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Previous: NEWCOR INC, 11-K, 1999-06-29 |
Next: NEWMONT MINING CORP, 11-K, 1999-06-29 |
<PAGE> 1
REGISTRATION AND REPORTING UNDER THE
SECURITIES AND EXCHANGE ACT OF 1934
ANNUAL REPORTS ON FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
X Annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934
For the fiscal year ended December 31, 1998
-----------------
OR
Transition report pursuant to Section 15(d) of the Securities Exchange
Act of 1934
For the transition period from to
----------- ------------
Commission file number 1-5985
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
NEWCOR HOURLY EMPLOYEES 401(k) PLAN
-----------------------------------
B. Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
NEWCOR, INC.
1825 S. Woodward, Suite 240
Bloomfield Hills, Michigan 48302
(248) 253-2400
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned,
thereunto duly authorized.
NEWCOR HOURLY EMPLOYEES 401(k) PLAN
-----------------------------------
(name of plan)
Date June 29, 1999 By /s/ Fred Davenport
------------- ------------------
Fred Davenport
Plan Administrator
<PAGE> 2
NEWCOR HOURLY EMPLOYEES 401(K) PLAN
-------
REPORT ON AUDITS OF FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
<PAGE> 3
NEWCOR HOURLY EMPLOYEES 401(K) PLAN
INDEX OF FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES
-------
<TABLE>
<CAPTION>
PAGES
-----
<S> <C>
Report of Independent Accountants 2
Financial Statements:
Statement of Net Assets Available for Plan Benefits
as of December 31, 1998 and 1997 3
Statement of Changes in Net Assets Available for
Plan Benefits for the Years Ended December 31,
1998 and 1997 4
Notes to Financial Statements 5-10
Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment
Purposes at December 31, 1998 11
Item 27d - Schedule of Reportable Transactions
for the Year Ended December 31, 1998 12-16
Exhibit 23.1 Consent of Independent Accountants
</TABLE>
1
<PAGE> 4
REPORT OF INDEPENDENT ACCOUNTANTS
To the Plan Administrator of
Newcor Hourly Employees 401(k) Plan:
In our opinion, the accompanying statements of net assets available for plan
benefits and the related statements of changes in net assets available for plan
benefits present fairly, in all material respects, the net assets available for
benefits of Newcor, Inc. Hourly Employees 401(k) Plan (the "Plan") at December
31, 1998 and 1997, and the changes in net assets available for benefits for the
years then ended in conformity with generally accepted accounting principles.
These financial statements are the responsibility of the Plan's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in accordance with
generally accepted auditing standards which require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for the opinion expressed
above.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of the Newcor
Hourly Employees 401(k) Plan as of December 31, 1998 are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements, but are 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. These supplemental
schedules are the responsibility of the Plan's management. The supplemental
schedules have been subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, are fairly stated, in all
material respects, in relation to the basic financial statements taken as a
whole.
/s/ PRICEWATERHOUSECOOPERS LLP
Detroit, Michigan
June 11, 1999
2
<PAGE> 5
NEWCOR HOURLY EMPLOYEES 401(K) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
as of December 31, 1998 and 1997
-------
<TABLE>
<CAPTION>
1998 1997
---- ----
<S> <C> <C>
Assets:
Investments, at fair value $ 3,573,100 $ 1,053,700
Employee loans 10,100 0
Company matching contribution receivable 13,100 5,500
Company discretionary contribution receivable 152,000 19,800
Employee contribution receivable 68,000 0
Accrued interest 0 3,600
--------------- ---------------
Net assets available for plan benefits $ 3,816,300 $ 1,082,600
=============== ===============
</TABLE>
The accompanying notes are an integral
part of the financial statements.
3
<PAGE> 6
NEWCOR HOURLY EMPLOYEES 401(K) PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS
for the years ended December 31, 1998 and 1997
-------
<TABLE>
<CAPTION>
1998 1997
---- ----
<S> <C> <C>
Additions:
Employee contributions $ 824,300 $ 112,700
Employer contributions 303,600 45,600
Employee rollovers and plan merger 1,785,300 906,800
Investment income:
Interest and dividend income 240,500 13,200
Net appreciation (depreciation) in fair
value of investments (99,200) 4,300
--------------- ---------------
Total additions 3,054,500 1,082,600
Deductions:
Participant distributions 316,500 0
Other 4,300 0
-------------- ---------------
Total deductions 320,800 0
Net increase 2,733,700 1,082,600
Net assets available for plan benefits:
Beginning of year 1,082,600 0
-------------- ---------------
End of year $ 3,816,300 $ 1,082,600
============== ===============
</TABLE>
The accompanying notes are an integral
part of the financial statements.
4
<PAGE> 7
NEWCOR HOURLY EMPLOYEES 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
-------
1. DESCRIPTION OF THE PLAN:
The Plan is a defined contribution plan adopted effective April 1, 1997
covering eligible hourly employees of Newcor, Inc. (the "Company") Hourly
participants in the Rubright Employees Retirement and 401(k) Plan,
Plastronics Plus 401(k) Plan, and Blackhawk Engineering 401(k) Plan were
merged with the plan effective January 1, 1998 ($1,753,000 net assets
transferred into the plan).
Information about the Plan and the vesting, benefit and allocation
provisions is contained in the plan agreement. Copies of this document
are available from the employer, Newcor, Inc. (the "Company").
Participants may make contributions to the Plan up to a maximum amount as
specified in IRS Section 402(G). Participants may invest in seven fund
options.
The Company's matching contribution, in the form of Newcor common stock,
is subject to a vesting schedule based on years of service from the date
of hire as follows: 1 year of service, 30 percent vesting; 2 years of
service, 60 percent vesting; 3 years of service, 100 percent vesting.
Nonvested Company contributions for terminated participants are forfeited
by the participant and are used to reduce future employer contributions
to the Plan.
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA. In the event of
Plan termination, participants will become 100 percent vested in their
accounts.
2. SIGNIFICANT ACCOUNTING POLICIES:
The financial statements of the Plan are prepared under the accrual
method of accounting.
The fair value of investments held by the Plan in collective investment
funds and common stock funds are stated at quoted market prices on the
last business day of the plan year.
Expenses incurred in connection with the operation of the Plan are borne
by the employer.
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 consists of the realized gains and losses and the
unrealized appreciation (depreciation) on those investments.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management at times to make
estimates and assumptions that affect the reported amounts in the
financial statements. Actual results could differ from those estimates.
The plan provides for various investment options in any combination of
stocks, bonds, fixed income securities, mutual funds, and other
investment securities. Investment securities are exposed to various
risks, such as interest rate, market and credit. Due to the level of risk
associated with certain investment securities and the level of
uncertainty related to changes in the value of investment securities, it
is at least reasonably possible that changes in risks in the near term
would materially affect participants' account balances and the amounts
reported in the statement of net assets available for plan benefits and
the statement of changes in net assets available for plan benefits.
5
<PAGE> 8
NEWCOR HOURLY EMPLOYEES 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
-------
3. INVESTMENTS:
The Plan's investments are held by a trust fund. The following table
presents the fair value of investments as of December 31, 1998 and 1997:
<TABLE>
<CAPTION>
1998 1997
---- ----
<S> <C> <C>
American Funds Investments:
Bond Fund of America $ 125,600 $ 9,900
Cash Management Trust 1,388,700 872,500
Euro Pacific Growth Fund 276,700 22,400
Income Fund of America 408,600 25,600
Investment Company of America 722,500 32,500
New Perspective Fund 517,300 20,500
Newcor Inc. Common Stock 133,700 70,300
-------------- ---------------
Total $ 3,573,100 $ 1,053,700
============== ===============
</TABLE>
4. INCOME TAX STATUS:
The Internal Revenue Service has determined and informed the Company by a
letter dated January 20, 1998, that the Plan is designed in accordance
with applicable sections of the Internal Revenue Code ("IRC"). The Plan's
administrator believes that the Plan is designed and is currently being
operated in compliance with the applicable requirements of the IRC.
6
<PAGE> 9
NEWCOR HOURLY EMPLOYEES 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
5. SUMMARY OF FINANCIAL DATA:
The following is a summary of the plan financial information segregated
by investment program:
SUMMARY OF NET ASSETS
-------
<TABLE>
<CAPTION>
BOND FUND CASH EURO-PACIFIC INCOME INVESTMENT NEW
OF MANAGEMENT GROWTH FUND OF CO. OF PERSPECTIVE
AMERICA TRUST FUND AMERICA AMERICA FUND
----------- ---------- ------------ ------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net assets available for plan benefits:
December 31, 1998 $125,600 $1,388,700 $276,700 $408,600 $722,500 $517,300
======== ========== ======== ======== ======== ========
Net assets available for plan benefits:
December 31, 1997 $ 9,900 $ 872,500 $ 22,400 $ 25,600 $ 32,500 $ 20,500
======== ========== ======== ======== ======== ========
<CAPTION>
NEWCOR, INC.
COMPANY
STOCK OTHER LOANS TOTAL
---------- ----- ----- -----
<S> <C> <C> <C> <C>
Net assets available for plan benefits:
December 31, 1998 $133,700 $233,100 $10,100 $3,816,300
======== ======== ======= ==========
Net assets available for plan benefits:
December 31, 1997 $ 70,300 $ 28,900 $ 0 $1,082,600
======== ======== ======= ==========
</TABLE>
7
<PAGE> 10
5. SUMMARY OF FINANCIAL DATA, continued:
SUMMARY OF CHANGES IN NET ASSETS
for the year ended December 31, 1998
-------
<TABLE>
<CAPTION>
BOND CASH EURO-PACIFIC INCOME INVESTMENT NEW
FUND OF MANAGEMENT GROWTH FUND OF CO. OF PERSPECTIVE
AMERICA TRUST FUND AMERICA AMERICA FUND
------- ---------- ------------ -------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Additions:
Employee/employer contributions $ 58,900 $ 66,700 $ 111,800 $ 151,000 $ 219,300 $ 148,200
Transfers in/merger 55,200 641,700 132,100 219,800 407,300 303,000
Interest and dividend income 5,700 73,700 14,000 40,500 69,100 40,500
Net appreciation (depreciation)
in fair value of investments (2,600) 0 1,700 (23,500) 9,500 14,600
Loan payments 200 500 600 1,200 1,400 400
----------- --------- ----------- ----------- -------- ----------
Total additions 117,400 782,600 260,200 389,000 706,600 506,700
Deductions:
Participant distributions 1,700 266,400 5,900 6,000 16,600 9,900
Other 0 0 0 0 0 0
----------- --------- ----------- ----------- -------- ----------
Total deductions 1,700 266,400 5,900 6,000 16,600 9,900
Net additions (deductions) $ 115,700 $ 516,200 $ 254,300 $ 383,000 $ 690,000 $ 496,800
============ ========== ============ ============ ========= ===========
<CAPTION>
NEWCOR
COMMON
STOCK OTHER LOANS TOTAL
-------- ----- ----- -----
<S> <C> <C> <C> <C>
Additions:
Employee/employer contributions $ 164,200 $ 207,800 $ 0 $1,127,900
Transfers in/merger 7,400 0 14,400 1,780,900
Interest and dividend income 600 (3,600) 0 240,500
Net appreciation (depreciation)
in fair value of investments (98,900) 0 0 (99,200)
Loan payments 100 0 0 4,400
------------ ---------- --------- ----------
Total additions 73,400 204,200 14,400 3,054,500
Deductions:
Participant distributions 10,000 0 0 316,500
Other 0 0 4,300 4,300
------------ ---------- --------- ---------
Total deductions 10,000 0 4,300 320,800
Net additions (deductions) $ 63,400 $ 204,200 $ 10,100 $2,733,700
============ ========== ========= ==========
</TABLE>
8
<PAGE> 11
5. SUMMARY OF FINANCIAL DATA, continued:
SUMMARY OF CHANGES IN NET ASSETS
for the year ended December 31, 1997
-------
<TABLE>
<CAPTION>
BOND CASH EURO-PACIFIC INCOME INVESTMENT NEW
FUND OF MANAGEMENT GROWTH FUND OF CO. OF PERSPECTIVE
------- ---------- ------------ ------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Additions:
Employee contributions $ 9,500 $ 15,600 $ 19,800 $ 22,000 $ 28,600 $ 16,900
Employer contributions 0 0 0 0 0 0
Employee rollover contributions 0 852,600 2,200 2,100 2,100 3,000
Interest and dividend income 100 4,300 800 1,300 2,100 900
Net appreciation (depreciation)
in fair value of investments 300 0 (400) 200 (300) (300)
------------ ---------- ------------ ------------ --------- -----------
Total additions $ 9,900 $ 872,500 $ 22,400 $ 25,600 $ 32,500 $ 20,500
============ ========== ============ ============ ========= ===========
<CAPTION>
NEWCOR
COMMON
STOCK OTHER TOTAL
-------- ----- -----
<S> <C> <C> <C>
Additions:
Employee contributions $ 300 $ 0 $ 112,700
Employer contributions 20,300 25,300 45,600
Employee rollover contributions 44,800 0 906,800
Interest and dividend income 100 3,600 13,200
Net appreciation (depreciation)
in fair value of investments 4,800 0 4,300
------------ ---------- --------
Total additions $ 70,300 $ 28,900 $1,082,600
=========== ========= =========
</TABLE>
9
<PAGE> 12
NEWCOR HOURLY EMPLOYEES 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS, CONTINUED
6. BENEFITS PAYMENTS:
Benefits payable to participants who became eligible to take a distribution
from the Plan but have not yet been paid aggregated $108,683 and $15,360 at
December 31,1998 and 1997, respectively.
7. FORM 5500:
The difference between the information included in Form 5500 and that
which is included in the accompanying financial statements is
attributable to benefits payable being reported as a liability on Form
5500 and the accompanying financial statements not reporting benefits
payable as a liability on the statement of net assets available for plan
benefits.
10
<PAGE> 13
NEWCOR HOURLY EMPLOYEES 401(K) PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1998
-----------------
<TABLE>
<CAPTION>
(b)
IDENTITY OF ISSUER, (e)
BORROWER, LESSOR (c) (d) CURRENT
(a) OR SIMILAR PARTY DESCRIPTION OF INVESTMENT COST VALUE
------------------- ------------------------- ---- -------
<S> <C> <C> <C>
American Funds Investments
Bond Fund of America 9,220 shares $ 128,200 $ 125,200
Cash Management Trust 1,388,700 shares 1,388,700 1,388,700
Euro Pacific Growth fund 9,742 shares 275,000 276,700
Income Fund of America 23,566 shares 432,100 408,600
Investment Company of America 23,253 shares 713,000 722,500
New Perspective Fund 22,542 shares 502,700 517,300
-------------- ---------------
Total American Funds 3,439,700 3,439,400
* Newcor, Inc. Common Stock 34,503 shares 189,900 133,700
Participant Loans 0 10,100
$ 3,629,600 $ 3,583,200
============== ===============
</TABLE>
*party in interest to the plan
11
<PAGE> 14
NEWCOR HOURLY EMPLOYEES 401(K) PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
for the year ended December 31, 1998
----------
<TABLE>
<CAPTION>
(C) (D) (E) (F) (G)
(A) (B) PURCHASE SELLING LEASE EXPENSE COST
IDENTITY OF PARTY DESCRIPTION OF ASSET PRICE PRICE RENTAL INCURRED OF ASSET
- ----------------- -------------------- -------- ------- ------ -------- --------
<S> <C> <C> <C> <C> <C> <C>
REPORTING CRITERION I: Any transaction within the plan
involving an amount in excess
of five percent of the current
value of plan assets.
American Funds Bond Fund
1 Sale $ 59,456 $ 59,484
1 Purchase $ 59,541 59,541
American Funds Cash Management
1 Purchase 64,658 64,658
1 Sale 70,795 70,795
1 Purchase 64,935 64,935
1 Sale 63,388 63,388
1 Purchase 1,147,586 1,147,586
1 Sale 941,705 941,705
1 Sale 205,881 205,881
1 Purchase 66,933 66,933
1 Sale 65,328 65,328
1 Purchase 63,273 63,273
1 Sale 63,273 63,273
1 Purchase 762,324 762,234
1 Sale 281,314 281,314
1 Sale 481,010 481,010
1 Purchase 76,075 76,075
1 Sale 53,028 53,028
1 Purchase 53,927 53,927
1 Sale 74,002 74,002
1 Purchase 66,081 66,081
1 Sale 64,449 64,449
1 Purchase 66,988 66,988
<CAPTION>
(H) (I)
(A) CURRENT VALUE NET GAIN
IDENTITY OF PARTY OF ASSET OR (LOSS)
- ----------------- -------------- ---------
<S> <C> <C>
REPORTING CRITERION I:
American Funds
$59,456 $28
59,541
American Funds
64,658
70,795
64,935
63,388
1,147,586
941,705
205,881
66,933
65,328
63,273
63,273
762,234
281,314
481,010
76,075
53,028
53,927
74,002
66,081
64,449
66,988
</TABLE>
12
<PAGE> 15
NEWCOR HOURLY EMPLOYEES 401(K) PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS, Continued
----------
<TABLE>
<CAPTION>
(C) (D) (E) (F)
(A) (B) PURCHASE SELLING LEASE EXPENSE
IDENTITY OF PARTY DESCRIPTION OF ASSET PRICE PRICE RENTAL INCURRED
----------------- -------------------- ----------- ------- ------ --------
<S> <C> <C> <C> <C> <C>
American Funds Cash Management (continued)
1 Sale 70,794
1 Purchase 63,280
1 Sale 62,047
1 Purchase 56,019
1 Sale 54,753
1 Purchase 64,150
1 Sale 64,303
1 Purchase 69,680
1 Sale 68,369
1 Purchase 58,525
1 Sale 56,839
1 Purchase 205,881
1 Purchase 936,072
1 Purchase 63,273
1 Sale 54,436
1 Sale 53,608
1 Purchase 481,010
1 Purchase 53,028
1 Sale 94,097
1 Sale 84,945
1 Sale 50,936
1 Sale 59,973
American Funds Euro Pacific Growth
1 Sale 93,706
1 Purchase 92,775
American Funds Income Fund
1 Sale 199,370
1 Purchase 199,475
<CAPTION>
(G)
(A) COST CURRENT VALUE NET GAIN
IDENTITY OF PARTY OF ASSET OF ASSET OR (LOSS)
----------------- -------- -------------- ---------
<S> <C> <C> <C>
American Funds
70,794 70,794
63,280 63,280
62,047 62,047
56,019 56,019
54,753 54,753
64,150 64,150
64,303 64,303
69,680 69,680
68,369 68,369
58,525 58,525
56,839 56,839
205,881 205,881
936,072 936,072
63,273 63,273
54,436 54,436
53,608 53,608
481,010 481,010
53,028 53,028
94,097 94,097
84,945 84,945
50,936 50,936
59,973 59,973
American Funds
89,851 93,706 3,855
92,775 92,775
American Funds
197,610 199,370 1,759
199,475 199,475
</TABLE>
13
<PAGE> 16
NEWCOR HOURLY EMPLOYEES 401(K) PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS, Continued
-------
<TABLE>
<CAPTION>
(C) (D) (E) (F) (G)
(A) (B) PURCHASE SELLING LEASE EXPENSE COST
IDENTITY OF PARTY DESCRIPTION OF ASSET PRICE PRICE RENTAL INCURRED OF ASSET
----------------- -------------------- --------- ------- ------ -------- --------
<S> <C> <C> <C> <C> <C> <C>
American Funds Income Fund (continued)
1 Purchase 351,617 351,617
1 Purchase 52,836 52,836
American Funds Investment Company
1 Sale 350,611 344,759
1 Purchase 57,589 57,589
American Funds New Perspective Fund
1 Sale 232,930 227,052
1 Purchase 231,504 231,504
<CAPTION>
(H) (I)
(A) CURRENT VALUE NET GAIN
IDENTITY OF PARTY OF ASSET OR (LOSS)
----------------- ------------- --------
<S> <C> <C>
American Funds
351,617
52,836
American Funds
350,611 5,852
57,589
American Funds
232,930 5,877
231,504
REPORTING CRITERION II: Any series of transactions (other than transactions with
respect to securities) within the plan year with or in
conjunction with the same person which, when aggregated,
regardless of the category of asset and the gain or loss
on any transaction, involves an amount in excess of five
percent of the current value of plan assets.
Not applicable.
</TABLE>
14
<PAGE> 17
NEWCOR HOURLY EMPLOYEES 401(K) PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS, Continued
----------
<TABLE>
<CAPTION>
(C) (D) (E) (F) (G)
(A) (B) PURCHASE SELLING LEASE EXPENSE COST
IDENTITY OF PARTY DESCRIPTION OF ASSET PRICE PRICE RENTAL INCURRED OF ASSET
- ----------------- -------------------- -------- ------- ------ -------- --------
<S> <C> <C> <C> <C> <C> <C>
REPORTING CRITERION III: Any transaction within the plan year involving securities
of the same issue if within the plan year any series of
transactions with respect to such securities, when
aggregated, involves an amount in excess of five percent
of the current value of plan assets (Note A).
American Funds Cash Management Trust
175 Purchases 649,111 649,111
249 Sales 1,461,410 1,461,410
American Funds Income Fund of America
87 Purchases 416,776 416,776
23 Sales 11,983 10,454
American Funds Investment Company of America
91 Purchases 595,414 595,414
32 Sales 31,531 26,563
American Funds New Perspectives Fund
86 Purchases 492,569 492,569
27 Sales 14,463 9,129
American Funds Euro Pacific Growth Fund
23 Sales 10,070 7,107
80 Purchases 260,265 260,265
American Funds Bond Fund of America
64 Purchases 122,163 122,163
16 Sales 3,868 3,801
<CAPTION>
(H) (I)
(A) CURRENT VALUE NET GAIN
IDENTITY OF PARTY OF ASSET OR (LOSS)
- ----------------- -------------- ---------
<S> <C> <C>
American Funds
649,111
1,461,410
American Funds
416,776
11,983
American Funds
595,414
31,531 4,968
American Funds
492,569
14,463 5,334
American Funds
10,070 2,963
260,265
American Funds
122,163
3,868 67
</TABLE>
15
<PAGE> 18
NEWCOR HOURLY EMPLOYEES 401(K) PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS, Continued
<TABLE>
<CAPTION>
(c) (d) (e) (f)
(A) (B) PURCHASE SELLING LEASE EXPENSE
IDENTITY OF PARTY DESCRIPTION OF ASSET PRICE PRICE RENTAL INCURRED
----------------- ----------------------- -------- ------- ------ --------
<S> <C> <C> <C> <C> <C>
REPORTING CRITERION IV: Any transaction within the plan year with respect to
securities with or in conjunction with a person which, if
any prior or subsequent single transaction within the
plan year with such person with respect to securities,
exceeds five percent of the current value of plan assets.
Not applicable.
Note: (A) Transactions already reported under Criterion
I are not repeated here.
</TABLE>
<TABLE>
<CAPTION>
(g) (h) (i)
COST OF CURRENT VALUE NET GAIN
ASSETS OF ASSETS OR (LOSS)
---------- ------------- ----------
<S> <C> <C> <C>
</TABLE>
16
<PAGE> 19
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
<S> <C>
23.1 Consent of Independent Accountants
</TABLE>
<PAGE> 1
Exhibit 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement of Newcor, Inc. on Form S-8 (File No. 333-24301) of our report dated
June 11, 1999, on our audits of the financial statements and financial statement
schedules of the Newcor Hourly Employees 401(K) Plan at December 31, 1998 and
1997 and the years then ended, which is included in this Annual Report on Form
11-K.
/s/ PRICEWATERHOUSECOOPERS LLP
Detroit, Michigan
June 28, 1999
17
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