SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
/X/ Annual report pursuant to Section 15(d) of the Securities and Exchange
Act of 1934 For the fiscal year ended December 31, 1995
/_/ Transition report pursuant to Section 15(d) of the Securities Exchange
Act of 1934 for the transition period from _____ to _____
Commission file number: 1-3122
A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:
Ogden Profit Sharing Plan
B. Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
Ogden Corporation
Two Pennsylvania Plaza
New York, New York 10121
<PAGE>
Financial Statements and Exhibits
a) Financial Statements
Page
----
- Independent Auditors' Report 1
- Statements of Net Assets Available for Benefits
as of December 31, 1995 and 1994 2
- Statements of Changes in Net Assets Available
for Benefits for the Years Ended
December 31, 1995 and 1994 3
- Notes to Financial Statements 4 - 12
b) Exhibits
None
<PAGE>
Signature
---------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Ogden Profit Sharing Plan) have
duly caused this annual report to be signed by the undersigned thereunto duly
authorized.
OGDEN PROFIT SHARING PLAN
ADMINISTRATIVE COMMITTEE
BY /s/ Robert M. DiGia
-------------------
Robert M. DiGia
Chairman of the Ogden Profit
Sharing Plan Administrative Committee
Date: June 28, 1996
<PAGE>
OGDEN PROFIT SHARING PLAN
Financial Statements for the
Years Ended December 31, 1995 and 1994, and
Independent Auditors' Report
<PAGE>
OGDEN PROFIT SHARING PLAN
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
Page
----
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS FOR THE YEARS ENDED
DECEMBER 31, 1995 AND 1994:
Statements of Net Assets Available for Benefits 2
Statements of Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4-12
<PAGE>
INDEPENDENT AUDITORS' REPORT
Ogden Profit Sharing Plan
We have audited the accompanying statements of net assets available for benefits
of the Ogden Profit Sharing Plan (the "Plan") as of December 31, 1995 and 1994,
and the related statements of changes in net assets available for benefits for
the years then ended. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan at December 31, 1995
and 1994, and the changes in net assets available for benefits for the years
then ended in conformity with generally accepted accounting principles.
/s/ Deloitte & Touche, LLP
New York, New York
June 24, 1996
<PAGE>
OGDEN PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995 AND 1994
- --------------------------------------------------------------------------------
1995 1994
---- ----
ASSETS:
INVESTMENTS - Value of interest in master
trust (Note 3) $ 137,584,463 $113,432,020
RECEIVABLES:
Employer contributions -- 1,517
Employee contributions -- 5,395
Other 14,599 1,601
------------- ------------
Total receivables 14,599 8,513
------------- ------------
Total assets 137,599,062 113,440,533
LIABILITY - Contributions received in advance (194,459) --
------------- ------------
NET ASSETS AVAILABLE FOR BENEFITS (Note 4) $ 137,404,603 $113,440,533
============= ============
-2-
<PAGE>
OGDEN PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1995 AND 1994
- --------------------------------------------------------------------------------
1995 1994
---- ----
EARNINGS (LOSSES) ON INVESTMENTS (Note 5):
Interest and dividends $ 6,290,359 $ 5,643,368
Net realized and unrealized appreciation
(depreciation) 15,640,550 (3,764,687)
Administrative expenses (468,135) (509,394)
------------- -------------
Net investment gain from master trust 21,462,774 1,369,287
------------- -------------
CONTRIBUTIONS (Note 5):
Employer 4,385,353 4,285,734
Employee 9,496,020 9,158,972
------------- -------------
Total contributions 13,881,373 13,444,706
------------- -------------
DISTRIBUTIONS TO PARTICIPANTS (Note 5) (11,380,077) (9,690,097)
------------- -------------
TRANSFER FROM OTHER PLANS (Note 5) -- 475,241
------------- -------------
NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 23,964,070 5,599,137
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR (Note 5) 113,440,533 107,841,396
------------- -------------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR (Note 4) $ 137,404,603 $ 113,440,533
============= =============
See notes to financial statements.
-3-
<PAGE>
OGDEN PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1995 AND 1994
- --------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies followed in the preparation of the
financial statements of the Ogden Profit Sharing Plan (the "Plan") are in
conformity with generally accepted accounting principles. The following is
a description of the more significant of these policies:
a. Investment Funds - During 1995 and 1994, the Plan included the
following funds in which participants could elect to invest their Plan
assets:
o Equity Fund - Investments in a diversified portfolio of equity
securities.
o Stock Fund - Investments in common stock of Ogden Corporation.
o Fixed Income Fund - Investment contracts with insurance companies
and banks which provide for a guaranteed return on principal
invested over a specified time period.
o Merrill Lynch Treasury Fund ("Treasury Fund") - Investments in
U.S. Treasury bills and notes generally with maturities of one
year or less.
Effective October 1, 1994, the Plan announced the addition of the
following funds in which the participants could elect to invest their
funds:
o Fidelity Magellan Mutual Fund ("Magellan Fund") - Investments in
the Magellan Fund consisting primarily of common stocks and
securities convertible to common stock, under the management of
Fidelity Investments.
o T. Rowe Price International Stock Fund ("International Fund") -
Investments in the International Fund consisting of stocks of
established, non-U.S. companies under the management of T. Rowe
Price Associates.
The Plan's beneficial interest in the Ogden Corporation Profit Sharing
Group Trust (the "Trust") represents its share of the master trust
assets held by The Bank of New York Trust Company as trustee (the
"Trustee") for the benefit of various Ogden Corporation subsidiary
plans. The common stock of Ogden Corporation held as a result of
investments in the Stock Fund is held in safekeeping on behalf of the
Trust at the Trustee.
Shares in group trust funds are determined on the basis of the initial
asset contribution to the Trust by each participating plan, adjusted
for subsequent contributions, distributions and allocated income and
realized and unrealized gains and losses. Allocations of income and
realized and unrealized gains and losses are determined monthly on the
basis of each plan's proportionate share in the Trust assets stated at
fair value.
-4-
<PAGE>
b. Investment Valuation - Investments in securities listed on national
securities exchanges are valued at the closing composite prices
published for the last business day of the year. Other investments in
securities are stated at fair value as determined by the Trustee.
Investments in guaranteed investment contracts included in the Fixed
Income Fund are stated at cost plus accrued income. Investments in the
Treasury Fund are stated at cost plus accrued income which
approximates fair value.
c. Investment Transactions and Investment Income - Investment
transactions are accounted for on the date purchases or sales are
executed. Realized and unrealized gains and losses are determined
based on the fair market value of assets at the beginning of the Plan
year. Dividend income is accounted for on the ex-dividend date.
Interest income is recorded on the accrual basis as earned. Total
income of each fund is allocated monthly to participants' accounts
within the fund based on the participants' relative beginning
balances.
d. United States Federal Income Taxes - The Plan is intended to be
qualified under section 401(a) and tax exempt under section 501(a) of
the Internal Revenue Code. The Plan has received a favorable
determination letter from the Internal Revenue Service dated June 14,
1995. The Plan Administrator believes that the Plan is currently
designed and being operated in compliance with the applicable
requirements of the Internal Revenue Code . Therefore, no provision
for income taxes has been included in the Plan's financial statements.
e. General - The financial statements are prepared in conformity with
generally accepted accounting principles. These require management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements, and
the reported amounts of revenues and expenses during the reporting
period.
2. DESCRIPTION OF THE PLAN
The following is a brief description of the Plan. Participants should refer
to the Plan document for more complete information.
a. General Information - The Plan is an employee savings plan providing
for both employer and employee contributions. The Plan was established
as the Ogden Food Service Corporation Saving and Security Plan by
Ogden Food Service Corporation on January 1, 1982. The Plan was
amended and restated effective January 1, 1991 to conform with the Tax
Reform Act of 1986.
Subsequently, the Company amended and restated the plan again to
comply with the requirements of:
o The Omnibus Reconciliation Act of 1993
o The Unemployment Compensation Amendment of 1992
o Applicable revenue rulings and notices thereunder
o Miscellaneous administrative policies and procedures
Other amendments have been made since the Plan's inception to reflect
changes in the Plan name and participating Ogden subsidiaries and
affiliates adopting the Plan. Participating companies in the Plan
include:
-5-
<PAGE>
o Ogden Services Corporation (the Sponsor of the Plan);
o Ogden Management Services, Inc.;
o All subsidiaries and affiliates of the participating companies
which adopt the Plan.
Additionally, effective April 1, 1994, the Lenzar-Electro-Optics, Inc.
Profit Sharing Plan was terminated and merged into the Ogden Profit
Sharing Plan.
b. Administration of the Plan - Administrative and Investment Committees
are appointed by the Board of Directors (the "Board") of Ogden
Services Corporation (the "Company") and serve as fiduciaries of the
Plan. The Administrative Committee has responsibility for
administering the Plan and the Investment Committee has responsibility
for reviewing the performance of the Plan's investments. Costs related
to the administration of the Plan may be paid out of Plan assets if
the Company does not pay such expenses directly.
c. Participation - Full-time employees of participating companies who are
not covered under a collective bargaining agreement with a recognized
union are eligible to participate in the Plan on the first day of the
calendar month following the date he or she has completed twelve
months of employment and 1,000 hours of service.
d. Contributions - Participants may elect to contribute to the Plan from
one to fifteen percent of their annual compensation on a pre-tax
basis. For 1995 and 1994, participant pre-tax contributions could not
exceed $9,240. The Company matches 100 percent of the first 3 percent
of a participant's annual compensation for participants with one year
of service who elect to contribute.
A participant's elective contributions and Company contributions are
invested, at the written election of the participant, in accordance
with one of the following options:
o 100 percent in one of the Investment Funds; or
o in more than one Investment Fund allocated in multiples of five
percent.
If a participant does not make such a written election, he or she is
deemed to have elected investment in the Treasury Fund.
e. Loans to Participants - Loans are made to participants at a minimum of
$500 and up to the lesser of fifty percent of the vested balance or
$50,000 not to exceed the limitations of the Tax Reform Act of 1986.
The terms of the loans are a minimum of 6 months and a maximum of 5
years or 60 months (10 year maximum on loans for a primary residence),
in increments of 6 months. Participants are prohibited from borrowing
funds accumulated in the Stock Fund. The interest rate charged is the
Bank of New York prime rate plus 1 percent as of the first business
day of each month.
f. Vesting - Employees eligible to participate in the Plan on December
31, 1990 remain 100 percent vested in all past and future Company
contributions. Employees eligible to participate in the Plan after
December 31, 1990 become 100 percent vested in Company contributions
after 5 years of service.
Participant contributions are immediately 100 percent vested.
-6-
<PAGE>
g. Retirement Dates - A participant's normal retirement date is the
participant's sixty-fifth birthday. A participant may elect early
retirement at age 55 with 10 years of credited service.
h. Amendment or Discontinuance of the Plan - The Company expects to
continue the Plan indefinitely, but reserves the right to modify,
suspend or terminate the Plan at any time, which includes the right to
vary the amount of, or to terminate, the Company's contributions to
the Plan. In no event shall assets of the Plan be used for any purpose
other than to benefit participants or beneficiaries. In the event of
the Plan's termination or discontinuance of contributions thereunder,
the interest of each participant to benefits accrued to such date, to
the extent then funded, is fully vested and nonforfeitable.
i. Form of Benefits - Benefits are paid in one lump sum.
3. INVESTMENTS
The following is a summary of the Trust's investments in the Trust, as
prepared by the Trustee, and the Plan's beneficial interest in such
investments at December 31, 1995 and 1994:
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Investments at fair value as determined by quoted market price:
Equity Fund $ 54,095,203 $ 37,946,807
Stock Fund 18,853,293 16,545,061
Magellan Fund 13,196,751 6,820,729
International Fund 6,154,320 4,948,943
Investments at contract value as determined by the Trustee:
Fixed Income Fund 54,508,160 53,151,736
Investments at estimated fair value as determined by the Trustee:
Treasury Fund 8,641,058 7,227,125
Loan Fund 8,944,510 8,632,328
------------- -------------
Total Trust assets $ 164,393,295 $ 135,272,729
============= =============
Plan's beneficial interest therein (Note 4) $ 137,584,463 $ 113,432,020
============= =============
Plan's beneficial interest percentage 83.69% 83.85%
============= =============
Net realized and unrealized appreciation (depreciation) $ 18,999,903 $ (4,163,963)
============= =============
Plan's beneficial interest therein (Note 5) $ 15,640,550 $ (3,764,687)
============= =============
Interest and dividend income as determined by
the Trustee $ 7,396,282 $ 6,558,453
============= =============
Plan's beneficial interest therein (Note 5) $ 6,290,359 $ 5,643,368
============= =============
Administrative expenses charged to the Trust $ (630,274) $ (612,989)
============= =============
Plan's beneficial interest therein (Note 5) $ (468,135) $ (509,394)
============= =============
</TABLE>
-7-
<PAGE>
The following is a summary of the Plan's beneficial interest in the cost of
investments held by the Trust as of December 31, 1995 and 1994:
1995 1994
---- ----
Equity Fund $ 30,696,650 $ 26,303,613
Stock Fund 14,598,060 14,212,651
Fixed Income Fund 46,112,703 44,598,698
Treasury Fund 7,282,094 5,933,219
Loan Fund 7,781,047 7,536,872
Magellan Fund 8,238,165 4,889,846
International Fund 4,697,142 3,950,434
------------ ------------
Total $119,405,861 $107,425,333
============ ============
Loans to participants at December 31, 1995 and 1994, which comprise the Loan
Fund, are reported at cost which approximates fair value.
The Fixed Income Fund primarily invests in investment contracts providing a
guaranteed return on principal invested over a specified time period. The
crediting interest rates at December 31, 1995 and 1994 for the various
investment contracts ranged from 4.75% to 8.25%. The average yields of the Fixed
Income Fund for the years ended December 31, 1995 and 1994 were 6.37% and 5.95%,
respectively. All investment contracts in the Fixed Income Fund are fully
benefit-responsive and are recorded at contract value which equals principal
plus accrued interest. The Fixed Income Fund balances at December 31, 1995 and
1994 were $54,508,160 and $53,151,736, respectively. If the investment contracts
were reported at fair value, the December 31, 1995 and 1994 Fixed Income Fund
balances would have approximated $55,994,751 and $51,781,618, respectively, and
the Plan's beneficial interest therein would have approximated $47,370,326 and
$43,449,057, respectively.
-8-
<PAGE>
4. ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS
The following is a summary of the allocation by fund of net assets
available for benefits at December 31, 1995 and 1994:
<TABLE>
<CAPTION>
At December 31, 1995
Fixed Income Treasury Magellan
Equity Fund Stock Fund Fund Fund Loan Fund Fund
----------- ---------- ---- ---- --------- ----
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
INVESTMENTS - Value of Interest in
master trust $ 44,484,571 $ 17,618,334 $ 46,112,703 $ 7,282,094 $ 7,781,047 $ 9,630,374
RECEIVABLES: -- -- -- -- -- --
Employer contributions -- -- -- -- -- --
Employee contributions
Other 3,923 7,071 -- 193 1,419 1,993
------------ ------------ ------------ ----------- ----------- -----------
Total receivables 44,488,494 17,625,405 46,112,703 7,282,287 7,782,466 9,632,367
TRANSFERS - Receivables (payables)
from (to) other funds (165,199) (116,198) (90,311) 48,076 278,067 95,274
------------ ------------ ------------ ----------- ----------- -----------
Total assets 44,323,295 17,509,207 46,022,392 7,330,363 8,060,533 9,727,641
LIABILITY - Contributions received in advance (1,307) (2,417) (190,525) (193) -- (16)
------------ ------------ ------------ ----------- ----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $ 44,321,988 $ 17,506,790 $ 45,831,867 $ 7,330,170 $ 8,060,533 $ 9,727,625
============ ============ ============ =========== =========== ===========
</TABLE>
International
Fund Total
---- -----
ASSETS:
INVESTMENTS - Value of Interest in
master trust $ 4,675,340 $ 137,584,463
RECEIVABLES: -- --
Employer contributions -- --
Employee contributions
Other -- 14,599
------------- -------------
Total receivables 4,675,340 137,599,062
TRANSFERS - Receivables (payables)
from (to) other funds (49,709) --
------------- -------------
Total assets 4,625,631 137,599,062
LIABILITY - Contributions received in advance (1) (194,459)
------------- -------------
NET ASSETS AVAILABLE FOR BENEFITS $ 4,625,630 $ 137,404,603
============= =============
<TABLE>
<CAPTION>
At December 31, 1994
Fixed Income Treasury Magellan
Equity Fund Stock Fund Fund Fund Loan Fund Fund
----------- ---------- ---- ---- --------- ----
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
INVESTMENTS - Value of Interest in
master trust $ 31,489,608 $ 15,392,195 $ 44,598,699 $ 5,933,219 $ 7,536,872 $ 4,874,381
RECEIVABLES:
Employer contributions -- -- 1,517 -- -- --
Employee contributions -- -- 5,395 -- -- --
Other -- (2,136) 1,664 -- 2,073 --
------------ ------------ ------------ ----------- ----------- -----------
Total receivables -- (2,136) 8,576 -- 2,073 --
TRANSFERS - Receivables (payables)
from (to) other funds 14,978 (83,797) (192,130) (13,091) 183,521 62,588
------------ ------------ ------------ ----------- ----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $ 31,504,586 $ 15,306,262 $ 44,415,145 $ 5,920,128 $ 7,722,466 $ 4,936,969
============ ============ ============ =========== =========== ===========
</TABLE>
International
Fund Total
---- -----
ASSETS:
INVESTMENTS - Value of Interest in
master trust $ 3,607,046 $ 113,432,020
RECEIVABLES:
Employer contributions -- 1,517
Employee contributions -- 5,395
Other -- 1,601
------------- -------------
Total receivables -- 8,513
TRANSFERS - Receivables (payables)
from (to) other funds 27,931 --
------------- -------------
NET ASSETS AVAILABLE FOR BENEFITS $ 3,634,977 $ 113,440,533
============= =============
-9-
<PAGE>
5. INFORMATION RELATED TO CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
The change in net assets available for benefits, by fund, for the year
ended December 31, 1995 and 1994, was as follows:
<TABLE>
<CAPTION>
Year Ended December 31, 1994
Fixed
Equity Stock Income Treasury Loan Magellan
Fund Fund Fund Fund Fund Fund
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
EARNINGS (LOSS) ON INVESTMENTS:
Interest and dividends $ 1,295,191 $ 1,048,345 $ 2,922,464 $ 352,963 $ 551,894 $ 52,933
Net realized and unrealized appreciation 11,175,196 2,189,228 -- -- -- 1,882,738
Administrative expenses (276,314) (25,239) (142,929) (9,178) -- (8,890)
------------ ------------ ------------ ----------- ----------- -----------
Net investment gain from master trust 12,194,073 3,212,334 2,779,535 343,785 551,894 1,926,781
CONTRIBUTIONS:
Employer 1,285,809 635,839 1,602,121 186,749 -- 400,652
Employee 2,651,284 1,242,865 3,262,218 836,821 -- 910,914
------------ ------------ ------------ ----------- ----------- -----------
Total contributions 3,937,093 1,878,704 4,864,339 1,023,570 -- 1,311,566
DISTRIBUTIONS TO PARTICIPANTS (2,678,454) (1,826,610) (5,041,166) (687,203) (634,076) (329,838)
TRANSFERS FROM OTHER FUNDS (635,310) (1,063,900) (1,185,986) 729,890 420,249 1,882,147
------------ ------------ ------------ ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS 12,817,402 2,200,528 1,416,722 1,410,042 338,067 4,790,656
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 31,504,586 15,306,262 44,415,145 5,920,128 7,722,466 4,936,969
------------ ------------ ------------ ----------- ----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $ 44,321,988 $ 17,506,790 $ 45,831,867 $ 7,330,170 $ 8,060,533 $ 9,727,625
============ ============ ============ =========== =========== ===========
</TABLE>
International
Fund Totals
---- ------
EARNINGS (LOSS) ON INVESTMENTS:
Interest and dividends $ 66,569 $ 6,290,359
Net realized and unrealized appreciation 393,388 15,640,550
Administrative expenses (5,585) (468,135)
----------- -------------
Net investment gain from master trust 454,372 21,462,774
CONTRIBUTIONS:
Employer 274,183 4,385,353
Employee 591,918 9,496,020
----------- -------------
Total contributions 866,101 13,881,373
DISTRIBUTIONS TO PARTICIPANTS (182,730) (11,380,077)
TRANSFERS FROM OTHER FUNDS (147,090) --
----------- -------------
NET INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS 990,653 23,964,070
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 3,634,977 113,440,533
----------- -------------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $ 4,625,630 $ 137,404,603
=========== =============
-10-
<PAGE>
<TABLE>
<CAPTION>
Year Ended December 31, 1994
Fixed
Equity Stock Income Treasury Loan Magellan
Fund Fund Fund Fund Fund Fund
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
EARNINGS (LOSS) ON INVESTMENTS
Interest and dividends $ 1,284,790 $ 1,000,913 $ 2,622,010 $ 224,078 $ 477,913 $ --
Net realized and unrealized depreciation (343,326) (3,236,442) -- -- -- (15,466)
Administrative expenses (290,379) (39,805) (163,819) (13,382) -- (981)
------------ ------------ ------------ ----------- ----------- -----------
Net investment gain (loss) from master trust 651,085 (2,275,334) 2,458,191 210,696 477,913 (16,447)
CONTRIBUTIONS:
Employer 1,431,035 764,158 1,680,316 301,617 -- 60,247
Employee 2,911,622 1,562,406 3,497,997 910,672 -- 164,006
------------ ------------ ------------ ----------- ----------- -----------
Total contributions 4,342,657 2,326,564 5,178,313 1,212,289 -- 224,253
DISTRIBUTIONS TO PARTICIPANTS (2,112,776) (1,288,541) (5,048,974) (662,875) (534,408) (28,024)
TRANSFERS (TO) FROM OTHER FUNDS (6,612,351) (1,418,030) (900,251) (609,512) 1,157,294 4,757,187
TRANSFERS (TO) FROM OTHER PLANS 285,869 40,811 74,778 57,032 16,751 --
------------ ------------ ------------ ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS (3,445,516) (2,614,530) 1,762,057 207,630 1,117,550 4,936,969
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 34,950,102 17,920,792 42,653,088 5,712,498 6,604,916 --
------------ ------------ ------------ ----------- ----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $ 31,504,586 $ 15,306,262 $ 44,415,145 $ 5,920,128 $ 7,722,466 $ 4,936,969
============ ============ ============ =========== =========== ===========
</TABLE>
International
Fund Totals
---- ------
EARNINGS (LOSS) ON INVESTMENTS $ 33,664 $ 5,643,368
Interest and dividends (169,453) (3,764,687)
Net realized and unrealized depreciation (1,028) (509,394)
Administrative expenses ----------- -------------
(136,817) 1,369,287
Net investment gain (loss) from master trust
CONTRIBUTIONS: 48,361 4,285,734
Employer 112,269 9,158,972
Employee ----------- -------------
160,630 13,444,706
Total contributions
(14,499) (9,690,097)
DISTRIBUTIONS TO PARTICIPANTS
3,625,663 --
TRANSFERS (TO) FROM OTHER FUNDS
-- 475,241
TRANSFERS (TO) FROM OTHER PLANS ----------- -------------
NET INCREASE (DECREASE) IN NET 3,634,977 5,599,137
ASSETS AVAILABLE FOR BENEFITS
NET ASSETS AVAILABLE FOR BENEFITS, -- 107,841,396
BEGINNING OF YEAR ----------- -------------
NET ASSETS AVAILABLE FOR BENEFITS, $ 3,634,977 $ 113,440,533
END OF YEAR =========== =============
-11-
<PAGE>
6. EMPLOYEE WITHDRAWALS
In accordance with the AICPA Audit and Accounting Guide "Audits of Employee
Benefit Plans," at December 31, 1995 and 1994, employee withdrawal requests
of $415,957 and $734,939, respectively, were not accrued.
* * * * * *
-12-
