UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE PLAN YEAR ENDED DECEMBER 31, 1998
0-27208
(Commission File Number)
DICK SIMON TRUCKING, INC. PROFIT SHARING PLAN AND TRUST
(Title of the Plan)
SIMON TRANSPORTATION SERVICES INC.
(Name of Issuer of the Securities Held Pursuant to the Plan)
5175 West 2100 West, Salt Lake City, Utah 84120
(Address of Principal Executive Office)
<PAGE>
EIN: 87-0293383
Plan Number: 002
DICK SIMON TRUCKING, INC.
PROFIT SHARING PLAN AND TRUST
FINANCIAL STATEMENTS AS OF
DECEMBER 31, 1998 AND 1997
TOGETHER WITH REPORT OF
INDEPENDENT PUBLIC ACCOUNTANTS
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Administrator and Participants of the
Dick Simon Trucking, Inc. Profit Sharing Plan and Trust:
We have audited the accompanying statements of net assets available for benefits
of the Dick Simon Trucking, Inc. Profit Sharing Plan and Trust (the "Plan") as
of 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 and the schedules referred to below are the responsibility
of the Plan's management. 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 Plan as of
December 31, 1998 and 1997, and the changes in its net assets available for
benefits for the year ended December 31, 1998 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 schedules of assets held for
investment purposes and reportable transactions are presented for purposes 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 fund information in the statement of
changes in net assets available for benefits is presented for purposes of
additional analysis rather than to present the net assets available for benefits
and changes in net assets available for benefits of each fund. The schedules and
fund information 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
Salt Lake City, Utah
June 19, 1999
<PAGE>
DICK SIMON TRUCKING, INC. PROFIT SHARING PLAN AND TRUST
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
Page
FINANCIAL STATEMENTS:
Statements of Net Assets Available for
Benefits as of December 31, 1998 and 1997 1
Statement of Changes in Net Assets
Available for Benefits with Fund Information
for the Year Ended December 31, 1998 2 - 5
Notes to Financial Statements 6 - 9
SCHEDULES:
Item 27a - Schedule of Assets Held for Investment
Purposes as of December 31, 1998 10
Item 27d - Schedule of Reportable Transactions
for the Year Ended December 31, 1998 11
<PAGE>
DICK SIMON TRUCKING, INC. PROFIT SHARING PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1998 AND 1997
<TABLE>
<S> <C> <C>
1998 1997
---------------------- ---------------------
INVESTMENTS, at fair value:
Fidelity Advisor Funds-
Growth Opportunities Fund $ 1,565,421 $ 1,164,242
Equity Growth Fund 1,066,437 702,496
Daily Money Fund: US Treasury 467,253 358,126
High Yield Fund 257,480 241,040
Equity Income Fund 236,195 130,921
Overseas Fund 102,616 57,082
Natural Resources Fund 89,145 63,709
Balanced Fund 64,021 31,860
Large Cap Fund 42,253 4,055
Strategic Opportunities Fund 29,503 13,655
Short Fixed Income Fund 22,785 6,617
Mid Cap Fund 22,124 19,096
Daily Money Fund: Money Market 19,506 45,513
Strategic Income Fund 16,151 7,766
Government Investment Fund 14,608 5,668
Intermediate Bond Fund 13,643 5,393
Emerging Markets Income Fund 10,950 13,386
Simon Transportation common stock 729,712 1,962,072
Participant loans 494,994 447,034
---------------------- ---------------------
Total investments 5,264,797 5,279,731
---------------------- ---------------------
CASH 111 184
---------------------- ---------------------
RECEIVABLES:
Participant contributions 88,002 68,439
Employer contributions 37,374 28,710
Accrued interest and dividends 3,338 16,472
---------------------- ---------------------
Total receivables 128,714 113,621
====================== =====================
NET ASSETS AVAILABLE FOR BENEFITS $ 5,393,622 $ 5,393,536
====================== =====================
</TABLE>
The accompanying notes to financial statements
are an integral part of these statements.
<PAGE>
DICK SIMON TRUCKING, INC. PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
FIDELITY ADVISOR FUNDS
<S> <C> <C> <C> <C> <C>
------------------- --------------- ---------------- -------------- ---------------
Daily Money
Growth Equity Growth Fund: US High Equity Income
Opportunities Fund Fund Treasury Yield Fund Fund
------------------- --------------- ---------------- -------------- ---------------
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income-
Net realized gain (loss) $ 38,870 $ 35,613 $ - $ (4,003) $ 5,109
Net unrealized appreciation
(depreciation) in fair value
of investments 182,658 139,612 - (24,045) 10,066
Interest and dividends 67,234 111,028 21,916 25,983 11,186
Contributions-
Employer 84,313 51,220 27,976 21,363 24,487
Participant 245,427 165,552 73,506 61,904 85,347
Rollovers 5,417 21,028 - 2,751 16,070
------------------- --------------- ---------------- -------------- ---------------
Total additions 623,919 524,053 123,398 83,953 152,265
------------------- --------------- ---------------- -------------- ---------------
REDUCTIONS IN NET ASSETS ATTRIBUTED TO:
Distributions to participants (137,326) (89,448) (57,606) (49,435) (37,614)
Administrative expenses (7,917) (5,118) (2,876) (1,690) (1,229)
------------------- --------------- ---------------- -------------- ---------------
Total reductions (145,243) (94,566) (60,482) (51,125) (38,843)
------------------- --------------- ---------------- -------------- ---------------
NET INTERFUND TRANSFERS (77,497) (65,546) 46,211 (16,388) (8,148)
------------------- --------------- ---------------- -------------- ---------------
Net increase (decrease) 401,179 363,941 109,127 16,440 105,274
NET ASSETS AVAILABLE FOR BENEFITS,
beginning of the year 1,164,242 702,496 358,126 241,040 130,921
------------------- --------------- ---------------- -------------- ---------------
NET ASSETS AVAILABLE FOR BENEFITS, end
of the year $ 1,565,421 $ 1,066,437 $ 467,253 $ 257,480 $ 236,195
=================== =============== ================ ============== ===============
</TABLE>
The accompanying notes to financial statements
are an integral part of these statements.
<PAGE>
DICK SIMON TRUCKING, INC. PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
FIDELITY ADVISOR FUNDS
<S> <C> <C> <C> <C> <C>
-------------- ---------------- -------------- ----------------- -----------------
Strategic
Natural Large Opportunities
Overseas Fund Resources Fund Balanced Fund Cap Fund Fund
-------------- ---------------- -------------- ----------------- -----------------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income-
Net realized gain (loss) $ 2,522 $ (1,032) $ 1,137 $ 864 $ 63
Net unrealized appreciation
(depreciation) in fair value
of investments 2,122 (16,761) (1,563) 2,880 99
Interest and dividends 1,057 2,826 6,552 2,273 672
Contributions-
Employer 11,169 8,848 8,587 3,874 3,744
Participant 39,237 31,634 25,276 14,075 13,040
Rollovers 14,909 13,082 99 11,943 2,106
-------------- ---------------- -------------- ----------------- -----------------
Total additions 71,016 38,597 40,088 35,909 19,724
-------------- ---------------- -------------- ----------------- -----------------
REDUCTIONS IN NET ASSETS ATTRIBUTED TO:
Distributions to participants (13,741) (4,854) (8,546) (1,477) (2,863)
Administrative expenses (551) (419) (399) (172) (148)
-------------- ---------------- -------------- ----------------- -----------------
Total reductions (14,292) (5,273) (8,885) (1,649) (3,011)
-------------- ---------------- -------------- ----------------- -----------------
NET INTERFUND TRANSFERS (11,190) (7,888) 958 3,938 (865)
-------------- ---------------- -------------- ----------------- -----------------
Net increase (decrease) 45,534 25,436 32,161 38,198 15,848
NET ASSETS AVAILABLE FOR BENEFITS,
beginning of the year 57,082 63,709 31,860 4,055 13,655
============== ================ ============== ================= =================
NET ASSETS AVAILABLE FOR BENEFITS, end
of the year $ 102,616 $ 89,145 $ 64,021 $ 42,253 $ 29,503
============== ================ ============== ================= =================
</TABLE>
The accompanying notes to financial statements
are an integral part of these statements.
<PAGE>
DICK SIMON TRUCKING, INC. PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
FIDELITY ADVISOR FUNDS
<S> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------
Short Fixed Daily Money Strategic Government
Income Mid Fund: Money Income Investment
Fund Cap Fund Market Fund Fund
---------------------------------------------------------------------------------
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income-
Net realized gain (loss) $ 7 $ 975 $ - $ (141) $ 44
Net unrealized appreciation
(depreciation) in fair value of
investments (33) 1,144 4,270 (471) 180
Interest and dividends 802 669 (12,131) 833 612
Contributions-
Employer 4,177 2,897 8,664 1,891 1,945
Participant 10,892 11,591 19,563 8,169 4,856
Rollovers 1,139 99 - 3,456 2,886
---------------------------------------------------------------------------------
Total additions 16,984 17,375 20,366 13,737 10,523
---------------------------------------------------------------------------------
REDUCTIONS IN NET ASSETS ATTRIBUTED TO:
Distributions to participants (839) (2,433) - (2,524) (906)
Administrative expenses (131) (115) (5) (94) (118)
---------------------------------------------------------------------------------
Total reductions (970) (2,548) (5) (2,618) (1,024)
---------------------------------------------------------------------------------
NET INTERFUND TRANSFERS 154 (11,799) (31,275) (2,734) (559)
---------------------------------------------------------------------------------
Net increase (decrease) 16,168 3,028 (10,914) 8,385 8,940
NET ASSETS AVAILABLE FOR BENEFITS,
beginning of the year 6,617 19,096 159,134 7,766 5,668
=================================================================================
NET ASSETS AVAILABLE FOR BENEFITS, end
of the year $ 22,785 $ 22,124 $ 148,220 $ 16,151 $ 14,608
=================================================================================
</TABLE>
The accompanying notes to financial statements
are an integral part of these statements.
<PAGE>
DICK SIMON TRUCKING, INC. PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
FIDELITY ADVISOR FUNDS
------------------------------
<S> <C> <C> <C> <C> <C> <C>
Dick Simon
Emerging Simon Trucking
Intermediate Markets Transportation Participant Cash Total All
Bond Fund Income Fund Common Stock Loan Fund Liquidity Funds
-------------- --------------- ---------------- --------------- -------------- ------------
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income-
Net realized gain (loss) $ 62 $ (3,794) $ (303,987) $ - $ - $ (227,691)
Net unrealized appreciation
(depreciation) in fair value
of investments 85 (1,765) (1,210,630) - - (912,152)
Interest and dividends 548 1,654 - 32,878 564 277,156
Contributions-
Employer 3,510 2,487 - - 71,015 342,167
Participant 10,086 9,222 - - 152,065 981,442
Rollovers - - - - 24,504 119,489
-------------- --------------- ---------------- --------------- -------------- ------------
Total additions 14,291 7,804 (1,514,617) 32,878 248,148 580,411
-------------- --------------- ---------------- --------------- -------------- ------------
REDUCTIONS IN NET ASSETS ATTRIBUTED TO:
Distributions to participants (3,119) (3,012) (17,105) (117,015) (5,550) (555,413)
Administrative expenses (155) (98) (1,184) (2,092) (461) (24,912)
-------------- --------------- ---------------- --------------- -------------- ------------
Total reductions (3,274) (3,110) (18,289) (119,107) (6,011) (580,325)
-------------- --------------- ---------------- --------------- -------------- ------------
NET INTERFUND TRANSFERS (2,767) (7,130) 300,546 134,189 (242,210) -
-------------- --------------- ---------------- --------------- -------------- ------------
Net increase (decrease) 8,250 (2,436) (1,232,360) 47,960 (73) 86
NET ASSETS AVAILABLE FOR BENEFITS,
beginning of the year 5,393 13,386 1,962,072 447,034 184 5,393,536
============== =============== ================ =============== ============== ============
NET ASSETS AVAILABLE FOR BENEFITS, end
of the year $ 13,643 $ 10,950 $ 729 712 $ 494,994 $ 111 $5,393,622
============== =============== ================ =============== ============== ============
</TABLE>
The accompanying notes to financial statements
are an integral part of these statements.
<PAGE>
DICK SIMON TRUCKING, INC. PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
(1) PLAN DESCRIPTION
Dick Simon Trucking, Inc. (the "Company") adopted the Dick Simon Trucking, Inc.
Retirement Plan on October 1, 1987. The Plan was first amended on December 7,
1990 and its name was changed to the Dick Simon Trucking, Inc. 401(k) Profit
Sharing Plan. The Plan was amended again on August 10, 1995 and its name was
changed to the Dick Simon Trucking, Inc. Profit Sharing Plan and Trust (the
"Plan"). On June 20, 1996, the Company adopted the Stanwich Benefits Group, Inc.
Regional Prototype Standardized 401(k) Profit Sharing Plan and Trust which
amended and restated the Plan in its entirety effective July 1, 1996. The
Company serves as the Plan Trustee and Administrator and Fidelity Advisor Funds
holds the plan assets and executes investment transactions. The Plan is subject
to the Employee Retirement Income Security Act of 1974, as amended ("ERISA").
The following description provides only general information. Participants should
refer to the Plan agreement for a more complete description of the Plan's
provisions.
Eligibility, Contributions and Benefits
Employees who have completed one year of service and who have attained 21 years
of age are eligible to participate in the Plan. An eligible employee becomes a
participant on the next January 1 or July 1 following the date the employee
satisfies the eligibility requirements.
Participants elect both the amount of the salary reduction contribution and the
allocation of the salary reduction contribution among the investment options
within the Plan. Salary reduction contributions cannot exceed the lesser of 15
percent of the participant's pretax eligible gross compensation or the maximum
amount allowable under the Internal Revenue Code ("IRC").
The Company makes discretionary contributions to the Plan, matching each
participant's salary reduction contribution dollar-for-dollar up to 3 percent of
the participant's eligible gross compensation. The Company may also make
additional discretionary contributions to the Plan. Participants elect the
allocation of the Company contributions among the investment options.
Participants are immediately fully vested in their salary reduction
contributions and related earnings. Participants vest ratably in employer
matching contributions over six years of service or fully vest upon occurrence
of one of the following events: 1) normal retirement at age 65, 2) death while
employed by the Company, or 3) permanent disability. Benefits are normally paid
at retirement, disability, death or other termination. Benefit distributions may
be made in a single lump sum payment or an annuity. As of December 31, 1998,
certain participants with undistributed vested benefits totaling $528,252 had
terminated from the Plan.
Forfeitures of nonvested employer matching contributions, which amounted to
$29,954 and $30,205 during the years ended December 31, 1998 and 1997,
respectively, are offset against future employer matching contributions. During
the year ended December 31, 1998, $64,931 of forfeitures were used to reduce
employer matching contributions.
Investment Options
The Plan provides for seventeen investment options listed below. In addition,
participants may borrow from their accounts. The investment funds, except for
the Simon Transportation Services Inc. Common Stock fund, are managed by
Fidelity Advisor Funds.
Fidelity Advisor Growth Opportunities Fund - The fund seeks growth through a
core investment in traditional growth stocks -- companies with above-average
growth in sales or earnings -- plus other opportunities such as special
situations, debt securities and cyclicals.
Fidelity Advisor Equity Growth Fund - The fund seeks to achieve capital
appreciation by investing primarily in growth stocks that demonstrate the
potential for above average earnings or sales growth.
Fidelity Advisor Daily Money Fund: U.S. Treasury Portfolio - The fund seeks
to obtain as high a level of current income as is consistent with the
preservation of capital and liquidity. The fund invests only in U.S.
treasury securities and repurchase agreements for these securities.
Fidelity Advisor High Yield Fund - Investment focus on mature companies that
are poised for dramatic growth; and "turnarounds," companies which are
expected to return to favor in the marketplace. Bonds are evaluated on the
basis of their potential for total return, including high interest and
growth of capital investment.
Fidelity Advisor Equity Income Fund - The fund seeks stocks that have
above-average dividends, are undervalued (which may give them more upward
and less downward potential) and have increasing dividends.
Fidelity Advisor Overseas Fund - The fund primarily invests in securities of
companies located in the Americas (other than the United States), Far East,
the Pacific Basin and Western Europe.
Fidelity Advisor Natural Resources Fund - The fund seeks long-term growth by
investing primarily in domestic and foreign natural resources-related
companies across a broadly diversified spectrum of industries.
Fidelity Advisor Balanced Fund - The fund utilizes a balanced approach to
provide the best possible return from income-producing securities.
Investments include U.S. Treasury issues, corporate bonds, foreign
investments, convertible securities and stocks.
Fidelity Advisor Large Cap Fund - The fund seeks long-term growth of capital
by investing primarily in equity securities of companies with large market
capitalizations.
Fidelity Advisor Strategic Opportunities Fund - The fund seeks long-term
capital appreciation by investing in securities that are undervalued or
undiscovered by the marketplace.
Fidelity Advisor Short Fixed-Income Fund - The fund seeks to diversify among
a broad range of short-term, investment-grade bonds. Capital preservation
takes a high priority, but the fund manager also invests for high income.
Fidelity Advisor Mid Cap Fund - The fund seeks long-term growth of capital
by normally investing at least 65 percent of its total assets in mid-cap
stocks. The fund may invest the remaining 35 percent of its assets in other
securities.
Fidelity Advisor Strategic Income Fund - The fund uses a multi-sector asset
allocation process that strategically shifts the fund's weighting among four
general investment categories: high yield securities, U.S. government and
investment-grade securities, emerging market securities and foreign
developed market securities.
Fidelity Advisor Government Investment Fund - Invests primarily in
securities backed by the full faith and credit of the U.S. government and
it's various agencies and instrumentalities.
Fidelity Advisor Intermediate Bond Fund - The fund seeks a high rate of
income consistent with the preservation of capital, along with greater
stability through investments in high-quality fixed-income securities.
Fidelity Advisor Emerging Markets Income Fund - The fund seeks high income
and, as a secondary objective, the potential for growth by investing in
bonds from countries that have the potential for rapid economic expansion.
Simon Transportation Services Inc. Common Stock - Funds are invested in
shares of Simon Transportation Services, Inc.'s Class A Common Stock. Any
dividends declared on the stock will be invested in additional shares of
such stock.
Participant Loans
Participants may borrow from their fund accounts up to the lesser of $50,000 or
50 percent of the participant's vested interest, as defined. The minimum amount
for any loan is $1,000. The loans bear interest at one percent above prime rate
on the date of the loan. As of December 31, 1998, the interest rates ranged from
8.75 to 9.75 percent. Loans must be repaid within five years, except for loans
used to acquire a principal residence which must be repaid over a reasonable
period of time determined by the Administrative Committee. All loans are secured
by the participant's account and, regardless of term, become due and payable
upon termination of the participant's employment. Fees and expenses incurred by
the Plan in originating a loan are paid by the respective participant as a
deduction from the loan proceeds.
Termination of the Plan
The Company may terminate the Plan at any time subject to the provisions of
ERISA. If the Plan is terminated, the participants become fully vested and have
a nonforfeitable interest in their accounts.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accounting records of the Plan are maintained on the accrual basis in
accordance with generally accepted accounting principles. Distributions to
participants are recorded when paid.
Investments
Contributions are invested by the trustee in the Plan's funds as directed by the
participants. Investments, other than participant loans, are carried at fair
value based on quoted market prices. Participant loans are valued at face value
which approximates the future principal and interest payments discounted at
prevailing interest rates for similar instruments. Unrealized appreciation or
depreciation caused by fluctuations in the fair value of investments is
recognized in income currently. Interest and dividends are recognized as earned
and reinvested.
Expenses
The Plan pays all administrative expenses and fees relating to investment and
management of the Plan funds, except legal and accounting fees which are paid by
the Company. Fees relating to certain withdrawals are paid by the participant.
Net Unrealized Appreciation (Depreciation) in Fair Value of Investments
Net unrealized appreciation (depreciation) in fair value of investments is
determined by comparing the fair value of each investment at the beginning of
the plan year (or at the date of purchase for investments acquired during the
plan year) with the fair value at the end of the plan year.
Net Realized Gain (Loss) on Investments
Net realized gain (loss) on investments is determined by comparing the sales
price of each investment as of the disposition date with the fair value at the
beginning of the plan year (or at the date of purchase for investments acquired
during the current plan year).
(3) FEDERAL INCOME TAXES
The Internal Revenue Service has issued a favorable determination letter dated
October 25, 1993 stating that the Plan and related trust has been structured to
qualify for tax exempt status under Section 401(a) of the IRC. The Plan's
Administrative Committee and legal counsel believe that the Plan continues to be
designed and operated in accordance with the applicable IRC requirements and
with the requirements of ERISA.
<PAGE>
DICK SIMON TRUCKING, INC. PROFIT SHARING PLAN AND TRUST
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1998
<TABLE>
<S><C> <C> <C> <C>
(b) Identity of issue, (e)
(a)borrower, lessor or similar party (c) Description of investment (d) Cost Current value
- -- ---------------------------------- ----------------------------------------------------------- ----------------- ----------------
* Fidelity Investments 31,159 shares of Fidelity Advisor Growth Opportunities
Fund $ 1,220,485 $ 1,565,421
* Fidelity Investments 18,680 shares of Fidelity Advisor Equity Growth Fund 891,972 1,066,437
* Fidelity Investments 467,253 shares of Fidelity Advisor Daily Money Fund: US
Treasury 467,253 467,253
* Fidelity Investments 22,725 shares of Fidelity Advisor High Yield Fund 278,532 257,480
* Fidelity Investments 8,328 shares of Fidelity Advisor Equity Income Fund 222,525 236,195
* Fidelity Investments 5,830 shares of Fidelity Advisor Overseas Fund 101,228 102,616
* Fidelity Investments 5,303 shares of Fidelity Advisor Natural Resources Fund 110,500 89,145
* Fidelity Investments 3,425 shares of Fidelity Advisor Balanced Fund 65,300 64,021
* Fidelity Investments 2,471 shares of Fidelity Advisor Large Cap Fund 39,079 42,253
* Fidelity Investments 1,189 shares of Fidelity Advisor Strategic Opportunities
Fund 30,246 29,503
* Fidelity Investments 2,439 shares of Fidelity Advisor Short Fixed Income Fund 22,815 22,785
* Fidelity Investments 1,536 shares of Fidelity Advisor Mid Cap Fund 20,710 22,124
* Fidelity Investments 19,506 shares of Fidelity Advisor Daily Money Fund:
Money Market 19,506 19,506
* Fidelity Investments 1,531 shares of Fidelity Advisor Strategic Income Fund 16,729 16,151
* Fidelity Investments 1,471 shares of Fidelity Advisor Government Investment
Fund 14,240 14,608
* Fidelity Investments 1,269 shares of Fidelity Advisor Intermediate Bond Fund 13,729 13,643
* Fidelity Investments 1,407 shares of Fidelity Advisor Emerging Market Income
Fund 13,921 10,950
* Simon Transportation Services 125,531 shares of common stock 1,292,315 729,712
* Participant loans Interest rates ranging from 8.75% to 9.75% 494,994 494,994
================= ================
$ 5,336,079 $ 5,264,797
================= ================
</TABLE>
* Denotes party-in-interest
<PAGE>
DICK SIMON TRUCKING, INC. PROFIT SHARING PLAN AND TRUST
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
(h)
Current
(c) (d) (g) value at (i)
(a) Identity of (b) Description Purchase Selling Cost of transaction Net
party involved of asset price price asset date gain
- ------------------------- ------------------------------- -------------- -------------- --------------- ------------------ ---------
* Simon Transportation Common Stock
Services $ 522,854 $ N/A $ 522,854 $ 522,854 $ N/A
* Fidelity Investments Fidelity Advisor Growth
Opportunities Fund 696,198 N/A 696,198 696,198 N/A
* Fidelity Investments Fidelity Advisor Equity Growth
Fund 503,340 N/A 503,340 503,340 N/A
* Fidelity Investments Fidelity Advisor Daily Money
Fund-US Treasury 344,987 N/A 344,987 344,987 N/A
* Plan Participants Participant Loans 511,612 N/A 511,612 511,612 N/A
* Fidelity Investments Fidelity Advisor Growth
Opportunities Fund N/A 516,549 469,401 516,549 47,148
* Fidelity Investments Fidelity Advisor Equity Growth
Fund N/A 314,622 282,635 314,622 31,987
* Fidelity Investments Fidelity Advisor Stock Holding N/A 557,712 557,712 557,712 -
* Plan Participants Participant Loans N/A 463,652 463,652 463,652 -
</TABLE>
* Denotes party-in-interest
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Plan Administrator has duly caused this annual report to be signed by the
undersigned thereunto duly authorized.
Dick Simon Trucking, Inc.
Profit Sharing Plan and Trust
(Registrant)
/s/ Alban B. Lang
Alban B. Lang
Plan Administrator
Dated: June 28, 1999
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the
incorporation of our report dated June 19, 1999 included in this Form 11-K,
into the Company's previously filed Registration Statements, file numbers
33-80389, 33-80391, and 33-80409.
/s/ Arthur Andersen LLP
Salt Lake City, Utah
June 28, 1999
