<PAGE> 1
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 fiscal year ended November 30, 1998
Commission file number: 1-11793
A. Full title of the Plan and address of the Plan, if different from that
of the issuer named below:
The Dial Corporation 401(k) Plan for Hourly Employees
B. Name of issuer of the securities held pursuant to the Plan and the
address of its principal executive office:
THE DIAL CORPORATION
15501 NORTH DIAL BOULEVARD
SCOTTSDALE, ARIZONA 85260-1619
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
The Dial Corporation 401(k) Plan for Hourly Employees has duly caused this
annual report to be signed on its behalf by the undersigned thereunto duly
authorized.
THE DIAL CORPORATION
401(k) PLAN FOR HOURLY EMPLOYEES
By
----------------------------------------
Susan J. Riley
Senior Vice President and Chief Financial
Officer of The Dial Corporation
DATE: June 9, 1999
<PAGE> 2
THE DIAL CORPORATION 401(k) PLAN
FOR HOURLY EMPLOYEES
Financial Statements
Eleven-Month Period Ended November 30, 1998
And the Year Ended December 31, 1997,
Supplemental Schedules for the
Eleven-Month Period Ended November 30, 1998,
and Independent Auditors' Report
<PAGE> 3
THE DIAL CORPORATION
401(k) PLAN FOR HOURLY EMPLOYEES
TABLE OF CONTENTS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Page
----
<S> <C>
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS AS OF NOVEMBER 30, 1998 AND DECEMBER 31,1997 AND FOR THE
ELEVEN-MONTH PERIOD ENDED NOVEMBER 30, 1998 AND THE YEAR ENDED DECEMBER
31, 1997:
Net Assets Available for Benefits 2
Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4-11
SUPPLEMENTAL SCHEDULES AS OF NOVEMBER 30, 1998 AND FOR THE ELEVEN-MONTH PERIOD
THEN ENDED:
Assets Held for Investment Purposes 12
Reportable Transactions 13
EXHIBIT 23 - INDEPENDENT AUDITORS' CONSENT 14
</TABLE>
<PAGE> 4
INDEPENDENT AUDITORS' REPORT
Plan Administrator and Plan Participants
The Dial Corporation 401(k) Plan for Hourly Employees
Scottsdale, Arizona
We have audited the accompanying statements of net assets available for benefits
of The Dial Corporation 401(k) Plan for Hourly Employees (the "Plan"), as of
November 30, 1998 and December 31, 1997, and the related statements of changes
in net assets available for benefits for the eleven-month period ended November
30, 1998 and the year ended December 31, 1997. These financial statements are
the responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan at November 30, 1998
and December 31, 1997, and the changes in net assets available for benefits for
the eleven-month period ended November 30, 1998 and the year ended December 31,
1997 in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules for the
eleven-month period ended November 30, 1998 on pages 12 and 13 are presented for
the purpose of additional analysis and are not a required part of the basic
financial statements, but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. These schedules are the
responsibility of the Plan's management. Such schedules have been subjected to
the auditing procedures applied in our audit of the basic 1998 financial
statements and, in our opinion, are fairly stated, in all material respects when
considered in relation to the basic financial statements taken as a whole.
\s\ Deloitte & Touche LLP
Deloitte & Touche LLP
Phoenix, Arizona
June 7, 1999
<PAGE> 5
THE DIAL CORPORATION
401(k) PLAN FOR HOURLY EMPLOYEES
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
NOVEMBER 30, 1998 AND DECEMBER 31, 1997
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASSETS 1998 1997
- ------ ---- ----
<S> <C> <C>
INVESTMENTS AT FAIR VALUE:
Shares of registered investment companies:
Vanguard Windsor II Fund $11,960,995 $10,105,300
T. Rowe Price Stable Value Fund 4,060,795 3,823,135
Vanguard GMA Fund 1,494,857 1,371,815
Common stock:
The Dial Corporation Common Stock Fund 3,297,548 2,059,598
FINOVA Group Inc. Common Stock Fund 156,185 160,746
Viad Corp Common Stock Fund 1,270,880 1,119,115
Participant notes receivable 421,385 381,284
----------- -----------
Total investments at fair value 22,662,645 19,020,993
DIVIDENDS RECEIVABLE 4,835 13,018
CONTRIBUTIONS RECEIVABLE -- 42,430
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $22,667,480 $19,076,441
=========== ===========
</TABLE>
See notes to financial statements.
2
<PAGE> 6
THE DIAL CORPORATION
401(k) PLAN FOR HOURLY EMPLOYEES
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
ELEVEN-MONTH PERIOD ENDED NOVEMBER 30, 1998
AND THE YEAR ENDED DECEMBER 31, 1997
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1998 1997
---- ----
ADDITIONS:
<S> <C> <C>
Contributions:
Employer $ 176,688 $ 175,374
Employee pre-tax 1,783,573 1,783,376
Employee after-tax 122,158 102,709
----------- -----------
Total contributions 2,082,419 2,061,459
----------- -----------
Investment income:
Dividends 206,543 1,043,962
Interest 243,991 242,322
Net appreciation in fair value of investments 2,160,070 2,286,385
----------- -----------
Total investment income 2,610,604 3,572,669
----------- -----------
Total additions 4,693,023 5,634,128
DEDUCTIONS - Benefits paid to participants 1,101,984 574,487
----------- -----------
NET INCREASE 3,591,039 5,059,641
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF PERIOD 19,076,441 14,016,800
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF PERIOD $22,667,480 $19,076,441
=========== ===========
</TABLE>
See notes to financial statements.
3
<PAGE> 7
THE DIAL CORPORATION
401(k) PLAN FOR HOURLY EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
ELEVEN-MONTH PERIOD ENDED NOVEMBER 30, 1998
AND THE YEAR ENDED DECEMBER 31, 1997
- -------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The following brief description of The Dial Corporation 401(k) Plan for
Hourly Employees (the "Plan"), is provided for general information purposes
only. Participants should refer to the Plan agreement for more complete
information.
The Plan, commonly known as the Planning Retirement Income Management
Earnings Plan ("PRIME"), was established October 1, 1991. Employees of
certain facilities of The Dial Corporation (the "Company") who are covered
by a collective bargaining agreement are eligible to participate in the
Plan after completing at least 1,000 hours of service in a 12 consecutive
month period. Employees are able to contribute to the Plan by reducing
their wages on a pre-tax basis, and make after-tax contributions, subject
to certain limitations.
Effective January 1, 1998, the Plan year was changed from the twelve-month
period from January 1 through December 31 to the twelve-month period
beginning on December 1 and ending on November 30. The change is effective
for the Plan year commencing as of December 1, 1998.
The Plan is subject to various regulations, particularly those under
Internal Revenue Code Section 401(k) and the Employee Retirement Income
Security Act of 1974 ("ERISA").
a. Investment Programs - Contributions to the Plan are invested by the
Plan's trustee, T. Rowe Price, at the designation of the participants.
The Plan has offered participants the following funds in which to
invest pre-tax, after-tax and rollover deposits.
1) VANGUARD WINDSOR II FUND - This fund invests in the common stock
of selected companies. The fair value of the fund is dependent
upon the market value of the stocks. Any dividends received are
reinvested.
4
<PAGE> 8
2) T. ROWE PRICE STABLE VALUE FUND - This fund invests in a
diversified portfolio of Guaranteed Investment Contracts ("GIC")
issued by insurance companies, bank investment contracts issued by
financial institutions, and strategic investment contracts issued
by insurance companies, financial institutions and other entities.
Income is earned based upon a blended interest rate determined by
the various investments and is reinvested. The fair value of the
fund approximates the aggregate contract values of the GIC
portfolio and represents contributions made, plus interest at
blended rates, less withdrawals by participants. Crediting
interest rates for the fund's underlying GICs ranged from
approximately 3.04% to 6.16% for 1998 and 4.77% to 8.41% for 1997,
resulting in a blended rate of return for the fund of 6.07% and
6.64%, for 1998 and 1997, respectively.
3) VANGUARD GMA FUND - This fund invests primarily in Government
National Mortgage Association ("GNMA") certificates. These
securities represent ownership in pools of approved mortgage loans
which provide a yield based on the ratios of return of the GNMA
holdings that comprise the portfolio. The fair value of the fund
is dependent upon fluctuations in market conditions.
4) THE DIAL CORPORATION ("DIAL") COMMON STOCK FUND - This fund
invests in the common stock of Dial, and any dividends paid on the
stock are reinvested in the fund. The fair value of this fund is
dependent upon the fluctuations in the market value of Dial stock.
5) FINOVA GROUP INC. ("FINOVA") COMMON STOCK FUND - This fund invests
in the common stock of FINOVA. Due to this fund being closed to
additional contributions, any dividends paid on the stock are
reinvested according to the participant's contribution mix. The
fair value of this fund is dependent upon the fluctuation in the
market value of FINOVA stock.
6) VIAD CORP ("VIAD") COMMON STOCK FUND - This fund invests in the
common stock of Viad. Due to this fund being closed to additional
contributions, any dividends paid on the stock are reinvested
according to the participant's contribution mix. The fair value of
this fund is dependent upon the fluctuation in the market value of
Viad stock.
b. Contributions - Voluntary wage reductions may be elected by the
employee. These pre-tax reductions are contributed to the Plan and may
range from 1% to 12% of compensation. Company matching contributions
will be 25% of wage reductions up to a certain maximum contribution per
week. Each employee may elect an after-tax contribution of between 1%
and 10% of compensation. No Company matching contributions are made
based on after-tax contributions. All contributions are limited to the
applicable amounts as prescribed by the Internal Revenue Code. Company
matching contributions are invested by T. Rowe Price pursuant to the
investment elections of the participant.
5
<PAGE> 9
c. Payment of Benefits - Benefits are paid to participants upon
termination from the Company, disablement, retirement or death.
d. Participant Loans and Hardship Withdrawals - Effective September 1,
1995, the Plan was amended to allow participants covered by the
collective bargaining agreements at Fort Madison and Aurora to borrow
against their 401(k) account balances in an amount not to exceed the
lesser of 50% of their vested balance or $50,000. The applicable
interest rate is determined by the committee responsible for
administering the Plan and shall be equal to the prime rate in effect
at various times throughout the year. Loans shall be repaid in equal
installments over a period of up to five years, except for loans for
purchasing a home which can be repaid over a maximum of 15 years.
Withdrawals of employee wage reduction contributions, after-tax
contributions and rollover deposits may be made by the participant in
the event of a qualified financial hardship, subject to certain tax
penalties. Such withdrawals will only be considered necessary to
satisfy a financial hardship if all nontaxable loans available under
the Plan have already been obtained.
e. Vesting - All contributions to the Plan are 100% vested and
nonforfeitable at all times.
f. Participant Accounts - For each participant, various accounts are
maintained to record wage reduction contributions, Company matching
contributions, after-tax contributions, participant rollover deposits
transferred to the Plan, dividend and interest income and the net
appreciation/depreciation in the fair value of Plan investments. The
benefit to which a participant is entitled is the total benefit which
can be provided from the combined amount of these participant accounts
less participant loans.
g. Plan Administration - The Plan is administered by the Retirement
Committee comprised of at least three persons appointed by the
Company's Board of Directors. Expenses incidental to the operation of
the Plan may be paid by the Plan or directly by the Company. For the
eleven-month period ended November 30, 1998 and the year ended
December 31, 1997, Plan expenses were paid directly by the Company.
h. Plan Termination - While it is the Company's intention to continue the
Plan, the Company has the right to terminate the Plan provided
all employer contributions due at the termination date have been paid.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant accounting policies are as follows:
a. Basis of Accounting - The financial statements of the Plan are
prepared under the accrual method of accounting.
6
<PAGE> 10
b. Investment Valuation and Income Recognition - The Plan's investments
are stated at fair value. Shares of registered investment companies are
valued at quoted market prices. Common stock is valued at its quoted
market price. Purchases and sales of securities are recorded on a
trade-date basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex-dividend date.
c. Payment of Benefits - Benefits are recorded when paid.
d. Use of Estimates - 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 disclosures at the date of the
financial statements and the reported amounts of additions and
deductions during the reporting period. Actual results could differ
from those estimates.
7
<PAGE> 11
3. NET ASSETS BY FUND
The following tables present the net assets of the Plan by fund as of November
30, 1998 and December 31, 1997:
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
NOVEMBER 30, 1998
<TABLE>
<CAPTION>
T. Rowe The Dial
Price Corporation
Vanguard Stable Vanguard Common
Windsor Value GMA Stock
II Fund Fund Fund Fund
------- ---- ---- ----
<S> <C> <C> <C> <C>
ASSETS
Investments at fair value:
Shares of registered
investment companies:
Vanguard Windsor II Fund $11,960,995
T. Rowe Price Stable Value Fund $ 4,060,795
Vanguard GMA Fund $ 1,494,857
Common stock:
The Dial Corporation $3,297,548
FINOVA Group Inc.
Viad Corp
Participant notes receivable
Dividends receivable
----------- ----------- ------------ -----------
NET ASSETS AVAILABLE
FOR BENEFITS $11,960,995 $ 4,060,795 $ 1,494,857 $ 3,297,548
=========== =========== ============ ===========
<CAPTION>
FINOVA Viad
Group Inc. Corp
Common Common Participant
Stock Stock Notes
Fund Fund Receivable Total
---- ---- ---------- -----
<S> <C> <C> <C> <C>
ASSETS
Investments at fair value:
Shares of registered
investment companies:
Vanguard Windsor II Fund $11,960,995
T. Rowe Price Stable Value Fund 4,060,795
Vanguard GMA Fund 1,494,857
Common stock:
The Dial Corporation $3,297,548
FINOVA Group Inc. $156,185 156,185
Viad Corp $1,270,880 $1,270,880
Participant notes receivable $421,385 421,385
Dividends receivable 474 4,361 4,835
-------- ---------- -------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $156,659 $1,275,241 $421,385 $22,667,480
======== ========== ======== ===========
</TABLE>
8
<PAGE> 12
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1997
<TABLE>
<CAPTION>
T. Rowe The Dial
Price Corporation
Vanguard Stable Vanguard Common
Windsor Value GMA Stock
II Fund Fund Fund Fund
------- ---- ---- ----
<S> <C> <C> <C> <C>
ASSETS
Investments at fair value:
Shares of registered
investment companies:
Vanguard Windsor II Fund $10,105,300
T. Rowe Price Stable Value Fund $3,823,135
Vanguard GMA Fund $1,371,815
Common stock:
The Dial Corporation $2,059,598
FINOVA Group Inc.
Viad Corp
Participant notes receivable
Dividends receivable 7,823
Contributions receivable 19,943 7,963 4,540 9,984
----------- ---------- ---------- ----------
NET ASSETS AVAILABLE
FOR BENEFITS $10,125,243 $3,831,098 $1,376,355 $2,077,405
=========== ========== ========== ==========
<CAPTION>
FINOVA Viad
Group Inc. Corp
Common Common Participant
Stock Stock Notes
Fund Fund Receivable Total
---- ---- ---------- -----
<S> <C> <C> <C> <C>
ASSETS
Investments at fair value:
Shares of registered
investment companies:
Vanguard Windsor II Fund $10,105,300
T. Rowe Price Stable Value Fund 3,823,135
Vanguard GMA Fund 1,371,815
Common stock:
The Dial Corporation 2,059,598
FINOVA Group Inc. $160,746 160,746
Viad Corp $1,119,115 1,119,115
Participant notes receivable $381,284 381,284
Dividends receivable 455 4,740 13,018
Contributions receivable 42,430
---------- ---------- -------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 161,201 $1,123,855 $381,284 $19,076,441
========== ========== ======== ===========
</TABLE>
9
<PAGE> 13
4. FUND INFORMATION
Employer contributions, employee pre-tax contributions, employee after-tax
contributions, dividend income, interest income, net appreciation in fair value
of investments, and benefits paid to participants are as follows for the
eleven-month period ended November 30, 1998 and the year ended December 31,
1997:
<TABLE>
<CAPTION>
Employer contributions: 1998 1997
---------- ----------
<S> <C> <C>
Vanguard Windsor II Fund $ 83,783 $ 77,872
T. Rowe Price Stable Value Fund 37,933 42,938
Vanguard GMA Fund 18,744 20,085
The Dial Corporation Common Stock Fund 36,228 34,479
---------- ----------
Total $ 176,688 $ 175,374
========== ==========
Employee pre-tax contributions:
Vanguard Windsor II Fund $ 885,322 $ 836,103
T. Rowe Price Stable Value Fund 364,494 414,011
Vanguard GMA Fund 176,145 190,559
The Dial Corporation Common Stock Fund 357,612 342,703
---------- ----------
Total $1,783,573 $1,783,376
========== ==========
Employee after-tax contributions:
Vanguard Windsor II Fund $ 65,213 $ 58,068
T. Rowe Price Stable Value Fund 23,587 23,393
Vanguard GMA Fund 10,379 7,406
The Dial Corporation Common Stock Fund 22,979 13,842
---------- ----------
Total $ 122,158 $ 102,709
========== ==========
Dividend income:
Vanguard Windsor II Fund $ 73,809 $ 906,870
Vanguard GMA Fund 86,049 86,783
The Dial Corporation Common Stock Fund 27,025 28,832
FINOVA Group Inc. Common Stock Fund 1,808 1,978
Viad Corp Common Stock Fund 17,852 19,499
---------- ----------
Total $ 206,543 $1,043,962
========== ==========
Interest income:
T. Rowe Price Stable Value Fund $ 215,395 $ 215,002
Participant Notes Receivable 28,596 27,320
---------- ----------
Total $ 243,991 $ 242,322
========== ==========
</TABLE>
10
<PAGE> 14
<TABLE>
<S> <C> <C>
Net appreciation in fair value of investments:
Vanguard Windsor II Fund $1,289,655 $1,462,064
Vanguard GMA Fund 5,106 26,127
The Dial Corporation Common Stock Fund 616,904 561,755
FINOVA Group Inc. Common Stock Fund 11,470 57,575
Viad Corp Common Stock Fund 236,935 178,864
---------- ----------
Total $2,160,070 $2,286,385
========== ==========
Benefits paid to participants:
Vanguard Windsor II Fund $ 594,215 $ 309,448
T. Rowe Price Stable Value Fund 231,331 152,729
Vanguard GMA Fund 78,736 42,180
The Dial Corporation Common Stock Fund 109,880 41,198
FINOVA Group Inc. Common Stock Fund 12,373 2,227
Viad Corp Common Stock Fund 52,788 23,455
Participant Notes Receivable 22,661 3,250
---------- ----------
Total $1,101,984 $ 574,487
========== ==========
</TABLE>
5. RELATED PARTY TRANSACTIONS
Plan investments include shares of the T. Rowe Price Stable Value Fund managed
by T. Rowe Price. T. Rowe Price is the trustee as defined by the Plan and,
therefore, these transactions qualify as party-in-interest.
6. FEDERAL INCOME TAX STATUS
The Plan obtained its latest determination letter on March 12, 1996, in which
the Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue Code. The
Plan has been amended since receiving the determination letter. However, the
Plan administrator and the Plan's tax counsel believe that the Plan is currently
designed and being operated in compliance with the applicable requirements of
the Internal Revenue Code. Therefore, no provision for income taxes has been
included in the Plan's financial statements.
11
<PAGE> 15
THE DIAL CORPORATION
401(k) PLAN FOR HOURLY EMPLOYEES
SUPPLEMENTAL SCHEDULE
NOVEMBER 30, 1998
- -------------------------------------------------------------------------------
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
<TABLE>
<CAPTION>
COLUMN B COLUMN C COLUMN D COLUMN E
-------- -------- -------- --------
Description of Investment
Identity of Issuer, Including Collateral, Rate of
Borrower, Lessor or Interest, Maturity Date, Current
Similar Party Par or Maturity Value Cost Value
------------- --------------------- ---- -----
<S> <C> <C> <C>
Vanguard Windsor II Fund Mutual Fund (370,999 shares) $ 7,913,001 $11,960,995
T. Rowe Price Stable Value Fund GIC Fund (4,060,795 shares) 4,060,795 4,060,795
Vanguard GMA Fund Mutual Fund (142,775 shares) 1,462,381 1,494,857
The Dial Corporation Common Stock (125,621 shares) 1,986,569 3,297,548
FINOVA Group Inc. Common Stock (2,957 shares) 19,843 156,185
Viad Corp Common Stock (54,515 shares) 629,885 1,270,880
Participant Notes Receivable Participant loans
(Interest at 8.25% to 9.00%,
maturing from 1998 to 2012) 421,385 421,385
----------- -----------
Total assets held for investment
purposes $16,493,859 $22,662,645
=========== ===========
</TABLE>
12
<PAGE> 16
THE DIAL CORPORATION
401 (k) PLAN FOR HOURLY EMPLOYEES
SUPPLEMENTAL SCHEDULE
ELEVEN-MONTH PERIOD ENDED NOVEMBER 30, 1998
- -------------------------------------------------------------------------------
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
<TABLE>
<CAPTION>
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN G COLUMN H COLUMN I
CURRENT
IDENTITY VALUE OF NET
OF DESCRIPTION ASSET ON GAIN
PARTY OF PURCHASE SELLING COST OF TRANSACTION OR
INVOLVED ASSET PRICE PRICE ASSET DATE (LOSS)
-------- ----- ----- ----- ----- ---- ------
<S> <C> <C> <C> <C> <C> <C>
SINGLE TRANSACTIONS
None
SERIES OF TRANSACTIONS
Vanguard Windsor II Fund Mutual Fund $1,453,040 $1,453,040 $1,453,040
Vanguard Windsor II Fund Mutual Fund $ 887,000 631,089 887,000 $ 255,911
The Dial Corporation Common Stock
Fund 816,596 816,596 816,596
The Dial Corporation Common Stock
Fund 195,550 124,368 195,550 71,182
T. Rowe Price
Stable Value Fund GIC Fund 838,676 838,676 838,676
T. Rowe Price
Stable Value Fund GIC Fund 601,015 601,015 601,015
</TABLE>
NOTE: REPORTABLE TRANSACTIONS ARE THOSE TRANSACTIONS WHICH EITHER SINGULARLY
OR IN SERIES OF COMBINED PURCHASES AND SALES DURING THE YEAR EXCEED 5%
OF THE FAIR VALUE OF THE PLAN'S ASSETS AT THE BEGINNING OF THE YEAR.
13
<PAGE> 17
Index to Exhibits
Exhibit 23 - Independent Auditors' Consent
<PAGE> 1
EXHIBIT 23
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
333-10157 of The Dial Corporation on Form S-8 of our report dated June 7, 1999,
appearing in the Annual Report on Form 11-K of The Dial Corporation 401(k) Plan
for Hourly Employees for the eleven-month period ended November 30, 1998.
\s\ Deloitte & Touche LLP
- -------------------------
Deloitte & Touche LLP
Phoenix, Arizona
June 7, 1999
14
