<PAGE>
As filed with the Securities and Exchange Commission on ____________, 1999
Registration No. 333-___________________
----------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR
PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
(X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the plan year ended December 31, 1998
or
( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from _________ to ________
Commission File Number:
Full title of the plan and the address of the plan, if different from that of
the issuer named below:
Wesley Jessen Puerto Rico Savings Plan
333 East Howard Avenue
Des Plaines, Illinois 60018-5903
Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
Wesley Jessen VisionCare, Inc.
333 East Howard Avenue
Des Plaines, Illinois 60018-5903
----------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Wesley
Jessen (Puerto Rico), Inc. as Plan Administrator with respect to the Wesley
Jessen (Puerto Rico) Savings Plan, has duly caused this Annual Report to be
signed on its behalf by the undersigned hereunto duly authorized.
WESLEY JESSEN (PUERTO RICO), INC.
/s/ Michael R. Southard
Date: June 30, 1999 By:__________________________________________
Michael R. Southard, Vice President, Human
Resources
<PAGE>
WESLEY JESSEN PUERTO RICO
SAVINGS PLAN
Financial Statements and Additional Information
December 31, 1998 and 1997
<PAGE>
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
Table of Contents to Financial Statements and Additional Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Page
<S> <C>
Financial Statements:
- ---------------------
Report of Independent Accountants........................... 1
Statements of Assets Available for Benefits
with Fund Information...................................... 2-3
Statements of Changes in Assets Available for
Benefits with Fund Information............................. 4-5
Notes to Financial Statements............................... 6-10
Additional Information:*
- ------------------------
Schedule I - Schedule of Assets Held for Investment Purposes.. 11
Schedule II - Schedule of Reportable Transactions............. 12
</TABLE>
* Other schedules required by Section 2520.103-10 of the Department of Labor
Rules and Regulations for Reporting and Disclosure under ERISA have been
omitted because they are not applicable.
<PAGE>
Report of Independent Accountants
June 25, 1999
To the Participants and Administrator of
Wesley Jessen Puerto Rico Savings Plan
In our opinion, the accompanying statements of assets available for benefits and
the related statements of changes in assets available for benefits present
fairly, in all material respects, the assets available for benefits of the
Wesley Jessen Puerto Rico Savings Plan (the "Plan") at December 31, 1998 and
1997, and the changes in assets available for benefits for the years then ended,
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 audits. We
conducted our audits 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
audits provide a reasonable basis for the opinion expressed above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
Schedules I and II is presented for purposes of additional analysis and is not a
required part of the basic financial statements but is additional information
required by ERISA. The Fund Information in the statements of assets available
for benefits and the statements of change in assets available for benefits is
presented for purposes of additional analysis rather than to present the assets
available for plan benefits and changes in assets available for benefits of each
fund. Schedules I and II and the 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.
1
<PAGE>
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
Statement of Assets Available for Benefits, with Fund Information
December 31, 1998
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
FUND INFORMATION
-----------------------------------------------
Vanguard Vanguard Vanguard Vanguard
Vanguard Vanguard Vanguard Short-term Index 500 Treasury International
Wellington Windsor Explorer Corporate Portfolio Money Market Growth
Fund Fund Fund Bond Fund Fund Portfolio Fund Portfolio Fund
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value:
Shares of registered
investments companies $ 131,221 $ 392,329 $ 34,282 $ 234,168 $ 1,076,748 $ 476,445 $ 35,557
Shares of Wesley-Jessen
VisionCare, Inc.'s common
stock
Participant loans other
than mortgages
---------- --------- ---------- --------- ----------- --------- --------
131,221 392,329 34,282 234,168 1,076,748 476,445 35,557
---------- --------- ---------- --------- ----------- --------- --------
Receivables:
Participants' contributions 348 582 101 435 1,181 1,212 77
Employer's contributions 39,563 47,149 19,957 14,308 123,275 80,428 10,116
---------- --------- -------- --------- ----------- --------- --------
39,911 47,731 20,058 14,743 124,456 81,640 10,193
---------- --------- -------- --------- ----------- --------- --------
Assets available
for benefits $ 171,132 $ 440,060 $ 54,340 $ 248,911 $ 1,201,204 $ 558,085 $ 45,750
========== ========= ======== ========= =========== ========= ========
<CAPTION>
-------------------------------------------------------------------------------------------
---------------------------------------------------------
Vanguard
Vanguard Total Bond Wesley-Jessen Participant
PRIMECAP Market Index Stock Loans Plan
Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value:
Shares of registered
investments companies $ 31,188 $13,258 $ 2,425,196
Shares of Wesley-Jessen
VisionCare, Inc.'s common
stock $ 83,696 83,696
Participant loans other
than mortgages 308,705 308,705
---------- -------- --------- --------- -----------
31,188 13,258 83,696 308,705 2,817,597
---------- -------- --------- --------- -----------
Receivables:
Participants' contributions 103 49 269 4,357
Employer's contributions 25,909 3,934 84,406 449,045
---------- -------- --------- --------- -----------
26,012 3,983 84,675 453,402
---------- -------- --------- --------- -----------
Assets available
for benefits $ 57,200 $ 17,241 $ 168,371 $ 308,705 $ 3,270,999
========== ======== ========= ========= ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
Statement of Assets Available for Benefits, with Fund Information
December 31, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
FUND INFORMATION
---------------------------------------------------------------------------------------------
Vanguard Vanguard Vanguard Vanguard
Vanguard Vanguard Vanguard Short-term Index 500 Treasury International
Wellington Windsor Explorer Corporate Portfolio Money Market Growth
Fund Fund Fund Bond Fund Fund Portfolio Fund Portfolio Fund
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value:
Shares of registered
investments companies $ 47,156 $338,728 $17,426 $158,438 $711,739 $329,035 $ 8,759
Shares of Wesley-Jessen
VisionCare, Inc.'s common
stock
Participant loans other
than mortgages
--------- -------- ------- -------- -------- -------- -------
47,156 338,728 17,426 158,438 711,739 329,035 8,759
--------- -------- ------- -------- -------- -------- -------
Receivables:
Participants' contributions 2,393 8,540 653 4,541 11,473 8,411 969
Employer's contributions 34,447 45,139 14,274 10,647 106,967 56,571 9,485
Other 170 2,887 103 1,366 4,089 2,810 107
--------- -------- ------- -------- -------- -------- -------
37,010 56,566 15,030 16,554 122,529 67,792 10,561
--------- -------- ------- -------- -------- -------- -------
Assets available
for benefits $ 84,166 $395,294 $32,456 $174,992 $834,268 $396,827 $19,320
========= ======== ======= ======== ======== ======== =======
<CAPTION>
- ----------------------------------------------------------------------------------
- --------------------------------------------------------------------
Wesley-
Jessen Participant
Stock Loans Plan
Fund Fund Total
<S> <C> <C> <C>
Assets:
Investments, at fair value:
Shares of registered
investments companies $1,611,281
Shares of Wesley-Jessen
VisionCare, Inc.'s common
stock $ 6,967 6,967
Participant loans other
than mortgages $ 166,929 166,929
------- --------- ----------
6,967 166,929 1,785,177
------- --------- ----------
Receivables:
Participants' contributions 947 37,927
Employer's contributions 63,708 341,238
Other 85 11,617
------- --------- ----------
64,740 390,782
------- --------- ----------
Assets available
for benefits $71,707 $ 166,929 $2,175,959
======= ========= ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
Statement of Changes in Assets Available for Benefits, with Fund Information
Year Ended December 31, 1998
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
FUND INFORMATION
------------------------------------------------------------------------------------
Vanguard Vanguard Vanguard
Vanguard Vanguard Vanguard Short-term Index 500 Treasury
Wellington Windsor Explorer Corporate Portfolio Money Market
Fund Fund Fund Bond Fund Fund Portfolio Fund
<S> <C> <C> <C> <C> <C> <C>
Additions to assets attributed to:
Investment income:
Interest and dividends $ 13,733 $ 34,203 $ 287 $ 10,423 $ 16,088 $ 18,913
Net appreciation (depreciation)
in fair value of investments (4,429) (34,877) (11) 382 207,275
--------- --------- ------- ---------- ---------- ----------
9,304 (674) 276 10,805 223,363 18,913
--------- --------- ------- ---------- ---------- ----------
Contributions:
Participants 30,753 60,999 7,386 32,402 106,315 69,595
Employer 50,359 72,030 22,936 27,695 164,333 109,089
--------- --------- ------- ---------- ---------- ----------
81,112 133,029 30,322 60,097 270,648 178,684
--------- --------- ------- ---------- ---------- ----------
Total additions 90,416 132,355 30,598 70,902 494,011 197,597
Deductions from assets attributable to:
Participants benefits (1,400) (20,574) (499) (14,091) (59,829) (20,094)
--------- --------- ------- ---------- ---------- ----------
Net increase prior to transfers 89,016 111,781 30,099 56,811 434,182 177,503
Net interfund transfers (2,050) (67,015) (8,215) 17,108 (67,246) (16,245)
--------- --------- ------- ---------- ---------- ----------
Net increase 86,966 44,766 21,884 73,919 366,936 161,258
Assets available for benefits
at beginning of year 84,166 395,294 32,456 174,992 834,268 396,827
--------- --------- ------- ---------- ---------- ----------
Assets available for benefits
at end of year $ 171,132 $ 440,060 $54,340 $ 248,911 $1,201,204 $ 558,085
========= ========= ======= ========== ========== ==========
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
Vanguard Vanguard Wesley-
International Vanguard Total Bond Jessen Participant
Growth PRIMECAP Market Index Stock Loans Plan
Portfolio Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C>
Additions to assets attributed to:
Investment income:
Interest and dividends $ 672 $ 1,085 $ 201 $ 18,282 $ 113,88
Net appreciation (depreciation)
in fair value of investments 1,861 2,699 (7) (10,654) 162,239
------------ --------- ---------- -------- -------- -----------
2,533 3,784 194 (10,654) 18,282 276,126
------------ --------- ---------- -------- -------- -----------
Contributions:
Participants 8,395 7,627 1,207 19,006 343,685
Employer 13,664 47,121 6,555 92,044 605,826
------------ --------- ---------- -------- -------- -----------
22,059 54,748 7,762 111,050 949,511
------------ --------- ---------- -------- -------- -----------
Total additions 24,592 58,532 7,956 100,396 18,282 1,225,637
Deductions from assets attributable to:
Participants benefits (150) (264) (65) (2,505) (11,126 (130,597)
------------ --------- ---------- -------- -------- -----------
Net increase prior to transfers 24,442 58,268 7,891 97,891 7,156 1,095,040
Net interfund transfers 1,988 (1,068) 9,350 (1,227) 134,620
------------ --------- ---------- -------- -------- -----------
Net increase 26,430 57,200 17,241 96,664 141,776 1,095,040
Assets available for benefits
at beginning of year 19,320 71,707 166,929 2,175,959
------------ --------- ---------- -------- -------- -----------
Assets available for benefits
at end of year $ 45,750 $ 57,200 $ 17,241 $ 168,371 $308,705 $ 3,270,999
============ ========= ========== ======== ======== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
Statement of Changes in Assets Available for Benefits, with Fund Information
Year Ended December 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FUND INFORMATION
--------------------------------------------------------------------------------------------
Vanguard Vanguard Vanguard
Vanguard Vanguard Vanguard Short-term Index 500 Treasury
Wellington Windsor Explorer Corporate Portfolio Money Market
Fund Fund Fund Bond Fund Fund Portfolio Fund
<S> <C> <C> <C> <C> <C> <C>
Additions to assets attributed to:
Investment income:
Interest and dividends $ 3,884 $ 53,397 $ 1,723 $ 8,558 $ 14,542 $ 15,705
Net appreciation (depreciation)
in fair value of investments 4,755 (1,810) (435) 850 150,416
---------- ---------- ---------- ---------- ----------- ----------
8,639 51,587 1,288 9,408 164,958 15,705
---------- ---------- ---------- ---------- ----------- ----------
Contributions:
Participants 18,271 66,796 4,139 31,879 88,208 65,544
Employer 41,456 73,656 15,693 24,943 143,480 84,377
---------- ---------- ---------- ---------- ----------- ----------
59,727 140,452 19,832 56,822 231,688 149,921
---------- ---------- ---------- ---------- ----------- ----------
Total additions 68,366 192,039 21,120 66,230 396,646 165,626
---------- ---------- ---------- ---------- ----------- ----------
Deductions from assets attributable to:
Participants benefits (1,063) (37,061) (8,398) (20,194) (24,479)
---------- ---------- ---------- ---------- ----------- ----------
Net increase prior to transfers 67,303 154,978 21,120 57,832 376,542 141,147
Net interfund transfers (13,495) 20,751 7,937 (4,174) (25,075) (52,264)
Rollovers and other 10,707 2,066 251 (12,328) (487)
---------- ---------- ---------- ---------- ----------- ----------
Net increase 64,515 177,795 29,308 41,330 350,890 88,883
Assets available for benefits
at beginning of year 19,651 217,499 3,148 133,662 483,378 307,944
---------- ---------- ---------- ---------- ----------- ----------
Assets available for benefits
at end of year $ 84,166 $ 395,294 $ 32,456 $ 174,992 $ 834,268 $ 396,827
========== ========== ========== ========== =========== ==========
<CAPTION>
------------------------------------------------------------
------------------------------------------
Vanguard Wesley-
International Jessen Participant
Growth Stock Loans Plan
Portfolio Fund Fund Fund Total
<S> <C> <C> <C> <C>
Additions to assets attributed to:
Investment income:
Interest and dividends $ 373 $ 10,405 $ 108,587
Net appreciation (depreciation)
in fair value of investments (645) 2,098 155,229
---------- ---------- ---------- ----------
(272) 2,098 10,405 263,816
---------- ---------- ---------- ----------
Contributions:
Participants 5,531 3,273 283,641
Employer 11,689 64,744 460,038
---------- ---------- ---------- ----------
17,220 68,017 743,679
---------- ---------- ---------- ----------
Total additions 16,948 70,115 10,405 1,007,495
---------- ---------- ---------- ----------
Deductions from assets attributable to:
Participants benefits (10,379) (101,574)
---------- ---------- ---------- ----------
Net increase prior to transfers 16,948 70,115 26 905,921
Net interfund transfers (108) 1,592 64,836
Rollovers and other 249 458
---------- ---------- ---------- ----------
Net increase 17,089 71,707 64,862 906,379
Assets available for benefits
at beginning of year 2,231 102,067 1,269,580
---------- ---------- ---------- ----------
Assets available for benefits
at end of year $ 19,320 $ 71,707 $ 166,929 $2,175,959
========== ========== ========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
Notes to Financial Statements
December 31, 1998 and 1997
- --------------------------------------------------------------------------------
1. Description of Plan
The following description of the Wesley Jessen Puerto Rico Savings 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 became effective July 1, 1995 as a defined contribution plan
covering all full-time employees of Wesley-Jessen (Puerto Rico), Inc. (the
"Company"). It is subject to the provisions of the Employee Retirement
Income Security Act of 1974 ("ERISA").
Contributions
Participants may contribute up to 10 percent of their pretax annual base
compensation, to a maximum of $8,000. The Company contributes 50 percent
of the first 6 percent that a participant contributes to the Plan.
Additional amounts may be contributed at the option of the Company's board
of directors. During the year ended December 31, 1998 approximately
$449,000 (1997 - $330,000) of additional contributions were made.
Participant Accounts
Each participant's account is credited with the participant's contribution
and allocation of (a) the Company's contribution and (b) Plan earnings.
Allocations are based on participant earnings or account balances, as
defined. 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 contributions plus actual
earnings thereon. Vesting in the remainder of their account is based on
years of continuous service. A participant is 100 percent vested after
four years of credited service. Former employees of Schering-Plough
Products, Inc. are vested 100 percent after three years of credited
service. Forfeitures are used to reduce Company's contributions.
Investment Options
Upon enrollment in the Plan, a participant may direct contributions in any
of the following eight investments options:
. Vanguard Wellington Fund - Seeks to provide income and long-term
growth of capital, without undue risk to capital, by investing
about 65% of its assets in stocks and the remaining 35% in bonds.
. Vanguard Windsor Fund - Seeks to provide long-term growth of
capital and income by investing in stocks believed to be
undervalued by the market. It focuses on stocks selling at prices
that seem low in relation on such factors as past earnings,
potential growth, and dividend payments.
6
<PAGE>
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
Notes to Financial Statements
December 31, 1998 and 1997
- --------------------------------------------------------------------------------
. Vanguard Explorer Fund - Seeks to provide long-term growth of
capital by investing in a diversified group small-company stock
with prospects for above-average growth.
. Vanguard Short-Term Corporate Bond Fund - Seeks to provide income
while maintaining a high degree of stability of principal by
investing in short-term bonds, including high-quality corporate
and U.S.Treasury securities.
. Vanguard Index 500 Portfolio Fund - Seeks to provide long-term
growth of capital and income from dividends by holding all of the
500 stocks that make up the unmanaged Standard & Poor's 500
Composite Stock Price Index, a widely recognized benchmark of
U.S. stock market performance.
. Vanguard Treasury Money Market Portfolio Fund - Seeks to provide
high income and a stable share price of $1 by investing in short-
term securities that are backed by the full faith and credit of
the U.S. government. At least 65% of the Portfolio's assets are
invested in U.S. Treasury securities.
. Vanguard International Growth Portfolio Fund - Seeks to provide
long-term growth of capital by investing in stocks of high-
quality, seasoned companies based outside the United States.
Stocks are selected from more than 15 countries.
. Wesley-Jessen Stock Fund - Funds are invested in shares of common
stock of Wesley-Jessen VisionCare, Inc. and seeks to provide the
potential for long-term growth through increases in the value of
the stock and reinvestment of its dividends.
. Vanguard PRIMECAP Fund - Seeks long-term growth of capital by
investing in stocks of companies with above-average prospects for
continued earnings growth, strong industry positions, and skilled
management teams.
. Vanguard Total Bond Market Index Fund - Seeks to provide high
level of interest income by attempting to match the performance
of the unmanaged Lehman Brothers Aggregate Bond Index, which is
widely recognized measure of the entire taxable U.S. bond market.
Participants may change their investment options quarterly.
Participant Loans
Participants may borrow from their fund accounts a maximum amount equal to
the lesser of $50,000 or 50 percent of their account vested balance. Loan
transactions are treated as a transfer to (from) the investment funds from
(to) the Participant Loans Fund. Loan terms are for a period not
exceeding 5 years. Loans used to acquire a principal residence shall
provide for repayment over a reasonable period of time that may exceed 5
years.
7
<PAGE>
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
Notes to Financial Statements
December 31, 1998 and 1997
- --------------------------------------------------------------------------------
The loans are secured by the vested balance in the participant's account
and bear interest at a rate determined by the Plan administrator at the
time of the loan. Interest rates range from 8 percent to 10 percent.
Principal and interest is paid ratably through payroll deductions.
Payment of Benefits
On termination of service due to death, disability or retirement, a
participant may elect to receive either a lump-sum amount equal to the
value of the participant's vested interest in his or her account, or
installments not exceeding the life expectancy of the participant or
beneficiary. For termination of service due to other reasons, a
participant may receive the value of the vested interest in his or her
account as a lump-sum distribution.
Forfeited Accounts
At December 31, 1998, forfeited nonvested accounts amounted to
approximately $6,700.
Administrative Expenses
Certain expenses relating to the Plan, including administrative fees, are
paid by the Company.
2. Summary of Significant Accounting Policies
Basis of Accounting
The Plan's financial statements are prepared on the accrual basis of
accounting.
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 of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
The following are the most significant accounting policies followed by the
Plan.
Investment Valuation and Income Recognition
Plan investments are stated at fair value. Shares of registered investment
companies are valued at the quoted net asset value (redemption value) of
the respective investment company determined by Vanguard Fiduciary Trust
Company. The Company stock fund is valued at its year-end unit closing
price (comprised of year-end market price plus uninvested cash position).
Participant loans are valued at cost which approximates fair value.
Purchases and sales of investments are recorded on a trade-date basis.
Interest income is accrued when earned. Dividend income is recorded on the
ex-dividend date. Capital gain distributions are included in dividend
income.
8
<PAGE>
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
Notes to Financial Statements
December 31, 1998 and 1997
- --------------------------------------------------------------------------------
Contributions
Employee contributions are recorded in the period during which the Company
makes payroll deductions from the Plan participants' earnings. Matching
Company contributions are recorded in the same period.
Benefits
Benefits are recorded when paid.
3 Investments
Investments that represent 5% or more of the Plan's assets are summarized
below:
<TABLE>
<CAPTION>
1998 1997
<S> <C> <C>
Investments at fair value determined by quoted market prices:
Shares of registered investment companies:
Vanguard Windsor Fund - 25,198 shares
(1998- 19,949 shares) $ 392,329 $ 338,728
Vanguard Short-term Corporate Bond
Fund -21,602 shares
(1997 - 14,657 shares) 234,168 158,438
Vanguard Index 500 Portfolio Fund -
9,449 shares (1997 - 7,902 shares) 1,076,748 711,739
Vanguard Treasury Money Market
Portfolio Fund - 476,445 shares
(1997 - 329,205) 476,445 329,035
Investment at estimated fair value:
Participant loans other than mortgages 308,705 166,929
----------- -----------
$ 2,488,395 $ 1,704,869
----------- -----------
</TABLE>
4. Related Parties
The Plan invests in shares of mutual funds managed by an affiliate of
Vanguard Fiduciary Trust Company ("VFTC"). VFTC acts as trustee for only
those investments as defined by the Plan. Transactions in such investments
qualify as party-in-interest transactions which are exempt from the
prohibited transaction rules.
9
<PAGE>
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
Notes to Financial Statements
December 31, 1998 and 1997
- --------------------------------------------------------------------------------
5. 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.
6. Tax Status
The Puerto Rico Treasury Department has determined and informed the Company
by a letter dated March 9, 1998, that the Plan and related trust are
designed in accordance with applicable sections of the Puerto Rico Internal
Revenue Code.
10
<PAGE>
ADDITIONAL INFORMATION
SCHEDULE I
WESLEY JESSEN
PUERTO RICO SAVINGS PLAN
Item 27a Part I Form 5500 Schedule of Assets
Held for Investment Purposes
December 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(c) Description of investment
including maturity date, rate of
(a) (b) Identity of issue, borrower, interest, collateral, par or (e) Current
lessor, or similar party maturity value (d) Cost Value
<S> <C> <C> <C>
Shares of Registered
* Vanguard Fiduciary Trust Company: Investment Companies:
Vanguard Wellington Fund 4,471 shares $ 133,648 $ 131,221
Vanguard Windsor Fund 25,198 shares 430,996 392,329
Vanguard Explorer Fund 604 shares 34,153 34,282
Vanguard Shor-term Corporate Bond Fund 21,602 shares 233,077 234,168
Vanguard Index 500 Portfolio Fund 9,449 shares 723,075 1,076,748
Vanguard Treasury Money Market
Portfolio Fund 476,445 shares 476,445 476,445
Vanguard International Growth
Portfolio Fund 1,894 shares 34,339 35,557
Vanguard PRIMECAP Fund 654 shares 28,487 31,188
Vanguard Total Bond Market Index Fund 1,291 shares 13,267 13,258
Wesley-Jessen Stock Fund Shares of common stock, 4,246 shares 87,780 83,696
----------- -----------
2,195,267 2,508,892
----------- -----------
** Participant loans Loans other than mortgages,
8.25% - 10% 308,705 308,705
----------- -----------
$ 2,503,972 $ 2,817,597
=========== ===========
</TABLE>
* Recordkepper ** Party-in-interest
11
<PAGE>
ADDITIONAL INFORMATION
SCHEDULE II
WESLEY JESSEN
PUERTO RICO SAVINGS PLAN
Item 27d Form 5500 Schedule of Reportable Transactions
Cumulative Transactions By Issue
For the Year Ended December 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Sales Purchases
-------------------------------------------------- -------------------
Security Description Number Proceeds Gain or (Loss) Number Cost
<S> <C> <C> <C> <C> <C>
Shares of Registered Investment Companies:
Vanguard Wellington Fund 22 $ 19,857 $ 725 51 $ 108,351
Vanguard Windsor Fund 44 127,891 1,260 54 216,369
Vanguard Short-term Corporate Bond Fund 33 43,945 283 70 119,294
Vanguard Index 500 Portfolio Fund 43 238,439 68,701 60 396,173
Vanguard Treasury Money Market Portfolio Fund 37 115,342 - 74 262,753
Wesley-Jessen Stock Fund 29 16,680 (4,476) 45 104,062
</TABLE>
12
<PAGE>
[LETTERHEAD OF PRICEWATERHOUSECOOPERS]
EXHIBIT 23.1
Consent of Independent Accountants
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 of Wesley Jessen Vision Care, Inc. of our report dated
June 25, 1999 relating to the financial statements, which appears on this Form
11-K.
PricewaterhouseCoopers LLP
San Juan, Puerto Rico
June 29, 1999
