SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________
FORM 11-K
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ___________ to ____________
Commission file number 1-6720
A. Full title of the Plan: A.T. CROSS COMPANY DEFINED CONTRIBUTION
RETIREMENT PLAN
B. Name of Issuer of securities held pursuant to the Plan and address of its
principal executive office:
A.T. CROSS COMPANY
ONE ALBION ROAD
LINCOLN, RHODE ISLAND 02865
Financial Statements of the Plan:
A.T. Cross Company Defined Contribution Retirement Plan
Financial Statements for the Years Ended
December 31, 1999 and 1998 and
Supplemental Schedule as of
December 31, 1999
and Independent Auditors' Report
A.T. CROSS COMPANY DEFINED CONTRIBUTION RETIREMENT PLAN
TABLE OF CONTENTS
Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998:
Statements of Net Assets Available for Benefits 2
Statements of Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4-10
SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 1999:
Schedule H, Line 4i - Schedule of Assets Held for Investment
Purposes at End of Year 11
Schedules required under the Employee Retirement Income Security
Act of 1974, other than the schedule listed above, are omitted
because of the absence of the conditions under which the schedules
are required.
INDEPENDENT AUDITORS' REPORT
To the Retirement Plan Committee and Participants of
A.T. Cross Company Defined Contribution Retirement Plan:
We have audited the accompanying statements of net assets available
for benefits of the A.T. Cross Company Defined Contribution
Retirement Plan (the "Plan") as of December 31, 1999 and 1998, and
the related statements of changes in net assets available for
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 auditing standards
generally accepted in the United States of America. 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, such financial statements 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 years then ended in conformity with
accounting principles generally accepted in the Unites States of
America.
Our audits were conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The accompanying
supplemental schedule of assets held for investment purposes as of
December 31, 1999 is presented for the purpose of additional analysis
and is not a required part of the basic financial statements, but is
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. This supplementary
information is the responsibility of the Plan's management. Such
schedule has been subjected to the auditing procedures applied in
our audits of the basic financial statements and, in our opinion, is
fairly stated in all material respects when considered in relation
to the basic financial statements taken as a whole.
DELOITTE & TOUCHE LLP
May 5, 2000
A.T. CROSS COMPANY DEFINED CONTRIBUTION RETIREMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1999 AND 1998
ASSETS: 1999 1998
Investments at fair value:
Participant-directed investments $ 68,716,201 $ 66,882,734
Nonparticipant-directed investments
- loans to participants 1,012,492 1,000,599
------------ ------------
Total investments 69,728,693 67,883,333
Contributions receivable 247,527 210,192
Interest and dividend receivable 200,861 207,788
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS $ 70,177,081 $ 68,301,313
============ ============
See notes to financial statements.
-2-
A.T. CROSS COMPANY DEFINED CONTRIBUTION RETIREMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1999 AND 1998
1999 1998
ADDITIONS:
Investment activity:
Net appreciation in the fair
value of investments $ 7,853,818 $ 6,055,075
Interest income 1,178,709 1,345,941
Dividend income 773,368 650,798
------------ ------------
Total investment activity 9,805,895 8,051,814
------------ ------------
Contributions:
Participants 1,781,282 1,996,656
Employer 627,522 671,746
------------ ------------
Total contributions 2,408,804 2,668,402
------------ ------------
Total additions 12,214,699 10,720,216
------------ ------------
DEDUCTIONS:
Fund expenses 197,971 128,501
Benefits paid to participants 10,140,960 7,856,235
------------ ------------
Total deductions 10,338,931 7,984,736
------------ ------------
NET INCREASE 1,875,768 2,735,480
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 68,301,313 65,565,833
------------ ------------
End of year $ 70,177,081 $ 68,301,313
============ ============
See notes to financial statements.
-3-
A.T. CROSS COMPANY DEFINED CONTRIBUTION RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE PLAN
The following description of the A.T. Cross Company Defined
Contribution Retirement Plan (the "Plan") provides only general
information. Participants should refer to the plan document for
more complete information.
On December 10, 1996, the Board of Directors (the "Board") of
A.T. Cross Company (the "Company"), the Plan's sponsor, voted on
and approved the merger of the A.T. Cross Company Profit Sharing
Plan and Trust into the Plan. Effective January 1, 1997, the
A.T. Cross Company Profit Sharing Plan and Trust and the A.T.
Cross Company Savings Plan (collectively, the "Component Plans")
were merged into a single plan and trust known as the A.T. Cross
Company Defined Contribution Retirement Plan (the "merged
Plan"). Assets of the Component Plans are held in a single
trust, with each plan operating as a component plan of the
merged Plan. The purpose of the merger was to offer increased
investment opportunities under the Component Plans, as well as
to provide for uniform and combined investment opportunities and
election procedures.
General - Savings Component - The Savings Component is a
contributory savings plan, established January 1, 1984, for the
employees of the Company. The Savings Component is administered
by a committee consisting of three persons appointed by the
Board. The Savings Component is subject to the Employee
Retirement Income Security Act of 1974 ("ERISA").
General - Profit Sharing Component - The Profit Sharing
Component is a noncontributory defined contribution plan and is
administered by an Employee Benefit Plan Committee consisting of
three persons appointed by the Board. The Board determines the
amount of the contribution and has established the policy that
the maximum contribution for any year is limited to the lesser
of (1) the maximum amount deductible for such year for federal
income tax purposes; or (2) 15% of the Company's net income for
such year before deducting contributions to the retirement trust
and before providing for federal and state income taxes. The
Profit Sharing Component is subject to ERISA.
Eligibility - Savings Component - An employee may become a
participant in the Savings Component provided he or she is
regularly employed for 1,000 or more hours during his or her
first year of employment or in subsequent plan years. Effective
January 1, 1998, employees become eligible to participate in the
Savings Component as of the beginning of the calendar quarter
immediately following their date of hire. Upon entry into the
Savings Component, an employee may contribute to the Savings
Component an amount equal to any percentage from 1% to, and
including, 15% of the participant's annual salary.
Eligibility - Profit Sharing Component - Employees of the
Company are eligible to participate in the Profit Sharing
Component on January 1 following their hire date.
-4-
1. DESCRIPTION OF THE PLAN (CONTINUED)
Contributions - Savings Component - The Company contributes to
the Savings Component an amount equal to 50% of each
participant's contributions up to 3% of the participant's
salary. The Company's contributions which will be made from
current income or accumulated earnings, will be credited to the
employee's account as of the last day of each calendar quarter.
Contributions from Company - Profit Sharing Component - No
contribution was declared for 1999 and 1998.
In a year in which a contribution is made, the Company's
contribution to the Profit Sharing Component is allocated to
each eligible employee's account based on the proportion that
each eligible employee's allocation units bear to the total
allocation units. An eligible employee receives one allocation
unit for each one hundred dollars or major fraction thereof, of
compensation and one allocation unit for each full year of
service as defined by the Profit Sharing Component.
Election - Savings Component - The employee elects to either
deposit the money into the General Fund, Directed Investment
Fund, Equity Fund, High Quality Bond Fund, Small Company Equity
Fund, International Equity Fund, Company Stock Fund or divide
the deposit among the seven funds in 10% multiples.
Election - Profit Sharing Component - Employees who become
participants may allocate part or all of their balance in
various investment options offered by the Plan in increments of
10%. The Profit Sharing Component also allows employees to make
annual elections with respect to the Company's annual
contribution and the employee's existing balance. This election
is totally separate from the fund balance election described
above and allows the participant to elect (in multiples of 10%)
to have the Company's contribution, made on his/her behalf,
allocated to the various investment options offered by the
Component. The balance election allows the participant to elect
(in multiples of 10%) to have the employee's existing balance
transferred to one or more of the funds.
Participant Loans - Savings Component - Participants may borrow
from their fund accounts a minimum of $1,400 up to a maximum of
$50,000 or 50% of their account balance. Loan transactions are
treated as transfers from (to) the investment funds to (from)
the Loan Fund. Loans are repaid through payroll deductions and
the period of repayment for any loan cannot exceed five years.
A participant may repay the entire outstanding balance of their
loan on any valuation date. Each loan is secured by the balance
in the participant's account, and bears interest at rates
commensurate with prevailing rates as determined by the plan
administrator.
Withdrawals - Savings Component - Withdrawals from the
employee's vested portion of the Savings Component are permitted
prior to retirement if the employee is able to demonstrate
financial hardship as defined by the Internal Revenue Code (the
"Code").
Vesting - Savings Component - Employees vest in the Company's
contribution at a rate of 20% for each aggregate period of four
calendar quarters of active plan participation. All employees
are 100% vested after five years of service.
Upon an employee leaving the Company prior to becoming 100%
vested in the Company's contribution, the nonvested portion of
the Company's contribution will be forfeited if the employee
does not return to work at the Company within one year. The
nonvested portion will then be redistributed to current
participants based on the amount of matching Company
contributions each participant received during the preceding
plan year.
-5-
1. DESCRIPTION OF THE PLAN (CONTINUED)
Vesting - Profit Sharing Component - Upon termination of
employment for reasons other than death, retirement or
disability, employees are entitled to 10% of their balance per
year of credited vesting service through year four and 20% per
year for years five through seven up to 100%.
The Profit Sharing Component provides for the deferral of
benefits for one year should a participant who is also a
participant of the A.T. Cross Company Executive Incentive
Compensation Plan terminate employment for reasons other than
normal retirement as defined by the Profit Sharing Component,
death or disability.
Upon early or normal retirement as defined by the Profit Sharing
Component, a participant will receive a lump-sum distribution of
his/her account.
Administrative Expenses - Certain expenses for the
administration of the Plan are paid by selected investment
funds. The remaining expenses are paid by the Company.
However, should the Company fail to pay, such expenses will be
considered expenses of the Plan.
Trustee of the Plan - Fleet Bank is the trustee of the Plan. As
trustee, Fleet Bank holds the Plan's assets, maintains the
accounting records of the Plan, and invests the Plan's assets.
The trustee makes distributions in accordance with instructions
of the plan administrator. An officer of the Trustee is also a
member of the Board of the Plan's sponsor.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Method of Accounting - The financial statements of the Plan are
prepared on the accrual basis of accounting. Purchases and
sales of securities are recorded on the trade-date basis.
Interest income is recorded on the accrual basis. Dividends are
recorded on the ex-dividend date.
Benefits - Benefits to participants are recorded when paid.
Valuation of Investments - The Plan's investments are stated at
fair value. Securities traded on a national securities exchange
are valued at the last reported sales price on the last business
day of the plan year. Investments traded in the over-the-
counter market and listed securities for which no sale was
reported on that date are valued at the average of the last
reported bid and ask prices. United States Government bonds,
corporate bonds and United States Treasury notes and bills are
valued at the last reported bid price. The participant loans
receivable are recorded at cost which approximates fair value.
Investments in the Fleet National Bank Stable Asset Fund (the
"Fund") are generally valued at the redemption value established
by the trustee of the Fund, which is generally based on the fair
value of the underlying assets.
Estimates - The preparation of financial statements in
conformity with generally accepted accounting principles
requires management to make estimates and assumptions that
affect the amounts reported in the financial statements and
accompanying notes. Accordingly, actual results could differ
from those estimates.
Reclassification of Prior Year Accounts - Certain prior year
amounts have been reclassified to conform to the 1999
presentation.
-6-
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Adoption of SOP 99-3 and Reclassification - The Plan has
adopted Statement of Position ("SOP") 99-3 issued by the
American Institute of Certified Public Accountants entitled,
"Accounting for and Reporting of Certain Defined Contribution
Plan Investments and Other Disclosure Matters." As a result, a
reclassification has been made to eliminate the by-fund reporting
for participant-directed investments in 1998.
3. PLAN TERMINATION
The Plan may be amended at any time by a vote of the Board. The
Board may suspend or discontinue contributions to the Plan as
well as terminate it. Upon termination of the Plan or
discontinuance of the Company's contribution, all interests of
participants become fully vested and are not subject to
forfeiture. Payments, upon termination of the Plan, will be
made by the trustee, Fleet Bank, in accordance with the Plan's
distribution provisions.
4. INVESTMENTS
The Plan's investments are held by a bank-administered trust
fund. During 1999 and 1998, the Plan's investments (including
investments bought and sold as well as held during the year)
appreciated (depreciated) in value by $7,853,818 and $6,055,075,
respectively, as follows:
1999 1998
United States Government securities $ (369,287) $ 144,178
United States Government agency bonds (4,166) (32,477)
Common stocks 5,066,266 6,375,016
Mutual funds 3,161,005 (431,642)
----------- -----------
Net appreciation $ 7,853,818 $ 6,055,075
=========== ===========
The fair value of individual investments that represent 5% or
more of the Plan's net assets at December 31 is as follows:
1999 1998
Galaxy Small Company Equity Fund - Trust $ 7,818,869 $ 6,422,937
Galaxy Fund International Equity Class G - Trust 4,977,569 -
5. NONPARTICIPANT-DIRECTED INVESTMENTS
In 1999 and 1998, the Plan had nonparticipant-directed investments
representing loans to participants in the amount of $1,012,492
and $1,000,599, respectively. The amount of interest income on
these loans for the years ended December 31, 1999 and 1998 was
$78,853 and $79,654, respectively.
-7-
6. FORFEITURES
Forfeitures are allocated at the end of the fiscal year to all
remaining participants who were participants on the last day of
the preceding year based on the amount of matching Company
contributions each participant received during the preceding
plan year. For the years ended December 31, 1999 and 1998,
forfeitures allocated to participants' accounts amounted to
$68,054 and $17,213, respectively.
7. TAX STATUS OF THE PLAN
Both the precedent Profit Sharing Plan and Savings Plan obtained
their latest determination letters on December 1, 1993, in which
the Internal Revenue Service stated that the Plans, as then
designed, were in compliance with the applicable requirements of
the Code. The Plans have been amended since receiving the
determination letter; however, the plan administrator believes
that the Plans are currently designed and being operated in
compliance with the applicable requirements of the Code.
Accordingly, no provision for income taxes has been included in
the Plans' financial statements.
8. RECONCILIATION OF FINANICAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for
benefits per the financial statements to the Form 5500:
1999 1998
Net assets available for benefits per the
financial statements $ 70,177,081 $ 68,301,313
Amounts allocated to withdrawn participants - (1,339,120)
------------ ------------
Net assets available for benefits per
the Form 5500 $ 70,177,081 $ 66,962,193
============ ============
The following is a reconciliation of benefits paid to
participants per the financial statements to the Form 5500:
1999 1998
Benefits paid to participants per the
financial statements $ 10,140,960 $ 7,856,235
Add - amounts allocated to withdrawing
participants - current year - 1,339,120
Less - amounts allocated to withdrawing
participants - prior year (1,339,120) (3,180,302)
------------ ------------
Benefits paid to participants per the
Form 5500 $ 8,801,840 $ 6,015,053
============ ============
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.
-8-
9. TRANSACTIONS WITH PARTIES IN INTEREST
Transactions with parties in interest for the years ended
December 31 are as follows:
1999 1998
--------------------- ---------------------
Shares or Shares or
Units of Units of
Participation Amount Participation Amount
--------- ------ --------- ------
A.T. Cross Company
common stock:
Purchases 96,783 $ 489,774 66,370 $1,277,783
Sales 69,219 399,634 19,501 178,544
Distribution 6,003 73,408 3,999 47,595
Dividend Income - - - 41,231
Realized loss on sales - (303,722) - (50,424)
Fleet National Bank
of Rhode Island
Money Market Fund:
Purchases 59,036,151 59,036,151 60,188,282 60,188,282
Sales 57,689,287 57,689,287 60,398,353 60,398,353
Interest income - 197,028 - 306,861
Fleet National Bank
of Rhode Island
Stable Asset Fund:
Purchases 612 6,120 759 7,177
Sales 36 362 24 240
Dividend income - 6,120 - 6,020
Fleet Financial Group, Inc.
common stock -
dividend income - 23,760 - 21,560
Galaxy
Government Fund:
Purchases 1,578,887 1,578,887 1,331,747 1,331,747
Sales 1,287,993 1,287,993 2,092,957 2,092,957
Interest income - 35,130 - 56,674
Galaxy
High Quality Bond Fund:
Purchases 123,059 1,341,783 119,074 1,312,490
Sales 175,944 1,861,358 18,878 208,993
Dividend income - 113,942 - 98,901
Realized loss - (54,930) - -
Galaxy
Small Co. Equity Fund:
Purchases 56,346 871,866 96,016 1,571,365
Sales 106,764 1,681,279 146,943 2,319,332
Realized loss - (193,719) - (331,756)
Galaxy
International Equity Fund:
Purchases 54,546 1,090,604 35,254 593,479
Sales 23,427 442,603 55,796 927,211
Dividend income - 266,909 - 120,063
Realized gain - 94,170 - 133,543
Loans to participants:
Disbursements - 540,512 - 564,969
Receipts - 508,914 - 607,005
Interest income - 78,853 - 79,654
-9-
10. AMENDMENT TO THE PLAN
Effective January 1, 1999, employees who continue service after
age 65 will be entitled to the same rights as they would have if
they were under age 65. Upon retirement, the individuals are
entitled to the benefits credited to their accounts as of the
valuation date following their retirement. In addition,
participants who continue in the service of the Company after
age 65 may elect to have all or any portion of their accounts,
valued as of the valuation date following such election,
distributed to them. All such requests for distributions must
be addressed to the trustee in writing.
* * * * * *
-10-
A.T. CROSS COMPANY DEFINED CONTRIBUTION RETIREMENT PLAN
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AT END OF YEAR DECEMBER 31, 1999
Please see attached schedule.
-11-
<TABLE>
ASSET DETAIL
------------
8765000800 CROSSAVER 401(K) & P/S PL GENERAL AS OF 12/31/99
<CAPTION>
SHARES OR MARKET BOOK PERCENT ACCRUED
FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME
<S> <C> <C> <C> <C> <C>
CASH MANAGEMENT ASSETS
---------------------------------
447,846.41 FLEET MONEY MARKET DEPOSIT A/C- 447,846.41 447,846.41 1.64 1,906.65
------------- ------------- ------------- -------------
447,846.41 447,846.41 1.64 1,906.65
US GOVT & AGENCY OBLIGATIONS
---------------------------------
180,000 U S TREAS BONDS 11.75% 2/15/01 190,575.00 178,057.37 0.70 7,988.72
320,000 U S TREAS BONDS 11.875% 11/15/03 377,699.20 322,400.00 1.38 4,906.59
30,000 U S TREAS BONDS 11.625% 11/15/04 36,234.30 30,843.75 0.13 450.31
100,000 U S TREAS BONDS 8.25% 5/15/05 100,641.00 98,156.25 0.37 1,065.25
100,000 U S TREAS BONDS 10.75% 8/15/05 119,266.00 107,437.51 0.44 4,060.46
400,000 U S TREAS BONDS 9.375% 2/15/06 455,312.00 408,500.00 1.66 14,164.40
100,000 U S TREAS NOTES 6.50% 10/15/06 99,734.00 99,890.63 0.36 1,385.25
100,000 U S TREAS BONDS 8.375% 8/15/08 105,484.00 98,875.00 0.39 3,163.38
100,000 U S TREAS BONDS 8.75% 11/15/08 106,984.00 99,187.50 0.39 1,129.81
100,000 U S TREAS BONDS 9.125% 5/15/09 109,172.00 100,468.75 0.40 1,178.23
30,000 U S TREAS BONDS 11.75% 2/15/10 36,468.60 29,662.50 0.13 1,331.45
500,000 U S TREAS BONDS 10.00% 5/15/10 573,280.00 483,812.50 2.09 6,456.04
100,000 U S TREAS BONDS 8.75% 5/15/17 119,437.00 99,890.63 0.44 1,129.81
300,000 U S TREAS BONDS 6.75% 8/15/26 301,407.00 297,234.38 1.10 7,648.78
------------- ------------- ------------- -------------
2,731,694.10 2,454,416.77 9.98 56,058.48
COMMON EQUITIES
---------------------------------
4,743 AMER INTERNATIONAL GROUP INC COM 512,836.88 56,382.22 1.87 0.00
4,000 AMERICAN HOME PRODS CORP 157,000.00 37,263.75 0.57 0.00
2,000 AMR CORP DEL COM 134,000.00 70,057.50 0.49 0.00
8,000 APPLIED MATERIALS INC COM 1,013,500.00 150,662.50 3.70 0.00
8,000 ATLANTIC RICHFIELD CO COM 692,000.00 211,311.50 2.53 0.00
30,000 AUTOMATIC DATA PROCESSING INC 1,616,250.00 155,478.12 5.90 2,625.00
20,000 BELL SOUTH CORP COM 936,250.00 166,033.33 3.42 0.00
8,400 BOEING CO COM 348,075.00 195,527.00 1.27 0.00
19,000 BRISTOL MYERS SQUIBB CO 1,219,562.50 145,816.68 4.45 0.00
10,000 CATERPILLAR INC COM 470,625.00 204,503.00 1.72 0.00
21,000 DAYTON HUDSON CORP COM 1,542,187.50 110,334.00 5.63 0.00
4,000 DOW CHEMICAL CO COM 534,500.00 109,737.91 1.95 3,480.00
13,201 EXXON MOBIL CORP COM 1,063,505.56 162,956.42 3.88 0.00
4,800 FEDERAL NATIONAL MORTGAGE ASSN COM 299,700.00 40,339.00 1.09 0.00
22,000 FLEET BOSTON FINANCIAL CORP COM 765,875.00 261,680.00 2.80 6,600.00
16,000 FORD MOTOR CO DEL COM 853,000.00 89,152.10 3.12 0.00
7,000 GENERAL ELECTRIC CO COM 1,083,250.00 45,556.87 3.96 2,870.00
6,800 GILLETTE CO COM 280,075.00 138,461.00 1.02 0.00
10,000 HERSHEY FOODS CORP COM 474,375.00 61,894.28 1.73 0.00
2,000 HEWLETT PACKARD CO COM 227,500.00 94,640.00 0.83 320.00
21,150 HOME DEPOT INC COM 1,454,062.50 201,051.50 5.31 0.00
12,800 INTEL CORP COM 1,053,600.00 189,900.00 3.85 0.00
14,000 JOHNSON & JOHNSON COM 1,305,500.00 77,798.37 4.77 0.00
26,000 MCDONALDS CORP COM 1,048,125.00 75,796.43 3.83 0.00
4,000 MERCK & CO INC COM 268,750.00 75,350.00 0.98 1,160.00
27,000 PEPSICO INC COM 951,750.00 73,870.89 3.48 3,645.00
45,000 PFIZER INC COM l,459,687.50 75,531.52 5.33 0.00
3,000 PROCTER & GAMBLE CO COM 328,687.50 27,458.64 1.20 0.00
21,000 SARA LEE CORP COM 463,312.50 84,762.70 1.69 2,835.00
3,000 SCHLUMBERGER LTD COM 187,940.70 49,670.00 0.69 562.50
18,000 WAL-MART STORES INC 1,244,250.00 168,270.75 4.54 900.00
7,200 WALT DISNEY CO COM 210,600.00 60,944.00 0.77 0.00
------------- ------------- ------------- -------------
24,200,333.14 3,668,191.98 88.39 24,997.50
------------- ------------- ------------- -------------
TOTAL INVESTMENTS 27,379,873.65 6,570,455.16 100.00 82,962.63
CASH 7.36 7.36 0.00
------------- ------------- ------------- -------------
NET ASSETS 27,379,881.01 6,570,462.52 100.00
ACCRUED INCOME 82,962.63 82,962.63
------------- -------------
TOTAL VALUE 27,462,843.64 6,653,425.15
============= =============
</TABLE>
<TABLE>
ASSET DETAIL
-------------
8540500900 CROSSAVER 401(K) & P/S PL DIRECTED AS OF 12/31/99
<CAPTION>
SHARES OR MARKET BOOK PERCENT ACCRUED
FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME
<S> <C> <C> <C> <C> <C>
SHORT TERM INVESTMENTS
---------------------------------
500,000 U S TREAS BILLS 1/06/00 499,810.00 495,777.78 3.28 0.00
1,500,000 U S TREAS BILLS 1/13/00 1,497,885.00 1,483,237.64 9.82 0.00
500,000 U S TREAS BILLS 1/20/00 498,830.00 494,605.00 3.27 0.00
1,000,000 U S TREAS BILLS 2/03/00 995,640.00 987,286.11 6.53 0.00
1,000,000 U S TREAS BILLS 2/10/00 994,660.00 989,750.00 6.52 0.00
1,500,000 U S TREAS BILLS 2/24/00 1,489,035.00 1,481,510.00 9.76 0.00
------------- ------------- ------------- -------------
5,975,860.00 5,932,166.53 39.16 0.00
CASH MANAGEMENT ASSETS
---------------------------------
2,284,832.61 FLEET MONEY MARKET DEPOSIT A/C-RI 2,284,832.61 2,284,832.61 14.97 2,814.41
------------- ------------- ------------- -------------
2,284,832.61 2,284,832,61 14.97 2,814.41
US GOVT & AGENCY OBLIGATIONS
---------------------------------
l,000,000 U S TREAS NOTES 5.375% 1/31/00 1,000,000.00 1,000,468.75 6.55 22,493.21
1,000,000 U S TREAS NOTES 5.875% 2/15/00 1,000,470.00 1,000,859.38 6.56 22,190.90
1,000,000 U S TREAS NOTES 5.50% 2/29/00 1,000,160.00 1,000,195.31 6.55 18,585.16
1,000,000 U S TREAS NOTES 5.50% 3/31/00 1,000,000.00 1,000,078.13 6.55 13,975.41
1,000,000 U S TREAS NOTES 5.50% 4/15/00 999,690.00 999,726.56 6.55 11,721.31
1,000,000 U S TREAS NOTES 5.50% 5/31/00 998,750.00 998,828.13 6.55 4,808.74
1,000,000 U S TREAS NOTES 5.375% 6/30/00 998,280.00 997,890.63 6.54 147.66
------------- ------------- ------------- -------------
6,997,350.00 6,998,046.89 45.86 93,922.39
------------- ------------- ------------- -------------
TOTAL INVESTMENTS 15,258,042.61 15,215,046.03 100.00 96,736.80
CASH 340.29 340.29 0.00
------------- ------------- ------------- -------------
NET ASSETS 15,258,382.90 15,215,386.32 100.00
ACCRUED INCOME 96,736.80 96,736.80
------------- -------------
TOTAL VALUE 15,355,119.70 15,312,123.12
============= =============
</TABLE>
<TABLE>
ASSET DETAIL
------------
8025300700 CROSSAVER 401(K) & P/S PL EQUITY AS OF 12/31/99
<CAPTION>
SHARES OR MARKET BOOK PERCENT ACCRUED
FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME
<S> <C> <C> <C> <C> <C>
CASH MANAGEMENT ASSETS
---------------------------------
970,975.27 GALAXY GOVERNMENT FUND- TRUST 970,975.27 970,975.27 9.01 4,278.07
------------- ------------- ------------- -------------
970,975.27 970,975.27 9.01 4,278.07
COMMON EQUITIES
---------------------------------
1,500 A T & T CO COM 76,218.75 35,961.67 0.71 330.00
3,750 AMER INTERNATIONAL GROUP INC COM 405,468.75 114,420.63 3.76 0.00
2,000 AMERICAN HOME PRODS CORP 78,500.00 59,820.00 0.73 0.00
3,000 AMR CORP DEL COM 201,000.00 120,047.65 1.86 0.00
5,000 APPLIED MATERIALS INC COM 633,437.50 122,100.00 5.88 0.00
1,600 ATLANTIC RICHFIELD CO COM 138,400.00 93,944.50 1.28 0.00
7,000 AUTOMATIC DATA PROCESSING INC 377,125.00 117,649.50 3.50 612.50
2,375 BANK OF AMERICA CORP COM 119,195.31 66,243.00 1.11 0.00
5,200 BELL SOUTH CORP COM 243,425.00 96,823.50 2.26 0.00
4,000 BOEING CO COM 165,750.00 158,241.00 1.54 0.00
4,000 BRISTOL MYERS SQUIBB CO 256,750.00 97,085.24 2.38 0.00
5,400 CATERPILLAR INC COM 254,137.50 146,620.00 2.36 0.00
3,750 CITIGROUP INC COM 208,828.13 90,570.00 1.94 0.00
3,000 CORNING INC COM 386,812.50 131,825.00 3.59 0.00
4,800 DAYTON HUDSON CORP COM 352,500.00 52,214.00 3.27 0.00
3,000 DEERE JOHN & CO COM 130,125.00 106,996.25 1.21 660.00
1,400 DOW CHEMICAL CO COM 187,075.00 101,693.00 1.74 1,218.00
4,600 FEDERAL NATIONAL MORTGAGE ASSN COM 287,212.50 131,391.50 2.66 0.00
4,000 FIRST DATA CORP COM 197,250.40 133,280.00 1.83 80.00
5,000 FORD MOTOR CO DEL COM 266,562.50 97,626.02 2.47 0.00
2,000 GENERAL ELECTRIC CO COM 309,500.00 62,846.00 2.87 820.00
2,800 GEORGIA PACIFIC GROUP COM 142,100.00 62,306.24 1.32 0.00
3,200 GILLETTE CO COM 131,800.00 71,645.00 1.22 0.00
3,000 HALLIBURTON CO COM NEW 120,750.00 60,204.84 1.12 0.00
3,000 HEWLETT PACKARD CO COM 341,250.00 151,185.00 3.17 480.00
12,900 HOME DEPOT INC COM 886,875.00 142,008.84 8.23 0.00
10,000 INTEL CORP COM 823,125.00 105,256.25 7.64 0.00
600 J P MORGAN & CO INC COM 75,975.00 43,684.50 0.70 600.00
2,000 JOHNSON & JOHNSON COM 186,500.00 67,031.50 1.73 0.00
8,400 MCDONALDS CORP COM 338,625.00 156,909.50 3.14 0.00
4,000 MERCK & CO INC COM 268,750.00 129,796.25 2.49 1,160.00
4,600 PEPSICO INC COM 162,150.00 108,441.23 1.50 621.00
6,600 PFIZER INC COM 214,087.50 31,312.87 1.99 0.00
1,500 PPG INDS INC COM 93,843.75 63,787.00 0.87 0.00
4,000 SARA LEE CORP COM 88,250.00 57,877.50 0.82 540.00
2,400 SCHLUMBERGER LTD COM 150,352.56 99,169.00 1.39 450.00
2,000 SHERWIN WILLIAMS CO COM 42,000.00 33,911.67 0.39 0.00
4,000 THERMO ELECTRON CORPORATION COM 60,000.00 138,781.50 0.56 0.00
4,000 WAL-MART STORES INC 276,500.00 52,784.50 2.56 200.00
4,500 WALT DISNEY CO COM 131,625.00 92,367.50 1.22 0.00
------------- ------------- ------------- -------------
9,809,832.25 3,805,859.15 90.99 7,771.50
------------- ------------- ------------- -------------
TOTAL INVESTMENTS 10,780,807.52 4,776,834.42 100.00 12,049.57
CASH 3.68 3.68 0.00
------------- ------------- ------------- -------------
NET ASSETS 10,780,811.20 4,776,838.10 100.00
ACCRUED INCOME 12,049.57 12,049.57
------------- -------------
TOTAL VALUE 10,792,860.77 4,788,887.67
============= =============
</TABLE>
<TABLE>
ASSET DETAIL
------------
0005421300 CROSSAVER 401(K) & P/S PL BOND AS OF 12/31/99
<CAPTION>
SHARES OR MARKET BOOK PERCENT ACCRUED
FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME
<S> <C> <C> <C> <C> <C>
CASH MANAGEMENT ASSETS
---------------------------------
0 FLEET MONEY MARKET DEPOSIT A/C-RI 0.00 0.00 0.00 5.38
------------- ------------- ------------- -------------
0.00 0.00 0.00 5.38
GALAXY MUTUAL FUNDS
---------------------------------
135,727.538 GALAXY HIGH QUALITY BOND CLASS J-TR 1,362,704.48 1,472,289.13 100.00 8,163.26
------------- ------------- ------------- -------------
1,362,704.48 1,472,289.13 100.00 8,163.26
------------- ------------- ------------- -------------
TOTAL INVESTMENTS 1,362,704.48 1,472,289.13 100.00 8,168.64
CASH 0.00 0.00 0.00
------------- ------------- ------------- -------------
NET ASSETS 1,362,704.48 1,472,289.13 100.00
ACCRUED INCOME 8,168.64 8,168.64
------------- -------------
TOTAL VALUE 1,370,873.12 1,480,457.77
============= =============
</TABLE>
<TABLE>
ASSET DETAIL
------------
0005420500 CROSSAVER 401(K) & P/S PL SMALL CO AS OF 12/31/99
<CAPTION>
SHARES OR MARKET BOOK PERCENT ACCRUED
FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME
<S> <C> <C> <C> <C> <C>
CASH MANAGEMENT ASSETS
---------------------------------
0 FLEET MONEY MARKET DEPOSIT A/C-RI 0.00 0.00 0.00 13.97
------------- ------------- ------------- -------------
0.00 0.00 0.00 13.97
GALAXY MUTUAL FUNDS
---------------------------------
342,482.233 GALAXY SMALL COMPANY EQUITY FUND-TR 7,818,869.38 5,938,095.80 100.00 0.00
------------- ------------- ------------- -------------
7,818,869.38 5,938,095.80 100.00 0.00
------------- ------------- ------------- -------------
TOTAL INVESTMENTS 7,818,869.38 5,938,095.80 100.00 13.97
CASH 0.00 0.00 0.00
------------- ------------- ------------- -------------
NET ASSETS 7,818,869.38 5,938,095.80 100.00
ACCRUED INCOME 13.97 13.97
------------- -------------
TOTAL VALUE 7,818,883.35 5,938,109.77
============= =============
</TABLE>
<TABLE>
ASSET DETAIL
------------
0005422100 CROSSAVER 401(K) & P/S PL INTERN'L AS OF 12/31/99
<CAPTION>
SHARES OR MARKET BOOK PERCENT ACCRUED
FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME
<S> <C> <C> <C> <C> <C>
CASH MANAGEMENT ASSETS
---------------------------------
0 FLEET MONEY MARKET DEPOSIT A/C-RI 0.00 0.00 0.00 7.28
------------- ------------- ------------- -------------
0.00 0.00 0.00 7.28
GALAXY MUTUAL FUNDS
---------------------------------
208,353.675 GALAXY FD INTL EQUITY CLASS G-TRUST 4,977,569.30 3,335,247.75 100.00 0.00
------------- ------------- ------------- -------------
4,977,569.30 3,335,247.75 100.00 0.00
------------- ------------- ------------- -------------
TOTAL INVESTMENTS 4,977,569.30 3,335,247.75 100.00 7.28
CASH 0.00 0.00 0.00
------------- ------------- ------------- -------------
NET ASSETS 4,977,569.30 3,335,247.75 100.00
ACCRUED INCOME 7.28 7.28
------------- -------------
TOTAL VALUE 4,977,576.58 3,335,255.03
============= =============
</TABLE>
<TABLE>
ASSET DETAIL
------------
8009900500 CROSSAVER 401(K) & P/S PL STOCK AS OF 12/31/99
<CAPTION>
SHARES OR MARKET BOOK PERCENT ACCRUED
FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME
<S> <C> <C> <C> <C> <C>
CASH MANAGEMENT ASSETS
---------------------------------
1,437.24 FLEET MONEY MARKET DEPOSIT A/C-RI 1,437.24 1,437.24 0.16 7.41
------------- ------------- ------------- -------------
1,437.24 1,437.24 0.16 7.41
COMMON EQUITIES
---------------------------------
204,582 CROSS A T CO CL A COM 920,619.00 1,685,575.24 99.84 0.00
------------- ------------- ------------- -------------
920,619.00 1,685,575.24 99.84 0.00
------------- ------------- ------------- -------------
TOTAL INVESTMENTS 922,056.24 1,687,012.48 100.00 7.41
CASH 0.00 0.00 0.00
------------- ------------- ------------- -------------
NET ASSETS 922,056.24 1,687,012.48 100.00
ACCRUED INCOME 7.41 7.41
------------- -------------
TOTAL VALUE 922,063.65 1,687,019.89
============= =============
</TABLE>
<TABLE>
ASSET DETAIL
------------
8025700900 CROSSAVER 401(K) & P/S PL LOAN AS OF 12/31/99
<CAPTION>
SHARES OR MARKET BOOK PERCENT ACCRUED
FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME
<S> <C> <C> <C> <C> <C>
CASH MANAGEMENT ASSETS
---------------------------------
100,185.16 FLEET MONEY MARKET DEPOSIT A/C-RI 100,185.16 100,185.16 9.00 334.96
------------- ------------- ------------- -------------
100,185.16 100,185.16 9.00 334.96
NOTES AND ANNUITIES
---------------------------------
1,012,491.57 A T CROSS LOAN VAR RT 1,012,491.57 1,012,491.57 91.00 0.00
------------- ------------- ------------- -------------
1,012,491.57 1,012,491.57 91.00 0.00
------------- ------------- ------------- -------------
TOTAL INVESTMENTS 1,112,676.73 1,112,676.73 100.00 334.96
CASH 0.00 0.00 0.00
------------- ------------- ------------- -------------
NET ASSETS 1,112,676.73 1,112,676.73 100.00
ACCRUED INCOME 334.96 334.96
------------- -------------
TOTAL VALUE 1,113,011.69 1,113,011.69
============= =============
</TABLE>
<TABLE>
ASSET DETAIL
------------
8540000000 AT CROSS PENCIL INSTALLMENT AS OF 12/31/99
<CAPTION>
SHARES OR MARKET BOOK PERCENT ACCRUED
FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME
<S> <C> <C> <C> <C> <C>
CASH MANAGEMENT ASSETS
----------------------------------
7,349.54 FLEET MONEY MARKET DEPOSIT A/C-RI 7,349.54 7,349.54 98.14 29.56
------------- ------------- ------------- -------------
7,349.54 7,349.54 98.14 29.56
COMMON EQUITIES
---------------------------------
31 CROSS A T CO CL A COM 139.50 526.97 1.86 0.00
------------- ------------- ------------- -------------
139.50 526.97 1.86 0.00
------------- ------------- ------------- -------------
TOTAL INVESTMENTS 7,489.04 7,876.51 100.00 29.56
CASH 0.00 0.00 0.00
------------- ------------- ------------- -------------
NET ASSETS 7,489.04 7,876.51 100.00
ACCRUED INCOME 29.56 29.56
------------- -------------
TOTAL VALUE 7,518.60 7,906.07
============= =============
</TABLE>
<TABLE>
ASSET DETAIL
------------
0000266800 A T CROSS INST FLEET STABLE ASSET AS OF 12/31/99
<CAPTION>
SHARES OR MARKET BOOK PERCENT ACCRUED
FACE VALUE DESCRIPTION VALUE VALUE OF MARKET INCOME
<S> <C> <C> <C> <C> <C>
CASH MANAGEMENT ASSETS
---------------------------------
0.06 FLEET MONEY MARKET DEPOSIT A/C-RI 0.06 0.06 0.00 0.00
------------- ------------- ------------- -------------
0.06 0.06 0.00 0.00
COMMINGLED FUNDS
---------------------------------
10,608.8408 FLEET STABLE ASSET FUND 106,088.41 106,088.41 98.00 547.68
------------- ------------- ------------- -------------
106,088.41 106,088.41 98.00 547.68
COMMON EQUITIES
---------------------------------
481 CROSS A T CO CL A COM 2,164.50 6,022.61 2.00 0.00
------------- ------------- ------------- -------------
2,164.50 6,022.61 2.00 0.00
------------- ------------- ------------- -------------
TOTAL INVESTMENTS 108,252.97 112,111.08 100.00 547.68
CASH 0.00 0.00 0.00
------------- ------------- ------------- -------------
NET ASSETS 108,252.97 112,111.08 100.00
ACCRUED INCOME 547.68 547.68
------------- -------------
TOTAL VALUE 108,800.65 112,658.76
============= =============
</TABLE>
Exhibits:
Consent of Deloitte & Touche LLP to the incorporation by reference of the
plan's financial statements into Registration Statement No. 333-42915 on Form
S-8.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustee has duly caused this annual report to be signed on its behalf
by the undersigned hereunto duly authorized.
A.T. CROSS COMPANY DEFINED
CONTRIBUTION RETIREMENT PLAN
By: Fleet National Bank, Trustee
By: JOHN J. BROSNAN
John J. Brosnan
Title: Assistant Vice President
