<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 FISCAL YEAR ENDED DECEMBER 31, 1994
COMMISSION FILE NUMBER 0-11688
A. American Ecology Corporation 401(k) Savings Plan
B. American Ecology Corporation
5333 Westheimer, Suite 1000
Houston, TX 77056-5407
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
hereunto duly authorized.
American Ecology Corporation
401(k) Savings Plan
Date: July 14, 1995 /s/ C. Clifford Wright, Jr.
________________________ ____________________________________
C. Clifford Wright, Jr.
Plan Administrator
<PAGE>
AMERICAN ECOLOGY CORPORATION 401(K) SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS, EXHIBITS AND SCHEDULES
DECEMBER 31, 1994 AND 1993
Report of Independent Public Accountants
Statements of Net Assets Available for Benefits as of December 31, 1994 and 1993
Statement of Changes in Net Assets Available for Benefits for the Year Ended
December 31, 1994
Notes to Financial Statements
Exhibit 1 - Statements of Net Assets Available for Benefits by Fund as of
December 31, 1994 and 1993
Exhibit 2 - Statement of Changes in Net Assets Available for Benefits by Fund
for the Year Ended December 31, 1994
Schedule I - Schedule of Assets Held for Investment Purposes as of December 31,
1994
Schedule II - Schedule of Reportable Transactions for the Year Ended December
31, 1994
2
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To The Administrative Committee of the
American Ecology Corporation 401(k) Savings Plan:
We have audited the accompanying statements of net assets available for benefits
of the American Ecology Corporation 401(k) Savings Plan as of December 31, 1994
and 1993, and the related statement of changes in net assets available for
benefits for the year ended December 31, 1994. These financial statements,
exhibits and the schedules referred to below are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements, exhibits and schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the American
Ecology Corporation 401(k) Savings Plan as of December 31, 1994 and 1993, and
the changes in net assets available for benefits for the year ended December 31,
1994 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 schedules of assets
held for investment purposes as of December 31, 1994 and reportable transactions
for the year ended December 31, 1994 are presented for purposes 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. The supplemental schedules have been subjected to the
auditing procedures applied in our 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.
Arthur Andersen LLP
Houston, Texas
June 30, 1995
3
<PAGE>
AMERICAN ECOLOGY CORPORATION 401(K) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
December 31,
----------------------
1994 1993
---------- ----------
<S> <C> <C>
ASSETS:
Investments, at fair value (Schedule I)-
Equity investment funds $2,925,783 $1,903,035
Common stock of American Ecology Corporation 112,382 64,923
Bond fund 381,421 323,368
Money market fund 790,492 518,049
Investments in guaranteed interest accounts, at contract
value (Schedule I) 663,781 1,091,213
---------- ----------
Total investments 4,873,859 3,900,588
---------- ----------
Employer contributions receivable 36,157 26,127
Employee contributions receivable 97,483 61,898
---------- ----------
Total receivables 133,640 88,025
---------- ----------
Total assets 5,007,499 3,988,613
---------- ----------
LIABILITIES:
Administrative expenses payable 72,147 43,117
---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $4,935,352 $3,945,496
========== ==========
</TABLE>
The accompanying notes, exhibits and schedules are an integral part of these
financial statements.
4
<PAGE>
AMERICAN ECOLOGY CORPORATION 401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
<S> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income (loss):
Net depreciation in fair value of investments $ (172,024)
Interest 54,730
Dividends 122,122
----------
4,828
----------
Contributions:
Employer 343,417
Employee 836,387
----------
1,179,804
----------
Rollovers from other plans 472,869
----------
Total additions 1,657,501
----------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Withdrawals and benefit payments 633,053
Administrative expenses and other 34,592
----------
Total deductions 667,645
----------
NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 989,856
NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 3,945,496
----------
NET ASSETS AVAILABLE FOR BENEFITS, end of year $4,935,352
==========
</TABLE>
The accompanying notes, exhibits and schedules are an integral part of these
financial statements.
5
<PAGE>
AMERICAN ECOLOGY CORPORATION 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994 AND 1993
1. DESCRIPTION OF THE PLAN:
GENERAL
American Ecology Corporation 401(k) Savings Plan ("the Plan") was adopted
effective January 1, 1987, as a defined contribution plan. The Plan covers all
employees of American Ecology Corporation and its subsidiaries ("the Company")
hired in a job category which will result in 1,000 hours of service during any
consecutive 12-month period and who have attained the age of 21. The Plan is
subject to the provisions of the Employee Retirement Income Security Act of 1974
("ERISA"). Participants should refer to the Plan agreement for a more complete
description of the Plan.
An administrative committee, appointed by the board of directors of the Company,
is responsible for the general administration of the Plan. The administrative
committee appoints a member of the administrative committee to serve as Plan
administrator. The administrative committee is given all powers necessary to
enable it to carry out its duties including, but not limited to, the power to
interpret the Plan, decide on all questions of eligibility and the status and
rights of participants and direct disbursements of benefits in accordance with
the provisions of the Plan. The administrative committee has appointed three
employees of the Company as trustee, who have the authority to control the
assets of the Plan in accordance with the terms of the Plan. Alex. Brown &
Sons, Incorporated ("Alex Brown") was appointed as custodian of the Plan's
assets on January 1, 1993 authorizing Alex Brown to manage the Plan's assets.
In March 1993, the Company acquired Waste Processor Industries, Inc. ("WPI").
The WPI Retirement Savings Plan, also a defined contribution plan, was merged
into the Plan effective July 1, 1993.
EMPLOYEE CONTRIBUTIONS
Participants may elect to defer any whole percentage up to 10 percent of their
compensation, as defined by the Plan, up to the maximum deferrable amount
allowed by the Internal Revenue Service, and have the Company make contributions
to the Plan on their behalf through payroll deductions (deferred savings
account). Participant contributions are fully (100 percent) vested and
nonforfeitable. Participants may elect to deposit their contributions in any of
the investment options available.
6
<PAGE>
EMPLOYER CONTRIBUTIONS
The Company also contributes a matching amount on behalf of each participant
equal to 55 percent of the amount of compensation deferred by each participant
for the calendar quarter not exceeding 3.3 percent of compensation. The
Company's matching contributions are subject to the vesting schedule detailed
below. Since January 1, 1993, the matching contributions have been directed by
the participant.
VESTING
The vesting schedule is as follows on Company matching contributions and actual
earnings thereon:
Percentage of
Service Vested Interest
------- ---------------
1 year 20%
2 years 60
3 years 100
Participants vest immediately in their deferrals plus actual earnings thereon.
The Plan provides for participants to be fully vested upon death, permanent
disability or the attainment of age 65.
PARTICIPANT'S ACCOUNTS
Each participant's account is credited with the employee's deferred
contributions and the Company's matching contributions. Dividend and interest
income, net of administrative expenses with respect to each category of
investment, is allocated quarterly to participants' accounts based upon their
pro-rata share of the equity in each investment fund before such allocation.
Forfeitures of terminated participants' non-vested benefits are applied to pay
administrative expenses and then to reduce the Company's contributions to the
Plan. No forfeitures were utilized during fiscal 1994 to pay administrative
expenses. Forfeitures available to pay administrative expenses were $25,499 and
$8,966 at December 31, 1994 and 1993, respectively.
PAYMENT OF WITHDRAWALS AND BENEFITS
Upon normal retirement or death, vested benefits due to participants and their
beneficiaries may be paid in the form of either a lump-sum distribution or fixed
period annuities.
Terminated employees who have a vested balance greater than $3,500 and current
employees who have discontinued contributions to the Plan are not required to
withdraw amounts from their Plan accounts.
The Plan has provisions for hardship withdrawals from the participant's deferral
account. Matching contributions and allocated earnings are not available for
hardship withdrawals.
EXPENSES
Expenses of administering the Plan are to be borne by the Plan. During the year
ended December 31, 1994 and 1993, $21,501 and $50,646, respectively, of
administrative expenses were paid by the Company on behalf of the Plan and are
to be reimbursed by the Plan. Such amounts are included in administrative
expenses payable.
7
<PAGE>
TERMINATION
Although the Company expects to continue the Plan indefinitely, the Company may
terminate the Plan in whole or in part at any time upon giving written notice to
all parties concerned. If the Plan is terminated, the account of each
participant will be fully vested and nonforfeitable as of the effective date of
the Plan termination.
2. SUMMARY OF ACCOUNTING POLICIES:
BASIS OF PRESENTATION
The accompanying financial statements of the Plan have been prepared on the
accrual basis of accounting.
INVESTMENT VALUATION AND INCOME RECOGNITION
Investments in the guaranteed interest accounts are carried at contract value,
which approximates principal amounts contributed to the accounts, plus accrued
interest, less distributions from the contract. Investments in all other
investment options are carried at their fair value measured by quoted market
prices in active markets or by the contracted price. Investment income is
recorded as earned. The records of the Plan are maintained on the cash basis of
accounting and have been converted to the accrual basis using information
provided by the asset custodian and plan administrator.
PAYMENT OF WITHDRAWALS AND BENEFITS
Benefits are recorded when paid. Included in net assets available for Plan
benefits at December 31, 1994 and 1993, are $21,420 and $204,043, respectively,
which represents amounts requested but not yet paid to former participants of
the Plan.
INVESTMENT OPTIONS
Upon enrollment in the Plan, a participant may direct employee and employer
contributions in any of the following seven investment options:
Templeton Foreign Fund - seeks capital growth by investing in stocks and debt
obligations of companies and governments principally outside the United
States.
Fidelity OTC Portfolio - seeks capital growth by investing primarily in
securities traded in the over-the-counter securities market.
Fidelity Advisor Equity Growth Fund - seeks capital growth by investing in
common stock, preferred stock, and securities convertible to common stock with
above average growth statistics.
Phoenix Balanced Fund - seeks capital growth and conservation of capital by
investing in common stocks and fixed-income securities such as U.S. Treasury
obligations.
Scudder Short-Term Bond Fund - seeks high level of income consistent with a
high degree of principal stability by investing in high quality short-term
bonds, including U.S. government securities and corporate debt securities.
8
<PAGE>
Alex. Brown Cash Reserve Fund Prime Series - seeks preservation of capital and
liquidity by investing in money market investments, including U.S. Treasury
obligations.
American Ecology Corporation Common Stock - invests in common stock of
American Ecology Corporation.
Prior to January 1993, the Company had entered into a group annuity contract
with Principal Mutual Life Insurance Company ("PMLIC"). The Company and
participants had several investment options under this contract and had utilized
guaranteed interest accounts which bear interest at a rate in effect at the date
of contribution as determined by PMLIC (composite rate of 7.84% and 7.31% at
December 31, 1994 and 1993, respectively) and mature through September 30, 1997.
The balances in the guaranteed interest accounts will remain in such accounts
until maturity or withdrawal by the employee.
9
<PAGE>
3. GUARANTEED INTEREST ACCOUNTS:
The guaranteed interest accounts held by the Plan consist of the following:
<TABLE>
<CAPTION>
December 31,
--------------------
1994 1993
-------- ----------
<S> <C> <C>
Guaranteed interest account with interest at rate in effect at date of
contribution (rate of 5.95% at December 31, 1993)
and maturing on December 31, 1993 $ -- $ 287,028
Guaranteed interest account with interest at rate in effect at date of
contribution (rate of 6.03% at December 31, 1993) and maturing
on September 30, 1994 -- 31,262
Guaranteed interest account with interest at rate in effect at date of
contribution (rate of 8.00% at December 31, 1994 and 1993)
and maturing on December 31, 1994 280,335 298,532
Guaranteed interest account with interest at rate in effect at date of
contribution (rate of 4.94% at December 31, 1994 and 1993)
and maturing on September 30, 1995 16,512 24,698
Guaranteed interest account with interest at rate in effect at date of
contribution (rate of 8.25% at December 31, 1994
and 8.23% at December 31, 1993) and maturing on
December 31, 1995 267,208 344,019
Guaranteed interest account with interest at rate in effect at date of
contribution (rate of 7.02% at December 31, 1994 and
7.01% at December 31, 1993) and maturing
on September 30, 1996 1,716 5,201
Guaranteed interest account with interest at rate in effect at date of
contribution (rate of 6.85% at December 31, 1994 and 1993)
and maturing on December 31, 1996 96,445 96,285
Guaranteed interest account with interest at rate in effect at date of
contribution (rate of 5.89% at December 31, 1994
and at 5.88% at December 31, 1993) and maturing
on September 30, 1997 1,565 4,188
-------- ----------
$663,781 $1,091,213
======== ==========
</TABLE>
4. INCOME TAX STATUS:
The Plan obtained its latest determination letter on September 7, 1988, in which
the Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue Code. The
Plan has been amended since receiving the determination letter. However, 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, the Plan administrator believes that the Plan was qualified
and the related trust was tax-exempt as of December 31, 1994 and 1993.
5. RECONCILIATION BETWEEN FORM 5500 AND FINANCIAL STATEMENTS:
The financial statements of the Plan are prepared in accordance with generally
accepted accounting principles. The Plan administrator, however, prepares the
Form 5500 on a modified cash basis of
10
<PAGE>
accounting, which includes recording investments at fair value and accruing
income as earned, as permitted by the Internal Revenue Service. As a result,
the Form 5500 does not include certain accruals reflected in the financial
statements. At the date of this report, the Form 5500 had not been prepared for
1994. It is anticipated that the reconciliation between the net assets
available for Plan benefits per the Form 5500 and the financial statements as of
December 31, 1994, will contain reconciling items consisting primarily of
accrued expenses of $72,147.
6. THE COMPANY'S CREDIT AGREEMENT:
The Company's Credit Agreement calls for a principal maturity date of January
31, 1996. Management's current projections indicate that there will not be
sufficient cash flow from operations to fund that obligation. The Company
reported an unaudited net loss of $1.9 million for the first quarter of fiscal
1995 and has a working capital deficit of $36.3 million as of March 31, 1995.
Management anticipates a net loss for the second quarter of fiscal 1995 and has
been notified by its bank lender that it is currently in default with the terms
of the Credit Agreement. The bank's notice of default resulted from the
Company's failure to obtain alternative financing to pay down a portion of the
outstanding bank debt.
Negotiations to amend the Credit Agreement and to cure the default are currently
in progress. Management believes that the amendment will be completed by the end
of July 1995. The amendment is expected to extend the maturity of loans
outstanding under the Credit Agreement and to establish new financial
covenants. Failure by the Company to abide by the terms of the Credit Agreement
could impact the Company and ultimately affect the Plan. Upon execution of the
amendment, the Company will be in compliance with all terms, conditions and
covenants of the Credit Agreement.
7. SUBSEQUENT EVENT:
Effective May 1, 1995, the administrative committee appointed Hand and
Associates as recordkeeper and American Industries Trust Company as the trustee
of the Plan.
11
<PAGE>
Exhibit 1
AMERICAN ECOLOGY CORPORATION 401(K) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS BY FUND
AS OF DECEMBER 31, 1994
<TABLE>
<CAPTION>
Non-
Participant
Participant Directed Directed
------------------------------------------------------------------------------ -----------
Fidelity Alex Brown American
Advisor Scudder Cash Ecology
Templeton Fidelity Equity Phoenix Short Term Reserve Corporation Guaranteed
Foreign OTC Growth Balanced Bond Fund Prime Common Interest
Fund Portfolio Fund Fund Fund Series Stock Accounts Total
--------- --------- ---------- -------- ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair
value:
Equity investment funds $443,385 $583,702 $1,094,028 $804,668 $ -- $ -- $ -- $ -- $2,925,783
Common stock of
American Ecology
Corporation -- -- -- -- -- -- 112,382 -- 112,382
Bond fund -- -- -- -- 381,421 -- -- -- 381,421
Money market fund -- -- -- -- -- 790,492 -- -- 790,492
Investments in guaranteed
interest accounts,
at contract value -- -- -- -- -- -- -- 663,781 663,781
-------- -------- ---------- -------- -------- --------- -------- ---------- ----------
Total investments 443,385 583,702 1,094,028 804,668 381,421 790,492 112,382 663,781 4,873,859
-------- -------- ---------- -------- -------- --------- -------- ---------- ----------
Due to (from) other funds 228,197 99,441 114,754 7,401 14,339 (499,135) 32,295 2,708 --
Contributions receivable 22,921 20,163 44,713 27,726 7,530 6,944 3,643 -- 133,640
-------- -------- ---------- -------- -------- --------- -------- ---------- ----------
Total assets 694,503 703,306 1,253,495 839,795 403,290 298,301 148,320 666,489 5,007,499
-------- -------- ---------- -------- -------- --------- -------- ---------- ----------
LIABILTIES:
Administrative expenses
payable 8,296 10,147 16,533 12,263 6,367 6,043 2,131 10,367 72,147
-------- -------- ---------- -------- -------- --------- -------- ---------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS $686,207 $693,159 $1,236,962 $827,532 $396,923 $ 292,258 $146,189 $656,122 $4,935,352
======== ======== ========== ======== ======== ========= ======== ========== ==========
</TABLE>
The accompanying notes are an integral part of this exhibit.
12
<PAGE>
Exhibit 1 (continued)
AMERICAN ECOLOGY CORPORATION 401(K) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS BY FUND
AS OF DECEMBER 31, 1993
<TABLE>
<CAPTION>
Non-
Participant
Participant Directed Directed
------------------------------------------------------------------------------ -----------
Fidelity Alex Brown American
Advisor Scudder Cash Ecology
Templeton Fidelity Equity Phoenix Short Term Reserve Corporation Guaranteed
Foreign OTC Growth Balanced Bond Fund Prime Common Interest
Fund Portfolio Fund Fund Fund Series Stock Accounts Total
--------- --------- ---------- -------- ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value:
Equity investment funds $280,377 $437,646 $651,086 $533,926 $ -- $ -- $ -- $ -- $1,903,035
Common stock of American
Ecology Corporation -- -- -- -- -- -- 64,923 -- 64,923
Bond fund -- -- -- -- 323,368 -- -- -- 323,368
Money market fund -- -- -- -- -- 518,049 -- -- 518,049
Investments in guaranteed
interest account,
at contract value -- -- -- -- -- -- -- 1,091,213 1,091,213
-------- -------- -------- -------- -------- --------- ------- ---------- ----------
Total investments 280,377 437,646 651,086 533,926 323,368 518,049 64,923 1,091,213 3,900,588
-------- -------- -------- -------- -------- --------- ------- ---------- ----------
Due to (from) other funds 20,281 66,582 144,762 48,505 9,605 (310,676) 20,941 -- --
Contributions receivable 8,266 14,670 27,017 19,365 8,449 3,476 6,782 -- 88,025
-------- -------- -------- -------- -------- --------- ------- ---------- ----------
Total assets 308,924 518,898 822,865 601,796 341,422 210,849 92,646 1,091,213 3,988,613
-------- -------- -------- -------- -------- --------- ------- ---------- ----------
LIABILTIES:
Administrative expenses
payable 3,112 5,187 9,483 6,077 3,473 1,638 1,029 13,118 43,117
-------- -------- -------- -------- -------- --------- ------- ---------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS $305,812 $513,711 $813,382 $595,719 $337,949 $ 209,211 $91,617 $1,078,095 $3,945,496
======== ======== ======== ======== ======== ========= ======= ========== ==========
</TABLE>
The accompanying notes are an integral part of this exhibit.
13
<PAGE>
Exhibit 2
AMERICAN ECOLOGY CORPORATION 401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Non-
Participant
Participant Directed Directed
------------------------------------------------------------------------------ -----------
Fidelity Alex Brown American
Advisor Scudder Cash Ecology
Templeton Fidelity Equity Phoenix Short Term Reserve Corporation Guaranteed
Foreign OTC Growth Balanced Bond Fund Prime Common Interest
Fund Portfolio Fund Fund Fund Series Stock Accounts Total
--------- --------- ---------- -------- ---------- ---------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income (loss):
Net depreciation in fair
value of investments $(36,721) $(14,552) $ (14,762) $(49,433) $(32,866) $ -- $(23,690) $ -- $ (172,024)
Interest -- -- -- -- -- -- -- 54,730 54,730
Dividends 29,425 4,887 12,732 20,405 26,326 27,231 1,116 -- 122,122
-------- -------- ---------- -------- -------- -------- -------- ---------- ----------
(7,296) (9,665) (2,030) (29,028) (6,540) 27,231 (22,574) 54,730 4,828
-------- -------- ---------- -------- -------- -------- -------- ---------- ----------
Contributions:
Employer 48,520 53,788 104,963 71,849 26,165 19,632 18,500 -- 343,417
Employee 121,000 133,575 253,549 166,236 69,266 39,160 53,601 -- 836,387
-------- -------- ---------- -------- -------- -------- -------- ---------- ----------
169,520 187,363 358,512 238,085 95,431 58,792 72,101 -- 1,179,804
-------- -------- ---------- -------- -------- -------- -------- ---------- ----------
Rollovers from other
plans 94,612 55,123 180,891 129,930 89 6,022 6,202 -- 472,869
-------- -------- ---------- -------- -------- -------- -------- ---------- ----------
Total additions 256,836 232,821 537,373 338,987 88,980 92,045 55,729 54,730 1,657,501
-------- -------- ---------- -------- -------- -------- -------- ---------- ----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Withdrawals and benefit
payments 59,578 90,940 103,226 68,361 32,038 54,244 12,451 212,215 633,053
Administrative expenses
and other (341) 4,831 (3,994) 10,164 8,746 13,457 4,557 (2,828) 34,592
-------- -------- ---------- -------- -------- -------- -------- ---------- ----------
Total deductions 59,237 95,771 99,232 78,525 40,784 67,701 17,008 209,387 667,645
-------- -------- ---------- -------- -------- -------- -------- ---------- ----------
NET INCREASE (DECREASE)
PRIOR TO INTERFUND
TRANSFERS 197,599 137,050 438,141 260,462 48,196 24,344 38,721 (154,657) 989,856
-------- -------- ---------- -------- -------- -------- -------- ---------- ----------
Interfund transfers 182,796 42,398 (14,561) (28,649) 10,778 58,703 15,851 (267,316) --
-------- -------- ---------- -------- -------- -------- -------- ---------- ----------
NET INCREASE (DECREASE) IN
NET ASSETS AVAILABLE FOR
BENEFITS 380,395 179,448 423,580 231,813 58,974 83,047 54,572 (421,973) 989,856
-------- -------- ---------- -------- -------- -------- -------- ---------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of
year 305,812 513,711 813,382 595,719 337,949 209,211 91,617 1,078,095 3,945,496
-------- -------- ---------- -------- -------- -------- -------- ---------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $686,207 $693,159 $1,236,962 $827,532 $396,923 $292,258 $146,189 $ 656,122 $4,935,352
======== ======== ========== ======== ======== ======== ======== ========== ==========
</TABLE>
The accompanying notes are an integral part of this exhibit.
14
<PAGE>
Schedule I
AMERICAN ECOLOGY CORPORATION 401(K) SAVINGS PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
<TABLE>
<CAPTION>
Number of
Shares or Current
Identity of Issue Description Units Cost Value
- ----------------- ----------- --------- --------- ----------
<S> <C> <C> <C> <C>
Templeton Funds, Inc. Foreign Fund 50,270 $ 450,935 $ 443,385
Fidelity Institutional Retirement
Services Company OTC Portfolio 25,084 605,213 583,702
Fidelity Institutional Retirement
Services Company Advisor Equity: Growth Fund 38,576 1,081,554 1,094,028
Phoenix Equity Planning Corporation Balanced Fund 54,259 859,567 804,668
Scudder Short Term Bond Fund 34,929 411,689 381,421
Alex Brown & Sons (1) Cash Reserve Fund Prime Series 790,492 790,492 790,492
American Ecology Corporation (1) Common Stock 15,501 150,874 112,382
Principal Mutual Life Insurance Company:
Guaranteed interest accounts (2) -
Maturing December 31, 1994, with an interest rate of 8.05% -- 11,793 11,793
Maturing December 31, 1994, with an interest rate of 8.00% -- 268,542 268,542
Maturing September 30, 1995, with an interest rate of 7.55% -- 337 337
Maturing September 30, 1995, with an interest rate of 4.89% -- 16,175 16,175
Maturing December 31, 1995, with an interest rate of 8.30% -- 99,049 99,049
Maturing December 31, 1995, with an interest rate of 8.15% -- 153,599 153,599
Maturing December 31, 1995, with an interest rate of 8.25% -- 14,560 14,560
Maturing September 30, 1996, with an interest rate of 7.02% -- 1,716 1,716
Maturing December 31, 1996, with an interest rate of 6.85% -- 96,445 96,445
Maturing September 30, 1997, with an interest rate of 5.89% -- 1,565 1,565
---------- ----------
663,781 663,781
---------- ----------
Total assets held for investment purposes $5,014,105 $4,873,859
========== ==========
</TABLE>
(1) Indicated party in interest.
(2) Cost approximates current value (or fair value). Current value is equal to
contract value.
The accompanying notes are an integral part of this schedule.
15
<PAGE>
Schedule II
AMERICAN ECOLOGY CORPORATION 401(K) SAVINGS PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Current Value
of Asset
Purchase Selling Cost of at Date of Net
Identity of Party Involved Description Price (a) Price (b) Asset Transaction Gain(Loss)
- ---------------------------- ----------- ---------- ------------ -------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Templeton Funds, Inc. Templeton Foreign Fund
Purchases $ 259,529 $ -- $ 259,529 $ 259,529 $ --
Sales -- 59,801 48,427 59,801 11,374
Fidelity Institutional Retirement Fidelity OTC Portfolio
Services Company Purchases 251,768 -- 251,768 251,768 --
Sales -- 91,160 93,608 91,160 (2,448)
Fidelity Institutional Retirement Fidelity Advisor Equity
Services Company Growth Fund
Purchases 560,046 -- 560,046 560,046 --
Sales -- 102,342 91,042 102,342 11,300
Phoenix Equity Planning Corporation Phoenix Balanced Fund
Purchases 419,434 -- 419,434 419,434 --
Sales -- 99,259 101,430 99,259 (2,171)
Alex Brown & Sons Alex Brown Cash Reserve
Fund
Purchases 3,027,851 -- 3,027,851 3,027,851 --
Sales -- 2,755,408 2,755,408 2,755,408 --
</TABLE>
(a) Purchase price includes expenses incurred with transactions (i.e.,
commissions, transfer fees, etc.).
(b) Selling price is net of expenses incurred with transactions.
A reportable transaction represents a transaction or a series of transactions in
the same security involving an aggregate amount in excess of 5% of the Plan
assets as of January 1, 1994.
The accompanying notes are an integral part of this schedule.
16
