<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 28, 1999
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 28, 1999 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, 2000 was 10,164,939.
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 28, 1999 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, 1999. 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 1999, 1998
and 1997 F-2
Consolidated Balance Sheets,
November 28, 1999 and
November 29, 1998 F-3
Consolidated Statements of
Stockholders' Equity for the
fiscal years 1999, 1998
and 1997 F-4
Consolidated Statements of
Comprehensive Income for the
fiscal years 1999, 1998, and 1997 F-5
Consolidated Statements of
Cash Flows for the fiscal years
1999, 1998, and 1997 F-6
Notes to Consolidated Financial
Statements F-7-F-29
B. The Savings Plan:
Report of Independent Accountants PF-2
Statements of Net Assets Available
for Benefits as of December 31, 1999
and 1998 PF-3
Statements of Changes in Net Assets
Available for Benefits for the years
ended December 31, 1998, 1997, and 1997 PF-4
Notes to Financial Statements PF-5-PF-11
<PAGE>
2. Financial Statement Schedule:
Schedule II. Valuation and Qualifying
Accounts for the fiscal years
1999, 1998 and 1997 F-30
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:
(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).
(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 and (2) Third
Amendment dated as of April 24, 1998 to
Credit Agreement (incorp. by ref. to Ex.
4(b)(1) and 4(b)(2), respectively to
fiscal 1998 Form 10-K).
<PAGE>
(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; 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(c)(1) and
4(c)(2), respectively to fiscal 1999
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 1999 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(d) to fiscal 1999 Form 10-K).**
(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; and (2) list of
executive officers who are parties to
such Change in Control Agreements
(incorp. by ref. to Ex. 10(f)(1) and
10(f)(2), respectively to fiscal 1999
Form 10-K).**
(g) (1) Form of Supplemental Executive
Benefits Plan of the Company, effective
January 1, 1997 (incorporated by
reference to Ex. 10(g)(1) of fiscal 1998
Form 10-K); (2) Amendment No. 1 to
Supplemental Executive Benefits Plan
(filed herewith); and (3) form of
related Amended and Restated Trust
Agreement, effective January 1, 1997
(incorp. by ref. to Ex. 10(g)(2) to
fiscal 1998 Form 10-K).**
<PAGE>
(h) (1) 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); and (2) description of
amendment to Employment Agreement
(incorp. by ref. to Ex. 10(h)(1) and
10(h)(2), respectively to fiscal 1999
Form 10-K).**
(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 on Forms S8 Nos. 333-73197, 33-57105,
33-57103, 33-70660, 33-25947, 33-6359, and
2-83144, of their report on the consolidated
financial statements and schedule included in this
report (incorp. by ref. to Ex. 23 to fiscal 1999
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 1999 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 Rule 12b-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 28, 2000 By:_______________________________________________
Donald L. Thompson
Chairman, President and Chief Executive Officer
June 28, 2000 By:_______________________________________________
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, 1999, 1998, and 1997
AND SUPPLEMENTAL SCHEDULE
for the year ended December 31, 1999
<PAGE>
HUNT CORPORATION
SAVINGS PLAN
TABLE OF CONTENTS
Page
----
Report of Independent Accountants 2
Financial Statements:
Statements of Net Assets Available for Benefits
as of December 31, 1999 and 1998 3
Statements of Changes in Net Assets Available for Benefits,
for the years ended December 31, 1999, 1998, and 1997 4
Notes to Financial Statements 5-11
Supplemental Schedule:
Schedule of Assets Held for Investment Purposes as of
December 31, 1999 Schedule H, Part IV, Item 4i*
* Refers to item number in Form 5500 (Annual Return/Report
of Employee Benefit Plan) for the plan year ended
December 31, 1999
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 the Hunt Corporation Savings Plan (the "Plan") at December 31, 1999 and 1998,
and the changes in net assets available for benefits for each of the three years
in the period ended December 31, 1999 in conformity with accounting principles
generally accepted in the United States. 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 auditing standards generally
accepted in the United States, 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 schedule of assets held
for investment purposes as of December 31, 1999 is presented for the purpose of
additional analysis and is not a required part of the basic financial statements
but is 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. This supplemental schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
PricewaterhouseCoopers LLP
Philadelphia, PA
June 15, 2000
2
<PAGE>
HUNT CORPORATION
SAVINGS PLAN
Statements of Net Assets Available for Benefits
as of December 31, 1999 and 1998
ASSETS 1999 1998
---- ----
Investments, at fair value $32,854,449 $27,133,169
Accrued interest 27,060 21,698
----------- -----------
Total assets 32,881,509 27,154,867
----------- -----------
Net assets available for benefits $32,881,509 $27,154,867
=========== ===========
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
HUNT CORPORATION
SAVINGS PLAN
Statements of Changes in Net Assets Available for Benefits
for the years ended December 31, 1999, 1998, and 1997
<TABLE>
<CAPTION>
ADDITIONS 1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value of investments $ 3,476,457 $ (129,971) $1,902,654
Dividends 1,662,491 2,615,934 2,964,273
Interest 386,744 365,901 358,692
Contributions:
Participants 1,709,051 1,875,894 2,388,168
Employer 590,724 617,769 891,032
----------- ------------ ----------
Total additions 7,825,467 5,345,527 8,504,819
----------- ------------ ----------
DEDUCTIONS
Deductions from net assets attributed to:
Benefits paid to participants 2,090,826 7,134,695 3,786,862
Management fees 7,999 8,992 10,106
----------- ------------ ----------
Total deductions 2,098,825 7,143,687 3,796,968
----------- ------------ ----------
Net increase (decrease) 5,726,642 (1,798,160) 4,707,851
Net assets available for benefits, beginning of year 27,154,867 28,953,027 24,245,176
----------- ------------ -----------
Net assets available for benefits, end of year $32,881,509 $ 27,154,867 $28,953,027
=========== ============ ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<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 (the "Code").
Eligibility and Participation:
Generally, all active associates (i.e., employees, including officers)
of Hunt Corporation and of any participating subsidiary company
(collectively, the "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.
Associates are eligible to participate in the Associate Pre-Tax
Contribution portion of the Plan as of the entry date on or after the
first day of the second month after the month in which the associate
becomes an eligible employee. Associates are eligible to participate in
the Matching Contribution portion of the Plan as of the entry date on
or after the date on which they complete a year of service. (Hunt
Graphics bargaining unit employees are eligible to participate in the
Associate Pre-Tax Contribution and Matching Contribution portions of
the Plan 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
5
<PAGE>
Notes to Financial Statements, continued
1. Description of Plan, continued:
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.
Associate Pre-Tax Contributions:
Subject to the limitations of the Plan and the Code, participants may
authorize the Company to withhold each year up to 15% (10% for Hunt
Graphics bargaining unit employees) of their annual pre-tax
compensation. Participants (other than Hunt Graphics bargaining unit
employees) also may authorize the Company to withhold a portion of any
retention bonus included in their annual pre-tax compensation.
Participants may also make rollover contributions to the Plan of
qualifying distributions from other qualified plans.
Matching Contributions:
The Company will make Matching Contributions on behalf of participants
equal to $.25 for each $1.00 of participant contributions up to 6% of
the participant's pre-tax compensation for each year (excluding
retention bonuses). (Matching Contributions will be made on behalf of
Hunt Graphics bargaining unit employees equal to $.50 for each $1.00 of
participant contributions to the extent such contributions do not
exceed 3% of the participant's pre-tax compensation for the year.)
Basic Contributions:
The Company may also make a discretionary annual Basic Contribution of
up to 1% of the base rate of pay, as defined in the Plan (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.) Such Basic
Contributions can only be invested in the Stock Fund and are not
transferable to other funds.
Participant Accounts:
Each participant's account is credited with the Associate Pre-Tax
Contribution and allocations of (a) Matching Contributions, (b) Basic
Contributions, and (c) Plan earnings, and charged with an allocation of
administrative expenses. Allocations are based on participant earnings
or account balances, as set forth in the Plan.
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.
6
<PAGE>
Notes to Financial Statements, continued
1. Description of Plan, continued:
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 fully vested and is nonforfeitable. Prior to the
occurrence of such an event, the Matching Contributions (adjusted for
earnings and losses) will vest 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%
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 as set forth in 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. During 1999 and
1998, there were $4,633 and $7,628, respectively, of forfeitures used
to reduce employer contributions. There were no unallocated forfeitures
at December 31, 1999 and 1998.
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.
7
<PAGE>
Notes to Financial Statements, continued
2. Summary of Significant Accounting Policies:
Basis of Accounting:
The accompanying financial statements are prepared on the accrual
method of accounting.
Investment Valuation:
Investments are stated at fair value. Quoted market prices are used to
value investments. Shares of mutual funds are valued at the net asset
value of shares held by the Plan at year-end.
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:
Investment management fees and brokerage fees related to transactions
within the Stock Fund are paid by the Plan. 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 the Administrative Committee to
make estimates and assumptions that affect the reported amounts of
assets, liabilities and changes therein, and disclosures of contingent
assets and liabilities. Actual results could differ from those
estimates.
8
<PAGE>
Notes to Financial Statements, continued
2. Summary of Significant Accounting Policies, continued:
Risks and Uncertainties:
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. Participant Loans:
Participants may borrow 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.
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. The interest rate on a loan is one percentage point 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 (the Plan provides
for use of a reasonable interest rate with respect to Hunt Graphics
bargaining unit employees). Participant loans mature from January 6,
2000 to December 28, 2004 and bear interest at 8.75% to 9.75% at
December 31, 1999.
4. Investments:
The following presents investments that represent 5 percent or more of
the Plan's net assets:
<TABLE>
<CAPTION>
December 31,
1999 1998
---- ----
<S> <C> <C>
Hunt Corporation Common Stock,
255,092 and 191,404 shares, respectively $ 2,428,938* $2,033,663*
American Century Balanced Fund,
164,894 and 147,431 shares, respectively 2,839,477 2,723,049
American Century Select Fund,
150,928 and 149,413 shares, respectively 7,950,907 7,080,666
American Century Stable Fund,
5,627,462 and 4,558,424 shares, respectively 5,627,462 4,558,424
American Century Ultra Fund,
263,254 and 258,012 shares, respectively 12,051,784 8,620,167
</TABLE>
* Includes $1,267,945 and $1,156,977 of non participant-directed
9
<PAGE>
Notes to Financial Statements, continued
4. Investments, continued:
During 1999, 1998, and 1997 the Plan's investments (including gains and
losses on investments bought and sold, as well as held during the year)
appreciated (depreciated) in value as follows:
<TABLE>
<CAPTION>
1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
Mutual Funds $3,711,882 $ 2,203,418 $ 656,849
Common Stock (235,425) (2,333,389) 1,245,805
---------- ----------- ----------
$3,476,457 $ (129,971) $1,902,654
========== =========== ==========
</TABLE>
5. Non Participant-Directed
Information about the net assets and the significant components of the
changes in net assets relating to the non participant-directed
investments is as follows:
<TABLE>
<CAPTION>
1999 1998
---- ----
Net assets:
<S> <C> <C>
Hunt Corporation common stock $1,268,325 $1,156,977
1999 1998 1997
---- ---- ----
Changes in net assets:
Contributions $ 279,265 $ 288,212 $ 473,239
Dividends 52,530 50,136 52,334
Net (depreciation) appreciation (134,640) (1,501,023) 783,294
Benefits paid to participants (85,807) (890,649) (407,882)
--------- ------------ ---------
$ 111,348 $ (2,053,324) $ 900,985
========= ============ =========
</TABLE>
10
<PAGE>
Notes to Financial Statements, continued
6. Reconciliation of Financial Statements to Form 5500:
The following is a reconciliation of benefits paid to participants per
the financial statements to the Form 5500 for the years ended December
31, 1999, 1998, and 1997:
<TABLE>
<CAPTION>
1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
Benefits paid to participants per the
financial statements $2,090,826 $ 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 $2,090,826 $ 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.
7. 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 Code. 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
Code. Therefore, no provision for income taxes has been included in the
Plan's financial statements.
8. 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.
11
<PAGE>
Schedule H, Part IV, Item 4i
HUNT CORPORATION
SAVINGS PLAN
Schedule of Assets Held for Investment Purposes
as of December 31, 1999
<TABLE>
<CAPTION>
Description of Investment
----------------------------------------------
Fair
Identity of Issuer Shares Type Value
------------------ ------ ---- -----
<S> <C> <C> <C>
*Hunt Corporation 255,092 Common Stock $ 2,428,938
*American Century Investors Funds:
Balanced Fund 164,894 Mutual Fund 2,839,477
Select Fund 150,928 Mutual Fund 7,950,907
Stable Fund 5,627,462 Mutual Fund 5,627,462
Ultra Fund 263,254 Mutual Fund 12,051,784
Value Fund 171,924 Mutual Fund 943,865
Participant Loans Participant loans with interest
rates from 8.75% to 9.75% 1,012,016
-----------
Total investments $32,854,449
===========
</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 15, 2000 relating to the financial statements of the 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 26, 2000
