<PAGE> 1
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 [FEE REQUIRED]
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1994
COMMISSION FILE NUMBER: 1-1927
____________________
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
(FULL TITLE OF THE PLAN)
____________________
THE GOODYEAR TIRE & RUBBER COMPANY
(NAME OF ISSUER OF THE SECURITIES)
1144 EAST MARKET STREET
AKRON, OHIO 44316-0001
(ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICE)
<PAGE> 2
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
ITEM 1. Not applicable.
ITEM 2. Not applicable.
ITEM 3. Not applicable.
ITEM 4. FINANCIAL STATEMENTS OF THE PLAN
The Financial Statements of the Celeron Corporation Employee Savings
Plan for the fiscal year ended December 31, 1994, together with the report of
Price Waterhouse, independent accountants, are attached to this Annual Report
on Form 11-K as Annex A, and are by specific reference incorporated herein and
filed as a part of hereof. The Financial Statements and the Notes thereto are
presented in lieu of the financial statements required by Items 1, 2 and 3 of
Form 11-K and were prepared in accordance with the financial reporting
requirements of ERISA.
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934,
THE PLAN ADMINISTRATOR HAS DULY CAUSED THIS ANNUAL REPORT TO BE SIGNED BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.
THE GOODYEAR TIRE & RUBBER COMPANY
(as the Issuer) and
CELERON CORPORATION,
Plan Administrator of the CELERON
CORPORATION EMPLOYEE SAVINGS PLAN
Dated: December 15, 1995 By: /s/ Richard W Hauman
-----------------------------
Richard W Hauman,
Vice President and Treasurer
of
The Goodyear Tire & Rubber Company
and
Assistant Treasurer and
Assistant Comptroller
of
Celeron Corporation
1
<PAGE> 3
ANNEX A
TO
FORM 11-K
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
* * * * *
FINANCIAL STATEMENTS
DECEMBER 31, 1994
<PAGE> 4
CELERON CORPORATION
-------------------
EMPLOYEE SAVINGS PLAN
---------------------
INDEX TO FINANCIAL STATEMENTS
-----------------------------
DECEMBER 31, 1994
-----------------
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Report of independent accountants 2
Financial statements:
Statement of net assets available for Plan
benefits at December 31, 1994 and 1993 3
Statement of changes in net assets available for
Plan benefits for the years ended December 31,
1994 and 1993 3
Notes to financial statements 4-9
</TABLE>
<PAGE> 5
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
December 15, 1995
To the Plan Administrator and Participants
of the Celeron Corporation Employee Savings
Plan (sponsored by Celeron Corporation)
In our opinion, the accompanying statements of net assets available for plan
benefits and the related statements of changes in net assets available for plan
benefits present fairly, in all material respects, the net assets available for
benefits of the Celeron Corporation Employee Savings Plan (sponsored by Celeron
Corporation) at December 31, 1994 and 1993, and the changes in net assets
available for plan benefits for the years then ended, in conformity with
generally accepted accounting principles. 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 of these statements in accordance with generally accepted auditing
standards which 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, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for the opinion expressed above.
/s/ Price Waterhouse LLP
-2-
<PAGE> 6
CELERON CORPORATION
-------------------
EMPLOYEE SAVINGS PLAN
---------------------
<TABLE>
<CAPTION>
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
--------------------------------------------------------------------------
(Dollars in Thousands) December 31, 1994
-----------------------------------------------------------------------------
FUND INFORMATION
-----------------------------------------------------------------------------
COMPANY FIXED STOCK
STOCK INTEREST EQUITY BALANCED LOAN
TOTAL FUND FUND FUND FUND FUND
------ ------ ------ ------ ----- ----
<S> <C> <C> <C> <C> <C> <C>
Plan's interest in master trust representing
total assets available for Plan benefits $5,541 $1,613 $1,867 $1,693 $21 $347
====== ====== ====== ====== === ====
</TABLE>
<TABLE>
<CAPTION>
(Dollars in Thousands) December 31, 1993
---------------------------------------------------------------
FUND INFORMATION
---------------------------------------------------------------
COMPANY FIXED STOCK
STOCK INTEREST EQUITY LOAN
TOTAL FUND FUND FUND FUND
------ ------ ------ ------ ----
<S> <C> <C> <C> <C> <C>
Plan's interest in master trust representing
total assets available for Plan benefits $5,646 $2,082 $1,718 $1,519 $327
====== ====== ====== ====== ====
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
-------------------------------------------------------------------------------------
(Dollars in Thousands) December 31, 1994
-----------------------------------------------------------------------------
FUND INFORMATION
-----------------------------------------------------------------------------
COMPANY FIXED STOCK
STOCK INTEREST EQUITY BALANCED LOAN
TOTAL FUND FUND FUND FUND FUND
------ ------ ------ ------ ----- ----
<S> <C> <C> <C> <C> <C> <C>
Increase in Assets:
Contributions:
Employer $178 $178 $ - $ - $ - $ -
Employee 559 - 253 293 13 -
------ ------ ------- ------ ------- -----
737 178 253 293 13 -
Investment income from
Plan's interest in master trust (357) (524) 123 22 - 22
Decrease in Assets:
Benefits paid to participants
or their beneficiaries 485 123 188 148 - 26
Administrative expenses - - - - - -
------ ------ ------ ------ --- ----
485 123 188 148 - 26
Transfers:
Transfers between funds - - (1) (4) 5 -
Loans to participants - - (112) (83) - 195
Loan repayments:
Principal - - 64 83 3 (150)
Interest - - 10 11 - (21)
------ ------ ------ ------ --- ----
- - (39) 7 8 24
------ ------ ------ ------ --- ----
Increase in Assets during the year (105) (469) 149 174 21 20
Net Assets at beginning of year 5,646 2,082 1,718 1,519 - 327
Net Assets at end of year $5,541 $1,613 $1,867 $1,693 $21 $347
====== ====== ====== ====== === ====
</TABLE>
<TABLE>
<CAPTION>
(Dollars in Thousands) December 31, 1993
---------------------------------------------------------------
FUND INFORMATION
---------------------------------------------------------------
COMPANY FIXED STOCK
STOCK INTEREST EQUITY LOAN
TOTAL FUND FUND FUND FUND
------ ------ ------ ------ ----
<S> <C> <C> <C> <C> <C>
Increase in Assets:
Contributions:
Employer $190 $190 $ - $ - $ -
Employee 572 - 265 307 -
------ ------ ------- ------ -------
762 190 265 307 -
Investment income from
Plan's interest in master trust 807 541 115 129 22
Decrease in Assets:
Benefits paid to participants
or their beneficiaries 231 116 66 38 11
Administrative expenses - - - - -
------ ------ ------- ------ -------
231 116 66 38 11
Transfers:
Transfers between funds - - (11) 11 -
Loans to participants - - (64) (63) 127
Loan repayments:
Principal - - 57 60 (117)
Interest - - 10 12 (22)
------ ------ ------- ------ -------
- - (8) 20 (12)
------ ------ ------- ------ -------
Increase in Assets during the year 1,338 615 306 418 (1)
Net Assets at beginning of year 4,308 1,467 1,412 1,101 328
Net Assets at end of year $5,646 $2,082 $1,718 $1,519 $327
====== ====== ====== ====== =======
</TABLE>
The accompanying notes are an integral part of these statements.
-3-
<PAGE> 7
CELERON CORPORATION
-------------------
EMPLOYEE SAVINGS PLAN
---------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
DECEMBER 31, 1994
-----------------
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
- ------------------------------------------
Basis Of Accounting
-------------------
The accounts of the Celeron Corporation Employee Savings Plan (the
"Plan") are maintained on the accrual basis of accounting and in accordance
with the Bankers Trust Company (the "Trustee") Trust Agreement.
Trust Assets
------------
Savings plans sponsored by The Goodyear Tire & Rubber Company and
certain subsidiaries (the "Company") maintain their assets in a master trust
administered by the Trustee. At December 31, 1994 and 1993 the Company
sponsored six savings plans. The Plan's interest in the trust is presented in
the accompanying financial statements in accordance with the allocation made by
the Trustee. In 1994 and 1993, the Plan's interest in the master trust was .5%
and .6%, respectively.
Asset Valuation
---------------
The assets of the Plan are valued at the current market value.
Investments in the Company Stock Fund are valued at the last reported sales
price on the last business day of the month. If no sales were reported on that
date, the shares are valued at the last bid price. Investments held in the
Fixed Interest Fund are invested in various instruments that have a stated rate
of return and are reported at contract value which approximates fair market
value. Investments in the Stock Equity Fund are valued based on units of
participation in a commingled fund as reported by the fund manager.
Investments in the Balanced Fund are valued based on units of participation in
a commingled fund as reported by the fund manager. The allocation of assets,
interest and dividend income, and realized and unrealized appreciation and
depreciation is made based upon contributions received and benefits paid by
each participating plan on a monthly basis.
Income Recognition
------------------
Employer and employee contributions are recognized in Plan equity on
the accrual basis of accounting, which result in a receivable at year end.
Dividend income is recorded on the ex-dividend date.
Interest income is recorded as earned.
Appreciation or depreciation on Company common stock distributed to
participants is the difference between the weighted average cost and the market
value on the monthly valuation date preceding the distribution.
-4-
<PAGE> 8
GENERAL DESCRIPTION AND OPERATION OF THE PLAN:
- ---------------------------------------------
Inception
---------
The Plan is a defined contribution plan which became effective April 1,
1985.
Eligibility
-----------
All employees, including officers, of the Celeron Corporation are eligible
to participate in the Plan after completing one year of continuous service. At
the end of the 1994 plan year, approximately 135 employees of the Company were
eligible (147 in 1993), with approximately 120 employees participating in the
Plan (135 in 1993).
Vesting
-------
Employee contributions are fully vested. Employer matching contributions
are vested after the participant has completed either five years of continuous
service or three years of participation in the Plan.
Contributions
-------------
Eligible employees can elect to contribute any whole percent from 1% to
16% of earnings including wages, bonuses, commissions, overtime and vacation
pay into the Plan. Participating employees can elect to have their
contributions invested in the Fixed Interest Fund, the Balanced Fund, or the
Stock Equity Fund or in any combination of these three funds in multiples of
l0%. The Company calculates and deducts employee contributions from gross
earnings each pay period based on the percent elected by the employee.
Employees may change their contribution percent on the first day of each month
with a fifteen day prior notice. Employees may transfer amounts attributable to
employee contributions from one fund to the other on the first day of the month
with one day notice. The minimum amount to be transferred is $100. Eligible
employees may enroll in the Plan on any January 1, April 1, July 1 or October
1, with a 30 day prior notice. Employees may suspend their contributions on
any date with a 30 day prior notice.
The Plan has been established under section 40l(k) of the Internal Revenue
Code. Therefore, employee and employer contributions to the Plan are not
subject to federal withholding tax, but are taxable when they are withdrawn
from the Plan.
The Board of Directors of the Company determines the matching percent used
as the employer contribution for each Plan year. During 1994 and 1993, the
Company matched the first 6% of employee contributions, up to $9,240 ($8,994 in
1993) of employee contributions, at the rate of 50%.
Investments
-----------
The Trustee of the Plan maintains the following five funds under the Plan
(Balanced Fund added January 1, 1994):
- Fixed Interest Fund - employee contributions are invested in various
instruments that have a stated rate of return. PRIMCO Capital
Management, Inc. is the Investment Advisor for this fund.
-5-
<PAGE> 9
- Stock Equity Fund - employee contributions are invested in a commingled
fund consisting of a portfolio of common stocks which provide an
investment return similar to the Standard & Poor's Composite Index plus
reinvested dividends.
- Balanced Fund - employee contributions are invested in a commingled fund
containing a portfolio of common stocks and bonds which provide an
investment return similar to a portfolio invested 60% in the Standard &
Poor's Composite Index plus reinvested dividends and 40% in bonds which
compose the Lehman Aggregate Bond Index.
- Loan Investment Fund - employee contributions are transferred from other
funds into the Loan Investment Fund, and then loaned to the participant.
The interest rate on the loan is determined by Bankers Trust Company.
- Company Stock Fund - employer contributions are invested in Goodyear
common stock except for short-term investments needed for Plan
operations. During 1994, the price per share of Goodyear common stock
on The New York Stock Exchange Composite Transactions ranged from
$31.625 to $49.250 ($32.500 to $47.250 during 1993). The closing price
per share was $33.625 at December 31, 1994 ($45.750 at December 31,
1993).
Participant Accounts
--------------------
A Fixed Interest Fund Account, Stock Equity Fund Account, Balanced Fund
Account, Loan Investment Fund Account, and a Company Stock Fund Account have
been established for each participant in the Plan. All accounts are valued
monthly by the Trustee.
Interest is automatically reinvested in each participant's respective
accounts. Price fluctuations and dividends in common stock of the Company and
companies in the Stock Equity Fund or Balanced Fund are reflected in the unit
value of the fund which effects the value of the participant's accounts.
Plan Withdrawals and Distributions
----------------------------------
Participants may withdraw vested amounts from their accounts if they:
- Attain the age of 59 1/2, or
- Qualify for a serious financial hardship.
The Internal Revenue Service (IRS) issued guidelines governing financial
hardship. Under the IRS guidelines, withdrawals are permitted for severe
financial hardship for the following reasons:
- Unreimbursed medical expense of participant, spouse, or dependent.
- Post-secondary education of participant, spouse, or dependent.
- Prevention of eviction from primary residence of participant.
- Personal liability for expenses arising out of the death of a member
of participant's family.
- Purchase of a primary residence of participant.
- Prevention of foreclosure on primary residence of participant.
Contributions to the Plan are suspended for 12 months subsequent to a
financial hardship withdrawal.
A withdrawal from the Plan after attaining age 59 1/2 automatically
suspends the participant from making further contributions to the Plan for a
minimum of 24 months.
-6-
<PAGE> 10
Participant vested amounts are payable upon retirement, death or other
termination of employment.
All withdrawals and distributions are valued as of the end of the month
they are processed, and are subject to federal income tax upon receipt. Any
non-vested Company contributions are forfeited and applied to reduce future
contributions by the Company. The Plan had no forfeiture credits in 1994 and
1993.
Loan Investment Fund
--------------------
Eligible employees may borrow money from their participant accounts.
The minimum amount to be borrowed is $1,000. The maximum amount to be borrowed
is the lesser of $50,000 or 50% of the participant's vested account balance.
The interest rate charged will be a fixed rate which will be established at the
time of the loan application. The interest rates ranged from 7.0% to 9.5%
during 1994.
Loan repayments, with interest, are made through payroll deductions. If
a loan is not repaid when due, the loan balance will be treated as a taxable
distribution from the Plan.
Expenses
--------
Expenses of administering the Plan, including the payment of Trustee's
fees and brokerage commissions associated with the Company Stock Fund, are paid
by the Company. Expenses related to the asset management of the Balanced Fund
are paid by participants.
Termination Provisions
----------------------
The Company anticipates and believes that the Plan will continue without
interruption, but reserves the right to discontinue the Plan. In the event of
termination, the obligation of the Company to make further contributions
ceases. All participants' accounts would then be fully vested with respect to
Company contributions.
RELATED PARTY TRANSACTIONS:
- --------------------------
The Company Stock Fund is designed primarily for investment in common
stock of the Company.
TAX STATUS OF PLAN:
- ------------------
The Internal Revenue Service (IRS) has advised on January 13, 1989 that
the Plan is qualified in accordance with the appropriate sections of the
Internal Revenue Code, and the trust established with the Plan constitutes a
qualified trust and is therefore exempt from federal income taxes. The plan
administrator does not anticipate that changes in the plan or other events
occurring after receipt of the IRS ruling will affect the qualification of the
Plan or the tax exempt status of the trust.
SUBSEQUENT EVENT:
- ----------------
The trust was amended effective November 1, 1995, to change the Trustee
of the Plan from Bankers Trust Company to The Northern Trust Company. All
assets of the Plan and the master trust were transferred accordingly.
FINANCIAL DATA OF THE MASTER TRUST:
- ----------------------------------
-7-
<PAGE> 11
THE GOODYEAR TIRE & RUBBER COMPANY
MASTER TRUST
STATEMENT OF NET ASSETS WITH FUND INFORMATION
---------------------------------------------
(Dollars in Thousands)
<TABLE>
<CAPTION>
December 31, 1994
------------------------------------------------------------------------------------
FUND INFORMATION
----------------------------------------------------------------------
Company Fixed Stock
Stock Interest Equity Balanced Loan
Total Fund Fund Fund Fund Fund
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments at fair market value:
Guaranteed Investment Contracts $570,770 $ - $570,770 $ - $ - $ -
Common Stock of The Goodyear
Tire & Rubber Company, cost
$189,868 -- 8,468,457 shares
($163,016 - 7,764,075 shares in 1993) 284,752 284,752 - - - -
Pooled Common Stock, cost
$115,000 -- 139,595 units
($86,956 - 113,275 units in 1993) 139,937 - - 134,094 5,843 -
Pooled Fixed Income 4,175 - - - 4,175 -
$4,204 -- 2,793,749 units
Short-term investments 8,829 1,831 4,524 - 2,474 -
Promissory notes 38,587 - - - - 38,587
------------ ------------ ------------ ------------ ------------ ------------
1,047,050 286,583 575,294 134,094 12,492 38,587
Receivables
Employee Contributions 6,022 - 5,676 142 204 -
Employer Contributions 2,614 2,597 17 - - -
Transfers - - 865 (920) 55 -
Loan repayments - - 986 297 22 (1,305)
Accrued interest and dividends 3,247 14 3,171 3 13 46
Reimbursement for expenses 30 30 - - - -
------------ ------------ ------------ ------------ ------------ ------------
11,913 2,641 10,715 (478) 294 (1,259)
------------ ------------ ------------ ------------ ------------ ------------
Total Assets 1,058,963 289,224 586,009 133,616 12,786 37,328
Liabilities
Payable for purchased securities 1,835 1,831 - 4 - -
Administrative expenses payable 18 - 1 - 17 -
Distributions payable 2,418 606 1,381 303 6 122
Forfeiture credits 10 10 - - - -
------------ ------------ ------------ ------------ ------------ ------------
Total Liabilities 4,281 2,447 1,382 307 23 122
------------ ------------ ------------ ------------ ------------ ------------
Net Assets $1,054,682 $286,777 $584,627 $133,309 $12,763 $37,206
============ ============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
December 31, 1993
----------------------------------------------------------------------
FUND INFORMATION
--------------------------------------------------------
Company Fixed Stock
Stock Interest Equity Loan
Total Fund Fund Fund Fund
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Assets:
Investments at fair market value:
Guaranteed Investment Contracts $471,830 $ - $471,830 $ - $ -
Common Stock of The Goodyear
Tire & Rubber Company, cost
$189,868 -- 8,468,457 shares
($163,016 - 7,764,075 shares in 1993) 355,206 355,206 - - -
Pooled Common Stock, cost
$115,000 -- 139,595 units
($86,956 - 113,275 units in 1993) 111,989 - - 111,989 -
Pooled Fixed Income - - - - -
$4,204 -- 2,793,749 units
Short-term investments 28,661 1,138 27,523 - -
Promissory notes 37,125 - - - 37,125
------------ ------------ ------------ ------------ ------------
1,004,811 356,344 499,353 111,989 37,125
Receivables
Employee Contributions 5,484 - 5,315 169 -
Employer Contributions 2,521 2,501 20 - -
Transfers - - - - -
Loan repayments - - 927 293 (1,220)
Accrued interest and dividends 133 6 33 - 94
Reimbursement for expenses 19 19 - - -
------------ ------------ ------------ ------------ ------------
8,157 2,526 6,295 462 (1,126)
------------ ------------ ------------ ------------ ------------
Total Assets 1,012,968 358,870 505,648 112,451 35,999
Liabilities
Payable for purchased securities 570 570 - - -
Administrative expenses payable - - - - -
Distributions payable 4,921 2,106 2,205 446 164
Forfeiture credits 33 33 - - -
------------ ------------ ------------ ------------ ------------
Total Liabilities 5,524 2,709 2,205 446 164
------------ ------------ ------------ ------------ ------------
Net Assets $1,007,444 $356,161 $503,443 $112,005 $35,835
============ ============ ============ ============ ============
</TABLE>
-8-
<PAGE> 12
THE GOODYEAR TIRE & RUBBER COMPANY
MASTER TRUST
STATEMENT OF CHANGES IN NET ASSETS WITH FUND INFORMATION
<TABLE>
<CAPTION>
(Dollars in Thousands)
For the year ended
December 31, 1994
-----------------------------------------------------
FUND INFORMATION
-------------------------------------------
COMPANY FIXED STOCK
STOCK INTEREST EQUITY BALANCED LOAN
TOTAL FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C>
Increase in Assets:
Contributions:
Employer $ 30,456 $ 30,103 $ 353 $ - - $ -
Employee 97,183 - 67,570 27,244 2,369 -
---------- -------- ------- -------- ------- ------
127,639 30,103 67,923 27,244 2,369 -
Interest and dividend income 46,005 6,138 37,381 1 65 2,420
Net appreciation in fair market
value of Assets (95,487) (97,232) - 1,907 (162) -
---------- -------- ------- -------- ------- ------
(49,482) (91,094) 37,381 1,908 (97) 2,420
Decrease in Assets:
Benefits paid to participants
or their beneficiaries 30,844 8,216 18,106 3,342 174 1,006
65 - 1 - 64 -
---------- -------- ------- -------- ------- ------
30,909 8,216 18,107 3,342 238 1,006
Transfers:
Transfers between Plans - - (5) 4 1 -
Transfers between funds - - (5,361) (5,102) 10,463 -
Transfers to or from Plan (1) (177) 5 22 149 -
Loans to participants (9) - (13,605) (3,418) (213) 17,227
Loan repayments:
Principal - - 11,130 3,435 285 (14,850)
Interest - - 1,823 553 44 (2,420)
---------- ------- ------- -------- ------- ------
(10) (177) (6,013) (4,506) 10,729 (43)
---------- -------- ------- -------- ------- -------
Increase in Assets during the year 47,238 (69,384) 81,184 21,304 12,763 1,371
Net Assets at beginning of year 1,007,444 356,161 503,443 112,005 - 35,835
---------- -------- -------- -------- ------- -------
Net Assets at end of year $1,054,682 $286,777 $584,627 $133,309 $12,763 $37,206
========== ======== ======== ======== ======= =======
</TABLE>
<TABLE>
<CAPTION>
For the year ended
December 31, 1993
----------------------------------------
FUND INFORMATION
--------------------------------
COMPANY FIXED STOCK
STOCK INTEREST EQUITY LOAN
TOTAL FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Increase in Assets:
Contributions:
Employer $ 28,655 $28,228 $ 427 $ - $ -
Employee 88,425 - 64,238 24,187 -
---------- ------- -------- -------- -------
117,080 28,228 64,665 24,187 -
Interest and dividend income 40,752 4,366 34,092 1 2,293
Net appreciation in fair market
value of Assets 95,584 86,165 - 9,419 -
--------- -------- -------- -------- -------
136,336 90,531 34,092 9,420 2,293
Decrease in Assets:
Benefits paid to participants
or their beneficiaries 31,391 10,501 16,862 2,818 1,210
- - - - -
--------- -------- -------- -------- -------
31,391 10,501 16,862 2,818 1,210
Transfers:
Transfers between Plans - - - - -
Transfers between funds - - (1,074) 1,074 -
Transfers to or from Plan - - - - -
Loans to participants - - (14,416) (2,777) 17,193
Loan repayments:
Principal - - 8,814 2,533 (11,347)
Interest - - 1,795 499 (2,294)
---------- -------- -------- -------- -------
- - (4,881) 1,329 3,552
---------- -------- -------- -------- -------
Increase in Assets during the year 222,025 108,258 77,014 32,118 4,635
Net Assets at beginning of year 785,419 247,903 426,429 79,887 31,200
---------- -------- -------- -------- -------
Net Assets at end of year $1,007,444 $356,161 $503,443 $112,005 $35,835
========== ======== ======== ======== =======
</TABLE>
-9-
