<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 Savings and Retirement Plan
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 Corporation as Plan Administrator with respect to the Wesley Jessen
Savings and Retirement Plan, has duly caused this Annual Report to be signed on
its behalf by the undersigned hereunto duly authorized.
WESLEY JESSEN CORPORATION
/s/ Michael R. Southard
Date: June 30, 1999 By: __________________________________________
Michael R. Southard, Vice President, Human
Resources
<PAGE>
(401K and Profit Sharing Component)
Financial Statements as of and for the
years ended December 31, 1998 and 1997
Additional information required for Form 5500
for the year ended December 31, 1998
<PAGE>
WESLEY JESSEN SAVINGS AND RETIREMENT PLAN
(401K AND PROFIT SHARING COMPONENT)
Table of Contents
- ----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Page Number
-----------
<S> <C>
Report of Independent Accountants 1
Basic Financial Statements
Statement of Net Assets Available for Benefits 2
Statement of Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4 - 14
Additional Information *
Schedule I - Schedule of Assets Held for
Investment Purposes 15
Schedule II Schedule of Reportable Transactions
(Transactions or Series of Transactions
in Excess of 5% of Plan Assets) 16
</TABLE>
* Other supplemental 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
To the Participants and Administrator of
Wesley Jessen Savings and Retirement Plan (401K and Profit-Sharing Component)
In our opinion, the accompanying statement 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 Wesley Jessen Savings and Retirement Plan (401K and Profit-Sharing Component)
(the "Plan") at December 31, 1998 and 1997, and the changes in net 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 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. These supplemental
schedules are the responsibility of the Plan's management. The supplemental
schedules have been subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
June 23, 1999
<PAGE>
WESLEY JESSEN SAVINGS AND RETIREMENT PLAN
(401K AND PROFIT SHARING COMPONENT)
<TABLE>
<CAPTION>
Statement of Net Assets Available for Benefits
- -------------------------------------------------------------------------------
As of December 31,
1998 1997
----------------------------------
<S> <C> <C>
Investments, at fair value
Registered investment companies:
Vanguard 500 Index Fund * $10,391,379.44 * $ 4,870,795.00
Vanguard Explorer Fund * 3,571,136.50 1,964,524.00
Vanguard International Growth Fund 2,560,296.58 906,405.00
Vanguard PRIMECAP Fund * 7,252,460.80 -
Vanguard Short-Term Corporate Fund 619,881.40 395,039.00
Vanguard Total Bond Market Index Fund 414,412.97 -
Vanguard Treasury Money Market Fund * 5,803,343.77 * 4,318,082.00
Vanguard Wellington Fund * 7,095,539.27 * 4,168,213.00
Vanguard Windsor Fund * 7,602,356.06 * 7,349,268.00
----------------------------------
45,310,806.79 23,972,326.00
Former Benham Preservation Fund * 4,087,033.81 -
Wesley Jessen Stock Fund * 3,986,187.19 2,412,489.00
Participant loans 4,256,593.22 * 3,906,776.00
----------------------------------
Total investments 57,640,621.01 30,291,591.00
----------------------------------
Receivables
Employer's contributions 2,585,255.81 1,706,488.00
Participants' contributions 166.88 71,459.00
----------------------------------
Total receivables 2,585,422.69 1,777,947.00
Cash - 23,695,485.00
----------------------------------
Total assets 2,585,422.69 25,473,432.00
Liabilities
Refunds due to participants - 93,281.00
----------------------------------
Net assets available for benefits $60,226,043.70 $55,671,742.00
==================================
</TABLE>
* Represents 5% or more of net assets available for benefits.
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
WESLEY JESSEN SAVINGS AND RETIREMENT PLAN
(401K AND PROFIT SHARING COMPONENT)
<TABLE>
<CAPTION>
Statement of Changes in Net Assets Available for Benefits
- --------------------------------------------------------------------------------
Year Ended December 31,
1998 1997
-----------------------------------
<S> <C> <C>
Additions
Investment income:
Interest and dividend income, investments $ 2,539,946.25 $ 2,107,194.54
Interest income, participant loans 358,047.91 216,944.31
Net appreciation in fair value of
investments 2,262,269.55 3,084,725.40
-----------------------------------
5,160,263.71 5,408,864.25
-----------------------------------
Contributions:
Employer 3,712,766.96 2,278,840.00
Participant 3,708,737.09 1,963,506.14
-----------------------------------
7,421,504.05 4,242,346.14
-----------------------------------
Asset transfers in - 25,051,909.00
Other additions 4,372.66 -
-----------------------------------
Total additions 12,586,140.42 34,703,119.39
-----------------------------------
Deductions
Payment of benefits 8,031,816.05 2,040,460.15
Administrative Expenses 22.67 -
Other deductions - 93,281.00
-----------------------------------
Total deductions 8,031,838.72 2,133,741.15
-----------------------------------
Net increase 4,554,301.70 32,569,378.24
Net assets available for plan benefits:
Beginning of period 55,671,742.00 23,102,363.76
-----------------------------------
End of period $60,226,043.70 $55,671,742.00
===================================
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
WESLEY JESSEN SAVINGS AND RETIREMENT PLAN
(401K and Profit Sharing Component
Notes to Financial Statements
- --------------------------------------------------------------------------------
NOTE - DESCRIPTION OF PLAN
The Wesley Jessen Savings and Retirement Plan (401K and Profit-Sharing
Component) (the Plan) was established as of July 1, 1995 by Wesley Jessen
Corporation (the Company), a wholly owned subsidiary of Wesley Jessen Vision
Care, Inc. The following description of the Plan is provided for general
informational purposes. Participants should refer to the Plan agreement for a
more complete description of the Plan's provisions.
The Plan is a component of Wesley Jessen Savings and Retirement Plan, the other
component of which is a money purchase component. The two components together
make up the entire Wesley Jessen Savings and Retirement Plan. However, the two
components have separate filing requirements under the provisions of the
Internal Revenue Code (IRC) and, therefore, maintain separate financial
statements.
General
The Plan is a defined contribution profit-sharing plan covering all eligible
employees of Wesley Jessen Corporation. The Plan is administered by the
Administrative Committee (the Administrator) and is subject to the provisions of
the Employee Retirement Income Security Act of 1974 (ERISA). The Administrative
Committee, on behalf of the Plan, has appointed Vanguard Fiduciary Trust Company
(VFTC) as the Plan's trustee and recordkeeper. The Plan provides benefits
covering substantially all employees of the Company provided that they have
completed at least 90 days of service.
Contributions
The Plan provides that qualified employees may make pre-tax elective
contributions to the Plan between 1% and 15% of annual compensation, which will
be matched by the Company at a rate of 50% of each participant's elective
contribution up to 6% of annual compensation. The Plan also provides that the
Company's Board of Directors may elect to make an additional discretionary
contribution to participant's accounts. For the years ended December 31, 1998
and 1997, the Company authorized discretionary contributions of approximately
$2,585,000 and $1,639,000 respectively. All contributions are subject to
certain limitations as defined by the IRC.
Participant Accounts
Each participant's account is credited with the participant's contribution and
allocations of (a) the Company's contribution and, (b) Plan earnings, and
charged with an allocation of administrative expenses. 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 vested account.
Vesting
Participant contributions vest upon deposit. Company contributions vest at
varying percentages based on date of hire but in all cases are fully vested
after four years of service.
Participant Loans
Participants may borrow from their fund accounts a minimum of $1,000, with a
maximum of lesser of 50% of the participant's vested account balance or $50,000
reduced by the highest outstanding balance of loans from the plan during the
prior one-year period. Loan transactions are treated as a
4
<PAGE>
WESLEY JESSEN SAVINGS AND RETIREMENT PLAN
(401K and Profit Sharing Component
Notes to Financial Statements
- --------------------------------------------------------------------------------
transfer to (from) the investment fund (to) the Participant Loan Fund. Loan
terms generally do not exceed five years, but loans for the purchase of a
principal residence may have terms up to twenty years. Each loan bears interest
at a fixed rate that is commensurate with the prevailing market rates at the
date the loan is issued. Principal and interest is paid ratably through monthly
payroll deductions.
Payment of Benefits
In the event of retirement, death, disability, or termination of employment, a
participant's vested interest in the Plan is distributable in a lump-sum payment
or, at the election of the participant, in periodic installments. Under certain
limited circumstances, participants may withdraw part or all of their pre-tax
contributions while still employed by the Company.
Forfeited Accounts
Forfeitures of unvested amounts are used to offset future Company contributions.
Plan Termination
The Company intends to continue the Plan without interruption, but reserves the
right to discontinue the Plan at any time subject to the provisions of ERISA.
Upon termination or partial termination of the Plan, the balance of the
participant's accounts shall become fully vested and payable to the participants
in accordance with the Plan's provisions.
Investment Options
During the plan years ended December 31, 1998 and 1997, participants were able
to allocate their contributions among the following investment options:
Vanguard 500 Index 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 Explorer Fund: Seeks to provide long-term growth of capital by
investing in a diversified group of small-company stocks with prospects for
above-average growth.
Vanguard International Growth 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.
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 Short-Term Corporate 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.
5
<PAGE>
WESLEY JESSEN SAVINGS AND RETIREMENT PLAN
(401K and Profit Sharing Component
Notes to Financial Statements
- --------------------------------------------------------------------------------
Vanguard Total Bond Market Index: Seeks to provide a high level of interest
income by attempting to match the performance of unmanaged Lehman Brothers
Aggregate Bond Index, which is a widely recognized measure of the entire
taxable U.S. bond market.
Vanguard Treasury Money Market 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 fund's assets are invested in U.S. Treasury securities.
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 to such
factors as past earnings, potential growth, and dividend payments.
Wesley Jessen Stock Fund: Seeks to provide the potential for long-term
growth through increases in the value of the Wesley Jessen Common Stock and
reinvestment of its dividends.
NOTE 2 - SUMMARY OF ACCOUNTING POLICIES
The following accounting policies, which conform to generally accepted
accounting principles, have been used consistently in the preparation of the
Plan's financial statements:
Basis of Accounting
The financial statements of the Plan are prepared under the accrual method of
accounting.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires the management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements as
well as reported amounts of additions and deductions during the reporting
period. Actual results could differ from those estimates.
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 that represent the net
asset value of shares held by the Plan at year-end. The Company stock fund is
valued at its year-end unit closing price (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.
6
<PAGE>
WESLEY JESSEN SAVINGS AND RETIREMENT PLAN
(401K and Profit Sharing Component
Notes to Financial Statements
- --------------------------------------------------------------------------------
Payment of Benefits
Benefits are recorded when paid.
Reclassification
Certain amounts in the 1997 financial statements have been reclassified to
conform to the current year presentation.
NOTE 3 - FORMER BENHAM PRESERVATION FUND
The Former Benham Preservation Fund (the Fund) consists of a fixed income
collective investment fund valued at $2,177,782 and a money market mutual fund
sponsored by the Vanguard Group valued at $1,909,252. The Fund is credited with
earnings on the underlying investments and charged for Plan withdrawals and
administrative expenses.
NOTE 4 - RELATED PARTY TRANSACTIONS
The Plan invests in shares of mutual funds managed by an affiliate of the VFTC.
VFTC acts as trustee for investments of the Plan. Transactions in such
investments qualify as party-in-interest transactions, which are exempt from the
prohibited transaction rules. The Plan purchased Company stock with a value of
$3,303,909 and sold Company stock with a value of $986,103.
NOTE 5 - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
Benefits payable amounted to approximately $58,131 at December 31, 1997. These
benefits payable are recorded as a liability in the Plan's Form 5500 but not in
the accompanying financial statements.
NOTE 6 - PLAN EXPENSES
The Company pays a portion of administrative expenses incident to the operation
of the plan.
NOTE 7 - TAX STATUS
The Internal Revenue Service issued a favorable determination letter dated
January 6, 1999, informing the Company that the Plan and related trust are
designed in accordance with applicable sections of the IRC.
NOTE 8 - REFUNDS TO PARTICIPANTS
The liability at December 31, 1997 represents a return of 401(k) contributions
plus earnings to participants. These contributions were returned in 1998 in
order for the Plan to satisfy the 401(k) non-discrimination test for the 1997
plan year and the Internal Revenue Code Section 415 limitations on the maximum
amount of contributions that a participant could make in the 1997 plan year.
The excess contributions relating to the non-discrimination tests were returned
pursuant to the applicable Internal Revenue Service regulations. The excess 415
contributions were returned pursuant to the Internal Revenue Service's
Administrative Policy Regarding Self-Correction (APRSC) which provides
7
<PAGE>
WESLEY JESSEN SAVINGS AND RETIREMENT PLAN
(401K and Profit Sharing Component
Notes to Financial Statements
- --------------------------------------------------------------------------------
that a plan sponsor may correct operational errors within two plan years of the
occurrence of the error.
NOTE 9 - PLAN MERGER
Effective on December 31, 1997, the Company merged the PBH Employees' Savings
and Investment Plan with the Plan. Accordingly, at December 31, 1997, the Plan
recorded the related asset transfer.
8
<PAGE>
Wesley Jessen Savings and Retirement Plan
(401K and Profit Sharing Component)
Notes to the Financial Statements
________________________________________________________________________________
NOTE 10 - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY INVESTMENT FUND
The allocation of changes in net assets available for plan benefits for the year
ended DECEMBER 31, 1998 is as follows:
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
Vanguard 500 Index Fund Vanguard Explorer Fund
--------------------------------------------------------------------------
<S> <C> <C>
Additions
Investment income:
Interest and dividend income, investments $ 156,145.73 $ 31,009.75
Interest income, participant loans - -
Net realized gain (loss) on sale of investments 219,038.68 6,479.64
Net unrealized apprec. (deprec.) of investments 1,861,123.93 128,891.09
---------------------------------------------------------------------------
2,236,308.34 166,380.48
---------------------------------------------------------------------------
Contributions:
Employer 490,442.64 174,367.38
Participant 711,771.22 311,614.66
Participant loan repayments 289,773.26 143,040.99
---------------------------------------------------------------------------
1,491,987.12 629,023.03
---------------------------------------------------------------------------
Other additions 2,764.60 374.22
---------------------------------------------------------------------------
Total additions 3,731,060.06 795,777.73
---------------------------------------------------------------------------
Deductions
Payment of benefits 1,157,179.36 469,994.07
Participant loan withdrawals 280,594.00 143,531.94
Administrative expenses - -
---------------------------------------------------------------------------
Total deductions 1,437,773.36 613,526.01
---------------------------------------------------------------------------
Net increase (decrease) prior to interfund transfers 2,293,286.70 182,251.72
Interfund transfers (48,727.47) (434,052.89)
---------------------------------------------------------------------------
Net increase 2,244,559.23 (251,801.17)
Net assets available for plan benefits:
Beginning of period 8,437,467.00 3,895,989.00
---------------------------------------------------------------------------
End of period $ 10,682,026.23 $ 3,644,187.83
===========================================================================
<CAPTION>
Vanguard International
Growth Fund Vanguard PRIMECAP Fund
---------------------------------------------------------------------------
<S> <C> <C>
Additions
Interest and dividend income, investments $ 50,980.98 $ 283,783.50
Interest income, participant loans -
Net realized gain (loss) on sale of investments 74,082.12 240,517.91
Net unrealized apprec. (deprec.) of investments -
271,625.12 1,072,600.85
--------------------------------------------------------------------------
396,688.22 1,596,902.26
---------------------------------------------------------------------------
Contribution:
Employer 139,042.53 233,586.74
Participant 242,823.47 429,032.87
Participant loan repayments 88,690.51 97,448.46
--------------------------------------------------------------------------
470,556.51 760,068.07
--------------------------------------------------------------------------
Other additions 140.09 -
---------------------------------------------------------------------------
Total additions 867,384.82 2,356,970.33
---------------------------------------------------------------------------
Deductions
Payment of benefits 644,179.36 1,643,500.47
Participant loan withdrawals 68,250.52 201,981.92
Administrative expenses - -
---------------------------------------------------------------------------
Total deductions 712,429.88 1,845,482.39
---------------------------------------------------------------------------
Net increase (decrease) prior to interfund transfers 154,954.94 511,487.94
Interfund transfers (145,402.76) (148,979.61)
---------------------------------------------------------------------------
Net increase 9,552.18 362,508.33
Net assets available for plan benefits:
Beginning of period 2,619,941.00 6,992,256.00
--------------------------------------------------------------------------
End of period $ 2,629,493.18 $ 7,354,764.33
==========================================================================
</TABLE>
9
<PAGE>
Wesley Jessen Savings and Retirement Plan
(401K and Profit Sharing Component)
Notes to the Financial Statement
- --------------------------------------------------------------------------------
NOTE 10 - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY INVESTMENT FUND
The allocation of changes in net assets available for plan benefits for the year
ended DECEMBER 31, 1997 is as follows:
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
--------------------------------------------------------------------------------------
Vanguard Vanguard
Vanguard Vanguard International Vanguard Short-Term
500 Index Fund Explorer Fund Growth Fund PRIMECAP Fund Corporate Fund
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions
Investment income:
Interest and dividend income,
investments $ 91,430.37 $ 193,425.21 $ 39,766.25 $ - $ 21,440.78
Interest income, participant loans - - - - -
Net realized gain (loss) on sale of
investments 151,705.86 24,308.28 10,917.47 - 89.47
Net unrealized apprec. (deprec.) of
investments 736,197.86 23,299.55 (36,865.67) - 2,302.78
--------------------------------------------------------------------------------------
979,334.09 241,033.04 13,818.05 - 23,833.03
--------------------------------------------------------------------------------------
Contributions:
Employer 319,101.00 130,615.00 102,560.00 29,274.00 36,082.00
Participant 388,336.89 222,532.44 186,898.59 - 43,865.31
Participant loan repayments 168,107.09 111,719.21 66,847.16 - 24,491.04
--------------------------------------------------------------------------------------
875,544.98 464,866.65 356,305.75 29,274.00 104,438.35
--------------------------------------------------------------------------------------
Asset transfers in 3,378,015.00 1,873,421.00 1,665,739.00 6,969,677.00 -
--------------------------------------------------------------------------------------
Total additions 5,232,894.07 2,579,320.69 2,035,862.80 6,998,951.00 128,271.38
--------------------------------------------------------------------------------------
Deductions
Distributions and withdrawals 364,562.91 228,317.44 150,802.79 - 35,968.42
Participant refunds 20,725.00 9,096.00 7,264.00 6,695.00 1,021.00
--------------------------------------------------------------------------------------
Total deductions 385,287.91 237,413.44 158,066.79 6,695.00 36,989.42
--------------------------------------------------------------------------------------
Net increase (decrease) prior to
interfund transfers 4,847,606.16 2,341,907.25 1,877,796.01 6,992,256.00 91,281.96
Interfund transfers 857,022.27 (399,171.77) 34,128.87 - 35,482.15
--------------------------------------------------------------------------------------
Net increase 5,704,628.43 1,942,735.48 1,911,924.88 6,992,256.00 126,764.11
Net assets available for plan benefits:
Beginning of period 2,732,838.57 1,953,253.52 708,016.12 - 288,735.89
--------------------------------------------------------------------------------------
End of period $8,437,467.00 $3,895,989.00 $2,619,941.00 $6,992,256.00 $415,500.00
======================================================================================
</TABLE>
10
<PAGE>
Wesley Jessen Savings and Retirement Plan
(401K and Profit Sharing Component)
Notes to the Financial Statement
- --------------------------------------------------------------------------------
NOTE 10 - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY INVESTMENT FUND
The allocation of changes in net assets available for plan benefits for the year
ended DECEMBER 31, 1997 is as follows:
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
-----------------------------------------------------------------------------------------
Vanguard Total Bond Vanguard Treasury Vanguard Vanguard Wesley Jessen
Market Index Fund Money Market Fund Wellington Fund Windsor Fund Stock Fund
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions
Investment income:
Interest and dividend income,
investments $ - $ 234,715.10 $ 353,789.25 $1,172,627.58 $ -
Interest income, participant loans - - - -
Net realized gain (loss) on sale of
investments - - 82,987.83 190,398.76 268,788.71
Net unrealized apprec. (deprec.) of
investments - - 347,542.64 (35,680.60) 1,318,732.46
-----------------------------------------------------------------------------------------
- 234,715.10 784,319.72 1,327,345.74 1,587,521.17
-----------------------------------------------------------------------------------------
Contributions:
Employer 11,477.00 376,062.00 283,428.00 362,629.00 627,612.00
Participant - 156,537.83 386,642.41 507,220.28 71,472.39
Participant loan repayments 288,255.18 180,853.64 249,084.67 11,936.71
-----------------------------------------------------------------------------------------
11,477.00 820,855.01 850,924.05 1,118,933.95 711,021.10
-----------------------------------------------------------------------------------------
Asset transfers in - 1,000,000.00 2,011,911.00 1,001,775.00 256,027.00
-----------------------------------------------------------------------------------------
Total additions 11,477.00 2,055,570.11 3,647,154.77 3,448,054.69 2,554,569.27
-----------------------------------------------------------------------------------------
Deductions
Distributions and withdrawals - 746,604.36 520,030.04 1,099,318.18 96,999.51
Participant refunds 121.00 8,498.00 13,859.00 20,182.00 5,717.00
-----------------------------------------------------------------------------------------
Total deductions 121.00 755,102.36 533,889.04 1,119,500.18 102,716.51
-----------------------------------------------------------------------------------------
Net increase (decrease) prior to
interfund transfers 11,356.00 1,300,467.75 3,113,265.73 2,328,554.51 2,451,852.76
Interfund transfers - (597,089.11) (217,478.36) 158,909.95 128,196.00
-----------------------------------------------------------------------------------------
Net increase 11,356.00 703,378.64 2,895,787.37 2,487,464.46 2,580,048.76
Net assets available for plan benefits:
Beginning of period - 4,947,507.36 3,447,133.63 6,070,480.54 701,891.24
-----------------------------------------------------------------------------------------
End of period $ 11,356.00 $5,650,886.00 $6,342,921.00 $8,557,945.00 $3,281,940.00
=========================================================================================
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
Wesley Jessen Savings and Retirement Plan
(401K and Profit Sharing Component)
Notes to the Financial Statements
- -------------------------------------------------------------------------------------------------------------------------------
NOTE 10 - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY INVESTMENT FUND
The allocation of changes in net assets available for plan benefits for the year ended DECEMBER 31, 1997 is as follows:
PARTICIPANT DIRECTED
------------------------------------------
Former Benham
Participant loans Preservation Fund TOTAL
---------------------------------------------------------------
<S> <C> <C> <C>
Additions
Investment income:
Interest and dividend income,
investments $ - $ - $ 2,107,194.54
Interest income, participant loans 216,944.31 - 216,944.31
Net realized gain (loss) on sale of
investments - - 729,196.38
Net unrealized apprec. (deprec.) of
investments - - 2,355,529.02
---------------------------------------------------------------
216,944.31 - 5,408,864.25
---------------------------------------------------------------
Contributions:
Employer - - 2,278,840.00
Participant - - 1,963,506.14
Participant loan repayments (1,101,294.70) - -
---------------------------------------------------------------
(1,101,294.70) - 4,242,346.14
---------------------------------------------------------------
Asset transfers in 1,281,762.00 5,613,582.00 25,051,909.00
---------------------------------------------------------------
Total additions 397,411.61 5,613,582.00 34,703,119.39
---------------------------------------------------------------
Deductions -
Distributions and withdrawals (1,202,143.50) - 2,040,460.15
Participant refunds - 103.00 93,281.00
---------------------------------------------------------------
Total deductions (1,202,143.50) 103.00 2,133,741.15
---------------------------------------------------------------
Net increase (decrease) prior to
interfund transfers 1,599,555.11 5,613,479.00 32,569,378.24
Interfund transfers - - -
---------------------------------------------------------------
Net increase 1,599,555.11 5,613,479.00 32,569,378.24
Net assets available for plan benefits: -
Beginning of period 2,252,506.89 - 23,102,363.76
---------------------------------------------------------------
End of period $ 3,852,062.00 $ 5,613,479.00 $ 55,671,742.00
===============================================================
</TABLE>
12
<PAGE>
ADDITIONAL INFORMATION
REQUIRED FOR FORM 5500
<PAGE>
WESLEY JESSEN SAVINGS AND RETIREMENT PLAN Schedule I
(401K AND PROFIT SHARING COMPONENT)
Schedule of Assets Held for Investment Purposes
As of December 31, 1998
- --------------------------------------------------------------------------------
Wesley Jessen Savings and Retirement Plan, EIN 36-4024354
Attachment to Form 5500, Line 27(a):
<TABLE>
<CAPTION>
Identity of Issue Investment Type Cost Current Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
* Vanguard 500 Index Fund Registered Investment Company $ 7,575,358.64 $10,391,379.44
* Vanguard Explorer Fund Registered Investment Company 3,375,263.33 3,571,136.50
* Vanguard International Growth Fund Registered Investment Company 2,297,678.39 2,560,296.58
* Vanguard PRIMECAP Fund Registered Investment Company 6,179,859.95 7,252,460.80
* Vanguard Short-Term Corporate Fund Registered Investment Company 617,393.47 619,881.40
* Vanguard Total Bond Market Index Registered Investment Company 411,353.29 414,412.97
* Vanguard Treasury Money Market Registered Investment Company 7,712,595.39 7,712,595.39
* Vanguard Wellington Fund Registered Investment Company 6,681,836.93 7,095,539.27
* Vanguard Windsor Fund Registered Investment Company 8,043,936.99 7,602,356.06
* Wesley Jessen Vision Care, Inc. Common Stock 3,715,735.18 3,986,187.19
Wesley Jessen Savings & Retirement Plan Participant loans (7.00% - 11.00%) - 4,256,593.22
(401 K and Profit Sharing Component)
Benham Preservation Fund Collective Investment Fund 2,177,782.19 2,177,782.19
--------------------------------------
Total assets held for investment purposes $48,788,793.75 $57,640,621.01
======================================
</TABLE>
* Party in Interest
14
<PAGE>
WESLEY JESSEN SAVINGS AND RETIREMENT PLAN Schedule II
(401K AND PROFIT SHARING COMPONENT)
Schedule of Reportable Transactions *
Year Ended December 31, 1998
- --------------------------------------------------------------------------------
Wesley Jessen Savings and Retirement Plan, EIN 36-4024354
Attachment to Form 5500, Line 27(d):
<TABLE>
<CAPTION>
Identity of Party Description of Asset (include interest rate
Involved and maturity in the case of a loan) Purchase Price Selling Price
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Vanguard Group Vanguard 500 Index Fund $6,444,913.79
The Vanguard Group Vanguard 500 Index Fund $3,007,256.48
The Vanguard Group Vanguard Explorer Fund 3,128,060.10
The Vanguard Group Vanguard Explorer Fund 1,657,192.64
The Vanguard Group Vanguard International Growth Fund 2,844,191.59
The Vanguard Group Vanguard International Growth Fund 1,536,147.79
The Vanguard Group Vanguard PRIMECAP Fund 9,281,566.29
The Vanguard Group Vanguard PRIMECAP Fund 3,342,224.25
The Vanguard Group Vanguard Treasury Money Market 9,170,084.58
The Vanguard Group Vanguard Treasury Money Market 5,783,303.15
The Vanguard Group Vanguard Wellington Fund 4,352,732.84
The Vanguard Group Vanguard Wellington Fund 1,391,481.66
The Vanguard Group Vanguard Windsor Fund 3,457,431.07
The Vanguard Group Vanguard Windsor Fund 2,623,399.87
The Vanguard Group Behnam Preservation Fund 2,785,134.61
The Vanguard Group Wesley Jessen Stock Fund 3,303,909.27
The Vanguard Group Wesley Jessen Stock Fund 986,102.53
<CAPTION>
Current Value of
Identity of Party Description of Asset (include interest rate Historical Cost of Asset on Historical Gain
Involved and maturity in the case of a loan) Asset Transaction Date (Loss)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Vanguard Group Vanguard 500 Index Fund $ 6,444,913.79
The Vanguard Group Vanguard 500 Index Fund $ 2,648,416.91 3,007,256.48 $358,839.57
The Vanguard Group Vanguard Explorer Fund 3,128,060.10
The Vanguard Group Vanguard Explorer Fund 1,643,300.88 1,657,192.64 13,891.76
The Vanguard Group Vanguard International Growth Fund 2,844,191.59
The Vanguard Group Vanguard International Growth Fund 1,464,549.95 1,536,147.79 71,597.84
The Vanguard Group Vanguard PRIMECAP Fund 9,281,566.29
The Vanguard Group Vanguard PRIMECAP Fund 3,102,309.19 3,342,224.25 239,915.06
The Vanguard Group Vanguard Treasury Money Market 4,463,632.29
The Vanguard Group Vanguard Treasury Money Market 5,783,303.15 5,783,303.15 -
The Vanguard Group Vanguard Wellington Fund 4,352,732.84
The Vanguard Group Vanguard Wellington Fund 1,262,986.60 1,391,481.66 128,495.06
The Vanguard Group Vanguard Windsor Fund 3,457,431.07
The Vanguard Group Vanguard Windsor Fund 2,527,349.51 2,623,399.87 96,050.36
The Vanguard Group Behnam Preservation Fund 2,785,134.61 2,785,134.61 -
The Vanguard Group Wesley Jessen Stock Fund 3,303,909.27
The Vanguard Group Wesley Jessen Stock Fund 938,118.98 986,102.53 47,983.55
</TABLE>
* Transactions or a series of transactions in excess of 5% of the current value
of the Plan's assets as of the beginning of the plan year as defined in
section 2520.103-6 of the Department of Labor Rules and Regulations for
Reporting and Disclosure under ERISA.
15
<PAGE>
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 23, 1999 appearing on this Form 11-K.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
June 23, 1999
