-----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, IEBLpIQzfTSI2bIet4gXLK1oMwz18GIaXDPSwED41kJ+a5j/E4UIhE2d6A4mLy5k NKmTmGmWF+85oAGBR74yJg== 0000094328-97-000013.txt : 19970701 0000094328-97-000013.hdr.sgml : 19970701 ACCESSION NUMBER: 0000094328-97-000013 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970630 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: STEWART & STEVENSON SERVICES INC CENTRAL INDEX KEY: 0000094328 STANDARD INDUSTRIAL CLASSIFICATION: ENGINES & TURBINES [3510] IRS NUMBER: 741051605 STATE OF INCORPORATION: TX FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11443 FILM NUMBER: 97632734 BUSINESS ADDRESS: STREET 1: 2707 N LOOP W CITY: HOUSTON STATE: TX ZIP: 77008 BUSINESS PHONE: 7138687700 MAIL ADDRESS: STREET 1: P O BOX 1637 CITY: HOUSTON STATE: TX ZIP: 77251-1637 11-K 1 11-K ============================================================================== ============================================================================== SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (MARK ONE) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from ____________________ to ____________________ Commission file number 0-8493 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: STEWART & STEVENSON 401(k) SAVINGS PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: STEWART & STEVENSON SERVICES, INC. 2707 NORTH LOOP WEST HOUSTON, TEXAS 77008 ============================================================================== FINANCIAL STATEMENTS In accordance with Item 4 of the Required Information for Form 11-K, the following statements of financial condition for the Stewart & Stevenson 401(k) Savings Plan have been prepared in accordance with the financial reporting requirements of the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder. INDEX TO THE FINANCIAL STATEMENTS AND SCHEDULE Report of Independent Public Accountants Item 1. Statement of Net Assets Available for Benefits as of December 31, 1996 and 1995 Item 2. Statement of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1996 and December 31, 1995. Notes to Financial Statements Schedule I - Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1996 Schedule II - Item 27d - Schedule of Reportable Transactions for the Year Ended December 31, 1996 STEWART & STEVENSON 401(k) SAVINGS PLAN FINANCIAL STATEMENTS AS OF DECEMBER 31, 1996 TOGETHER WITH AUDITORS' REPORT REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Administrative Committee of the Stewart & Stevenson 401(k) Savings Plan: We have audited the accompanying statements of net assets available for benefits of the Stewart & Stevenson 401(k) Savings Plan as of December 31, 1996 and 1995, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements and the schedules referred to below are the responsibility of the Plan's administrator. Our responsibility is to express an opinion on these financial statements and schedules 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 Stewart & Stevenson 401(k) Savings Plan as of December 31, 1996 and 1995, and the changes in its net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes as of December 31, 1996, reportable transactions and nonexempt transactions for the year ended December 31, 1996, are presented for 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 schedules have been subjected to the auditing procedures applied in the audits 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. ARTHUR ANDERSEN LLP Houston, Texas May 23, 1997 ============================================================================== ============================================================================== STEWART & STEVENSON 401(k) SAVINGS PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1996 AND 1995
1996 1995 ----------- ------------ ASSETS: Investments, at fair value- Common stock of Stewart & Stevenson Services, Inc. $ 1,549,186 $ 778,559 Mutual funds 14,605,987 8,358,175 Common/collective trust fund 2,080,436 1,193,546 Participant loans 522,927 286,595 ------------ ------------ Total investments 18,758,536 10,616,875 Receivables- Employer contributions 25,183 15,487 Participant contributions 134,213 83,145 Cash 170,123 - ------------ ------------ 329,519 98,632 ------------ ------------ Total assets 19,088,055 10,715,507 LIABILITIES: Other - 145,108 ------------ ------------ - 145,108 ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 19,088,055 $ 10,570,399 ============ ============
The accompanying notes are an integral part of these financial statements. STEWART & STEVENSON 401(k) SAVINGS PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995
1996 1995 ------------ ----------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income- Dividends $ 1,099,294 $ 570,242 Interest 35,609 11,340 Net appreciation (depreciation) in fair value of common stock 239,784 (205,294) Net appreciation in fair value of mutual funds 597,965 722,785 ------------- ------------ Total investment income 1,972,652 1,099,073 Contributions- Employer 984,534 775,269 Participant 5,090,204 4,022,402 Participant rollovers 1,036,336 2,490,403 ------------- ------------ Total contributions 7,111,074 7,288,074 ------------- ------------ Total additions 9,083,726 8,387,147 ------------- ------------ DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Distributions to participants 389,799 381,017 Withdrawals 135,870 13,404 Other distributions 36,436 - Administrative expenses 3,965 - ------------ ------------ Total deductions 566,070 394,421 ------------ ------------ NET INCREASE 8,517,656 7,992,726 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 10,570,399 2,577,673 ------------ ------------ End of year $ 19,088,055 $ 10,570,399 ============ ============
The accompanying notes are an integral part of these financial statements. ============================================================================= STEWART & STEVENSON 401(k) SAVINGS PLAN ============================================================================= NOTES TO FINANCIAL STATEMENTS 1. DESCRIPTION OF THE PLAN: General The Stewart & Stevenson 401(k) Savings Plan (the Plan), adopted effective January 1, 1994, is a trusteed, defined contribution plan established for the benefit of all eligible employees of Stewart & Stevenson Services, Inc., and its subsidiaries, C. Jim Stewart & Stevenson, Inc., Stewart & Stevenson Power, Inc., Stewart & Stevenson Operations, Inc., Stewart & Stevenson Transportation, Inc., Stewart & Stevenson International Sales, Inc., Stewart & Stevenson Technical Services, Inc., Stewart & Stevenson de Venezuela, S.A., Creole Stewart & Stevenson, Inc., Stewart & Stevenson Vehicle Services, Inc. and Pow-R-Quik Limited. These entities are collectively referred to as "the Company." The following description of the Plan provides a summary of the Plan. Participants should refer to the Plan document for a more complete description of the Plan's provisions. Plan Administration The Plan is administered by a committee (the Administrative Committee) which is appointed by the board of directors of Stewart & Stevenson Services, Inc. This committee is empowered to act on all matters affecting the Plan including, among other things, interpreting the Plan's provisions, determining the eligibility of employees to become participants in the Plan, selecting the funds to be made available in the Plan and determining any person's right to a benefit under the Plan. The Administrative Committee members do not receive compensation for services rendered to the Plan. Custodial safekeeping of Plan assets is performed by Merrill Lynch Trust Company (the Trustee). Individual participant record keeping is performed under Merrill Lynch, Pierce, Fenner & Smith Incorporated (the Recordkeeper). Among other duties, the Trustee is to receive contributions, collect the income from the Plan's assets and make disbursements from the Plan's assets as directed by the administrative committee. The Recordkeeper's duties include processing and maintaining participant data, participant statements, and contributions and distributions for purposes of record keeping. Participation Employee participation in the Plan is voluntary. All employees who are at least 21 years of age are eligible to participate in the Plan after completion of one year of service during which 1,000 or more hours are worked. Investments The following details the investment funds available to each Plan participant: Fund 1 Merrill Lynch Global Allocation Fund, Inc., Class A (ML Global) Fund 2 Merrill Lynch Corporate Bond Fund, Inc., Intermediate Term, Class A (ML Corporate) Fund 3 Merrill Lynch Retirement Preservation Trust (ML Retirement) Fund 4 AIM Value Fund (AIM) Fund 5 American Balanced Fund (American) Fund 6 Stewart & Stevenson Services, Inc., Common Stock (S&S Services) Contributions Participants may elect to contribute 1 percent to 15 percent of their wages as reported to the Internal Revenue Service, subject to certain limitations, as defined, in any or all six funds. Contributions from employees are recorded in the period in which the Company makes payroll deductions from Plan participants. The matching employer contribution is 25 percent of the first 6 percent of the participant's contribution. Matching contributions from the Company are recorded in the same period as the corresponding employee contributions. Participant and employer contributions are remitted by the employer to the Trustee every two weeks and are credited directly to the participants' employee accounts by the Recordkeeper. Participants may also make rollover contributions to the Plan representing distributions from other qualified defined benefit or contribution plans. Participants can change the allocation of their contributions in these six funds or they can discontinue, increase or decrease their contribution rate within the 1 percent to 15 percent range as permitted by the Plan. All changes are performed over an automated benefits system. Participants' Benefits Participants are fully vested in their participant contributions, rollovers and earnings thereon at all times. Participants shall have a 100 percent vested interest in their employer contributions upon attaining age 65, the normal retirement age according to the Plan. Those participants who terminate prior to normal retirement age are entitled to a benefit pursuant to the value of their vested interests in their accounts as follows: Vested Years of Vesting Service Interest Less than 3 0% 3 20 4 40 5 60 6 80 7 or more 100 Prior to June 1, 1996, forfeited employer contributions were to be applied as a reduction of future employer matching contributions, but will be restored to the participants who previously forfeited the contribution upon reemployment within five years of termination. Effective June 1, 1996, the Plan was amended to allow forfeited employer contributions to be used to pay Plan expenses, or to be applied as a reduction of future employer matching contributions. During 1996, $3,965 of forfeitures was used to pay Plan expenses. No forfeitures were used in 1995. Forfeitures available at December 31, 1996 and 1995, totaled $31,831 and $36,436, respectively. The Company anticipates and believes that the Plan will continue without interruption but reserves the right to terminate the Plan. In the event of termination, the assets of the Plan, less expenses of liquidation, will be allocated to the participants in accordance with the terms of the Plan. Withdrawals and Loans Participant benefits are payable to participants or to a designated beneficiary in the event of their retirement, death or termination of employment. In limited circumstances, account withdrawals may be made for financial hardship in accordance with the Plan. Benefit payments to withdrawing employees are made in lump-sum payments. As of December 31, 1996, the amount payable to persons who have withdrawn from the Plan was $166,435. A participant may borrow from his account up to a maximum equal to the lesser of $50,000 or 50 percent of his vested account balance. Loan transactions are treated as a transfer to (from) the investment fund from (to) the participant loan fund. The minimum loan is $1,000 and will bear interest at a rate of prime plus 1 percent. Outstanding loans currently bear interest rates from 7 percent to 10 percent. The loans shall not exceed five years, except for loans for the purpose of acquiring a principal residence. The loans are secured by the balance in the participant's account. Principal and interest are paid ratably through monthly payroll deductions. 2. SUMMARY OF ACCOUNTING POLICIES: Basis of Accounting The financial statements of the Plan have been prepared on the accrual basis of accounting. Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications The accompanying financial statements for 1995 contain certain reclassifications to conform with the presentation used in 1996. Investment Valuation The Merrill Lynch Retirement Preservation Trust Fund is a common/collective trust fund investing primarily in guaranteed investment contracts and U.S. Government securities. The guaranteed investment contracts are fully benefit responsive and are recorded at contract value, which approximates fair value. Contract value is determined based on contributions made under the contract plus interest earned at the contract's rate less funds used to pay investment fees and withdrawals. The Plan's investments in mutual funds are recorded at cost when purchased but are adjusted to market value based upon published data, by the Trustee, for financial reporting purposes. The net change in the difference between market value of the investments on hand at December 31, 1996 and 1995, and the market value of the investments on hand as of the beginning of the year, is included as unrealized appreciation (depreciation) of investments. Realized gains or losses on the sale of investments and withdrawals of investments are based on the value of the assets as of the beginning of the year or the time of purchase during the year, if later. Unrealized appreciation (depreciation) of investments and realized gains or losses are recorded in the statement of changes in net assets available for benefits as net appreciation (depreciation) in fair value of investments. Recognition of Income and Expenses Interest income is reported daily on an accrual basis. Plan income or loss is allocated to the participants daily in the ratio that each participant's account balance bears to all account balances. The Company may pay all expenses incurred in the administration of the Plan, but it shall not be obligated to do so. Any such expenses and fees not paid by the Company shall be paid from the Plan. 3. FEDERAL INCOME TAXES: The Plan obtained its latest determination letter on September 3, 1994, in which the Internal Revenue Service stated that the Plan, as originally established, was in compliance with the applicable requirements of the Internal Revenue Code (the Code). Although the Plan has been amended since receiving the determination letter, the Administrative Committee believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, the Administrative Committee believes that the Plan is qualified and is tax-exempt as of December 31, 1996 and 1995. 4. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500: The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of December 31, 1996: Net assets available for benefits per the financial statements $ 19,088,055 Less- Amounts allocated to withdrawing participants (166,435) ------------ Net assets available for benefits per the Form 5500 $ 18,921,620 ============ The following is a reconciliation of distributions to participants and withdrawals per the financial statements to the Form 5500 for the year ended December 31, 1996: Distributions to participants and withdrawals per the financial statements $525,669 Add- Amounts allocated to withdrawing participants at December 31, 1996 166,435 Less- Amounts allocated to withdrawing participants at December 31, 1995 - -------- Distributions to participants and withdrawals per the Form 5500 $692,104 ========= Amounts allocated to withdrawing participants are recorded on the Form 5500 for distributions that have been processed and approved for payment prior to December 31 but not yet paid as of that date. 5. NONEXEMPT TRANSACTION: For the year ended December 31, 1996, the reimbursement of certain forfeitures to the Company constituted a lending of such monies to the Company. As such, this transaction represented a nonexempt transaction between the Company and the Plan as identified in Schedule III. ============================================================================ ============================================================================ 6. ALLOCATION TO INVESTMENT FUNDS: The following statements reflect the allocation of net assets available for benefits and changes in net assets available for benefits to the separate investment funds as of and for the years ended December 31, 1996 and 1995: Statement of Net Assets Available for Benefits by Investment Fund December 31, 1996
Part. Fund 1 Fund 2 Fund 3 Fund 4 Fund 5 Fund 6 Loan General Total ------ ------- ------- ------ ------ ------ ----- ------- ---------- Assets- Investments, at fair value- Common stock $ - $ - $ - $ - $ - $1,549,186 $ - $ - $ 1,549,186 Mutual funds $4,327,018 1,215,995 - 6,466,601 2,596,373 - - - 14,605,987 Common/collective trust - - 2,080,436 - - - - - 2,080,436 Participant loans - - - - - - 522,927 - 522,927 ---------- --------- --------- --------- --------- --------- ------- ----- ---------- Total investments 4,327,018 1,215,995 2,080,436 6,466,601 2,596,373 1,549,186 522,927 - 18,758,536 Receivables- Employer contributions 5,551 2,281 2,568 9,066 3,405 2,312 - - 25,183 Participant contributions 29,997 11,316 13,040 49,271 18,092 12,497 - - 134,213 Cash - - - - - - - 170,123 170,723 ---------- --------- --------- ---------- --------- ---------- ------ -------- ----------- 35,548 13,597 15,608 58,337 21,497 14,809 - 170,123 329,519 ---------- --------- --------- ---------- ---------- ---------- ------ -------- ----------- Net assets available for $4,362,566 $1,229,592 $2,096,044 $6,524,938 $2,617,870 $1,563,995 $522,927 $170,123 $19,088,055 benefits ========== ========== ========== ========== ========== ========== ========= ======== ===========
============================================================================== ============================================================================== Statement of Net Assets Available for Benefits by Investment Fund December 31, 1995
Part. Fund 1 Fund 2 Fund 3 Fund 4 Fund 5 Fund 6 Loan General Total ------ ------ ------ ------ ------ ------ ---- ------- ----- Assets- Investments, at fair value- Common stock $ - $ - $ - $ - $ - $ 778,559 $ - $ - $ 778,559 Mutual funds 2,536,522 650,802 - 3,692,840 1,478,011 - - - 8,358,175 Common/collective trust fund - - 1,193,546 - - - - - 1,193,546 Participant loans - - - - - - 286,595 - 286,595 ---------- -------- ---------- ---------- ---------- ---------- -------- -------- ---------- Total Investments 2,536,522 650,802 1,193,546 3,692,840 1,478,011 778,559 286,595 - 10,616,875 Receivables- Employer contributions 3,844 1,212 2,038 5,196 1,925 1,272 - - 15,487 Participant contributions 19,753 5,948 10,191 27,764 9,773 9,716 - - 83,145 ---------- --------- ----------- --------- ---------- ---------- -------- -------- ----------- 23,597 7,160 12,229 32,960 11,698 10,988 - - 98,632 ---------- --------- ----------- --------- ---------- ---------- -------- -------- ----------- Total assets 2,560,119 657,962 1,205,775 3,725,800 1,489,709 789,547 286,595 - 10,715,507 Liabilities- Other - - - - - - - 145,108 145,108 ---------- --------- ---------- --------- ------------ -------- -------- -------- ----------- - - - - - - - 145,108 145,108 ---------- --------- ---------- --------- ------------ --------- -------- -------- ----------- Net assets available for $2,560,119 $657,962 $1,205,775 $3,725,800 $1,489,709 $789,547 $286,595 $(145,108) $10,570,399 benefits ========== ======== ========== ========== ========== ========== ======== ========== ===========
Statement of Changes in Net Assets Available for Benefits by Investment Fund For the Year Ended December 31, 1996
Part. Fund 1 Fund 2 Fund 3 Fund 4 Fund 5 Fund 6 Loan General Total ------ ------ ------ ------ ------ ------ ----- ------- ----- Additions to net assets attributed to- Investment income- Dividends $ 400,619 $ 61,421 $ 92,878 $ 315,731 $ 214,022 $ 14,623 $ - $ - $1,099,294 Interest 7,329 1,999 4,303 12,244 5,817 3,917 - - 35,609 Net appreciation (depreciation) in fair value of investments 118,966 (23,324) - 450,206 52,122 239,784 - - 837,749 -------- -------- --------- --------- --------- -------- ------- ------ ---------- Total investment income 526,914 40,091 97,181 778,181 271,961 258,324 - - 1,972,652 Contributions- Employer 207,663 91,641 98,621 359,753 130,143 96,713 - - 984,534 Participant 1,065,412 450,343 489,759 1,907,006 670,267 507,417 - - 5,090,204 Participant rollovers 128,641 101,176 230,277 244,561 156,402 175,279 - - 1,036,336 --------- -------- -------- --------- --------- ------- -------- ------- ---------- Total contributions 1,401,716 643,160 818,657 2,511,320 956,812 779,409 - - 7,111,074 --------- -------- -------- --------- ---------- ------- -------- ------- ---------- Total additions 1,928,630 683,251 915,838 3,289,501 1,228,773 1,037,733 - - 9,083,726 --------- -------- -------- --------- ---------- --------- -------- ------- ---------- Deductions from net assets attributed to- Distributions to participants 83,389 16,763 91,425 192,743 61,017 45,930 30,236 (131,704) 389,799 Withdrawals 30,379 9,608 8,855 61,043 16,740 22,649 - (13,404) 135,870 Other distributions - - 36,436 - - - - - 36,436 Administrative expenses - - 3,965 - - - - - 3,965 Interfund transfers, net 12,415 85,250 (115,112) 236,577 22,855 194,706 (266,568) (170,123) - --------- -------- --------- --------- --------- ------- --------- --------- ---------- Total deductions 126,183 111,621 25,569 490,363 100,612 263,285 (236,332) (315,231) 566,070 --------- -------- --------- --------- --------- ------- --------- --------- ---------- Net increase (decrease) 1,802,447 571,630 890,269 2,799,138 1,128,161 774,448 236,332 315,231 8,517,656 Net assets available for benefits- Beginning of year 2,560,119 657,962 1,205,775 3,725,800 1,489,709 789,547 286,595 (145,108) 10,570,399 --------- ------- --------- --------- --------- ------- ------- --------- ---------- End of year $4,362,566 $1,229,592 $2,096,044 $6,524,938 $2,617,870 $1,563,995 $522,927 $170,123 $19,088,055 ========== ========== ========== ========== ========== ========== ======== ======== ===========
Statement of Changes in Net Assets Available for Benefits by Investment Fund For the Year Ended December 31, 1995
Part. Fund 1 Fund 2 Fund 3 Fund 4 Fund 5 Fund 6 Loan General Total ------ ------ ------ ------ ------ ------ ----- ------- ----- Additions to net assets attributed to- Investment income- Dividends $ 196,275 $27,395 $ 45,506 $210,246 $ 85,946 $ 4,874 $ - $ - $ 570,242 Interest 2,612 746 1,952 3,390 1,676 964 - - 11,340 Net appreciation (depreciation) in fair value of investments 162,760 34,370 - 402,403 123,252 (205,294) - - 517,491 ------- ------- -------- -------- -------- --------- -------- ------- --------- Total investment income 361,647 62,511 47,458 616,039 210,874 (199,456) - - 1,099,073 Contributions- Employer 185,889 58,835 98,835 251,926 93,336 86,448 - - 775,269 Participant 953,197 288,481 493,326 1,344,174 473,326 469,898 - - 4,022,402 Participant rollovers 569,328 130,368 441,991 716,646 576,178 55,892 - - 2,490,403 --------- ------- -------- --------- --------- -------- -------- ------- ---------- Total contributions 1,708,414 477,684 1,034,152 2,312,746 1,142,840 612,238 - - 7,288,074 --------- ------- --------- --------- --------- -------- -------- ------- ---------- Total additions 2,070,061 540,195 1,081,610 2,928,785 1,353,714 412,782 - - 8,387,147 --------- ------- --------- --------- --------- -------- -------- ------- ---------- Deductions from net assets attributed to-Distributions to participants 34,358 12,113 38,180 63,013 74,497 25,141 2,011 131,704 381,017 Withdrawals - - - - - - - 13,404 13,404 Interfund transfers, net 187,682 36,207 67,084 (3,935) 63,090 (90,570) (259,558) - - --------- ------- -------- --------- --------- -------- --------- --------- ---------- Total deductions 222,040 48,320 105,264 59,078 137,587 (65,429) (257,547) 145,108 394,421 --------- ------- -------- --------- ---------- -------- --------- --------- ---------- Net increase (decrease) 1,848,021 491,875 976,346 2,869,707 1,216,127 478,211 257,547 (145,108) 7,992,726 Net assets available for benefits- Beginning of year 712,098 166,087 229,429 856,093 273,582 311,336 29,048 - 2,577,673 ---------- ------- ---------- ---------- ---------- -------- -------- --------- ----------- End of year $2,560,119 $657,962 $1,205,775 3,725,800 $1,489,709 $789,547 $286,595 $(145,108) $10,570,399 ========== ======== ========== ========== ========== ======== ======== ========== ===========
=============================================================================== SCHEDULE I =============================================================================== STEWART & STEVENSON 401(k) SAVINGS PLAN ITEM 27(a) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1996
Number of Shares or Principal Current Identity of Issue Description Amount Cost Value ---------------- ----------- --------- ---- ------ Merrill Lynch Trust Company* Merrill Lynch Global Allocation Fund, Inc., Class A 297,389.5439 $ 4,130,115 $ 4,327,018 Merrill Lynch Trust Company* Merrill Lynch Corporate Bond Fund, Inc., Intermediate Term, Class A 106,759.9202 1,211,383 1,215,995 Merrill Lynch Trust Company* Merrill Lynch Retirement Preservation Trust 2,080,435.7400 2,080,436 2,080,436 AIM Family of Funds AIM Value Fund 221,838.8023 5,732,757 6,466,601 American Funds Group American Balanced Fund 178,444.9019 2,449,502 2,596,373 Stewart & Stevenson Services, Inc.* Common stock 53,190.9193 1,510,651 1,549,186 Stewart & Stevenson 401(k) Savings Participant loans (interest Plan* rates ranging from 7% to 10%)* 522,927 522,927 ------------- -------------- Total assets held for investment purposes $ 17,637,771 $ 18,758,536 ============= ==============
*Identified party in interest. The foregoing notes to the financial statements are an integral part of this schedule. =============================================================================== SCHEDULE II =============================================================================== STEWART & STEVENSON 401(k) SAVINGS PLAN ITEM 27(d) - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1996
Current Value Number of Asset on Identity of of Purchase Selling Cost of Transaction Gain Party Involved Description Trans. Price** Price** Asset Date (Loss) - -------------- ----------- ------ -------- ------- ------- ------------- ------ Merrill Lynch Trust Company* Merrill Lynch Global Allocation Fund, Inc. Class A 220 $ 2,068,436 $ - $ 2,068,436 $ 2,068,436 $ - Merrill Lynch Trust Company* Merrill Lynch Global Allocation Fund, Inc., Class A 163 - 396,906 375,318 396,906 21,588 Merrill Lynch Trust Company* Merrill Lynch Corporate Bond Fund, Inc., Intermediate Term, Class A 144 732,971 - 732,971 732,971 - Merrill Lynch Trust Company* Merrill Lynch Corporate Bond Fund, Inc., Intermediate Term, Class A 119 - 144,449 145,476 144,449 (1,027) Merrill Lynch Trust Company* Merrill Lynch Retirement Preservation Trust 258 1,332,942 - 1,332,942 1,332,942 - Merrill Lynch Trust Company* Merrill Lynch Retirement Preservation Trust 150 - 446,052 446,052 446,052 - AIM Family of Funds AIM Value Fund 250 3,099,323 - 3,099,323 3,099,323 - AIM Family of Funds AIM Value Fund 190 - 775,768 707,120 775,768 68,648 American Funds Group American Balanced Fund 189 1,292,602 - 1,292,602 1,292,602 - American Funds Group American Balanced Fund 142 - 226,362 212,907 226,362 13,455 Stewart & Stevenson Services, Inc.* Common stock 185 995,645 - 995,645 995,645 - Stewart & Stevenson Services, Inc.* Common stock 129 - 464,802 495,221 464,802 (30,419) *Identified party in interest. **Amounts are net of purchase/selling expenses.
NOTE: This schedule includes each series transaction involving the same investment activity which, in the aggregate, amounts to more than 5 percent of the current value of Plan assets at the beginning of the Plan year. ============================================================================== SCHEDULE III ============================================================================== STEWART & STEVENSON 401(k) SAVINGS PLAN ITEM 27(e) - SCHEDULE OF NONEXEMPT TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1996
Amount Amount of Identity of Party Involved Description of Transaction of Loan Interest - -------------------------- -------------------------- -------- ---------- Stewart & Stevenson Services, Inc. Deemed loan to the Company dated July (Company) 24, 1996, maturity June 25, 1997, interest rate 5.7% $36,435.61 $910
NOTE: The deemed loan to the Company plus accrued interest was paid to the Plan on June 25, 1997. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Stewart & Stevenson 401(k) Savings Plan Administrative Committee which administers the Stewart & Stevenson 401(k) Savings Plan has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized in the City of Houston and the State of Texas, on the 30th day of June, 1997. Stewart & Stevenson 401(k) Savings Plan Administrative Committee /s/ Robert L. Hargrave _________________________ _________________________ Robert L. Hargrave Jack T. Currie Member Member /s/ Donald E. Stevenson /s/ David R. Stewart _________________________ _________________________ Donald E. Stevnson David R. Stewart Member Member /s/ J. Carsey Manning _________________________ J. Carsey Manning Member EX-23 2 EXHIBIT 23 ============================================================================== ============================================================================== CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation by reference of our report dated May 23, 1997, on the financial statements and schedules of Stewart & Stevenson 401(k) Savings Plan as of and for the year ended December 31, 1996, included in this Form 11-K, into the previously filed Stewart & Stevenson Services, Inc., Form S-8 Registration Statement file No. 33-52903. /s/ Arthur Andersen Houston, Texas June 30, 1997 -----END PRIVACY-ENHANCED MESSAGE-----