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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1993
Commission file number 1-3560
P.H. GLATFELTER COMPANY
STOCK PURCHASE PLAN FOR HOURLY EMPLOYEES - ECUSTA DIVISION
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(Full title of the plan)
P. H. GLATFELTER COMPANY
228 South Main Street
Spring Grove, PA 17362
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(Name of the issuer of the securities
held pursuant to the plan and the
address of its principal executive office)
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[LETTERHEAD OF DELOITTE & TOUCHE]
INDEPENDENT AUDITORS' REPORT
P. H. Glatfelter Company Stock Purchase Plan for Hourly Employees - Ecusta
Division:
We have audited the accompanying statement of assets available for plan benefits
as of December 31, 1993, of the P. H. Glatfelter Company Stock Purchase Plan for
Hourly Employees - Ecusta Division (the "Plan") and the related statement of
changes in assets available for plan benefits for the year ended December 31,
1993. 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 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 audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the assets available for plan benefits as of December 31, 1993, and
the changes in assets available for plan benefits for the year ended December
31, 1993, in conformity with generally accepted accounting principles.
/s/ DELOITTE & TOUCHE
February 18, 1994
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P.H. GLATFELTER COMPANY STOCK PURCHASE PLAN
FOR HOURLY EMPLOYEES - ECUSTA DIVISION
STATEMENT OF ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1993
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ASSETS
Contributions receivable $ 2,087
Investments at fair value - P.H. Glatfelter common stock-
23,409 shares at cost of $407,256 (Note 1) 440,382
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TOTAL ASSETS $ 442,469
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See notes to financial statements.
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P.H. GLATFELTER COMPANY STOCK PURCHASE PLAN
FOR HOURLY EMPLOYEES - ECUSTA DIVISION
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1993
- ----------------------------------------------------------------------------
ADDITIONS (Note 2):
Employee contributions $ 388,611
Employer contributions 34,806
Dividend income 6,116
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Total Additions 429,533
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DEDUCTIONS:
P.H. Glatfelter Company common stock
at fair market value at distribution date (Note 1) 16,401
Dividends paid to participants (Note 2) 6,116
Cash paid for fractional shares 1,296
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Total deductions 23,813
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405,720
UNREALIZED APPRECIATION IN MARKET
VALUE OF INVESTMENTS (Notes 1 and 3) 36,881
DEFICIENCY OF MARKET VALUE TO
COST OF DISTRIBUTED STOCK (Notes 1 and 3) (132)
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NET INCREASE IN ASSETS AVAILABLE
FOR PLAN BENEFITS 442,469
PLAN ASSETS, BEGINNING OF YEAR 0
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ASSETS AVAILABLE FOR PLAN
BENEFITS, END OF YEAR $ 442,469
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Seen notes to financial statements.
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P. H. GLATFELTER COMPANY STOCK PURCHASE PLAN
FOR HOURLY EMPLOYEES - ECUSTA DIVISION
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 1993
1. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION - The accounting records of the P. H. Glatfelter
Company Stock Purchase Plan for Hourly Employees - Ecusta Division (the
"Plan") are maintained on the accrual basis. Employee contributions and
related employer required matching contributions are accrued monthly when
withheld from the employees pay and recognized quarterly when such accrual
is invested in the common stock of the Company.
INVESTMENTS - The fair market value of the investments is determined by the
use of the average of the high and low sales price on the last business day
of the year for the Company's common stock on the American Stock Exchange.
Distributions of stock to participants who have withdrawn shares or have
terminated from the Plan are recorded at market value at distribution date
for financial statement purposes. The difference between December 31 market
value and the cost of Glatfelter common stock purchased is reflected in the
statement of changes in assets available for plan benefits as unrealized
appreciation in the aggregate market value of investments.
2. DESCRIPTION OF PLAN
The P. H. Glatfelter Company Stock Purchase Plan for Hourly Employees -
Ecusta Division was formed effective January 1, 1993 and is an employee
benefit Plan that offers eligible employees the opportunity to purchase
shares of the Company's common stock through regular payroll deductions.
Participation in the Plan is limited to permanent hourly employees of the
Ecusta Mill, with a minimum of two years continuous service. Participation
in the Plan is entirely voluntary.
Participants may elect to contribute an amount which is not less than 1% nor
more than 10% of annual plan compensation. The employer may elect to
contribute an amount equal to 10% of the participant's contribution for the
first 6% of the participant's base compensation that is contributed to the
Plan.
As of December 31, 1993 there were 219 employees participating in the Plan.
All contributions are invested in P. H. Glatfelter Company common stock and
are purchased from either unissued shares or treasury shares effective on
the last day of each calendar quarter at a purchase price equal to the
average of the high and low prices on the American Stock Exchange on the
last business day of the calendar quarter.
The Company has the right to amend or terminate the Plan at any time.
All dividends paid in respect to the shares held by the Plan are distributed
currently to the participants.
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3. TRANSACTIONS WITH PARTIES IN INTEREST
During 1993, the Plan purchased from P.H. Glatfelter Company 24,345 shares
of its common stock, at a cost of $423,789. The price paid for these shares
was the average of the high and low prices per share, as listed on the
American Stock Exchange, for the last business day of the quarter of
purchase.
Administrative costs of the Plan are paid by the Company.
4. TAX STATUS, ETC.
The Plan is not subject to any provision of the Employee Retirement Income
Security Act of 1974 and is not qualified under Section 401(a) of the
Internal Revenue Code.
The Company's contributions, dividends paid and gain (loss) on sale of stock
are treated as taxable to the participants; accordingly, the Company
withholds from the participants' compensation all required federal, state
and local taxes on income.
* * * * * *
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SIGNATURES
Pursuant to the requirements of the Securities Exhange
Act of 1934, the Board of Directors has duly caused this Annual
Report to be signed by the undersigned hereunto duly authorized.
P. H. GLATFELTER COMPANY
STOCK PURCHASE PLAN FOR HOURLY
EMPLOYEES - ECUSTA DIVISION
March 31, 1994 By:/s/ ROBERT S. WOOD
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Robert S. Wood
Plan Administrator
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EXHIBIT INDEX
Consent of Independent Certified Public Accountants.
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EXHIBIT
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
P. H. Glatfelter Company:
We hereby consent to the incorporation by reference in the Registration
Statement of P. H. Glatfelter Company on Form S-8 (Registration No. 33-53338) of
our report dated February 18, 1994 on the financial statements of the P. H.
Glatfelter Company Stock Purchase Plan for Hourly Employees - Ecusta Division
(the "Plan"), appearing in the Annual Report of the Plan on Form 11-K for the
year ended December 31, 1993.
/s/ DELOITTE & TOUCHE
Philadelphia, Pennsylvania
February 18, 1994
