EXHIBIT 99.1
------------
Financial Statements
and Supplemental Schedules
Amcast Industrial Corporation
401(k) Salary Deferral Plan
for Bargaining Unit Employees - Plan 2
December 31, 1999 and August 31, 1999, and for the four
months ended December 31, 1999
with Independent Auditors' Report
<PAGE>
Amcast Industrial Corporation
401(k) Salary Deferral Plan
for Bargaining Unit Employees - Plan 2
Financial Statements
and Supplemental Schedules
December 31, 1999 and August 31,1999, and for
the four months ended December 31, 1999
Table of Contents
Independent Auditors' Report..................................................1
Audited Financial Statements
Statement of Assets Available for Benefits....................................2
Statement of Changes in Assets Available for Benefits.........................3
Notes to Financial Statements.................................................4
Supplemental Schedules
Line 27a - Schedule of Assets Held for Investment Purposes....................8
Line 27d - Schedule of Reportable Transactions................................9
<PAGE>
Amcast Industrial Corporation
401(k) Salary Deferral Plan for Bargaining Unit Employees - Plan 2
Statements of Net Assets Available for Benefits
<TABLE>
<CAPTION>
<S> <C> <C>
December 31 August 31
1999 1999
----------- -----------
Assets
Investments, at fair value:
Shares of registered investment companies 1,879,074 1,841,889
Common/collective trust fund 1,183,148 1,143,663
Amcast Industrial Corporation common stock 108,481 95,270
Loans to participants 268,967 228,825
----------- ----------
3,439,670 3,309,647
Receivables:
Accrued interest and dividend income 766 308
Employer contributions receivable 434 207
Employee contributions receivable 14,910 6,586
----------- ----------
16,110 7,101
Net assets available for benefits $ 3,455,780 $3,316,748
=========== ==========
</TABLE> See accompanying notes.
<PAGE>
Amcast Industrial Corporation
401(k) Salary Deferral Plan for Bargaining Unit Employees - Plan 2
Statement of Changes in Net Assets Available for Benefits
Four months ended December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Fund Information
---------------------------------------------------------------------
Amcast T. Rowe T. Rowe T. Rowe T. Rowe T. Rowe
Industrial Price Price Price Price Price
Corporation Stable International New New Equity
Common Value Stock Horizons Income Index 500
Stock Fund Fund Fund Fund Fund
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Additions:
Investment income:
Interest and dividends $ 1,752 $ 22,423 $ 332 $ 2,347 $ 636 $ 1,551
Net appreciation
(depreciation) in fair
value of investments 4,298 - 919 2,877 (483) 16,092
Contributions:
Participant 4,027 56,339 1,350 2,238 7,680 15,738
Employer 3,758 - - - - -
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13,834 78,762 2,600 7,462 7,833 33,381
Deductions:
Benefit payments (549) (11,326) - - - -
Interfund transfers 380 (24,429) 191 535 (255) 3,737
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Net (decrease) increase 13,665 43,007 2,791 7,997 7,578 37,118
Net assets available for
benefits, September 1, 1999 95,714 1,146,304 3,890 16,506 26,792 136,545
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Net assets available for
benefits, December 31, 1999 $109,379 $1,189,311 $6,681 $ 24,503 $34,370 $173,663
=====================================================================
<S> <C> <C> <C> <C>
Fund Information
--------------------------------
T. Rowe T. Rowe
Price Price
Equity Capital
Income Appreciation
Fund Fund Other Total
-----------------------------------------------
Additions:
Investment income:
Interest and dividends $ 119,129 $ 6,234 $ 6,203 $ 160,605
Net appreciation
(depreciation) in fai
value of investments (163,232) (6,645) - (146,174)
Contributions:
Participant 50,242 5,189 - 142,803
Employer - - - 3,758
-----------------------------------------------
6,139 4,777 6,203 160,992
Deductions:
Benefit payments (8,826) (1,259) - (21,960)
Interfund transfers (13,931) (167) 33,939 254
-----------------------------------------------
Net (decrease) increase (16,619) 3,351 40,142 139,032
Net assets available for
benefits, September 1, 1999 1,610,244 51,930 228,825 3,316,748
-----------------------------------------------
Net assets available for
benefits, December 31, 1999 $1,593,625 $55,281 $268,967 $3,455,780
================================================
</TABLE>
<PAGE>
Amcast Industrial Corporation
401(k) Salary Deferral Plan
for Bargaining Unit Employees - Plan 2
Notes to Financial Statements
December 31, 1999
1. Description of the Plan
The following description of Amcast Industrial Corporation 401(k) Salary
Deferral Plan for Bargaining Unit Employees - Plan 2 (the "Plan") is provided
for general information purposes only. Participants should refer to the Summary
Plan Description for a more complete description of the plan's provisions.
General
The Plan is a contributory defined contribution plan covering substantially all
employees of the Amcast Automotive Brake and Chassis and Superior Valve
facilities who are compensated on an hourly basis and are covered by a
collective bargaining agreement. It is subject to the Employee Retirement Income
Security Act of 1974 (ERISA).
Contributions
The Plan allows for employee deferred contributions in participant-directed
amounts from 1 percent to 15 percent of their annual compensation, and allows
for transfers by participants from any other plan meeting the requirements of
Internal Revenue Code (the "IRC") Section 401(a). Employees may also annually
contribute no more than two lump sum salary deferral contributions, provided
that total contributions do not exceed the maximum contribution allowed for each
employee. The Company makes matching contributions equal to 15 percent of the
first 6 percent of compensation that is deferred by participants to the Plan.
All employer contributions are in Company stock.
Vesting
Participants are immediately vested in their contributions plus actual earnings
thereon. Participants are 50 percent vested in Company contributions made after
one year of service with the Company, 75 percent vested after two years of
service, and fully vested after three years of service. Vested benefits are paid
by several optional methods upon retirement, death, or termination.
<PAGE>
1. Description of the Plan (continued)
Payment of Benefits
On termination of service for any reason, a participant may receive a lump-sum
amount equal to the vested value of his or her account, either in cash or stock.
Participant Loans
Under the Plan, participants may borrow up to 50 percent of their vested balance
not to exceed $50,000. The loan term is not to exceed 5 years unless the loan is
for the purchase of a principal residence, in which case the term may be as long
as 30 years. Interest rates on these loans are one percent above the prime rate
of interest on the first business day of the calendar quarter in which a loan
application is made to the Company.
Participant Accounts
Each participant's account is credited with the participant's contributions and
allocations of (a) the Company's contributions and (b) the Plan's earnings. The
benefit to which a participant is entitled is the benefit that can be provided
from the participant's account.
Administrative Expenses
Substantially all expenses of the Plan are paid by the Company.
2. Summary of Significant Accounting Policies
Basis of Accounting
The Plan's financial statements are prepared on the accrual basis of accounting.
Use of Estimates
The preparation of the 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. Actual results could differ from these estimates.
Investment Valuation
The Plan's investments are stated at fair value. The shares of registered
investment companies are valued at quoted market prices which represent the net
asset values of shares held by the Plan at year-end. Participant notes
receivable are valued at their outstanding balances, which approximate fair
value. Company common stock and the participation units owed by the Plan in the
common/collective trust fund are based on quoted redemption value on the last
business day of the Plan year.
3. Investments
The fair value of individual investments that represent 5 percent or more of the
Plan's net assets at December 31, 1999 and August 31, 1999, are as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
December 31 August 31
1999 1999
---------- ----------
Shares of registered investment companies:
T. Rowe Price Stable Value Fund $1,183,148 $1,143,663
T. Rowe Price Equity Income Fund 1,588,057 1,607,710
</TABLE>
During the four months ended December 31, 1999, the Plan's investments(including
investments bought, sold, and held during the year) depreciated in value by
$146,174, as follows:
<TABLE>
<CAPTION>
<S> <C>
Year ended
December 31, 1999
-------------------
Investments at fair value, as determined by quoted market prices:
Shares of registered investment companies $ (150,472)
Amcast Industrial Corporation common stock 4,298
-------------------
$ (146,174)
===================
</TABLE>
<PAGE>
4. Income Tax Status
The Internal Revenue Service (IRS) ruled has not yet determined if the Plan
qualifies under Section 401(a) of the Internal Revenue Code (the "IRC").
However, the Plan administrator believes that the Plan is qualified and,
therefore, the underlying trust is not subject to income tax under present law.
Once qualified, the Plan is required to operate in conformity with the IRC to
maintain its qualification. The Pension Administration Committee is not aware of
any course of action or series of events that have occurred that might adversely
affect the Plan's qualified status.
5. Transactions With Parties-In-Interest
The Trust is not charged for administrative services performed on its behalf by
the Company. The Plan also invests in common stock of the Company which is the
Plan Sponsor.
6. Plan Termination
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100 percent vested in their accounts.
<PAGE>
Supplemental Schedules
<PAGE>
Amcast Industrial Corporation
401(k) Salary Deferral Plan for Bargaining Unit Employees - Plan 2
EIN 31-0258080 / Plan 002
Line 27a - Schedule of Assets Held for Investment Purposes
December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Description of Current
Identity of Issue Investment Cost Value
-------------------------------------------------------------------------------------------------
Shares of registered investment companies
* T. Rowe Price International Stock Fund 344 shares 5,388 6,545
* T. Rowe Price New Horizons Fund 882 shares 20,498 24,292
* T. Rowe Price New Income Fund 4,112 shares 35,524 33,555
* T. Rowe Price Capital Appreciation Fund 4,372 shares 62,317 54,689
* T. Rowe Price Equity Index 500 Fund 4,346 shares 142,104 171,936
* T. Rowe Price Equity Income Fund 64,009 shares 1,715,244 1,588,057
-------------------------
1,981,075 1,879,074
Common/collective trust fund
* T. Rowe Price Stable Value Fund 1,183,148 units 1,183,148 1,183,148
* Amcast Industrial Corporation common stock 6,625 shares 126,903 108,481
Rates ranging from
Participant loans 8.75% to 9.75% - 268,967
-------------------------
$3,291,126 $ 3,439,670
=========================
</TABLE>
* Indicates party-in-interest to the Plan.
<PAGE>
Amcast Industrial Corporation
401(k) Salary Deferral Plan for Bargaining Unit Employees - Plan 2
EIN 31-0258080 / Plan 002
Line 27d - Schedule of Reportable Transactions
Year ended December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Current
Value of
Description Cost Asset at Net
of Purchase Selling of Date of Gain or
Identity of Party Involved Investment Price Price Asset Transaction (Loss)
------------------------------------------------------------------------------------------------------------------------------------
Category (iii)--Series of Transactions in Excess of 5 Percent of Net Assets
T.Rowe Price Equity Income Fund mutual fund $ 170,618 $ - $ - $ 170,618 $ -
$ - $ 27,039 $ 27,342 $ 27,039 $ (303)
</TABLE>
There were no category (i) (ii) or (iv) transactions during the year.
Note: Expense incurred with transaction and rental expense are not applicable.
