|
|
|
|
|
|
|
|
|
|
|
|
|
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 (FEE REQUIRED)
For the Fiscal Year Ended December 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the Transition Period From to
---------- ----------
Commission File Number 1-04785
------------------
DEL WEBB CORPORATION RETIREMENT SAVINGS PLAN
(Full title of the plan)
------------------
DEL WEBB CORPORATION
(Exact name of Issuer as specified in charter)
6001 North 24th Street, Phoenix, AZ 85016
(602) 808-8000
(Address, including zip code, and telephone number and
area code, of Issuer's principal executive offices)
Dated: June 19, 1998
<PAGE>
REQUIRED INFORMATION
A. Financial Statements
--------------------
1. Audited statements of net assets available for plan
benefits as of December 31, 1997 and 1996.
2. Audited statements of changes in net assets available
for plan benefits for the years ended December 31,
1997 and 1996.
B. Exhibit
-------
23. Consent of KPMG Peat Marwick LLP.
2
<PAGE>
KPMG Peat Marwick LLP
One Arizona Center
400 E. Van Buren Street
Suite 1100
Phoenix AZ 85004
INDEPENDENT AUDITORS' REPORT
Benefits Advisory Committee
Del Webb Corporation
Retirement Savings Plan:
We have audited the accompanying statements of net assets available for plan
benefits of the Del Webb Corporation Retirement Savings Plan as of December 31,
1997 and 1996, and the related statements of changes in net assets available for
plan benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Del
Webb Corporation Retirement Savings Plan as of December 31, 1997 and 1996, and
the changes in net assets available for plan benefits for the years then ended
in conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary 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 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.
/s/ KPMG Peat Marwick LLP
Phoenix, Arizona
May 26, 1998
<PAGE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 1997 and 1996
1997 1996
----------- -----------
Assets:
Investments, at fair value (note 4):
Del Webb Stock Fund $ 2,480,546 1,663,640
Mutual funds 34,591,221 24,517,899
Money market funds 6,721,150 6,973,795
Participant loans 986,545 867,995
----------- -----------
Total investments 44,779,462 34,023,329
----------- -----------
Receivables:
Participants' contributions 136,252 110,104
Employer's contributions 51,355 42,520
----------- -----------
Total assets 44,967,069 34,175,953
----------- -----------
Net assets available for plan benefits $44,967,069 34,175,953
=========== ===========
See accompanying notes to financial statements.
<PAGE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Statements of Changes in Net Assets
Available for Plan Benefits
Years ended December 31, 1997 and 1996
<TABLE>
<CAPTION>
1997 1996
----------- -----------
<S> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments (note 3) $ 5,312,193 312,527
Interest and dividends 2,647,079 2,730,276
----------- -----------
7,959,272 3,042,803
----------- -----------
Contributions:
Participants 4,628,686 4,049,521
Employer:
Matching 1,648,599 1,464,059
Discretionary -- 999,326
----------- -----------
Total additions 14,236,557 9,555,709
----------- -----------
Deductions from net assets attributed to:
Distributions to and withdrawals by participants 3,392,768 2,279,560
Administrative and other expenses 52,673 57,708
----------- -----------
Total deductions 3,445,441 2,337,268
----------- -----------
Net increase 10,791,116 7,218,441
Net assets available for plan benefits:
Beginning of year 34,175,953 26,957,512
----------- -----------
End of year $44,967,069 34,175,953
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1997 and 1996
(1) Description of Plan
The following description of the Del Webb Corporation (Company and Sponsor)
Retirement Savings Plan (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 and covers all eligible employees
of the Company and participating affiliates who are 21 years of age or
older, other than those covered by a collective bargaining agreement
negotiated in good faith with the Company. Terms of the agreement provide
for covered employees to become participants generally after completion of
six months of service.
Contributions
Participants may contribute from 2% to 6% of their salary (not to exceed
the limits set forth by the Internal Revenue Code, $9,500 in 1997 and
1996). If such contributions are made by participants, the Company will
provide a matching contribution ("matching contributions"), which is
determined by the Corporation's Board of Directors. During the two years
ended December 31, 1997, the matching contribution has been 50%.
Participants may also deposit up to 9% of their salaries above their
matching contribution amount as a voluntary deposit ("voluntary deposits")
for which the Company provides no matching contribution. The Plan also
allows the Company to make a "discretionary" contribution to the Plan. The
allocation of the discretionary contribution excludes any participant
eligible for the Company's Deferred Compensation Plan.
The Plan is subject to the regulations established by the Employee
Retirement Income Security Act of 1974 (ERISA). As of December 31, 1997,
the Plan had met the minimum funding requirements established by ERISA.
Participant Accounts
The Plan allows for each participant to control the allocation of their
assets between the various investment funds and make changes to this
allocation at any time. Consequently, each participant's account reflects
earnings or losses resulting from their investment decisions.
Vesting
Participants become 100% vested in their contributions as well as employer
contributions made on their behalf on the date of contribution.
Benefits
Benefits are payable upon termination of employment, retirement, death,
election at age 59-1/2 or termination of the Plan. Participants can receive
a lump sum distribution or installment payments for up to a ten-year
period.
<PAGE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
Participant Loans
Generally, participants may borrow up to 50% of their account balance
subject to a minimum of $1,000 and a maximum of $50,000. Minimum monthly
repayments of $50 are required. Each loan shall bear an interest rate equal
to the average rate on certificates of deposit with maturities equivalent
to the length of the loan at the beginning of the month the loan is made.
The duration of the loans are subject to a minimum term of twelve months
and a maximum term of 54 months. Participant loans are stated at the
principal balance of the loans outstanding.
Investment Funds
The following is a description of each investment fund as of December 31,
1997:
o Del Webb Stock Fund - 98% investment in common stock of the Company (a
party in interest) and 2% cash.
o Fidelity Puritan Fund - investment in a broadly diversified portfolio
of high-yielding securities.
o Fidelity Magellan Fund - investment in stocks of companies with
above-average growth potential.
o Fidelity Contra Fund - investment in stocks of companies with
potential for capital growth.
o Fidelity Growth & Income Fund - investment in a broadly diversified
portfolio of high-yielding securities.
o Fidelity Intermediate Bond Fund - investment in various types of bonds
that offer a return in excess of money market rates.
o Fidelity Stock Selector Fund - investments in stocks of companies
which are deemed by the Fund manager to be undervalued in relation to
other companies in the same industry.
o Fidelity FID Global Balanced Fund - investments in stocks, bonds and
money market instruments issued anywhere in the world.
o Fidelity U.S. Equity Index Fund - investments in stocks of companies
that primarily comprise the S&P 500.
o Fidelity Retirement Money Market Fund - investment in high-quality
short-term money market instruments.
o PBHG Emerging Growth Fund - investment in stocks and equity securities
of companies with high growth potential.
o Janus Mercury Fund - investment in a diversified portfolio of stocks
of companies of any size.
o Janus Worldwide Fund - investment in common stocks of foreign and
domestic issuers.
o Marshall & Isley Money Market Fund - investment in high quality
short-term money market instruments used to accumulate contributions
temporarily, which are then transferred to participant specified
investments on a monthly basis.
2
<PAGE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
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 the Employer Retirement
Income Security Act of 1974 (ERISA). In the event of Plan termination,
participants will be entitled to 100 percent of their account balances.
(2) Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements have been prepared on the accrual
basis and present the net assets available for plan benefits and changes in
those net assets.
Investment Valuation
Investments in mutual funds are stated at the Plan's proportionate interest
in the net assets of the funds, which are valued at market. Investments in
money market funds are stated at the reinvested share values which
represent market. Investments in common stock of the Corporation are valued
at the quoted market price.
Administrative and Other Expenses
Other than trustee fees, administrative expenses of the Plan are paid
directly by the Company, accordingly, such expenses are not reflected in
the accompanying financial statements.
Securities Transactions
Purchases and sales of securities are recorded on a trade-date basis.
(3) Changes in Fair Market Value of Investments
Net appreciation in fair market value of investments (including investments
bought, sold and held) during the years ended December 31, 1997 and 1996
follows:
<TABLE>
<CAPTION>
1997 1996
-------------------------- --------------------------
Realized Unrealized Realized Unrealized
Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss)
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Del Webb Stock Fund $ 79,439 855,981 63,819 (393,476)
----------- ----------- ----------- -----------
Mutual funds:
Fidelity Puritan Fund 213,729 428,533 77,313 20,077
Fidelity Magellan Fund 243,208 1,071,067 102,206 (497,539)
Fidelity Contra Fund 66,188 130,450 20,399 105,483
Fidelity Growth & Income Fund 342,723 1,262,603 152,560 481,060
Fidelity Intermediate Bond Fund (6,163) 17,565 (2,109) (24,106)
Fidelity Stock Selector Fund 92,406 118,636 40,131 42,495
Fidelity FID Global Balanced Fund 22,794 10,192 1,375 10,358
Fidelity U.S. Equity Index Fund 61,200 337,188 112,066 415
PBHG Emerging Growth Fund 2,317 (98) -- --
Janus Mercury Fund 1 (8,651) -- --
Janus Worldwide Fund 7,496 (36,611) -- --
----------- ----------- ----------- -----------
1,045,899 3,330,874 503,941 138,243
----------- ----------- ----------- -----------
Totals $ 1,125,338 4,186,855 567,760 (255,233)
=========== =========== =========== ===========
Net appreciation in fair value of investments $ 5,312,193 312,527
=========== ===========
</TABLE>
3
<PAGE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
(4) Investments
The following represents changes in the investments of the plan during
1997 and 1996:
Year ended December 31, 1997:
<TABLE>
<CAPTION>
Del Webb Fidelity Fidelity Fidelity
Stock Puritan Magellan Contra
Fund Fund Fund Fund
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value of
investments $ 935,700 642,262 1,314,276 196,638
Interest and dividends -- 499,116 587,642 306,286
----------- ----------- ----------- -----------
935,700 1,141,378 1,901,918 502,924
----------- ----------- ----------- -----------
Contributions:
Participants 285,115 458,140 774,872 563,096
Employer:
Matching 105,108 171,357 297,602 187,471
----------- ----------- ----------- -----------
Total additions 1,325,923 1,770,875 2,974,392 1,253,491
Deductions from net assets attributed to:
Distributions to and withdrawals by participants (110,901) (549,793) (632,419) (166,375)
Administrative and other expenses (1,138) (7,869) (4,385) (1,056)
----------- ----------- ----------- -----------
Total deductions (112,039) (557,662) (636,804) (167,431)
----------- ----------- ----------- -----------
Interfund transfers, including loan issuances and
repayments
(396,978) (451,279) (515,712) 434,037
----------- ----------- ----------- -----------
Net increase (decrease) 816,906 761,934 1,821,876 1,520,097
Net assets available for plan benefits:
Beginning of year 1,663,640 5,276,937 7,372,695 1,804,049
----------- ----------- ----------- -----------
End of year $ 2,480,546 6,038,871 9,194,571 3,324,146
=========== =========== =========== ===========
<CAPTION>
Fidelity
Fidelity Fidelity Fidelity FID
Growth & Intermediate Stock Global
Income Bond Selector Balanced
Fund Fund Fund Fund
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value of
investments 1,605,326 11,403 211,042 32,986
Interest and dividends 412,957 72,561 251,178 6,840
----------- ----------- ----------- -----------
2,018,283 83,964 462,220 39,826
----------- ----------- ----------- -----------
Contributions:
Participants 926,003 210,696 369,212 41,416
Employer:
Matching 319,998 74,157 114,084 15,786
----------- ----------- ----------- -----------
Total additions 3,264,284 368,817 945,516 97,028
Deductions from net assets attributed to:
Distributions to and withdrawals by participants (510,473) (72,458) (166,853) (46,614)
Administrative and other expenses (7,072) (3,669) (841) (174)
----------- ----------- ----------- -----------
Total deductions (517,545) (76,127) (167,694) (46,788)
----------- ----------- ----------- -----------
Interfund transfers, including loan issuances and
repayments
142,068 213,483 (110,494) (203,334)
----------- ----------- ----------- -----------
Net increase (decrease) 2,888,807 506,173 667,328 (153,094)
Net assets available for plan benefits:
Beginning of year 6,156,454 1,137,031 1,484,997 375,479
----------- ----------- ----------- -----------
End of year 9,045,261 1,643,204 2,152,325 222,385
=========== =========== =========== ===========
</TABLE>
4
<PAGE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
Year ended December 31, 1997:
<TABLE>
<CAPTION>
Fidelity
Fidelity Retirement
U.S. Equity Money PBHG Janus James
Index Market Growth Mercury Worldwide
Fund Fund Fund Fund Fund
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed
to:
Investment income:
Net appreciation (deprecia-
tion) in fair value of
investments $ 398,105 -- 2,219 (8,651) (29,116)
Interest and dividends 39,508 341,311 -- 11,025 43,881
----------- ----------- ----------- ----------- -----------
437,613 341,311 2,219 2,374 14,765
----------- ----------- ----------- ----------- -----------
Contributions:
Participants 222,895 528,213 43,430 28,436 117,761
Employer:
Matching 98,290 199,424 9,841 5,804 28,756
----------- ----------- ----------- ----------- -----------
Total additions 758,798 1,068,948 55,490 36,614 161,282
Deductions from net assets
attributed to:
Distributions to and with-
drawals by participants
(82,097) (885,314) (68) -- (88,696)
Administrative and other
expenses (1,023) (22,832) (23) (8) (43)
----------- ----------- ----------- ----------- -----------
Total deductions (83,120) (908,146) (91) (8) (88,739)
----------- ----------- ----------- ----------- -----------
Interfund transfers, including loan
issuances and repayments
485,561 (484,589) 100,022 68,349 566,042
----------- ----------- ----------- ----------- -----------
Net increase (decrease) 1,161,239 (323,787) 155,421 104,955 638,586
Net assets available for plan
benefits:
Beginning of year 910,257 6,468,564 -- -- --
----------- ----------- ----------- ----------- -----------
End of year $ 2,071,496 6,144,777 155,421 104,955 638,586
=========== =========== =========== =========== ===========
<CAPTION>
Marshall
& Isley
Money
Market Participant Change in
Fund Loans Receivables Totals
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Additions to net assets attributed
to:
Investment income:
Net appreciation (deprecia-
tion) in fair value of
investments -- -- -- 5,312,193
Interest and dividends 28,343 46,432 -- 2,647,079
----------- ----------- ----------- -----------
28,343 46,432 -- 7,959,272
----------- ----------- ----------- -----------
Contributions:
Participants 33,532 -- 25,869 4,628,686
Employer:
Matching 11,809 -- 9,114 1,648,599
----------- ----------- ----------- -----------
Total additions 73,684 46,432 34,983 14,236,557
Deductions from net assets
attributed to:
Distributions to and with-
drawals by participants
-- (80,706) -- (3,392,768)
Administrative and other
expenses (2,541) -- -- (52,673)
----------- ----------- ----------- -----------
Total deductions (2,541) (80,706) -- (3,445,441)
----------- ----------- ----------- -----------
Interfund transfers, including loan
issuances and repayments
-- 152,824 -- --
----------- ----------- ----------- -----------
Net increase (decrease) 71,142 118,550 34,983 10,791,116
Net assets available for plan
benefits:
Beginning of year 505,231 867,995 152,624 34,175,953
----------- ----------- ----------- -----------
End of year 576,373 986,545 187,607 44,967,069
=========== =========== =========== ===========
</TABLE>
5
<PAGE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
Year ended December 31, 1996:
<TABLE>
<CAPTION>
Fidelity Fidelity Fidelity
Del Webb Fidelity Fidelity Fidelity Growth & Intermediate Stock
Stock Puritan Magellan Contra Income Bond Selector
Fund Fund Fund Fund Fund Fund Fund
----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Net appreciation (de-
preciation ) in fair
value of invest-ments $ (329,657) 97,391 (395,334) 125,881 633,621 (26,216) 82,626
Interest and dividends -- 583,938 1,184,571 96,741 275,187 66,899 120,918
----------- ----------- ----------- ----------- ----------- ----------- -----------
(329,657) 681,329 789,237 222,622 908,808 40,683 203,544
----------- ----------- ----------- ----------- ----------- ----------- -----------
Contributions:
Participants 280,160 439,435 978,901 355,613 709,435 220,538 325,121
Employer:
Matching 107,826 172,190 365,236 102,155 254,769 82,123 96,979
Discretionary 67,627 89,285 189,085 60,101 139,706 44,385 53,797
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total additions 125,956 1,382,239 2,322,459 740,491 2,012,718 387,729 679,441
Deductions from net assets
attributed to:
Distributions to and
withdrawals by par-
ticipants (100,019) (264,394) (773,465) (21,204) (289,601) (38,172) (50,865)
Administrative and other
expenses (1,292) (9,322) (5,440) (822) (6,293) (4,478) (1,223)
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total deductions (101,311) (273,716) (778,905) (22,026) (295,894) (42,650) (52,088)
----------- ----------- ----------- ----------- ----------- ----------- -----------
Interfund transfers, includ-
ing loan issuances and
repayments (196,798) (138,926) (1,078,290) 664,428 378,310 (130,570) (128,790)
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net increase (de-
crease) (172,153) 969,597 465,264 1,382,893 2,095,134 214,509 498,563
Net assets available for
plan benefits:
Beginning of year 1,835,793 4,307,340 6,907,431 421,155 4,061,320 922,522 986,435
----------- ----------- ----------- ----------- ----------- ----------- -----------
End of year $ 1,663,640 5,276,937 7,372,695 1,804,048 6,156,454 1,137,031 1,484,998
=========== =========== =========== =========== =========== =========== ===========
<CAPTION>
Fidelity Fidelity Marshall
FID Fidelity Retirement & Isley
Global U.S. Equity Money Money
Balanced Index Market Market Participant Change in
Fund Fund Fund Fund Loans Receivables Totals
----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Net appreciation (de-
preciation ) in fair
value of invest-ments 11,733 112,482 -- -- -- -- 312,527
Interest and dividends 11,466 19,463 311,299 25,455 34,339 -- 2,730,276
----------- ----------- ----------- ----------- ----------- ----------- -----------
23,199 131,945 311,299 25,455 34,339 -- 3,042,803
----------- ----------- ----------- ----------- ----------- ----------- -----------
Contributions:
Participants 75,697 162,794 481,312 (24,125) -- 44,640 4,049,521
Employer:
Matching 27,324 42,938 205,204 (8,602) -- 15,917 1,464,059
Discretionary 15,563 19,588 320,189 -- -- -- 999,326
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total additions 141,783 357,265 1,318,004 (7,272) 34,339 60,557 9,555,709
Deductions from net assets
attributed to:
Distributions to and
withdrawals by par-
ticipants (4,770) (10,346) (678,141) -- (48,583) -- (2,279,560)
Administrative and other
expenses (110) (803) (26,493) (1,432) -- -- (57,708)
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total deductions (4,880) (11,149) (704,634) (1,432) (48,583) -- (2,337,268)
----------- ----------- ----------- ----------- ----------- ----------- -----------
Interfund transfers, includ-
ing loan issuances and
repayments 165,723 3,054 181,520 -- 280,339 -- --
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net increase (de-
crease) 302,626 349,170 794,890 (8,704) 266,095 60,557 7,218,441
Net assets available for
plan benefits:
Beginning of year 72,853 561,087 5,673,674 513,935 601,900 92,067 26,957,512
----------- ----------- ----------- ----------- ----------- ----------- -----------
End of year 375,479 910,257 6,468,564 505,231 867,995 152,624 34,175,953
=========== =========== =========== =========== =========== =========== ===========
</TABLE>
6
<PAGE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
(5) Participant Data
The number of participants in each investment fund at December 31, 1997 and
1996 was as follows:
1997 1996
----------- -----------
Del Webb Stock Fund 904 1,026
Fidelity Puritan Fund 624 624
Fidelity Magellan Fund 951 923
Fidelity Contra Fund 521 387
Fidelity Growth & Income Fund 890 748
Fidelity Intermediate Bond Fund 342 357
Fidelity Stock Selector Fund 398 362
Fidelity FID Global Balanced Fund 148 171
Fidelity U.S. Equity Index Fund 360 218
Fidelity Retirement Money Market Fund 1,154 1,284
PBHG Emerging Growth Fund 79 --
Janus Mercury Fund 57 --
Janus Worldwide Fund 193 --
(6) Federal Income Taxes
The Plan has received a determination letter dated June 5, 1996 from the
Internal Revenue Service which stated that the Plan and its underlying
trust qualify under the applicable provisions of the Internal Revenue Code
and, therefore, are exempt from federal income taxes. There have been no
amendments to the Plan subsequent to the determination letter that would
effect the Plan's tax exempt status, and in the opinion of the Plan
administrator, the Plan and its underlying trust have operated within the
terms of the Plan and remain qualified under the applicable provisions of
the Internal Revenue Code.
7
<PAGE>
Schedule 1
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Line 27a - Schedule of Assets Held for Investment Purposes
December 31, 1997
Investments
A comparison of the cost and current values of investments at December 31, 1997
follows:
<TABLE>
<CAPTION>
Identity Description of Current
of Issuer Investments Cost Value
- -------------------- -------------------------------------------------- -------------- -------------
<S> <C> <C> <C>
*Del Webb
Corporation Del Webb Stock, 93,186 shares $1,493,950 2,480,546
Fidelity
Investments Fidelity Puritan Fund, 311,603 units 5,060,073 6,038,871
Fidelity
Investments Fidelity Magellan Fund, 96,511 units 7,246,718 9,194,571
Fidelity
Investments Fidelity Contra Fund, 71,288 units 3,076,106 3,324,146
Fidelity
Investments Fidelity Growth & Income Fund, 237,408 units 6,601,242 9,045,261
Fidelity
Investments Fidelity Intermediate Bond Fund, 161,574 units 1,638,587 1,643,204
Fidelity
Investments Fidelity Stock Selector Fund, 79,334 units 1,901,643 2,152,325
Fidelity
Investments Fidelity FID Global Ba1anced Fund, 15,201 units 197,742 222,385
Fidelity
Investments Fidelity U.S. Equity Index Fund, 59,219 units 1,651,026 2,071,496
Fidelity Fidelity Retirement Money Market Fund,
Investments 6,144,777 units 6,144,777 6,144,777
PBHG PBHG Emerging Growth Fund, 6,659 units 155,519 155,421
Janus Janus Mercury Fund, 6,361 units 113,606 104,955
Janus Janus Worldwide Fund, 16,903 units 675,196 638,585
Marshall & Isley Marshall & Isley Money Market Fund, 576,374
units 576,374 576,374
Participant loans -- 986,545
----------
44,779,462
==========
</TABLE>
*Party in interest
See accompanying independent auditors' report.
<PAGE>
Schedule 2
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Line 27d - Schedule of Reportable Transactions
Year ended December 31, 1997
<TABLE>
<CAPTION>
Current
Value of
Asset on
Number Trans-
Description of Trans- Purchase Selling Cost of action Net
of Asset actions Price Price Asset Date Gain
- -------------------- --------- ---------- --------- --------- --------- -------
<S> <C> <C> <C> <C> <C> <C>
Fidelity Puritan 307 $1,720,569 1,600,897 1,387,168 1,600,897 213,729
Fidelity Magellan 361 2,294,185 1,786,586 1,543,378 1,786,586 243,208
Fidelity Contra Fund 265 1,967,494 644,037 577,849 644,037 66,188
Fidelity Growth &
Income 342 3,469,351 2,185,870 1,843,147 2,185,870 342,723
Fidelity Retirement
Money Market 387 3,962,097 4,285,885 4,285,885 4,285,885 --
Fidelity U.S. Equity
Index 211 1,237,830 474,695 413,495 474,695 61,200
</TABLE>
See accompanying independent auditors' report.
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the Del Webb Corporation
Retirement Savings Plan have duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
By /s/ Lynn Schuttenberg
---------------------------------
Name: Lynn Schuttenberg
Title: Chairman of Benefits
Advisory Committee
Dated: June 19, 1998
3
<PAGE>
INDEX TO EXHIBITS
Page in Sequential
Numbering System in
Manually Signed
Exhibit Original on Which
Number Description Exhibits May Be Found
------ ----------- ---------------------
23 Consent of KPMG Peat Marwick LLP
Exhibit 23
KPMG Peat Marwick LLP
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
The Board of Directors
Del Webb Corporation:
We consent to incorporation by reference in the Registration Statement No.
33-6564 on Form S-8 of Del Webb Corporation of our report dated May 26, 1998,
relating to the statements of net assets available for plan benefits of the Del
Webb Corporation Retirement Savings Plan as of December 31, 1997 and 1996, and
the related statements of changes in net assets available for plan benefits for
the years then ended, and related schedules, which report appears in the
December 31, 1997 annual report on Form 11-K of the Del Webb Corporation
Retirement Savings Plan.
/s/ KPMG Peat Marwick LLP
Phoenix, Arizona
June 19, 1998
|
|