<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 Retirement Plan
B. American Ecology Corporation
5333 Westheimer, Suite 1000
Houston, TX 77056-5407
SIGNATURES
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 Retirement Plan
Date: July 14, 1995 /s/ C. Clifford Wright, Jr.
_____________________ ____________________________________________
C. Clifford Wright, Jr.
Plan Administrator
<PAGE>
AMERICAN ECOLOGY CORPORATION RETIREMENT 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 Retirement Plan:
We have audited the accompanying statements of net assets available for benefits
of the American Ecology Corporation Retirement 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 Retirement 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 RETIREMENT 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 $3,015,964 $3,010,085
Common stock of American Ecology Corporation 98,615 94,529
Bond fund 499,545 523,125
Money market fund 294,146 153,807
Investments in guaranteed interest accounts,
at contract value (Schedule I) 703,007 770,354
---------- ----------
Total investments 4,611,277 4,551,900
---------- ----------
Employer contributions receivable 56,054 36,504
Employee contributions receivable 2,581 2,036
---------- ----------
58,635 38,540
---------- ----------
Total assets 4,669,912 4,590,440
---------- ----------
LIABILITIES:
Administrative expenses payable 72,682 34,513
Other liabilities 42,167 --
---------- ----------
Total liabilities 114,849 34,513
---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $4,555,063 $4,555,927
========== ==========
</TABLE>
The accompanying notes, exhibits and schedules are an integral part of these
financial statements.
4
<PAGE>
AMERICAN ECOLOGY CORPORATION RETIREMENT 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 $ (208,468)
Interest 59,407
Dividends 118,071
----------
(30,990)
----------
Contributions:
Employer 583,206
Employee 34,540
----------
617,746
----------
Total additions 586,756
----------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Withdrawals and benefit payments 554,054
Administrative expenses and other 33,566
----------
Total deductions 587,620
----------
NET DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS (864)
NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 4,555,927
----------
NET ASSETS AVAILABLE FOR BENEFITS, end of year $4,555,063
==========
</TABLE>
The accompanying notes, exhibits and schedules are an integral part of these
financial statements.
5
<PAGE>
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994 AND 1993
1. DESCRIPTION OF THE PLAN:
GENERAL
American Ecology Corporation Retirement Plan ("the Plan"), formerly US Ecology,
Inc. Retirement Income Plan, was originally adopted effective January 1, 1972,
as a defined contribution plan, and was amended and restated to its present form
effective March 23, 1987. 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.
CONTRIBUTIONS
The Company makes a basic contribution equal to 5 percent of compensation not in
excess of the prior year's FICA wage base plus a contribution equal to 10
percent of compensation in excess of the prior year's FICA wage base, and a past
service contribution, as defined, for each participant who is an active
participant on the contribution date. Additionally, active participants may
make voluntary after-tax contributions up to 10 percent of their compensation,
as defined. Voluntary contributions are made in accordance with procedures and
limitations set up by the Plan administrator. During 1994 and 1993, the
participants could elect to deposit their contributions and their company
contributions in any of the investment options available at year-end.
6
<PAGE>
VESTING
Employee contributions and the earnings associated therewith are 100 percent
vested for each participant. Participants are vested in the Company's basic and
supplemental contributions and earnings thereon at the rate of 20 percent on the
first year of service anniversary and an additional 20 percent after completing
each year of service after each anniversary. The Plan provides for participants
to be fully vested upon death, permanent disability or the attainment of age 55.
PARTICIPANT'S ACCOUNTS
Each participant's account is credited with the Company's contributions,
voluntary contributions and the proportionate allocation of the earnings of the
Plan. Dividend and interest income, net of administrative expenses with respect
to each category of investments, 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' nonvested
benefits are applied to pay administrative expenses and 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 and reduce future contributions were $36,590 and $16,513 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 a lump-sum or by the purchase and delivery of a
life annuity contract.
Terminated employees and current employees who have discontinued contributions
to the Plan are not required to withdraw amounts from their Plan accounts.
EXPENSES
Expenses of administering the Plan are to be borne by the Plan. During the
years ended December 31, 1994 and 1993, $19,940 and $52,742, 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.
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.
7
<PAGE>
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 $29,360 and $93,960, 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.
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 8.39% and 8.31% 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.
8
<PAGE>
3. GUARANTEED INTEREST ACCOUNTS:
The guaranteed interest accounts held by the Plan are as follows:
<TABLE>
<CAPTION>
December 31,
------------------
1994 1993
-------- --------
<S> <C> <C>
Guaranteed interest account with interest at rate in effect at date of
contribution (rate of 5.0% at December 31, 1993)
and maturing on December 31, 1993 $ -- $ 20,307
Guaranteed interest account with interest at rate in effect at date of
contribution (rate of 8.4% at December 31, 1994 and 1993)
and maturing on December 31, 1994 10,341 9,539
Guaranteed interest account with interest at rate in effect at date of
contribution (rate of 8.0% at December 31, 1994 and 1993)
and maturing on December 31, 1995 11,020 11,548
Guaranteed interest account with interest at rate in effect at date of
contribution (rate of 6.6% at December 31, 1994 and 1993)
and maturing on December 31, 1996 46,987 44,952
Guaranteed interest account with interest at rate in effect at date of
contribution (rate of 8.5% at December 31, 1994 and 1993)
and maturing on December 31, 1997 634,659 684,008
-------- --------
$703,007 $770,354
======== ========
</TABLE>
4. INCOME TAX STATUS:
The Plan obtained its latest determination letter on March 23, 1987, 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 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 $72,682.
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
9
<PAGE>
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 will 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.
10
<PAGE>
Exhibit 1
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS BY FUND
AS OF DECEMBER 31, 1994
<TABLE>
<CAPTION>
Non-
Participant
Participant Directed Directed
------------------------------------------------------------------------------- -----------
Alex
Brown
Fidelity Scudder Cash American
Advisor Short Reserve Ecology
Templeton Fidelity Equity Phoenix Term Fund Corporation Guaranteed
Foreign OTC Growth Balanced Bond 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 $407,816 $593,191 $1,056,360 $ 958,597 $ -- $ -- $ -- $ -- $3,015,964
Common stock of American
Ecology Corporation -- -- -- -- -- -- 98,615 -- 98,615
Bond fund -- -- -- -- 499,545 -- -- -- 499,545
Money market fund -- -- -- -- -- 294,146 -- -- 294,146
Investments in guaranteed
interest accounts,
at contract value -- -- -- -- -- -- -- 703,007 703,007
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
Total investments 407,816 593,191 1,056,360 958,597 499,545 294,146 98,615 703,007 4,611,277
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
Due to (from) other funds 178,890 (10,553) (43,841) (117,917) (59,399) (9,783) 68,074 (5,471) --
Contributions receivable 4,538 5,292 17,782 10,796 11,228 7,869 1,130 -- 58,635
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
Total assets 591,244 587,930 1,030,301 851,476 451,374 292,232 167,819 697,536 4,669,912
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
LIABILITIES:
Administrative expenses
payable 8,542 9,709 16,306 14,261 7,666 3,494 2,110 10,594 72,682
Other liabilities -- -- -- -- -- 42,167 -- -- 42,167
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
Total liabilities 8,542 9,709 16,306 14,261 7,666 45,661 2,110 10,594 114,849
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS $582,702 $578,221 $1,013,995 $ 837,215 $443,708 $246,571 $165,709 $686,942 $4,555,063
======== ======== ========== ========= ======== ======== ======== ======== ==========
</TABLE>
The accompanying notes are an integral part of this exhibit.
11
<PAGE>
Exhibit 1 (continued)
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS BY FUND
AS OF DECEMBER 31, 1993
<TABLE>
<CAPTION>
Non-
Participant
Participant Directed Directed
------------------------------------------------------------------------------- -----------
Alex
Brown
Fidelity Scudder Cash American
Advisor Short Reserve Ecology
Templeton Fidelity Equity Phoenix Term Fund Corporation Guaranteed
Foreign OTC Growth Balanced Bond 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 $404,486 $609,689 $1,021,321 $974,589 $ -- $ -- $ -- $ -- $3,010,085
Common stock of American
Ecology Corporation -- -- -- -- -- -- 94,529 -- 94,529
Bond fund -- -- -- -- 523,125 -- -- -- 523,125
Money market fund -- -- -- -- -- 153,807 -- -- 153,807
Investments in guaranteed
interest account,
at contract value -- -- -- -- -- -- -- 770,354 770,354
-------- -------- ---------- -------- -------- -------- ------- ---------- ----------
Total investments 404,486 609,689 1,021,321 974,589 523,125 153,807 94,529 770,354 4,551,900
-------- -------- ---------- -------- -------- -------- ------- ---------- ----------
Due to (from) other funds 9,678 (9,718) 1,039 (6,337) (12,785) 18,275 (152) -- --
Contributions receivable 3,905 7,149 10,323 8,280 4,013 2,128 2,742 -- 38,540
-------- -------- ---------- -------- -------- -------- ------- ---------- ----------
Total assets 418,069 607,120 1,032,683 976,532 514,353 174,210 97,119 770,354 4,590,440
-------- -------- ---------- -------- -------- -------- ------- ---------- ----------
LIABILITIES:
Administrative expenses
payable 4,043 5,532 9,087 7,285 5,239 (1,644) 1,084 3,887 34,513
-------- -------- ---------- -------- -------- -------- ------- ---------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS $414,026 $601,588 $1,023,596 $969,247 $509,114 $175,854 $96,035 $766,467 $4,555,927
======== ======== ========== ======== ======== ======== ======= ========== ==========
</TABLE>
The accompanying notes are an integral part of this exhibit.
12
<PAGE>
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN Exhibit 2
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND
DECEMBER 31, 1994
<TABLE>
<CAPTION>
Non-
Participant
Participant Directed Directed
------------------------------------------------------------------------------- -----------
Alex
Brown
Fidelity Scudder Cash American
Advisor Short Reserve Ecology
Templeton Fidelity Equity Phoenix Term Fund Corporation Guaranteed
Foreign OTC Growth Balanced Bond 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 $(30,450) $(21,172) $ (22,290) $ (74,578) $(42,108) $ -- $(17,870) $ -- $ (208,468)
Interest -- -- -- -- -- -- -- 59,407 59,407
Dividends 31,157 5,244 14,461 29,777 29,876 6,344 1,212 -- 118,071
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
707 (15,928) (7,829) (44,801) (12,232) 6,344 (16,658) 59,407 (30,990)
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
Contributions:
Employer 69,693 80,753 144,712 101,786 54,516 106,672 25,074 -- 583,206
Employee 7,520 5,890 8,688 8,451 1,981 326 1,684 -- 34,540
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
77,213 86,643 153,400 110,237 56,497 106,998 26,758 -- 617,746
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
Total additions 77,920 70,715 145,571 65,436 44,265 113,342 10,100 59,407 586,756
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
DEDUCTIONS FROM NET
ASSETS ATTRIBUTED TO:
Withdrawals and
benefit payments 47,822 84,754 110,248 84,695 61,955 49,511 8,224 106,845 554,054
Administrative
expenses and other 5,649 11,059 (10) (42) (899) 5,886 350 11,573 33,566
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
Total deductions 53,471 95,813 110,238 84,653 61,056 55,397 8,574 118,418 587,620
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
NET INCREASE
(DECREASE) PRIOR
TO INTERFUND TRANSFERS 24,449 (25,098) 35,333 (19,217) (16,791) 57,945 1,526 (59,011) (864)
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
Interfund transfers 144,227 1,731 (44,934) (112,815) (48,615) 12,772 68,148 (20,514) --
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
NET INCREASE(DECREASE)
IN NET ASSETS
AVAILABLE FOR
BENEFITS 168,676 (23,367) (9,601) (132,032) (65,406) 70,717 69,674 (79,525) (864)
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
NET ASSETS AVAILABLE
FOR BENEFITS, beginning
of year 414,026 601,588 1,023,596 969,247 509,114 175,854 96,035 766,467 $4,555,927
-------- -------- ---------- --------- -------- -------- -------- -------- ----------
NET ASSETS AVAILABLE
FOR BENEFITS, end
of year $582,702 $578,221 $1,013,995 $ 837,215 $443,708 $246,571 $165,709 $686,942 $4,555,063
======== ======== ========== ========= ======== ======== ======== ======== ==========
</TABLE>
The accompanying notes are an integral part of this exhibit.
13
<PAGE>
Schedule I
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1994
<TABLE>
<CAPTION>
Number
of Shares Current
Identity of Issue Description or Units Cost Value
- ----------------- ----------- ----------- ---------- ---------
<S> <C> <C> <C> <C>
Templeton Funds, Inc. Foreign Fund 46,238 $ 376,352 $ 407,816
Fidelity Institutional Retirement
Services Company OTC Portfolio 25,492 612,645 593,191
Fidelity Institutional Retirement
Services Company Advisor Equity Growth Fund 37,248 995,120 1,056,360
Phoenix Equity Planning Corporation Balanced Fund 64,639 1,038,712 958,597
Scudder Short Term Bond Fund 45,746 545,412 499,545
Alex. Brown & Sons (1) Cash Reserve Fund Prime Series 294,146 294,146 294,146
American Ecology Corporation (1) Common Stock 13,602 152,694 98,615
Principal Mutual Life Insurance Company:
Guaranteed interest accounts (2) -
Maturing December 31, 1994, with an interest rate of 8.40% -- 10,341 10,341
Maturing December 31, 1995, with an interest rate of 8.01% -- 11,020 11,020
Maturing December 31, 1996, with an interest rate of 6.57% -- 46,987 46,987
Maturing December 31, 1997, with an interest rate of 8.53% -- 634,659 634,659
---------- ----------
703,007 703,007
---------- ----------
Total assets held for investment purposes $4,718,088 $4,611,277
========== ==========
</TABLE>
(1) Indicated party in interest.
(2) Cost appoximates current value (or fair value). Current value is equal to
contract value.
The accompanying notes are an integral part of this schedule.
14
<PAGE>
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN Schedule II
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Current Value
of Asset
Purchase Selling Cost of at Date of
Identity of Party Involved Description Price (a) Price (b) Asset Transaction Net Gain
- -------------------------- ----------- ----------- -------------- ---------- ----------- --------
<S> <C> <C> <C> <C> <C> <C>
Alex. Brown & Sons Alex. Brown Cash Reserve Fund
Purchases $1,361,181 $ -- $1,361,181 $1,361,181 $ --
Sales -- 1,220,842 1,220,842 1,220,842 --
</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.
15
