UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended DECEMBER 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 333-67303
AMERISAVE 401(K) PLAN
(Full title of the plan)
AMERIPATH, INC.
(Name of issuer of the securities held pursuant to the plan)
JAMES C. NEW
PRESIDENT AND CHIEF EXECUTIVE OFFICER
AMERIPATH, INC.
7289 GARDEN ROAD, SUITE 200
RIVIERA BEACH, FLORIDA 33404
(Address of principal executive offices)
(Zip Code)
JOSEPH I. EMAS, ESQ.
STEEL HECTOR & DAVIS LLP
200 SOUTH BISCAYNE BOULEVARD
SUITE 4000
MIAMI, FLORIDA 33131-2398
(305) 577-7000
<PAGE>
AMERISAVE
401(K) PLAN
INDEX
- --------------------------------------------------------------------------------
Page
Financial Statements:
Report of Independent Accountants 1
Statement of Net Assets Available for Benefits,
with Fund Information 2-7
Statement of Changes in Net Assets Available for Benefits,
with Fund Information 8-11
Notes to Financial Statements 12-18
Supplemental Schedules:
Schedule I - Schedule of Assets Held for Investment Purposes 19-20
Schedule II - Schedule of Reportable Transactions 21-23
<PAGE>
Report of Independent Accountants
To the Participants and Administrator
of the AmeriSave 401(k) Plan
In our opinion, the accompanying statements of net assets available for benefits
and the related statement of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the AmeriSave 401(k) Plan at December 31, 1998 and 1997, and the changes in
net assets available for benefits for the year ended December 31, 1998, in
conformity with generally accepted accounting principles. These financial
statements are the responsibility of the Plan's management; our responsibility
is to express an opinion on these financial statements based on our audit. We
conducted our audit of these statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for the opinion expressed above.
Our audit was conducted 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 and reportable transactions 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. The Fund Information in the
statements of net assets available for benefits and 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. These supplemental
schedules and Fund Information are the responsibility of the Plan's management.
The supplemental schedules and Fund Information have been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
in our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
The schedule of reportable transactions that accompanies the Plan's financial
statements does not disclose the historical cost of certain plan assets.
Disclosure of this information is required by the Department of Labor's Rules
and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974.
/S/ PricewaterhouseCoopers LLP
June 14, 1999
<PAGE>
<TABLE>
<CAPTION>
AMERISAVE
401(K) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
- ------------------------------------------------------------------------------------------------------------------------------------
December 31, 1998
FUND INFORMATION
----------------
Charter
Large
Charter Company
Guaranteed Stock
Income Index Lifetime20 Lifetime30 Lifetime40 Lifetime50 Lifetime60
Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value
CIGNA Charter Guaranteed
Income Fund $ 10,061,032
CIGNA Charter Large
Company Stock
Index Fund $ 3,050,266
CIGNA Lifetime20 Fund $ 260,027
CIGNA Lifetime30 Fund $ 304,288
CIGNA Lifetime40 Fund $ 349,401
CIGNA Lifetime50 Fund $ 959,661
CIGNA Lifetime60 Fund $ 57,823
Cash equivalents 113
------------ ----------- ---------- ---------- ---------- ---------- ----------
Net assets available
for benefits $ 10,061,145 $ 3,050,266 $ 260,027 $ 304,288 $ 349,401 $ 959,661 $ 57,823
============ =========== ========== ========== ========== ========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
<TABLE>
<CAPTION>
AMERISAVE
401(K) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
December 31, 1998
FUND INFORMATION
----------------
Fidelity
Advisor
Growth Janus Ameripath, Participant
Oportunities PBHG Growth Worldwide Templeton Inc. Common Notes
Fund Fund Fund Foreign Fund Stock Receivable Total
<S> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value
CIGNA Charter Guaranteed
Income Fund $10,061,032
CIGNA Charter Large
Company Stock
Index Fund 3,050,266
CIGNA Lifetime20 Fund 260,027
CIGNA Lifetime30 Fund 304,288
CIGNA Lifetime40 Fund 349,401
CIGNA Lifetime50 Fund 959,661
CIGNA Lifetime60 Fund 57,823
CIGNA Fidelity Advisor
Growth Opportunities Fund $ 2,001,104 2,001,104
CIGNA PBHG Growth Fund $ 1,381,717 1,381,717
CIGNA Janus Worldwide Fund $ 1,611,387 1,611,387
CIGNA Templeton Foreign Fund $ 771,363 771,363
Ameripath, Inc. Common Stock $ 554,708 554,708
Participant notes receivable $ 500,492 500,492
Cash equivalents 113
----------- ----------- ----------- ---------- ---------- ---------- -----------
Net assets available for benefits $ 2,001,104 $ 1,381,717 $ 1,611,387 $ 771,363 $ 554,708 $ 500,492 $21,863,382
=========== =========== =========== ========== ========== ========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
<TABLE>
<CAPTION>
AMERISAVE
401(K) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
- -----------------------------------------------------------------------------------------------------------------------------------
December 31, 1997
FUND INFORMATION
----------------
Charter
Large Fidelity
Charter Company Advisor
Guaranteed Stock Growth
Income Index Lifetime20 Lifetime30 Lifetime40 Lifetime50 Lifetime60 Opportunities
Fund Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value
CIGNA Charter Guaranteed
Income Fund $605,095
CIGNA Charter
Large Company Stock
Index Fund $429,290
CIGNA Lifetime20 Fund $105,727
CIGNA Lifetime30 Fund $117,685
CIGNA Lifetime40 Fund $ 77,924
CIGNA Lifetime50 Fund $131,280
CIGNA Lifetime60 Fund $8,774
CIGNA Fidelity Advisor
Growth Opportunities Fund $573,455
-------- -------- -------- -------- -------- -------- ------ --------
Net assets available
for benefits $605,095 $429,290 $105,727 $117,685 $ 77,924 $131,280 $8,774 $573,455
======== ======== ======== ======== ======== ======== ====== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
<TABLE>
<CAPTION>
AMERISAVE
401(K) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION (CONTINUED)
- -----------------------------------------------------------------------------------------------------------------------------------
December 31, 1997
FUND INFORMATION
----------------
VKAC VKAC
PBHG Janus Templeton VKAC VKAC VKAC Emerging Corporate
Growth Worldwide Foreign Harbor Comstock Pace Growth Bond
Fund Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value
CIGNA PBHG Growth Fund $ 390,313
CIGNA Janus Worldwide Fund $ 279,954
CIGNA Templeton Foreign Fund $ 195,678
VKAC Harbor Fund $ 9,539
VKAC Comstock Fund $ 19,552
VKAC Pace Fund $ 25,498
VKAC Emerging Growth Fund $ 620,342
VKAC Corporate Bond Fund $ 9,870
----------- ----------- ----------- ------------ ----------- --------- ---------- ---------
Net assets available for benefits $ 390,313 $ 279,954 $ 195,678 $ 9,539 $ 19,552 $ 25,498 $ 620,342 $ 9,870
=========== =========== =========== ============ =========== ========= ========== =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
<TABLE>
<CAPTION>
AMERISAVE
401(K) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION (CONTINUED)
- -----------------------------------------------------------------------------------------------------------------------------------
December 31, 1997
FUND INFORMATION
----------------
VKAC
High VKAC VKAC VKAC VKAC
Income VKAC U.S. Global Global Real VKAC
Corporate Government Government Government Managed Estate VKAC U.S.
Bond Securities Trust for Securities Assets Securities Utility Government
Fund Fund Income Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value
VKAC High Income Corporate Bond Fund $ 12,841
VKAC Government Securities Fund $ 16,755
VKAC U.S. Government Trust for Income $ 6
VKAC Global Government Securities Fund $ 22,505
VKAC Global Managed Assets Fund $ 31,061
VKAC Real Estate Securities Fund $ 4,292
VKAC Utility Fund $ 1,499
VKAC U.S. Government Fund $ 1,382
----------- ----------- ---------- ------------ ----------- -------- ------- --------
Net assets available for benefits $ 12,841 $ 16,755 $ 6 $ 22,505 $ 31,061 $ 4,292 $ 1,499 $ 1,382
=========== =========== ========== ============ =========== ======== ======= ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
<TABLE>
<CAPTION>
AMERISAVE
401(K) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION (CONTINUED)
- ----------------------------------------------------------------------------------------------------------------------------------
December 31, 1997
FUND INFORMATION
----------------
VKAC
Morgan
VKAC VKAC Stanley
VKAC Growth and VKAC Equity Global Participant
Enterprise Income Reserve Income Equity Limited Notes
Fund Fund Fund Fund Fund Partnership Receivable Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value
CIGNA Charter Guaranteed Income Fund $ 605,095
CIGNA Charter Large Company Stock
Index Fund 429,290
CIGNA Lifetime20 Fund 105,727
CIGNA Lifetime30 Fund 117,685
CIGNA Lifetime40 Fund 77,924
CIGNA Lifetime50 Fund 131,280
CIGNA Lifetime60 Fund 8,774
CIGNA Fidelity Advisor Growth
Opportunities Fund 573,455
CIGNA PBHG Growth Fund 390,313
CIGNA Janus Worldwide Fund 279,954
CIGNA Templeton Foreign Fund 195,678
VKAC Harbor Fund 9,539
VKAC Comstock Fund 19,552
VKAC Pace Fund 25,498
VKAC Emerging Growth Fund 620,342
VKAC Corporate Bond Fund 9,870
VKAC High Income Corporate Bond Fund 12,841
VKAC Government Securities Fund 16,755
VKAC U.S. Government Trust for Income 6
VKAC Global Government Securities Fund 22,505
VKAC Global Managed Assets Fund 31,061
VKAC Real Estate Securities Fund 4,292
VKAC Utility Fund 1,499
VKAC U.S. Government Fund 1,382
Van Kampen Enterprise Fund $ 140,830 140,830
Van Kampen Growth and Income Fund $ 239,091 239,091
Van Kampen Reserve Fund $ 183,390 183,390
Van Kampen Equity Income Fund $ 33,915 33,915
Morgan Stanley Global Equity Fund $ 46,483 46,483
Limited Partnerships $ 68,096 68,096
Participant notes receivable $ 135,204 135,204
----------- ----------- --------- -------- -------- --------- --------- ----------
Net assets available for benefits $ 140,830 $ 239,091 $ 183,390 $ 33,915 $ 46,483 $ 68,096 $ 135,204 $4,537,326
=========== =========== ========= ======== ======== ========= ========= ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
<TABLE>
<CAPTION>
AMERISAVE
401(K) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
- ---------------------------------------------------------------------------------------------------------------------
Year Ended December 31, 1998
FUND INFORMATION
----------------
Charter
Large
Charter Company
Guaranteed Stock
Income Index Lifetime20 Lifetime30 Lifetime40
Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income
Interest $ 516,332
Net appreciation in fair
value of investments $ 416,155 $ 23,568 $ 27,298 $ 28,577
------------- ------------- ------------- -------------- -------------
516,332 416,155 23,568 27,298 28,577
------------- ------------- ------------- -------------- -------------
Contributions
Employer 40,480 74,336 13,785 19,032 21,385
Employee 634,704 579,951 87,029 139,620 154,155
------------- ------------- ------------- -------------- -------------
675,184 654,287 100,814 158,652 175,540
------------- ------------- ------------- -------------- -------------
Total additions 1,191,516 1,070,442 124,382 185,950 204,117
Deductions from net assets attributed to:
Benefit payments 486,611 53,764 7,522 2,849 4,917
Transaction charge 1,476 682 664 437 470
------------- ------------- ------------- -------------- -------------
Total deductions 488,087 54,446 8,186 3,286 5,387
Change in forfeiture reserve, net 261
------------- ------------- ------------- -------------- -------------
Net increase (decrease) prior to interfund
transfers 703,690 1,015,996 116,196 182,664 198,730
Interfund transfers, net (5,564,688) 1,604,980 38,104 3,939 72,747
------------- ------------- ------------- -------------- -------------
Transfer of assets due to plan merger 14,317,048
Net increase 9,456,050 2,620,976 154,300 186,603 271,477
Net assets available for benefits at
beginning of year 605,095 429,290 105,727 117,685 77,924
------------- ------------- ------------- -------------- -------------
Net assets available for benefits at end of year $10,061,145 $ 3,050,266 $ 260,027 $ 304,288 $ 349,401
============= ============= ============= ============== =============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Fidelity
Advisor
Growth
Lifetime50 Lifetime60 Opportunities
Fund Fund Fund
<S> <C> <C> <C>
Additions to net assets attributed to:
Investment income
Interest
Net appreciation in fair
value of investments $ 72,749 $ 5,326 $ 274,659
------------- ------------- -------------
72,749 5,326 274,659
------------- ------------- -------------
Contributions
Employer 14,234 3,952 57,376
Employee 112,698 28,075 429,646
------------- ------------- -------------
126,932 32,027 487,022
------------- ------------- -------------
Total additions 199,681 37,353 761,681
Deductions from net assets attributed to:
Benefit payments 207,065 969 85,043
Transaction charge 440 99 425
------------- ------------- -------------
Total deductions 207,505 1,068 85,468
Change in forfeiture reserve, net
------------- ------------- -------------
Net increase (decrease) prior to interfund
transfers (7,824) 36,285 676,213
Interfund transfers, net 836,205 12,764 751,436
------------- ------------- -------------
Transfer of assets due to plan merger
Net increase 828,381 49,049 1,427,649
Net assets available for benefits at
beginning of year 131,280 8,774 573,455
------------- ------------- -------------
Net assets available for benefits at end of year $ 959,661 $ 57,823 $2,001,104
============= ============ =============
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
<TABLE>
<CAPTION>
AMERISAVE
401(K) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended December 31, 1998
FUND INFORMATION
----------------
Janus Templeton Ameripath,
PBHG Growth Worldwide Foreign Inc. Common
Fund Fund Fund Stock
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income
Dividends
Net appreciation (depreciation) in fair
value of investments $ 106,306 $ 211,657 $ (9,857) $ 279,714
------------- -------------- ------------- -------------
106,306 211,657 (9,857) 279,714
------------- -------------- ------------- -------------
Contributions
Employer 33,895 58,503 12,928 372
Employee 231,255 424,364 98,019 839
------------- -------------- ------------- -------------
265,150 482,867 110,947 1,211
------------- -------------- ------------- -------------
Total additions 371,456 694,524 101,090 280,925
Deductions from net assets attributed to:
Benefit payments 43,200 17,374 49,395
Transaction charge 268 542 73 5,100
Liquidation of Van Kampen Funds
------------- -------------- ------------- -------------
Total deductions 43,468 17,916 49,468 5,100
------------- -------------- ------------- -------------
Net increase (decrease) prior to interfund
transfers 327,988 676,608 51,622 275,825
Interfund transfers, net 663,416 654,825 524,063 278,883
------------- -------------- ------------- -------------
Net increase (decrease) 991,404 1,331,433 575,685 554,708
Net assets available for benefits at
beginning of year 390,313 279,954 195,678 -
------------- -------------- ------------- -------------
Net assets available for benefits at end of year $ 1,381,717 $ 1,611,387 $ 771,363 $ 554,708
============= ============== ============= =============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
VKAC
VKAC VKAC VKAC Emerging
Harbor Comstock Pace Growth
Fund Fund Fund Fund
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income
Dividends $ 185 $ 963 $ 235
Net appreciation (depreciation) in fair
value of investments 627 1,551 $ 3,690 99,279
------------- ------------- -------------- -------------
812 2,514 3,690 99,514
------------- ------------- -------------- -------------
Contributions
Employer
Employee
------------- ------------- -------------- -------------
------------- ------------- -------------- -------------
Total additions 812 2,514 3,690 99,514
Deductions from net assets attributed to:
Benefit payments
Transaction charge 289
Liquidation of Van Kampen Funds 10,351 22,314 29,188 747,781
------------- ------------- -------------- -------------
Total deductions 10,351 22,314 29,188 748,070
------------- ------------- -------------- -------------
Net increase (decrease) prior to interfund
transfers (9,539) (19,800) (25,498) (648,556)
Interfund transfers, net 248 28,214
------------- ------------- -------------- -------------
Net increase (decrease) (9,539) (19,552) (25,498) (620,342)
Net assets available for benefits at
beginning of year 9,539 19,552 25,498 620,342
------------- ------------- -------------- -------------
Net assets available for benefits at end of year $ - $ - $ - $ -
============= ============= ============== =============
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
<TABLE>
<CAPTION>
AMERISAVE
401(K) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended December 31, 1998
FUND INFORMATION
----------------
VKAC
High VKAC
VKAC Income VKAC U.S.
Corporate Corporate Government Government
Bond Bond Securities Trust for
Fund Fund Fund Income
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income
Dividends $ 113 $ 196 $ 196
Net appreciation (depreciation) in fair
value of investments 70 395 25
------------- -------------- ------------- -------------
183 591 221
------------- -------------- ------------- -------------
Contributions
Employer
Employee
------------- -------------- ------------- -------------
------------- -------------- ------------- -------------
Total additions 183 591 221
Deductions from net assets attributed to:
Benefit payments 57 99
Liquidation of Van Kampen Funds 9,996 8,026 10,109 $ 6
------------- -------------- ------------- -------------
Total deductions 10,053 8,125 10,109 6
------------- -------------- ------------- -------------
Net (decrease) prior to interfund transfers (9,870) (7,534) (9,888) (6)
Interfund transfers, net (5,307) (6,867)
------------- -------------- ------------- -------------
Net (decrease) (9,870) (12,841) (16,755) (6)
Net assets available for benefits at
beginning of year 9,870 12,841 16,755 6
------------- -------------- ------------- -------------
Net assets available for benefits at end of year $ - $ - $ - $ -
============= ============== ============= =============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
VKAC VKAC VKAC
Global Global Real
Government Managed Estate VKAC
Securities Assets Securities Utility
Fund Fund Fund Fund
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income
Dividends $ 246 $ 465 $ 98 $ 11
Net appreciation (depreciation) in fair
value of investments (9) 2,784 (147) 130
------------- ------------- -------------- -------------
237 3,249 (49) 141
------------- ------------- -------------- -------------
Contributions
Employer
Employee
------------- ------------- -------------- -------------
------------- ------------- -------------- -------------
Total additions 237 3,249 (49) 141
Deductions from net assets attributed to:
Benefit payments 114
Liquidation of Van Kampen Funds 22,782 34,338 4,243 1,640
------------- ------------- -------------- -------------
Total deductions 22,896 34,338 4,243 1,640
------------- ------------- -------------- -------------
Net (decrease) prior to interfund transfers (22,659) (31,089) (4,292) (1,499)
Interfund transfers, net 154 28
------------- ------------- -------------- -------------
Net (decrease) (22,505) (31,061) (4,292) (1,499)
Net assets available for benefits at
beginning of year 22,505 31,061 4,292 1,499
------------- ------------- -------------- -------------
Net assets available for benefits at end of year $ - $ - $ - $ -
============= ============= ============== =============
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
<TABLE>
<CAPTION>
AMERISAVE
401(K) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended December 31, 1998
FUND INFORMATION
----------------
VKAC
VKAC Growth VKAC
U.S. VKAC and VKAC Equity
Government Enterprise Income Reserve Income
Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income
Interest
Dividends $ 15 $ 1,592 $ 853 $ 2,408 $ 525
Net appreciation in fair
value of investments 4 19,522 32,437 3,152
------------ ----------- ----------- ----------- -----------
19 21,114 33,290 2,408 3,677
------------ ----------- ----------- ----------- -----------
Contributions
Employer
Employee
------------ ----------- ----------- ----------- -----------
Transfer from affiliated plan
------------ ----------- ----------- ----------- -----------
Total additions 19 21,114 33,290 2,408 3,677
Deductions from net assets attributed to:
Benefit payments 8 778
Transaction charge 3
Participant notes receivable terminated
due to withdrawal of participant
Liquidation of Van Kampen Funds 1,429 162,332 280,097 221,980 37,760
------------ ----------- ----------- ----------- -----------
Total deductions 1,437 162,332 280,100 222,758 37,760
Change in forfeiture reserve, net
------------ ----------- ----------- ----------- -----------
Net (decrease) increase prior to interfund
transfers (1,418) (141,218) (246,810) (220,350) (34,083)
Interfund transfers, net 36 388 7,719 36,960 168
------------ ----------- ----------- ----------- -----------
Transfer of assets due to plan merger
Net (decrease) increase (1,382) (140,830) (239,091) (183,390) (33,915)
Net assets available for benefits at
beginning of year 1,382 140,830 239,091 183,390 33,915
------------ ----------- ----------- ----------- -----------
Net assets available for benefits at end of year $ - $ - $ - $ - $ -
============ =========== =========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
VKAC
Morgan
Stanley
Global Participant
Equity Limited Notes
Fund Partnership Receivable Total
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income
Interest $ 29,310 $ 545,642
Dividends 8,101
Net appreciation in fair
value of investments $ 6,536 $ (7,217) 1,598,980
------------ ------------ ------------ ------------
6,536 (7,217) 29,310 2,152,723
------------ ------------ ------------ ------------
Contributions
Employer 350,278
Employee 2,920,355
------------ ------------ ------------ ------------
3,270,633
Transfer from affiliated plan 252,600 252,600
------------ ------------ ------------ ------------
Total additions 6,536 (7,217) 281,910 5,675,956
Deductions from net assets attributed to:
Benefit payments 959,765
Transaction charge 10,968
Participant notes receivable terminated
due to withdrawal of participant 3,516 3,516
Liquidation of Van Kampen Funds 51,518 37,070 1,692,960
------------ ------------ ------------ ------------
Total deductions 51,518 40,586 2,667,209
Change in forfeiture reserve, net 261
------------ ------------ ------------ ------------
Net (decrease) increase prior to interfund
transfers (44,982) (7,217) 241,324 3,009,008
Interfund transfers, net (1,501) (60,879) 123,964 -
------------ ------------ ------------ ------------
Transfer of assets due to plan merger 14,317,048
Net (decrease) increase (46,483) (68,096) 365,288 17,326,056
Net assets available for benefits at
beginning of year 46,483 68,096 135,204 4,537,326
------------ ------------ ------------ ------------
Net assets available for benefits at end
of year $ - $ - $ 500,492 $21,863,382
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
AMERISAVE
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. DESCRIPTION OF PLAN
The following description of the AmeriSave 401(k) Plan (the "Plan")
provides only general information. Participants should refer to the Plan
agreement for a more complete description of the Plan's provisions.
GENERAL
The Plan is a defined contribution plan established effective January 1,
1994 and most recently amended August 1, 1998. Employees of Ameripath,
Inc. and its affiliates (collectively, the "Company") become eligible to
participate on the first day of the next calendar quarter following the
completion of six months of service. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
("ERISA").
CONTRIBUTIONS
Participants may contribute an amount equal to not less than 1 percent
nor more than 15 percent of their compensation for the contribution
period. The Company will make a matching contribution in an amount equal
to $.25 for each $1.00 contributed by an employee, up to a maximum of
$1,000. The Company may also make an additional discretionary matching
contribution not to exceed 6 percent of the participants compensation.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's
contribution and allocation of the Company's contribution and Plan
earnings. Earnings are allocated by fund based on the ratio of a
participant's account invested in a particular fund to all participants'
investments in that fund. The benefit to which a participant is entitled
is the benefit that can be provided from the participant's account.
VESTING
Participants are immediately vested in their voluntary contributions plus
actual earnings thereon. The balance of vesting in the participants'
accounts is based on years of service. A participant becomes 20 percent
vested after one year of service, 40 percent vested after two years of
service, 60 percent vested after three years of service, 80 percent
vested after four years of service and 100 percent vested after five
years of service. However, if an active participant dies prior to
attaining the normal retirement age, the participant's account becomes
100 percent vested.
12
<PAGE>
AMERISAVE
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
INVESTMENT OPTIONS
Upon enrollment in the Plan, a participant may currently direct
contributions among any of the following investment options:
* Charter Guaranteed Income Fund - Funds are invested in the CIGNA
Charter Guaranteed Income Fund, which provides a guaranteed rate of
return reset semiannually.
* Charter Large Company Stock Index Fund - Funds are invested in the
CIGNA Charter Large Company Stock Index Fund, which is a separate
account which provides an investment portfolio designed to reflect
the composition of the Standard & Poor's 500 Composite Stock Price
Index.
* Lifetime20 Fund - Funds are invested in five actively managed
separate accounts including the CIGNA Fidelity Advisor Growth
Opportunities Fund, CIGNA Warburg Pincus Advisor Emerging Growth
Fund, CIGNA Warburg Pincus Advisor International Equity Fund, CIGNA
Charter Actively Managed (Core) Fixed Income Fund, and the CIGNA
Charter High Yield Bond Fund.
* Lifetime30 Fund - Funds are invested in six actively managed separate
accounts including the CIGNA Fidelity Advisor Growth Opportunities
Fund, CIGNA Charter Growth & Income Fund, CIGNA Warburg Pincus
Advisor Emerging Growth Fund, CIGNA Warburg Pincus Advisor
International Equity Fund, CIGNA Charter Actively Managed (Core)
Fixed Income Fund, and the CIGNA Charter High Yield Bond Fund.
* Lifetime40 Fund - Funds are invested in seven actively managed
separate accounts including the CIGNA Fidelity Advisor Growth
Opportunities Fund, CIGNA Vanguard Growth & Income Fund, CIGNA
Charter Growth & Income Fund, CIGNA Warburg Pincus Advisor Emerging
Growth Fund, CIGNA Warburg Pincus Advisor International Equity Fund,
CIGNA Charter Actively Managed (Core) Fixed Income Fund, and the
CIGNA Charter High Yield Bond Fund.
* Lifetime50 Fund - Funds are invested in seven actively managed
separate accounts including the CIGNA Fidelity Advisor Growth
Opportunities Fund, CIGNA Charter Growth & Income Fund, CIGNA
Vanguard Growth & Income Fund, CIGNA Warburg Pincus Advisor Emerging
Growth Fund, CIGNA Warburg Pincus Advisor International Equity Fund,
CIGNA Charter Actively Managed (Core) Fixed Income Fund, and the
CIGNA Charter High Yield Bond Fund.
* Lifetime60 Fund - Funds are invested in five actively managed
separate accounts including the CIGNA Charter Growth & Income Fund,
CIGNA Vanguard Growth & Income Fund, CIGNA Warburg Pincus Advisor
International Equity Fund, CIGNA Charter Short-Term Fixed Income
Fund, and the CIGNA Charter Actively Managed (Core) Fixed Income
Fund.
13
<PAGE>
AMERISAVE
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
* Fidelity Advisor Growth Opportunities Fund - Funds are invested
solely in units of the CIGNA Fidelity Advisor Growth Opportunities
Fund, which in turn invests solely in shares of the Fidelity Advisor
Growth Opportunities Fund.
* PBHG Growth Fund - Funds are invested solely in units of the CIGNA
PBHG Growth Fund, which in turn invests solely in shares of the PBHG
Growth Fund.
* Janus Worldwide Fund - Funds are invested solely in units of the
CIGNA Janus Worldwide Fund, which in turn invests solely in shares of
the Janus Worldwide Fund.
* Templeton Foreign Fund - Funds are invested solely in units of the
CIGNA Templeton Foreign Fund, which in turn invests solely in shares
of the Templeton Foreign Fund.
* Ameripath, Inc. Common Stock - Funds are invested in shares of
Ameripath, Inc. common stock.
Participants may change their investment options at any time.
PAYMENT OF BENEFITS
On termination of service, a participant may elect to receive either a
lump-sum amount equal to the value of his or her account, a distribution
in the form of an annuity, or a combination of both. Distributions are
subject to the applicable provisions of the Plan agreement.
PARTICIPANT NOTES RECEIVABLE
Participants may borrow up to the lesser of $50,000 or 50 percent of the
vested portion of their account balance, subject to certain restrictions,
in accordance with interest rates and collateral requirements established
by the Company.
2. SUMMARY OF ACCOUNTING POLICIES
METHOD OF ACCOUNTING
The Plan's financial statements are prepared on the accrual basis of
accounting, and reflect management's estimates and assumptions, such as
those regarding fair value, that affect the recorded amounts. Significant
estimates used are discussed throughout the notes to financial
statements.
14
<PAGE>
AMERISAVE
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
INVESTMENTS
Investments in pooled separate accounts (CIGNA Charter Large Company
Stock Index Fund, CIGNA Lifetime20 Fund, CIGNA Lifetime30 Fund, CIGNA
Lifetime40 Fund, CIGNA Lifetime50 Fund, CIGNA Lifetime60 Fund, CIGNA
Fidelity Advisor Growth Opportunities Fund, CIGNA PBHG Growth Fund, CIGNA
Janus Worldwide Fund and CIGNA Templeton Foreign Fund) are recorded at
fair value, as determined by the unit value as reported by the
Connecticut General Life Insurance Company ("CG Life"). The investment in
the CIGNA Charter Guaranteed Income Fund is non-fully benefit responsive
and is recorded at fair value. Participant notes receivable are valued at
cost which approximates fair value. The Ameripath Inc. common stock is
valued at its quoted market price.
Effective March 25, 1997, the following Van Kampen American Capital
("VKAC") mutual funds were deleted as investment options: VKAC Harbor
Fund, VKAC Comstock Fund, VKAC Pace Fund, VKAC Emerging Growth Fund, VKAC
Corporate Bond Fund, VKAC High Income Corporate Bond Fund, VKAC
Government Securities Fund, VKAC U.S. Government Trust for Income, VKAC
Global Government Securities Fund, VKAC Global Managed Assets Fund, VKAC
Real Estate Securities Fund, VKAC Utility Fund, VKAC U.S. Government
Fund, VKAC Enterprise Fund, VKAC Growth and Income Fund, VKAC Reserve
Fund, VKAC Equity Income Fund and VKAC Morgan Stanley Global Equity Fund.
Effective April 1, 1998, the assets held in trust at VKAC were
transferred to CG Life and participants were eligible to allocate their
account balances into the CIGNA investment options.
CONTRIBUTIONS
Employee contributions are recorded in the period during which the
Company makes payroll deductions from the participants' earnings.
Matching Company contributions are recorded in the same period.
15
<PAGE>
AMERISAVE
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
BENEFITS
Benefit claims are recorded as expenses when they have been approved for
payment and paid by the Plan.
3. DEPOSIT WITH INSURANCE COMPANY
The Plan participates in contracts with CG Life via an investment in the
CIGNA Charter Guaranteed Income Fund. CG Life commingles the assets of
the CIGNA Charter Guaranteed Income Fund with other assets. For the
Plan's investment in the CIGNA Charter Guaranteed Income Fund, the Plan
is credited with interest at the rate specified in the contract which
ranged from 5.80% to 5.70% for the year ended December 31, 1998, net of
asset charges. CG Life prospectively guaranteed the interest rates
credited for the CIGNA Charter Guaranteed Income Fund for six months. As
discussed in Note 2, the CIGNA Charter Guaranteed Income Fund is included
in the financial statements at fair value which, principally because of
the periodic rate reset process, approximates contract value.
4. INVESTMENTS
Investments that represent 5 percent or more of the Plan's net assets are
separately identified below.
December 31,
1998
CIGNA Charter Guaranteed Income Fund $10,061,032
interest rates, 5.70%
CIGNA Charter Large Company Stock Index Fund 3,050,266
units, 46,747
CIGNA Fidelity Advisor Growth Opportunities Fund 2,001,104
units, 25,708
CIGNA PBHG Growth Fund 1,381,717
units, 54,100
CIGNA Janus Worldwide Fund 1,611,387
units, 29,599
16
<PAGE>
AMERISAVE
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
5. PARTICIPANT NOTES RECEIVABLE
Under the terms of the Plan, participants may borrow from their accounts
up to the lesser of $50,000 or 50% of their vested account balance. Loan
transactions are treated as a transfer to/from the investment fund
from/to Participant Notes Receivable. A loan is secured by the balance in
the participant's account and bears interest at a rate commensurate with
market rates for similar loans, as defined (7.00% to 10.00% for the year
ended December 31, 1998).
6. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA. In the event of
Plan termination, participants will become 100 percent vested in their
accounts.
7. INCOME TAXES
The Company has adopted a CG Life prototype plan which has been
determined by the Internal Revenue Service to be in accordance with
applicable sections of the Internal Revenue Code ("IRC"). The Plan has
not yet filed for an individual determination letter. However, the Plan's
administrator and Plan counsel believe that the Plan is designed and is
currently being operated, in all material respects, in compliance with
applicable requirements of the IRC. Therefore, no provision for income
taxes has been included in the Plan's financial statements.
8. RECONCILIATION OF PLAN FINANCIAL STATEMENTS TO THE FORM 5500
Certain balances included on lines 31 and 32 of the Annual Return/Report
of Employee Benefit Plan (the "Form 5500") have been reclassified for
purposes of presentation in these financial statements to provide
additional disclosure.
9. PLAN MERGERS
Effective April 1, 1998, the assets held in a trust at VKAC for the
American Laboratories 401(k) and Profit Sharing Plan were transferred to
CG Life and participants were eligible to allocate their account balances
into CIGNA investment options.
Effective May 4, 1998, the Derrick & Associates Pathology, P.A. Cash or
Deferred Profit Sharing Plan and Trust merged with the Plan and
participants became eligible to participate in the Plan subject to the
provisions of the Plan agreement.
17
<PAGE>
AMERISAVE
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
10. FORFEITURES
The net change in forfeiture reserve represents the net change in the
available forfeiture reserve balance from the prior year plus the current
year forfeitures generated. Forfeitures result from nonvested benefit
payments remaining in the Plan for all terminated employees. Upon
reaching the break-in-service requirement, as defined in the Plan
agreement, forfeitures generated are added to the forfeiture reserve
balance. The forfeiture reserve of $7,216 at December 31, 1998 is
included in the CIGNA Charter Guaranteed Income Fund and is available to
offset contributions, which would be otherwise payable by the Company, in
accordance with the Plan agreement.
18
<PAGE>
<TABLE>
<CAPTION>
AMERISAVE SUPPLEMENTAL SCHEDULE
401(K) PLAN SCHEDULE I
LINE 27A FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
(c)
(b) Description of investment including (e)
Identity of Issue, borrower, maturity date, rate of interest, (d) Current
(a) lessor, or similar party collateral, par or maturity value Cost value
<S> <C> <C> <C> <C>
Connecticut General Life CIGNA Charter Guaranteed Income Fund
* Insurance Company 5.70% $10,061,032 $10,061,032
Connecticut General Life CIGNA Charter Large Company Stock
* Insurance Company Index Fund
$65.25/unit 2,661,869 3,050,266
Connecticut General Life CIGNA Lifetime20 Fund
* Insurance Company $19.37/unit 236,345 260,027
Connecticut General Life CIGNA Lifetime30 Fund
* Insurance Company $19.25/unit 275,787 304,288
Connecticut General Life CIGNA Lifetime40 Fund
* Insurance Company $18.67/unit 318,991 349,401
Connecticut General Life CIGNA Lifetime50 Fund
* Insurance Company $18.22/unit 892,444 959,661
Connecticut General Life CIGNA Lifetime60 Fund
* Insurance Company $16.66/unit 54,219 57,823
Connecticut General Life CIGNA Fidelity Advisor Growth
* Insurance Company Opportunities Fund
$77.84/unit 1,710,699 2,001,104
Connecticut General Life CIGNA PBHG Growth Fund
* Insurance Company $25.54/unit 1,231,523 1,381,717
</TABLE>
* Indicates an identified person known to be a party-in-interest to the Plan.
19
<PAGE>
<TABLE>
<CAPTION>
AMERISAVE SUPPLEMENTAL SCHEDULE
401(K) PLAN SCHEDULE I
LINE 27A FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1998 (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
(c)
(b) Description of investment including (e)
Identity of Issue, borrower, maturity date, rate of interest, (d) Current
(a) lessor, or similar party collateral, par or maturity value Cost value
<S> <C> <C> <C> <C>
Connecticut General Life CIGNA Janus Worldwide Fund
* Insurance Company $54.44/unit $ 1,419,355 $ 1,611,387
Connecticut General Life CIGNA Templeton Foreign Fund
* Insurance Company $10.99/unit 781,731 771,363
National Financial Ameripath, Inc. Common Stock
* Services Corporation $8.94/share 327,065 554,708
Connecticut General Life Cash Equivalents (CIGNA Charter
* Insurance Company Guaranteed Short-Term Account) 113 113
* Participant Notes Receivable 7.00% - 10.00% 500,492 500,492
</TABLE>
* Indicates an identified person known to be a party-in-interest to the Plan.
20
<PAGE>
<TABLE>
<CAPTION>
AMERISAVE SUPPLEMENTAL SCHEDULE
401(K) PLAN SCHEDULE II
LINE 27D FORM 5500 - SCHEDULE OF REPORTABLE TRANSACTION
YEAR ENDED DECEMBER 31, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
(b)
Description of
asset (h)
(include interest (f) Current
rate Expense value
(a) and maturity in (c) (d) (e) incurred (g) of asset on (i)
Identity of party case Purchase Selling Lease with Cost of transaction Net gain
involved of a loan) price price rental transaction asset date or (loss)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Connecticut General Purchases into
Life Insurance CIGNA Charter
Company Guaranteed
Income Fund $16,750,940 N/A N/A N/A $ 16,750,940 $16,750,940 -
Connecticut General Sales from CIGNA
Life Insurance Charter Guaranteed
Company Income Fund N/A $7,809,944 N/A N/A 7,809,944 7,809,944 -
Connecticut General Purchases into
Life Insurance CIGNA Charter
Company Large Company
Stock Index Fund 3,146,594 N/A N/A N/A 3,146,594 3,146,594 -
Connecticut General Sales from CIGNA
Life Insurance Charter Large
Company Company Stock
Index Fund N/A 941,773 N/A N/A 890,819 941,773 $50,954
Connecticut General Purchases into
Life Insurance CIGNA Lifetime20
Company Fund 195,685 N/A N/A N/A 195,685 195,685 -
Connecticut General Sales from CIGNA
Life Insurance Lifetime20 Fund N/A 64,953 N/A N/A 63,201 64,953 1,752
Company
Connecticut General Purchases into
Life Insurance CIGNA Lifetime40
Company Fund 257,264 N/A N/A N/A 257,264 257,264 -
Connecticut General Sales from CIGNA
Life Insurance Lifetime40 Fund N/A 14,364 N/A N/A 14,553 14,364 (189)
Company
Connecticut General Purchases into
Life Insurance CIGNA Lifetime50
Company Fund 983,193 N/A N/A N/A 983,193 983,193 -
Connecticut General Sales from CIGNA
Life Insurance Lifetime50 Fund N/A 227,561 N/A N/A 219,006 227,561 8,555
Company
</TABLE>
21
<PAGE>
<TABLE>
<CAPTION>
AMERISAVE SUPPLEMENTAL SCHEDULE
401(K) PLAN SCHEDULE II
LINE 27D FORM 5500 - SCHEDULE OF REPORTABLE TRANSACTION
YEAR ENDED DECEMBER 31, 1998 (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
(b) (h)
Description of asset (f) Current
(include interest Expense value
(a) rate (c) (d) (e) incurred (g) of asset on (i)
Identity of party and maturity in case Purchase Selling Lease with Cost of transaction Net gain
involved of a loan) price price rental transaction asset date or (loss)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Connecticut General Purchases into
Life Insurance CIGNA Fidelity
Company Advisor Growth
Opportunities Fund $ 1,467,644 N/A N/A N/A $ 1,467,644 $ 1,467,644 -
Connecticut General Sales from CIGNA
Life Insurance Fidelity Advisor
Company Growth
Opportunities Fund N/A $ 314,654 N/A N/A 294,300 314,654 $ 20,354
Connecticut General Purchases into
Life Insurance CIGNA PBHG Growth
Company Fund 1,505,291 N/A N/A N/A 1,505,291 1,505,291 -
Connecticut General Sales from CIGNA
Life Insurance PBHG Growth
Company Fund N/A 620,193 N/A N/A 673,271 620,193 (53,078)
Connecticut General Purchases into
Life Insurance CIGNA Janus
Company Worldwide
Fund 1,523,075 N/A N/A N/A 1,523,075 1,523,075 -
Connecticut General Sales from CIGNA
Life Insurance Janus Worldwide
Company Fund N/A 403,299 N/A N/A 385,568 403,299 17,731
Connecticut General Purchases into
Life Insurance CIGNA Templeton
Company Foreign
Fund 703,460 N/A N/A N/A 703,460 703,460 -
Connecticut General Sales from CIGNA
Life Insurance Templeton Foreign
Company Fund N/A 117,918 N/A N/A 120,730 117,918 2,812
National Financial Purchases into
Services Corporation Ameripath, Inc.
Common Stock 387,468 N/A N/A N/A 387,468 387,468 -
National Financial Sales from
Services Corporation Ameripath, Inc.
Common Stock N/A 112,474 N/A N/A 59,948 112,474 52,526
</TABLE>
22
<PAGE>
<TABLE>
<CAPTION>
AMERISAVE SUPPLEMENTAL SCHEDULE
401(K) PLAN SCHEDULE II
LINE 27D FORM 5500 - SCHEDULE OF REPORTABLE TRANSACTION
YEAR ENDED DECEMBER 31, 1998 (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
(b)
Description of
asset (h)
(include interest (f) Current
rate Expense value
(a) and maturity in (c) (d) (e) incurred (g) of asset on (i)
Identity of party case Purchase Selling Lease with Cost of transaction Net gain
involved of a loan) price price rental transaction asset date or (loss)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Van Kampen Purchases into
American Capital VKAC Emerging
Trust Company Growth Fund $ 31,420 N/A N/A N/A * $ 31,420 *
Van Kampen Sales from
American Capital VKAC Emerging
Trust Company Growth Fund N/A $ 751,276 N/A N/A * 751,276 *
Van Kampen Purchases into
American Capital Van Kampen Growth
Trust Company and Income Fund 11,012 N/A N/A N/A * 11,012 *
Van Kampen Sales from
American Capital Van Kampen Growth
Trust Company and Income Fund N/A 283,393 N/A N/A * 283,393 *
Van Kampen Purchases into
American Capital Van Kampen
Trust Company Reserve Fund 36,960 N/A N/A N/A * 36,960 *
Van Kampen Sales from
American Capital Van Kampen
Trust Company Reserve Fund N/A 222,758 N/A N/A * 222,758 *
</TABLE>
23
* Cost information in not presently available from the insurance company.
<PAGE>
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934,
the Employee Benefits Plan Administrative Committee has duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.
DATE: June 29, 1999 AMERISAVE 401(K) PLAN
---------------------
(Name of Plan)
By: /S/ ROBERT P. WYNN
--------------------------
Robert P. Wynn
Executive Vice President
and Chief Financial Officer
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
- ------- -----------
23 Independent Accountants Consent
EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-67303) of AMERIPATH, Inc. of our report dated June
14, 1999 relating to the financial statements of the AmeriSave 401(k) Plan,
which appears in this Form 11-K.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Hartford, Connecticut
June 25, 1999
