<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K/A
AMENDMENT NO. 1
TO
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1998
Commission file number 001-12335
Birmingham Hourly Employee Savings Trust
401(k) Plan
Butler Manufacturing Company
BMA Tower
Penn Valley Park
Kansas City, MO 64108
<PAGE> 2
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of the
Butler Manufacturing Company:
We have audited the accompanying statements of net assets available for
benefits, with fund information of the Butler Manufacturing Company Birmingham
Hourly Employee Savings Trust as of December 31, 1998 and 1997, and the related
statement of changes in net assets available for benefits, with fund
information for the year then ended. These financial statements and schedules
referred to below are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements and
schedules based on our audit.
We conducted our audit 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 audit provides 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 benefits, with fund
information of the Plan as of December 31, 1998 and 1997, and the changes in
net assets available for benefits for the year then ended December 31, 1998, in
conformity with generally accepted accounting principles.
Our audit was 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 as of December 31, 1998, and reportable
transactions for the year then ended are presented for purposes 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 benefits, with fund information and changes in net assets
available for benefits, with fund information is presented for the purposes of
additional analysis rather than to present the net assets available for
benefits and changes in net assets available for benefits of each fund. The
supplemental schedules have been subjected to the auditing procedures applied
in the audit 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/ ARTHUR ANDERSEN LLP
Kansas City, Missouri,
August 13, 1999
Page 1
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BUTLER MANUFACTURING COMPANY
BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
Fund Information for 1998
--------------------------------------------------------------------------------
Managed Equity International
Income Puritan Magellan Income Growth Asset
Portfolio Fund Fund Fund Fund Manager
--------- -------- -------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value-
Fidelity investment funds-
Managed Income Portfolio $52,940 $ -- $ -- $ -- $ -- $ --
Puritan Fund -- 139,272 -- -- -- --
Magellan Fund -- -- 246,845 -- -- --
Equity Income Fund -- -- -- 62,034 -- --
International Growth Fund -- -- -- -- 15,683 --
Asset Manager -- -- -- -- -- 1,612
Asset Manager Growth -- -- -- -- -- --
Asset Manager Income -- -- -- -- -- --
Retirement Money Market Trust -- -- -- -- -- --
Butler Stock Fund -- -- -- -- -- --
Participant loans -- -- -- -- -- --
------- -------- -------- ------- ------- ------
Total investments 52,940 139,272 246,845 62,034 15,683 1,612
------- -------- -------- ------- ------- ------
Receivables-
Employee contributions receivable -- -- -- -- -- --
------- -------- -------- ------- ------- ------
Total receivables -- -- -- -- -- --
------- -------- -------- ------- ------- ------
Net assets available
for benefits $52,940 $139,272 $246,845 $62,034 $15,683 $1,612
======= ======== ======== ======= ======= ======
<CAPTION>
Fund Information for 1998
---------------------------------------------------------------------------
Asset Asset Retirement Butler
Manager Manager Money Market Stock Participant
Growth Income Trust Fund Loans Other Total
------- ------ ------- ------ ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value-
Fidelity investment funds-
Managed Income Portfolio $ -- $ -- $ -- $ -- $ -- $ -- $ 52,940
Puritan Fund -- -- -- -- -- -- 139,272
Magellan Fund -- -- -- -- -- -- 246,845
Equity Income Fund -- -- -- -- -- -- 62,034
International Growth Fund -- -- -- -- -- -- 15,683
Asset Manager -- -- -- -- -- -- 1,612
Asset Manager Growth 4,835 -- -- -- -- -- 4,835
Asset Manager Income -- 3,925 -- -- -- -- 3,925
Retirement Money Market Trust -- -- 68,549 -- -- -- 68,549
Butler Stock Fund -- -- -- 5,835 -- -- 5,835
Participant loans -- -- -- -- 36,802 -- 36,802
------ ------ ------- ------ ------- ------- --------
Total investments 4,835 3,925 68,549 5,835 36,802 -- 638,332
------ ------ ------- ------ ------- ------- --------
Receivables-
Employee contributions receivable -- -- -- -- -- 13,236 13,236
------ ------ ------- ------ ------- ------- --------
Total receivables -- -- -- -- -- 13,236 13,236
------ ------ ------- ------ ------- ------- --------
Net assets available
for benefits $4,835 $3,925 $68,549 $5,835 $36,802 $13,236 $651,568
====== ====== ======= ====== ======= ======= ========
</TABLE>
(continued)
Page 2
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BUTLER MANUFACTURING COMPANY
BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1998 AND 1997
(continued)
<TABLE>
<CAPTION>
Fund Information for 1997
--------------------------------------------------------------------------------
Managed Equity International
Income Puritan Magellan Income Growth Asset
Portfolio Fund Fund Fund Fund Manager
--------- -------- -------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value-
Fidelity investment funds-
Managed Income Portfolio $39,380 $ -- $ -- $ -- $ -- $ --
Puritan Fund -- 99,267 -- -- -- --
Magellan Fund -- -- 161,238 -- -- --
Equity Income Fund -- -- -- 44,733 -- --
International Growth Fund -- -- -- -- 10,306 --
Asset Manager -- -- -- -- -- 853
Asset Manager Growth -- -- -- -- -- --
Asset Manager Income -- -- -- -- -- --
Retirement Money Market Trust -- -- -- -- -- --
Butler Stock Fund -- -- -- -- -- --
Participant loans -- -- -- -- -- --
------- ------- -------- ------- ------- ----
Total investments 39,380 99,267 161,238 44,733 10,306 853
------- ------- -------- ------- ------- ----
Receivables-
Employee contributions receivable -- -- -- -- -- --
------- ------- -------- ------- ------- ----
Total receivables -- -- -- -- -- --
------- ------- -------- ------- ------- ----
Net assets available
for benefits $39,380 $99,267 $161,238 $44,733 $10,306 $853
======= ======= ======== ======= ======= ====
<CAPTION>
Fund Information for 1997
---------------------------------------------------------------------------
Asset Asset Retirement Butler
Manager Manager Money Market Stock Participant
Growth Income Trust Fund Loans Other Total
------- ------ ------- ------ ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value-
Fidelity investment funds-
Managed Income Portfolio $ -- $ -- $ -- $ -- $ -- $ -- $ 39,380
Puritan Fund -- -- -- -- -- -- 99,267
Magellan Fund -- -- -- -- -- -- 161,238
Equity Income Fund -- -- -- -- -- -- 44,733
International Growth Fund -- -- -- -- -- -- 10,306
Asset Manager -- -- -- -- -- -- 853
Asset Manager Growth 2,183 -- -- -- -- -- 2,183
Asset Manager Income -- 2,561 -- -- -- -- 2,561
Retirement Money Market Trust -- -- 46,074 -- -- -- 46,074
Butler Stock Fund -- -- -- 2,599 -- -- 2,599
Participant loans -- -- -- -- 25,306 -- 25,306
------ ------ ------- ------ ------- ------- --------
Total investments 2,183 2,561 46,074 2,599 25,306 -- 434,500
------ ------ ------- ------ ------- ------- --------
Receivables-
Employee contributions receivable -- -- -- -- -- 11,302 11,302
------ ------ ------- ------ ------- ------- --------
Total receivables -- -- -- -- -- 11,302 11,302
------ ------ ------- ------ ------- ------- --------
Net assets available
for benefits $2,183 $2,561 $46,074 $2,599 $25,306 $11,302 $445,802
====== ====== ======= ====== ======= ======= ========
</TABLE>
The accompanying notes are an integral part of these
unaudited financial statements.
Page 3
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BUTLER MANUFACTURING COMPANY
BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
Managed Equity International
Income Puritan Magellan Income Growth Asset
Portfolio Fund Fund Fund Fund Manager
--------- -------- -------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
EMPLOYEE CONTRIBUTIONS: $ 11,972 $ 30,208 $ 39,151 $ 14,640 $ 3,668 $ 448
INCOME:
Net appreciation (depreciation) in fair
value of investments -- 4,438 49,344 2,931 666 (85)
Interest and dividends 2,763 14,157 11,528 3,641 826 309
OTHER INCREASES (DECREASES):
Distributions (484) (687) (11,861) (418) (379) --
Fees -- (679) (274) (13) -- --
Loan repayments 681 2,595 3,146 1,787 909 87
Loan withdrawals (1,372) (6,778) (6,633) (5,267) (313) --
Net interfund transfers -- (650) 1,206 -- -- --
Net transfers (to) from another
employer-sponsored fund -- (2,599) -- -- -- --
Other -- -- -- -- -- --
-------- --------- --------- -------- -------- -------
Increase (decrease) in
net assets available for
for plan benefits 13,560 40,005 85,607 17,301 5,377 759
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, beginning of year 39,380 99,267 161,238 44,733 10,306 853
-------- --------- --------- -------- -------- -------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, end of year $ 52,940 $ 139,272 $ 246,845 $ 62,034 $ 15,683 $ 1,612
======== ========= ========= ======== ======== =======
<CAPTION>
Asset Asset Retirement Butler
Manager Manager Money Market Stock Participant
Growth Income Trust Fund Loans Other Total
------- ------- -------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
EMPLOYEE CONTRIBUTIONS: $ 1,627 $ 2,150 $ 23,262 $ 3,996 $ -- $ 1,934 $ 133,056
INCOME:
Net appreciation (depreciation) in fair
value of investments (34) 29 -- (1,832) -- -- 55,457
Interest and dividends 761 330 3,164 332 -- -- 37,811
OTHER INCREASES (DECREASES):
Distributions -- -- -- (383) -- -- (14,212)
Fees -- (26) (67) (154) -- -- (1,213)
Loan repayments 298 87 1,712 627 (11,929) -- --
Loan withdrawals -- -- (3,062) -- 23,425 -- --
Net interfund transfers -- (1,206) -- 650 -- -- --
Net transfers (to) from another
employer-sponsored fund -- -- (2,534) -- -- -- (5,133)
Other -- -- -- -- -- -- --
------- ------- -------- ------- -------- ------- ---------
Increase (decrease) in
net assets available for
for plan benefits 2,652 1,364 22,475 3,236 11,496 1,934 205,766
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, beginning of year 2,183 2,561 46,074 2,599 25,306 11,302 445,802
------- ------- -------- ------- -------- ------- ---------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, end of year $ 4,835 $ 3,925 $ 68,549 $ 5,835 $ 36,802 $13,236 $ 651,568
======= ======= ======== ======= ======== ======= =========
</TABLE>
The accompanying notes are an integral part of this
unaudited financial statement.
Page 4
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BUTLER MANUFACTURING COMPANY
BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
General
Effective September 1, 1993, Butler Manufacturing Company (the Company)
established the Birmingham Hourly Employee Savings Trust (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 document for more complete
information.
Basis of Presentation
The accompanying financial statements have been prepared on the accrual basis
and present the net assets available for benefits and changes in net assets
available for benefits.
Fees and Expenses
The expenses incurred by the administrative committee of the Plan in
administering plan activity and the expenses incurred by Fidelity in
administering the trust may be paid from the assets of the Plan or by the
Company, as the Company elects.
Eligibility
All full-time Birmingham union hourly employees of the Company having completed
six months of employment.
Vesting
All eligible employees participating in the Plan are immediately 100 percent
vested in employer and participant contributions.
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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.
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.
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 percent to 15 percent of their
compensation in 1 percent increments, subject to applicable IRS regulations.
Participants may direct investments of their contribution in 1 percent
increments among the funds established by Fidelity.
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.
There were no distributions payable to vested participants at December 31, 1998
and 1997.
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, the purchase of a principal residence or to prevent eviction
from a principal residence.
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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 percent 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 May 4, 1995, from
the IRS, qualifying the Plan under the Internal Revenue Code and exempting the
trust from federal income taxes. The Plan has been amended since receiving the
determination letter. The plan administrator believes the Plan is currently
designed and being operated in compliance with the applicable requirements of
the Internal Revenue Code. Therefore, no provision for income taxes is included
in these financial statements.
Page 7
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BUTLER MANUFACTURING COMPANY
BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST
LINE 27A-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1998
<TABLE>
<CAPTION>
Fair
Shares Description Cost Value
- ------ ------------- -------- -----
<S> <C> <C> <C>
*Fidelity Management Trust Company-
52,940 Managed Income Portfolio $ 52,940 $ 52,940
6,939 Puritan Fund 124,140 139,272
2,043 Magellan Fund 175,390 246,845
1,117 Equity Income Fund 49,306 62,034
750 International Growth Fund 14,714 15,683
93 Asset Manager 1,634 1,612
259 Asset Manager Growth 4,748 4,835
319 Asset Manager Income 3,915 3,925
68,549 Retirement Money Market Trust 68,549 68,549
907 Butler Stock Fund 7,861 5,835
-- Participant loans outstanding, 9.0% 36,802 36,802
</TABLE>
*Party-in-interest to the Plan
Page 8
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BUTLER MANUFACTURING COMPANY
BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST
LINE 27D--SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
Purchases Sales
------------------------- ---------------------------------------
Number of Total Number of Selling Net Gain
Description Transactions Cost Transactions Price (Loss)
- ----------- ------------ ------- ------------ ------- --------
<S> <C> <C> <C> <C> <C>
Fidelity Management Trust Company-
Puritan Fund 29 $46,960 14 $11,392 $ 135
Magellan Fund 29 55,031 15 18,768 2,821
Equity Income Fund 24 20,068 8 5,697 600
Retirement Money Market Trust 25 28,138 8 5,662 -
</TABLE>
Page 9
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SIGNATURE
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.
BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST
Date: August 13, 1999 By: /s/ Larry C. Miller
-------------------------------------------
Larry C. Miller, Member of the
Administrative Committee
Page 10
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EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
23 Consent of Independent Accountants
</TABLE>
<PAGE> 1
EXHIBIT 23
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation of our
report dated August 13, 1999, included in this Form 11-K/A, into the Company's
previously filed Registration Statements on Form S-3 (No. 333-29817) and on Form
S-8 (No. 33-14464, 2-63830, 2-55753, 333-02285, 333-02557 and 2-36370).
/s/ Arthur Andersen LLP
Kansas City, Missouri
August 13, 1999
