VISKASE CORPORATION SAVE PROGRAM
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995
AND
REPORT OF INDEPENDENT ACCOUNTANTS
<PAGE>
VISKASE CORPORATION SAVE PROGRAM
INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
Page(s)
Report of Independent Accountants 1
Financial Statements:
Statement of Net Assets Available for Benefits,
December 31, 1996 and 1995 2-3
Statement of Changes in Net Assets Available
for Benefits, for the years ended
December 31, 1996 and 1995 4-5
Notes to Financial Statements 6-12
Supplemental Schedules: 13-15
Schedule of Assets Held for Investment Purposes,
December 31, 1996 - Item 27(a), Form 5500 (Unaudited)
Schedule of Reportable Transactions, for the year ended
December 31, 1996 - Item 27(d), Form 5500 (Unaudited)
Note: Supplemental schedules required by the Employee Retirement Income
Security Act of 1974 that have not been included herein are not
applicable to the Viskase Corporation SAVE Program.
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Compensation and Benefits Committee
Viskase Corporation SAVE Program
We have audited the accompanying statements of net assets available for
benefits of Viskase Corporation SAVE Program (the Plan) as of December 31,
1996 and 1995, and the related statement 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 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
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, of the Plan as
of December 31, 1996 and 1995, and for the years then ended present fairly,
in all material respects, the net assets available for benefits of the Plan
as of December 31, 1996 and 1995, and changes in net assets available for
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits of the 1996 and 1995 financial statements were performed for the
purpose of forming an opinion on the basic financial statements taken as a
whole. The supplemental schedules of Item 27(a), Schedule of Assets Held for
Investment Purposes, and Item 27(d), Schedule of Reportable Transactions, 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 for Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. The
Fund Information in the 1996 and 1995 statements of net assets available for
benefits and the 1996 statement of changes in net assets available for
benefits are presented for purposes of additional analysis rather than to
present the net assets available for plan benefits and changes in net assets
available for plan benefits of each fund. The supplemental schedules and
Fund Information 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.
Chicago, Illinois
May 23, 1997
<PAGE>
<PAGE>
VISKASE CORPORATION SAVE PROGRAM
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS with Fund Information
December 31, 1996
<TABLE>
<CAPTION>
Inter-
Fixed Equity Aggressive national Envirodyne Total
Income Investment Balanced Equity Equity Stock Loan December
Fund Fund Fund Fund Fund Fund Fund Other 31, 1996
----------- ----------- ---------- ---------- -------- --------- ---------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments:
Short-term
investments $ 2,363,974 $ 103,057 $ 23,525 $ 31,151 $ 6,086 $ 6,175 $ 2,533,968
Insurance company
contracts 17,381,798 17,381,798
Value of interest
in registered
investment
company 15,930,031 16,790,424 3,356,211 2,565,805 1,502,554 40,145,025
Common stock 204,824 204,824
Loans to
participants $2,461,715 2,461,715
----------- ----------- ---------- ---------- ---------- -------- ---------- -----------
35,675,803 16,893,481 3,379,736 2,596,956 1,508,640 210,999 2,461,715 62,727,330
----------- ----------- ---------- ---------- ---------- -------- ---------- -----------
Receivables:
Investment income 1,163 92 24 39 15 14 1,347
Interfund receiv-
able (payable) (4,957) (18,332) 29,047 (2,941) (4,971) 2,154
----------- ----------- ---------- ---------- ---------- -------- -----------
(3,794) (18,240) 29,071 (2,902) (4,956) 2,168 1,347
----------- ----------- ---------- ---------- ---------- -------- ---------- -----------
Total assets 35,672,009 16,875,241 3,408,807 2,594,054 1,503,684 213,167 2,461,715 62,728,677
Liabilities:
Due to broker for
securities
purchased 3,387 3,387
-------- -----------
Total
liabilities 3,387 3,387
-------- -----------
Other $123,897 123,897
----------- ----------- ---------- ---------- ---------- -------- ---------- -------- -----------
Net assets
available for
benefits $35,672,009 $16,875,241 $3,408,807 $2,594,054 $1,503,684 $209,780 $2,461,715 $123,897 $62,849,187
=========== =========== ========== ========== ========== ======== ========== ======== ===========
<FN>
The accompanying notes are an integral part of the financial statements.
/TABLE
<PAGE>
<PAGE>
VISKASE CORPORATION SAVE PROGRAM
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS with Fund Information
December 31, 1995
<TABLE>
<CAPTION>
Inter-
Fixed Equity Aggressive national Envirodyne Total
Income Investment Balanced Equity Equity Stock Loan December
Fund Fund Fund Fund Fund Fund Fund Other 31, 1995
----------- ----------- ---------- ---------- -------- --------- ---------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments:
Short-term
investments $ 4,245,077 $ 15,272 $ 4,460 $ 5,589 $ 3,305 $ 962 $ 4,274,665
Insurance company
contracts 18,305,587 18,305,587
Value of interest
in registered
investment
company 14,357,393 12,277,866 2,564,022 1,396,484 788,616 31,384,381
Common stock 11,074 11,074
Loans to
participants $2,302,262 2,302,262
----------- ----------- ---------- ---------- -------- -------- ---------- -----------
36,908,057 12,293,138 2,568,482 1,402,073 791,921 12,036 2,302,262 56,277,969
----------- ----------- ---------- ---------- -------- -------- ---------- -----------
Receivables:
Investment income 1,501 93 25 89 31 7 1,746
Interfund receiv-
able (payable) 9,453 (83,028) 8,035 (23,887) 87,031 2,396
----------- ----------- ---------- ---------- -------- -------- -----------
10,954 (82,935) 8,060 (23,798) 87,062 2,403 1,746
Other $122,495 122,495
----------- ----------- ---------- ---------- -------- -------- ---------- -------- -----------
Net assets
available for
plan benefits $36,919,011 $12,210,203 $2,576,542 $1,378,275 $878,983 $ 14,439 $2,302,262 $122,495 $56,402,210
=========== =========== ========== ========== ======== ======== ========== ======== ===========
<FN>
The accompanying notes are an integral part of the financial statements.
/TABLE
<PAGE>
<PAGE>
VISKASE CORPORATION SAVE PROGRAM
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
with Fund Information
for the year ended December 31, 1996
<TABLE>
<CAPTION>
Inter-
Fixed Equity Aggressive national Envirodyne Total
Income Investment Balanced Equity Equity Stock Loan December
Fund Fund Fund Fund Fund Fund Fund Other 31, 1996
----------- ----------- ---------- ---------- -------- --------- ---------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Additions:
Interest income:
Short-term
investments $ 41,902 $ 1,209 $ 247 $ 437 $ 190 $ 198 $ 160,916 $ 205,099
Insurance
company's
contracts 1,189,306 1,189,306
----------- ----------- ---------- ---------- ---------- -------- ---------- -----------
1,231,208 1,209 247 437 190 198 160,916 1,394,405
Net investment
gain from
interest in
registered
investment
companies 1,014,228 3,136,672 372,883 122,923 200,328 4,847,034
Net appreciation
in the fair
value of
investments 55,195 55,195
----------- ----------- ---------- ---------- ---------- -------- ---------- -----------
2,245,436 3,137,881 373,130 123,360 200,518 55,393 160,916 6,296,634
----------- ----------- ---------- ---------- ---------- -------- ---------- -----------
Contributions:
Participants 2,189,337 1,182,014 303,616 425,282 220,126 76,179 4,396,554
Employer 760,556 380,734 102,993 144,940 73,027 26,137 1,488,387
----------- ----------- ---------- ---------- ---------- -------- ---------- -----------
2,949,893 1,562,748 406,609 570,222 293,153 102,316 5,884,941
----------- ----------- ---------- ---------- ---------- -------- ---------- -----------
Interfund transfers (2,379,009) 1,484,545 223,989 626,328 191,209 12,452 (160,916) $ 1,402
Participant loan
payments received 694,074 297,446 72,594 80,452 35,630 29 807 (1,210,003)
----------- ----------- ---------- ---------- ---------- -------- ---------- --------
(1,684,935) 1,781,991 296,583 706,780 226,839 42,259 (1,370,919) 1,402
----------- ----------- ---------- ---------- ---------- -------- ---------- -------- -----------
Deductions:
Benefit payments 3,847,943 1,502,978 165,396 147,738 59,691 1,839 5,725,585
Administrative
expenses 9,013 9,013
Loans to
participants 900,440 314,604 78,661 36,845 36,118 2,788 (1,369,456)
----------- ----------- ---------- ---------- ---------- -------- ---------- -----------
4,757,396 1,817,582 244,057 184,583 95,809 4,627 (1,369,456) 5,734,598
----------- ----------- ---------- ---------- ---------- -------- ---------- -----------
Net increase/
(decrease)
in net assets
available for
benefits (1,247,002) 4,665,038 832,265 1,215,779 624,701 195,341 159,453 1,402 6,446,977
Net assets
available for
benefits,
beginning of year 36,919,011 12,210,203 2,576,542 1,378,275 878,983 14,439 2,302,262 122,495 56,402,210
----------- ----------- ---------- ---------- ---------- -------- ---------- -------- -----------
Net assets
available for
benefits,
end of year $35,672,009 $16,875,241 $3,408,807 $2,594,054 $1,503,684 $209,780 $2,461,715 $123,897 $62,849,187
=========== =========== ========== ========== ========== ======== ========== ======== ===========
<FN>
The accompanying notes are an integral part of the financial statements.
/TABLE
<PAGE>
<PAGE>
VISKASE CORPORATION SAVE PROGRAM
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
with Fund Information
for the year ended December 31, 1995
<TABLE>
<CAPTION>
Inter-
Fixed Equity Aggressive national Envirodyne Total
Income Investment Balanced Equity Equity Stock Loan December
Fund Fund Fund Fund Fund Fund Fund Other 31, 1995
----------- ----------- ---------- ---------- -------- --------- ---------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Additions:
Interest income:
Short-term
investments $ 14,347 $ 1,656 $ 636 $ 989 $ 345 $ 11 $ 143,464 $ 161,448
Insurance
company's
contracts 2,156,380 2,156,380
----------- ----------- ---------- ---------- -------- -------- ---------- -----------
2,170,727 1,656 636 989 345 11 143,464 2,317,828
Net investment
gain from
interest in
registered
investment
companies 374,077 3,453,402 498,509 179,831 87,669 4,593,488
Net (depreciation)
in the fair
value of
investments (984) (984)
----------- ----------- ---------- ---------- -------- -------- ---------- -----------
2,544,804 3,455,058 499,145 180,820 88,014 (973) 143,464 6,910,332
----------- ----------- ---------- ---------- -------- -------- ---------- -----------
Contributions:
Participants 2,351,913 927,815 296,745 494,981 250,459 10,502 4,332,415
Employer 795,348 314,964 98,588 167,820 86,677 3,000 1,466,397
----------- ----------- ---------- ---------- -------- -------- ----------
3,147,261 1,242,779 395,333 662,801 337,136 13,502 5,798,812
----------- ----------- ---------- ---------- -------- -------- ---------- ----------
Interfund transfers (573,359) (622,249) 175,598 541,960 497,109 1,910 (143,464) $122,495
Participant loan
payments received 752,587 284,371 47,609 57,175 30,062 (1,171,804)
----------- ----------- ---------- ---------- -------- -------- ---------- --------
179,228 (337,878) 223,207 599,135 527,171 1,910 (1,315,268) 122,495
----------- ----------- ---------- ---------- -------- -------- ---------- --------
Deductions:
Benefit payments 5,150,635 1,290,451 302,437 57,990 61,013 6,862,526
Administrative
expenses 13,492 13,492
Loans to
participants 846,141 226,599 54,294 6,491 12,325 (1,145,850)
----------- ----------- ---------- ---------- -------- ---------- -----------
6,010,268 1,517,050 356,731 64,481 73,338 (1,145,850) 6,876,018
----------- ----------- ---------- ---------- -------- ---------- -----------
Net increase/
(decrease)
in net assets
available for
benefits (138,975) 2,842,909 760,954 1,378,275 878,983 14,439 (25,954) 122,495 5,833,126
Net assets
available for
benefits,
beginning of year 37,057,986 9,367,294 1,815,588 2,328,216 50,569,084
----------- ----------- ---------- ---------- -------- -------- ---------- -------- -----------
Net assets
available for
benefits,
end of year $36,919,011 $12,210,203 $2,576,542 $1,378,275 $878,983 $14,439 $2,302,262 $122,495 $56,402,210
=========== =========== ========== ========== ======== ======== ========== ======== ===========
<FN>
The accompanying notes are an integral part of the financial statements.
/TABLE
<PAGE>
<PAGE>
VISKASE CORPORATION SAVE PROGRAM
NOTES TO FINANCIAL STATEMENTS
1. Description of the Plan
The following description of the Plan provides only general information.
Participants should refer to the Plan agreement for a more complete
description of the Plan's provisions.
A. General
The Plan is a defined contribution plan established to provide
deferred compensation benefits to eligible employees. Under the
Plan, all of the employees of Viskase Corporation ("Employer") who
have met the eligibility requirements may elect to participate in the
Plan. Employees who are covered by a collective bargaining agreement
will be eligible only if their participation is provided for in the
agreement. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
B. Participation
Regular full-time employees may become Plan members upon employment.
C. Contributions
Participating employees make before-tax contributions to the Plan of
1% to 6% of their regular pay. Participants who contribute at least
6% may contribute up to an additional 10% on a before or after-tax
basis. Employer contributions to the Plan are equal to 50% of the
participant's contributions up to 6% of regular pay. Employee
before-tax and after-tax contributions in excess of 6% of the
participant's compensation are not eligible to receive Employer
matching contributions.
The Internal Revenue Service limits the dollar amount a participant
can contribute to the Plan in any year on a before-tax basis. All
contributions to the Plan are also subject to the nondiscrimination
tests of the Internal Revenue Code which may also limit the
contributions that may be made to the Plan.
D. Vesting
Participant contributions plus the earnings thereon are always fully
vested. Vesting in the Employer contributions and the earnings
thereon is based on years of credited service. A participant is 100%
vested after three years of credited service. If a participant
voluntarily leaves before completing 3 years of credited service,
contributions made by the Employer and earnings thereon will be
forfeited. If a participant attains age 65, or becomes permanently
and totally disabled, dies, or is terminated by the Employer for
reasons other than cause, the full value of the Employer contribution
account becomes immediately vested and is nonforfeitable.
E. Payment of Benefits
On termination of service, participants with account balances in
excess of $3,500 may elect to either receive a lump-sum amount or
defer payment until any date up to the plan year in which the
participant attains age 65. Participants who terminate employment
with account balances less than or equal to $3,500 are to receive a
lump-sum payment. Participants may choose to make a direct rollover
to another qualified plan or to an Individual Retirement Account
(IRA). Spouse beneficiaries may make a direct rollover to an IRA.
Non-spouse beneficiaries may not make a direct rollover to an IRA.
A participant who receives a lump sum payment may choose to receive
payment of his account invested in the Envirodyne Stock Fund in the
form of whole shares of common stock with fractional shares paid in
cash. Certain employees may receive installment payments under the
Plan. Payment to any participant must be made no later than the
April 1 following the year he reaches 70-1/2, even if he has not
retired.
F. Participant Loans
Loans up to specified amounts are available to all participants.
Each loan must be evidenced by the participant's collateral
promissory note with interest at a rate commensurate with the
interest rates being charged by area banking business for loans made
under similar circumstances. The period for repayment of the loan
cannot exceed five years from the date of the loan, unless the loan
is for purchase of a principal residence in which case, the repayment
period cannot exceed ten years.
G. Withdrawals While Employed
The Plan permits participants to make withdrawals while they are
employed. The Plan sets out the limits and priority of any
withdrawal. The Plan permits hardship of before-tax contributions in
accordance with Internal Revenue Code requirements.
H. Forfeitures
Forfeitures of a terminated participant are required to be held by
the Plan pending the participant's possible return to employment and
reinstatement in the Plan. If reinstatement does not occur by the
end of the year following the year during which the participant
terminated his/her employment, such forfeitures are reallocated to
the remaining participants' accounts in proportion to the allocation
of Employer matching contributions.
I. Allocation of Investment Earnings
Investment earnings of an investment fund are allocated to individual
participant accounts based on the ratio of an employee's year-to-date
contributions to that fund to the total of all contributions made for
the plan year to that fund.
2. Summary of Significant Accounting Policies
The financial statements are presented in accordance with generally
accepted accounting principles. The following is a summary of
significant accounting policies of the Plan.
Investments
The Plan reports investments, other than insurance company contracts, at
fair value. Mutual funds and common stocks are stated at the quoted
market price on the last business day of the year. Short-term
investments are stated at cost which approximates market value. The
investment contracts are stated at contract value, which represents
contributions made under the contracts, plus accrued interest at the
current contract rates, less funds withdrawn.
The contract value of the investment contracts approximates fair value.
The average yield for the years ended December 31, 1996 and 1995 and
crediting interest rate at December 31, 1996 and 1995 for each of the
insurance company contracts is summarized below
1996 1995
------------------- -------------------
Average Crediting Average Crediting
Yield Interest Yield Interest
Rate Rate
Canada Life Insurance
Company group annuity
contract, due 2/14/00 7.82% 7.82% 7.82% 7.82%
Hartford GA Insurance
Company group annuity
contract, due 2/7/98 7.50% 7.50% 7.50% 7.50%
Metropolitan Life Insurance
Company group annuity
contract,
open maturity date 5.75% 5.75% 7.25% 7.25%
New York Life Insurance
Company group annuity
contract, due 12/31/96 7.05% 7.05%
Dividend income is recorded on the ex-dividend date. Income from other
investments is recorded as earned on an accrual basis.
Investment transactions are reflected on a trade-date basis. Realized
gains or losses on sales of securities are based on average cost. In
accordance with the policy of stating investments at fair value, the
change in net unrealized appreciation or depreciation on investments
for the year is included in the statements of changes in net assets
available for plan benefits.
The Plan presents in the statements of changes in net assets the net
appreciation (depreciation) in the fair value of its investments which
consists of the realized gains or losses and the unrealized
appreciation (depreciation) on investments.
The investment held by the Plan other than interests in registered
investment companies that represents 5 percent or more of the Plan's
net assets at December 31, 1996 is the Metropolitan Life Insurance
Company group annuity contract whose market value is $12,951,864.
Administration Expenses
Expenses of the Plan, other than brokerage commissions which are
included in the cost of the investments, were paid by the Employer in
1996 and 1995. Although the Employer has elected to pay these
expenses, it is not obligated to do so. If the Employer ceases to pay
all or part of these expenses in the future, they will be paid by the
Plan.
Use of 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 net assets
available for benefits at the date of the financial statements and the
changes in net assets available for benefits during the reporting
period and, when applicable, disclosures of contingent assets and
liabilities at the date of the financial statements. Actual results
could differ from those estimates.
Risks and Uncertainties
The plan provides for various investment options in any combination of
stocks, bonds, fixed income securities, mutual funds, and other
investment securities. Investment securities are exposed to various
risks, such as interest rate, market, and credit risks. Due to the
level of risk associated with certain investment securities, it is at
least reasonably possible that changes in the values of investment
securities will occur in the near term and that such changes could
materially affect participants' account balances and the amounts
reported in the statement of net assets available for benefits.
3. Investment Program
The plan provides for investment election alternatives which allow
participants to invest their contributions in six different funds.
Participants may change their investment election during any calendar
month as provided by the Plan agreement. The fund options are as
follows.
Fixed Income Fund - The assets of the Fixed Income Fund are
- -----------------
invested in investment contracts from a variety of high-quality
issuers, primarily insurance carriers ranked "AA" or better by the
national rating agencies. The objective of the fund is to provide
stable returns and to preserve the principle investment.
Equity Investment Fund - The assets of the Equity Investment Fund
- ----------------------
are exclusively invested in the Vanguard Windsor II Mutual Fund
which invests primarily in common stocks which are believed to be
undervalued by the market at the time of purchase. The fund seeks
to provide long-term growth of capital and income.
Balanced Fund - The assets of the Balanced Fund are exclusively
- -------------
invested in the American Balanced Fund which invests in a broadly
diversified portfolio of securities, including common stocks,
preferred stocks, corporate bonds or U.S. government securities and
cash. The objective of the fund is to preserve capital and provide
current income while seeking long-term growth of both capital and
income.
Aggressive Equity Fund - The assets of the Aggressive Equity fund
- ----------------------
are exclusively invested in the Twentieth Century Ultra Mutual Fund
which invests primarily in common stock of companies with
accelerating earnings and revenues. The fund seeks to provide
capital growth over time.
International Equity Fund - The assets of the International Equity
- -------------------------
Fund are exclusively invested in the American Europacific Growth
Fund which invests in stocks of companies based outside the United
States. The objective of the fund is to achieve long-term capital
appreciation through international diversification.
Envirodyne Stock Fund - The assets of the Envirodyne Stock Fund are
- ---------------------
exclusively invested in Envirodyne Industries, Inc. common stock.
Only new contributions may be invested in this Fund. No amount in
another Fund may be transferred to this Fund.
At December 31, 1996 and 1995, there were 1,981 and 1,977
participants, respectively, invested in one or more of the Plan's
investment funds. Employer contributions are invested in the
investment funds to which the participants contribute. Set forth
below is the number of participants investing in each fund:
1996 1995
----- -----
Fixed Income Fund 1,722 1,816
Equity Investment Fund 1,016 873
Balanced Fund 492 424
Aggressive Equity Fund 513 237
International Equity Fund 320 316
Envirodyne Stock Fund 117 59
4. Federal Income Tax Status
The Internal Revenue Service has determined and informed the
Employer by a letter dated April 10, 1995, that the Plan, and
related trust, as then designed, are in compliance with the
applicable sections of the Internal Revenue Code (Code). The Plan
has subsequently been amended. However, the Plan administrator
believes the Plan is designed and operated in accordance with the
applicable sections of the Code.
5. Plan Termination
The Employer reserves the right to alter, amend or terminate the
Plan. In the event of Plan termination, Plan accounts will become
fully vested and participants will be entitiled to a distribution.
Presently, there is no intention on the part of the Employer to
terminate the Plan.
6. Reconciliation of Net Assets
Available for Plan Benefits to Form 5500
The following is a reconciliation of net assets available for
benefits per the financial statements to the Form 5500:
December 31,
1996 1995
------------ ------------
Net assets available for benefits
per the financial statements $62,849,187 $56,402,210
Benefits payable to participants (1,415,507) (907,043)
Other unallocated items (123,897) (122,495)
----------- -----------
$61,309,783 $55,372,672
=========== ===========
The following is a reconciliation of change in net assets per the
financial statements to the Form 5500:
Year Ended
December 31,
1996
-----------
Net increase in net assets available
for benefits per the financial
statements $6,446,977
Increase in benefits payable
to participants (508,464)
Increase in other unallocated items (1,402)
----------
$5,937,111
==========
<PAGE>
<PAGE>
SUPPLEMENTAL SCHEDULES
- ----------------------
VISKASE CORPORATION SAVE PROGRAM
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
(e)
(b) (c) (d) FAIR
(a) IDENTITY OF ISSUE DESCRIPTION OF INVESTMENT COST VALUE
- ---------------------------------- -------------------------- -------------- ------------
<S> <C> <C> <C>
SHORT TERM INVESTMENTS:
COLTV Short Term
Investment Fund Interest bearing cash $ 2,533,968 $ 2,533,968
----------- -----------
$ 2,533,968 $ 2,533,968
INSURANCE COMPANY CONTRACTS:
Canada Life Contract - 45862 Guaranteed investment
contract, 7.82% due 2/14/00 2,136,475 2,136,475
Hartford GA - 10285 Guaranteed investment
contract, 7.50% due 2/7/98 2,293,459 2,293,459
Metropolitan Life - 8739-9 Guaranteed annuity contract,
5.75%, open maturity date 12,951,864 12,951,864
----------- -----------
17,381,798 17,381,798
INVESTMENTS IN REGISTERED
INVESTMENT COMPANIES:
CF Continental Bank GIC, Registered investment
Fund company 14,542,469 15,930,031
Windsor II Portfolio Open Registered investment
End Fund company 12,586,014 16,790,424
American Balanced Fund Registered investment
company 3,029,632 3,356,211
Twentieth Century Ultra Fund Registered investment
company 2,347,132 2,565,805
Europacific Growth Fund Registered investment
company 1,320,429 1,502,554
----------- -----------
33,825,676 40,145,025
COMMON STOCK:
Envirodyne Industries, Inc. Common Stock 150,625 204,824
----------- -----------
150,625 204,824
----------- -----------
$53,892,067 $60,265,615
=========== ===========
/TABLE
<PAGE>
<PAGE>
<TABLE>
00-08970 VISKASE CORPORATION - SAVE PLAN DECEMBER 31, 1996
SCHEDULE OF REPORTABLE 5% TRANSACTIONS - ITEM 27d
12-29-95 THROUGH 12-31-96
----------------------------------------------------------
<CAPTION>
EXPENSES
INCURRED CURRENT VALUE
PURCHASE SELLING LEASE WITH COST OF OF ASSET ON NET GAIN
DESCRIPTION OF ASSET PRICE PRICE RENTAL TRANSACTION ASSET TRANSACTION DATE OR (LOSS)
-------------------- ---------- ------- ------ ----------- -------------- ---------------- -----------
($) ($) ($) ($) ($) ($) ($)
<S> <C> <C> <C> <C> <C> <C> <C>
TRANSACTIONS BY ISSUE
- ---------------------
MFO VANGUARD/WINDSOR FD INC VANGUARD/
WINDSOR II PORTFOLIO OPEN END FD
181,629.00 UNITS
BOUGHT IN 75 TRANS 1,712.695 4,149,373.34 4,149,373.34
71,319.13 UNITS
SOLD IN 17 TRANSACTIONS 382.234 1,200,370.89 1,604,186.88 403,815.99
------------- ----------
5,753,560.22 403,815.99
============= ==========
COLTV SHORT TERM INVT FD
9,034,556.07 INCREASES ON 261 DAYS 9,034,556.07 9,034,556.07
8,933,843.97 DECREASES ON 171 DAYS 8,933,843.97 8,933,843.97 0.00
------------- -----------
17,968,400.04 0.00
============= ===========
CF CONTL BNK GIC FD
120,314.73 UNITS BOUGHT IN 4 TRANS 66.812 2,011,463.55 2,011,463.55
83,542.68 UNITS SOLD
IN 7 TRANSACTIONS 121.679 1,353,878.27 1,453,391.83 99,513.56
------------- -----------
3,464,855.38 99,513.56
============= ===========
CF CONTL SHORT TERM INVESTORS
MONEY MKT FD I
2,008,583.16 UNITS BOUGHT ON 01-02-96 1.000 2,008,583.16 2,008,583.16
4,008,648.81 UNITS SOLD IN 2 TRANS 2.000 4,008,648.81 4,008,648.81 0.00
------------- -----------
6,017,231.97 0.00
============= ===========
</TABLE>
TRANSACTIONS BY BROKER
- ----------------------
THERE ARE NO REPORTABLE BROKER TRANSACTIONS
NOTE: TRANSACTIONS ARE BASED ON THE 12-29-95 VALUE (EXCLUDING ACCRUALS)
OF 56,265,933.00.
<PAGE>
<PAGE>
<PAGE>
<TABLE>
26-32496 VISKASE SAVE PROGRAM - COMPANY STOCK DECEMBER 31, 1996
VISKASE BENEFITS COMMITTEE AS TRUSTEE
----------------------------------------------------------
SCHEDULE OF REPORTABLE 5% TRANSACTIONS - ITEM 27d
12-29-95 THROUGH 12-31-96
----------------------------------------------------------
<CAPTION>
EXPENSES
INCURRED CURRENT VALUE
PURCHASE SELLING LEASE WITH COST OF OF ASSET ON NET GAIN
DESCRIPTION OF ASSET PRICE PRICE RENTAL TRANSACTION ASSET TRANSACTION DATE OR (LOSS)
-------------------- ---------- ------- ------ ----------- -------------- ---------------- -----------
($) ($) ($) ($) ($) ($) ($)
<S> <C> <C> <C> <C> <C> <C> <C>
TRANSACTIONS BY ISSUE
- ---------------------
ENVIRODYNE INDS INC COM
NEW CHAPTER 11
33,249.00 SHR BOUGHT IN 52 TRANS 216.125 138,559.44 138,559.44
COLTV SHORT TERM INVT FD
125,646.97 INCREASES ON 69 DAYS 125,646.97 125,646.97
122,042.55 DECREASES ON 49 DAYS 122,042.55 122,042.55 0.00
------------- -----------
247,689.52 0.00
============= ===========
TRANSACTIONS BY BROKER
- ----------------------
**** HERZOG, HEINE, GEDULD INC
ENVIRODYNE INDS INC COM
NEW CHAPTER 11
15,910.00 SHR BOUGHT IN 18 TRANS 66.515 58,990.14 58,990.14
**** OPPENHEIMER AND CO, INC
ENVIRODYNE INDS INC COM
NEW CHAPTER 11
16,416.00 SHR BOUGHT IN 32 TRANS 145.750 74,888.30 74,888.30
**** TROSTER, SINGER & CO.
ENVIRODYNE INDS INC COM
NEW CHAPTER 11
334.00 SHR BOUGHT ON 08-26-96 3.867 1,294.25 1,294.25
</TABLE>
NOTE: TRANSACTIONS ARE BASED ON THE 12-29-95 VALUE (EXCLUDING ACCRUALS)
OF 12,036.00.
