SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
ANNUAL REPORT
PURSUANT TO SECTION 13(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (FEE REQUIRED).
For the fiscal year ended December 31, 1999
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from ____________ to ____________
Commission file number 1-9801
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
COLLINS INDUSTRIES, INC.
TAX DEFERRED SAVINGS PLAN AND TRUST
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
COLLINS INDUSTRIES, INC.
15 Compound Drive
Hutchinson, Kansas 67502-4349
COLLINS INDUSTRIES, INC.
TAX DEFERRED SAVINGS PLAN AND TRUST
FINANCIAL STATEMENTS AND SCHEDULES
DECEMBER 31, 1999 AND 1998
COLLINS INDUSTRIES, INC.
TAX DEFERRED SAVINGS PLAN AND TRUST
DECEMBER 31, 1999 AND 1998
TABLE OF CONTENTS Page
Report of Independent Accountants 1
Financial Statements
Statements of Net Assets Available for Plan Benefits
as of December 31, 1999, and 1998 2
Statements of Changes in Net Assets Available for Plan
Benefits for the Years Ended December 31, 1999, and 1998 3
Notes to Financial Statements 4-7
Supplemental Information
Item 27a - Schedule of Assets Held for Investment Purposes
as of December 31, 1999 9
Item 27d - Schedule of Reportable Transactions for
the Year Ended December 31, 1999 10
Report of Independent Accountants
To the Participants and Administrator of
Collins Industries, Inc.
Tax Deferred Savings Plan and Trust
We have audited the accompanying statements of net assets available
for benefits of Collins Industries, Inc. Tax Deferred Savings Plan
and Trust (the Plan) as of December 31, 1999 and 1998, and the
related statements of changes in net assets available for benefits
for the year ended December 31, 1999 and 1998. These financial
statements and the schedules referred to below 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
audits 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
benefits of the Plan as of December 31, 1999 and 1998, and the
changes in net assets available for benefits for the year ended
December 31, 1999 and 1998, in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on
the basic financial statements as a whole. The supplemental
schedules of Collins Industries, Inc. Tax Deferred Savings Plan and
Trust 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. These supplemental schedules
are the responsibility of the Plan's management. The supplemental
schedules have been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/ Meara, King & Co.
Meara, King & Co.
June 15, 2000
Kansas City, MO
Financial Statements
COLLINS INDUSTRIES, INC.
TAX DEFERRED SAVINGS PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1999 AND 1998
1999 1998
ASSETS:
Investments:
Stock Fund
Collins Industries, Inc. common stock $2,370,705 $1,789,586
PNC Institutional Management
Corporation - Fed Fund 8,142 42,332
Federal Fund
PNC Institutional Management
Corporation - FedFund 628,912 538,409
Vanguard Index 500 Fund 100,620 -
Vanguard LT Treas Bond Fund 8,977 -
Loan Fund
Participant loans 88,770 87,499
Receivables:
Company contributions 40,800 27,410
Participant contributions 27,086 31,856
Net assets available for plan benefits $3,274,012 $2,517,092
The accompanying notes are an integral part of these financial statements.
COLLINS INDUSTRIES, INC.
TAX DEFERRED SAVINGS PLAN AND TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
1999 1998
Additions to net assets:
Investment income:
Net appreciation (depreciation) in
fair value of Collins Industries, Inc.
common stock $ 340,387 ($1,225,370)
Dividend income 46,559 94,178
Interest income 37,186 36,150
Contributions:
Company 126,536 101,753
Participant 505,821 364,046
1,056,489 (629,243)
Reductions to net assets:
Benefits paid during the year 299,569 388,223
299,569 388,223
Net increase (decrease) 756,920 (1,017,466)
Net assets available for plan benefits:
Beginning of year 2,517,092 3,534,558
End of year $3,274,012 $2,517,092
The accompanying notes are an integral part of these financial statements.
COLLINS INDUSTRIES, INC.
TAX DEFERRED SAVINGS PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
NOTE 1: DESCRIPTION OF THE PLAN
The following brief description of the Collins Industries, Inc. (the
Company) Tax Deferred Savings Plan and Trust (the Plan) is provided
for general information purposes only. Participants should refer to
the Plan agreement for a more complete description of the Plan's
provisions.
General
The Plan is a defined contribution plan. All employees of the
Company, except for corporate and subsidiary officers, directors,
subsidiary presidents and general managers, are eligible to join the
Plan following one year of employment, during which at least 1,000
hours are worked, and attainment of age 21. The Plan is subject to
the provisions of the Employee Retirement Income Security Act of 1974
(ERISA), as amended. The Plan trustee is The Bank of Kansas.
Participant Accounts
Each participant's account is credited with the participant's
contributions and allocation of company contributions and earnings.
Earnings and losses on plan assets are allocated based on the
proportion of the participant's account balance to the total of all
participant account balances. The benefit to which a participant is
entitled is the benefit that can be provided from the participant's
accounts.
Contributions and Withdrawals
Participants may elect to contribute a percentage of their
compensation on a tax-deferred basis subject to certain Internal
Revenue Code limits. The Company makes matching contributions equal
to 50 percent of each eligible participant's tax deferred
contributions to the extent those tax-deferred contributions do not
exceed 6 percent of the participant's total compensation. Additional
amounts may be contributed at the discretion of the Company's board
of directors.
Participants may receive loans from their account prior to
retirement, termination, death or disability, and may apply for full
receipt of their account balance in the case of financial hardship.
Upon retirement, termination, death or disability, participants
receive lump-sum distributions. Participants may elect distribution
in cash or in company common stock.
Vesting
Participants immediately vest in their voluntary contributions and
earnings thereon. Participants vest 100 percent in the remainder of
their accounts after five years of service, as defined, in the Plan
document.
Forfeitures reduce future employer contributions. Forfeitures were
$14,167 and $10,976 for the years ended December 31, 1999 and 1998,
respectively.
Plan Termination
Although it has not expressed any intent to do so, the Company may
discontinue its contributions at any time and terminate the Plan
subject to the provisions of ERISA. In the event of plan
termination, participants become 100 percent vested in their
accounts.
NOTE 2: SUMMARY OF ACCOUNTING POLICIES
The financial statements have been prepared using the accrual basis
of accounting in accordance with generally accepted accounting
principles.
Accounting estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results
could differ from those estimates.
Investments
Four separate funds are maintained for investment purposes:
Federal Fund - Consisting entirely of a money market fund invested
primarily in U.S. treasury bills, notes and other obligations of the
U.S. government.
Stock Fund - Consisting primarily of the registered and unregistered
common stock of the Company.
Vanguard 500 Index Fund - Consisting primarily of the stocks that
comprise the S&P 500 Index, attempting to track its performance.
Vanguard Long-Term Treasury Fund - Consisting primarily of long-term
bonds backed by the U.S. Government. At lease 65% of the fund's
total assets will always be invested in U.S. Treasury securities.
Employees may choose to allocate contributions among the four funds.
During 1999 and 1998, the Company made matching contributions of
$140,703 and $112,729, respectively.
Administrative Costs
The Plan pays brokerage fees. The Company pays all other
administrative and professional fees related to the Plan. The amount
paid by the Company for the 1999 plan year was $29,533.
NOTE 3: INVESTMENTS
At December 31, 1999 and 1998, the Plan held 474,141 shares and
433,839 shares, respectively, of Company common stock, with a cost of
$1,575,315 and $1,338,557, respectively. Of these shares 217,399
shares were unregistered at December 31, 1999 and 1998. The
unregistered and registered shares were valued by the trustee at the
December 31, 1999 and 1998, market price per registered share of
$5.00 and $4.13 per share, respectively. Money market funds are
stated at cost, which approximates market value.
Investments representing 5 percent or more of the Plan's net assets
are separately identified on the statements of net assets available
for benefits.
As of June 12, 2000, the Company common stock had a closing market
price of $5.00 per share.
NOTE 4: TAX STATUS
The Plan obtained its latest determination letter dated December 29,
1993, in which the Internal Revenue Service states the Plan, as then
designed, was in compliance with the applicable requirements of the
Internal Revenue Code. 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 and, therefore,
no provision for income taxes is reflected in the financial
statements.
NOTE 5: SCHEDULE OF INVESTMENT ACTIVITY
Contributions to the Plan are allocated among four funds for
investment purposes, at the participants' election. The balances in
these accounts and the activity for 1999 are shown below:
Year Ended December 31, 1999
Index LT
Federal Stock 500 Treas
Fund Fund Fund Fund Other Total
ADDITIONS:
Investment income:
Net appreciation in
fair value of Collins
Industries, Inc.
common stock - 340,387 - - - 340,387
Dividend income - 45,837 722 - - 46,559
Interest income 28,998 - - 58 8,130 37,186
28,998 386,224 772 58 8,130 424,132
Contributions:
Company - 113,146 - - 13,390 126,536
Participant 125,812 282,317 93,236 9,226 (4,770) 505,821
Total additions 154,810 781,687 93,958 9,284 16,750 1,056,489
TRANSFERS: (6,761) 7,265 6,662 (307) (6,859) -
DEDUCTIONS:
Benefits paid 57,546 242,023 - - - 299,569
Total deductions 57,546 242,023 - - - 299,569
Net increase 90,503 546,929 100,620 8,977 9,891 756,920
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 538,409 1,831,918 - - 146,765 2,517,092
End of year $628,912 $2,378,847 $100,620 $8,977 $156,656 $3,274,012
NOTE 5: SCHEDULE OF INVESTMENT ACTIVITY (continued)
Year Ended December 31, 1998
Federal Stock
Fund Fund Other Total
ADDITIONS:
Investment income:
Net appreciation in
fair value of
Collins Industries,
Inc., common stock $ - $(1,225,370) $ - $(l,225,370)
Dividend income - 94,178 - 94,178
Interest income 28,692 - 7,458 36,150
28,692 (1,131,192) 7,458 (1,095,042)
Contributions:
Company - 75,863 25,890 101,753
Participant 129,311 219,843 14,892 364,046
Total additions 158,003 (835,486) 48,240 (629,243)
TRANSFERS: (5,131) (12,824) 17,955 -
DEDUCTIONS:
Benefits paid 47,779 340,444 - 388,223
Total deductions 47,779 340,444 - 388,223
Net increase
(decrease) 105,093 (1,188,754) 66,195 (1,017,466)
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 433,316 3,020,672 80,570 3,534,558
End of year $538,409 $1,831,918 $146,765 $2,517,092
Supplemental Information
COLLINS INDUSTRIES, INC.
TAX DEFERRED SAVINGS PLAN AND TRUST
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1999
Descriptions of
Identity of Investment
Issuer, including Maturity
Borrower, Date, Rate of
Lessor, Interest,
or Similar Collateral, Par or Current
Party Maturity Value Shares Cost Value
* Collins Collins Industries,
Industries, Inc. common
Inc. stock ** 474,141 $1,575,315 $2,370,705
PNC PNC Institutional
Institutional Management
Management Corporation -
Corporation FedFund 637,054 637,054 637,054
Vanguard Group Index 500 Fund 748 93,733 100,620
Vanguard Group Long Term U.S.
Treasury Bond Fund 936 9,284 8,977
*Participant Participant loans
loans at rates ranging
from 9.75% to 10.5% - 88,770
Total $2,315,386 $3,206,126
* Represents investments with a party-in-interest.
** Includes 217,399 unregistered shares.
COLLINS INDUSTRIES, INC.
TAX DEFERRED SAVINGS PLAN AND TRUST
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
Current
Value of
Identity Number Asset on
of Party of Purchase Sales Cost of Trans. Net Gain
Involved Trans. Price Price Asset Date (Loss)
Collins
Industries,
Inc.
common stock 42 $296,044 $296,044 $296,044 $ -
Collins
Industries,
Inc.
common stock 3 $73,812 $ 73,812
SIGNATURE
Pursuant to the requirement of the Securities Exchange Commission Act
of 1934, the trustee (or other persons who administer the employee
benefit plan) have duly caused this annual report to be signed on its
behalf by the undersigned thereunto duly authorized.
Collins Industries, Inc.
Tax Deferred Savings Plan and Trust
DATE: June 22, 2000 /s/ Larry W. Sayre
Larry W. Sayre
Vice President - Finance &
Chief Financial Officer
(Principal Accounting Officer)
