<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
(X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1993
-----------------
OR
( )TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from _____________ to _________________
Commission file number 1-5492-1
-----------
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
Nashua Corporation Savings Plan for Specified Hourly Employees
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
Nashua Corporation
44 Franklin Street
P.O. Box 2002
Nashua, New Hampshire 03061-2002
<PAGE> 2
NASHUA CORPORATION
------------------
SAVINGS PLAN FOR SPECIFIED
--------------------------
HOURLY EMPLOYEES
----------------
FINANCIAL STATEMENTS
--------------------
DECEMBER 31, 1993
-----------------
<PAGE> 3
NASHUA CORPORATION
------------------
SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES
-------------------------------------------
<TABLE>
INDEX TO FINANCIAL STATEMENTS
-----------------------------
<CAPTION>
PAGES
-----
<S> <C>
Financial Statements:
Report of Independent Accountants 1
Statement of Net Assets Available for Plan Benefits
(With Fund Information) as of December 31, 1993 and 1992 2-3
Statement of Changes in Net Assets Available for Plan Benefits
(With Fund Information) for the Years Ended
December 31, 1993 and 1992 4-5
Notes to Financial Statements 6-10
</TABLE>
Supplementary Information: *
* Schedules required by Section 2520.103-10 of the Department of
Labor Rules and Regulations for Reporting and Disclosure under
ERISA have been omitted because they are not applicable.
<PAGE> 4
Report of Independent Accountants
July 14, 1994
To the Participants and Pension Committee of the
Nashua Corporation Savings Plan for
Specified Hourly Employees
In our opinion, the accompanying statement of net assets available for
plan benefits and the related statement of changes in net assets available for
plan benefits present fairly, in all material respects, the net assets
available for plan benefits of the Nashua Corporation Savings Plan for
Specified Hourly Employees (the "Plan") at December 31, 1993 and 1992 and the
changes in net assets available for plan benefits for the years then ended, in
conformity with generally accepted accounting principles. These financial
statements are the responsibility of the Plan's management; our responsibility
is to express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for the opinion expressed above.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The fund information in the statement
of net assets available for plan benefits and the statement of changes in net
assets available for plan 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 plan benefits of each fund. The fund
information has been subjected to the auditing procedures applied in the audit
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.
<PAGE> 5
<TABLE>
NASHUA CORPORATION
SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND INFORMATION)
DECEMBER 31, 1993
- - --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
GUARANTEED NASHUA
INVESTMENT COMMON EQUITY- GROWTH
CONTRACT STOCK PURITAN MAGELLAN INCOME COMPANY
FUND FUND FUND FUND FUND FUND
-------- -------- ------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
GUARANTEED INVESTMENT CONTRACT FUND,
AT CONTRACT VALUE $518,392 $ - $ - $ - $ - $ -
INVESTMENTS AT FAIR VALUE:
NASHUA COMMON STOCK FUND - 206,251 - - - -
MUTUAL FUNDS - - 50,121 133,229 71,590 34,441
EMPLOYEE CONTRIBUTIONS RECEIVABLE 14,700 345 1,904 5,240 2,569 1,940
EMPLOYER CONTRIBUTIONS RECEIVABLE 1,567 6,113 576 1,048 508 350
PARTICIPANT LOANS RECEIVABLE, AT FAIR
VALUE - - - - - -
-------- -------- ------- -------- ------- -------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $534,659 $212,709 $52,601 $139,517 $74,667 $36,731
======== ======== ======= ======== ======= =======
</TABLE>
<TABLE>
<CAPTION>
GOV'T
PACIFIC MONEY
EUROPE BASIN MARKET LOAN
FUND FUND FUND FUND TOTAL
---- ------ ------- ------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS:
GUARANTEED INVESTMENT CONTRACT FUND,
AT CONTRACT VALUE $ - $ - $ - $ - $ 518,392
INVESTMENTS AT FAIR VALUE:
NASHUA COMMON STOCK FUND - - - - 206,251
MUTUAL FUNDS 656 6,474 17,622 - 314,133
EMPLOYEE CONTRIBUTIONS RECEIVABLE 95 213 1,500 - 28,506
EMPLOYER CONTRIBUTIONS RECEIVABLE 19 47 197 - 10,425
PARTICIPANT LOANS RECEIVABLE, AT FAIR
VALUE - - - 50,348 50,348
---- ------ ------- ------- ----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $770 $6,734 $19,319 $50,348 $1,128,055
==== ====== ======= ======= ==========
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
- 2 -
<PAGE> 6
<TABLE>
NASHUA CORPORATION
SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND INFORMATION)
DECEMBER 31, 1992
- - --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
GUARANTEED NASHUA
INVESTMENT COMMON EQUITY- GROWTH
CONTRACT STOCK PURITAN MAGELLAN INCOME COMPANY
FUND FUND FUND FUND FUND FUND
-------- -------- ------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
GUARANTEED INVESTMENT CONTRACT FUND,
AT CONTRACT VALUE $333,190 $ - $ - $ - $ - $ -
INVESTMENTS AT FAIR VALUE:
NASHUA CORPORATION COMMON STOCK - 165,339 - - - -
MUTUAL FUNDS - - 13,287 60,131 42,788 6,226
EMPLOYEE CONTRIBUTIONS RECEIVABLE 11,211 24 454 2,831 1,362 1,178
EMPLOYER CONTRIBUTIONS RECEIVABLE 364 5,936 48 111 - 152
DIVIDENDS RECEIVABLE - 1,049 - - - -
PARTICIPANT LOANS RECEIVABLE, AT FAIR
VALUE - - - - - -
-------- -------- ------- ------- ------- ------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $344,765 $172,348 $13,789 $63,073 $44,150 $7,556
======== ======== ======= ======= ======= ======
</TABLE>
<TABLE>
<CAPTION>
GOV'T
MONEY
MARKET LOAN
FUND FUND TOTAL
------ ------- --------
<S> <C> <C> <C>
ASSETS:
GUARANTEED INVESTMENT CONTRACT FUND,
AT CONTRACT VALUE $ - $ - $333,190
INVESTMENTS AT FAIR VALUE:
NASHUA CORPORATION COMMON STOCK - - 165,339
MUTUAL FUNDS 3,848 - 126,280
EMPLOYEE CONTRIBUTIONS RECEIVABLE 396 - 17,456
EMPLOYER CONTRIBUTIONS RECEIVABLE 26 - 6,637
DIVIDENDS RECEIVABLE - - 1,049
PARTICIPANT LOANS RECEIVABLE, AT FAIR
VALUE - 17,992 17,992
------ ------- --------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $4,270 $17,992 $667,943
====== ======= ========
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
- 3 -
<PAGE> 7
<TABLE>
NASHUA CORPORATION
SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND
INFORMATION)
YEAR ENDED DECEMBER 31, 1993
- - --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
GUARANTEED NASHUA
INVESTMENT COMMON EQUITY- GROWTH
CONTRACT STOCK PURITAN MAGELLAN INCOME COMPANY
FUND FUND FUND FUND FUND FUND
-------- -------- ------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
SOURCES OF NET ASSETS:
EMPLOYEE CONTRIBUTIONS $164,849 $ 4,268 $16,329 $ 49,688 $22,995 $19,835
EMPLOYER CONTRIBUTIONS 15,100 73,972 4,451 8,222 3,970 3,374
INVESTMENT INCOME 32,256 3,584 5,271 12,060 2,438 3,147
NET APPRECIATION OF INVESTMENTS - - 193 8,118 8,473 605
LOAN REPAYMENTS 4,498 - 494 2,282 1,182 135
LOAN INTEREST 1,387 - 103 521 473 32
PLAN TRANSFER 20,876 9,774 2,611 8,652 956 81
-------- -------- ------- -------- ------- -------
238,966 91,598 29,452 89,543 40,487 27,209
-------- -------- ------- -------- ------- -------
APPLICATIONS OF NET ASSETS:
PLAN WITHDRAWALS 38,153 17,140 1,006 4,208 754 568
NET DEPRECIATION OF INVESTMENTS - 3,272 - - - -
LOAN WITHDRAWALS 18,817 - 528 12,099 8,844 252
ADMINISTRATIVE EXPENSES 200 30 5 91 35 6
-------- -------- ------- -------- ------- -------
57,170 20,442 1,539 16,398 9,633 826
-------- -------- ------- -------- ------- -------
INCREASE IN NET ASSETS
DURING THE YEAR 181,796 71,156 27,913 73,145 30,854 26,383
NET TRANSFERS BETWEEN FUNDS 8,098 (30,795) 10,899 3,299 (337) 2,792
NET ASSETS AVAILABLE FOR
PLAN BENEFITS:
BEGINNING OF YEAR 344,765 172,348 13,789 63,073 44,150 7,556
-------- -------- ------- -------- ------- -------
END OF YEAR $534,659 $212,709 $52,601 $139,517 $74,667 $36,731
======== ======== ======= ======== ======= =======
</TABLE>
<TABLE>
<CAPTION>
GOV'T
PACIFIC MONEY
EUROPE BASIN MARKET LOAN
FUND FUND FUND FUND TOTAL
---- ------ ------- ------- ----------
<S> <C> <C> <C> <C> <C>
SOURCES OF NET ASSETS:
EMPLOYEE CONTRIBUTIONS $ 95 $ 298 $13,850 $ - $ 292,207
EMPLOYER CONTRIBUTIONS 19 90 2,221 - 111,419
INVESTMENT INCOME - 3 270 - 59,029
NET APPRECIATION OF INVESTMENTS 15 353 - - 17,757
LOAN REPAYMENTS - - 53 (8,644) -
LOAN INTEREST - - 10 - 2,526
PLAN TRANSFER - - 184 - 43,134
---- ------ ------- ------- ----------
129 744 16,588 (8,644) 526,072
---- ------ ------- ------- ----------
APPLICATIONS OF NET ASSETS:
PLAN WITHDRAWALS - - 492 - 62,321
NET DEPRECIATION OF INVESTMENTS - - - - 3,272
LOAN WITHDRAWALS - - 460 (41,000) -
ADMINISTRATIVE EXPENSES - - - - 367
---- ------ ------- ------- ----------
- - 952 (41,000) 65,960
---- ------ ------- ------- ----------
INCREASE IN NET ASSETS
DURING THE YEAR 129 744 15,636 32,356 460,112
NET TRANSFERS BETWEEN FUNDS 641 5,990 (587) - -
NET ASSETS AVAILABLE FOR
PLAN BENEFITS:
BEGINNING OF YEAR - - 4,270 17,992 667,943
---- ------ ------- ------- ----------
END OF YEAR $770 $6,734 $19,319 $50,348 $1,128,055
==== ====== ======= ======= ==========
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
- 4 -
<PAGE> 8
<TABLE>
NASHUA CORPORATION
SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND
INFORMATION)
YEAR ENDED DECEMBER 31, 1992
- - --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
GUARANTEED NASHUA
INVESTMENT COMMON EQUITY- GROWTH
CONTRACT STOCK PURITAN MAGELLAN INCOME COMPANY
FUND FUND FUND FUND FUND FUND
-------- -------- ------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
SOURCES OF NET ASSETS:
EMPLOYEE CONTRIBUTIONS $118,548 $ 239 $ 4,734 $25,158 $12,684 $6,907
EMPLOYER CONTRIBUTIONS 2,058 65,079 256 583 - 268
INVESTMENT INCOME 22,236 3,449 1,133 7,165 1,261 274
NET APPRECIATION OF INVESTMENTS - 24,400 347 - 3,320 318
LOAN REPAYMENTS 9,932 - 127 2,312 666 -
LOAN INTEREST 724 - 62 420 61 -
PLAN TRANSFER 235,024 87,434 8,883 30,156 20,281 1,781
-------- -------- ------- ------- ------- ------
388,522 180,601 15,542 65,794 38,273 9,548
-------- -------- ------- ------- ------- ------
APPLICATIONS OF NET ASSETS:
PLAN WITHDRAWALS 16,240 8,062 2,013 389 - 1,082
NET DEPRECIATION OF INVESTMENTS - - - 3,652 - -
LOAN WITHDRAWALS 16,085 - 1,365 750 2,700 -
ADMINISTRATIVE EXPENSES 157 7 - 97 - -
-------- -------- ------- ------- ------- ------
32,482 8,069 3,378 4,888 2,700 1,082
-------- -------- ------- ------- ------- ------
INCREASE IN NET ASSETS
DURING THE YEAR 356,040 172,532 12,164 60,906 35,573 8,466
NET TRANSFERS BETWEEN FUNDS (11,275) (184) 1,625 2,167 8,577 (910)
NET ASSETS AVAILABLE FOR
PLAN BENEFITS:
BEGINNING OF YEAR - - - - - -
-------- -------- ------- ------- ------- ------
END OF YEAR $344,765 $172,348 $13,789 $63,073 $44,150 $7,556
======== ======== ======= ======= ======= ======
</TABLE>
<TABLE>
<CAPTION>
GOV'T
MONEY
MARKET LOAN
FUND FUND TOTAL
------ ------- --------
<S> <C> <C> <C>
SOURCES OF NET ASSETS:
EMPLOYEE CONTRIBUTIONS $2,749 $ - $171,019
EMPLOYER CONTRIBUTIONS 166 - 68,410
INVESTMENT INCOME 76 - 35,594
NET APPRECIATION OF INVESTMENTS - - 28,385
LOAN REPAYMENTS - (13,037) -
LOAN INTEREST - - 1,267
PLAN TRANSFER 1,279 14,901 399,739
------ ------- --------
4,270 1,864 704,414
------ ------- --------
APPLICATIONS OF NET ASSETS:
PLAN WITHDRAWALS - 4,772 32,558
NET DEPRECIATION OF INVESTMENTS - - 3,652
LOAN WITHDRAWALS - (20,900) -
ADMINISTRATIVE EXPENSES - - 261
------ ------- --------
- (16,128) 36,471
------ ------- --------
INCREASE IN NET ASSETS
DURING THE YEAR 4,270 17,992 667,943
NET TRANSFERS BETWEEN FUNDS - - -
NET ASSETS AVAILABLE FOR
PLAN BENEFITS:
BEGINNING OF YEAR - - -
------ ------- --------
END OF YEAR $4,270 $17,992 $667,943
====== ======= ========
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
- 5 -
<PAGE> 9
NASHUA CORPORATION
------------------
SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES
-------------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
---------------------------------------------------
Basis of Accounting
-------------------
The financial statements of the Nashua Corporation Savings Plan for
Specified Hourly Employees ("the Plan") are presented on the accrual
basis of accounting.
Plan Establishment
------------------
The Plan was established January 1, 1992 for hourly employees at Nashua
Corporation's Santa Clara facility as the result of a spin-off of assets
from the Nashua Corporation Employees' Savings Plan of $399,739.
Additionally, effective January 1, 1993, the hourly employees at Nashua
Corporation's Exeter facility were transferred from the Nashua
Corporation Employees' Savings Plan into the Plan. As a result $43,134
of assets were transferred into the Plan.
Asset Maintenance
-----------------
Fidelity Management Trust Company is the Plan trustee ("the Trustee").
Assets of the Plan are invested, at the election of the participants, in
up to nine Fidelity Investments' mutual funds (Fidelity Magellan Fund,
Fidelity Puritan Fund, Fidelity Equity-Income Fund, Fidelity Growth
Company Fund, Fidelity Pacific Basin Fund, Fidelity Europe Fund,
Fidelity Asset Manager, Fidelity Intermediate Bond Fund, or Fidelity
Retirement Government Money Market Fund), a Guaranteed Investment
Contract Fund managed by the Trustee or the Nashua Common Stock Fund.
Effective August 1, 1993 the Plan's investment in Nashua Corporation
common stock was converted into a unitized stock fund. Also effective
July 1, 1992, employees can direct up to 25% of their account balances
into the Nashua Common Stock Fund. The Europe Fund, Pacific Basin Fund,
Intermediate Bond Fund, and Asset Manager are new investment options
effective July 15, 1993.
The Plan's assets are commingled with assets of the Nashua Corporation
Employees' Savings Plan in a participant-directed master trust
arrangement. The Plan's participation in the net assets of the master
trust is recorded based on individual plan participants' account
balances. Investment income and expenses for each investment option are
allocated to the individual participant account balances based on the
prorata beginning account balances less withdrawals and loans made to
participants.
Investment Valuation
--------------------
Common shares of Nashua Corporation ("the Company") held in the Plan are
valued at closing sales prices supplied by a pricing service. The cost
of Nashua common stock is determined on an average cost basis. The
Plan's guaranteed investment contracts are valued at contract value.
Contract value represents contributions made under the contracts, plus
interest earned, less funds used to pay withdrawals and expenses. The
Plan's mutual fund accounts are valued at the respective funds' closing
net asset values.
-6-
<PAGE> 10
Contributions
-------------
The Plan has certain established criteria for eligibility. All
contributions are immediately 100% vested. 401(k) Plan contributions -
Employees may make a basic contribution of up to 15% of their earnings to
the Plan. The Company contributes an amount equal to 50% of up to 6% of the
employees' contributed earnings. Contributions are subject to certain
limitations. Effective July 1, 1992, employees can direct the Company
matching contribution into any of the investment funds available for their
contributions. Prior to July 1, 1992, the Company's contributions were
invested solely in common shares of the Company.
Withdrawals and Loans
---------------------
Plan participants may withdraw part or all of their account balances
subject to certain restrictions stipulated by current Internal Revenue
Service regulations. The Plan also provides for optional forms of
withdrawal at the time of retirement. Plan participants may borrow
against individual Plan balances subject to Plan and current Internal
Revenue Service regulations. Interest on the loans is payable at 2%
above the prime rate. Loans are payable within 5 years from the date of
withdrawal unless the amount was withdrawn to purchase a primary
residence, in which case the term of the loan is 20 years. At December
31, 1993 and 1992, there were 17 and 10 loans outstanding totalling
$50,348 and $17,992, respectively.
Expenses
--------
Trustee administrative fees, audit and other expenses are paid directly
by the Company and, accordingly, such items are not reflected in the
financial statements of the Plan.
Investment Income
-----------------
Income from investments is recorded as earned on an accrual basis.
Federal Income Tax Status
-------------------------
The company was advised by the U.S. Treasury Department in November of
1993 that the Plan is qualified under Section 401 of the Internal Revenue
Code ("the Code") and is exempt from federal income taxes. The Plan has
since been amended, however, a new letter has not yet been requested.
Management believes that the Plan, as amended, and its operations have
been and continue to be in accordance with all applicable provisions of
the Code and the Employee Retirement Income Security Act of 1974
("ERISA").
Reclassifications
-----------------
Certain reclassifications were made to the 1992 financial statements to
conform to the 1993 presentation.
NOTE 2 - GENERAL DESCRIPTION OF THE PLAN
----------------------------------------
The following brief description of the Plan is provided for general
information purposes only. Participants should refer to the Plan
agreement for more complete information.
1. GENERAL - The Plan is a defined contribution plan covering all
eligible employees. It is subject to the provisions of ERISA.
-7-
<PAGE> 11
2. INVESTMENT FUNDS - Employees' contributions and, effective July 1,
1992, Company contributions, can be invested in guaranteed
investment contracts and/or mutual funds at the election of the
participants. Additionally, effective July 1, 1992, employees can
direct up to 25% of their contributions into the Nashua Common Stock
Fund. Prior to July 1, 1992, all contributions of the Company were
invested solely in common shares of Nashua Corporation.
3. TERMINATION - The Plan is administered by the Nashua Pension
Committee, which is composed of officers of the Company. The
Company anticipates and believes that the Plan will continue without
interruption, but reserves the right to discontinue the Plan. In
the event that such discontinuance results in the termination of the
Plan, the Plan provides that net assets shall be allocated among the
participants and beneficiaries in the order provided for by ERISA.
<TABLE>
NOTE 3 - INVESTMENTS
--------------------
Plan investments at fair value are summarized as follows:
<CAPTION>
December 31,
--------------------
1993 1992
---- ----
<S> <C> <C>
Nashua Common Stock Fund $206,251 $165,339
Fidelity Magellan Fund 133,229 60,131
Fidelity Puritan Fund 50,121 13,287
Fidelity Equity Income Fund 71,590 42,788
Fidelity Growth Company Fund 34,441 6,226
Fidelity Europe Fund 656 --
Fidelity Pacific Basin Fund 6,474 --
Fidelity Retirement Government
Money Market Fund 17,622 3,848
-------- --------
$520,384 $291,619
======== ========
</TABLE>
<TABLE>
NOTE 4 - GUARANTEED INVESTMENT CONTRACT FUND
--------------------------------------------
The Plan's investment in the Guaranteed Investment Contract Fund
consists of the following:
<CAPTION>
December 31,
-----------------------
1993 1992
------ ------
<S> <C> <C>
Continental Assurance Company
9.10% Due 12/31/93 $ -- $ 61,068
Confederation Life Insurance Company
8.77% Due 1/3/95 71,453 51,757
Life of Virginia
8.32% Due 3/31/96 114,122 76,297
Aetna Insurance Company
6.78% Due 6/30/95 91,297 61,917
Lincoln National
6.28% Due 12/31/96 46,615 --
Provident Life
6.14% Due 6/30/97 46,946 23,812
Fidelity U.S. Government Reserve Fund 147,959 58,339
-------- --------
$518,392 $333,190
======== ========
</TABLE>
-8-
<PAGE> 12
<TABLE>
NOTE 5 - SAVINGS PLANS MASTER TRUST
-----------------------------------
The assets of the Plan have been commingled with assets of another
Company savings plan in the Nashua Corporation Savings Plans Master
Trust ("the Master Trust"). The Plan owned approximately 2.1% and 1.5%
of the Master Trust as of December 31, 1993 and 1992, respectively.
<CAPTION>
December 31,
--------------------------
1993 1992
-------- --------
<S> <C> <C>
Statement of Net Assets
Available for Plan Benefits:
Guaranteed Investment Contracts, at Contract Value $23,619,548 $20,910,707
Nashua Common Stock Fund, at Fair Value 7,400,889 8,256,638
Mutual Funds, at Fair Value 20,801,964 12,452,214
Employee Contributions Receivable 455,661 451,872
Employer Contributions Receivable 164,494 167,864
Dividends Receivable -- 52,377
Participant Loans Receivable, at Fair Value 1,614,261 1,273,934
----------- -----------
Net Assets Available for Plan Benefits $54,056,817 $43,565,606
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
Year Ended December 31,
--------------------------
1993 1992
-------- --------
<S> <C> <C>
Statement of Changes in Net Assets
Available for Plan Benefits:
Sources of Net Assets:
Transfer in of Assets from Nashua Corporation
Employees' Savings Plan $ - $34,964,932
Employee Contributions 5,800,957 4,828,486
Employer Contributions 1,871,318 1,795,180
Investment Income 3,413,427 2,942,063
Net Appreciation of Investments 1,526,740 1,616,269
Loan Interest 115,273 93,555
----------- -----------
12,727,715 46,240,485
Applications of Net Assets:
Plan Withdrawals 2,025,091 2,193,515
Net Depreciation of Investments 200,601 473,036
Administrative Expenses 10,812 8,328
----------- -----------
Increase in Net Assets During the Year $10,491,211 $43,565,606
=========== ===========
</TABLE>
The Master Trust purchased 41,648 and 70,197 common shares of Nashua
Corporation at at total cost of $1,162,503 and $1,818,624 during
1993 and 1992, respectively. The Master Trust received $2,010,267
and $642,255 from the sale of 74,078 and 25,464 common shares of
Nashua Corporation during 1993 and 1992, respectively.
-9-
<PAGE> 13
NOTE 6 - SUBSEQUENT EVENT
-------------------------
On May 25, 1994 the Santa Clara facility was sold. The participants
of the Plan who were employees of the Santa Clara facility will be
transfered into a plan that will be established by the buyer. The
transfer is expected to be completed during the third quarter of
1994.
-10-
<PAGE> 14
Consent of Independent Accountants
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 of Nashua Corporation of our report dated July 14,
1994 relating to the financial statements of the Nashua Corporation
Savings Plan for Specified Hourly Employees for the year ended
December 31, 1993 included with this Form 11-K.
PRICE WATERHOUSE
Boston, Massachusetts
July 14, 1994
<PAGE> 15
SIGNATURE
NASHUA CORPORATION SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES.
--------------------------------------------------------------
Pursuant to the requirements of the Securities Act of 1934, the Plan
Committee has duly caused this annual report to be signed on its
behalf by the undersigned thereunto duly authorized.
NASHUA CORPORATION SAVINGS PLAN
FOR SPECIFIED HOURLY EMPLOYEES
Date: July 15, 1994 By Paul Buffum
-------------------- ------------------------------------
Paul Buffum
Nashua Corporation Savings Plan for
Specified Hourly Employees Plan Committee
