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Previous: QUANEX CORP, 11-K, 1995-06-30 |
Next: QUANEX CORP, 11-K, 1995-06-30 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(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, 1994
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 1-5725
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Nichols-Homeshield 401(k) Savings Plan--Davenport
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Quanex Corporation
1900 West Loop South, Suite 1500
Houston, Texas 77027
Phone: (713) 961-4600
<PAGE> 2
INDEPENDENT AUDITORS' REPORT
The Benefits Committee
Quanex Corporation
Houston, Texas
Re: Nichols-Homeshield
401(k) Savings Plan - Davenport
We have audited the accompanying statement of net assets available for benefits
of the Nichols-Homeshield 401(k) Savings Plan - Davenport (the "Plan") as of
December 31, 1994, and the related statement of changes in net assets available
for benefits for the year 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 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
from 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, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
1994, and the changes in net assets available for benefits for the year then
ended in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental
information by fund and supplemental schedules of (1) investments as of
December 31, 1994 and (2) 5% reportable transactions for the year ended
December 31, 1994 are presented for the purpose of additional analysis of the
basic financial statements rather than to present information regarding the net
assets available for benefits and changes in net assets available for benefits
of the individual funds. This information and these schedules are not a
required part of the basic financial statements. The schedules are
supplementary information required by the Department of Labor's Rules and
Regulation for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental information and these schedules are
the responsibility of the Plan's management. Such supplemental information and
schedules have been subjected to the auditing procedures applied in our audit
of the basic financial statements and, in our opinion, are fairly stated in all
material respects when considered in relation to the basic financial statements
taken as a whole.
<PAGE> 3
We were engaged to audit the financial statements of the Plan as of December
31, 1993, and for the year then ended. These financial statements are the
responsibility of the Plan's management.
As permitted by Section 2520.103-8 of the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974, the plan administrator instructed us not to perform, and
we did not perform, any auditing procedures with respect to the information
summarized in Note C, which was certified by Fidelity Management Trust Company,
the trustee of the Plan, except for comparing the information with the related
information included in the financial statements and supplemental schedules.
We have been informed by the plan administrator that the trustee holds the
Plan's investment assets and executes investment transactions. The plan
administrator has obtained certification from the trustee as of and for the
year ended December 31, 1993, that the information provided to the plan
administrator by the trustee is complete and accurate.
Because of the significance of the information that we did not audit, we are
unable to express, and do not express, an opinion on the accompanying 1993
financial statements taken as a whole. The form and content of the information
included in the financial statements, other than that derived from the
information certified by the trustee, have been audited by us in accordance
with generally accepted auditing standards and, in our opinion, are presented
in compliance with the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974.
/s/ Deloitte & Touche LLP
May 17, 1995
<PAGE> 4
QUANEX CORPORATION
NICHOLS-HOMESHIELD 401(k) SAVINGS PLAN - DAVENPORT
STATEMENTS OF NET ASSETS AVAILABLE
FOR BENEFITS
<TABLE>
<CAPTION>
December 31,
--------------------------------
1994 1993
------------- ---------------
<S> <C> <C>
Assets:
Investments, at fair value -
Mutual fund assets $ 5,583,521 $ 4,874,543
Quanex Corporation common stock 59,346 -
Common/commingled trust 11,024 -
----------- -----------
5,653,891 4,874,543
Participant loans 360,335 320,470
----------- -----------
Total investments 6,014,226 5,195,013
----------- -----------
Receivables:
Employer 56,361 43,536
Employee 65,704 46,263
----------- -----------
122,065 89,799
----------- -----------
Net assets available for benefits $ 6,136,291 $ 5,284,812
=========== ===========
</TABLE>
See notes to financial statements.
<PAGE> 5
QUANEX CORPORATION
NICHOLS-HOMESHIELD 401(k) SAVINGS PLAN - DAVENPORT
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS
<TABLE>
<CAPTION>
December 31,
--------------------------------
1994 1993
------------- --------------
<S> <C> <C>
Investment income:
Interest and dividends $ 233,942 $ 268,235
Net appreciation (depreciation) in fair
value of investments (187,861) 173,467
----------- ----------
Total 46,081 441,702
----------- ----------
Contributions
Employer 547,881 432,970
Less forfeitures 3,144 172
----------- ----------
544,737 432,798
Employee 594,047 479,252
----------- ----------
Total 1,138,784 912,050
----------- ----------
Interest on participant loans 25,430 15,914
----------- ----------
Total additions 1,210,295 1,369,666
----------- ----------
Benefit payments 357,557 219,135
Administrative Fees 1,259 -
----------- ----------
Total deductions 358,816 219,135
----------- ----------
Increase in net assets available for benefits 851,479 1,150,531
Net assets available for benefits:
Beginning of year 5,284,812 4,134,281
----------- ----------
End of year $ 6,136,291 $5,284,812
=========== ==========
</TABLE>
See notes to financial statements.
<PAGE> 6
QUANEX CORPORATION
NICHOLS-HOMESHIELD 401(k) SAVINGS PLAN - DAVENPORT
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994 AND 1993
A. DESCRIPTION OF THE PLAN
The following description of the Nichols-Homeshield 401(k) Savings
Plan - Davenport (the "Plan") is provided for general information
purposes only. Participants should refer to the Plan document for
more complete information.
(1) General. The Plan was established on October 1, 1987 and
amended and restated in its entirety in January 1993. The
Plan is a defined contribution plan, which covers
substantially all union hourly employees of the Davenport,
Iowa facility. The Plan permits eligible employees to elect a
deferral of compensation under Section 401(k) of the Internal
Revenue Code ("IRC"). Effective January 1, 1992, the name
was changed from the Nichols-Homeshield, Inc. 401(k) Savings
Plan for Davenport Hourly Employees to the Nichols-Homeshield
401(k) Savings Plan - Davenport Hourly Employees when the
sponsorship was transferred to Quanex Corporation (the
"Company"). The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 ("ERISA").
The assets of the Plan are held in trust by Fidelity
Management Trust Company (the "Trustee"). The Benefits
Committee (the "Committee"), appointed by the Company's Board
of Directors, serves as the Plan administrator.
(2) Contributions. Participants may contribute to the Plan in
amounts based upon a percentage of their compensation.
Effective July 1992, participants may elect salary deferrals
between 1% and 15% of compensation as defined by the Plan
agreement. Participants may also contribute in half
percentages. Company contributions are made based on a
percentage of the employee's compensation for each individual
with over one year of service.
(3) Participant Accounts. Each participant's account is credited
with the participant's contribution, the employer's
contribution, and the participant's pro rata share of
investment earnings. Investment earnings allocations are
based upon individual participant account balances as of the
end of the period in which the income was earned.
(4) Investment Options. Effective April 1, 1992, the Company
appointed the Trustee to manage all funds of the Plan. During
1994 and 1993, participants may direct allocations of their
contributions to the following funds:
Government Money Market Fund - composed of short-term
government obligations.
Short-Intermediate Government Fund - invested and reinvested
in securities issued by U.S. government.
Balanced Fund - invested and reinvested in common and
preferred stocks and bonds.
Growth and Income Fund - invested and reinvested in equity and
debt securities of foreign and domestic companies.
Magellan Fund - invested and reinvested in equity and debt
securities of foreign and domestic companies.
<PAGE> 7
Contrafund - invested and reinvested in equities of foreign
and domestic companies.
Overseas Fund - invested and reinvested in foreign securities.
Common/Commingled Trust - invested and reinvested in
investment contracts issued by insurance companies, banks and
other financial institutions.
Puritan Fund - invested and reinvested in common and preferred
stocks and bonds.
Quanex Corporation Common Stock - invested and reinvested
exclusively in the common stock of Quanex Corporation.
During 1994, the Common/Commingled Trust and Quanex
Corporation Common Stock were added as investment options.
The Short-Intermediate Government Fund was replaced by the
Puritan Fund effective July 1, 1994.
(5) Vesting. Participants are immediately vested in their
contributions and earnings thereon. Vesting in the employer
contribution is based on years of credited service. A
participant is 20% vested for each year of credited service
and fully vested after five years. If a participant
terminates employment prior to becoming fully vested, the
nonvested portion of the employer contributions are
immediately forfeited by the participant and utilized to
reduce future employer contributions.
(6) Payment of Benefits. The Plan is intended for long-term
savings but provides for early withdrawals and loan
arrangements under certain conditions. In accordance with the
IRC, upon termination of service, a participant may elect to
receive a lump-sum distribution equal to the total amount of
vested benefits in his or her account.
(7) Loans. Loans may be granted to a participant of the Plan at
the Committee's discretion. Any loan authorized by the
Committee shall be subject to a term not to exceed five years.
The Committee may agree to a longer term (up to seven years)
only if the proceeds of the loan are to be used for the
purchase of a dwelling. The loans bear a reasonable rate of
interest established by the Committee. Interest on the loan
is allocated to the borrower's participant account.
B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) Accounting Basis. The financial statements of the Plan are
prepared on the accrual basis of accounting in accordance with
generally accepted accounting principles.
(2) Administrative Expenses. Administrative expenses of the Plan
are paid by the Company. Loan set up fees and carrying fees
are paid by the participant.
(3) Investment Valuation. The Plan recognizes net appreciation or
depreciation in the fair value of its investments.
Investments are reflected at fair value in the financial
statements. Fair value of mutual fund assets is determined
using a quoted net asset value. Fair value for Quanex
Corporation common stock, which is listed on the New York
Stock Exchange, is determined using the last recorded sales
price.
(4) Payment of Benefits. Benefits are recorded when paid.
<PAGE> 8
C. INVESTMENTS AND INFORMATION FURNISHED BY THE TRUSTEE (UNAUDITED)
The following is a summary of the unaudited information included in the
Plan's 1993 financial statements and supplemental schedules prepared by the
Trustee and furnished to the Company. The Company obtained certification
from the Trustee that such 1993 information is complete and accurate.
<TABLE>
<CAPTION>
1993
--------------
<S> <C>
At December 31,
Investments, at fair value $4,874,543
For the year ended December 31,
Interest and dividends $ 268,235
Net appreciation (depreciation) in
fair value of investments 173,467
</TABLE>
In addition, investment-related information included in Notes F, G and H
has been certified by the Trustee.
D. PLAN TERMINATION
Although it has not expressed any intention to do so, the Company has the
right under the Plan to terminate the Plan at any time subject to the
provisions set forth in ERISA. In the event of plan termination, the
assets held by the Trustee under the Plan will be valued and fully vested,
and each participant will be entitled to distributions respecting his or
her account.
E. FEDERAL INCOME TAX STATUS
Management of the Company, the plan administrator, and the Plan's legal
counsel are of the opinion that the Plan is qualified under Sections 401(a)
and 401(k) and exempt from federal income tax under Section 501(a) of the
Internal Revenue Code. The Plan received a favorable letter of tax
determination from the Internal Revenue Service dated June 18, 1993 as to
the tax-exempt status of the plan.
F. RELATED PARTY TRANSACTIONS
During the year ended December 31, 1994, the Plan purchased 2,594 shares
(cost $58,983) of Quanex Corporation common stock.
During the years ended December 31, 1994 and 1993, the Plan purchased
shares of Fidelity, the Trustee mutual fund assets, as shown below:
<TABLE>
<CAPTION>
1994 1993
---- ----
Shares Cost Shares Cost
------- ---- ------ ----
<S> <C> <C> <C>
1,454,728 $2,668,351 553,189 $3,132,233
</TABLE>
During the years ended December 31, 1994 and 1993, the Plan sold 589,033
and 725,184 shares of Fidelity mutual fund assets valued at $1,824,022 and
$2,301,769 (cost $1,771,152 and $2,261,148), respectively.
During the year ended December 31, 1994 the Plan purchased 11,024 shares
(cost $11,024) of Fidelity, the Trustee Common/Commingled Trust.
<PAGE> 9
G. ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT PROGRAMS
The following tables provide supplemental information regarding the net assets
available for benefits by investment fund.
<TABLE>
<CAPTION>
December 31, 1994
---------------------------------------------------------------------------
GOVT. GROWTH
MONEY COMMON\ AND
MARKET COMMINGLED PURITAN BALANCED INCOME
TOTAL FUND TRUST FUND FUND FUND
---------- ---------- ------- ------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value
Mutual fund assets $5,583,521 $2,445,663 $16,831 $435,903 $1,191,953
Quanex common stock 59,346
Common/commingled trust 11,024 $11,024
Participant loans 360,335 155,866 703 1,081 27,781 75,958
---------- ---------- ------- ------- -------- ----------
Total Investments 6,014,226 2,601,529 11,727 17,912 463,684 1,267,911
---------- ---------- ------- ------- -------- ----------
Contributions receivable
Employer 56,361 21,860 84 363 3,585 12,526
Employee 65,704 17,694 167 474 9,390 14,833
---------- ---------- ------- ------- -------- ----------
122,065 39,554 251 837 12,975 27,359
---------- ---------- ------- ------- -------- ----------
Net assets available
for benefits $6,136,291 $2,641,083 $11,978 $18,749 $476,659 $1,295,270
========== ========== ======= ======= ======== ==========
</TABLE>
<TABLE>
<CAPTION>
December 31, 1994
------------------------------------------------
QUANEX
MAGELLAN OVERSEAS CONTRA- COMMON
FUND FUND FUND STOCK
---------- -------- -------- -------
<S> <C> <C> <C> <C>
Assets
Investments, at fair value
Mutual fund assets $931,561 $120,696 $440,914
Quanex common stock $59,346
Common/commingled trust
Participant loans 59,383 7,711 28,070 3,782
---------- -------- -------- -------
Total Investments 990,944 128,407 468,984 63,128
---------- -------- -------- -------
Contributions receivable
Employer 9,477 1,714 5,855 897
Employee 10,230 3,200 7,609 2,107
---------- -------- -------- -------
19,707 4,914 13,464 3,004
---------- -------- -------- -------
Net assets available
for benefits $1,010,651 $133,321 $482,448 $66,132
========== ======== ======== =======
</TABLE>
<TABLE>
<CAPTION>
December 31, 1993 (Unaudited)
--------------------------------------------------------------------------
SHORT-
GOVT. INTER- U. S. GROWTH
MONEY MEDIATE BOND AND
MARKET GOVT. INDEX BALANCED INCOME
TOTAL FUND FUND FUND FUND FUND
---------- ---------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments at fair value
Mutual fund assets $4,874,543 $1,518,533 $762,334 $0 $388,812 $995,800
Participant loans 320,470 139,288 86,551 0 10,220 35,631
---------- ---------- -------- -------- -------- ----------
Total Investments 5,195,013 1,657,821 848,885 0 399,032 1,031,431
---------- ---------- -------- -------- -------- ----------
Contributions receivable 43,536 10,917 4,962 0 5,888 9,519
Employer 46,263 8,600 5,014 0 6,448 10,351
---------- ---------- -------- -------- -------- ----------
Employee 89,799 19,517 9,976 0 12,336 19,870
---------- ---------- -------- -------- -------- ----------
Net assets available
for benefits $5,284,812 $1,677,338 $858,861 $0 $411,368 $1,051,301
========== ========== ======== ======== ======== ==========
</TABLE>
<TABLE>
<CAPTION>
December 31, 1993 (Unaudited)
----------------------------------
MAGELLAN OVERSEAS CONTRA-
FUND FUND FUND
-------- -------- --------
<S> <C> <C> <C>
Assets:
Investments at fair value
Mutual fund assets $781,787 $109,838 $317,439
Participant loans 44,936 0 3,844
-------- -------- --------
Total Investments 826,723 109,838 321,283
-------- -------- --------
Contributions receivable 6,982 614 4,654
Employer 9,150 829 5,871
-------- -------- --------
Employee 16,132 1,443 10,525
-------- -------- --------
Net assets available
for benefits $842,855 $111,281 $331,808
======== ======== ========
</TABLE>
<PAGE> 10
H. ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT
PROGRAMS
The following tables provide supplemental information regarding the change
in net assets available for benefits by investment fund.
<TABLE>
<CAPTION>
December 31, 1994
--------------------------------------------------------------------------
GOVT. GROWTH
MONEY QUANEX COMOMON\ AND
MARKET COMMON COMMINGLED BALANCED INCOME
TOTAL FUND STOCK TRUST FUND FUND
---------- ---------- ------- ------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Interest and dividends $233,942 $80,180 $45 $280 $12,881 $83,667
Net appreciation (depreciation)
in fair value of investments (187,861) 0 363 0 (35,684) (60,092)
---------- ---------- ------- ------- -------- ----------
Total 46,081 80,180 408 280 (22,803) 23,575
---------- ---------- ------- ------- -------- ----------
Contributions:
Employer 547,881 180,452 1,950 375 62,730 116,107
Less forfeitures (3,144) (204) 0 0 (199) (137)
---------- ---------- ------- ------- -------- ----------
544,737 180,248 1,950 375 62,531 115,970
---------- ---------- ------- ------- -------- ----------
Employee 594,047 151,552 5,190 775 64,857 135,098
---------- ---------- ------- ------- -------- ----------
1,138,784 331,800 7,140 1,150 127,388 251,068
---------- ---------- ------- ------- -------- ----------
Interest on participant loans 25,430 10,841 0 0 2,680 4,852
---------- ---------- ------- ------- -------- ----------
Total Additions 1,210,295 422,821 7,548 1,430 107,265 279,495
---------- ---------- ------- ------- -------- ----------
Benefit payments 357,557 271,384 201 37 12,142 25,282
Administrative Fee 1,259 194 0 0 49 376
---------- ---------- ------- ------- -------- ----------
358,816 271,578 201 37 12,191 25,658
Fund transfers 0 812,502 58,785 10,585 (29,783) (9,868)
---------- ---------- ------- ------- -------- ----------
Increase in net assets 851,479 963,745 66,132 11,978 65,291 243,969
available for benefits
Net assets available of benefits:
Beginning of year 5,284,812 1,677,338 0 0 411,368 1,051,301
---------- ---------- ------- ------- -------- ----------
End of year $6,136,291 $2,641,083 $66,132 $11,978 $476,659 $1,295,270
========== ========== ======= ======= ======== ==========
</TABLE>
<TABLE>
<CAPTION>
December 31, 1994
---------------------------------------------------------
SHORT-
INTER-
MEDIATE
PURITAN MAGELLAN OVERSEAS CONTRA- GOVT.
FUND FUND FUND FUND FUND
------- ---------- -------- -------- --------
<S> <C> <C> <C> <C>
Investment income:
Interest and dividends $897 $29,986 $2,042 $2,343 $21,621
Net appreciation (depreciation)
in fair value of investments (920) (45,690) (2,115) (7,279) (36,444)
------- ---------- -------- -------- --------
Total (23) (15,704) (73) (4,936) (14,823)
------- ---------- -------- -------- --------
Contributions:
Employer 1,249 93,480 10,355 57,904 23,279
Less forfeitures 0 (2,475) 0 0 (129)
------- ---------- -------- -------- --------
1,249 91,005 10,355 57,904 23,150
Employee 1,750 115,775 14,284 81,248 23,518
------- ---------- -------- -------- --------
2,999 206,780 24,639 139,152 46,668
------- ---------- -------- -------- --------
Interest on participant loans 0 2,966 1,143 1,395 1,553
------- ---------- -------- -------- --------
Total Additions 2,976 194,042 25,709 135,611 33,398
------- ---------- -------- -------- --------
Benefit payments 57 22,884 408 11,336 13,826
Administrative Fee 0 584 0 56 0
------- ---------- -------- -------- --------
57 23,468 408 11,392 13,826
Fund transfers 15,830 (2,778) (3,261) 26,421 (878,433)
------- ---------- -------- -------- --------
Increase in net assets 18,749 167,796 22,040 150,640 (858,861)
available for benefits
Net assets available of benefits:
Beginning of year 0 842,855 111,281 331,808 858,861
------- ---------- -------- -------- --------
End of year $18,749 $1,010,651 $133,321 $482,448 $0
======= ========== ======== ======== ========
</TABLE>
<PAGE> 11
H. ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT
PROGRAMS (continued)
<TABLE>
<CAPTION>
December 31, 1993 (Unaudited)
---------------------------------------------------------------------------
SHORT-
GOVT. INTER- U.S. GROWTH
MONEY MEDIATE BOND AND
MARKET GOVT. INDEX BALANCED INCOME
TOTAL FUND FUND FUND FUND FUND
---------- ---------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C>
Investment income:
Interest and dividends $268,235 $47,405 $46,218 $4,354 $26,999 $50,501
Net appreciation (depreciation)
in fair value of investments 173,467 0 (5,845) 11,011 11,220 83,347
---------- ---------- -------- -------- -------- ----------
Total 441,702 47,405 40,373 15,365 38,219 133,848
---------- ---------- -------- -------- -------- ----------
Contributions:
Employer 432,970 116,853 51,771 0 60,417 93,099
Less forfeitures 172 172 0 0 0 0
---------- ---------- -------- -------- -------- ----------
432,798 116,681 51,771 0 60,417 93,099
Employee 479,252 103,765 54,992 0 70,407 105,844
---------- ---------- -------- -------- -------- ----------
912,050 220,446 106,763 0 130,824 198,943
---------- ---------- -------- -------- -------- ----------
Interest on participant loans 15,914 5,868 1,866 190 2,127 3,130
---------- ---------- -------- -------- -------- ----------
Total Additions 1,369,666 273,719 149,002 15,555 171,170 335,921
---------- ---------- -------- -------- -------- ----------
Benefit payments 219,135 63,411 34,121 0 105,768 7,645
Fund transfers 0 (369,360) 743,980 (975,645) 224,023 108,131
---------- ---------- -------- -------- -------- ----------
Increase in net assets
available for benefits 1,150,531 (159,052) 858,861 (960,090) 289,425 436,407
Net assets available for benefits:
Beginning of year 4,134,281 1,836,390 0 960,090 121,943 614,894
---------- ---------- -------- -------- -------- ----------
End of year $5,284,812 $1,677,338 $858,861 $0 $411,368 $1,051,301
========== ========== ======== ======== ======== ==========
</TABLE>
H. ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT
PROGRAMS (continued)
<TABLE>
<CAPTION>
December 31, 1993 (Unaudited)
----------------------------------
MAGELLAN OVERSEAS CONTRA-
FUND FUND FUND
-------- -------- --------
<S> <C> <C> <C>
Investment income:
Interest and dividends $67,336 $ 974 $24,448
Net appreciation (depreciation)
in fair value of investments 56,080 3,121 14,533
-------- -------- --------
Total 123,416 4,095 38,981
-------- -------- --------
Contributions:
Employer 65,982 1,572 43,276
Less forfeitures 0 0 0
-------- -------- --------
65,982 1,572 43,276
Employee 88,997 2,111 53,136
-------- -------- --------
154,979 3,683 96,412
-------- -------- --------
Interest on participant loans 1,122 0 1,611
-------- -------- --------
Total Additions 279,517 7,778 137,004
-------- -------- --------
Benefit payments 7,915 0 275
Fund transfers 92,762 103,503 72,606
-------- -------- --------
Increase in net assets
available for benefits 364,364 111,281 209,335
Net assets available for benefits:
Beginning of year 478,491 0 122,473
-------- -------- --------
End of year $842,855 $111,281 $331,808
======== ======== ========
</TABLE>
<PAGE> 12
Item 27a - Schedule of Assets Held for Investment Purposes
EIN: 38-1872178; PN 016
QUANEX CORPORATION
NICHOLS-HOMESHIELD 401(k) SAVINGS PLAN - DAVENPORT
SUPPLEMENTAL SCHEDULE OF INVESTMENTS
DECEMBER 31, 1994
<TABLE>
<CAPTION>
Shares/ Current
Par Value Cost Value
--------- -------- -------
<S> <C> <C> <C>
Mutual fund assets - Fidelity Investments:
- ------------------------------------------
Contrafund* 14,560 $ 431,669 $ 440,914
Government Money Market Fund* 2,445,664 2,445,664 2,445,663
Puritan Fund* 1,137 17,758 16,831
Growth and Income Fund* 56,517 1,199,583 1,191,953
Magellan* 13,946 950,710 931,561
Overseas Fund* 4,422 120,531 120,696
Balanced Fund* 35,468 463,308 435,903
----------- -----------
Total Mutual Fund Assets 5,629,223 5,583,521
----------- -----------
Quanex Corporation Common Stock* 2,594 58,984 59,346
Common/Commingled Trust* 11,024 11,024 11,024
Participant loans (bearing interest rates
from 7.85% to 11%) 360,335
----------- -----------
Total investments $ 5,699,231 $ 6,014,226
=========== ===========
</TABLE>
* Party-in-Interest
<PAGE> 13
Item 27d - Schedule of Reportable (5%) Transactions EIN 38-1872178; PN 016
NICHOLS-HOMESHIELD 401(k) SAVINGS PLAN - DAVENPORT
SUPPLEMENTAL SCHEDULE OF 5% REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
Series of Transactions
<TABLE>
<CAPTION>
Current
Total Number of Total Number Value on Net
Purchases During Purchase of Sales During Selling Cost of Transaction Gain
Description Plan Year Price Plan Year Price Asset Date (Loss)
- ----------- ----------------- --------- --------------- -------- -------- ------------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Quanex Corporation Common Stock 9 $58,983
Puritan Fund 9 17,758
Magellan Fund 49 352,059
24 $156,560 $156,584 $156,560 $(24)
Contrafund 36 180,918
15 51,115 50,193 51,115 922
Growth & Income Fund 46 376,199
26 123,328 119,964 123,328 3,364
Overseas Fund 25 59,220
4 47,055 46,231 47,055 824
Balanced Fund 42 186,683
23 108,957 $103,907 108,957 5,050
Government Money Market Fund 46 1,410,928
40 483,797 483,797 483,797 0
</TABLE>
<PAGE> 14
Item 27d - Schedule of Reportable (5%) Transactions EIN 38-1872178; PN 016
NICHOLS-HOMESHIELD 401(k) SAVINGS PLAN - DAVENPORT
SUPPLEMENTAL SCHEDULE OF 5% REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
Series of Transactions
(continued)
<TABLE>
<CAPTION>
Current
Total Number of Total Number Value on Net
Purchases During Purchase of Sales During Selling Cost of Transaction Gain
Description Plan Year Price Plan Year Price Asset Date (Loss)
- ----------- ----------------- --------- --------------- -------- -------- ----------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Short Intermediate
Government Fund 21 $84,586
10 $853,210 $810,476 $853,210 $42,734
</TABLE>
<PAGE> 15
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
DATE 6/26/95 /s/ Joseph K. Peery
---------------------------------- Joseph K. Peery
<PAGE> 16
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER
<S> <C>
23.1 Independent Auditor's Consent
</TABLE>
<PAGE> 1
EXHIBIT 23.1
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement
No. 33-54085 of Quanex Corporation on Form S-8 of our report dated May 17,
1995, appearing in this Annual Report on Form 11-K of Nichols - Homeshield
401(k) Savings Plan - Davenport for the year ended December 31, 1994.
/s/ Deloitte & Touche LLP
- ------------------------------
DELOITTE & TOUCHE LLP
Houston, Texas
June 29, 1994
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