|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: BROWN & SHARPE MANUFACTURING CO /DE/, 10-K/A, 1997-06-27 |
Next: CANANDAIGUA WINE CO INC, DEF 14A, 1997-06-27 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
Commission file number 001-12335
Butler Employee Savings Trust (BEST)
401(k) Plan
Butler Manufacturing Company
BMA Tower
Penn Valley Park
Kansas City, MO 64108
<PAGE> 2
INDEPENDENT AUDITORS' REPORT
The Butler Employee Savings Trust Plan
Administrative Committee
Butler Manufacturing Company:
We have audited the accompanying statements of net assets available for plan
benefits of Butler Manufacturing Company 401(k) Employee Savings Trust Plan
(the Plan) as of December 31, 1996 and 1995 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 Plan
as of December 31, 1996 and 1995 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 supplemental schedules of assets
held for investment purposes and reportable transactions are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The fund information in
the statements of net assets available for plan benefits and the statements of
changes in net assets available for plan benefits is presented for purposes of
additional analysis rather than to present the net assets available for plan
benefits and the changes in net assets available for plan benefits of each
fund. The supplemental 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.
/s/KPMG Peat Marwick LLP
June 4, 1997
2
<PAGE> 3
BUTLER MANUFACTURING COMPANY
401(K) EMPLOYEE SAVINGS TRUST PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 1996 and 1995
<TABLE>
<CAPTION>
Managed Equity Inter-
Income Puritan Magellan Income national
Portfolio Fund Fund Fund Growth
--------- ------- -------- -------- ---------
<S> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value:
Fidelity investment funds:
Managed Income Portfolio $ 6,995,682 - - - -
Puritan Fund - 8,024,381 - - -
Magellan Fund - - 14,110,343 - -
Equity Income Fund - - - 7,715,151 -
International Growth - - - - 717,848
Asset Manager - - - - -
Asset Manager Growth - - - - -
Asset Manager Income - - - - -
Retirement Money Market Trust - - - - -
Butler Stock Fund - - - - -
Participant loans - - - - -
--------------- ----------- ----------- ----------- ----------
Total investments 6,995,682 8,024,381 14,110,343 7,715,151 717,848
--------------- ----------- ----------- ----------- ----------
Receivables:
Employee contributions receivable 73,750 72,141 138,782 66,552 16,813
Employer contributions receivable 146,968 153,538 357,772 142,983 33,169
--------------- ----------- ----------- ----------- ----------
Total receivables 220,718 225,679 496,554 209,535 49,982
--------------- ----------- ----------- ----------- ----------
Net assets available for
plan benefits $ 7,216,400 8,250,060 14,606,897 7,924,686 767,830
=============== =========== =========== =========== ==========
<CAPTION>
1996
Retirement
Asset Asset Money Butler
Asset Manager Manager Market Stock Participant
Manager Growth Income Trust Fund loans
------- -------- -------- ------ ------- -----------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value:
Fidelity investment funds:
Managed Income Portfolio - - - - - -
Puritan Fund - - - - - -
Magellan Fund - - - - - -
Equity Income Fund - - - - - -
International Growth - - - - - -
Asset Manager 606,249 - - - - -
Asset Manager Growth - 1,034,812 - - - -
Asset Manager Income - - 195,706 - - -
Retirement Money Market Trust - - - 4,970,477 - -
Butler Stock Fund - - - - 791,136 -
Participant loans - - - - - 1,521,369
----------- ---------- --------- ---------- -------- -----------
Total investments 606,249 1,034,812 195,706 4,970,477 791,136 1,521,369
----------- ---------- --------- ---------- -------- -----------
Receivables:
Employee contributions receivable 10,345 22,053 5,960 54,617 10,984 -
Employer contributions receivable 20,701 42,769 10,522 119,516 29,237 -
----------- ---------- --------- ---------- -------- -----------
Total receivables 31,046 64,822 16,482 174,133 40,221 -
----------- ---------- --------- ---------- -------- -----------
Net assets available for
plan benefits 637,295 1,099,634 212,188 5,144,610 831,357 1,521,369
=========== ========== ========= ========== ======== ===========
<CAPTION>
1996
- ------------------------------------------------------------------------------------------------------------------------------------
Total
-----------
<S> <C>
Assets:
Investments, at fair value:
Fidelity investment funds:
Managed Income Portfolio 6,995,682
Puritan Fund 8,024,381
Magellan Fund 14,110,343
Equity Income Fund 7,715,151
International Growth 717,848
Asset Manager 606,249
Asset Manager Growth 1,034,812
Asset Manager Income 195,706
Retirement Money Market Trust 4,970,477
Butler Stock Fund 791,136
Participant loans 1,521,369
-----------
Total investments 46,683,154
-----------
Receivables:
Employee contributions receivable 471,997
Employer contributions receivable 1,057,175
-----------
Total receivables 1,529,172
-----------
Net assets available for
plan benefits 48,212,326
===========
<CAPTION>
1995
- ------------------------------------------------------------------------------------------------------------------------------------
Managed Equity Inter-
Income Puritan Magellan Income national
Portfolio Fund Fund Fund Growth
--------- -------- -------- ------- --------
<S> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value:
Fidelity investment funds:
Managed Income Portfolio $ 6,338,981 - - - -
Puritan Fund - 6,211,402 - - -
Magellan Fund - - 12,270,111 - -
Equity Income Fund - - - 4,985,737 -
International Growth - - - - 405,970
Asset Manager - - - - -
Asset Manager Growth - - - - -
Asset Manager Income - - - - -
Retirement Money Market Trust - - - - -
Participant loans - - - - -
--------------- ----------- ----------- ---------- ---------
Total investments 6,338,981 6,211,402 12,270,111 4,985,737 405,970
--------------- ----------- ----------- ---------- ---------
Receivables:
Employee contributions receivable 73,528 64,405 127,308 47,448 12,477
Employer contributions receivable 140,811 140,098 342,267 105,310 28,669
--------------- ----------- ----------- ---------- ---------
Total receivables 214,339 204,503 469,575 152,758 41,146
--------------- ----------- ----------- ---------- ---------
Net assets available for
plan benefits $ 6,553,320 6,415,905 12,739,686 5,138,495 447,116
=============== =========== =========== ========== =========
<CAPTION>
1995
Retirement
Asset Asset Money
Asset Manager Manager Market Participant
Manager Growth Income Trust loans Total
------- ------- -------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value:
Fidelity investment funds:
Managed Income Portfolio - - - - - 6,338,981
Puritan Fund - - - - - 6,211,402
Magellan Fund - - - - - 12,270,111
Equity Income Fund - - - - - 4,985,737
International Growth - - - - - 405,970
Asset Manager 263,015 - - - - 263,015
Asset Manager Growth - 427,317 - - - 427,317
Asset Manager Income - - 89,071 - - 89,071
Retirement Money Market Trust - - - 4,484,448 - 4,484,448
Participant loans - - - - 1,334,208 1,334,208
---------- --------- --------- ---------- ---------- -----------
Total investments 263,015 427,317 89,071 4,484,448 1,334,208 36,810,260
---------- --------- --------- ---------- ---------- -----------
Receivables:
Employee contributions receivable 10,115 16,246 3,771 52,494 - 407,792
Employer contributions receivable 15,903 27,947 8,124 111,343 - 920,472
---------- --------- --------- ---------- ---------- -----------
Total receivables 26,018 44,193 11,895 163,837 - 1,328,264
---------- --------- --------- ---------- ---------- -----------
Net assets available for
plan benefits 289,033 471,510 100,966 4,648,285 1,334,208 38,138,524
========== ========== ========= ========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
3
<PAGE> 4
BUTLER MANUFACTURING COMPANY
401(K) EMPLOYEE SAVINGS TRUST PLAN
Statements of Changes in Net Assets Available for Plan Benefits
Years ended December 31, 1996 and 1995
<TABLE>
<CAPTION>
Managed Equity
Income Puritan Magellan Income
Portfolio Fund Fund Fund
--------- ---- ---- ----
<S> <C> <C> <C> <C>
Contributions:
Employee $ 959,685 970,794 1,976,504 817,225
Employer 147,175 153,538 357,979 142,983
Rollover 25,039 144,600 240,827 197,205
------------ --------- ----------- -----------
Total contributions 1,131,899 1,268,932 2,575,310 1,157,413
Income:
Net appreciation in fair value of
investments - 121,605 (603,287) 779,889
Interest and dividends 406,968 918,105 2,124,429 472,780
Other increases (decreases):
Distributions (468,577) (446,692) (780,815) (379,670)
Fees (3,829) (20,608) (13,331) (1,725)
Loan repayments 143,374 114,662 222,050 63,240
Loan withdrawals (199,793) (146,053) (320,909) (114,494)
Transfers in 246,711 354,422 524,543 1,125,049
Transfers out (594,636) (331,317) (1,861,685) (317,698)
Transfers from other plans 963 1,099 906 1,407
------------ --------- ----------- -----------
Increase in net assets available
for plan benefits 663,080 1,834,155 1,867,211 2,786,191
Net assets available for plan benefits at
beginning of year 6,553,320 6,415,905 12,739,686 5,138,495
------------ --------- ----------- -----------
Net assets available for plan benefits at
end of year $ 7,216,400 8,250,060 14,606,897 7,924,686
============ ========= =========== ===========
<CAPTION>
Retirement
Inter- Asset Asset Money
national Asset Manager Manager Market
Growth Manager Growth Income Trust
--------- -------- --------- -------- ---------
<S> <C> <C> <C> <C> <C>
Contributions:
Employee 213,776 150,895 264,084 64,080 687,912
Employer 33,169 20,867 42,769 10,522 119,571
Rollover 12,246 22,850 49,989 13,187 30,222
--------- -------- --------- -------- ---------
Total contributions 259,191 194,612 356,842 87,789 837,705
Income:
Net appreciation in fair value of 49,256 14,263 39,567 470 -
investments 25,235 45,411 91,108 12,180 247,889
Interest and dividends
Other increases (decreases): (22,442) (23,545) (46,789) (6,836) (494,996)
Distributions (222) (319) (378) (93) (4,003)
Fees 7,811 9,635 15,572 2,834 64,672
Loan repayments (27,333) (16,807) (20,234) (2,429) (85,046)
Loan withdrawals 99,185 147,066 280,290 38,453 631,945
Transfers in (71,576) (22,054) (87,854) (21,146) (702,524)
Transfers out 1,609 - - - 683
Transfers from other plans
Increase in net assets available
for plan benefits 320,714 348,262 628,124 111,222 496,325
Net assets available for plan benefits at
beginning of year 447,116 289,033 471,510 100,966 4,648,285
Net assets available for plan benefits at --------- -------- --------- ---------- -----------
end of year 767,830 637,295 1,099,634 212,188 5,144,610
========= ======== ========= ======== =========
<CAPTION>
Butler
Stock Participant
Fund loans Total
--------- ---------- -----------
<S> <C> <C> <C>
Contributions:
Employee 78,340 - 6,183,295
Employer 29,237 - 1,057,810
Rollover 9,887 - 746,052
--------- ---------- -----------
Total contributions 117,464 - 7,987,157
Income:
Net appreciation in fair value of 153,149 - 554,912
investments 2,879 - 4,346,984
Interest and dividends
Other increases (decreases): (2,357) (103,649) (2,776,368)
Distributions (1,042) - (45,550)
Fees 4,283 (648,133) -
Loan repayments (5,845) 938,943 -
Loan withdrawals 589,751 - 4,037,415
Transfers in (26,925) - (4,037,415)
Transfers out - - 6,667
Transfers from other plans --------- ---------- -----------
Increase in net assets available
for plan benefits 831,357 187,161 10,073,802
Net assets available for plan benefits at
beginning of year - 1,334,208 38,138,524
Net assets available for plan benefits at --------- -------- ---------
end of year 831,357 1,521,369 48,212,326
========= ========== ===========
(Continued)
</TABLE>
4
<PAGE> 5
BUTLER MANUFACTURING COMPANY
401(K) EMPLOYEE SAVINGS TRUST PLAN
Statements of Changes in Net Assets Available for Plan Benefits, Continued
<TABLE>
<CAPTION>
1995
------------------------------------------------------------------------------------------
Managed Equity
Income Puritan Magellan Income
Portfolio Fund Fund Fund
--------- ---- ---- ----
<S> <C> <C> <C> <C>
Contributions:
Employee $ 935,757 892,408 1,660,929 629,952
Employer 141,780 141,694 345,578 106,266
Rollover 95,200 67,500 144,815 57,910
---------- --------- ----------- ---------
Total contributions 1,172,737 1,101,602 2,151,322 794,128
Income:
Net appreciation in fair value of
investments - 719,539 2,405,532 840,948
Interest and dividends 379,093 332,536 740,927 288,512
Other increases (decreases):
Distributions (467,559) (143,497) (366,423) (185,852)
Fees (3,722) (17,627) (10,700) (1,462)
Loan repayments 117,987 77,304 152,164 49,763
Loan withdrawals (217,813) (113,925) (218,863) (56,119)
Transfers in 378,941 224,370 764,977 230,381
Transfers out (414,076) (270,170) (1,269,145) (204,496)
Transfers from (to) other plans 22 216 (5,317) 2,041
---------- --------- ----------- ---------
Increase in net assets available
for plan benefits 945,610 1,910,348 4,344,474 1,757,844
Net assets available for plan benefits at
beginning of year 5,607,710 4,505,557 8,395,212 3,380,651
---------- --------- ----------- ---------
Net assets available for plan benefits at
end of year $6,553,320 6,415,905 12,739,686 5,138,495
========== ========= =========== =========
<CAPTION>
1995
------------------------------------------------------------------------------------------
Retirement
Inter- Asset Asset Money
national Asset Manager Manager Market
Growth Manager Growth Income Trust
------ ------- ------- --------- --------------
<S> <S> <C> <C> <C> <C>
Contributions:
Employee 175,717 120,682 186,708 46,481 649,177
Employer 28,982 15,903 27,947 8,124 111,924
Rollover 16,889 16,244 40,129 4,863 29,100
-------- --------- ---------- --------- ------------
Total contributions 221,588 152,829 254,784 59,468 790,201
Income:
Net appreciation in fair value of
investments 21,854 20,184 55,565 7,677 -
Interest and dividends 13,645 6,006 8,682 4,122 235,951
Other increases (decreases):
Distributions (12,180) (4,098) (38,627) (17,266) (276,351)
Fees (95) (112) (252) (29) (3,712)
Loan repayments 5,981 4,564 8,191 3,807 56,120
Loan withdrawals (12,705) (2,594) (8,740) (1,410) (110,297)
Transfers in 89,120 69,562 56,070 21,094 1,104,130
Transfers out (35,912) (47,397) (144,906) (16,941) (535,602)
Transfers from (to) other plans - - - - 1,274
-------- --------- ---------- --------- ------------
Increase in net assets available
for plan benefits 291,296 198,944 190,767 60,522 1,261,714
Net assets available for plan benefits at
beginning of year 155,820 90,089 280,743 40,444 3,386,571
-------- --------- ---------- --------- ------------
Net assets available for plan benefits at
end of year 447,116 289,033 471,510 100,966 4,648,285
======== ========= ========== ========= ============
<CAPTION>
1995
------------------------------------------------------------------------------------------
Participant
loans Total
----- -----
<S> <C> <C>
Contributions:
Employee - 5,297,811
Employer - 928,198
Rollover - 472,650
----------- -----------
Total contributions - 6,698,659
Income:
Net appreciation in fair value of
investments - 4,071,299
Interest and dividends - 2,009,474
Other increases (decreases):
Distributions (46,403) (1,558,256)
Fees - (37,711)
Loan repayments (475,881) -
Loan withdrawals 742,466 -
Transfers in - 2,938,645
Transfers out - (2,938,645)
Transfers from (to) other plans - (1,764)
----------- -----------
Increase in net assets available
for plan benefits 220,182 11,181,701
Net assets available for plan benefits at
beginning of year 1,114,026 26,956,823
----------- -----------
Net assets available for plan benefits at
end of year 1,334,208 38,138,524
=========== ===========
</TABLE>
5
See accompanying notes to financial statements.
5
<PAGE> 6
BUTLER MANUFACTURING COMPANY
401(K) EMPLOYEE SAVINGS TRUST PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1996 AND 1995
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) General
Effective March 1, 1987, Butler Manufacturing Company (the Company)
established the 401(k) Employee Savings Trust Plan (the Plan), which
is administered by the Administrative Committee. The investments of
the Plan are in the custody of Fidelity Institutional Retirement
Services Company (Custodian). The Trustee of the Plan is the
Fidelity Management Trust Company (Fidelity) which is appointed by
the Administrative Committee.
The following brief description of the Plan is provided for
general information purposes only. Participants should refer to the
Plan documents for more complete information.
(b) 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 net assets available for plan benefits.
(c) Fees and Expenses
The expenses incurred by the Administrative Committee of the Plan
in administering Plan activity and the expenses incurred by the
Trustee in administering the trust may be paid from the assets of
the Plan or by the Company. These expenses are currently paid
jointly by the Plan and the Company.
(d) Eligibility
All full-time salaried and nonunion hourly employees are eligible.
(e) Vesting
All eligible employees participating in the Plan are immediately
100% vested in employer contributions.
(f) Termination
The Plan may be terminated at any time with the approval of the
Company's Board of Directors. If the Plan is terminated, each
participant's account balance will be, at the discretion of the
Company, distributed in a lump-sum or held in trust to be
distributed upon each participant's retirement, death, disability or
termination of employment.
(Continued)
6
<PAGE> 7
BUTLER MANUFACTURING COMPANY
401(K) EMPLOYEE SAVINGS TRUST PLAN
NOTES TO FINANCIAL STATEMENTS
(g) Investment Valuation and Income Recognition
The Plan's investments are stated at fair value. Purchases and
sales of securities are recorded on a trade-date basis.
(h) Use of Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles requires the Plan
Administrator to make estimates and assumptions that affect the
reported amounts of net assets available for benefits at the date of
the financial statements and the reported amounts of changes in net
assets available for benefits during the reporting period. Actual
results could differ from those estimates.
(2) CONTRIBUTIONS
Employees may contribute to the Plan from 1% to 15% of their compensation
in 1% increments. Participants may direct investments of their
contribution in 1% increments among the funds established by the
Trustee. During 1996, the Plan was amended to permit employees to
contribute amounts, subject to certain limits, into a fund for the
purchase of the Company's common stock. At the discretion of the
Board of Directors and based on the Company's profitability,
employee contributions up to 6% of compensation will be matched 25%
by the Company. This match is applicable only to employees who are
actively employed on December 31, except in cases of retirement,
disability or death.
(3) DISTRIBUTIONS
If a participant retires on or after attaining age 55, becomes
totally or permanently disabled, dies or terminates employment for
any other reason, the full value of the account becomes
distributable. If the value of the amount distributable exceeds
$3,500, the distribution cannot be made until the participant
reaches age 65 or gives consent to the distribution. All
distributions must be made prior to April 1 of the calendar year
immediately following the date the participant reaches age 70 1/2,
even if still employed. All distributions shall be made in a single
payment of cash.
Distributions payable to vested participants at December 31, 1996, but
not paid until 1997, were $754,213. This amount is included in net
assets available for plan benefits in the accompanying financial
statements and is shown as a liability of the Plan for purposes of
the Form 5500.
(4) IN-SERVICE WITHDRAWALS
Employee contributions, in part or in total, may be withdrawn for extreme
financial hardships. Such financial hardships include college
costs, excessive medical expenses or the purchase of a principal
residence.
(Continued)
7
<PAGE> 8
BUTLER MANUFACTURING COMPANY
401(K) EMPLOYEE SAVINGS TRUST PLAN
NOTES TO FINANCIAL STATEMENTS
(5) LOANS TO PARTICIPANTS
At the discretion of the Administrative Committee, loans may be
made to a participant up to the lesser of $50,000 or 50% of the
value of the participant's account. No loan may be for an amount
less than $1,000. Loans are secured by an assignment of the
participant's total account balance in the Plan. Loan maturities
may not be less than one year nor exceed five years, except for home
loans. Interest rates will be set by the Administrative Committee
in accordance with uniform procedures consistently applied in a
manner which does not discriminate in favor of officers,
shareholders or highly-compensated participants.
(6) FEDERAL INCOME TAXES
The Plan has received a favorable determination letter, dated
April 26, 1995, from the Internal Revenue Service (IRS), qualifying
the Plan under the Internal Revenue Code and exempting the trust
from federal income taxes. Management believes the trust will
continue to qualify as an employee benefit plan under Section 401 of
the Internal Revenue Code.
In connection with an IRS examination of the Company's consolidated
income tax returns for 1992 and 1993, the IRS is performing a
review of the Plan. The Company believes that the IRS review will
not have an adverse impact on the Plan.
8
<PAGE> 9
Schedule 1
BUTLER MANUFACTURING COMPANY
401(K) EMPLOYEE SAVINGS TRUST PLAN
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
<TABLE>
<CAPTION>
Fair
Identity of issuer Description Cost value
------------------ ----------- ---- -----
<S> <C> <C> <C>
Fidelity investments:
Managed Income Portfolio 6,995,682 units of participa-
tion in a collective fund $ 6,995,682 6,995,682
Puritan Fund 465,451 units of participa-
tion in a collective fund 7,334,313 8,024,381
Magellan Fund 174,958 units of participa-
tion in a collective fund 12,686,921 14,110,343
Equity Income Fund 180,134 units of participa-
tion in a collective fund 6,109,980 7,715,151
International Growth Fund 36,719 units of participa-
tion in a collective fund 658,186 717,848
Asset Manager 36,809 units of participa-
tion in a collective fund 579,763 606,249
Asset Manager Growth 63,291 units of participa-
tion in a collective fund 972,308 1,034,812
Asset Manager Income 16,857 units of participa-
tion in a collective fund 190,970 195,706
Retirement Money Market 4,970,477 units of participa-
Trust tion in a collective fund 4,970,477 4,970,477
Butler Stock Fund 68,084 shares of Butler
Manufacturing Company
common stock 637,514 791,136
Participant loans Loans outstanding with interest
rates ranging from 9.0% to
10.0% 1,521,369 1,521,369
------------ ----------
$ 42,657,483 46,683,154
============ ==========
</TABLE>
See accompanying independent auditors' report.
9
<PAGE> 10
Schedule 2
BUTLER MANUFACTURING COMPANY
401(K) EMPLOYEE SAVINGS TRUST PLAN
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
Total Total Total
Issuing purchase sale cost Net
party Description amount amount amount gain
------ ----------- ------ ------ ------ ----
<S> <C> <C> <C> <C> <C>
Fidelity Management Fidelity investments:
Trust Company Puritan Fund $ 2,636,045 944,670 871,814 72,856
Magellan Fund 5,420,260 2,976,741 2,782,389 194,352
Equity Income Fund 2,763,112 813,587 677,403 136,184
Managed Income
Portfolio Fund 1,923,538 1,266,837 1,266,837 -
</TABLE>
See accompanying independent auditors' report.
10
<PAGE> 11
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the Administrative Committee of the Plan has duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.
BUTLER EMPLOYEE SAVINGS TRUST
Date: By /s/ John J. Holland
----------------------- -----------------------------
John J. Holland, Member of
the Administrative Committee
11
<PAGE> 12
EXHIBIT INDEX
<TABLE>
<CAPTION>
<S> <C>
Exhibit
Number Description
- ------- -----------------------------
23 Independent Auditors' Consent
</TABLE>
12
<PAGE> 1
Exhibit 23
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Butler Manufacturing Company
We consent to incorporation by reference in the registration statement
(No. 333-02285) on Form S-8 of Butler Manufacturing Company of our report dated
June 4, 1997, relating to the statements of net assets available for plan
benefits of Butler Manufacturing Company 401(k) Employee Savings Trust Plan as
of December 31, 1996 and 1995, and the related statements of changes in net
assets available for plan benefits for the years then ended and the related
supplemental schedules of assets held for investment purposes and reportable
transactions, which report is included herein.
/s/KPMG Peat Marwick LLP
Kansas City, Missouri
June 26, 1997
13
|
|