<PAGE>
MINNTECH CORPORATION
PROFIT SHARING AND RETIREMENT PLAN AND TRUST
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
FOR THE YEAR ENDED MARCH 31, 1999
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
------------------------------------------------------
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the Plan's fiscal year ended March 31, 1999
------------------------------------------------------
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
MINNTECH CORPORATION
PROFIT SHARING AND RETIREMENT PLAN AND TRUST
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
Minntech Corporation
14605 - 28th Avenue North
Minneapolis, Minnesota 55447
<PAGE>
MINNTECH CORPORATION
PROFIT SHARING AND RETIREMENT PLAN AND TRUST
INDEX
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAGE
NUMBER
<S> <C>
Financial Statements:
- --------------------
Report of Independent Accountants F-1
Statement of Net Assets Available for Benefits F-2
Statement of Changes in Net Assets Available for Benefits,
With Fund Information F-3 to F-6
Notes to Financial Statements F-7 to F-8
Supplemental Schedules:
- ----------------------
I. Item 27(a) - Schedule of Assets Held for Investment Purposes at
March 31, 1999 F-9
II. Item 27(d) - Schedule of Reportable Transactions for the Year Ended
March 31, 1999 F-10
Other schedules required by Section 2520.103-10 of the Department of Labor Rules
and Regulations for Reporting and Disclosure under ERISA have been omitted
because they are not applicable.
Exhibits:
- --------
Consent of Independent Accountants E-1
</TABLE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator
of the Minntech Corporation
Profit Sharing and Retirement Plan and Trust
In our opinion, the accompanying statement of net assets available for benefits
and the related statement of changes in net assets available for benefits, with
fund information, present fairly, in all material respects, the net assets
available for benefits of the Minntech Corporation Profit Sharing and Retirement
Plan and Trust at March 31, 1999 and 1998, 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 performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
Schedules I and II is presented for purposes of additional analysis and is not a
required part of the basic financial statements but is additional information
required by the Department of Labor's Rules and Regulations of Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. The Fund
Information in the statement of changes in net assets available for benefits is
presented for purposes of additional analysis rather than to present the changes
in net assets available for benefits of each fund. Schedules I and II and the
Fund Information have been subjected to the auditing procedures applied in the
audit 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.
PricewaterhouseCoopers LLP
Minneapolis, Minnesota
July 30, 1999
F-1
<PAGE>
MINNTECH CORPORATION
PROFIT SHARING AND RETIREMENT PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARCH 31,
------------ -----------
1999 1998
<S> <C> <C>
Investments (at fair value):
Fidelity Mutual Funds:
Heartland Value Fund $ 33,027
Magellan Fund 1,681,644 $ 943,358
Janus Worldwide Fund 1,444,069 954,433
Hotchkis & Wiley International Fund 395,752 404,904
Baron Asset Fund 1,201,266 972,764
Brandywine Fund 762,930 1,094,197
Vanguard Index TR500 Fund 2,013,829 1,420,377
Founders Balanced Fund 562,169 460,794
Value Line Aggressive Income Fund 352,470 376,128
Vanguard GNMA Fund 81,535 159
Invesco Stable Value Fund 850,588 573,278
Securities of participating employer - Minntech Corporation
Common Stock 392,205 309,716
------------ -----------
Total investments 9,771,484 7,510,108
Participant loans 393,380 352,746
Contribution receivable and cash 588,500 652,981
------------ -----------
Net assets available for benefits $ 10,753,364 $ 8,515,835
------------ -----------
------------ -----------
</TABLE>
See accompanying notes to financial statements.
F-2
<PAGE>
MINNTECH CORPORATION
PROFIT SHARING AND RETIREMENT PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
YEAR ENDED MARCH 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FUND INFORMATION
---------------------------------------------------------
MINNTECH
HEARTLAND CORPORATION JANUS
VALUE MAGELLAN COMMON WORLDWIDE
FUND FUND STOCK FUND
<S> <C> <C> <C> <C>
Sources of net assets:
Interest/dividend income $ 58,653 $ 83 $ 5,582
Net appreciation (depreciation)
in fair value of investments $ (687) 257,007 (39,199) 178,350
Employer profit sharing contribution 70,388 26,712 84,765
Employer matching contributions 681 8,350 3,574 9,672
Employee contributions 9,270 122,105 63,626 142,954
------------ ------------ ------------ ------------
Total additions 9,264 516,503 54,796 421,323
------------ ------------ ------------ ------------
Applications of net assets:
Benefit payments (54,519) (2,407) (14,702)
Loans issued (36) (40,282) (8,623) (13,404)
Loan payments 1,618 34,514 2,391 17,997
------------ ------------ ------------ ------------
Total decreases 1,582 (60,287) (8,639) (10,109)
------------ ------------ ------------ ------------
Net increase (decrease) prior to
interfund transfers 10,846 456,216 46,157 411,214
Interfund transfers 22,181 282,070 36,332 78,422
------------ ------------ ------------ ------------
Net increase (decrease) 33,027 738,286 82,489 489,636
Net assets available for benefits:
Beginning of year - 943,358 309,716 954,433
------------ ------------ ------------ ------------
End of year $ 33,027 $ 1,681,644 $ 392,205 $ 1,444,069
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
<CAPTION>
HOTCHKIS &
WILEY VANGUARD
INTERNATIONAL BARON ASSET BRANDYWINE INDEX TR500
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
Sources of net assets:
Interest/dividend income $ 14,130 $ 878 $ 12,395 $ 34,210
Net appreciation (depreciation)
in fair value of investments (39,826) 33,616 (32,722) 273,924
Employer profit sharing contribution 22,415 80,861 85,936 102,372
Employer matching contributions 2,418 7,701 7,054 12,467
Employee contributions 35,475 111,895 93,508 199,410
------------ ------------ ------------ ------------
Total additions 34,612 234,951 166,171 622,383
------------ ------------ ------------ ------------
Applications of net assets:
Benefit payments (10,904) (19,902) (25,574) (40,556
Loans issued (6,749) (15,732) (20,168) (32,774
Loan payments 4,427 16,369 26,088 27,959
------------ ------------ ------------ ------------
Total decreases (13,226) (19,265) (19,654) (45,371
------------ ------------ ------------ ------------
Net increase (decrease) prior to
interfund transfers 21,386 215,686 146,517 577,012
Interfund transfers (30,538) 12,816 (477,784) 16,440
------------ ------------ ------------ ------------
Net increase (decrease) (9,152) 228,502 (331,267) 593,452
Net assets available for benefits:
Beginning of year 404,904 972,764 1,094,197 1,420,377
------------ ------------ ------------ ------------
End of year $ 395,752 $ 1,201,266 $ 762,930 $ 2,013,829
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
</TABLE>
See accompanying notes to financial statements.
F-3
<PAGE>
MINNTECH CORPORATION
PROFIT SHARING AND RETIREMENT PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
YEAR ENDED MARCH 31, 1999 (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FUND INFORMATION
---------------------------------------------------------
VALUE LINE
FOUNDERS AGGRESSIVE VANGUARD INVESCO
BALANCED INCOME GNMA STABLE VALUE
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
Sources of net assets:
Interest/dividend income $ 36,365 $ 37,104 $ 2,646 $ 36,816
Net appreciation (depreciation)
in fair value of investments (15,852) (66,082) (644) (2,448)
Employer profit sharing contribution 37,422 27,269 3,217 107,469
Employer matching contribution 4,072 3,330 461 3,362
Employee contributions 54,477 47,797 74,716 45,344
------------ ------------ ------------ ------------
Total additions 116,484 49,418 80,396 190,543
------------ ------------ ------------ ------------
Applications of net assets:
Benefit payments (7,393) (5,646) (15,332) (19,883)
Loans issued (17,924) (16,330) (28,382)
Loan payments 15,535 15,065 206 16,402
------------ ------------ ------------ ------------
Total decreases (9,782) (6,911) (15,126) (31,863)
------------ ------------ ------------ ------------
Net increase (decrease) prior to
interfund transfers 106,702 42,507 65,270 158,680
Interfund transfers (5,327) (66,165) 16,106 118,630
------------ ------------ ------------ ------------
Net increase (decrease) 101,375 (23,658) 81,376 277,310
Net assets available for benefits:
Beginning of year 460,794 376,128 159 573,278
------------ ------------ ------------ ------------
End of year $ 562,169 $ 352,470 $ 81,535 $ 850,588
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
<CAPTION>
CONTRIBUTION
PARTICIPANT RECEIVABLE
LOANS AND CASH TOTAL
<S> <C> <C> <C>
Sources of net assets:
Interest/dividend income $ 238,862
Net appreciation (depreciation)
in fair value of investments 545,437
Employer profit sharing contribution $ (67,874) 580,952
Employer matching contribution 210 63,352
Employee contributions 7,341 1,007,918
------------ ------------ ------------
Total additions (60,323) 2,436,521
------------ ------------ ------------
Applications of net assets:
Benefit payments $ (3,585) (220,403)
Loans issued 200,404
Loan payments (156,185) (975) 21,411
------------ ------------ ------------
Total decreases 40,634 (975) (198,992)
------------ ------------ ------------
Net increase (decrease) prior to
interfund transfers 40,634 (61,298) 2,237,529
Interfund transfers (3,183)
------------ ------------ ------------
Net increase (decrease) 40,634 (64,481) 2,237,529
Net assets available for benefits:
Beginning of year 352,746 652,981 8,515,835
------------ ------------ ------------
End of year $ 393,380 $ 588,500 $ 10,753,364
------------ ------------ ------------
------------ ------------ ------------
</TABLE>
See accompanying notes to financial statements.
F-4
<PAGE>
MINNTECH CORPORATION
PROFIT SHARING AND RETIREMENT PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
YEAR ENDED MARCH 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FUND INFORMATION
------------------------------------------------------------------------
SPARTAN
GROWTH INTERMEDIATE MONEY
MAGELLAN AND INCOME OVERSEAS BOND MARKET
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Sources of net assets:
Interest/dividend income $ 185,665
Net appreciation (depreciation)
in fair value of investments 279,333 $ 224,736 $ 45,464 $ 9,302 $ 2,659
Employer matching contributions 7,497 1,326 507 383 419
Employee contributions 123,186 16,482 5,378 4,396 5,540
------------ ------------ ------------ ------------ ------------
Total additions 595,681 242,544 51,349 14,081 8,618
------------ ------------ ------------ ------------ ------------
Applications of net assets:
Benefit payments (104,688)
Loans issued (40,117)
Loan payments 29,284
------------ ------------ ------------ ------------ ------------
Total decreases (115,521)
------------ ------------ ------------ ------------ ------------
Net increase (decrease) prior to
interfund transfers 480,160 242,544 51,349 14,081 8,618
Interfund transfers (1,439,181) (1,896,689) (490,160) (475,396) (699,138)
------------ ------------ ------------ ------------ ------------
Net increase (decrease) (959,021) (1,654,145) (438,811) (461,315) (690,520)
Net assets available for benefits:
Beginning of year 1,902,379 1,654,145 438,811 461,315 690,520
------------ ------------ ------------ ------------ ------------
End of year $ 943,358 $ - $ - $ - $ -
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
<CAPTION>
MINNTECH HOTCHKIS &
CORPORATION JANUS WILEY
COMMON WORLDWIDE INTERNATIONAL BARON ASSET
STOCK FUND FUND FUND
<S> <C> <C> <C> <C>
Sources of net assets:
Interest/dividend income $ 27,006 $ 101,791 $ 22,885 $ 216,574
Net appreciation (depreciation)
in fair value of investments 31,955 61,072 7,273 6,092
Employer matching contributions 1,817 7,604 2,476 5,351
Employee contributions 70,294 104,433 86,427 135,409
------------ ------------ ------------ ------------
Total additions 131,072 274,900 119,061 363,426
------------ ------------ ------------ ------------
Applications of net assets:
Benefit payments (159,870) (38,567) (356) (32,728)
Loans issued (5,508) (38,507) (4,609) (24,151)
Loan payments 3,850 15,129 3,448 11,387
------------ ------------ ------------ ------------
Total decreases (161,528) (61,945) (1,517) (45,492)
------------ ------------ ------------ ------------
Net increase (decrease) prior to
interfund transfers (30,456) 212,955 117,544 317,934
Interfund transfers (45,968) 741,478 287,360 654,830
------------ ------------ ------------ ------------
Net increase (decrease) (76,424) 954,433 404,904 972,764
Net assets available for benefits:
Beginning of year 386,140 - - -
------------ ------------ ------------ ------------
End of year $ 309,716 $ 954,433 $ 404,904 $ 972,764
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
</TABLE>
See accompanying notes to financial statements.
F-5
<PAGE>
MINNTECH CORPORATION
PROFIT SHARING AND RETIREMENT PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
YEAR ENDED MARCH 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
FUND INFORMATION
------------------------------------------------------------------------
VALUE LINE
VANGUARD FOUNDERS AGGRESSIVE VANGUARD
BRANDYWINE INDEX TR500 BALANCED INCOME GNMA
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Sources of net assets:
Interest/dividend income $ (123,739) $ 255,930 $ 20,202 $ 21,090
Net appreciation (depreciation)
in fair value of investments 180,843 33,416 34,342 22,931 $ 2
Employer profit sharing
contribution
Employer matching contribution 8,489 9,232 3,679 2,561 9
Employee contributions 151,848 181,065 72,100 33,436 136
------------ ------------ ------------ ------------ ------------
Total additions 217,441 479,643 130,323 80,018 147
------------ ------------ ------------ ------------ ------------
Applications of net assets:
Benefit payments (44,191) (56,098) (9,320) (20,655)
Loans issued (39,899) (33,554) (17,051) (12,037)
Loan payments 21,523 15,372 11,956 11,073 36
------------ ------------ ------------ ------------ ------------
Total decreases (62,567) (74,280) (14,415) (21,619) 36
------------ ------------ ------------ ------------ ------------
Net increase (decrease) prior to
interfund transfers 154,874 405,363 115,908 58,399 183
Interfund transfers 939,323 1,015,014 344,886 317,729 (24)
------------ ------------ ------------ ------------ ------------
Net increase (decrease) 1,094,197 1,420,377 460,794 376,128 159
Net assets available for benefits:
Beginning of year - - - - -
------------ ------------ ------------ ------------ ------------
End of year $ 1,094,197 $ 1,420,377 $ 460,794 $ 376,128 $ 159
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
<CAPTION>
INVESCO CONTRIBUTION
STABLE VALUE PARTICIPANT RECEIVABLE
FUND LOANS AND CASH TOTAL
<S> <C> <C> <C> <C>
Sources of net assets:
Interest/dividend income $ 727,404
Net appreciation (depreciation)
in fair value of investments $ 26,580 966,000
Employer profit sharing
contribution $ 648,826 648,826
Employer matching contribution 3,805 611 55,766
Employee contributions 49,323 3,495 1,042,948
------------ ------------ ------------ ------------
Total additions 79,708 652,932 3,440,944
------------ ------------ ------------ ------------
Applications of net assets:
Benefit payments (267,540) $ (4,242) (738,255)
Loans issued (27,951) 243,384
Loan payments 16,804 (120,543) 975 20,294
------------ ------------ ------------ ------------
Total decreases (278,687) 118,599 975 (717,961)
------------ ------------ ------------ ------------
Net increase (decrease) prior to
interfund transfers (198,978) 118,599 653,907 2,722,984
Interfund transfers 772,256 (26,320)
------------ ------------ ------------ ------------
Net increase (decrease) 573,278 118,599 627,587 2,722,984
Net assets available for benefits:
Beginning of year - 234,147 25,394 5,792,851
------------ ------------ ------------ ------------
End of year $ 573,278 $ 352,746 $ 652,981 $ 8,515,835
</TABLE>
See accompanying notes to financial statements.
F-6
<PAGE>
MINNTECH CORPORATION
PROFIT SHARING AND RETIREMENT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The Minntech Corporation Profit Sharing and Retirement Plan and Trust (the
Plan) is fully described in the "Minntech Corporation Profit Sharing and
Retirement Plan and Trust" Plan Agreement.
PARTICIPATION
The Plan is a defined contribution plan for Minntech Corporation's (the
Company) employees. Employees are eligible to participate in the Plan after
the employee has completed 1,000 or more hours during 12 consecutive
months.
Certain employees are not eligible if employed under a collective
bargaining agreement with a labor union unless that agreement expressly
provides for the employee's coverage under the Plan.
ADMINISTRATION
DCA is the Plan Administrator. Schwab Institutional is the trustee of the
Plan
CONTRIBUTIONS
Eligible participants may invest 1% to 10% of their annual compensation,
with the Company matching 10% of the first 6% of employee contributions.
The Company may also make discretionary contributions to the Plan each year
based upon the financial performance of the Company. The Company is not
required to make a contribution in any Plan year. Discretionary
contributions made to the Plan by the Company during each Plan year ended
March 31, 1999 and 1998 were $580,952 and $648,826, respectively.
Contributions are credited to each qualifying participant's account, based
on the proportion of their recognized compensation, as defined, to the
total recognized compensation of all qualifying participants. Contributions
are fully funded on an annual basis, following the Plan's fiscal year-end.
DISTRIBUTIONS
Distributions are made to vested employees after retirement or termination
from the Company.
VESTING
When employment ends, the participants are vested in all, some or none of
their account balance, depending upon various factors, including the
participant's age and length of service. Any non-vested portion of the
account balance will be forfeited and added to the remaining qualified
participants' accounts, in proportion to which a qualified participant's
recognized compensation bears to the total recognized compensation of all
qualifying participants.
A qualifying participant vests twenty percent after three years, an
additional twenty percent for each of years four, five, six and seven. A
participant is fully vested after seven years of service or upon retirement
at age sixty-five or upon death or disability.
The Company may elect to terminate the Plan at any time. In the event the
Company elects to terminate the Plan, all participant account balances
become fully vested.
F-7
<PAGE>
MINNTECH CORPORATION
PROFIT SHARING AND RETIREMENT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
PARTICIPANT LOANS
Participants may borrow from their accounts at a minimum of $1,000 up to a
maximum of the lesser amount of $50,000 or 50% of their vested account
balance. The loans are secured by the vested balance in the participants'
accounts and bear interest at the prime interest rate. Loans must be repaid
over a period of five to ten years.
2. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements of the plan are prepared on the accrual basis of
accounting.
INVESTMENTS
Investments are recorded at fair market value, as determined by quoted
prices in an active market. Net appreciation of investments reported in the
Statement of Changes in Net Assets Available for Benefits, With Fund
Information includes both realized and unrealized gains and losses.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are recorded on
the ex-dividend date.
ADMINISTRATIVE EXPENSES
Administrative expenses paid by the Plan for the years ended March 31, 1999
and 1998 were $36,658 and $20,822, respectively. Administrative expenses
for legal, auditing, and administration costs have been fully paid by the
Company at its discretion.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
RISKS AND UNCERTAINTIES
The Plan provides for various investment options in any combination of
stocks, bonds 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 Benefits and
the Statement of Changes in Net Assets Available for Benefits, With Fund
Information.
3. FEDERAL INCOME TAX STATUS
The Internal Revenue Service has determined and informed the Company by
letter dated November 30, 1993 that the Plan qualifies under the applicable
sections of the Internal Revenue Code (IRC) and is, therefore, not subject
to tax under present income tax law. The Plan has been amended since
receiving the determination letter. However, the Plan administrator and the
Plan's tax counsel believe that the Plan is designed and is currently being
operated in compliance with the applicable provisions of the IRC.
F-8
<PAGE>
MINNTECH CORPORATION
PROFIT SHARING AND RETIREMENT PLAN AND TRUST
ITEM 27(A) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
MARCH 31, 1999 SCHEDULE I
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CURRENT
IDENTITY OF ISSUER DESCRIPTION OF INVESTMENT VALUE COST
<S> <C> <C> <C>
Fidelity Investments Heartland Value Fund $ 33,027 $ 33,701
Magellan Fund 1,681,644 1,291,972
Janus Worldwide Fund 1,444,069 1,189,983
Hotchkis & Wiley International Fund 395,752 409,876
Baron Asset Fund 1,201,266 973,908
Brandywine Fund 762,930 836,883
Vanguard Index TR500 Fund 2,013,829 1,560,819
Founders Balanced Fund 562,169 558,067
Value Line Aggressive Income Fund 352,470 386,967
Vanguard GNMA Fund 81,535 82,267
Invesco Stable Value Fund 850,588 850,390
------------ ------------
9,379,279 8,174,833
Minntech Corporation* Common stock 392,205 399,526
Brokerage cash account and
contribution receivable 588,500 588,500
Participant loans Loans receivable from participants 393,380 393,380
------------ ------------
Total assets held for
investment purposes $ 10,753,364 $ 9,556,239
------------ ------------
------------ ------------
</TABLE>
* Party in interest.
F-9
<PAGE>
MINNTECH CORPORATION
PROFIT SHARING AND RETIREMENT PLAN AND TRUST
ITEM 27(D) - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED MARCH 31, 1999 SCHEDULE II
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PURCHASE SELLING COST OF NET GAIN
DESCRIPTION OF ASSET PRICE PRICE ASSETS OR (LOSS)
<S> <C> <C> <C> <C>
Magellan Fund $ 768,106 $ 768,106
Baron Asset Fund 1,115,051 1,115,051
Baron Asset Fund $ 512,905 561,767 $ (48,862)
Brandywine Fund 566,961 588,782 (21,821)
Invesco Stable Value Fund 850,390 850,390
Invesco Stable Value Fund 622,849 622,848 1
Janus Worldwide Fund 550,143 550,143
Vanguard Index TR500 Fund 732,778 732,778
Vanguard Index TR500 Fund 442,749 420,840 21,909
</TABLE>
F-10
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-35368) of Minntech Corporation of our report dated
July 30, 1999 appearing in the Annual Report of the Minntech Corporation Profit
Sharing and Retirement Plan and Trust which is included in this Annual Report on
Form 11-K for the year ended March 31, 1999.
PricewaterhouseCoopers LLP
Minneapolis, Minnesota
September 21, 1999
E-1
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Administrative Committee of the Minntech Corporation Profit Sharing and
Retirement Plan and Trust have duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly authorized.
Date: September 23, 1999 MINNTECH CORPORATION PROFIT SHARING AND
RETIREMENT PLAN AND TRUST
By: /s/ Thomas J. McGoldrick
--------------------------------------
Thomas J. McGoldrick
Member of the Administrative Committee
