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<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, 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
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
Income Magellan Equity Income International
Portfolio Puritan Fund Fund Fund Growth Fund
------------ ------------ ------------ ------------ ------------
<S> <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 -- -- -- -- --
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
------------ ------------ ------------ ------------ ------------
Receivables-
Employee contributions receivable -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total receivables -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Net assets available
for benefits $ 52,940 $ 139,272 $ 246,845 $ 62,034 $ 15,683
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Fund Information for 1998
--------------------------------------------------------------------------------
Asset Asset Retirement
Asset Manager Manger Money Butler Stock
Manager Growth Income Market Trust Fund
------------ ------------ ------------ ------------ ------------
<S> <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 Fund -- -- -- -- --
Asset Manager 1,612 -- -- -- --
Asset Manager Growth -- 4,835 -- -- --
Asset Manager Income -- -- 3,925 -- --
Retirement Money Market Trust -- -- -- 68,549 --
Butler Stock Fund -- -- -- -- 5,835
Participant loans -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total investments 1,612 4,835 3,925 68,549 5,835
------------ ------------ ------------ ------------ ------------
Receivables-
Employee contributions receivable -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total receivables -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Net assets available
for benefits $ 1,612 $ 4,835 $ 3,925 $ 68,549 $ 5,835
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Fund Information for 1998
-----------------------------
Participant
Loans Other Total
------------ ------------ ------------
<S> <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
Asset Manager Income -- -- 3,925
Retirement Money Market Trust -- -- 68,549
Butler Stock Fund -- -- 5,835
Participant loans 36,802 -- 36,802
------------ ------------ ------------
Total investments 36,802 -- 638,332
------------ ------------ ------------
Receivables-
Employee contributions receivable 2,154 13,236 15,390
------------ ------------ ------------
Total receivables 2,154 13,236 15,390
------------ ------------ ------------
Net assets available
for benefits $ 38,956 $ 13,236 $ 653,722
============ ============ ============
</TABLE>
(continued)
1
<PAGE> 3
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
Income Magellan Equity Income International
Portfolio Puritan Fund Fund Fund Growth Fund
------------ ------------ ------------ ------------ ------------
<S> <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 -- -- -- -- --
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
------------ ------------ ------------ ------------ ------------
Receivables-
Employee contributions receivable -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total receivables -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Net assets available
for benefits $ 39,380 $ 99,267 $ 161,238 $ 44,733 $ 10,306
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Fund Information for 1997
--------------------------------------------------------------------------------
Asset Asset Retirement
Asset Manager Manger Money Butler Stock
Manager Growth Income Market Trust Fund
------------ ------------ ------------ ------------ ------------
<S> <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 Fund -- -- -- -- --
Asset Manager 853 -- -- -- --
Asset Manager Growth -- 2,183 -- -- --
Asset Manager Income -- -- 2,561 -- --
Retirement Money Market Trust -- -- -- 46,074 --
Butler Stock Fund -- -- -- -- 2,599
Participant loans -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total investments 853 2,183 2,561 46,074 2,599
------------ ------------ ------------ ------------ ------------
Receivables-
Employee contributions receivable -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total receivables -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Net assets available
for benefits $ 853 $ 2,183 $ 2,561 $ 46,074 $ 2,599
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Fund Information for 1997
-----------------------------
Participant
Loans Other Total
------------ ------------ ------------
<S> <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
Asset Manager Income -- -- 2,561
Retirement Money Market Trust -- -- 46,074
Butler Stock Fund -- -- 2,599
Participant loans 25,306 -- 25,306
------------ ------------ ------------
Total investments 25,306 -- 434,500
------------ ------------ ------------
Receivables-
Employee contributions receivable 1,238 11,302 12,540
------------ ------------ ------------
Total receivables 1,238 11,302 12,540
------------ ------------ ------------
Net assets available
for benefits $ 26,544 $ 11,302 $ 447,040
============ ============ ============
</TABLE>
The accompanying notes are an integral part of these
unaudited financial statements.
2
<PAGE> 4
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
Income Magellan Equity Income International
Portfolio Puritan Fund Fund Fund Growth Fund
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
CONTRIBUTIONS:
Employee $ 11,972 $ 30,208 $ 39,151 $ 14,640 $ 3,668
Employer -- -- -- -- --
Rollover -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total contributions 11,972 30,208 39,151 14,640 3,668
INCOME:
Net appreciation (depreciation)
in fair value of investments -- 4,438 49,344 2,931 666
Interest and dividends 2,763 14,157 11,528 3,641 826
OTHER INCREASES (DECREASES):
Distributions (484) (687) (11,861) (418) (379)
Fees -- (679) (274) (13) --
Loan repayments 681 2,595 3,146 1,787 909
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 plan benefits 13,560 40,005 85,607 17,301 5,377
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, beginning of year 39,380 99,267 161,238 44,733 10,306
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, end of year $ 52,940 $ 139,272 $ 246,845 $ 62,034 $ 15,683
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Asset Asset Retirement
Asset Manager Manger Money Butler Stock
Manager Growth Income Market Trust Fund
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
CONTRIBUTIONS:
Employee $ 448 $ 1,627 $ 2,150 $ 23,262 $ 3,996
Employer -- -- -- -- --
Rollover -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Total contributions 448 1,627 2,150 23,262 3,996
INCOME:
Net appreciation (depreciation)
in fair value of investments (85) (34) 29 -- (1,832)
Interest and dividends 309 761 330 3,164 332
OTHER INCREASES (DECREASES):
Distributions -- -- -- -- (383)
Fees -- -- (26) (67) (154)
Loan repayments 87 298 87 1,712 627
Loan withdrawals -- -- -- (3,062) --
Net interfund transfers -- -- (1,206) -- 650
Net transfers (to) from another
employer-sponsored fund -- -- -- (2,534) --
Other -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Increase (decrease) in
net assets available
for plan benefits 759 2,652 1,364 22,475 3,236
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, beginning of year 853 2,183 2,561 46,074 2,599
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, end of year $ 1,612 $ 4,835 $ 3,925 $ 68,549 $ 5,835
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Participant
Loans Other Total
------------ ------------ ------------
<S> <C> <C> <C>
CONTRIBUTIONS:
Employee $ 916 $ 1,934 $ 133,972
Employer -- -- --
Rollover -- -- --
------------ ------------ ------------
Total contributions 916 1,934 133,972
INCOME:
Net appreciation (depreciation)
in fair value of investments -- -- 55,457
Interest and dividends -- -- 37,811
OTHER INCREASES (DECREASES):
Distributions -- -- (14,212)
Fees -- -- (1,213)
Loan repayments (11,929) -- --
Loan withdrawals 23,425 -- --
Net interfund transfers -- -- --
Net transfers (to) from another
employer-sponsored fund -- -- (5,133)
Other -- -- --
------------ ------------ ------------
Increase (decrease) in
net assets available
for plan benefits 12,412 1,934 206,682
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, beginning of year 26,544 11,302 447,040
------------ ------------ ------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, end of year $ 38,956 $ 13,236 $ 653,722
============ ============ ============
</TABLE>
The accompanying notes are an integral part of this
unaudited financial statement.
3
<PAGE> 5
BUTLER MANUFACTURING COMPANY
BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
(UNAUDITED)
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.
4
<PAGE> 6
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 $5,000 , 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. These amounts would have been included in net assets available for
benefits in the accompanying financial statements and 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, the purchase of a principal residence, or to prevent eviction
from a principal residence.
5
<PAGE> 7
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.
6
<PAGE> 8
BUTLER MANUFACTURING COMPANY
BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST
LINE 27A--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1998
(UNAUDITED)
<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
7
<PAGE> 9
BUTLER MANUFACTURING COMPANY
BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST
LINE 27D--SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
(UNAUDITED)
<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>
8
<PAGE> 10
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: June 29, 1999 By: /s/ Larry C. Miller
--------------------
Larry C. Miller, Member of the
Administrative Committee
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