<PAGE>
FORM 10-K/A NO. 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________________________________________
[X] ANNUAL REPORT PURSUANT TO SECTION 13 or 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 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from __________ to __________________________
Commission file number 1-8519
CINCINNATI BELL INC.
An Ohio I.R.S. Employer
Corporation No. 31-1056105
201 East Fourth Street, Cincinnati, Ohio 45202
Telephone Number 513 397-9900
____________________________________________________
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 $1.00 per share) New York Stock Exchange
Preferred Share Purchase Rights Cincinnati Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
____________________________________________________
At February 28, 1994, 65,094,358 Common Shares were outstanding.
At February 28, 1994, the aggregate market value of the voting shares owned
by non-affiliates was $1,058,203,575.
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 (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
----- -----
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein,
and will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [ ]
____________________________________________________
DOCUMENTS INCORPORATED BY REFERENCE
(1) Portions of the registrant's annual report to security holders for the
fiscal year ended December 31, 1993 (Parts I, II and IV)
(2) Portions of the registrant's definitive proxy statement dated March 14,
1994 issued in connection with the annual meeting of shareholders
(Part III)
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Amendment to be signed on its behalf by the
undersigned, hereunto duly authorized.
CINCINNATI BELL INC.
By: \s\ Brian C. Henry
--------------------------------
Brian C. Henry, Executive Vice
President and Chief Financial
Date: June 21, 1994 Officer
<PAGE>
EXHIBIT 99(a)
TO
FORM 10-K FOR 1993
File No. 1-8519
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[ ] 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 1-8519
--------------------------------
CINCINNATI BELL INC.
RETIREMENT SAVINGS PLAN
--------------------------------
CINCINNATI BELL INC.
201 East Fourth Street
Cincinnati, Ohio 45202
<PAGE>
Report of Independent Accountants
Financial Statements:
Statements of Net Assets Available for Plan Benefits
Statements of Changes in Net Assets Available for Plan Benefits
Notes to Financial Statements
Schedules:
Schedule of Investments
Other schedules are omitted because the information required is contained
in the financial statements.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
members of the Employees' Benefit Committee have duly caused this annual report
to be signed by the undersigned, thereunto duly authorized.
CINCINNATI BELL INC. RETIREMENT
SAVINGS PLAN
By \s\ Kim M. Cornelius
-----------------------------------
Kim M. Cornelius
Assistant Secretary
Employees' Benefit Committee
May 31, 1994
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
Savings Plan Committee of the
Cincinnati Bell Inc.
Retirement Savings Plan
We have audited the accompanying statements of net assets available for plan
benefits of the Cincinnati Bell Inc. Retirement Savings Plan as of December 31,
1993 and 1992 and the related statements of changes in net assets available for
plan benefits for the period ended December 31, 1993. These financial statements
are the responsibility of the Plan Administrator. 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 plan benefits of the
Cincinnati Bell Inc. Retirement Savings Plan as of December 31, 1993 and 1992,
and the changes in net assets available for plan benefits for the period ended
December 31, 1993, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule listed in the
accompanying index on page 1 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. 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.
/s/ COOPERS & LYBRAND
COOPERS & LYBRAND
Cincinnati, Ohio
May 6, 1994
<PAGE>
CINCINNATI BELL INC. RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
Thousands of Dollars
------------------------------- -------------------------------
Equity Equity Capital
Cincinnati Bell Spectrum Balanced Income Index Appreciation
ASSETS Stable Value Fund Income Fund Fund Fund Fund Fund
----------------- ----------- -------- ------ ----- ------------
<S> <C> <C> <C> <C> <C> <C>
Investments (cost $80,964):
Temporary cash investments $ -- $ -- $ -- $ -- $ -- $ --
Cincinnati Bell Inc. shares -- -- -- -- -- --
Mutual funds -- 4,685 722 12,110 636 1,165
Contracts with insurance companies 14,165 -- -- -- -- --
Loans to participants -- -- -- -- -- --
Other receivables -- -- -- -- -- --
-------- ------ ----- ------- ---- ------
Total Investments 14,165 4,685 722 12,110 636 1,165
-------- ------ ----- ------- ---- ------
LIABILITIES
Administrative fees payable and other 1 -- -- -- -- --
-------- ------ ----- ------- ---- ------
Net Assets Available for Plan Benefits $ 14,164 $4,685 $ 722 $12,110 $636 $1,165
-------- ------ ----- ------- ---- ------
-------- ------ ----- ------- ---- ------
<CAPTION>
Thousands of Dollars
---------------------------- ----------------------------
International New America Cincinnati Bell Inc. Loan
ASSETS Stock Fund Growth Fund Shares Fund Fund Total
------------- ----------- -------------------- ---- -----
<S> <C> <C> <C> <C> <C>
Investments (cost $80,964):
Temporary cash investments $ -- $ -- $ 1,699 $ -- $ 1,699
Cincinnati Bell Inc. shares -- -- 64,247 -- 64,247
Mutual funds 1,816 1,777 -- -- 22,911
Contracts with insurance companies -- -- -- -- 14,165
Loans to participants -- -- -- 2,086 2,086
Other receivables -- -- 718 -- 718
------ ------ -------- ------- --------
Total Investments 1,816 1,777 66,664 2,086 105,826
------ ------ -------- ------- --------
LIABILITIES
Administrative fees payable and other -- -- 16 -- 17
------ ------ -------- ------- --------
Net Assets Available for Plan Benefits $1,816 $1,777 $ 66,648 $ 2,086 $105,809
------ ------ -------- ------- --------
------ ------ -------- ------- --------
</TABLE>
______________________________
See Notes to Financial Statements.
<PAGE>
CINCINNATI BELL INC. RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
Thousands of Dollars
------------------------------- -------------------------------
Equity Equity Capital
Cincinnati Bell Spectrum Balanced Income Index Appreciation
Stable Value Fund Income Fund Fund Fund Fund Fund
----------------- ----------- -------- ------ ----- ------------
<S> <C> <C> <C> <C> <C> <C>
Net Assets Available for Plan Benefits,
December 31, 1992 $ 15,836 $4,573 $ 199 $10,852 $160 $ 324
-------- ------ ----- ------- ---- ------
Employee allotments 790 419 114 751 183 295
Participating Company contributions -- -- -- -- -- --
Transfer of participants' balances -- Net (322) 285 364 941 300 488
-------- ------ ----- ------- ---- ------
Total allotments, contributions and transfers 468 704 478 1,692 483 783
Investment Income:
Dividends on Cincinnati Bell shares -- -- -- -- -- --
Other dividends -- -- 19 845 11 45
Interest 1,031 350 -- -- -- --
Net appreciation/(depreciation) of investments -- 158 35 668 27 62
-------- ------ ----- ------- ---- ------
Total additions 1,499 1,212 532 3,205 521 890
Less: Distributions to participants 3,171 1,100 9 1,947 45 49
Administrative and other expenses paid
by the Plan -- -- -- -- -- --
-------- ------ ----- ------- ---- ------
Total deductions 3,171 1,100 9 1,947 45 49
Net Assets Available for Plan Benefits,
December 31, 1993 $ 14,164 $4,685 $ 722 $12,110 $636 $1,165
-------- ------ ----- ------- ---- ------
-------- ------ ----- ------- ---- ------
<CAPTION>
Thousands of Dollars
--------------------------- -----------------------------
International New America Cincinnati Bell Inc. Loan
Stock Fund Growth Fund Shares Fund Fund Total
------------- ----------- -------------------- ---- -----
<S> <C> <C> <C> <C> <C>
Net Assets Available for Plan Benefits,
December 31, 1992 $ 289 $ 550 $ 71,790 $ 2,121 $106,694
------ ------ -------- ------- --------
Employee allotments 257 468 1,609 -- 4,886
Participating Company contributions -- -- 2,195 -- 2,195
Transfer of participants' balances -- Net 1,071 608 (3,263) (32) 440
------ ------ -------- ------- -------
Total allotments, contributions and transfers 1,328 1,076 541 (32) 7,521
Investment Income:
Dividends on Cincinnati Bell shares -- -- 2,903 -- 2,903
Other dividends 42 68 -- -- 1,030
Interest -- -- 45 160 1,586
Net appreciation/(depreciation) of investments 268 124 4,582 -- 5,924
------ ------ -------- ------- --------
Total additions 1,638 1,268 8,071 128 18,964
Less: Distributions to participants 111 41 13,186 163 19,822
Administrative and other expenses paid
by the Plan -- -- 27 -- 27
------ ------ -------- ------- -------
Total deductions 111 41 13,213 163 19,849
Net Assets Available for Plan Benefits,
December 31, 1993 $1,816 $1,777 $ 66,648 $ 2,086 $105,809
------ ------ -------- ------- --------
------ ------ -------- ------- --------
</TABLE>
______________________________
See Notes to Financial Statements.
<PAGE>
CINCINNATI BELL INC. RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1992
<TABLE>
<CAPTION>
Thousands of Dollars
------------------------------- -------------------------------
Equity Equity Capital
Cincinnati Bell Spectrum Balanced Income Index Appreciation
ASSETS Stable Value Fund Income Fund Fund Fund Fund Fund
----------------- ----------- -------- ------ ----- ------------
<S> <C> <C> <C> <C> <C> <C>
Investments (cost $83,470):
Temporary cash investments $ 1,173 $ -- $ -- $ -- $ -- $ --
Cincinnati Bell Inc. shares -- -- -- -- -- --
Mutual funds -- 4,573 199 10,852 160 324
Contracts with insurance companies 14,432 -- -- -- -- --
Loans to participants -- -- -- -- -- --
Other receivables 231 -- -- -- -- --
-------- ------ ----- ------- ---- ------
Total Investments 15,836 4,573 199 10,852 160 324
-------- ------ ----- ------- ---- ------
Net Assets Available for Plan Benefits $ 15,836 $4,573 $ 199 $10,852 $160 $ 324
-------- ------ ----- ------- ---- ------
-------- ------ ----- ------- ---- ------
<CAPTION>
Thousands of Dollars
---------------------------- ----------------------------
International New America Cincinnati Bell Inc. Loan
ASSETS Stock Fund Growth Fund Shares Fund Fund Total
------------- ----------- -------------------- ---- -----
<S> <C> <C> <C> <C> <C>
Investments (cost $83,470):
Temporary cash investments $ -- $ -- $ 2,097 $ -- $ 3,270
Cincinnati Bell Inc. shares -- -- 68,893 -- 68,893
Mutual funds 289 550 -- -- 16,947
Contracts with insurance companies -- -- -- -- 14,432
Loans to participants -- -- -- 2,121 2,121
Other receivables -- -- 800 -- 1,031
------ ------ -------- ------- --------
Total Investments 289 550 71,790 2,121 106,694
------ ------ -------- ------- --------
Net Assets Available for Plan Benefits $ 289 $ 550 $ 71,790 $ 2,121 $106,694
------ ------ -------- ------- --------
------ ------ -------- ------- --------
</TABLE>
______________________________
See Notes to Financial Statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(1) Plan Structure--On July 1, 1992, T. Rowe Price was appointed as the new
trustee, recordkeeper and investment manager for the Cincinnati Bell Inc.
Retirement Savings Plan and the Cincinnati Bell Inc. Savings and Security
Plan. There are now nine investment funds available to plan participants.
These include: Cincinnati Bell Stable Value Fund, Spectrum Income Fund,
Balanced Fund, Equity Income Fund, Equity Index Fund, Capital Appreciation
Fund, International Stock Fund, New America Growth Fund and the Cincinnati
Bell Inc. Shares Fund. All of the above funds are administered, trusteed
and invested by T. Rowe Price or a related subsidiary.
Prior to July 1, 1992, all fund values were quoted in units. Currently, all
funds except for the Cincinnati Bell Stable Value Fund and the Cincinnati
Bell Inc. Shares Fund are quoted in shares. These shares represent the Net
Asset Value of shares in T. Rowe Price mutual funds. The Cincinnati Bell
Stable Value Fund and the Cincinnati Bell Inc. Shares Fund are still quoted
in units. However, these units represent a proportionate interest in two
investment funds in which both the Cincinnati Bell Inc. Retirement Savings
Plan and Cincinnati Bell Inc. Savings and Security Plan participate.
The unit values for both the Cincinnati Bell Stable Value Fund and the
Cincinnati Bell Inc. Shares Fund were initiated at a value of 1.0000 on
July 1, 1992. The Cincinnati Bell Stable Value Fund will maintain a unit
value of 1.000 at all times and any income, gains or losses, contributions
or withdrawals would result in more or less units being credited to an
account. The Cincinnati Bell Inc. Shares Fund unit value will fluctuate
with the performance of the underlying investments which consists primarily
of Cincinnati Bell Inc. shares and a small amount of temporary investments.
The plans are described more fully in the summary plan descriptions.
(2) Accounting Policies--The values of investments on December 31, 1993 and
1992 are determined as follows: Cincinnati Bell shares in the Cincinnati
Bell Inc. Shares Fund on the basis of the last published sales prices on
December 31, 1993 and 1992 on the New York Stock Exchange; shares in the
following T. Rowe Price mutual funds: Spectrum Income Fund, Balanced Fund,
Equity Income Fund, Equity Index Fund, Capital Appreciation Fund,
International Stock Fund and the New America Growth Fund on the basis of
the last published net asset value on December 31, 1993 and 1992; contracts
with insurance companies in the Cincinnati Bell Stable Value Fund at
principal plus accrued earnings on December 31, 1993 and 1992; loans to
participants in the Loan Fund at the principal owed by the participants on
December 31, 1993 and 1992.
The Plan presents in the Statement of Changes in Net Assets Available for
Plan Benefits the net appreciation (depreciation) in the value of its
investments which consists of the realized gains or losses and the
unrealized appreciation (depreciation) of those investments.
Purchases and sales of securities are reflected as of the trade date.
Realized gains and losses on sales of investments are determined on the
basis of average cost.
Dividend income is recorded on the ex-dividend date. Interest earned on
investments is recorded on the accrual basis.
(3) The interest of an employee in each type of investment of the Plan on
December 31, 1993 and December 31, 1992 is represented by units or shares.
The number and value of units or shares were:
<TABLE>
<CAPTION>
December 31, 1993 December 31, 1992
--------------------------------- ---------------------------------
Number of Value per Number of Value per
units/shares unit/share units/shares unit/share
<S> <C> <C> <C> <C> <C> <C>
Cincinnati Bell Stable Value Fund 14,164,141 units 1.0000 15,835,246 units 1.0000
Spectrum Income Fund 421,695 shares 11.1100 427,393 shares 10.7000
Balanced Fund 60,029 shares 12.0200 18,024 shares 11.0700
Equity Income Fund 727,331 shares 16.6500 694,298 shares 15.6300
Equity Index Fund 47,215 shares 13.4800 12,700 shares 12.6300
Capital Appreciation Fund 92,040 shares 12.6600 28,459 shares 11.3900
International Stock Fund 149,335 shares 12.1600 32,495 shares 8.8900
New America Growth Fund 63,374 shares 28.0400 22,121 shares 24.8600
Cincinnati Bell Inc. Shares Fund 60,298,845 units 1.1053 70,568,902 units 1.0173
</TABLE>
<PAGE>
At December 31, 1993 the number of participants with balances by investment
fund was:
Cincinnati Bell Stable Value Fund 558
Spectrum Income Fund 355
Balanced Fund 116
Equity Income Fund 562
Equity Index Fund 130
Capital Appreciation Fund 207
International Stock Fund 226
New America Growth Fund 304
Cincinnati Bell Inc. Shares Fund 1,209
(4) The Internal Revenue Service has issued a determination that the Plan meets
the requirements of Section 401(a) of the Internal Revenue Code (the
"Code") and is exempt from Federal income taxes under Section 501(a) of the
Code.
(5) Units in the Cincinnati Bell Inc. Shares Fund forfeited by employees under
the Plan are valued as of the end of the same day as the event causing the
forfeiture and are applied as credits reducing subsequent matching
Participating Company contributions.
(6) Plan Amendments -- Effective July 1, 1993, the external administrative fees
of the Cincinnati Bell Inc. Retirement Savings Plan and the Cincinnati Bell
Inc. Savings and Security Plan will be charged to the plans and paid by the
plan participants.
External administrative fees for the Retirement Savings Plan and the
Savings and Security Plan will be combined and then allocated as a percent
of the combined assets of the plans. Individual participant accounts will
be assessed on the market value of the account.
Effective January 1, 1994 the vesting schedule for company matching
contributions for the Retirement Savings Plan and the Savings and Security
Plan changed from class year vesting with a five-year override to five-year
cliff vesting. All employees hired before January 1, 1994 were fully vested
in their company matching contributions regardless of their actual years of
service. Employees hired on or after January 1, 1994, will be fully vested
after five years of vesting service.
In general, this change in the vesting schedule will affect an individual's
benefit only at termination of employment. Class year vesting will remain
in effect for withdrawals and loans.
Effective April 1, 1994 the Retirement Savings Plan and the Savings and
Security Plan will accept rollovers of monies from any qualified defined
contribution plan within the Cincinnati Bell Inc. family of companies. Any
company matching contributions would be fully vested at the time when the
participant transferred to another company and plan within the CBI family
of companies.
Effective April 1, 1994 the current transaction frequency allowed by the
Retirement Savings Plan and the Savings and Security Plan was revised as
follows:
Number of Times/ Year
---------------------
Transaction Current Revised
--------------------------- ------- -------
Change allotments 4 12
Change before/after tax mix 4 12
Stop/resume allotments 2 12
Change investment direction 4 12
Transfer account balances 4 365
<PAGE>
CINCINNATI BELL INC. RETIREMENT SAVINGS PLAN
SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
Thousands of Dollars
------------------ -------------------
December 31, 1993
------------------- ---------------------
Number of
Shares or
Principal
Name of Issuer and Title of Issue Amount Cost Value
--------------------------------- --------- ---- -----
<S> <C> <C> <C>
CINCINNATI BELL INC. SHARES FUND
Temporary cash investments 1,699 $ 1,699 $ 1,699
Cincinnati Bell Inc. shares* 3,569,277 shs. 40,632 64,247
Dividends receivable 714 714 714
Interest receivable 4 4 4
------- -------
Total Cincinnati Bell Inc. Shares Fund 43,049 66,664
------- -------
------- -------
T. ROWE PRICE SPECTRUM INCOME FUND 421,695 shs. $ 4,597 $ 4,685
T. ROWE PRICE BALANCED FUND 60,029 shs. 687 722
T. ROWE PRICE EQUITY INCOME FUND * 727,331 shs. 11,468 12,110
T. ROWE PRICE EQUITY INDEX FUND 47,215 shs. 608 636
T. ROWE PRICE CAPITAL APPRECIATION FUND 92,040 shs. 1,113 1,165
T. ROWE PRICE INTERNATIONAL STOCK FUND 149,335 shs. 1,567 1,816
T. ROWE PRICE NEW AMERICA GROWTH FUND 63,374 shs. 1,624 1,777
CINCINNATI BELL STABLE VALUE FUND
T. Rowe Price Stable Value Common Trust Fund 4,111 4,111 4,111
Contracts with Confederation Life Insurance Company+ 789 789 789
Contracts with Crown Life Insurance Company+ 1,044 1,044 1,044
Contracts with Hartford Life Insurance Company+ 2,439 2,439 2,439
Contract with Life Insurance Company of Virginia+ 636 636 636
Contracts with Metropolitan Life Insurance Company+ 373 373 373
Contracts with New York Life Insurance Company+ 1,434 1,434 1,434
Contracts with Ohio National Life Insurance Company+ 576 576 576
Contracts with Provident Mutual Life Insurance Company+ 179 179 179
Contracts with Prudential Insurance Company of America+ 1,412 1,412 1,412
Contracts with State Mutual Life Insurance Company+ 1,172 1,172 1,172
------ ------
Total Cincinnati Bell Stable Value Fund 14,165 14,165
LOAN FUND
Loans to Participants 2,086 2,086 2,086
------- -------
Total Loan Fund 2,086 2,086
------- -------
GRAND TOTAL $ 80,964 $105,826
-------- --------
-------- --------
<FN>
______________________________
* Investment represents 5% or more of the Net Assets Available for
Plan Benefits.
+ The contracts with these insurance companies guarantee the
repayment of principal and the crediting of interest. During 1993, the
composite effective annual interest rate earned under these contracts was
approximately 7.4%. The rate at which interest will be credited in future years
may be either higher or lower.
</TABLE>
<PAGE>
EXHIBIT 99(b)
TO
FORM 10-K FOR 1993
------------------
File No. 1-8519
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[ ] 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 1-8519
-----------------------------------------------
CINCINNATI BELL INC.
SAVINGS AND SECURITY PLAN
-----------------------------------------------
CINCINNATI BELL INC.
201 East Fourth Street
Cincinnati, Ohio 45202
<PAGE>
Report of Independent Accountants
Financial Statements:
Statements of Net Assets Available for Plan Benefits
Statements of Changes in Net Assets Available for Plan Benefits
Notes to Financial Statements
Schedules:
Schedule of Investments
Other schedules are omitted because the information required is
contained in the financial statements.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
members of the Employees' Benefit Committee have duly caused this annual report
to be signed by the undersigned, thereunto duly authorized.
CINCINNATI BELL INC. SAVINGS
AND SECURITY PLAN
By /s/ Kim M. Cornelius
----------------------------------
Kim M. Cornelius
Assistant Secretary
Employees' Benefit Committee
May 31, 1994
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
Savings and Security Plan Committee of
the Cincinnati Bell Inc.
Savings and Security Plan
We have audited the accompanying statements of net assets available for plan
benefits of the Cincinnati Bell Inc. Savings and Security Plan as of December
31, 1993 and 1992 and the related statements of changes in net assets available
for plan benefits for the period ended December 31, 1993. These financial
statements are the responsibility of the Plan Administrator. 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 plan benefits of the
Cincinnati Bell Inc. Savings and Security Plan as of December 31, 1993 and 1992,
and the changes in net assets available for plan benefits for the period ended
December 31, 1993, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule listed in the
accompanying index on page 1 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. 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.
/s/ COOPERS & LYBRAND
COOPERS & LYBRAND
Cincinnati, Ohio
May 6, 1994
<PAGE>
CINCINNATI BELL INC. SAVINGS AND SECURITY PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
Thousands of Dollars
-------------------------------- ------------------------------
Equity Equity Capital
Cincinnati Bell Spectrum Balanced Income Index Appreciation
ASSETS Stable Value Fund Income Fund Fund Fund Fund Fund
----------------- ----------- -------- ------ ------ ------------
<S> <C> <C> <C> <C> <C> <C>
Investments (cost $54,203):
Temporary cash investments $ -- $ -- $ -- $ -- $ -- $ --
Cincinnati Bell Inc. shares -- -- -- -- -- --
Mutual funds -- 332 212 1,017 232 212
Contracts with insurance companies 16,371 -- -- -- -- --
Loans to participants -- -- -- -- -- --
Other receivables -- -- -- -- -- --
-------- ------ ------ ------ ---- ----
Total Investments 16,371 332 212 1,017 232 212
-------- ------ ------ ------ ---- ----
LIABILITIES
Transfers payable to Cincinnati Bell Information
Systems 401(k) Retirement Plan and other 269 2 10 16 -- --
-------- ------ ------ ------ ---- ----
Net Assets Available for Plan Benefits $ 16,102 $ 330 $ 202 $1,001 $232 $212
-------- ------ ------ ------ ---- ----
-------- ------ ------ ------ ---- ----
<CAPTION>
Thousands of Dollars
----------------------------- ----------------------------
International New America Cincinnati Bell Inc. Loan
Stock Fund Growth Fund Shares Fund Fund Total
ASSETS ------------- ----------- -------------------- ---- -----
<S> <C> <C> <C> <C> <C>
Investments (cost $54,203):
Temporary cash investments $ -- $ -- $ 1,191 $ -- $ 1,191
Cincinnati Bell Inc. shares -- -- 45,040 -- 45,040
Mutual funds 480 503 -- -- 2,988
Contracts with insurance companies -- -- -- -- 16,371
Loans to participants -- -- -- 2,027 2,027
Other receivables -- -- 503 -- 503
----- ----- -------- ------- --------
Total Investments 480 503 46,734 2,027 68,120
----- ----- -------- ------- --------
LIABILITIES
Transfers payable to Cincinnati Bell Information
Systems 401(k) Retirement Plan and other 1 3 690 -- 991
----- ----- -------- ------- --------
Net Assets Available for Plan Benefits $ 479 $ 500 $ 46,044 $ 2,027 $ 67,129
----- ----- -------- ------- --------
----- ----- -------- ------- --------
</TABLE>
_________________________
See Notes to Financial Statements.
<PAGE>
CINCINNATI BELL INC. SAVINGS AND SECURITY PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
Thousands of Dollars
------------------------------- -------------------------------
Equity Equity Capital
Cincinnati Bell Spectrum Balanced Income Index Appreciation
ASSETS Stable Value Fund Income Fund Fund Fund Fund Fund
----------------- ----------- -------- ------ ------ ------------
<S> <C> <C> <C> <C> <C> <C>
Net Assets Available for Plan Benefits,
December 31, 1992 $ 15,486 $ 69 $ 62 $ 467 $ 59 $ 51
-------- ----- ----- ------ ------ ------
Employee allotments 1,369 115 54 220 74 58
Participating Company contributions -- -- -- -- -- --
Transfer of participants' balances -- Net (768) 141 74 244 87 87
-------- ----- ----- ------ ------ ------
Total allotments, contributions and transfers 601 256 128 464 161 145
Investment Income:
Dividends on Cincinnati Bell shares -- -- -- -- -- --
Other dividends -- 16 6 63 4 8
Interest 1,124 -- -- -- -- --
Net appreciation/(depreciation) of
investments -- 1 8 31 8 9
-------- ----- ----- ------ ------ ------
Total additions 1,725 273 142 558 173 162
Less: Distributions to participants 1,109 12 2 24 -- 1
Administrative and other expenses paid by
the Plan -- -- -- -- -- --
-------- ----- ----- ------ ------ ------
Total deductions 1,109 12 2 24 -- 1
Net Assets Available for Plan Benefits,
December 31, 1993 $ 16,102 $ 330 $ 202 $1,001 $ 232 $ 212
-------- ----- ----- ------ ------ ------
-------- ----- ----- ------ ------ ------
<CAPTION>
Thousands of Dollars
----------------------------- ----------------------------
International New America Cincinnati Bell Inc. Loan
Stock Fund Growth Fund Shares Fund Fund Total
ASSETS ------------- ----------- -------------------- ---- -----
<S> <C> <C> <C> <C> <C>
Net Assets Available for Plan Benefits,
December 31, 1992 $ 39 $ 99 $ 43,102 $ 1,792 $ 61,226
------ ------ --------- ------- --------
Employee allotments 59 130 1,974 -- 4,053
Participating Company contributions -- -- 1,982 -- 1,982
Transfer of participants' balances -- Net 320 229 (1,998) 119 (1,465)
------ ------ --------- ------- --------
Total allotments, contributions and transfers 379 359 1,958 119 4,570
Investment Income:
Dividends on Cincinnati Bell shares -- -- 2,005 -- 2,005
Other dividends 11 19 -- -- 127
Interest -- -- 31 164 1,319
Net appreciation/(depreciation) of
investments 50 29 1,722 -- 1,858
------ ------ --------- ------- --------
Total additions 440 407 5,716 283 9,879
Less: Distributions to participants -- 6 2,757 48 3,959
Administrative and other expenses paid by
the Plan -- -- 17 -- 17
------ ------ --------- ------- --------
Total deductions -- 6 2,774 48 3,976
Net Assets Available for Plan Benefits,
December 31, 1993 $ 479 $ 500 $ 46,044 $ 2,027 $ 67,129
------ ------ --------- ------- --------
------ ------ --------- ------- --------
</TABLE>
_________________________
See Notes to Financial Statements.
<PAGE>
CINCINNATI BELL INC. SAVINGS AND SECURITY PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1992
<TABLE>
<CAPTION>
Thousands of Dollars
------------------------------- -------------------------------
Equity Equity Capital
Cincinnati Bell Spectrum Balanced Income Index Appreciation
ASSETS Stable Value Fund Income Fund Fund Fund Fund Fund
----------------- ----------- -------- ------ ------ ------------
<S> <C> <C> <C> <C> <C> <C>
Investments (cost $49,451):
Temporary cash investments $ 1,147 $ -- $ -- $ -- $ -- $ --
Cincinnati Bell Inc. shares -- -- -- -- -- --
Mutual funds -- 69 62 467 59 51
Contracts with insurance companies 14,113 -- -- -- -- --
Loans to participants -- -- -- -- -- --
Other receivables 226 -- -- -- -- --
-------- ----- ----- ------ ------ ------
Total Investments 15,486 69 62 467 59 51
-------- ----- ----- ------ ------ ------
Net Assets Available for Plan Benefits $ 15,486 $ 69 $ 62 $ 467 $ 59 $ 51
-------- ----- ----- ------ ------ ------
-------- ----- ----- ------ ------ ------
<CAPTION>
Thousands of Dollars
----------------------------- ---------------------------
International New America Cincinnati Bell Inc. Loan
Stock Fund Growth Fund Shares Fund Fund Total
ASSETS ------------- ----------- -------------------- ---- -----
<S> <C> <C> <C> <C> <C>
Investments (cost $49,451):
Temporary cash investments $ -- $ -- $ 1,258 $ -- $ 2,405
Cincinnati Bell Inc. shares -- -- 41,336 -- 41,336
Mutual funds 39 99 -- -- 846
Contracts with insurance companies -- -- -- -- 14,113
Loans to participants -- -- -- 1,792 1,792
Other receivables -- -- 508 -- 734
------ ------ --------- ------- --------
Total Investments 39 99 43,102 1,792 61,226
------ ------ --------- ------- --------
Net Assets Available for Plan Benefits $ 39 $ 99 $ 43,102 $ 1,792 $ 61,226
------ ------ --------- ------- --------
------ ------ --------- ------- --------
</TABLE>
_________________________
See Notes to Financial Statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(1) Plan Structure--On July 1, 1992, T. Rowe Price was appointed as the new
trustee, recordkeeper and investment manager for the Cincinnati Bell Inc.
Retirement Savings Plan and the Cincinnati Bell Inc. Savings and Security
Plan. There are now nine investment funds available to plan participants.
These include: Cincinnati Bell Stable Value Fund, Spectrum Income Fund,
Balanced Fund, Equity Income Fund, Equity Index Fund, Capital Appreciation
Fund, International Stock Fund, New America Growth Fund and the Cincinnati
Bell Inc. Shares Fund. All of the above funds are administered, trusteed
and invested by T. Rowe Price or a related subsidiary.
Prior to July 1, 1992, all fund values were quoted in units. Currently,
all funds except for the Cincinnati Bell Stable Value Fund and the
Cincinnati Bell Inc. Shares Fund are quoted in shares. These shares
represent the Net Asset Value of shares in T. Rowe Price mutual funds. The
Cincinnati Bell Stable Value Fund and the Cincinnati Bell Inc. Shares Fund
are still quoted in units. However, these units represent a proportionate
interest in two investment funds in which both the Cincinnati Bell Inc.
Retirement Savings Plan and Cincinnati Bell Inc. Savings and Security Plan
participate.
The unit values for both the Cincinnati Bell Stable Value Fund and the
Cincinnati Bell Inc. Shares Fund were initiated at a value of 1.0000 on
July 1, 1992. The Cincinnati Bell Stable Value Fund will maintain a unit
value of 1.000 at all times and any income, gains or losses, contributions
or withdrawals would result in more or less units being credited to an
account. The Cincinnati Bell Inc. Shares Fund unit value will fluctuate
with the performance of the underlying investments which consists primarily
of Cincinnati Bell Inc. shares and a small amount of temporary investments.
The plans are described more fully in the summary plan descriptions.
(2) Accounting Policies--The values of investments on December 31, 1993 and
1992 are determined as follows: Cincinnati Bell shares in the Cincinnati
Bell Inc. Shares Fund on the basis of the last published sales prices on
December 31, 1993 and 1992 on the New York Stock Exchange; shares in the
following T. Rowe Price mutual funds: Spectrum Income Fund, Balanced Fund,
Equity Income Fund, Equity Index Fund, Capital Appreciation Fund,
International Stock Fund and the New America Growth Fund on the basis of
the last published net asset value on December 31, 1993 and 1992; contracts
with insurance companies in the Cincinnati Bell Stable Value Fund at
principal plus accrued earnings on December 31, 1993 and 1992; loans to
participants in the Loan Fund at the principal owed by the participants on
December 31, 1993 and 1992.
The Plan presents in the Statement of Changes in Net Assets Available for
Plan Benefits the net appreciation (depreciation) in the value of its
investments which consists of the realized gains or losses and the
unrealized appreciation (depreciation) of those investments.
Purchases and sales of securities are reflected as of the trade date.
Realized gains and losses on sales of investments are determined on the
basis of average cost.
Dividend income is recorded on the ex-dividend date. Interest earned on
investments is recorded on the accrual basis.
(3) The interest of an employee in each type of investment of the Plan on
December 31, 1993 and December 31, 1992 is represented by units or shares.
The number and value of units or shares were:
<TABLE>
<CAPTION>
December 31, 1993 December 31, 1992
-------------------------------- -------------------------------
Number of Value per Number of Value per
units/shares unit/share units/shares unit/share
<S> <C> <C> <C> <C>
Cincinnati Bell Stable Value Fund 16,101,725 units 1.0000 15,486,148 units 1.0000
Spectrum Income Fund 29,683 shares 11.1100 6,479 shares 10.7000
Balanced Fund 16,814 shares 12.0200 5,580 shares 11.0700
Equity Income Fund 60,137 shares 16.6500 29,886 shares 15.6300
Equity Index Fund 17,226 shares 13.4800 4,638 shares 12.6300
Capital Appreciation Fund 16,735 shares 12.6600 4,514 shares 11.3900
International Stock Fund 39,424 shares 12.1600 4,409 shares 8.8900
New America Growth Fund 17,829 shares 28.0400 4,000 shares 24.8600
Cincinnati Bell Inc. Shares Fund 41,657,841 units 1.1053 42,368,977 units 1.0173
</TABLE>
<PAGE>
At December 31, 1993 the number of participants with balances by investment
fund was:
Cincinnati Bell Stable Value Fund 1,665
Spectrum Income Fund 195
Balanced Fund 113
Equity Income Fund 365
Equity Index Fund 117
Capital Appreciation Fund 118
International Stock Fund 133
New America Growth Fund 214
Cincinnati Bell Inc. Shares Fund 2,418
(4) The Internal Revenue Service has issued a determination that the Plan meets
the requirements of Section 401(a) of the Internal Revenue Code (the
"Code") and is exempt from Federal income taxes under Section 501(a) of the
Code.
(5) Units in the Cincinnati Bell Inc. Shares Fund forfeited by employees under
the Plan are valued as of the end of the same day as the event causing the
forfeiture and are applied as credits reducing subsequent matching
Participating Company contributions.
(6) Plan Amendments -- Effective July 1, 1993, the external administrative fees
of the Cincinnati Bell Inc. Retirement Savings Plan and the Cincinnati Bell
Inc. Savings and Security Plan will be charged to the plans and paid by the
plan participants.
External administrative fees for the Retirement Savings Plan and the
Savings and Security Plan will be combined and then allocated as a percent
of the combined assets of the plans. Individual participant accounts will
be assessed on the market value of the account.
Effective January 1, 1994 the vesting schedule for company matching
contributions for the Retirement Savings Plan and the Savings and Security
Plan changed from class year vesting with a five-year override to five-year
cliff vesting. All employees hired before January 1, 1994 were fully
vested in their company matching contributions regardless of their actual
years of service. Employees hired on or after January 1, 1994, will be
fully vested after five years of vesting service.
In general, this change in the vesting schedule will affect an individual's
benefit only at termination of employment. Class year vesting will remain
in effect for withdrawals and loans.
Effective April 1, 1994 the Retirement Savings Plan and the Savings and
Security Plan will accept rollovers of monies from any qualified defined
contribution plan within the Cincinnati Bell Inc. family of companies. Any
company matching contributions would be fully vested at the time when the
participant transferred to another company and plan within the CBI family
of companies.
Effective April 1, 1994 the current transaction frequency allowed by the
Retirement Savings Plan and the Savings and Security Plan was revised as
follows:
<TABLE>
<CAPTION>
Number of Times / Year
----------------------
Transaction Current Revised
--------------------------- ------- -------
<S> <C> <C>
Change allotments 4 12
Change before/after tax mix 4 12
Stop/resume allotments 2 12
Change investment direction 4 12
Transfer account balances 4 365
</TABLE>
<PAGE>
CINCINNATI BELL INC. SAVINGS AND SECURITY PLAN
SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
Thousands of Dollars
------------- -------------
December 31, 1993
--------------- --------------
Number of
Shares or
Principal
Name of Issuer and Title of Issue Amount Cost Value
--------------------------------- --------- ---- -----
<S> <C> <C> <C>
CINCINNATI BELL INC. SHARES FUND
Temporary cash investments 1,191 $ 1,191 $ 1,191
Cincinnati Bell Inc. shares* 2,502,240 shs. 31,255 45,040
Dividends receivable 500 500 500
Interest receivable 3 3 3
-------- --------
Total Cincinnati Bell Inc. Shares Fund 32,949 46,734
T. ROWE PRICE SPECTRUM INCOME FUND 29,820 shs. 332 332
T. ROWE PRICE BALANCED FUND 17,635 shs. 203 212
T. ROWE PRICE EQUITY INCOME FUND 61,115 shs. 990 1,017
T. ROWE PRICE EQUITY INDEX FUND 17,254 shs. 223 232
T. ROWE PRICE CAPITAL APPRECIATION FUND 16,735 shs. 205 212
T. ROWE PRICE INTERNATIONAL STOCK FUND 39,507 shs. 432 480
T. ROWE PRICE NEW AMERICA GROWTH FUND 17,948 shs. 471 503
CINCINNATI BELL STABLE VALUE FUND
T. Rowe Price Stable Value Common Trust Fund * 4,751 4,751 4,751
Contracts with Confederation Life Insurance Company + 912 912 912
Contracts with Crown Life Insurance Company + 1,207 1,207 1,207
Contracts with Hartford Life Insurance Company + 2,819 2,819 2,819
Contract with Life Insurance Company of Virginia + 735 735 735
Contracts with Metropolitan Life Insurance Company + 431 431 431
Contracts with New York Life Insurance Company + 1,657 1,657 1,657
Contracts with Ohio National Life Insurance Company + 666 666 666
Contracts with Provident Mutual Life Insurance Company + 206 206 206
Contracts with Prudential Insurance Company of America + 1,632 1,632 1,632
Contracts with State Mutual Life Insurance Company + 1,355 1,355 1,355
-------- --------
Total Cincinnati Bell Stable Value Fund 16,371 16,371
LOAN FUND
Loans to Participants 2,027 2,027 2,027
-------- --------
Total Loan Fund 2,027 2,027
-------- --------
GRAND TOTAL $ 54,203 $ 68,120
-------- --------
-------- --------
<FN>
_________________________
* Investment represents 5% or more of the Net Assets Available for Plan
Benefits.
+ The contracts with these insurance companies guarantee the repayment of
principal and the crediting of interest. During 1993, the composite effective
annual interest rate earned under these contracts was approximately 7.4%. The
rate at which interest will be credited in future years may be either higher or
lower.
</TABLE>
<PAGE>
EXHIBIT 99(c)
TO
FORM 1O-K FOR 1993
------------------
File No. 1-8519
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[ ] 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 1-8519
____________________________
MATRIXX MARKETING INC.
PROFIT SHARING/401(k) PLAN
____________________________
CINCINNATI BELL INC.
201 East Fourth Street
Cincinnati, Ohio 45202
<PAGE>
Report of Independent Accountants
Financial Statements:
Statements of Net Assets Available for Plan Benefits
Statement of Changes in Net Assets Available for Plan Benefits
Notes to Financial Statements
Schedules:
Schedule of Investments
Other schedules are omitted because the information required is
contained in the financial statements.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the MATRIXX Marketing Inc. Profit Sharing/401(k) Plan Committee has duly caused
this annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
MATRIXX MARKETING INC.
PROFIT SHARING/401(k) PLAN
By /s/ Jerry M. Gaulding
----------------------------------------
Jerry M. Gaulding
May 31, 1994
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
Plan Committee of the
MATRIXX MARKETING INC.
Profit Sharing/401(k) Plan
We have audited the accompanying statement of net assets available for plan
benefits of the MATRIXX Marketing Inc. Profit Sharing/401(k) Plan as of December
31, 1993 and 1992 and the related statement of changes in net assets available
for plan benefits for the year ended December 31, 1993. These financial
statements are the responsibility of the Plan Administrator. 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 plan benefits of the MATRIXX
Marketing Inc. Profit Sharing/401(k) Plan as of December 31, 1993 and 1992, and
the changes in net assets available for benefits for the year ended December 31,
1993 in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule listed in the
accompanying index on page 1 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. 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.
/s/ COOPERS & LYBRAND
COOPERS & LYBRAND
Cincinnati, Ohio
May 27, 1994
<PAGE>
MATRIXX MARKETING INC.
PROFIT SHARING/401(k) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
U.S.
Int'l Treasury Equity
Cincinnati Bell Managed Stock Money G.N.M.A. Income
Inc. Shares Fund GIC Fund Fund Fund Fund Fund
---------------- -------- ---- ------- -------- ------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Employer contribution receivable $292,738 $ -- $ -- $ -- $ -- $ --
Investments:
Cincinnati Bell Inc. shares 509,482 -- -- -- -- --
Mutual funds -- -- 49,767 872,353 245,322 466,066
Contracts with insurance companies -- 117,282 -- -- -- --
Loans to participants -- -- -- -- -- --
--------- --------- -------- --------- --------- ---------
Total investments 509,482 117,282 49,767 872,353 245,322 466,066
Total assets 802,220 117,282 49,767 872,353 245,322 466,066
--------- --------- -------- --------- --------- ---------
LIABILITIES
Participant refunds payable 2,999 690 293 5,135 1,444 2,743
--------- --------- -------- --------- --------- ---------
Total liabilities 2,999 690 293 5,135 1,444 2,743
--------- --------- -------- --------- --------- ---------
NET ASSETS AVAILABLE FOR BENEFITS $ 799,221 $ 116,592 $ 49,474 $ 867,218 $ 243,878 $ 463,323
--------- --------- -------- --------- --------- ---------
--------- --------- -------- --------- --------- ---------
<CAPTION>
Capital Participant Spectrum
Appreciation Loans and Growth Total
Fund Other Funds Fund All Funds
------------ ----------- -------- ---------
<S> <C> <C> <C> <C>
ASSETS
Employer contribution receivable $ -- $ -- $ -- $ 292,738
Investments:
Cincinnati Bell Inc. shares -- -- -- 509,482
Mutual funds 83,981 29,987 104,937 1,852,413
Contracts with insurance companies -- -- -- 117,282
Loans to participants -- 57,968 -- 57,968
---------- --------- ---------- ---------
Total investments 83,981 87,955 104,937 2,537,145
Total assets 83,981 87,955 104,937 2,829,883
--------- --------- --------- ----------
LIABILITIES
Participant refunds payable 494 177 618 14,593
--------- --------- --------- ----------
Total liabilities 494 177 618 14,593
--------- --------- ---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $ 83,487 $ 87,778 $ 104,319 $2,815,290
--------- --------- --------- ----------
--------- --------- ---------- ----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
MATRIXX MARKETING INC.
PROFIT SHARING/401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
OR THE YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
U.S.
Int'l Treasury Equity
Cincinnati Bell Managed Stock Money G.N.M.A. Income
Inc. Shares Fund GIC Fund Fund Fund Fund Fund
---------------- -------- ----- --------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
NET ASSETS AVAILABLE FOR BENEFITS,
December 31, 1992 $ 565,187 $ 111,662 $ 26,190 $ 835,101 $ 238,438 $ 341,711
--------- --------- --------- --------- --------- ---------
ADDITIONS:
Employer contribution 292,738 -- -- -- -- --
Participant contributions 41,185 35,312 6,393 79,076 -- 82,849
Dividend and other income 18,765 12,856 2,332 27,290 17,467 39,100
Net appreciation/(depreciation)
of investments (59,894) -- 10,632 -- 7,423 38,270
Transfers of participants' balances - net (2,258) (28,402) 15,988 (38,304) -- (15,938)
--------- --------- --------- --------- --------- ---------
Total additions 290,536 19,766 35,345 68,062 24,890 144,281
--------- --------- --------- --------- --------- ---------
DEDUCTIONS:
Distributions to participants 53,503 14,146 11,768 30,810 18,006 19,926
Participant refunds 2,999 690 293 5,135 1,444 2,743
--------- --------- --------- --------- --------- ---------
Total deductions 56,502 14,836 12,061 35,945 19,450 22,669
--------- --------- --------- --------- --------- ---------
NET ASSETS AVAILABLE FOR BENEFITS,
December 31, 1993 $ 799,221 $ 116,592 $ 49,474 $ 867,218 $ 243,878 $ 463,323
--------- --------- --------- --------- --------- ---------
--------- --------- --------- --------- --------- ---------
<CAPTION>
Capital Participant Spectrum
Appreciation Loans and Growth Total
Fund Other Funds Fund All Funds
------------ ----------- -------- ---------
<S> <C> <C> <C> <C>
NET ASSETS AVAILABLE FOR BENEFITS,
December 31, 1992 $ 72,084 $ 80,056 $ 87,654 $2,358,083
--------- --------- --------- ----------
ADDITIONS:
Employer contribution -- -- -- 292,738
Participant contributions 16,168 13,270 16,657 290,910
Dividend and other income 4,102 5,990 7,901 135,803
Net appreciation/(depreciation)
of investments 10,172 450 13,332 20,385
Transfers of participants' balances - net 7,365 (8,352) 16,522 (53,379)
--------- --------- --------- ----------
Total additions 37,807 11,358 54,412 686,457
--------- --------- --------- ----------
DEDUCTIONS:
Distributions to participants 25,910 3,459 37,129 214,657
Participant refunds 494 177 618 14,593
--------- --------- --------- ----------
Total deductions 26,404 3,636 37,747 229,250
--------- --------- --------- ----------
NET ASSETS AVAILABLE FOR BENEFITS,
December 31, 1993 $ 83,487 $ 87,778 $ 104,319 $2,815,290
--------- --------- --------- ----------
--------- --------- --------- ----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
MATRIXX MARKETING INC.
PROFIT SHARING/401(k) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1992
<TABLE>
<CAPTION>
U.S.
Int'l Treasury Equity
Cincinnati Bell Managed Stock Money G.N.M.A. Income
Inc. Shares Fund GIC Fund Fund Fund Fund Fund
---------------- -------- ---- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Employer contribution receivable $ 357,475 $ -- $ -- $ -- $ -- $ --
Investments:
Cincinnati Bell Inc. shares 216,332 -- -- -- -- --
Mutual funds -- -- 27,277 869,756 248,333 355,891
Contracts with insurance companies - 116,296 -- -- -- --
Loans to participants -- -- -- -- -- --
--------- ----------- ----------- ----------- ----------- -----------
Total investments 216,332 116,296 27,277 869,756 248,333 355,891
Participant loans receivable -- -- -- -- -- --
--------- ----------- ----------- ----------- ----------- -----------
Total assets 573,807 116,296 27,277 869,756 248,333 355,891
--------- ----------- ----------- ----------- ----------- -----------
LIABILITIES
Participant refunds payable 8,620 4,634 1,087 34,655 9,895 14,180
--------- ----------- ----------- ----------- ----------- -----------
Total liabilities 8,620 4,634 1,087 34,655 9,895 14,180
--------- ----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $ 565,187 $ 111,662 $ 26,190 $ 835,101 $ 238,438 $ 341,711
--------- ----------- ----------- ----------- ----------- -----------
--------- ----------- ----------- ----------- ----------- -----------
<CAPTION>
Capital Participant Spectrum
Appreciation Loans and Growth Total
Fund Other Funds Fund All Funds
---------------- ----------- --------- ---------
<S> <C> <C> <C> <C>
ASSETS
Employer contribution receivable $ -- $ -- $ -- $ 357,475
Investments:
Cincinnati Bell Inc. shares -- -- -- 216,332
Mutual funds 75,075 -- 91,291 1,667,623
Contracts with insurance companies -- -- -- 116,296
Loans to participants -- 16,164 -- 16,164
----------- ---------- ---------- ----------
Total investments 75,075 16,164 91,291 2,016,415
Participant loans receivable -- 64,536 -- 64,536
----------- ---------- ---------- ----------
Total assets 75,075 80,700 91,291 2,438,426
----------- ---------- ---------- ----------
LIABILITIES
Participant refunds payable 2,991 644 3,637 80,343
----------- ---------- ---------- ----------
Total liabilities 2,991 644 3,637 80,343
----------- ---------- ---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $ 72,084 $ 80,056 $ 87,654 $2,358,083
----------- ---------- ---------- ----------
----------- ---------- ---------- ----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(1) PLAN DESCRIPTION
The following is a description of the MATRIXX Marketing Inc. Profit
Sharing/401(k) Plan (the "Plan"). The Plan is subject to the provisions of
the Employee Retirement Income Security Act of 1974. Reference is made to
the Plan document and the related Trust Agreement for complete information.
GENERAL -- The Plan is a defined contribution plan covering substantially
all domestic employees of MATRIXX Marketing Inc. (the Company), a wholly-
owned subsidiary of Cincinnati Bell Inc. (CBI). The Plan is administered
by a Committee ("Plan Committee") appointed in accordance with the
provisions of the Plan. The trustee for the Plan is T. Rowe Price Trust
Company. Administrative expenses are paid by the Company and are not
included in the accompanying statements.
CONTRIBUTIONS AND PARTICIPANT LOANS -- Participating employees may defer,
pursuant to section 401(k) of the Internal Revenue Code of 1986 (the
"Code"), a percentage of pre-tax compensation, subject to certain
limitations. Contributions made by participants in excess of allowable
percentages are refunded to participants. The participants may also make
after-tax voluntary contributions. The contributions are invested by the
Trustee, as directed by each participant, in one or more investment funds.
Periodically, participants may change their investment option.
Participants are permitted to borrow against their pre-tax and voluntary
after-tax contribution accounts. The maximum loan amount available is 50%
of the vested account balance; provided, however, that the total amount
borrowed at any time may not exceed $50,000. Participant loans bear
interest at the market rate as determined by the Plan Committee and
generally must be repaid within five years.
Subject to certain limitations, the Company makes contributions to the
Plan based upon a specified percentage of the actual net operating profit
of the Company, compared with budgeted net operating profit. A Company
contribution will not be made if actual net operating profit is less than
70% of budgeted net operating profit. The Company's contribution is made
in CBI common shares and allocated among participant accounts in the
proportion that a participant's compensation bears to all participants'
compensation. Participants vest in Company contributions based on years
of service.
ELIGIBILITY -- Domestic employees who have completed at least one year of
service and who have attained the age of 21 are eligible to participate in
the Plan.
DISTRIBUTIONS AND TERMINATIONS -- Distribution of a participant's vested
account balance will be made in one lump sum payment upon the attainment
of age 65, termination of employment, permanent disability or death.
Participants may apply for hardship withdrawals, subject to approval by
the Plan Committee.
The Company may, at any time, suspend or eliminate contributions to the
Plan or terminate the Plan without the consent of any participant. Should
the Plan be terminated, the interests of all participants would
immediately vest and become non-forfeitable.
(2) SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING -- The Plan uses the accrual method of accounting.
Purchases and sales of securities are reflected as of the trade date.
Dividend income is recorded on the ex-dividend date.
INVESTMENTS AND INVESTMENT VALUATION -- Participants are permitted to
direct the investment of their pre-tax salary deferral and after-tax
voluntary contributions into the following investment programs approved by
the Plan Committee: CBI Shares Fund and T. Rowe Price Managed GIC Fund,
International Stock Fund, U.S. Treasury Money Fund, Equity Income Fund,
Capital Appreciation Fund, Spectrum Growth Fund, New Income Fund, Spectrum
Income Fund, and Government National Mortgage Association (G.N.M.A.) Fund.
Company contributions are invested in CBI Common Shares.
Investments are valued at market value and determined as follows: CBI
shares in the CBI Shares Fund on the basis of the last published sales
price on December 31 on the New York Stock Exchange; shares in the T. Rowe
Price mutual funds on the basis of the last published net asset value on
December 31; and loans to participants at the principal owed by the
participants on December 31.
NET APPRECIATION (DEPRECIATION) OF INVESTMENTS -- The Plan presents in the
statement of changes in net assets the net appreciation (depreciation) in
the fair value of its investments which consists of the realized gains or
losses and the unrealized appreciation (depreciation) on those
investments.
ADMINISTRATIVE EXPENSES -- Administrative Expenses are paid by MATRIXX
Marketing Inc. on behalf of the Plan.
(3) INCOME TAX STATUS
The Internal Revenue Service has issued a determination that the Plan
meets the requirements of section 401(a) of the Code and is exempt from
Federal income taxes under section 501(a) of the Code.
<PAGE>
(4) The interest of an employee in each type of investment of the Plan on
December 31, 1993 and 1992, is represented by shares. The number and value
of shares was:
<TABLE>
<CAPTION>
December 31, 1993 December 31, 1992
------------------------- ---------------------------
Number of Value per Number of Value per
Shares Share Shares Share
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Cincinnati Bell Inc. Shares Fund 28,304 18.00 12,636 17.12
Managed GIC Fund 117,282 1.00 116,296 1.00
International Stock Fund 4,093 12.16 3,068 8.89
U.S. Treasury Money Fund 872,353 1.00 869,756 1.00
G.N.M.A. Fund 25,239 9.72 25,289 9.82
Equity Income Fund 27,992 16.65 22,770 15.63
Capital Appreciation Fund 6,634 12.66 6,591 11.39
Spectrum Growth Fund 8,841 11.87 8,661 10.54
</TABLE>
At December 31, 1993, the number of participants with balances by investment
fund was:
Number of Participants
1993
------------
Cincinnati Bell Inc. Shares Fund 1,132
Managed GIC Fund 89
International Stock Fund 36
U.S. Treasury Money Fund 125
G.N.M.A. Fund 368
Equity Income Fund 177
Capital Appreciation Fund 39
Spectrum Growth Fund 42
<PAGE>
MATRIXX MARKETING INC.
PROFIT SHARING/401(k) PLAN
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
Shares/ Market
Identity of Issuer/Asset Description Par Value Cost Value
- - - - - ------------------------------------ ---------------- ---------------- ----------------
<S> <C> <C> <C>
Cincinnati Bell Inc. Common Shares * 28,303 $ 578,869 $ 509,482
T. Rowe Price Managed GIC Fund: 117,282 117,282 117,282
Contracts with Canada Life Insurance Company 10,177 10,177 10,177
Contracts with Provident Life and Accident Insurance Company 26,489 26,489 26,489
Contracts with Provident National Life Insurance Company 7,890 7,890 7,890
Contracts with Security Life of Denver 14,108 14,108 14,108
Contracts with TransAmerica Life Insurance Company 21,414 21,414 21,414
Contracts with United of Omaha 4,463 4,463 4,463
Contracts with Crown Life Insurance Company 2,214 2,214 2,214
Contracts with Life Insurance Company of Virginia 4,218 4,218 4,218
Contracts with Lincoln National Life Insurance Company 18,294 18,294 18,294
Contracts with Life Insurance Company of Georgia 8,015 8,015 8,015
---------- ---------- ---------
Total T. Rowe Price Managed GIC Fund 117,282 $ 117,282 $ 117,282
T. Rowe Price International Stock Fund 4,093 42,300 49,767
T. Rowe Price U.S. Treasury Money Fund * 872,353 872,353 872,353
T. Rowe Price G.N.M.A. Fund * 25,939 240,258 245,322
T. Rowe Price Equity Income Fund * 27,992 432,490 466,066
T. Rowe Price Capital Appreciation Fund 6,634 78,554 83,981
T. Rowe Price Spectrum Growth Fund 8,841 96,715 104,937
Other Funds 2,841 29,752 29,987
Participant Loans 57,968 57,968
---------- ---------
Total $2,546,541 $2,537,145
---------- ---------
---------- ---------
<FN>
* Investment represents 5% or more of the Net Assets Available for Benefits at
December 31, 1993.
</TABLE>
<PAGE>
EXHIBIT 99(d)
TO
FORM 10-K FOR 1993
File No. 1-8519
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[ ] 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 1-8519
------------------------
CBIS 401(k) RETIREMENT PLAN
------------------------
CINCINNATI BELL INC.
201 East Fourth Street
Cincinnati, Ohio 45202
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Plan Benefits
Statement of Changes in Net Assets Available for Plan Benefits
Notes to Financial Statements
SCHEDULES:
Schedule of Investments
Other schedules are omitted because the information required is contained
in the financial statements.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the members of the CBIS 401(k) Retirement Plan Committee have duly caused this
annual report to be signed by the undersigned, thereunto duly authorized.
CBIS 401(k) RETIREMENT PLAN
By /s/ Robert T. Enos
------------------------------
Robert T. Enos
May 31, 1994
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
CBIS 401(k) Retirement Plan Committee
We have audited the accompanying statement of net assets available for plan
benefits of the CBIS 401(k) Retirement Plan as of December 31, 1993 and 1992 and
the related statement of changes in net assets available for plan benefits for
the year ended December 31, 1993. These financial statements are the
responsibility of the Plan Administrator. 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 plan benefits of the CBIS
401(k) Retirement Plan as of December 31, 1993 and 1992, and the changes in net
assets available for plan benefits for the year ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule listed in the
accompanying index on page 1 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. 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.
/s/ COOPERS & LYBRAND
COOPERS & LYBRAND
Cincinnati, Ohio
May 27, 1994
<PAGE>
CBIS 401(k) RETIREMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
Cincinnati Bell Fidelity
Inc. Common Fidelity Growth Invesco Suntrust
Shares Stock Balanced Company GIC Corporate Loan
ASSETS Fund Fund Fund Fund Equity Fund Fund Total
-------------- -------- -------- ------- ----------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Investments:
Temporary cash investments $ 20,114 $ 4,413 $ 10,044 $ 10,725 $ 10,690 $ 21,454 $ 77,440
Cincinnati Bell Inc. shares 21,303,414 -- -- -- -- -- 21,303,414
Mutual funds -- 6,013,309 8,802,990 6,746,938 6,345,889 -- 27,909,126
Contracts with insurance companies -- -- -- 1,596,251 -- -- 1,596,251
Loans to participants -- -- -- -- -- 2,459,457 2,459,457
----------- ---------- ---------- ---------- ---------- ---------- -----------
Total investments 21,323,528 6,017,722 8,813,034 8,353,914 6,356,579 2,480,911 53,345,688
Allotments and contributions receivable 140,764 54,873 82,971 55,164 50,977 -- 384,749
Transfers receivable 1,701 155,055 157,395 894 -- -- 315,045
Dividends and interest receivable 237,013 288 496 259 172 -- 238,228
----------- ---------- ---------- ---------- ---------- ---------- -----------
Total assets 21,703,006 6,227,938 9,053,896 8,410,231 6,407,728 2,480,911 54,283,710
LIABILITIES
Distributions payable 209,516 85,239 161,806 156,237 67,152 -- 679,950
Transfers payable 122,745 64 1,285 209 189,958 -- 314,261
----------- ---------- ---------- ---------- ---------- ---------- -----------
Total liabilities 332,261 85,303 163,091 156,446 257,110 -- 994,211
----------- ---------- ---------- ---------- ---------- ---------- -----------
Net Assets Available for Plan Benefits $21,370,745 $6,142,635 $8,890,805 $8,253,785 $6,150,618 $2,480,911 $53,289,499
----------- ---------- ---------- ---------- ---------- ---------- -----------
----------- ---------- ---------- ---------- ---------- ---------- -----------
</TABLE>
______________________________
See Notes to Financial Statements.
<PAGE>
CBIS 401(k) RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
Cincinnati Bell Fidelity
Inc. Common Fidelity Growth Invesco Suntrust
Shares Stock Balanced Company GIC Corporate Loan
ASSETS Fund Fund Fund Fund Equity Fund Fund Total
-------------- -------- -------- ------- ----------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Net assets available for plan
benefits, December 31, 1992 $18,813,951 $3,510,050 $5,870,912 $7,636,794 $5,197,026 $1,481,848 $42,510,581
Additions:
Employee allotments 1,481,992 1,399,235 2,168,430 1,602,534 1,543,064 -- 8,195,255
Company contributions 3,098,770 -- -- -- -- -- 3,098,770
Transfer of participants'
balances (net) (963,246) 974,997 324,863 (660,508) (799,021) -- (1,122,915)
----------- ---------- ---------- ---------- ---------- ---------- -----------
Net total allotments,
contributions
and transfers 3,617,516 2,374,232 2,493,293 942,026 744,043 -- 10,171,110
Net participant loans -- -- -- -- -- 1,831,554 1,831,554
Investment income:
Interest 7,734 320,174 28,820 510,100 2,287 135,103 1,004,218
Dividends 918,204 413 1,216 -- -- -- 919,833
Net appreciation/(depreciation)
of investments (524,516) 423,687 1,046,992 -- 580,145 -- 1,526,308
----------- ---------- ---------- ---------- ---------- ---------- -----------
Total additions 4,018,938 3,118,506 3,570,321 1,452,126 1,326,475 1,966,657 15,453,023
Deductions:
Distributions to participants (1,376,146) (470,131) (525,935) (786,835) (324,583) (967,594) (4,451,224)
Administrative expenses (85,998) (15,790) (24,493) (48,300) (48,300) -- (222,881)
----------- ---------- ---------- ---------- ---------- ---------- -----------
Total deductions (1,462,144) (485,921) (550,428) (835,135) (372,883) (967,594) (4,674,105)
Net assets available for plan
benefits, December 31, 1993 $21,370,745 $6,142,635 $8,890,805 $8,253,785 $6,150,618 $2,480,911 $53,289,499
----------- ---------- ---------- ---------- ---------- ---------- -----------
----------- ---------- ---------- ---------- ---------- ---------- -----------
</TABLE>
______________________________
See Notes to Financial Statements.
<PAGE>
CBIS 401(k) RETIREMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1992
<TABLE>
<CAPTION>
Cincinnati Bell Fidelity
Inc. Common Fidelity Growth Invesco Suntrust
Shares Stock Balanced Company GIC Corporate Loan
ASSETS Fund Fund Fund Fund Equity Fund Fund Total
-------------- -------- -------- ------- ----------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Investments:
Temporary cash investments $ 212,366 $ 27,208 $ 22,562 $ 28,500 $ 34,187 $ 5,390 $ 330,213
Cincinnati Bell Inc. shares 17,459,760 -- -- -- -- -- 17,459,760
Mutual funds -- 3,454,856 5,797,340 5,154,466 5,134,305 -- 19,540,967
Contracts with insurance companies -- -- -- 2,429,217 -- -- 2,429,217
Loans to participants -- -- -- -- -- 1,476,458 1,476,458
----------- ---------- ---------- ---------- ---------- ---------- -----------
Total investments 17,672,126 3,482,064 5,819,902 7,612,183 5,168,492 1,481,848 41,236,615
Allotments and contributions
receivable 972,041 34,879 60,364 36,074 50,458 -- 1,153,816
Transfers receivable 2,584 -- 252 10 27 -- 2,873
Dividends and interest receivable 204,860 237 218 116 177 -- 205,608
----------- ---------- ---------- ---------- ---------- ---------- -----------
Total assets 18,851,611 3,517,180 5,880,736 7,648,383 5,219,154 1,481,848 42,598,912
LIABILITIES
Distributions payable 37,485 7,035 8,813 11,497 20,629 -- 85,459
Transfers payable 175 95 1,011 92 1,499 -- 2,872
----------- ---------- ---------- ---------- ---------- ---------- -----------
Total liabilities 37,660 7,130 9,824 11,589 22,128 -- 88,331
----------- ---------- ---------- ---------- ---------- ---------- -----------
Net Assets Available for Plan Benefits $18,813,951 $3,510,050 $5,870,912 $7,636,794 $5,197,026 $1,481,848 $42,510,581
----------- ---------- ---------- ---------- ---------- ---------- -----------
----------- ---------- ---------- ---------- ---------- ---------- -----------
</TABLE>
______________________________
See Notes to Financial Statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(1) PLAN DESCRIPTION
The CBIS 401(k) Retirement Plan (the "Plan") covers eligible employees at
Cincinnati Bell Information Systems Inc. ("CBIS"), CBIS Federal Inc., CBIS
International Inc., and CBIS International Services Inc. CBIS is a wholly-
owned subsidiary of Cincinnati Bell Inc. (CBI). Effective January 1, 1992,
the Plan amended, restated, and superseded the Auxton Computer Enterprises,
Incorporated Savings and Profit Sharing Plan. Also effective January 1,
1992, the assets of the former CBIS Federal Inc. Profit Sharing and Tax
Deferred Savings Plan were transferred to the Plan. In addition, on
January 2, 1992, certain assets of the Cincinnati Bell Inc. Savings and
Security Plan held for employees of CBIS and its subsidiaries were
transferred to the Plan.
All fund values are quoted in shares. These shares represent the Net Asset
Value of shares in Fidelity and Suntrust mutual funds and Cincinnati Bell
Inc. shares.
The Plan is a profit sharing plan under section 401(a) of the Internal
Revenue Code of 1986 (the "Code") and is subject to the requirements of the
Employee Retirement Income Security Act of 1974. Complete information on
the provisions of the Plan, including vesting provisions, forfeitures, and
funding policies are described in the Summary Plan Description.
(2) ACCOUNTING POLICIES
The values of investments are determined as follows: CBI shares in the
Cincinnati Bell Inc. Common Shares Stock Fund on the basis of the last
published sales prices on December 31, 1993 on the New York Stock Exchange;
shares in the Fidelity Balanced Fund, Fidelity Growth Company Fund, and the
Suntrust Corporate Equity Fund, on the basis of the last published net
asset value on December 31, 1993; contracts with insurance companies in the
Invesco GIC Fund at principal plus accrued earnings on December 31, 1993;
loans to participants in the Loan Fund at the principal owed by the
participants on December 31, 1993.
The financial statements of the Plan have been prepared on the accrual
basis of accounting.
The Plan presents in the Statement of Changes in Net Assets Available for
Plan Benefits the net appreciation (depreciation) in the fair value of its
investments which consist of the realized gains or losses and the
unrealized appreciation (depreciation) on those investments.
Purchases and sales of securities are reflected as of the trade date.
Dividend income is recorded on the ex-dividend date. Interest earned on
investments is recorded on the accrual basis.
(3) INVESTMENT DIRECTION AND SHARE VALUES
At December 31, 1993 the number of participants with balances by investment
fund was:
Number of Participants
1993
-----
Cincinnati Bell Inc. Common Shares Stock Fund 2,336
Fidelity Balanced Fund 1,268
Fidelity Growth Company 1,563
Fixed Income Fund 1,356
Suntrust Corporate Equity Fund 1,277
<PAGE>
(3) INVESTMENT DIRECTION AND SHARE VALUES, continued
An interest of an employee in each type of investment of the Plan on
December 31, 1993 and 1992 is represented by shares. The number and
value of shares were:
<TABLE>
<CAPTION>
December 31, 1993 December 31, 1992
-------------------------- --------------------------
Number of Value per Number of Value per
Shares Share Share Share
------------ -------- ------------- ---------
<S> <C> <C> <C> <C>
Cincinnati Bell Inc. Commons Shares Stock Fund 1,183,523.00 18.00 1,019,548.00 17.125
Fidelity Balanced Fund 449,089.54 13.39 281,111.16 12.29
Fidelity Growth Company 302,924.64 29.06 209,744.56 27.64
Fixed Income Fund 8,343,189.00 1.00 7,583,683.00 1.00
Suntrust Corporate Equity Fund 62,105.00 102.18 55,506 92.50
</TABLE>
(4) INCOME TAX STATUS
The Internal Revenue Service has issued a determination that the Plan meets
the requirements of section 401(a) of the Code and is exempt from Federal
income taxes under section 501(a) of the Code.
<PAGE>
CBIS 401(k) RETIREMENT PLAN
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
Number of
Shares or
Name of Issuer and Time of Issue Principal Amount Cost Value
-------------------------------- ---------------- ------------ ------------
<S> <C> <C> <C>
CINCINNATI BELL INC. COMMON SHARES STOCK FUND
Cincinnati Bell shares * . . . . . . . . . . . . . . . . . . . . . . . . . 1,183,523 $ 13,615,710 $ 21,303,414
Temporary cash investments . . . . . . . . . . . . . . . . . . . . . . . . 20,114 20,114 20,114
----------- -----------
Total Cincinnati Bell Inc. Common Shares Stock Fund. . 13,635,824 21,323,528
----------- -----------
FIDELITY BALANCED FUND
Fidelity Balanced Fund * . . . . . . . . . . . . . . . . . . . . . . . . . 449,090 5,770,039 6,013,309
Temporary cash investments . . . . . . . . . . . . . . . . . . . . . . . . 4,413 4,413 4,413
----------- -----------
Total Fidelity Balanced Fund . . . . . . . . . . . . . 5,774,452 6,017,722
----------- -----------
FIDELITY GROWTH COMPANY FUND
Fidelity Mt. Vernon Growth Fund *. . . . . . . . . . . . . . . . . . . . . 302,925 8,330,590 8,802,990
Temporary cash investments . . . . . . . . . . . . . . . . . . . . . . . . 10,044 10,044 10,044
----------- -----------
Total Fidelity Growth Company Fund . . . . . . . . . . 8,340,634 8,813,034
----------- -----------
INVESCO GIC FUND
Contract with New York Life Insurance Company. . . . . . . . . . . . . . . 330,551 330,551 330,551
Contracts with Confederation Life Insurance Company. . . . . . . . . . . . 93,743 93,743 93,743
Contract with Provident Mutual Life Insurance Company. . . . . . . . . . . 53,349 53,349 53,349
Contract with Ohio National Life Insurance Company . . . . . . . . . . . . 137,754 137,754 137,754
Contract with Hartford Life Insurance Company. . . . . . . . . . . . . . . 643,804 643,804 643,804
Contract with Prudential Life Insurance Company of America . . . . . . . . 114,730 114,730 114,730
Contracts with Crown Life Insurance Company. . . . . . . . . . . . . . . . 222,320 222,320 222,320
Invesco Fixed Income Fund *. . . . . . . . . . . . . . . . . . . . . . . . 6,746,938 6,746,938 6,746,938
Temporary cash investments . . . . . . . . . . . . . . . . . . . . . . . . 10,725 10,725 10,725
----------- -----------
Total Invesco GIC Fund . . . . . . . . . . . . . . . . 8,353,914 8,353,914
----------- -----------
SUNTRUST CORPORATE EQUITY FUND
Suntrust Corporate Equity Fund * . . . . . . . . . . . . . . . . . . . . . 62,105 4,612,495 6,345,889
Suntrust Retirement Reserve. . . . . . . . . . . . . . . . . . . . . . . . 10,690 10,690 10,690
----------- -----------
Total Suntrust Corporate Equity Fund . . . . . . . . . 4,623,185 6,356,579
----------- -----------
LOAN FUND
Loans to Participants. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,459,457 2,459,457
Temporary Cash Investments . . . . . . . . . . . . . . . . . . . . . . . . 21,454 21,454
----------- -----------
Total Loan Fund. . . . . . . . . . . . . . . . . . . . 2,480,911 2,480,911
----------- -----------
GRAND TOTAL. . . . . . . . . . . . $ 43,208,920 $ 53,345,688
----------- -----------
----------- -----------
<FN>
* Investments represents 5% or more of the Net Assets Available for Plan
Benefits.Y
</TABLE>
<PAGE>
EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statements
of Cincinnati Bell Inc. on Form S-3 (File No. 33-39385), Form S-3 (File
No. 33-42215), Form S-3 (File No. 33-54750), Form S-3 (File No. 33-62044),
Form S-8 (File No. 33-29332), Form S-8 (File No. 33-3195), Form S-8 (File
No. 33-1462), Form S-8 (File No. 33-1487), Form S-8 (File No. 33-15467),
Form S-8 (File No. 33-23159), Form S-8 (File No. 29331), Form S-8 (File
No. 33-36381), Form S-8 (File No. 33-36380), Form S-8 (File No. 33-39654), and
Form S-8 (File No. 33-43775), and Form S-14 (File No. 2-82253) of our report
dated February 11, 1994 on our audits of the consolidated financial statements
and financial statement schedules of Cincinnati Bell Inc. as of December 31,
1993 and 1992, and for each of the three years in the period ended December 31,
1993, which report is included in the 1993 Annual Report on Form 10-K of
Cincinnati Bell Inc.
We also consent to the inclusion in the 1993 Annual Report on Form 11-K of the
Cincinnati Bell Inc. Savings and Security Plan and to the incorporation by
reference in the registration statements set forth in the first paragraph above
of our report dated May 6, 1994 on our audits of the financial statements of the
Cincinnati Bell Inc. Savings and Security Plan as of December 31, 1993, 1992,
and for the years then ended and the accompanying schedule of investments as of
December 31, 1993. We understand that the 1993 Annual Report of the Cincinnati
Bell Inc. Savings and Security Plan will be Exhibit 28(b) to the 1993 Annual
Report on Form 10-K of Cincinnati Bell Inc.
/s/ COOPERS & LYBRAND
COOPERS & LYBRAND
Cincinnati, Ohio
June 14, 1994
<PAGE>
EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statements
of Cincinnati Bell Inc. on Form S-3 (File No. 33-39385), Form S-3 (File
No. 33-42215), Form S-3 (File No. 33-54750), Form S-3 (File No. 33-62044),
Form S-8 (File No. 33-29332), Form S-8 (File No. 33-3195), Form S-8 (File
No. 33-1462), Form S-8 (File No. 33-1487), Form S-8 (File No. 33-15467),
Form S-8 (File No. 33-23159), Form S-8 (File No. 33-29331), Form S-8 (File
No. 33-36381), Form S-8 (File No. 33-36380), Form S-8 (File No. 33-39654), and
Form S-8 (File No. 33-43775), and Form S-14 (File No. 2-82253) of our report
dated February 11, 1994 on our audits of the consolidated financial statements
and financial statement schedules of Cincinnati Bell Inc. as of December 31,
1993 and 1992, and for each of the three years in the period ended December 31,
1993, which report is included in the 1993 Annual Report on Form 10-K of
Cincinnati Bell Inc.
We also consent to the inclusion in the 1993 Annual Report on Form 11-K of the
Cincinnati Bell Inc. Retirement Savings Plan and to the incorporation by
reference in the registration statements set forth in the first paragraph above
of our report dated May 6, 1994 on our audits of the financial statements of the
Cincinnati Bell Inc. Retirement Savings Plan as of December 31, 1993, 1992, and
for the years then ended and the accompanying schedule of investments as of
December 31, 1993. We understand that the 1993 Annual Report of the Cincinnati
Bell Inc. Retirement Savings Plan will be Exhibit 28(a) to the 1993 Annual
Report on Form 10-K of Cincinnati Bell Inc.
/s/ COOPERS & LYBRAND
COOPERS & LYBRAND
Cincinnati, Ohio
June 14, 1994
<PAGE>
EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statement of
Cincinnati Bell Inc. on Form S-3 (File No. 33-39385), of our report dated
February 11, 1994 on our audits of the consolidated financial statements and
financial statement schedules of Cincinnati Bell Inc. as of December 31, 1993
and 1992, and for the year ended December 31, 1993, which report is included in
the 1993 Annual Report on Form 10-K of Cincinnati Bell Inc.
We also consent to the inclusion in the 1993 Annual Report on Form 11-K of the
MATRIXX Marketing Inc. Profit Sharing/401(k) Plan (the Plan) and to the
incorporation by reference in the registration statement set forth in the first
paragraph above of our report dated May 27, 1994 on our audits of the financial
statements of the Plan as of December 31, 1993 and 1992, and for the year ended
December 31, 1993 and the accompanying schedule of investments as of
December 31, 1993. We understand that the 1993 Annual Report of the Plan will be
Exhibit 28(c) to the 1993 Annual Report on Form 10-K of Cincinnati Bell Inc.
/s/ COOPERS & LYBRAND
COOPERS & LYBRAND
Cincinnati, Ohio
June 21, 1994
<PAGE>
EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statement of
Cincinnati Bell Inc. on Form S-8 (File No. 33-43775), of our report dated
February 11, 1994 on our audits of the consolidated financial statements and
financial statement schedules of Cincinnati Bell Inc. as of December 31, 1993
and 1992, and for the year ended December 31, 1993, which report is included in
the 1993 Annual Report on Form 10-K of Cincinnati Bell Inc.
We also consent to the inclusion in the 1993 Annual Report on Form 11-K of the
CBIS 401(k) Retirement Plan (the Plan) and to the incorporation by reference in
the registration statement set forth in the first paragraph above of our report
dated May 27, 1994 on our audit of the financial statements of the Plan as of
December 31, 1993 and 1992, and for the year ended December 31, 1993 and the
accompanying schedule of investments as of December 31, 1993. We understand that
the 1993 Annual Report of the Plan will be Exhibit 28(d) to the 1993 Annual
Report on Form 10-K of Cincinnati Bell Inc.
/s/ COOPERS & LYBRAND
COOPERS & LYBRAND
Cincinnati, Ohio
June 21, 1994
