 1,676,308 $ 671,116 =============================================================
PARTICIPANT-DIRECTED -------------------------- ----------- VANGAURD STOCK BALANCED MARKET INDEX TOTAL FUND FUND PLAN -------------------------- ----------- Additions: Contributions: Employer $ 86,011 $ 75,723 $ 393,357 Employee 133,403 112,277 514,746 -------------------------- ----------- Total contributions 219,414 188,000 908,103 Net investment gain (loss) from Cooper Cameron Corporation Master Trust for Defined Contribution Plans, net of expenses (Note 2) 413,349 270,774 247,252 -------------------------- ----------- Total additions 632,763 458,774 1,155,355 Deductions: Benefits paid to participants -- -- 125,890 Other changes in net assets: Interfund transfers 23,382 (255,839) -- Net asset withdrawals (Note 5) (7,752) (7,752) (37,535) -------------------------- ----------- Total other changes 15,630 (263,591) (37,535) -------------------------- ----------- Net increase (decrease) 648,393 195,183 991,930 Net assets available for benefits at beginning of year 1,339,436 1,674,258 6,544,887 -------------------------- ----------- Net assets available for benefits at end of year* $ 1,987,829 $ 1,869,441 $ 7,536,817 ========================== ===========
* Ending fund balances include allocated contribution receivables. See accompanying notes. 21 26 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 8. FUND INFORMATION (CONTINUED) Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility (Plan No. 006) Statement of Changes in Net Assets Available for Benefits With Fund Information Year ended December 31, 1998
PARTICIPANT-DIRECTED ------------------------------------------------------------- FIDELITY COMPANY GROWTH FIXED MONEY STOCK COMPANY INCOME MARKET FUND FUND FUND FUND ------------------------------------------------------------- Additions: Contributions: Employer $ 43,628 $ 52,630 $ 58,331 $ 377,149 Employee 44,396 55,969 60,319 268,978 ------------------------------------------------------------- Total contributions 88,024 108,599 118,650 646,127 Net investment gain (loss) from Cooper Cameron Corporation Master Trust for Defined Contribution Plans, net of expenses (Note 2) (883,654) 273,948 538,213 27,808 ------------------------------------------------------------- Total additions (795,630) 382,547 656,863 673,935 Deductions: Benefits paid to participants 9,119 27,417 1,387,846 104,506 Other changes in net assets: Interfund transfers 99,710 61,928 (25,277) (28,742) Net asset admissions (Note 5) -- -- 33,597 2,164 ------------------------------------------------------------- Total other changes 99,710 61,928 8,320 (26,578) Net increase (decrease) (705,039) 417,058 (722,663) 542,851 ------------------------------------------------------------- Net assets available for benefits at beginning of year 1,337,242 998,701 9,608,085 277,115 ------------------------------------------------------------- Net assets available for benefits at end of year* $ 632,203 $ 1,415,759 $ 8,885,422 $ 819,966 =============================================================
PARTICIPANT-DIRECTED ------------------------- ----------- VANGAURD STOCK BALANCED MARKET MARKET TOTAL FUND FUND PLAN ------------------------- ----------- Additions: Contributions: Employer $ 56,147 $ 84,870 $ 672,755 Employee 58,009 99,578 587,249 ------------------------- ----------- Total contributions 114,156 184,448 1,260,004 Net investment gain (loss) from Cooper Cameron Corporation Master Trust for Defined Contribution Plans, net of expenses (Note 2) 403,730 346,846 706,891 ------------------------- ----------- Total additions 517,886 531,294 1,966,895 Deductions: Benefits paid to participants 42,549 30,215 1,601,652 Other changes in net assets: Interfund transfers 102,827 (210,446) -- Net asset admissions (Note 5) -- -- 35,761 ------------------------- ----------- Total other changes 102,827 (210,446) 35,761 ------------------------- ----------- Net increase (decrease) 578,164 290,633 401,004 Net assets available for benefits at beginning of year 1,401,630 2,090,480 15,713,253 ------------------------- ----------- Net assets available for benefits at end of year* $ 1,979,794 $ 2,381,113 $16,114,257 ========================= ===========
* Ending fund balances include allocated contribution receivables. See accompanying notes. 22 27 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 8. FUND INFORMATION (CONTINUED) Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility (Plan No. 007) Statement of Changes in Net Assets Available for Benefits With Fund Information Year ended December 31, 1998
PARTICIPANT-DIRECTED ------------------------------------------------------------- FIDELITY COMPANY GROWTH FIXED MONEY STOCK COMPANY INCOME MARKET FUND FUND FUND FUND ------------------------------------------------------------- Additions: Contributions: Employer $ 20,168 $ 4,885 $ 17,077 $ 219,393 Employee 38,533 10,997 47,536 138,435 ------------------------------------------------------------- Total contributions 58,701 15,882 64,613 357,828 Net investment gain (loss) from Cooper Cameron Corporation Master Trust for Defined Contribution Plans, net of expenses (Note 2) (992,793) 36,195 290,025 15,683 ------------------------------------------------------------- Total additions (934,092) 52,077 354,638 373,511 Deductions: Benefits paid to participants 33,959 37,239 1,196,127 85,757 Other changes in net assets: Interfund transfers 226,964 (13,193) (89,447) (34,777) Net asset withdrawals (Note 5) (547) (1,090) (3,063) (5,286) ------------------------------------------------------------- Total other changes 226,417 (14,283) (92,510) (40,063) ------------------------------------------------------------- Net increase (decrease) (741,634) 555 (933,999) 247,691 Net assets available for benefits at beginning of year 1,497,627 149,932 4,971,312 160,445 ------------------------------------------------------------- Net assets available for benefits at end of year* $ 755,993 $ 150,487 $ 4,037,313 $ 408,136 =============================================================
PARTICIPANT-DIRECTED -------------------------- VANGAURD STOCK BALANCED MARKET MARKET TOTAL FUND FUND PLAN -------------------------- ----------- Additions: Contributions: Employer $ 7,807 $ 11,461 $ 280,791 Employee 12,582 12,770 260,853 -------------------------- ----------- Total contributions 20,389 24,231 541,644 Net investment gain (loss) from Cooper Cameron Corporation Master Trust for Defined Contribution Plans, net of expenses (Note 2) 58,476 54,121 (538,293) -------------------------- ----------- Total additions 78,865 78,352 3,351 Deductions: Benefits paid to participants 33,257 33,784 1,420,123 Other changes in net assets: Interfund transfers (92,101) 2,554 -- Net asset withdrawals (Note 5) (502) (429) (10,917) -------------------------- ----------- Total other changes (92,603) 2,125 (10,917) -------------------------- ----------- Net increase (decrease) (46,995) 46,693 (1,427,689) Net assets available for benefits at beginning of year 291,445 344,383 7,415,144 -------------------------- ----------- Net assets available for benefits at end of year* $ 244,450 $ 391,076 $ 5,987,455 ========================== ===========
* Ending fund balances include allocated contribution receivables. See accompanying notes. 23 28 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 8. FUND INFORMATION (CONTINUED) Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant (Plan No. 008) Statement of Changes in Net Assets Available for Benefits With Fund Information Year ended December 31, 1998
PARTICIPANT-DIRECTED ------------------------------------------------------------ FIDELITY COMPANY GROWTH FIXED MONEY STOCK COMPANY INCOME MARKET FUND FUND FUND FUND ------------- ------------ ------------ ------------ Additions: Contributions: Employer $ 79,386 $ 92,381 $ 115,279 $ 579,722 Employee 53,177 88,662 154,656 370,433 ------------ ------------ ------------ ------------ Total contributions 132,563 181,043 269,935 950,155 Net investment gain (loss) from Cooper Cameron Corporation Master Trust for Defined Contribution Plans, net of expenses (Note 2) (1,334,728) 359,188 433,141 93,712 ------------ ------------ ------------ ------------ Total additions (1,202,165) 540,231 703,076 1,043,867 Deductions: Benefits paid to participants 5,924 86,716 670,902 83,733 Other changes in net assets: Interfund transfers 727,982 (60,917) (182,318) (206,361 Net asset admissions (withdrawals) (Note 5) 2,928 (17,637) 13,958 15,478 ------------ ------------ ------------ ------------ Total other changes 730,910 (78,554) (168,360) (190,883 ------------ ------------ ------------ ------------ Net increase (decrease) (477,179) 374,961 (136,186) 769,251 Net assets available for benefits at beginning of year 2,414,151 1,476,967 7,482,147 1,448,585 ------------ ------------ ------------ ------------ Net assets available for benefits at end of year* $ 1,936,972 $ 1,851,928 $ 7,345,961 $ 2,217,836 ============ ============ ============ ============ PARTICIPANT-DIRECTED ---------------------------- VANGUARD STOCK BALANCED MARKET INDEX TOTAL FUND FUND PLAN ------------ ------------ ------------ Additions: Contributions: Employer $ 110,046 $ 144,773 $ 1,121,587 Employee 125,643 171,216 963,787 ------------ ------------ ------------ Total contributions 235,689 315,989 2,085,374 Net investment gain (loss) from Cooper Cameron Corporation Master Trust for Defined Contribution Plans, net of expenses (Note 2) 535,742 439,265 526,320 ------------ ------------ ------------ Total additions 771,431 755,254 2,611,694 Deductions: Benefits paid to participants 63,859 75,569 986,703 Other changes in net assets: Interfund transfers (185,292) (93,094) -- Net asset admissions (withdrawals) (Note 5) (39,755) (20,572) (45,600) ------------ ------------ ------------ Total other changes (225,047) (113,666) (45,600) ------------ ------------ ------------ Net increase (decrease) 482,525 566,019 1,579,391 Net assets available for benefits at beginning of year 1,937,282 2,430,193 17,189,325 ------------ ------------ ------------ Net assets available for benefits at end of year* $ 2,419,807 $ 2,996,212 $ 18,768,716 ============ ============ ============
* Ending fund balances include allocated contribution receivables. See accompanying notes. 24 29 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 8. FUND INFORMATION (CONTINUED) Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant (Plan No. 010) Statement of Changes in Net Assets Available for Benefits With Fund Information Year ended December 31, 1998
PARTICIPANT-DIRECTED ------------------------------------------------------ FIDELITY COMPANY GROWTH FIXED MONEY STOCK COMPANY INCOME MARKET FUND FUND FUND FUND ----------- ----------- ----------- ----------- Additions: Contributions: Employer $ 5,604 $ 19,466 $ 26,690 $ 125,722 Employee 8,725 21,684 44,970 62,882 ----------- ----------- ----------- ----------- Total contributions 14,329 41,150 71,660 188,604 Net investment gain (loss) from Cooper Cameron Corporation Master Trust for Defined Contribution Plans, net of expenses (Note 2) (142,312) 74,386 105,007 5,032 ----------- ----------- ----------- ----------- Total additions (127,983) 115,536 176,667 193,636 Deductions: Benefits paid to participants -- -- 114,264 2,230 Other changes in net assets: Interfund transfers 364,868 266,520 (1,127,720) (42,276) Net asset withdrawals (Note 5) -- -- (10,368) (753) ----------- ----------- ----------- ----------- Total other changes 364,868 266,520 (1,138,088) (43,029) ----------- ----------- ----------- ----------- Net increase 236,885 382,056 (1,075,685) 148,377 Net assets available for benefits at beginning of year 36,512 119 2,786,860 29,957 ----------- ----------- ----------- ----------- Net assets available for benefits at end of year* $ 273,397 $ 382,175 $ 1,711,175 $ 178,334 =========== =========== =========== =========== PARTICIPANT-DIRECTED -------------------------- VANGUARD STOCK BALANCED MARKET INDEX TOTAL FUND FUND PLAN ------------ ------------ ------------ Additions: Contributions: Employer $ 20,367 $ 23,586 $ 221,435 Employee 31,756 35,856 205,873 ----------- ----------- ----------- Total contributions 52,123 59,442 427,308 Net investment gain (loss) from Cooper Cameron Corporation Master Trust for Defined Contribution Plans, net of expenses (Note 2) 69,847 58,791 170,751 ----------- ----------- ----------- Total additions 121,970 118,233 598,059 Deductions: Benefits paid to participants -- -- 116,494 Other changes in net assets: Interfund transfers 243,215 295,393 -- Net asset withdrawals (Note 5) -- -- (11,121) ----------- ----------- ----------- Total other changes 243,215 295,393 (11,121) ----------- ----------- ----------- Net increase 365,185 413,626 470,444 Net assets available for benefits at beginning of year 118 17,428 2,870,994 ----------- ----------- ----------- Net assets available for benefits at end of year* $ 365,303 $ 431,054 $ 3,341,438 =========== =========== ===========
* Ending fund balances include allocated contribution receivables. See accompanying notes. 25 30 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 9. SUBSEQUENT EVENT The Company intends to close the Cooper Cameron Corporation Missouri City, Texas facility during 1999. As a result, participants terminating employment at this facility subsequent to January 1, 1999 were fully vested in their account balances in the Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Missouri City, Texas Facility. 26 31 SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the members of the Plan Administration Committee have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR COOPER CAMERON CORPORATION HOURLY EMPLOYEES, IAM, AT THE SUPERIOR PLANT /s/ Jane L. Crowder - -------------------------------------- By: Jane L. Crowder Member of the Plan Administration Committee Date: June 29, 1999 27 32 INDEX TO EXHIBITS
Exhibit Number Description - ------- ----------- 23 Consent of Independent Auditors
EX-23.1 2 CONSENT OF ERNST & YOUNG LLP 1 EXHIBIT 23 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-57995) pertaining to the Individual Account Retirement Plan For Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant of our report dated June 11, 1999 with respect to the financial statements of the Individual Account Retirement Plan For Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant included in this Annual Report (Form 11-K) for the year ended December 31, 1998. ERNST & YOUNG LLP June 24, 1999 Houston, Texas 28 -----END PRIVACY-ENHANCED MESSAGE-----