<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K/A
AMENDMENT NO. 1
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 for the fiscal year ended November 29, 1998
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 for the transition period from ______ to ______.
For the fiscal year ended November 29, 1998 Commission File No. 1-8044
HUNT CORPORATION
(Registrant)
Pennsylvania 21-0481254
------------------------ ---------------------------------
(State of Incorporation) (IRS Employer Identification No.)
One Commerce Square, 2005 Market Street, Philadelphia, PA 19103-7085
- ------------------------------------------------------------ ----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (215) 656-0300
Securities registered pursuant to Section 12(b) of the Act:
Name of Each Exchange
Title of Each Class: on Which Registered:
-------------------- ---------------------
Common Shares, par value $.10 per share New York Stock Exchange
Rights to Purchase Series A Junior New York Stock Exchange
Participating Preferred Stock
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days. Yes X No
--- ---
The number of shares of the registrant's common shares outstanding as of June 1,
1999 was 10,399,340.
1
<PAGE>
Pursuant to General Instruction F to Form 10-K and Rule 15d-21 under the
Securities Exchange Act of 1934, Hunt Corporation's Annual Report on Form 10-K
for the fiscal year ended November 30, 1998 is hereby amended to include the
attached financial statements described in amended Item 14(a)(1)(B) below
required by Form 11-K with respect to the Hunt Corporation Savings Plan for the
Plan's fiscal year ended December 31, 1998. The Savings Plan is subject to the
Employee Retirement Income Security Act of 1974. Item 14, as amended, provides
in its entirety as follows:
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K
(a) Documents filed as part of the Report
1. Financial Statements: Pages
-----
A. The Company and Subsidiaries:
Report of Independent Accountants F-1
Consolidated Statements of Income
for the fiscal years 1998, 1997
and 1996 F-2
Consolidated Balance Sheets,
November 29, 1998 and
November 30, 1997 F-3
Consolidated Statements of
Stockholders' Equity for the
fiscal years 1998, 1997
and 1996 F-4
Consolidated Statements of
Cash Flows for the fiscal years
1998, 1997, and 1996 F-5
Notes to Consolidated Financial
Statements F-6-F-29
B. The Savings Plan:
Report of Independent Accountants PF-2
Statements of Net Assets Available
for Benefits, with Fund Information
as of December 31, 1998 and 1997 PF-3-PF-4
Statements of Changes in Net Assets
Available for Benefits, with Fund
Information for the Years Ended
December 31, 1998, 1997 and 1996 PF-5-PF-7
Notes to Financial Statements PF-8-PF-16
<PAGE>
2. Financial Statement Schedule:
Report of Independent Accountants
on Financial Statement Schedule F-30
Schedule II. Valuation and Qualifying
Accounts for the fiscal years
1998, 1997 and 1996 F-31
All other schedules not listed above have been omitted,
since they are not applicable or are not required, or
because the required information is included in the
consolidated financial statements or notes thereto.
Individual financial statements of the Company have been
omitted, since the Company is primarily an operating
company and any subsidiary companies included in the
consolidated financial statements are directly or
indirectly wholly-owned and are not indebted to any
person, other than the parent or the consolidated
subsidiaries, in an amount which is material in relation
to total consolidated assets at the date of the latest
balance sheet filed, except indebtedness incurred in the
ordinary course of business which is not overdue and which
matures in one year.
3. Exhibits:
(2) Plans of acquisition and disposition:
(a) Share Purchase Agreement dated as of March
28, 1997 by and among Seal Products
Subsidiary, Inc. and the various
shareholders of Sallmetall B. V. (incorp. by
ref. to Ex. 2 to Form 8-K as of March 28,
1997).
(b) Asset Purchase Agreement dated October 6,
1997 by and among HON Industries, Inc., AHC,
Inc., the Company, and Bevis Custom
Furniture, Inc. (incorp. by ref. to Ex. 2 to
Form 8-K as of November 13, 1997).
(3) Articles of incorporation and bylaws:
(a) Restated Articles of Incorporation, as
amended (composite) (incorp. by ref. to Ex.
3(a) to fiscal 1997 Form 10-K) (reference
also is made to Exhibit 4(c) below for the
Designation of Powers, Preferences, Rights
and Qualifications of Preferred Stock).
(b) By-laws, as amended (incorp. by ref. to Ex.
3(b) to Form 10-Q for quarter ended May 28,
1995).
<PAGE>
(4) Instruments defining rights of security holders,
including indentures:*
(a) Note Purchase Agreement dated as of August
1, 1996 between the Company and several
insurance companies (incorp. by ref. to Form
10-Q for quarter ended September 1, 1996).
(b) (1) Second Amendment and Restatement of
Credit Agreement dated February 20, 1997
between the Company and NationsBank, N. A.
and other lenders (incorp. by ref. to Ex.
4(b) to fiscal 1998 Form 10-K), and (2)
Third Amendment dated as of April 24, 1998
to Credit Agreement (incorp. by ref. to Ex.
4(b) to fiscal 1998 Form 10-K).
(c) (1) Rights Agreement dated as of August 8,
1990 (including as Exhibit A thereto the
Designation of Powers, Preferences, Rights
and Qualifications of Preferred Stock),
between the Company and Mellon Bank (East),
N. A., as original Rights Agent (incorp. by
ref. to Ex. 4.1 to August 1990 Form 8-K);
and (2) Assignment and Assumption Agreement
dated December 2, 1991, with American Stock
Transfer and Trust Company, as successor
Rights Agent (incorp. by ref. to Ex. 4(d) to
fiscal 1991 Form 10-K).
Miscellaneous long-term debt instruments and
credit facility agreements of the Company,
under which the underlying authorized debt
is equal to less than 10% of the total
assets of the Company and its subsidiaries
on a consolidated basis, may not be filed as
exhibits to this report. The Company agrees
to furnish to the Commission, upon request,
copies of any such unfiled instruments.
(10) Material contracts:
(a) Lease Agreement dated June 1, 1979 and First
Supplemental Lease Agreement dated as of
July 31, 1994 between the Iredell County
Industrial Facilities and Pollution Control
Financing Authority and the Company (incorp.
by ref. to Ex. 10(a) to fiscal 1994 Form
10-K).
(b) 1983 Stock Option and Stock Grant Plan, as
amended, of the Company (incorp. by ref. to
Ex. 10(b) to fiscal 1996 Form 10-K).**
(c) 1993 Stock Option and Stock Grant Plan of
the Company, as amended (incorp. by ref. to
Ex. 10 to Form 10-Q for quarter ended June
1, 1997).**
(d) 1994 Non-Employee Directors' Stock Option
Plan (incorp. by ref. to Ex. 10(f) to fiscal
1993 Form 10-K).**
<PAGE>
(e) 1997 Non-Employee Director Compensation Plan
(incorp. by ref. to Ex. 10(f) to fiscal 1997
Form 10-K).**
(f) (1) Form of Change in Control Agreement
between the Company and various officers of
the Company (incorp. by ref. to Ex. 10(I) to
fiscal 1994 Form 10-K)** and (2) list of
executive officers who are parties (incorp.
by ref. to Ex. 10(h) to fiscal 1996 Form
10-K).**
(g) (1) Form of Supplemental Executive Benefits
Plan of the Company, effective January 1,
1997, and (2) form of related Amended and
Restated Trust Agreement, effective January
1, 1997 (incorp. by ref. to Ex. 10(g) to
fiscal 1998 Form 10-K).**
(h) Employment Agreement, dated as of April 8,
1996, between the Company and Donald L.
Thompson (incorp. by ref. to Ex. 10 to Form
10-Q for quarter ended June 2, 1996).**
(21) Subsidiaries (filed incorp. by reference to
Ex. 11 to 1997 Form 10-K).
(23) (a) Consent of PricewaterhouseCoopers LLP to
incorporation by reference in Registration
Statements Nos. 33-70660, 33-25947, 33-6359,
2-83144, 33-57105, and 33-57103 on Form S-8, of
their report on the consolidated financial
statements and schedules included in this report
(incorp. by ref. to Ex. 23 to fiscal 1998 Form
10-K).
(b) Consent of PricewaterhouseCoopers LLP to
incorporation by reference, in Registration
Statement Nos. 33-6359 and 33-57103 on Form S-8,
of their report on the financial statements
related to the Savings Plan included with this
report as amended (filed herewith).
(27) Financial Data Schedule (incorp. by ref. to
Ex. 27 to fiscal 1998 Form 10-K).
* Reference also is made to (1) Articles 5th, 6th, 7th, and 8th of the
Company's composite Articles of Incorporation (Ex. 3(a) to this report) and
(2) to Sections 1, 7, and 8 of the Company's By-Laws (Ex. 3(b) to this
report).
** Indicates a management contract or compensatory plan or arrangement.
(b) Reports on Form 8-K
The Company did not file any reports on Form 8-K during the last
quarter of the fiscal year covered by this report.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 of, and Rule12b-15
under, the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
HUNT CORPORATION
Dated: June 30, 1999 By: \s\ Donald L. Thompson
------------------------------------------------
Donald L. Thompson
Chairman, President and Chief Executive Officer
June 30, 1999 \s\ William E. Chandler
-------------------------------------
William E. Chandler
Senior Vice President,
Finance (Principal Financial Officer)
<PAGE>
HUNT CORPORATION
SAVINGS PLAN
REPORT ON AUDITS OF
FINANCIAL STATEMENTS
for the years ended
December 31, 1998 , 1997 and 1996
AND SUPPLEMENTAL SCHEDULES
for the year ended December 31, 1998
<PAGE>
HUNT CORPORATION
SAVINGS PLAN
TABLE OF CONTENTS
Page
----
Report of Independent Accountants 2
Financial Statements:
Statements of Net Assets Available for Benefits, With
Fund Information, as of December 31, 1998 and 1997 3-4
Statements of Changes in Net Assets Available for Benefits,
With Fund Information, for the years ended December 31,
1998, 1997 and 1996 5-7
Notes to Financial Statements 8-16
Supplemental Schedules:
Schedule of Assets Held for Investment Purposes as of
December 31, 1998 27(a)*
Schedule of Reportable Transactions for the year ended
December 31, 1998 27(d)*
* Refers to item numbers in Form 5500 (Annual
Return/Report of Employee Benefit Plan) for the plan
year ended December 31, 1998, which are incorporated
herein by reference.
PF-1
<PAGE>
Report of Independent Accountants
To the Administrative Committee of
Hunt Corporation:
In our opinion, the accompanying statements of net assets available for benefits
and the related statements of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of Hunt Corporation Savings Plan (the "Plan") at December 31, 1998 and 1997, and
the changes in net assets available for benefits for the years ended December
31, 1998, 1997 and 1996 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.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes at December 31, 1998 and reportable transactions for the
year ended December 31, 1998 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 of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The fund information in the statements of net assets
available for benefits and the statement of changes in net assets available for
benefits is presented for purposes of additional analysis rather than to present
the net assets available for plan benefits and changes in net assets available
for benefits of each fund. These supplemental schedules and fund information are
the responsibility of the Plan's management. 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.
PricewaterhouseCoopers LLP
June 11, 1999
PF-2
<PAGE>
HUNT CORPORATION
SAVINGS PLAN
Statement of Net Assets Available for Benefits, With Fund Information,
as of December 31, 1998
<TABLE>
<CAPTION>
Participant Directed
------------------------------------------------------------------------------
Capital
Balanced Preservation Select Ultra Stock
ASSETS Fund Fund Fund Fund Fund
---------- -------------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Investment, at fair value (Note 2):
Shares of registered investment companies:
Balanced Fund, 147,431 units at $18.470/unit
(cost $2,556,330) $ 2,723,049
Benham Preservation Fund, 4,558,424 units at
$1.000/unit (cost $4,558,424) $ 4,558,424
Select Fund, 149,413 units at $47.390/unit
(cost $6,337,915) $ 7,080,666
Ultra Fund, 258,012 units at $33.410/unit
(cost $6,697,479) $ 8,620,167
Value Fund, 201,285 units at $6.059/unit
(cost $1,377,467)
Hunt Corporation, 191,404 shares at $10.625/share
(cost $3,135,487) $ 876,686
Participant loans (cost $0)
Receivables:
Employer's contribution - - - - -
Participants' contribution - - - - -
Interest - 21,698 - - -
------------ ------------ ------------ ------------ -----------
Total assets 2,723,049 4,580,122 7,080,666 8,620,167 876,686
LIABILITIES - - - - -
------------ ------------ ------------ ------------ -----------
Net assets available for benefits $ 2,723,049 $ 4,580,122 $ 7,080,666 $ 8,620,167 $ 876,686
============ ============ ============ ============ ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Non-
Participant
Directed
------------------------ -----------
Value Participant Stock
ASSETS Fund Loans Fund Total
-------- ------------- --------- ---------
<S> <C> <C> <C> <C>
Investment, at fair value (Note 2):
Shares of registered investment companies:
Balanced Fund, 147,431 units at $18.470/unit
(cost $2,556,330) $ 2,723,049
Benham Preservation Fund, 4,558,424 units at
$1.000/unit (cost $4,558,424) 4,558,424
Select Fund, 149,413 units at $47.390/unit
(cost $6,337,915) 7,080,666
Ultra Fund, 258,012 units at $33.410/unit
(cost $6,697,479) 8,620,167
Value Fund, 201,285 units at $6.059/unit
(cost $1,377,467) $ 1,219,590 1,219,590
Hunt Corporation, 191,404 shares at $10.625/share
(cost $3,135,487) $ 1,156,977 2,033,663
Participant loans (cost $0) $ 897,610 897,610
Receivables:
Employer's contribution - - - -
Participants' contribution - - - -
Interest - - - 21,698
------------ ---------- ----------- ------------
Total assets 1,219,590 897,610 1,156,977 27,154,867
LIABILITIES - - - -
------------ ---------- ----------- ------------
Net assets available for benefits $ 1,219,590 $ 897,610 $ 1,156,977 $ 27,154,867
============ ========== =========== ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
PF-3
<PAGE>
HUNT CORPORATION
SAVINGS PLAN
Statement of Net Assets Available for Benefits, With Fund Information,
as of December 31, 1997
<TABLE>
<CAPTION>
Participant Directed
------------------------------------------------------------------------------
Capital
Balanced Preservation Select Ultra Stock
ASSETS Fund Fund Fund Fund Fund
---------- -------------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Investment, at fair value (Note 2):
Shares of registered investment companies:
Balanced Fund, 153,903 units at $18.140/unit
(cost $2,589,907) $ 2,791,796
Benham Preservation Fund, 5,305,848 units at
$1.00/unit (cost $5,305,848) $ 5,305,848
Select Fund, 134,815 units at $42.590/unit
(cost $5,426,061) $ 5,741,759
Ultra Fund, 269,805units at $27.300/unit
(cost $$6,545,871) $ 7,365,694
Value Fund, 219,271 units at $6.950/unit
(cost $3,634,902)
Hunt Corporation, 219,271 shares at $23.688/share
(cost $3,634,902) $ 2,057,648
Participant loans (cost $0)
Receivables:
Employer's contribution 2,570 5,535 5,766 6,135 1,708
Participants' contribution 45,331 26,685 34,175 43,946 15,174
Interest 24,583 -
------------- ------------ ------------ ------------ ------------
Total assets 2,839,697 5,362,651 5,781,700 7,415,775 2,074,530
LIABILITIES - - - - -
------------- ------------ ------------ ------------ ------------
Net assets available for benefits $ 2,839,697 $ 5,362,651 $ 5,781,700 $ 7,415,775 $ 2,074,530
============= ============ ============ ============ ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Non-
Participant
Directed
------------------------ -----------
Value Participant Stock
ASSETS Fund Loans Fund Total
-------- ------------- --------- ---------
<S> <C> <C> <C> <C>
Investment, at fair value (Note 2):
Shares of registered investment companies:
Balanced Fund, 153,903 units at $18.140/unit
(cost $2,589,907) $ 2,791,796
Benham Preservation Fund, 5,305,848 units at
$1.00/unit (cost $5,305,848) 5,305,848
Select Fund, 134,815 units at $42.590/unit
(cost $5,426,061) 5,741,759
Ultra Fund, 269,805units at $27.300/unit
(cost $$6,545,871) 7,365,694
Value Fund, 219,271 units at $6.950/unit
(cost $3,634,902) $ 1,303,177 1,303,177
Hunt Corporation, 219,271 shares at $23.688/share
(cost $3,634,902) $ 3,210,301 5,267,949
Participant loans (cost $0)
$ 952,944 952,944
Receivables:
Employer's contribution 1,061 22,775
Participants' contribution 11,191 176,502
Interest 24,583
------------ ----------- ----------- ------------
Total assets 1,315,429 952,944 3,210,301 28,953,027
LIABILITIES - - - -
------------ ----------- ----------- ------------
Net assets available for benefits $ 1,315,429 $ 952,944 $ 3,210,301 $ 28,953,027
============ =========== =========== ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
PF-4
<PAGE>
HUNT CORPORATION
SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits, With Fund
Information, for the year ended December 31, 1998
<TABLE>
<CAPTION>
Participant Directed
------------------------------------------------------------------------------
Capital
Balanced Preservation Select Ultra Stock
ADDITIONS Fund Fund Fund Fund Fund
---------- -------------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair
value of assets $ 64,562 $ 5,134 $ 682,241 $ 1,614,166 $ (830,882)
Dividends 337,976 - 1,233,557 746,521 31,632
Interest - 264,710 - - -
Contributions:
Participants' 206,364 366,866 438,287 611,462 147,246
Employer's 38,595 55,359 83,017 108,466 24,991
----------- ----------- ----------- ----------- ----------
Total additions 647,497 692,069 2,437,102 3,080,615 (627,013)
----------- ----------- ----------- ----------- ----------
DEDUCTIONS
Deductions from net assets attributed to:
Benefits paid to participants (668,076) (1,668,181) (1,350,394) (1,619,349) (1,073,782)
Management fees (1,365) (3,399) (2,010) (857) (1,117)
----------- ----------- ----------- ----------- ----------
Total deductions (669,441) (1,671,580) (1,352,404) (1,620,206) (1,074,899)
----------- ----------- ----------- ----------- ----------
Net increase (decrease) prior to interfund
transfers (21,944) (979,511) 1,084,698 1,460,409 (1,701,912)
Interfund transfers (94,704) 196,982 214,268 (256,017) 501,834
----------- ----------- ----------- ----------- ----------
Net increase (decrease) (116,648) (782,529) 1,298,966 1,204,392 (1,200,078)
Net assets available for benefits:
Beginning of year 2,839,697 5,362,651 5,781,700 7,415,775 2,074,530
----------- ----------- ----------- ----------- ----------
End of year $ 2,723,049 $ 4,580,122 $ 7,080,666 $ 8,620,167 $ 874,452
=========== =========== =========== =========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Non-
Participant
Directed
------------------------ -----------
Value Participant Stock
ADDITIONS Fund Loans Fund Total
-------- ------------- --------- ---------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair
value of assets $ (162,685) - $(1,502,507) $ (129,971)
Dividends 214,628 - 51,620 2,615,934
Interest - $ 101,191 - 365,901
Contributions:
Participants' 105,669 - - 1,875,894
Employer's 19,129 - 288,212 617,769
----------- ----------- ----------- -----------
Total additions 176,741 101,191 (1,162,675) 5,345,527
----------- ----------- ----------- -----------
DEDUCTIONS
Deductions from net assets attributed to:
Benefits paid to participants (490,888) (227,689) (36,336) (7,134,695)
Management fees (244) - - (8,992)
----------- ----------- ----------- -----------
Total deductions (491,132) (227,689) (36,336) (7,143,687)
----------- ----------- ----------- -----------
Net increase (decrease) prior to interfund
transfers (314,391) (126,498) (1,199,011) (1,798,160)
Interfund transfers 218,552 73,398 (854,313) -
----------- ----------- ----------- -----------
Net increase (decrease) (95,839) (53,100) (2,053,324) (1,798,160)
Net assets available for benefits:
Beginning of year 1,315,429 952,944 3,210,301 28,953,027
----------- ----------- ----------- -----------
End of year $ 1,219,590 $ 899,844 $ 1,156,977 $27,154,867
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
PF-5
<PAGE>
HUNT CORPORATION
SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits,
With Fund Information, for the year ended December 31, 1997
<TABLE>
<CAPTION>
Participant Directed
---------------------------------------------------------------------
Capital
Balanced Preservation Select Ultra
ADDITIONS Fund Fund Fund Fund
---------- ------------ ---------- ----------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value of assets $ 122,317 $ 505,584 $ 59,934
Dividends 278,471 914,669 1,442,588
Interest $ 291,796
Contributions:
Participants' 296,129 502,113 518,697 711,562
Employer's 48,269 95,575 98,946 120,882
---------- ---------- ---------- ----------
Total additions 745,186 889,484 2,037,896 2,334,966
---------- ---------- ---------- ----------
DEDUCTIONS
Deductions from net assets attributed to:
Benefits paid to participants (361,092) (720,562) (654,716) (1,000,899)
Management fees (1,626) (4,647) (2,363) (957)
---------- ---------- ---------- ----------
Total deductions (362,718) (725,209) (657,079) (1,001,856)
---------- ---------- ---------- ----------
Net increase/(decrease) prior to interfund transfers 382,468 164,275 1,380,817 1,333,110
Interfund transfers 343 (434,761) (50,066) (422,557)
---------- ---------- ---------- ----------
Net increase (decrease) 382,811 (270,486) 1,330,751 910,553
Net assets available for benefits:
Beginning of year 2,456,886 5,633,137 4,450,949 6,505,222
---------- ---------- ---------- ----------
End of year $2,839,697 $5,362,651 $5,781,700 $7,415,775
========== ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Participant Directed
--------------------------------------------------
Capital
Stock Value Participant
ADDITIONS Fund Fund Loans
---------- ---------- -----------
<S> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value of assets $ 462,511 $ (30,986)
Dividends 30,051 246,160
Interest $ 66,896
Contributions:
Participants' 212,460 147,207
Employer's 31,594 22,527
---------- ---------- --------
Total additions 736,616 384,908 66,896
---------- ---------- --------
DEDUCTIONS
Deductions from net assets attributed to:
Benefits paid to participants (183,480) (378,668) (92,423)
Management fees (283) (230)
---------- ---------- --------
Total deductions (183,763) (378,898) (92,423)
---------- ---------- -------
Net increase/(decrease) prior to interfund transfers 552,853 6,010 (25,527)
Interfund transfers 219,970 480,259 219,672
---------- ---------- --------
Net increase (decrease) 772,823 486,269 194,145
Net assets available for benefits:
Beginning of year 1,301,707 829,160 758,799
---------- ---------- --------
End of year $2,074,530 $1,315,429 $952,944
========== ========== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Non-
Participant
Directed
----------
Stock
ADDITIONS Fund Total
---------- -----------
<S> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value of assets $ 783,294 $ 1,902,654
Dividends 52,334 2,964,273
Interest 358,692
Contributions:
Participants' 2,388,168
Employer's 473,239 891,032
---------- -----------
Total additions 1,308,867 8,504,819
---------- -----------
DEDUCTIONS
Deductions from net assets attributed to:
Benefits paid to participants (395,022) (3,786,862)
Management fees (10,106)
---------- -----------
Total deductions (395,022) (3,796,968)
---------- -----------
Net increase/(decrease) prior to interfund transfers 913,845 4,707,851
Interfund transfers (12,860) --
---------- -----------
Net increase (decrease) 900,985 4,707,851
Net assets available for benefits:
Beginning of year 2,309,316 24,245,176
---------- -----------
End of year $3,210,301 $28,953,027
========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
PF-6
<PAGE>
HUNT CORPORATION
SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits,
With Fund Information, for the year ended December 31, 1996
<TABLE>
<CAPTION>
Participant Directed
---------------------------------------------------------------------
Capital
Balanced Preservation Select Ultra
ADDITIONS Fund Fund Fund Fund
---------- ------------ ---------- ----------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value of assets $ 38,417 $ 259,550 $ 425,387
Dividends 243,264 414,217 365,455
Interest $ 293,843
Contributions:
Participants' 288,073 610,051 527,514 722,649
Employer's 55,277 112,245 102,183 127,966
---------- ---------- ---------- ----------
Total additions 625,031 1,016,139 1,303,464 1,641,457
---------- ---------- ---------- ----------
DEDUCTIONS
Deductions from net assets attributed to:
Benefits paid to participants (154,442) (333,615) (227,279) (339,940
Management fees (1,448) (3,707) (2,253) (1,376
---------- ---------- ---------- ----------
Total deductions (155,890) (337,322) (229,532) (341,316
---------- ---------- ---------- ----------
Net increase prior to interfund transfers 469,141 678,817 1,073,932 1,300,141
Interfund transfers (311,766) 97,833 (13,469) 63,015
---------- ---------- ---------- ----------
Net increase 157,375 776,650 1,060,463 1,363,156
Net assets available for benefits:
Beginning of year 2,299,511 4,856,487 3,390,486 5,142,066
---------- ---------- ---------- ----------
End of year $2,456,886 $5,633,137 $4,450,949 $6,505,222
========== ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Participant Directed
--------------------------------------------------
Capital
Stock Value Participant
ADDITIONS Fund Fund Loans
---------- ---------- -----------
<S> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value of assets $ 102,310 $ 44,423
Dividends 27,573 77,595
Interest $ 60,452
Contributions:
Participants' 168,883 109,017
Employer's 29,106 14,432
---------- -------- --------
Total additions 327,872 245,467 60,452
---------- -------- --------
DEDUCTIONS
Deductions from net assets attributed to:
Benefits paid to participants (76,545) (16,852) (21,126)
Management fees (120) (110)
---------- -------- --------
Total deductions (76,665) (16,962) (21,126)
---------- -------- --------
Net increase prior to interfund transfers 251,207 228,505 39,326
Interfund transfers (130,291) 372,614 101,370
---------- -------- --------
Net increase 120,916 601,119 140,696
Net assets available for benefits:
Beginning of year 1,180,791 228,041 618,103
---------- -------- --------
End of year $1,301,707 $829,160 $758,799
========== ======== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Non-
Participant
Directed
----------
Stock
ADDITIONS Fund Total
---------- -----------
<S> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value of assets $ 100,806 $ 970,893
Dividends 47,202 1,175,306
Interest 354,295
Contributions:
Participants' 2,426,187
Employer's 358,272 799,481
---------- -----------
Total additions 506,280 5,726,162
---------- -----------
DEDUCTIONS
Deductions from net assets attributed to:
Benefits paid to participants (98,927) (1,268,726)
Management fees (9,014)
---------- -----------
Total deductions (98,927) (1,277,740)
---------- -----------
Net increase prior to interfund transfers 407,353 4,448,422
Interfund transfers (179,306) --
---------- -----------
Net increase 228,047 4,448,422
Net assets available for benefits:
Beginning of year 2,081,269 19,796,754
---------- -----------
End of year $2,309,316 $24,245,176
========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
PF-7
<PAGE>
HUNT CORPORATION
SAVINGS PLAN
Notes to Financial Statements
1. Description of Plan:
The following description of the Hunt Corporation Savings Plan (the Plan)
provides only general information. Participants should refer to the Plan
agreement for a more complete description of the Plan's provisions.
General:
The Plan is a defined contribution plan which provides individual accounts
for each participant. The Plan is designed to comply with the requirements of
the Employee Retirement Income Security Act of 1974, as amended (ERISA) and
with the requirements of Sections 401(a) and 401(k) of the Internal Revenue
Code of 1986, as amended (Code).
Eligibility and Participation:
Generally, all active associates (i.e. employees including officers) of Hunt
Corporation (the Company) and of any other participating company are eligible
to participate in the Plan upon meeting the applicable service requirements.
Leased employees, non-resident aliens, persons classified as independent
contractors and associates who are covered by a collective bargaining
agreement to which the Company or any participating company is a party
(unless the collective bargaining agreement specifically otherwise provides)
are not eligible to participate in the Plan. Associates who work in
full-time, temporary positions as part of an undergraduate or graduate degree
program, college students enrolled in a degree program or high school
graduates matriculating in a degree program who assume temporary employment
with a participating company during the summer months, and associates who are
hired for a specific length of time of no more than 18 consecutive months are
eligible to participate in the Plan, but only if such associates complete a
minimum of 1,000 hours of service during the plan year.
Eligible associates who have completed at least one year of service, as of
any January 1, April 1, July 1, or October 1 are eligible to participate in
the Associate Pre-Tax Contribution and Matching Contribution portions of the
Plan (Hunt Graphics bargaining unit employees are eligible to participate on
the January 1, April 1, July 1, or October 1 nearest the date on which they
complete a year of service.). Eligible associates (other than Hunt Graphics
bargaining unit employees) who have completed at least two consecutive years
of service, as of any December 1, are eligible for participation in the Basic
Contribution portion of the Plan provided such eligible associate is employed
by a participating company on December 1 of the plan year for which the Basic
Contribution is being made.
PF-8
<PAGE>
Notes to Financial Statements, Continued
1. Description of Plan, continued:
Contributions:
Contributions to the Plan are made by the Company and other participating
companies on their own behalf, and in the case of Associate Pre-Tax
Contributions, on behalf of the participants whose salaries have been
reduced. Subject to the limitations of the Plan and the Code, participants
may authorize the Company and other participating companies to withhold each
year up to 15% (10% for Hunt Graphics bargaining unit employees) of their
annual pre-tax compensation (i.e., compensation excluding special bonuses,
severance payments, payments for unused vacation days upon termination of
employment, and taxable employee benefits of any kind but including Associate
Pre-Tax Contributions and participant salary reduction contributions to a
cafeteria plan under Section 125 of the Code), excluding retention bonuses
for Associate Pre-Tax Contributions to the Plan. Participants also may
authorize the Company and other participating companies to withhold a portion
of any retention bonus included in their annual pre-tax compensation for
Associates Pre-Tax Contributions. A Participant's total Associate Pre-Tax
Contributions for a year may not exceed a Code limit adjusted annually for
inflation ($10,000 for 1998 and $9,500 for 1997). The Company and other
participating companies, in turn, will make Matching Contributions on behalf
of participants equal to $.25 for each $1.00 of Associate Pre-Tax
Contributions up to 6% of the participant's pre-tax compensation for each
year subject to the limitations of the Plan and the Code. (Matching
Contributions will be made on behalf of Hunt Graphics bargaining unit
employees equal to $.50 for each $1.00 of Associate Pre-Tax Contributions to
the extent such Associate Pre-Tax Contributions do not exceed 3% of the
participant's pre-tax compensation for each year, subject to the limitations
of the Plan and the Code.)
The Company and other participating companies also may make an annual Basic
Contribution of up to 1% of the base rate of pay (90% of the annual
compensation of salesmen, 100% of the annual compensation for other
associates) on behalf of eligible associates whether or not such associates
make contributions to the Plan. (Basic Contributions are not available to
Hunt Graphics bargaining unit employees. The associate's annual compensation
is generally determined as of June 1 of any plan year, excluding overtime,
bonuses, cash awards and stock awards under the Company's Phantom Stock Plan,
and taxable employee benefits of any kind but including Associate Pre-Tax
Contributions and participant salary reduction contributions to a cafeteria
plan under Section 125 of the Code. Such Basic Contributions can only be
invested in the Stock Fund and are not transferable to other funds. In order
to receive a Basic Contribution for a given plan year, a participant must be
employed by a participating company on December 1 of such plan year.
In no event may the annual compensation of any participant taken into account
under the Plan (i.e., for purposes of Associate Pre-Tax Contributions,
Matching Contributions and Basic Contributions) exceed a Code limit adjusted
annually for inflation ($150,000 for 1996, $160,000 for 1997 and 1998).
Associate Pre-Tax Contributions are contributed to the Plan no later than the
15th business day of the month following the month in which such amounts
would otherwise have been payable in cash, and Matching Contributions and
Basic Contributions are contributed to the Plan no later than the due date,
including any extensions, for the filing of the Company's
PF-9
<PAGE>
Notes to Financial Statements, Continued
1. Description of Plan, continued:
Contributions, continued:
federal tax return for the taxable year which ends with or within the plan
year for which such contributions are being made. Participants may also make
rollover contributions to the Plan of qualifying distributions from other
qualified plans.
Vesting:
A participant's Associate Pre-Tax Contributions (adjusted for earnings and
losses) and Basic Contributions (adjusted for earnings and losses) are always
100% vested and nonforfeitable.
If, while in the service of the Company or any other participating company, a
participant attains age 65, becomes permanently and totally disabled, or
dies, the full value of the Matching Contributions (adjusted for earnings and
losses) allocated to such participant's accounts becomes vested in the
participant (or in such participant's successor in the event of death) and is
nonforfeitable. Prior to the occurrence of such an event, the value of the
Matching Contributions (adjusted for earnings and losses) will vest in a
participant, based on such participant's years of service for vesting (years
in which a participant completes 1,000 or more hours of service commencing
with the date of hire, or in the case of Hunt Graphics bargaining unit
employees, the calendar year), as indicated in the following table:
Less than 1 year 0%
1 year 20%
2 years 40%
3 years 60%
4 years 80%
5 years or more 100%
If a participant terminates employment for reasons other than death, total
disability or retirement at or after age 65, and if the participant is not
fully vested and the present value of his or her vested account balance does
not exceed $5,000, or if it does exceed $5,000, his or her vested account
balance is distributed to such separated participant at his or her request,
the participant forfeits the nonvested balance in his or her account upon
distribution of his or her entire vested account balance. In such case, if
the participant is re-employed, he or she may repay the amount distributed to
him or her before he or she incurs five consecutive one-year breaks in
service, and his or her account will be restored. If the terminated
participant's vested account balance exceeds $5,000 and such participant does
not consent to the immediate distribution of his or her vested account
balance, the participant forfeits the nonvested balance upon his or her
incurring five consecutive one-year breaks in service.
PF-10
<PAGE>
Notes to Financial Statements, Continued
1. Description of Plan, continued:
Withdrawals and Distributions:
Distributions are made according to the vested interest to which participants
are entitled upon retirement, termination, death or disability. The
participant's vested interest will be distributed in one lump sum payment, in
cash, unless the participant elects to receive that portion invested in the
Stock Fund in whole shares of common stock or in any combination of stock and
cash. A participant may also withdraw any portion of his or her vested
account balances after he or she attains age 59-1/2, subject to certain
administrative restrictions. Otherwise, withdrawals before termination of
employment are allowed only in cases of hardship as determined in accordance
with the terms of the Plan.
Disposition of Forfeitures:
Forfeitures of Matching Contributions resulting from the termination of
participants with less than fully vested rights under the Plan shall be
applied to reduce Employer's Contributions to the Plan. At December 31, 1998
and 1997, there were $7,628 and $7,216, respectively, of unallocated
forfeitures.
Plan Amendment and Termination:
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate
the Plan. In the event of Plan termination, the net assets of the Plan will
be distributed to Plan participants and beneficiaries in proportion to their
respective account balances which will be fully vested as a result of such
termination. The Company may also amend the Plan at any time, subject to
certain restrictions.
2. Summary of Significant Accounting Policies:
Basis of Accounting:
The accompanying financial statements are prepared on the accrual method of
accounting.
PF-11
<PAGE>
Notes to Financial Statements, Continued
2. Summary of Significant Accounting Policies, continued:
Investment Valuation:
The common stock of Hunt Corporation is stated at fair value, which
represents the closing price of the stock as listed on the New York Stock
Exchange on the last trading day of the plan year. Investments in the
American Century Investors, Inc., Balanced, Capital Preservation, Select,
Ultra and Value funds are stated at the unit value published as of the end of
the plan year.
Investment Income:
Dividend income is recorded on the ex-dividend date. Income from other
investments is recorded as earned on the accrual basis.
Purchases and sales of securities are reflected on a trade-date basis. Gain
or loss on sales of securities is based on average cost.
The Plan presents in the statements of changes in net assets available for
benefits the net appreciation (depreciation) in the fair market value of its
investments which consists of the realized gains or losses and the unrealized
appreciation (depreciation) on the Plan's investments.
Plan Expenses:
Management fees are paid by the Plan. Brokerage fees relating to purchases
within the Stock Fund are paid from the account of the participant to which
such purchases relate. All additional administrative fees are paid by the
Company.
Payment of Benefits:
Benefits are recorded when paid.
Use of Estimates:
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make significant estimates and
assumptions that affect the reported amounts of assets and liabilities and
changes therein, and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ from those
estimates.
PF-12
<PAGE>
Notes to Financial Statements, Continued
2. Summary of Significant Accounting Policies, continued:
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. Due to the level of risk associated with
certain investment securities and the level of uncertainty related to changes
in the value of investment securities, it is at least reasonably possible
that changes in risks in the near term would materially affect participants'
account balances and the amounts reported in the statement of net assets
available for benefits and the statement of changes in net assets available
for benefits.
3. Investment Program:
Contributions to the Plan are invested, as directed by the participants
(except for Basic Contributions which are invested in the Non-Participant
Directed Stock Fund), in the following funds as described below:
(1) Balanced Fund - a fund that uses common stocks and fixed income
securities to provide growth opportunities as well as income. The Fund
has approximately 60% of its assets in growth stocks and the remainder
in fixed income securities. The fixed income portion of the fund is
invested in a diversified portfolio of investment-grade bonds with an
average weighted portfolio maturity of three to ten years.
(2) Capital Preservation Trust Fund - is a fixed income fund consisting of
the Benham Preservation Fund which invests primarily in guaranteed
investment contracts issued by major financial institutions including
banks and life insurance companies.
The Capital Preservation Trust Fund is a conservative fixed income fund
in which principal is protected from market volatility. By investing in
the Benham Preservation Fund, the Capital Preservation Trust Fund
attempts to provide yields that are higher than money market funds and
certificates of deposit, as well as to provide a relatively predictable
annual return. The annual interest rates are as follows:
Net Effective
Time of Deposit Annual Interest Rate
--------------- --------------------
Funds deposited during 1998 Principally 5.81% through 1999
Funds deposited during 1997 Principally 5.54% through 1998
Funds deposited during 1996 Principally 6.02% through 1997
PF-13
<PAGE>
Notes to Financial Statements, Continued
3. Investment Program, continued:
(3) Select Fund - a fund that invests only in stocks that pay dividends.
Securities are chosen primarily for their growth potential, however, and
return from investment income may not be significant.
(4) Ultra Fund - a fund that seeks capital growth over time by investing in
companies with accelerating growth trends.
(5) Value Fund - a fund that seeks long-term capital growth by investing in
securities of well established companies that are believed to be
undervalued at the time of purchase.
(6) Stock Fund - a fund consisting of common stock of Hunt Corporation
purchased in the open market, or directly from the Company. (This fund
is not available to certain officers or directors, except with respect
to Basic Contributions.)
There were 1,222 and 1,129 Plan participants at December 31, 1998 and 1997,
respectively, who participated in one or more of the investment funds. At
December 31, 1998 and 1997, the number of participants selecting each of the
investment funds for their contributions was as follows:
1998 1997
----- -----
Stock Fund 1,107 1,019
Select Fund 504 657
Ultra Fund 496 652
Capital Preservation Trust Fund 434 571
Balanced Fund 281 387
Value Fund 128 150
4. Participant Loans:
Participants may borrow from their fund accounts a minimum of $1,000 and up
to a maximum equal to the lesser of $50,000 or 50 percent of their vested
account balance. Loan transactions are treated as a transfer to (from) the
investment fund from (to) the Participant Loans Fund.
The period of repayment may not exceed five years (except in the case of a
loan to a Hunt Graphics bargaining unit employee for the purpose of acquiring
a principal residence). Loans are required to be repaid through payroll
deductions in equal periodic installments of principal and interest. Loans
are required to be collateralized by an assignment of a portion of the
participant's interest in his or her account equal to the principal amount of
the loan, and supported by the participant's collateralized promissory note.
The interest rate on a loan is one percentage point (two percentage points
for Hunt Graphics bargaining unit employees) above the prime rate as
published in The Wall Street Journal on the first business day of the month
in which the loan is made. Participant loans mature from August 12, 1999 to
January 22, 2004 and bear interest at 8.75% to 9.50% at December 31, 1998.
PF-14
<PAGE>
Notes to Financial Statements, Continued
5. Reconciliation of Financial Statements to Form 5500:
The following is a reconciliation of net assets available for benefits per
the financial statements to the Form 5500 for the years ended December 31,
1998 and 1997:
<TABLE>
<CAPTION>
1998 1997
---- ----
<S> <C> <C>
Net assets available for benefits per the financial statements $27,154,867 $28,953,027
Amounts allocated to withdrawing participants -- (3,090,034)
----------- -----------
Net assets available for benefits per the Form 5500 $27,154,867 $25,862,993
=========== ===========
</TABLE>
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500 for the years ended December 31, 1998
and 1997:
<TABLE>
<CAPTION>
1998 1997
---- ----
<S> <C> <C>
Benefits paid to participants per the financial statements $ 7,134,695 $ 3,786,862
Add: Amounts allocated to withdrawing participants at
end of year -- 3,090,034
Less: Amounts allocated to withdrawing participants at
beginning of year (3,090,034) (312,164)
----------- -----------
Benefits paid to participants per the Form 5500 $ 4,044,661 $ 6,564,732
=========== ===========
</TABLE>
Amounts allocated to withdrawing participants are recorded on the Form 5500
for benefit claims that have been processed and approved for payment prior to
December 31 but not yet paid as of that date.
6. Tax Status:
The Internal Revenue Service has determined and informed the Company by a
letter dated October 27, 1995, that the Plan and related trust are designed
in accordance with applicable sections of the Internal Revenue Code (IRC).
The Plan has been amended since receiving the determination letter. However,
the Plan administrator believes that the Plan is designed and is currently
being operated in compliance with the applicable requirements of the IRC.
Therefore, no provision for income taxes has been included in the Plan's
financial statements.
PF-15
<PAGE>
Notes to Financial Statements, Continued
7. Related Party Transactions:
American Century Investors, Inc. is the recordkeeper and manager of the
Plan's investments and as such, is a party-in-interest of the Plan.
The Plan is interpreted, administered and operated by an Administrative
Committee comprised entirely of executives of the Company.
The Hunt Corporation stock is actively traded on the open market. Purchases
of the Company's stock are conducted by American Century Investors, Inc.
During 1998, there were purchases totaling $2,521,225.
PF-16
<PAGE>
Item 27(a)
HUNT CORPORATION
SAVINGS PLAN
Schedule of Assets Held for Investment Purposes
as of December 31, 1998
<TABLE>
<CAPTION>
Description of Investment
-------------------------
Fair
Identity of Issuer Shares Type Cost Value
------------------ --------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
Hunt Corporation* 191,404 Common Stock $ 3,135,487 $ 2,033,663
American Century Investors Funds*:
Balanced Funds 147,431 Mutual Fund 2,556,330 2,723,049
Benham Preservation Fund 4,558,424 Mutual Fund 4,558,424 4,558,424
Select Fund 149,413 Mutual Fund 6,337,915 7,080,666
Ultra Fund 258,012 Mutual Fund 6,697,479 8,620,167
Value Fund 201,285 Mutual Fund 1,377,467 1,219,590
Participant Loans* Participant loans with interest
rates from 8.75% to 9.50% 897,610 897,610
----------- -----------
Total investments $25,560,712 $27,133,169
=========== ===========
</TABLE>
*Party-in-interest
<PAGE>
Item 27(d)
HUNT CORPORATION
SAVINGS PLAN
Schedule of Reportable Transactions
for the year ended December 31, 1998
<TABLE>
<CAPTION>
Number of Purchase Selling
Description of Security Transactions Price Price
----------------------- ------------ ----------- -----------
<S> <C> <C> <C>
American Century Investors - Benham Preservation Fund:*
Purchases 83 $ 1,987,584
Sales 101 $ 2,735,011
American Century Investors - Select Fund:*
Purchases 129 2,469,618
Sales 112 1,812,971
American Century Investors - Ultra Fund:*
Purchases 152 12,655,752
Sales 130 13,015,468
American Century Investors - Balanced Fund:*
Purchases 108 2,811,793
Sales 95 2,955,390
American Century Investors - Value Fund:*
Purchases 148 9,269,647
Sales 74 9,197,358
</TABLE>
*Party-in-interest
<TABLE>
<CAPTION>
Net Gain
Description of Security Cost (Loss)
----------------------- ---- --------
<S> <C> <C>
American Century Investors - Benham Preservation Fund:*
Purchases $ 1,987,584 --
Sales 2,735,011 --
American Century Investors - Select Fund:*
Purchases 2,469,618
Sales 1,557,764 $255,207
American Century Investors - Ultra Fund:*
Purchases 12,655,752 --
Sales 12,504,145 511,323
American Century Investors - Balanced Fund:*
Purchases 2,811,793 --
Sales 2,856,059 99,331
American Century Investors - Value Fund:*
Purchases 9,269,647 --
Sales 9,209,458 (12,100)
</TABLE>
*Party-in-interest
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statements on Form S-8 (Nos. 33-6359 and 33-57103) of Hunt Corporation of our
report dated June 11, 1999 relating to the financial statements of Hunt
Corporation Savings Plan, which appears in this Form 10K-A, which is Amendment
No. 1 to Hunt Corporation's Annual Report on Form 10-K.
PricewaterhouseCoopers LLP
Philadelphia, PA
June 29, 1999
