<PAGE> 1
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, 1994
--------------------------------------------
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 0-10716
--------------------------
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
VIKING FINANCIAL SECURITY PLAN
411 E. Plumeria Dr.
San Jose, CA 95134
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive offices:
ROADWAY SERVICES, INC.
1077 Gorge Boulevard
P.O. Box 88
Akron, Ohio 44309-0088
<PAGE> 2
REQUIRED INFORMATION
The following financial statements are furnished for the plan:
Audited Financial Statements and Supplemental Schedules of the Viking Financial
Security Plan for the years ended December 31, 1994 and 1993.
The foregoing plan financial statements were prepared in accordance with the
financial reporting requirements of ERISA and were audited by independent
auditors.
EXHIBITS
Consent of independent auditors.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Chairman of the Administrative Committee has duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly authorized.
VIKING FINANCIAL SECURITY PLAN
T. L. STAMBAUGH
------------------------------
T. L. Stambaugh, Senior
Vice President - Human
Resources of Viking Freight
System, Inc. and Chairman of
the Administrative Committee
June 27, 1995
<PAGE> 3
Financial Statements and
Supplemental Schedules
Viking Financial Security Plan
Years ended December 31, 1994 and 1993
with Report of Independent Auditors
<PAGE> 4
<TABLE>
Viking Financial Security Plan
Financial Statements and Supplemental Schedules
Years ended December 31, 1994 and 1993
<CAPTION>
CONTENTS
<S> <C>
Report of Independent Auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Audited Financial Statements
Statements of Net Assets Available for Benefits, With Fund Information . . . . . . . . . . . . . . . 2
Statements of Changes in Net Assets Available for Benefits,
With Fund Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Supplemental Schedules
Schedule of Assets Held for Investment Purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Schedule of Reportable Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
</TABLE>
<PAGE> 5
Report of Independent Auditors
To the Administrative Committee
Viking Financial Security Plan
We have audited the accompanying statements of net assets available for
benefits of the Viking Financial Security Plan as of December 31, 1994 and
1993, 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, 1994 and 1993, and the changes in its net assets available for
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying supplemental schedules
of assets held for investment purposes as of December 31, 1994, and reportable
transactions for the year then ended, are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the financial statements. The Fund Information in the
statements of net assets available for benefits and the statements of changes
in net assets available for benefits is presented for purposes of additional
analysis rather than to present the net assets available for benefits and
changes in net assets available for benefits of each fund. The supplemental
schedules and Fund Information have been subjected to the auditing procedures
applied in our audits of the financial statements and, in our opinion, are
fairly stated in all material respects in relation to the financial statements
taken as a whole.
ERNST & YOUNG LLP
June 13, 1995
1
<PAGE> 6
<TABLE>
Viking Financial Security Plan
Statements of Net Assets Available for Benefits,
With Fund Information
December 31, 1994
<CAPTION>
FUND INFORMATION
-------------------------------------------------------------------
VIKING
COMPANY FIXED ASSET INCOME S&P 500
STOCK INCOME ALLOCATION ACCUMULATION STOCK
FUND FUND FUND FUND FUND
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Cash and temporary cash $ 125,930
investments
Investments, at fair value:
Roadway Services, Inc. Common
Stock 8,958,215
Shares of registered investment
companies:
Collective investment funds $15,842,787 $15,454,064 $13,076,958
Guaranteed investment contracts:
Nonrestricted 1,151,758
Restricted $3,828,031
-------------------------------------------------------------------
9,084,145 3,828,031 15,842,787 16,605,822 13,076,958
Receivables:
Employer's contribution 568,487 768,093 874,366 671,617
Participants' contributions 25,101 31,990 40,066 29,538
Other 57,402 446,328
Loans
-------------------------------------------------------------------
Total receivables 650,990 446,328 800,083 914,432 701,155
-------------------------------------------------------------------
Total assets 9,735,135 4,274,359 16,642,870 17,520,254 13,778,113
-------------------------------------------------------------------
LIABILITIES
Accrued expenses and other 2,785 36,798 6,074
-------------------------------------------------------------------
Net assets available for benefits $9,732,350 $4,237,561 $16,642,870 $17,514,180 $13,778,113
===================================================================
<CAPTION>
FUND INFORMATION
--------------------------------------------------------------------
AIM TEMPLETON STAGECOACH EMPLOYEE
CONSTELLATION FOREIGN LIFEPATH LOAN
FUND FUND FUNDS ACCOUNT TOTAL
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Cash and temporary cash investments $ 125,930
Investments, at fair value:
Roadway Services, Inc. Common
Stock 8,958,215
Shares of registered investment
companies:
Collective investment funds $ 288,350 $ 316,865 $ 418,874 45,397,898
Guaranteed investment contracts:
Nonrestricted 1,151,758
Restricted 3,828,031
--------------------------------------- -----------
288,350 316,865 418,874 59,461,832
Receivables:
Employer's contribution 39,514 40,269 67,255 3,029,601
Participants' contributions 1,959 2,004 3,161 133,819
Other 503,730
Loans $5,755,441 5,755,441
--------------------------------------------------------------------
Total receivables 41,473 42,273 70,416 5,755,441 9,422,591
--------------------------------------------------------------------
Total assets 329,823 359,138 489,290 5,755,441 68,884,423
--------------------------------------------------------------------
LIABILITIES
Accrued expenses and other 45,657
--------------------------------------------------------------------
Net assets available for benefits $ 329,823 $359,138 $489,290 $5,755,441 $68,838,766
====================================================================
<FN>
See accompanying notes.
</TABLE>
2
<PAGE> 7
<TABLE>
Viking Financial Security Plan
Statements of Net Assets Available for Benefits,
With Fund Information (continued)
December 31, 1993
<CAPTION>
FUND INFORMATION
---------------------------------------------------------------------------
VIKING
COMPANY FIXED ASSET INCOME S&P 500
STOCK INCOME ALLOCATION ACCUMULATION STOCK
FUND FUND FUND FUND FUND
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Cash and temporary cash investments $ 133,650 $ 14,719 $ 938
Investments, at fair value:
Roadway Services, Inc. Common Stock 7,478,040
Shares of registered investment
companies:
Collective investment funds $15,911,505 11,639,788 $11,241,893
Guaranteed investment contracts:
Nonrestricted 1,062,116
Restricted 3,883,635
---------------------------------------------------------------------------
7,611,690 3,898,354 15,911,505 12,702,842 11,241,893
Receivables:
Employer's contribution 456,877 774,093 733,961 578,350
Participants' contributions 20,558 29,870 25,634 25,360
Interest 3,877 36
Loans
---------------------------------------------------------------------------
Total receivables 481,312 36 803,963 759,595 603,710
---------------------------------------------------------------------------
Total assets 8,093,002 3,898,390 16,715,468 13,462,437 11,845,603
---------------------------------------------------------------------------
LIABILITIES
Accrued expenses and other 2,656 33,411 938
---------------------------------------------------------------------------
Net assets available for benefits $8,090,346 $3,864,979 $16,715,468 $13,461,499 $11,845,603
===========================================================================
<CAPTION>
FUND INFORMATION
-------------------------
EMPLOYEE
LOAN
ACCOUNT TOTAL
-------------------------
<S> <C> <C>
ASSETS
Cash and temporary cash investments $ 149,307
Investments, at fair value:
Roadway Services, Inc. Common Stock 7,478,040
Shares of registered investment
companies:
Collective investment funds 38,793,186
Guaranteed investment contracts:
Nonrestricted 1,062,116
Restricted 3,883,635
------------
51,366,284
Receivables:
Employer's contribution 2,543,281
Participants' contributions 101,422
Interest 3,913
Loans $4,661,737 4,661,737
-------------------------
Total receivables 4,661,737 7,310,353
-------------------------
Total assets 4,661,737 58,676,637
-------------------------
LIABILITIES
Accrued expenses and other 37,005
-------------------------
Net assets available for benefits $4,661,737 $58,639,632
=========================
<FN>
See accompanying notes.
</TABLE>
3
<PAGE> 8
<TABLE>
Viking Financial Security Plan
Statements of Changes in Net Assets
Available for Benefits, With Fund Information
Year ended December 31, 1994
<CAPTION>
FUND INFORMATION
--------------------------------------------------------------------------------------
VIKING
COMPANY FIXED ASSET INCOME S&P 500 AIM
STOCK INCOME ALLOCATION ACCUMULATION STOCK CONSTELLATION
FUND FUND FUND FUND FUND FUND
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income (loss):
Net appreciation (depreciation)
in fair value of investments $ (675,370) $(1,301,602) $ (165,686) $ (348,875) $ 5,812
Interest 5,489 $ 446,328 799,139
Dividends 157,361 875,198 427,160 2,196
--------------------------------------------------------------------------------------
(512,520) 446,328 (426,404) 633,453 78,285 8,008
Contributions:
Participants 1,541,579 2,411,023 2,563,674 2,014,172 4,629
Employers 568,487 768,093 874,366 671,617 39,514
--------------------------------------------------------------------------------------
2,110,066 3,179,116 3,438,040 2,685,789 44,143
--------------------------------------------------------------------------------------
Total additions 1,597,546 446,328 2,752,712 4,071,493 2,764,074 52,151
--------------------------------------------------------------------------------------
Deductions from net assets
attributed to:
Benefits paid to participants 290,773 509,872 661,511 350,309
Expenses 5,535 8,467 8,558 6,264
--------------------------------------------------------------------------------------
Total deductions 296,308 518,339 670,069 356,573
--------------------------------------------------------------------------------------
Net increase prior to interfund
transfers 1,301,238 446,328 2,234,373 3,401,424 2,407,501 52,151
Interfund transfers (net) 340,766 (73,746) (2,306,971) 651,257 (474,991) 277,672
--------------------------------------------------------------------------------------
Net increase (decrease) in net
assets 1,642,004 372,582 (72,598) 4,052,681 1,932,510 329,823
Net assets available for benefits
Beginning of year 8,090,346 3,864,979 16,715,468 13,461,499 11,845,603
--------------------------------------------------------------------------------------
End of year $9,732,350 $4,237,561 $16,642,870 $17,514,180 $13,778,113 $329,823
======================================================================================
<CAPTION>
----------------------------------------------------------
TEMPLETON STAGECOACH EMPLOYEE
FOREIGN LIFEPATH SWEEP LOAN
FUND FUNDS ACCOUNT ACCOUNT TOTAL
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income (loss):
Net appreciation (depreciation)
in fair value of investments $ (2,610) $ (293) $(2,488,624)
Interest $112 $439,820 1,690,888
Dividends 2,189 3,688 1,467,792
---------------------------------------------------------------------
(421) 3,395 112 439,820 670,056
Contributions:
Participants 5,641 8,409 8,549,127
Employers 40,269 67,255 3,029,601
---------------------------------------------------------------------
45,910 75,664 11,578,728
---------------------------------------------------------------------
Total additions 45,489 79,059 112 439,820 12,248,784
---------------------------------------------------------------------
Deductions from net assets
attributed to:
Benefits paid to participants 4,589 183,273 2,000,327
Expenses 4 20,495 49,323
---------------------------------------------------------------------
Total deductions 4 25,084 183,273 2,049,650
---------------------------------------------------------------------
Net increase prior to interfund
transfers 45,489 79,055 (24,972) 256,547 10,199,134
Interfund transfers (net) 313,649 410,235 24,972 837,157
---------------------------------------------------------------------
Net increase (decrease) in net
assets 359,138 489,290 1,093,704 10,199,134
Net assets available for benefits
Beginning of year 4,661,737 58,639,632
---------------------------------------------------------------------
End of year $359,138 $489,290 $ - $5,755,441 $68,838,766
=====================================================================
<FN>
See accompanying notes.
</TABLE>
4
<PAGE> 9
<TABLE>
Viking Financial Security Plan
Statements of Changes in Net Assets Available
for Benefits, With Fund Information (continued)
Year ended December 31, 1993
<CAPTION>
FUND INFORMATION
--------------------------------------------------------------------
VIKING
COMPANY FIXED ASSET INCOME S&P 500
STOCK INCOME ALLOCATION ACCUMULATION STOCK
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 investments $ (822,785) $ 1,495,108 $ (1,015) $ 764,760
Interest 2,762 $ 161,002 699,375
Dividends 126,673 406,463 134,551
--------------------------------------------------------------------
(693,350) 161,002 1,901,571 698,360 899,311
Contributions:
Plan participants 1,310,668 2,107,449 2,162,458 1,540,766
Employers 456,877 774,093 733,704 578,338
--------------------------------------------------------------------
1,767,545 2,881,542 2,896,162 2,119,104
--------------------------------------------------------------------
Total additions 1,074,195 161,002 4,783,113 3,594,522 3,018,415
--------------------------------------------------------------------
Deductions from net assets attributed to:
Benefits paid to participants 299,120 518,763 818,659 433,146
Expenses 7,026 12,006 11,171 8,495
--------------------------------------------------------------------
Total deductions 306,146 530,769 829,830 441,641
--------------------------------------------------------------------
Net increase prior to interfund transfers 768,049 161,002 4,252,344 2,764,692 2,576,774
Interfund transfers (net) (276,360) (132,925) 90,843 (598,157) 62,085
--------------------------------------------------------------------
Net increase in net assets 491,689 28,077 4,343,187 2,166,535 2,638,859
Net assets available for benefits
Beginning of year 7,598,657 3,836,902 12,372,281 11,294,964 9,206,744
--------------------------------------------------------------------
End of year $8,090,346 $3,864,979 $16,715,468 $13,461,499 $11,845,603
====================================================================
<CAPTION>
---------------------------------------------
EMPLOYEE
SWEEP LOAN
ACCOUNT ACCOUNT TOTAL
---------------------------------------------
<S> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Net appreciation (depreciation) in fair value
of investments $ 1,436,068
Interest $ 18 $ 382,862 1,246,019
Dividends 667,687
---------------------------------------------
18 382,862 3,349,774
Contributions:
Plan participants 7,121,341
Employers 2,543,012
---------------------------------------------
9,664,353
---------------------------------------------
Total additions 18 382,862 13,014,127
---------------------------------------------
Deductions from net assets attributed to:
Benefits paid to participants 5,506 221,679 2,296,873
Expenses 74 38,772
---------------------------------------------
Total deductions 5,580 221,679 2,335,645
---------------------------------------------
Net increase prior to interfund transfers (5,562) 161,183 10,678,482
Interfund transfers (net) 5,562 848,952
---------------------------------------------
Net increase in net assets 1,010,135 10,678,482
Net assets available for benefits
Beginning of year 3,651,602 47,961,150
---------------------------------------------
End of year $ - $ 4,661,737 $58,639,632
=============================================
<FN>
See accompanying notes.
</TABLE>
5
<PAGE> 10
Viking Financial Security Plan
Notes to Financial Statements
December 31, 1994
NOTE A-DESCRIPTION OF THE PLAN
The following description of the Viking Financial Security Plan ("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 covering eligible employees of Viking
Freight System, Inc. and any subsidiary or related company that adopts the Plan
(the "Employers"). Employees are eligible to become active members of the Plan
upon reaching the age of twenty-one, completing 12 months of service, and
working at least 1,000 hours during that period.
CONTRIBUTIONS
Participants may make before tax contributions from 1% to 15% of their total
pay subject to Internal Revenue Service limitations. The Employers match 50%
of the employees' contributions up to a maximum of 3% of the employees'
salaries. The Employers' matching contributions are invested in the Plan's
investment options based on elections by participants. Employees select how to
invest their contributions in increments of 1% among the investment funds
listed below. Contributions to the Plan are deposited in a trust fund
maintained by Wells Fargo Bank N.A., trustee of the Plan.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's contributions and
an allocation of the Company's matching contribution. The benefit to which a
participant is entitled is the benefit that can be provided from the
participant's account.
VESTING
Employee contributions, their employer's matching contributions and any
investment earnings are 100% vested and are nonforfeitable.
INVESTMENT OPTIONS
The assets of the Plan are invested primarily in the following investment
funds:
COMPANY STOCK FUND - The assets of this fund are invested in common stock of
Roadway Services, Inc. These investments are valued based upon the closing
quoted market price on the last business day of the plan year.
6
<PAGE> 11
Viking Financial Security Plan
Notes to Financial Statements (continued)
NOTE A-DESCRIPTION OF THE PLAN (CONTINUED)
INVESTMENT OPTIONS (CONTINUED)
FIXED INCOME FUND - The assets of this fund are invested in a guaranteed
investment contract with Mutual Benefit Life. Since July 16, 1991, assets
invested in the Mutual Benefit Life Guaranteed Investment Contract have
been restricted (see Note E). In February 1992, all unrestricted assets of
this fund were transferred to the Viking Income Accumulation Fund.
ASSET ALLOCATION FUND - The assets of this fund are invested in the
Stagecoach, Inc. Asset Allocation Fund. The investments of the fund are
allocated among three investment types: common stock, U. S. Treasury
bonds, and money market instruments. The fair value of the units owned by
the Plan are based upon quoted redemption values on the last business day
of the plan year.
VIKING INCOME ACCUMULATION FUND - The assets of this fund are invested in a
mix of fixed-rate and variable-rate investments. The assets consist of a
guaranteed investment contract with New York Life Insurance and an
investment in the Wells Fargo Income Accumulation Fund. The guaranteed
investment contract earns a guaranteed rate of return, and the withdrawal
of funds is restricted as specified in the contract. The Wells Fargo
Income Accumulation Fund is part of the Wells Fargo Institutional Trust
Company Collective Trust Funds and invests in guaranteed investment
contracts, bank investment contracts, U. S. government securities and
short-term money market instruments. The fair value of the units owned by
the Plan is based upon quoted redemption values on the last business day of
the plan year.
S&P 500 STOCK FUND - The assets of this fund are invested in the
Stagecoach, Inc. S&P 500 Stock Fund. This equity fund invests daily in the
same stocks and substantially the same percentages as the S&P 500 Index.
The fair value of the units owned by the Plan are based upon quoted
redemption values on the last business day of the plan year.
AIM CONSTELLATION FUND - The assets of this fund are invested in the AIM
Constellation Fund. This equity fund seeks capital appreciation by
investing in the common stock of principally medium-sized and smaller
emerging growth companies. The fair value of the units owned by the Plan
is based upon the quoted redemption value on the last business day of the
plan year.
TEMPLETON FOREIGN FUND - The assets of this fund are invested in the
Templeton Foreign Fund. This fund seeks long-term capital growth by
investing in stock and debt obligations of companies and governments
outside the United States. The fair value of the units owned by the Plan is
based upon the quoted redemption value on the last day of the plan year.
7
<PAGE> 12
Viking Financial Security Plan
Notes to Financial Statements (continued)
NOTE A-DESCRIPTION OF THE PLAN (CONTINUED)
INVESTMENT OPTIONS (CONTINUED)
STAGECOACH LIFEPATH FUNDS - The assets of this fund are invested in the
LifePath Funds offered by Stagecoach Trust. These Funds invest their
assets in a separate series of Master Investment Portfolio, an open-end
management investment company including: LifePath 2000, LifePath 2010,
LifePath 2020, LifePath 2030 and LifePath 2040. The investment strategy of
each fund is to invest in a combination of domestic and foreign equity,
fixed income and other securities to provide a risk-managed rate of return
to maximize assets for retirement based on planned retirement in the decade
indicated in the fund name. The fair value of the units owned by the Plan
is based upon the quoted redemption value on the last day of the plan year.
SWEEP ACCOUNT - Any contributions, distributions, purchases or sales of
fund assets are transacted in the Sweep Account. The Sweep Account is a
short-term money market account.
EMPLOYEE LOAN ACCOUNT - This account includes all loans made to
participants. Participants pay interest on the loans at rates between 8%
and 13-1/2%.
NOTE B-SUMMARY OF ACCOUNTING POLICIES
INVESTMENT VALUATION AND INCOME RECOGNITION
The Plan's investments are stated at fair value. Security transactions are
recorded on a trade date basis. Loans receivable from participants are valued
at cost which approximates fair value.
Substantially all administrative fees are paid by Viking Freight System, Inc.
NOTE C-PLAN TERMINATION
Although it has not expressed any intent to do so, the Employers have the right
under the Plan to discontinue contributions at any time and to terminate the
Plan subject to the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA). Upon termination, participants are entitled to receive the
value of their accounts.
NOTE D-INCOME TAX STATUS
The Internal Revenue Service ruled on February 22, 1991 that the Plan qualifies
under Section 401(a) of the Internal Revenue Code (IRC) and, therefore, the
related trust is not subject to tax under present income tax law. Once
qualified, the Plan is required to operate in conformity with the IRC to
maintain its qualification. The Plan's Administrative Committee is not aware
of any course of action or series of events that have occurred that might
adversely affect the Plan's qualified status.
8
<PAGE> 13
Viking Financial Security Plan
Notes to Financial Statements (continued)
NOTE E-MUTUAL BENEFIT LIFE GUARANTEED INVESTMENT CONTRACT
During 1991, the State of New Jersey insurance regulators took control of
Mutual Benefit Life and froze all existing assets of the company. As a result
of these events, the future recoverability of the Plan's assets held by Mutual
Benefit Life is uncertain. Due to the restricted status of the Mutual Benefit
Life Guaranteed Investment Contract, Viking Freight System, Inc., has committed
to protect plan participants from any loss of principal (participant
contributions and the Employers' match) as well as any credited interest upon
maturity of the contract.
9
<PAGE> 14
<TABLE>
Viking Financial Security Plan
Schedule of Assets Held for Investment Purposes
December 31, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, COLLATERAL, CURRENT
LESSOR OR SIMILAR PARTY PAR OR MATURITY VALUE COST VALUE
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Roadway Services, Inc.* 157,854 shares of common $ 8,897,972 $ 8,958,215
stock
Stagecoach, Inc.* Asset Allocation 1,674,713 units of collective 16,722,790 15,842,787
Fund investment fund
Wells Fargo Bank, N.A.* Wells Fargo 1,326,529 units of collective 15,604,525 15,454,064
Income Accumulation Fund investment fund
Stagecoach, Inc.* 1,285,836 units of collective 13,022,588 13,076,958
S&P 500 Stock Fund equity investment fund
New York Life Insurance Company Fixed income investment 1,151,758 1,151,758
Guaranteed investment contract contract
Mutual Benefit Life Insurance Fixed income investment 3,828,031 3,828,031
Company** Guaranteed investment contract
contract
Wells Fargo Bank, N.A.:* Short-term investment 125,930 125,930
fund
AIM Constellation Fund 16,774 units of collective 282,612 288,350
investment fund
Templeton Foreign Fund 35,926 units of collective 319,475 316,865
investment fund
Stagecoach Lifepath Funds: Collective investment funds:
LifePath 2000 Fund 3,325 units 32,143 31,722
LifePath 2010 Fund 12,115 units 116,630 115,460
LifePath 2020 Fund 17,487 units 167,742 168,224
LifePath 2030 Fund 5,069 units 48,819 48,713
LifePath 2040 Fund 5,599 units 53,833 54,755
------------- ------------
60,374,848 59,461,832
Loans receivable Maturing at various dates
through 2004 at interest
rates ranging from 8% to
13-1/2% 5,755,441 5,755,441
------------- ------------
$66,130,289 $65,217,273
============= ============
<FN>
* A party-in-interest as defined by ERISA
** As described in Note E of Notes to Financial Statements, the assets of
Mutual Benefit Life were frozen by state insurance regulators.
</TABLE>
10
<PAGE> 15
<TABLE>
Viking Financial Security Plan
Schedule of Reportable Transactions
Year ended December 31, 1994
<CAPTION>
CURRENT
VALUE OF
IDENTITY OF ASSET ON
PARTY PURCHASE SELLING COST OF TRANSACTION NET GAIN
INVOLVED DESCRIPTION OF ASSETS PRICE PRICE ASSET DATE OR (LOSS)
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Category (i)-Individual Transactions in Excess of 5% of the Current Value of Plan Assets
** Wells Fargo Bank, N.A.*:
Money Market Fund $3,369,969 $3,369,969 $3,369,969
collective investment fund $3,369,969 3,369,969 3,369,969
** Wells Fargo Bank, N.A.*:
Income Accumulation Fund
collective investment fund 3,355,296 3,355,296 3,355,296
Category (iii)--Series of Transactions in Excess of 5% of the Current Value of Plan Assets
** Wells Fargo Bank, N.A.*:
Stagecoach, Inc. Asset 4,383,864 4,383,864 4,383,864
Allocation Fund
** Wells Fargo Bank, N.A.*:
Stagecoach, Inc. Asset 3,150,980 3,218,345 3,150,980 (67,365)
Allocation Fund
** Wells Fargo Bank, N.A.*: 4,272,309 4,272,309 4,272,309
Stagecoach S&P 500 Fund 2,088,369 2,062,845 2,088,369 25,524
** Wells Fargo Bank, N.A.*:
Money Market Fund 8,316,508 8,316,508 8,316,508 8,316,508
** Wells Fargo Bank, N.A.*: 5,149,115 5,149,115 5,149,115
Income Accumulation Fund 1,881,461 1,896,686 1,881,461 (15,225)
<FN>
* A party-in-interest as defined by ERISA.
** Transactions made on the market.
There were no category (ii) or (iv) reportable transactions during 1994.
</TABLE>
11
<PAGE> 1
Exhibit 23
[Ernst & Young Letterhead]
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-28546) pertaining to the Viking Financial Security Plan of our
report dated June 13, 1995, with respect to the financial statements and
supplemental schedules of the Viking Financial Security Plan included in this
Annual Report (Form 11-K) for the year ended December 31, 1994.
ERNST & YOUNG LLP
June 26, 1995
