UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 for the fiscal year ended December 31, 1997.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 for the transition period from ____________ to
__________________.
Commission file number: 1-6179
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
CORDANT TECHNOLOGIES INC.
2475 Washington Blvd., Ogden, Utah 84401-2398
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
Audited Financial Statements
December 31, 1997 and 1996
Report of Independent Auditors............................................1
Statements of Net Assets Available for Benefits...........................2
Statements of Changes in Net Assets Available for Benefits................3
Notes to Financial Statements.............................................4
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
Report of Independent Auditors
Compensation Committee
of the Board of Directors
Cordant Technologies Inc. (formerly Thiokol Corporation)
We have audited the accompanying statements of net assets available for
benefits of the Huck International, Inc. Retirement Savings and Investment
Plan as of December 31, 1997 and 1996, and the related statements of
changes in net assets available for benefits for the years then ended.
These financial statements are the responsibility of the Plan's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the Plan
at December 31, 1997 and 1996, and the changes in its net assets available
for benefits for the years then ended in conformity with generally accepted
accounting principles.
/s/ Ernst & Young LLP
Salt Lake City, Utah
May 8, 1998
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
December 31
1997 1996
----------- -----------
<S> <C> <C>
ASSETS
Investments, at fair value - Note C
Fixed Income Fund $11,350,860 $12,406,133
Government Securities Fund 848,796 840,973
Balanced Fund 2,842,609 2,318,053
Equity Index Fund 13,441,848 9,413,690
International Equity Fund 1,363,800 1,391,383
Aggressive Equity Fund 1,220,781 1,069,255
Thiokol Corporation Stock Fund 11,321,338 5,942,552
----------- -----------
TOTAL INVESTMENTS 42,390,032 33,382,039
Loans to participants 1,590,263 1,367,013
Accrued income receivable 156,382 84,461
----------- -----------
TOTAL ASSETS 44,136,677 34,833,513
LIABILITIES
Administrative expenses payable 6,507 7,909
----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $44,130,170 $34,825,604
=========== ===========
</TABLE>
See notes to Financial Statements.
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
Year Ended December 31
1997 1996
------------ ------------
<S> <C> <C>
Contributions and investment income
Company contributions $ 1,013,676 $ 1,054,706
Participant contributions 2,558,322 2,518,023
Rollover contributions 283,822 647,558
Dividend income 196,987 359,078
Interest income 913,089 831,073
------------ ------------
TOTAL CONTRIBUTIONS AND
INVESTMENT INCOME 4,965,896 5,410,438
Net gain on sale of plan assets - Note D 2,391,634 1,819,194
Net unrealized appreciation in fair
value of investments - Note C 6,022,698 1,377,316
Participant payments (3,976,351) (7,468,978)
Administrative expenses (63,591) (48,300)
Plan transfers (35,720) 90,671
------------ ------------
NET INCREASE 9,304,566 1,180,341
Net assets available for benefits at
beginning of year 34,825,604 33,645,263
------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $44,130,170 $ 34,825,604
=========== ============
</TABLE>
See notes to Financial Statements.
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE A - SIGNIFICANT ACCOUNTING POLICIES
General:
- --------
All investments of the Huck International, Inc. Retirement Savings and
Investment Plan (the Plan) are held in the Thiokol Corporation Master
Savings Trust (the Trust) by The Northern Trust Company (the Trustee). The
Trustee invests the assets of three employee retirement savings and
investment plans of Thiokol Corporation (the Company) pursuant to
instructions provided to it by the investment managers. The investment
managers are appointed by the Compensation Committee of the Thiokol Board
of Directors.
The Company's and participants' contributions, loans made to participants,
repayments received from participants, and benefit payments or withdrawals
are specifically identified for each plan. Income (loss) is allocated to
the various plans based upon each plan's proportionate share of the fair
value of the Trust's assets related to that income. Asset values in the
Plan reflect the deduction of brokerage commissions, related transaction
costs and other fees assessed by the various investment managers. Costs
incurred by the Plan to administer the daily valuation system are allocated
daily to each investment fund as a reduction of the Net Asset Value (NAV)
at an annual rate of fifteen one hundredths of one percent. All other Plan
administrative and general expenses are paid by the Company.
Investments:
- ------------
There are seven investment options and one employee loan option under the
Plan. Investment options are: the Fixed Income Fund, the Government
Securities Fund, the Balanced Fund, the Equity Index Fund, the
International Equity Fund, the Aggressive Equity Fund, and the Thiokol
Corporation Stock Fund.
Investments in the stock of the Company are recorded at fair market value
as determined by the closing price on the New York Stock Exchange.
The investment managers for the Equity Index, Balanced, International
Equity, and Aggressive Equity Funds provide the unit value of their
respective funds on a daily basis to the Trustee based upon each
investment's closing price from the appropriate exchange or closing bid
prices from investment brokerage firms.
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE A - SIGNIFICANT ACCOUNTING POLICIES
The Fixed Income and Government Securities Funds are valued at contract
value, which represents periodic deposit amounts net of funds used to pay
participants' withdrawals, plus credited interest at the contract rate. The
interest rate for each contract is reviewed and may be adjusted
semi-annually to reflect current interest rates. The stated interest rate
has been adjusted for estimated contract transaction and plan
administration costs.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the amounts reported in the financial statements
and accompanying notes, such as the adjustment on the stated interest rate
for the Fixed Income and Government Securities Funds. Actual results could
differ from those estimates.
Funds may be invested on a temporary basis in common trust funds.
Participation units in common trust funds, comprised exclusively of
short-term investments, are valued at par value, which is equal to
redemption value.
Gain or loss on the sale of Plan assets is determined by utilizing a
historical average unit cost of investments. Unrealized appreciation or
depreciation is determined by the change in fair value for the twelve-month
period.
NOTE B - DESCRIPTION OF THE PLAN
The Plan is a defined-contribution 401(k) plan established to provide
eligible employees with an incentive to make systematic savings for
retirement from current income through payroll deductions and to provide an
opportunity to acquire an equity interest in the Company or to invest in
one of the other six investment choices. All domestic Huck International,
Inc. employees, except Kingston bargaining employees, are eligible to
participate in the Plan.
Participation in the Plan is voluntary. Participants may make contributions
to the Plan for any whole percentage up to a maximum of 17% of base pay
subject to limitations imposed by Federal Tax Regulations. The Company
contributes an amount equal to 50% of the participants' base pay up to 8%,
adjusted for any current forfeitures and reinstatement of prior
forfeitures.
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE B - DESCRIPTION OF THE PLAN
Company contributions are allocated among the investment funds in
accordance with the participants' elections. Participants may transfer
amounts from one investment fund to another subject to certain
restrictions.
Information about the Plan's vesting and benefit provisions is contained in
the booklet entitled "Your Employee Benefits" and is available from the
Company's human resources department.
Active participants may obtain loans from the Plan. The maximum loan amount
is subject to certain restrictions and each loan is secured by the
participant's account balance. The interest charged on loans is based upon
rates as determined by the Plan Administration Committee subject to
Department of Labor regulations.
The Company has the right to terminate, amend, modify or suspend the Plan
at any time. In the event the Plan is terminated, the entire value of the
investment funds shall be applied for the exclusive benefit of
participants, and no part of the funds will revert to the Company. Upon
termination of the Plan, the Company will have no obligation to continue
making contributions to the Plan.
NOTE C - INVESTMENTS
A description of the investment funds follows:
Fixed Income Fund:
- -----------------
This fund is managed by Connecticut General Life Insurance Company (CIGNA),
under a group annuity contract issued to the Trustee, which provides for a
fixed rate of return. The stated annual rate of return was 6.35% for 1997,
and 5.50% and 5.75% for the first and second halves of 1996 respectively.
The average yield for the fund was 6.35% and 5.63% for 1997 and 1996
respectively. The majority of Fund assets consist of intermediate-term
investment grade corporate bonds.
The fund is maintained in a separate account at the insurance company to
prevent the assets from being subject to the claims of the general
creditors of CIGNA.
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE C - INVESTMENTS
Government Securities Fund:
- ---------------------------
This fund is managed by Metropolitan Life Insurance Company (MetLife) under
a group annuity contract. The fund invests in intermediate-term United
States Government and Government National Mortgage Association fixed income
securities backed by the full faith and credit of the United States
Treasury and in other highly rated short-term securities. The stated annual
rate of return was 5.85% for 1997, and 5.00% and 5.25% for the first and
second halves of 1996 respectively. The average yield for the fund was
5.85% and 5.13% for 1997 and 1996 respectively.
The fund is maintained in a separate account at the insurance company to
prevent the assets from being subject to the claims of the general
creditors of MetLife.
Balanced Fund:
- --------------
This fund is managed by the investment management firm of Dodge and Cox.
The fund is invested in both common stocks and bonds. The value of
investments can fluctuate due to general stock and bond market conditions
as well as the performance of the individual securities in which the fund
is invested. Investments in any single stock or bond issue, with the
exception of United States government securities, are seldom in excess of
2% of total fund assets.
Equity Index Fund:
- ------------------
This fund is managed by the Bankers Trust Company. The fund is invested
primarily in common stocks and securities convertible into common stocks
and in other similar types of equity investments which closely mirror the
Standard and Poor's 500 Composite Stock Price Index. The value of
investments can fluctuate due to general stock market conditions and the
performance of the individual securities which comprise the Standard and
Poor's 500 Composite Stock Price Index.
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE C - INVESTMENTS
International Equity Fund:
- --------------------------
This fund is managed by the investment management firm of Rowe Price-
Fleming International. This fund is broadly diversified by investing in the
equity securities of established foreign companies. Generally this fund is
invested in over 300 stocks in more than 25 countries. This fund may invest
in corporate and government debt securities, futures, options and enter
into forward foreign currency exchange contracts. The fund is managed on a
team basis by several portfolio managers that are each responsible for a
geographic region. The portfolio managers are supported by more than 100
financial analysts. The value of this fund fluctuates with world stock and
currency market conditions and the performance of the individual securities
in the fund.
Aggressive Equity Fund:
- -----------------------
This fund is managed by the investment management firms of Peregrine
Capital Management and Provident Investment Counsel. They began management
of the fund on November 1, 1996, replacing Target Investors, Inc. (Target).
The Company terminated its relationship with Target due to less than
expected investment returns. During November 1996, the funds in Target were
liquidated and transferred to the two new managers. As a result of the
transfer, the fund under Target realized a net loss of $134,182, and the
fund under the new managers recognized a realized gain of $87,101 resulting
in a net realized loss of $47,081 for 1996 (See Note D).
This fund is invested in the common stocks of small, rapidly growing
companies. A small growth company is one which is still in the early state
of its life cycle, yet has demonstrated, or is expected to achieve,
long-term earnings growth. Investments in any single stock rarely exceed 4%
of total fund assets. The value of investments can fluctuate due to general
stock market conditions and the performance of the individual securities in
the fund.
Thiokol Corporation Stock Fund:
- -------------------------------
This fund is invested primarily in Thiokol Corporation common stock. Its
performance depends primarily upon the performance of the Company's stock.
As with other stocks, the market value of this stock can fluctuate, and
participants' investments in this fund can increase or decrease in value.
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE C - INVESTMENTS
During 1997 and 1996, the unrealized appreciation (depreciation) of the
Plan's investments was as follows:
<TABLE>
<CAPTION>
Appreciation
(Depreciation)
in Fair Value
During the Period Fair Value Cost
----------------- -------------- ------------
<S> <C> <C> <C>
December 31, 1997:
Fair value as determined by
redemption or contract value:
Fixed Income Fund $ -- $ 11,350,860 $ 11,350,860
Government Securities Fund -- 848,796 848,796
Fair value as determined by quoted market prices:
Balanced Fund 179,470 2,842,609 2,424,106
Equity Index Fund 2,514,633 13,441,848 8,326,050
International Equity Fund (76,383) 1,363,800 1,334,550
Aggressive Equity Fund (14,615) 1,220,781 1,269,355
Thiokol Corporation Stock Fund 3,419,593 11,321,338 6,041,935
------------ ------------ ------------
$ 6,022,698 $ 42,390,032 $ 31,595,652
============ ============ ============
December 31, 1996:
Fair value as determined by redemption or contract value:
Fixed Income Fund $ -- $ 12,406,133 $ 12,406,133
Government Securities Fund -- 840,973 840,973
Fair value as determined by quoted market prices:
Balanced Fund 134,286 2,318,053 2,069,012
Equity Index Fund 971,010 9,413,690 6,962,809
International Equity Fund 69,168 1,391,383 1,260,705
Aggressive Equity Fund (44,311) 1,069,255 1,098,941
Thiokol Corporation Stock Fund 247,163 5,942,552 3,900,055
------------ ------------ ------------
$ 1,377,316 $ 33,382,039 $ 28,538,628
============ ============ ============
</TABLE>
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE D - CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS BY
INVESTMENT FUND
<TABLE>
<CAPTION>
Year Ended December 31, 1997
------------------------------------------------
Fixed Gov't
Income Sec. Balanced
Fund Fund Fund
------------ ------------ ------------
<S> <C> <C> <C>
Contributions and investment
income:
Company contributions $ 278,058 $ 45,390 $ 70,943
Participant contributions 676,812 104,889 200,088
Rollover contributions 107,286 955 77,583
Dividend income -- -- 89,909
Interest income 778,425 49,467 6,693
------------ ------------ ------------
TOTAL CONTRIBUTIONS AND
INVESTMENT INCOME 1,840,581 200,701 445,216
Net gain on sale of plan assets -- -- 220,705
Net unrealized appreciation
(depreciation) in fair value of
investments -- -- 179,470
Participant payments (1,546,389) (38,213) (220,661)
Administrative expenses (18,237) (1,260) (4,079)
Plan transfers (44,497) -- 1,305
Participant transfers (1,342,097) (138,588) 95,549
------------ ------------ ------------
NET (DECREASE) INCREASE (1,110,639) 22,640 717,505
Net assets available for benefits
at beginning of year 12,901,903 873,440 2,383,301
------------ ------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $11,791,264 $ 896,080 $ 3,100,806
============ ============ ============
</TABLE>
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE D - CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS BY
INVESTMENT FUND
<TABLE>
<CAPTION>
Year Ended December 31, 1997
----------------------------------------------------------------------------
Equity Int'l Aggressive Company
Index Equity Equity Stock
Fund Fund Fund Fund Total
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Contributions and investment
income:
Company contributions $ 283,903 $ 55,475 $ 50,076 $ 229,831 $ 1,013,676
Participant contributions 741,106 142,204 128,936 564,287 2,558,322
Rollover contributions 17,977 19,397 15,739 44,885 283,822
Dividend income 585 2,500 1,208 102,785 196,987
Interest income 33,342 5,100 4,190 35,872 913,089
------------ ------------ ------------ ------------ ------------
TOTAL CONTRIBUTIONS AND
INVESTMENT INCOME 1,076,913 224,676 200,149 977,660 4,965,896
Net gain on sale of plan assets 676,916 111,392 101,364 1,281,257 2,391,634
Net unrealized appreciation
(depreciation) in fair value of
investments 2,514,633 (76,383) (14,615) 3,419,593 6,022,698
Participant payments (962,848) (262,627) (111,458) (834,155) (3,976,351)
Administrative expenses (21,773) (1,824) (1,591) (14,827) (63,591)
Plan transfers 4,929 1,359 808 376 (35,720)
Participant transfers 799,343 (38,347) (30,369) 654,509 --
------------ ------------ ------------ ------------ ------------
NET (DECREASE) INCREASE 4,088,113 (41,754) 144,288 5,484,413 9,304,566
Net assets available for benefits
at beginning of year 9,811,089 1,468,093 1,133,426 6,254,352 34,825,604
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $ 13,899,202 $ 1,426,339 $ 1,277,714 $ 11,738,765 $ 44,130,170
============ ============ ============ ============ ============
</TABLE>
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE D - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY
INVESTMENT FUND
<TABLE>
<CAPTION>
Year Ended December 31, 1996
-----------------------------------------------
Fixed Gov't
Income Sec. Balanced
Fund Fund Fund
----------- ------------ ------------
<S> <C> <C> <C>
Contributions and investment
income:
Company contributions $ 320,261 $ 46,502 $ 67,589
Participant contributions 741,864 110,155 181,377
Rollover contributions 261,291 73,389 35,635
Dividend income -- -- 70,328
Interest income 722,727 37,602 5,109
------------ ------------ ------------
TOTAL CONTRIBUTIONS AND
INVESTMENT INCOME 2,046,143 267,648 360,038
Net gain (loss) on sale of plan assets ........ -- -- 70,118
Net unrealized appreciation
(depreciation) in fair value of
investments ............................. -- -- 134,286
Participant payments .......................... (3,651,984) (300,546) (825,860)
Administrative expenses ....................... (18,607) (1,057) (3,018)
Plan transfers ................................ 94,658 -- (327)
Participant transfers ......................... (834,199) 29,035 604,426
------------ ------------ ------------
NET (DECREASE) INCREASE (2,363,989) (4,920) 339,663
Net assets available for benefits
at beginning of year .................... 15,265,892 878,360 2,043,638
------------ ------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $ 12,901,903 $ 873,440 $ 2,383,301
============ ============ ============
</TABLE>
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE D - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY
INVESTMENT FUND
<TABLE>
<CAPTION>
Year Ended December 31, 1996
----------------------------------------------------------------------------
Equity Int'l Aggressive Company
Index Equity Equity Stock
Fund Fund Fund Fund Total
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Contributions and investment
income:
Company contributions $ 283,643 $ 47,935 $ 58,772 $ 230,004 $ 1,054,706
Participant contributions 674,924 122,203 147,458 540,042 2,518,023
Rollover contributions 164,301 24,644 22,480 65,818 647,558
Dividend income 163,894 25,795 10,057 89,004 359,078
Interest income 26,724 4,201 4,565 30,145 831,073
------------ ------------ ------------ ------------ ------------
TOTAL CONTRIBUTIONS AND
INVESTMENT INCOME 1,313,486 224,778 243,332 955,013 5,410,438
Net gain (loss) on sale of plan assets 672,672 55,853 (47,081) 1,067,632 1,819,194
Net unrealized appreciation
(depreciation) in fair value of
investments 971,010 69,168 (44,311) 247,163 1,377,316
Participant payments (1,615,836) (261,895) (268,050) (544,807) (7,468,978)
Administrative expenses (13,484) (1,596) (2,376) (8,162) (48,300)
Plan transfers (1,864) (1,290) 183 (689) 90,671
Participant transfers (123,088) 602,182 (324,002) 45,646 --
------------ ------------ ------------ ------------ ------------
NET (DECREASE) INCREASE 1,202,896 687,200 (442,305) 1,761,796 1,180,341
Net assets available for benefits
at beginning of year 8,608,193 780,893 1,575,731 4,492,556 33,645,263
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $ 9,811,089 $ 1,468,093 $ 1,133,426 $ 6,254,352 $ 34,825,604
============ ============ ============ ============ ============
</TABLE>
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE E - INCOME TAX STATUS
The Company has received a favorable letter of determination from the
Internal Revenue Service stating that the Plan qualifies under section 401
and the Trust is exempt from tax under section 501(a) of the Internal
Revenue Code (IRC). The Plan is required to operate in conformity with the
IRC to maintain its qualification. The Company is not aware of any course
of action or series of events that have occurred that would adversely
affect the Plan's qualified status. Participants are not subject to income
tax on Company contributions or income credited to their accounts until
such time as these amounts are distributed.
NOTE F -- QUARTERLY NET ASSET VALUE INFORMATION
The NAV of each fund was established at $10.00 on January 1, 1995. A
participant's fund balance is computed by multiplying the NAV by the number
of units owned. The investment fund NAV at the end of each quarter for 1997
and 1996 was as follows:
<TABLE>
<CAPTION>
March 31 June 30 Sept 30 Dec 31
-------- -------- -------- --------
Calendar Year 1997
<S> <C> <C> <C> <C>
Fixed Income Fund $11.2903 $11.4647 $11.6437 $11.8256
Government Securities Fund 11.1744 11.3336 11.4969 11.6625
Balanced Fund 14.8108 16.4264 17.7097 17.7295
Equity Index Fund 17.2947 20.3152 21.8366 22.4551
International Equity Fund 12.9622 14.5394 14.4370 13.3608
Aggressive Equity Fund 9.3690 10.9900 12.7147 11.5949
Thiokol Corporation Stock Fund 19.3789 24.3948 29.8851 28.2672
Calendar Year 1996
Fixed Income Fund $10.6708 $10.8135 $10.9622 $11.1209
Government Securities Fund 10.6097 10.7396 10.8787 11.0196
Balanced Fund 13.1734 13.4550 13.7435 14.6521
Equity Index Fund 14.4606 15.0990 15.5518 16.8403
International Equity Fund 11.8484 12.3096 12.3838 12.9706
Aggressive Equity Fund 10.4971 10.8888 10.4508 10.5032
Thiokol Corporation Stock Fund 15.5724 14.0127 16.5682 15.7884
</TABLE>
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE G - YEAR 2000 (UNAUDITED)
The Plan is dependent on information systems controlled and maintained by
the Company and third party service providers. The Company and the third
party service providers have indicated their systems are Year 2000
compliant or they expect their systems to be Year 2000 compliant by March
31, 1999. The Company and the third party service providers bear all costs
associated with becoming Year 2000 compliant. No material impact to the
Plan is anticipated from Year 2000 issues.
NOTE H - SUBSEQUENT EVENTS
On January 22, 1998, the Company's Board of Directors declared a
two-for-one stock split in the form of a stock dividend payable March 13,
1998, for each stockholder of record on February 27, 1998. The Company
Stock Fund is valued in units, rather than shares, and therefore the split
will not impact the number of units or the value allocated to the
participants accounts. The NAV is also unaffected by the stock split.
On May 5, 1998, the Thiokol Corporation announced effective immediately the
change of the corporate name to Cordant Technologies Inc. This name change
will have no effect on the Plan.
<PAGE>
Exhibit
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-10316) pertaining to certain Retirement Savings and
Investment Plans of Thiokol Corporation of our report dated May 8, 1998,
with respect to the financial statements of the Huck International, Inc.
Retirement Savings and Investment Plan included in this Annual Report (Form
11-K) for the year ended December 31, 1997.
/s/ Ernst & Young LLP
Salt Lake City, Utah
June 25, 1998
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the
undersigned thereunto duly authorized.
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS
AND INVESTMENT PLAN
Date: June 29, 1998 /s/Richard L. Corbin
-------------------------------------
Richard L. Corbin
Senior Vice President and
Chief Financial Officer
for the Plan Administrative Committee
