<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A-1
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
- ---
ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1995
-----------------------------------------------------
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
- ---
EXCHANGE ACT OF 1934
For the transition period from _________________ to ___________________________
Commission File Number 0-828
-----
BIRD CORPORATION
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 04-3082903
- ------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1077 Pleasant Street, Norwood, MA 02062
- ---------------------------------------- ----------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (617) 551-0656
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
-------------------- ---------------------
NONE NONE
- -------------------------------------------------------------------------------
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, par value $1 per share
- -------------------------------------------------------------------------------
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.
---
The aggregate market value of common stock, par value $1 per share, held by
non-affiliates as of March 1, 1996 was $23,150,000. As of March 1, 1996 there
were 4,123,178 shares of Bird Corporation common stock, par value $1 per share,
outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Proxy Statement for the 1996 Annual Meeting of Stockholders to
be filed with the Commission by April 30, 1995 are incorporated by reference
into Parts I and III of this report.
<PAGE> 2
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its Annual Report on Form 10-K for the
fiscal year ended December 31, 1995 as set forth in the pages attached hereto:
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(c) Exhibit Index.
Exhibit 28 Annual Report on Form 11-K of the Bird
Employees' Savings and Profit Sharing Plan
for the fiscal year ended December 31, 1995.
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
BIRD CORPORATION (REGISTRANT)
JULY 10, 1996 /s/ Frank S. Anthony
--------------------
FRANK S. ANTHONY
VICE PRESIDENT
<PAGE> 1
EXHIBIT 28
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(MARK ONE)
/X/ Annual report pursuant to Section 15(d) of the Securities Exchange Act of
1934
For the fiscal year ended December 31, 1995
OR
/ / Transition report pursuant to Section 15(d) of the Securities Exchange
Act of 1934
For the transition period from _____________ to ______________
Commission file number 0-828
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
BIRD EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
BIRD CORPORATION
1077 PLEASANT STREET
NORWOOD, MA 02062
<PAGE> 2
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Prospectus
constituting part of the Registration Statement on Form S-8 (No. 33-36305) of
Bird Corporation of our report dated June 3, 1996 relating to the financial
statements of the Bird Employees' Savings and Profit Sharing Plan for the year
ended December 31, 1995 included with this Form 11-K.
PRICE WATERHOUSE LLP
Boston, Massachusetts
July 10, 1996
<PAGE> 3
BIRD EMPLOYEES' SAVINGS
AND PROFIT SHARING PLAN
FINANCIAL STATEMENTS
AND ADDITIONAL INFORMATION
DECEMBER 31, 1995 AND 1994
<PAGE> 4
BIRD EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
INDEX TO FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
---------------------------------------------------------------------------
PAGE(S)
Financial Statements:
Report of Independent Accountants 1
Statement of Financial Condition (with Fund Information) 2 - 3
Statement of Changes in Plan Equity (with Fund Information) 4 - 5
Notes to Financial Statements 6 - 11
Additional Information*:
Schedule I - Assets Held for Investment Purposes 12
Schedule II - Reportable Transactions 13 - 14
* Other schedules have been omitted because they are not applicable.
<PAGE> 5
REPORT OF INDEPENDENT ACCOUNTANTS
June 3, 1996
To the Participants and Committee of
the Bird Employees' Savings and Profit
Sharing Plan
In our opinion, the accompanying statements of financial condition and
the related statements of changes in plan equity present fairly, in all
material respects, the financial condition of the Bird Employees'
Savings and Profit Sharing Plan (the "Plan") at December 31, 1995 and
1994, and the changes in plan equity 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
schedules of Assets Held for Investment Purposes and Reportable
Transactions are presented for purposes of additional analysis and are
not a required part of the basis financial statements but are
supplementary information required by the Department of Labor's Rules
and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The fund information in the
statement of financial condition and the statement of changes in plan
equity is presented for purposes of additional analysis rather than to
present the financial condition and changes in plan equity of each
fund. The additional information schedules and 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.
Price Waterhouse LLP
-1-
<PAGE> 6
<TABLE>
BIRD EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
STATEMENT OF FINANCIAL CONDITION (WITH FUND INFORMATION)
- -------------------------------------------------------------------------------------------------------------------
<CAPTION>
DECEMBER 31, 1994
PARTICIPANT DIRECTED
------------------------------------------------------------------
GROWTH AND STABLE CORPORATE MONEY PURITAN
INCOME VALUE STOCK MARKET FUND
FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at fair value:
Bird Inc. common stock $ - $ - $475,249 $ - $ -
Bank collective trust funds 772 4,868,749 2,781 2,135 3,051
Mutual funds 1,658,289 - - 122,250 552,072
Interest/dividends receivable - - - 572 -
Employer contributions receivable 39,849 116,569 27,482 2,977 13,283
Cash 30 87 11,738 18 11
---------- ---------- -------- -------- --------
Total assets $1,698,940 $4,985,405 $517,250 $127,952 $568,417
========== ========== ======== ======== ========
LIABILITIES AND PLAN EQUITY
Accrued expenses $ 4,027 $ 11,782 $ 1,166 $ 301 $ 1,342
Refunds due to active participants 6,534 19,114 4,506 488 2,178
---------- ---------- -------- -------- --------
Total liabilities 10,561 30,896 5,672 789 3,520
---------- ---------- -------- -------- --------
Plan equity 1,688,379 4,954,509 511,578 127,163 564,897
---------- ---------- -------- -------- --------
Total liabilities and plan equity $1,698,940 $4,985,405 $517,250 $127,952 $568,417
========== ========== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1994
NON-
PARTICIPANT DIRECTED PARTICIPANT
DIRECTED
------------------------------------------- -----------
CONTRA INTERMEDIATE SHORT CORPORATE
FUND BOND TERM STOCK
FUND FUND FUND TOTAL
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at fair value:
Bird Inc. common stock $ - $ - $ - $655,855 $1,131,104
Bank collective trust funds 9,146 1,928 8,486 - 4,897,048
Mutual funds 1,050,796 139,780 - - 3,523,187
Interest/dividends receivable - 763 - - 1,335
Employer contributions receivable 25,421 3,435 - - 229,016
Cash 6,783 6 82 - 18,755
---------- -------- ------ -------- ----------
Total assets $1,092,146 $145,912 $8,568 $655,855 $9,800,445
========== ======== ====== ======== ==========
LIABILITIES AND PLAN EQUITY
Accrued expenses $ 2,569 $ 347 $ - $ 1,611 $ 23,145
Refunds due to active participants 4,168 564 - - 37,552
---------- -------- ------ -------- ----------
Total liabilities 6,737 911 - 1,611 60,697
---------- -------- ------ -------- ----------
Plan equity 1,085,409 145,001 8,568 654,244 9,739,748
---------- -------- ------ -------- ----------
Total liabilities and plan equity $1,092,146 $145,912 $8,568 $655,855 $9,800,445
========== ======== ====== ======== ==========
</TABLE>
The accompanying notes are an integral
part of these financial statements.
-2-
<PAGE> 7
<TABLE>
BIRD EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
STATEMENT OF FINANCIAL CONDITION (WITH FUND INFORMATION)
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DECEMBER 31, 1995
---------------------------------------------------------------------
PARTICIPANT DIRECTED
---------------------------------------------------------------------
VALUE STABLE CORPORATE INT'L INCOME
EQUITY VALUE STOCK EQUITY AND GROWTH
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at fair value:
Bird Inc. common stock $ - $ - $171,465 $ - $ -
Bank collective trust funds - 3,131,074 - - -
Mutual funds 638,624 - 9,053 89,346 660,184
Participant Loans - - - - -
Interest/dividends receivable - - - - -
Employer contributions receivable 11,654 26,889 772 2,379 8,528
Employee contributions receivable 3,400 8,516 337 776 3,035
Cash - - - - -
-------- ---------- -------- ------- --------
Total assets $653,678 $3,166,479 $181,627 $92,501 $671,747
======== ========== ======== ======= ========
LIABILITIES AND PLAN EQUITY
Accrued expenses $ - $ 2,258 $ - $ - $ -
Pending interfund transfers - - - - -
Refunds due to active participants - - - - -
-------- ---------- -------- ------- --------
Total liabilities - 2,258 - - -
Plan equity 653,678 3,164,221 181,627 92,501 671,747
-------- ---------- -------- ------- --------
Total liabilities and plan equity $653,678 $3,166,479 $181,627 $92,501 $671,747
======== ========== ======== ======= ========
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1995
------------------------------------------------------------------------------
NON-
PARTICIPANT DIRECTED PARTICIPANT
DIRECTED
------------------------------------------------- -----------
GROWTH MULTI SHORT CORPORATE
OPPORTUNITY ASSET LOAN TERM STOCK
FUND FUND FUND FUND FUND TOTAL
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at fair value:
Bird Inc. common stock $ - $ - $ - $ - $279,759 $ 451,224
Bank collective trust funds - - - - - 3,131,074
Mutual funds 1,094,238 377,650 - 14,771 2,883,866
Participant Loans - - 41,223 - - 41,223
Interest/dividends receivable - - - - - -
Employer contributions receivable 15,871 4,647 - - 8,203 78,943
Employee contributions receivable 4,215 1,286 - - - 21,565
Cash - - - 10 - 10
---------- -------- ------- --- -------- ----------
Total assets $1,114,324 $383,583 $41,223 $10 $302,733 $6,607,905
========== ======== ======= === ======== ==========
LIABILITIES AND PLAN EQUITY
Accrued expenses $ - $ - $ - $ - $ - $ 2,258
Pending interfund transfers - - - - - -
Refunds due to active participants - - - - - -
---------- -------- ------- --- -------- ----------
Total liabilities - - - - - 2,258
Plan equity 1,114,324 383,583 41,223 10 302,733 6,605,647
---------- -------- ------- --- -------- ----------
Total liabilities and plan equity $1,114,324 $383,583 $41,223 $10 $302,733 $6,607,905
========== ======== ======= === ======== ==========
The accompanying notes are an integral
part of these financial statements.
</TABLE>
-3-
<PAGE> 8
<TABLE>
BIRD EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
STATEMENT OF CHANGES IN PLAN EQUITY (WITH FUND INFORMATION)
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1994
--------------------------------------------------------------------------------
PARTICIPANT DIRECTED
--------------------------------------------------------------------------------
GROWTH AND GUARANTEED CORPORATE RETIREMENT MONEY PURITAN
INCOME INVESTMENT STOCK GROWTH MARKET FUND
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest $ 475 $ 50,147 $ 559 $ 2,850 $ 733 $ 94
Dividends 46,656 - - 2,982 5,802 24,779
---------- ----------- --------- --------- --------- --------
Total investment income 47,131 50,147 $ 559 5,832 6,535 24,873
Administrative expenses (10,159) (44,588) (9,060) 2,501 (691) (4,192)
Net appreciation (depreciation)
of investments (3,921) 242,355 10,069 2,288 - (25,037)
---------- ----------- --------- --------- --------- --------
Net investment income 33,051 247,914 1,568 10,621 5,844 (4,356)
---------- ----------- --------- --------- --------- --------
Contributions:
Employee 188,740 130,483 75,567 (22,897) 31,518 93,294
Employer 39,849 116,569 27,482 - 2,977 13,283
---------- ----------- --------- --------- --------- --------
Total contributions 228,589 247,052 103,049 (22,897) 34,495 106,577
---------- ----------- --------- --------- --------- --------
Participant withdrawals (590,786) (927,673) (164,551) (25,005) (115,891) (89,938)
---------- ----------- --------- --------- --------- --------
Net increase (decrease) prior
to transfers (329,146) (432,707) (59,934) (37,281) (75,552) 12,283
Employee election interfund
transfers (341,340) (795,831) (17,129) (920,292) (22,025) 552,614
---------- ----------- --------- --------- --------- --------
Net increase (decrease) in
plan assets (670,486) (1,228,538) (77,063) (957,573) (97,577) 564,897
Plan equity beginning of year 2,358,865 6,183,047 588,641 957,573 224,740 -
---------- ----------- --------- --------- --------- --------
Plan equity end of year $1,688,379 $ 4,954,509 $ 511,578 $ - $ 127,163 $564,897
========== =========== ========= ========= ========= ========
</TABLE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1994
NON-
PARTICIPANT DIRECTED PARTICIPANT
DIRECTED
---------------------------------------- -----------
CONTRA INTERMEDIATE SHORT CORPORATE
FUND BOND TERM STOCK
FUND FUND FUND TOTAL
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $ 477 $ 40 $ - $ 772 $ 56,147
Dividends - 10,633 - - 90,852
---------- -------- -------- --------- -----------
Total investment income 477 10,673 - 772 146,999
Administrative expenses (9,596) (1,084) - (12,511) (89,380)
Net appreciation (depreciation)
of investments (27,368) (13,167) - 13,906 199,125
---------- -------- -------- --------- -----------
Net investment income (36,487) (3,578) - 2,167 256,744
---------- -------- -------- --------- -----------
Contributions:
Employee 190,986 30,032 - - 717,723
Employer 25,421 3,435 - 105,546 334,562
---------- -------- -------- --------- -----------
Total contributions 216,407 33,467 - 105,546 1,052,285
---------- -------- -------- --------- -----------
Participant withdrawals (519,660) (44,055) - $(272,725) (2,750,284)
---------- -------- -------- --------- -----------
Net increase (decrease) prior
to transfers (339,740) (14,166) - (165,012) (1,441,255)
Employee election interfund
transfers 1,425,149 159,167 (40,313) - 0
---------- -------- -------- --------- -----------
Net increase (decrease) in
plan assets 1,085,409 145,001 (40,313) (165,012) (1,441,255)
Plan equity beginning of year - - 48,881 $ 819,256 11,181,003
---------- -------- -------- --------- -----------
Plan equity end of year $1,085,409 $145,001 $ 8,568 $ 654,244 $ 9,739,748
========== ======== ======== ========= ===========
The accompanying notes are an integral
part of these financial statements.
</TABLE>
-4-
<PAGE> 9
BIRD EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
<TABLE>
STATEMENT OF CHANGES IN PLAN EQUITY (WITH FUND INFORMATION)
- -------------------------------------------------------------------------------------------------------------
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1995
----------------------------------------------------------------------------
PARTICIPANT DIRECTED
----------------------------------------------------------------------------
GROWTH AND VALUE STABLE CORPORATE INT'L MONEY
INCOME EQUITY VALUE STOCK EQUITY MARKET
FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest $ 3,849 $ -- $ 27,758 $ 280 $ -- $ 21
Dividends 14,024 8,329 -- 117 2,784 3,985
----------- -------- ----------- --------- ------- ---------
Total investment income 17,873 8,329 27,758 397 2,784 4,006
Administrative expenses (975) -- (14,760) -- (386) --
----------- -------- ----------- --------- ------- ---------
Net appreciation (depreciation)
of investments 223,976 38,307 238,972 (171,987) 4,864 --
----------- -------- ----------- --------- ------- ---------
Net investment income 240,874 46,636 251,970 (171,590) 7,262 4,006
Contributions:
Employee 70,289 22,745 137,624 20,289 5,599 7,426
Employer -- 11,654 26,889 772 2,379 --
----------- -------- ----------- --------- ------- ---------
Total contributions 70,289 34,399 164,513 21,061 7,978 7,426
---------- -------- ---------- -------- ------- --------
Participant withdrawals (527,902) (189) (2,761,971) (93,352) (186) (16,451)
----------- -------- ----------- --------- ------- ---------
Net increase (decrease) prior
to transfers (216,739) 80,846 (2,345,488) (243,881) 15,054 (5,019)
Employee election interfund
transfers (1,471,640) 572,832 591,745 (86,188) 78,888 (122,144)
----------- -------- ----------- --------- ------- ---------
Loans issued -- -- (37,583) -- (1,500) --
Loan repayments -- -- 1,038 118 59 --
Net increase (decrease) in
plan assets (1,688,379) 653,678 (1,790,288) (329,951) 92,501 (127,163)
Plan equity beginning of year 1,688,379 -- 4,954,509 511,578 -- 127,163
----------- -------- ----------- --------- ------- ---------
Plan equity end of year $ -- $653,678 $ 3,164,221 $ 181,627 $92,501 $ --
=========== ======== =========== ========= ======= =========
</TABLE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1996
----------------------------------------------------------------------------
PARTICIPANT DIRECT
----------------------------------------------------------------------------
INCOME GROWTH INTERMEDIATE MULTI
PURITAN AND GROWTH CONTRA OPPORTUNITY BOND ASSET
FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest $ 2,712 $ -- $ 3,867 $ -- $ 471 $ --
Dividends 7,754 12,768 -- 13,269 3,108 13,057
--------- -------- ----------- ---------- --------- --------
Total investment income 10,466 12,768 3,867 13,269 3,579 13,057
Administrative expenses (2,247) -- (3,564) -- (1,466) --
--------- -------- ----------- ---------- --------- --------
Net appreciation (depreciation)
of investments 48,227 17,658 206,210 69,252 5,599 19,394
--------- -------- ----------- ---------- --------- --------
Net investment income 56,446 30,426 206,513 82,521 7,712 32,451
Contributions:
Employee 37,995 22,533 58,315 29,433 8,256 9,941
Employer -- 8,528 -- 15,871 -- 4,647
--------- -------- ----------- ---------- --------- --------
Total contributions 37,995 31,061 58,315 45,304 8,256 14,588
--------- -------- ----------- ---------- --------- --------
Participant withdrawals (214,450) (245) (324,338) (56,780) (83,456) (190)
--------- -------- ----------- ---------- --------- --------
Net increase (decrease) prior
to transfers (120,009) 61,242 (59,510) 71,045 (67,488) 46,849
Employee election interfund
transfers (444,888) 610,997 (1,025,899) 1,043,279 (77,513) 339,089
--------- -------- ----------- ---------- --------- --------
Loans issued -- (497) -- -- -- (2,420)
Loan repayments -- 5 -- -- -- 65
Net increase (decrease) in
plan assets (564,897) 671,747 (1,085,409) 1,114,324 (145,001) 383,583
Plan equity beginning of year 564,897 -- 1,085,409 -- 145,001
--------- -------- ----------- ---------- --------- --------
Plan equity end of year $ -- $671,747 $ -- $1,114,324 $ -- $383,583
========= ======== =========== ========== ========= ========
</TABLE>
<TABLE>
<CAPTION>
NON-
PARTICIPANT
DIRECTED
---------
SHORT CORPORATE
LOAN TERM STOCK
FUND FUND FUND TOTAL
<S> <C> <C> <C> <C>
Investment Income:
Interest $ 508 $ -- $ 458 $ 39,924
Dividends -- -- 192 79,387
------- ------- -------- ----------
Total investment income 508 -- 650 119,311
Administrative expenses -- -- -- (23,398)
------- ------- -------- ----------
Net appreciation (depreciation)
of investments -- -- (280,611) 419,861
------- ------- -------- ----------
Net investment income 508 -- (279,961) 515,774
Contributions:
Employee -- -- -- 430,445
Employer -- -- 138,153 208,893
------- ------- -------- ----------
Total contributions -- -- 138,153 639,338
------- ------- -------- ----------
Participant withdrawals -- -- (209,703) (4,289,213)
------- ------- -------- ----------
Net increase (decrease) prior
to transfers 508 0 (351,511) (3,134,101)
Employee election interfund
transfers -- (8,558) -- --
------- ------- -------- ----------
Loans issued 42,000 -- -- --
Loan repayments (1,285) -- -- --
Net increase (decrease) in
plan assets 41,223 (8,558) (351,511) (3,134,101)
Plan equity beginning of year -- 8,568 654,244 9,739,748
------- ------- -------- ----------
Plan equity end of year $41,223 $ 10 $302,733 $6,605,647
======= ======= ======== ==========
</TABLE>
-5-
<PAGE> 10
BIRD EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
-------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The following description of the Bird Employees' Savings and Profit
Sharing Plan (the "Plan") is intended to give a general summary of
its principal provisions. Participants should refer to the Plan
document for a more complete description of the Plan.
The Plan was adopted by the Board of Directors of Bird Corporation
(the "Company") as of July 1, 1983 and restated in its entirety as of
January 1, 1985. The Plan was established to provide the Company's
employees with a retirement program of Company base and profit
sharing contributions and a regular savings and investment plan,
which is funded with employee and Company contributions. The Plan is
considered a defined contribution plan and is subject to the
provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
On January 17, 1994, it was announced that the Company would sell or
close part of its business and all of the terminated participants of
that business became fully vested. A decision to continue to sell all
or part of the remaining businesses was approved by the Board of
Directors and announced on May 10, 1994. On August 16, 1994 the Plan
was amended whereby all participants in the Plan would fully vest in
the event of a change in control of the Company. Subsequently, two
other businesses were sold resulting in terminated employees being
fully vested. The liquidation and sales mentioned above, were deemed
by the Board of Directors to constitute a change of control. Under
the amendment, this change of control then vested all remaining
active participants and any participant who had terminated in the one
year period prior to the sale of the last division.
ELIGIBILITY
All employees of the Company and certain of its subsidiaries,
excluding those covered by a collective bargaining agreement, are
eligible to participate in the Plan.
COMPANY BASE CONTRIBUTIONS
Annual Company base contributions are based upon a percentage of each
employee's eligible compensation. Prior to January 1, 1995,
contributions for personnel employed prior to January 1, 1985 are
based on 2% plus 5/7% for each five additional years of age (in
excess of 31) as of December 31, 1984. Contributions for personnel
employed subsequent to December 31, 1984 are based on 2% of each
employee's eligible compensation. Effective January 1, 1995, Company
base contributions are based on 2% of each employee's eligible
compensation for all employees. Company base contributions for the
years ended December 31, 1995 and 1994 amounted to $70,740 and
$229,016, respectively.
PROFIT SHARING CONTRIBUTIONS
Annual Company profit sharing contributions, if earned, are based
upon certain defined levels of return on equity by the Company and
its business units. The amount of the Company's contributions are
dependent upon the amount of profits
-6-
<PAGE> 11
BIRD EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
-------------------------------------------------------------------------
(as defined) earned by the Company or a business unit, and
distributions to employees of the Company or a business unit are
based on their eligible compensation. Employees have the option to
receive in cash, up to 50% of their share of the Company's annual
profit sharing contribution. This cash portion of the profit sharing
contribution is paid directly by the Company to the employee. There
were no such contributions made for the year ended December 31, 1995
and 1994.
SAVINGS CONTRIBUTIONS
Eligible employees may contribute 1% to 15% of their eligible
compensation to the Plan and the Company may make discretionary
matching contributions with respect to the first 6% of each
employee's contribution. All Company matching contributions are made
to the Corporate Stock Fund. The Plan does not require an employee to
make contributions to the Plan in order to become eligible to
participate in the annual Company base or profit sharing
contributions described in the items above. Matching contributions
for the years ended December 31, 1995 and 1994 amounted to 19,575
shares of Company stock valued at $138,153 and 10,327 shares valued
at $105,546, respectively. Forfeitures from the non-vested portion of
terminated participants' account balances for the years ended
December 31, 1995 and 1994, in the amount of $3,700 and $19,227,
respectively, were used against Company contributions as permitted by
the Plan (see vesting below).
PARTICIPANT ACCOUNTS
Each participant's account is maintained by an independent
recordkeeper and reflects employee contributions, Company matching
contributions, Company base contributions, and Company profit sharing
contributions. Accounts are periodically adjusted to reflect the
effect of investment income, realized and unrealized capital gains
(losses), trustee expenses, and withdrawals and other distributions.
Investment income, realized and unrealized capital gains (losses),
and trustee expenses are allocated to participant's accounts based
upon each participant's equity in the Plan at the end of the
preceding valuation period.
VESTING
Vesting of Company base contributions accrue at a rate of 20% per
year for each year of service and Company matching contributions vest
at the rate of 20% for each year of contributory participation in the
Plan. Participants are immediately vested in Company profit sharing
contributions and employee contributions, plus earnings thereon. In
addition to becoming fully vested as defined above, a participant's
account becomes fully vested upon retirement, attainment of age 65,
death, or occurrence of total and permanent disability or Plan
termination. If a portion of the Company base or matching
contributions is not vested upon a participant's termination, the
non-vested portion will be forfeited, and used to reduce future
Company contributions to the Plan.
An amendment to the Plan was adopted on June 16, 1994 stating that in
the event of a change in control of the Company each participant
shall immediately be 100% vested in his Company Matching Contribution
Account and his Company Base Contribution Account.
-7-
<PAGE> 12
BIRD EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
-------------------------------------------------------------------------
PAYMENTS OF BENEFITS
Upon termination of service due to death, retirement, or complete
disability, a participant or his beneficiary may elect to receive
benefits equal to the full value of his account in the form of a
lump-sum distribution or in the form of an annuity, which will be in
the form of a joint and survivor annuity if the participant is
married. If termination occurs due to other reasons, the participant
is entitled to receive the total amount of employee contributions and
the vested portion of Company contributions. Such distributions are
payable in cash or, in the case of the Corporate Stock Fund, in cash
or shares, as elected by the participant. Participants have limited
withdrawal rights during employment.
LOANS
In accordance with the terms of the plan document, effective July 1,
1995, Plan participants may be granted loans. There is no minimum
requirement for a loan, however, the maximum loan amount is the
lesser of 50% of the participant's vested account balance or $50,000.
The loan is secured by the balance in the participant's account and
bears interest at a rate comparable to a commercial lending
institution as determined by the Plan Administrator. Loans must be
repaid within five years. At December 31, 1995, the Plan had five
loans outstanding with interest rates of 10.25% per annum. Loans are
stated at principal outstanding which approximates fair value.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements of the Plan are prepared on the accrual
basis of accounting.
INVESTMENTS
As more fully described in Note 3, Plan investments consist of
participations in bank collective trust funds, mutual funds, and
shares of Bird Corporation common stock. Closing active market
quotations are used to value mutual funds and common stock. The bank
collective trust funds are recorded at fair value based on net asset
value per unit as determined by the trustee. The average cost method
is used to determine the net gain or loss on investment transactions.
EXPENSES
As of July 1, 1995, trustee and other administrative expenses are
paid by the Company. Previously, trustee expenses were paid by the
Plan. The trustee charged each fund for the direct expenses of that
fund. All other expenses of the Plan were paid for by the Company.
3. INVESTMENTS
The Plan's investments were held by CoreStates Bank, N.A. as
trustee under the Trust Agreement for the Plan until June 30,
1995. Effective July 1, 1995 the
-8-
<PAGE> 13
BIRD EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
-------------------------------------------------------------------------
Plan's investments were held by New York Life Trust Company, offering
seven investment options to participants. Prior to July 1, 1995 seven
investment options were also offered. (See options listed on the
statement of financial condition). Investment vehicles under each of
the Plan's fund options are selected by the Company. The trustee
executes transactions in accordance with participant elections as to
investment fund contributions.
<TABLE>
Investments consist of the following:
<CAPTION>
DECEMBER 31,
1995 1994
<S> <C> <C>
Mutual funds $2,883,866 $3,523,187
Common stock 451,224 1,131,104
Bank collective trust funds 3,131,074 4,897,048
Participants loans 41,223 --
---------- ----------
$6,507,387 $9,551,339
========== ==========
</TABLE>
<TABLE>
Investments that represent 5% or more of total Plan investments are
as follows:
<CAPTION>
DECEMBER 31,
1995 1994
<S> <C> <C>
Fidelity Advisor Growth Opportunities Fund $1,094,238 $ --
Fidelity Advisor SER II
Income and Growth Fund 660,184 --
Mainstay Institutional
Service Value Equity Fund 638,624 --
Mainstay Institutional
Service Multi Asset Fund 377,650 --
Fidelity Puritan Portfolio -- 552,072
Fidelity Contra Portfolio -- 1,050,796
Fidelity Growth and Income Portfolio -- 1,658,289
Bird Corporation Common Stock 451,224 1,131,104
Frank Russell Capital Contract Fund 3,131,074 4,852,762
</TABLE>
-9-
<PAGE> 14
BIRD EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
-------------------------------------------------------------------------
4. PLAN TERMINATION
The Company anticipates that the Plan will continue without
interruption, but reserves the right to discontinue the Plan. In the
event that the Plan and the related trust fund terminate,
particpants' accounts will become fully vested and non-forfeitable.
All accounts will be valued as of the termination date and account
balances will be distributed in full to participants.
5. DIFFERENCES BETWEEN FINANCIAL STATEMENTS AND FORM 5500
<TABLE>
The following is a reconciliation of net assets available for
benefits per the financial statements to the Form 5500:
<CAPTION>
DECEMBER 31,
1995 1994
<S> <C> <C>
Plan equity per the financial statements $6,605,647 $9,739,748
Amounts allocated to withdrawing
participants (101,232) (652,259)
---------- ----------
Plan equity per the Form 5500 $6,504,415 $9,087,489
========== ==========
</TABLE>
<TABLE>
The following is a reconciliation of participant withdrawals per the
financial statements to the Form 5500:
<CAPTION>
YEAR ENDED
DECEMBER 31,
1995 1994
<S> <C> <C>
Participant withdrawals per the financial
statements $4,289,213 $2,750,284
Amounts allocated to withdrawing
participants at beginning of year (652,259) (355,689)
at end of year 101,232 652,259
---------- ----------
Participant withdrawals per the Form 5500 $3,738,186 $3,046,854
========== ==========
</TABLE>
Amounts allocated to withdrawing participants are recorded on the
Form 5500 for benefit claims that have been processed and approved
for payment prior to year-end but not yet paid. At December 31, 1995
there were participant withdrawals of $101,232 pending processing by
the trustee from the Stable Value Fund.
-10-
<PAGE> 15
BIRD EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
-------------------------------------------------------------------------
6. FEDERAL INCOME TAXES
The Plan is intended to meet the requirements of Section 401 of the
Internal Revenue Code ("Code"). Under the provisions of Section 401
of the Code, employer contributions to a qualified plan and earnings
are not subject to federal or state income tax. Benefit payments
received from a qualified plan are taxable in the year they are
received. The Company received notification of qualification for the
Plan under Section 401 of the Code in a favorable determination
letter dated September 22, 1993. A new letter has been requested for
Plan amendments.
Management has asserted that the Plan and its operations have been
and continue to be in accordance with all applicable provisions of
ERISA and the Code.
7. UNALLOCATED PLAN EQUITY
Plan equity of $6,507,387 and $8,938,223 was allocated to participant
accounts at December 31, 1995 and December 31, 1994, respectively.
The difference between allocated Plan equity and Plan equity per the
statement of financial condition is primarily due to (a) receivables
recorded on the statement of financial condition not yet allocated to
participant accounts and (b) pending participant withdrawals recorded
on the participant accounts at year end but not on the financial
statements (Note 5).
-11-
<PAGE> 16
BIRD EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN ADDITIONAL INFORMATION
SCHEDULE I
<TABLE>
ASSETS HELD FOR INVESTMENT PURPOSES ITEM 27a FORM 5500
DECEMBER 31, 1995
- -------------------------------------------------------------------------------
<CAPTION>
SHARES/ CURRENT
UNITS COST VALUE
<S> <C> <C> <C>
MAINSTAY MULTI ASSET FUND
Mainstay Institution Service
Multi Asset Fund 32,031 $ 393,604 $ 377,650
---------- ----------
CORPORATE STOCK FUND
Mainstay Institutional Money Market 23,823 23,824 23,824
Bird Corporation Common Stock 97,562 950,031 451,224
---------- ----------
973,855 475,048
---------- ----------
FIDELITY GROWTH OPPORTUNITY FUND
Fidelity Advisor Growth
Opportunity Fund 34,584 1,041,502 1,094,238
---------- ----------
FIDELITY INCOME & GROWTH FUND
Fidelity Advisor Ser II
Income & Growth Fund 42,023 643,773 660,184
---------- ----------
MAINSTAY INTERNATIONAL EQUITY FUND
Mainstay Institutional Service
International Equity Fund 8,649 84,729 89,346
---------- ----------
MAINSTAY VALUE EQUITY FUND
Mainstay Institutional Service
Value Equity Fund 44,257 615,233 638,624
---------- ----------
STABLE VALUE FUND
Frank Russell Capital
Contract Fund 199,406 3,041,838 3,131,074
---------- ----------
PLAN PARTICIPANTS LOANS
10.25% per annum, maturity
dates ranging from 12/18/98 to
12/1/2000 41,223 41,223
---------- ----------
Total Investments $6,835,757 $6,507,387
========== ==========
</TABLE>
-12-
<PAGE> 17
BIRD EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN ADDITIONAL INFORMATION
SCHEDULE II
<TABLE>
REPORTABLE TRANSACTIONS INVOLVING AMOUNTS IN EXCESS OF 5% OF
CURRENT VALUE OF PLAN ASSETS ITEM 27d FORM 5500
FOR THE YEAR ENDED DECEMBER 31, 1995
----------------------------------------------------------------------------
<CAPTION>
NUMBER
OF PURCHASE SELLING LEASE
DESCRIPTION OF ASSET TRANSACTIONS PRICE PRICE RENTAL
<S> <C> <C> <C> <C>
Bird Corporation Common
Stock 19 $ 68,398 $ 355,950 --
Fidelity Growth & Income
Portfolio 13 $ 14,024 $1,896,288 --
Fidelity Growth & Income
Portfolio 1 -- $1,441,274 --
Frank Russell Capital
Contract Fund 22 -- $1,641,871 --
CoreStates Liquidity Fund 342 $5,953,671 $5,999,352 --
CoreStates Liquidity Fund 1 $1,317,840 -- --
CoreStates Liquidity Fund 1 -- $1,145,699 --
CoreStates Liquidity Fund 1 $ 996,492 -- --
CoreStates Liquidity Fund 1 -- $ 810,377 --
Fidelity Puritan Fund 7 8,203 $ 608,503 --
Fidelity Puritan Fund 1 -- $ 520,723 --
Fidelity Contra Fund 7 5,760 $1,262,766 --
Fidelity Contra Fund 1 -- $1,076,406 --
<CAPTION>
NET
EXPENSE COST OF CURRENT GAIN/
DESCRIPTION OF ASSET INCURRED ASSET VALUE (LOSS)
<S> <C> <C> <C> <C>
Bird Corporation Common
Stock -- $ 483,097 $ 424,348 $(127,147)
Fidelity Growth & Income
Portfolio -- $1,672,313 $ 1,910,312 $ 223,975
Fidelity Growth & Income
Portfolio -- $1,258,134 $ 1,441,274 $ 183,140
Frank Russell Capital
Contract Fund -- $1,611,851 $ 1,641,871 $ 30,020
CoreStates Liquidity Fund -- $5,999,352 $11,953,023 --
CoreStates Liquidity Fund -- -- $ 1,317,840 --
CoreStates Liquidity Fund -- $1,145,699 $ 1,145,699 --
CoreStates Liquidity Fund -- -- $ 996,492 --
CoreStates Liquidity Fund -- $ 810,377 $ 810,377 --
Fidelity Puritan Fund -- $ 560,276 $ 616,706 $ 48,227
Fidelity Puritan Fund -- $ 477,848 $ 520,723 $ 42,875
Fidelity Contra Fund -- $1,056,555 $ 1,268,526 $ 206,211
Fidelity Contra Fund -- $ 891,617 $ 1,076,406 $ 184,789
</TABLE>
-13-
<PAGE> 18
BIRD EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN ADDITIONAL INFORMATION
SCHEDULE II
<TABLE>
REPORTABLE TRANSACTIONS INVOLVING AMOUNTS IN EXCESS OF 5% OF
CURRENT VALUE OF PLAN ASSETS ITEM 27d FORM 5500
FOR THE YEAR ENDED DECEMBER 31, 1995
----------------------------------------------------------------------------
<CAPTION>
NUMBER
OF PURCHASE SELLING LEASE
DESCRIPTION OF ASSET TRANSACTIONS PRICE PRICE RENTAL
<S> <C> <C> <C> <C>
Fidelity Advisor Growth 19 $1,094,711 $ 56,779 --
Fidelity Income and Growth
Fund 18 $ 644,508 $ 742 --
Mainstay Institutional
Service Value Equity 17 $ 615,415 $ 189 --
Mainstay Institutional
Service Multi-Asset Fund 19 $ 396,098 $ 2,610 --
New York Life Pooled
Separate Accounts 27 $1,657,594 $1,657,594 --
Frank Russell Capital
Contracts Fund 14 $ 920,942 --
<CAPTION>
NET
EXPENSE COST OF CURRENT GAIN/
DESCRIPTION OF ASSET INCURRED ASSET VALUE (LOSS)
<S> <C> <C> <C> <C>
Fidelity Advisor Growth -- $ 53,208 $1,151,490 $ 3,571
Fidelity Income and Growth
Fund -- $ 735 $ 645,250 $ 7
Mainstay Institutional
Service Value Equity -- $ 18 $ 615,604 $ 7
Mainstay Institutional
Service Multi-Asset Fund -- $ 2,492 $ 398,708 $ 118
New York Life Pooled
Separate Accounts -- $1,657,594 $3,315,188 $ 0
Frank Russell Capital
Contracts Fund -- $ 905,102 $ 920,942 $15,840
</TABLE>
-14-
