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Previous: INTEGRATED SECURITY SYSTEMS INC, 10QSB/A, 1996-08-16 |
Next: AMERICAN ECOLOGY CORP, 11-K, 1996-08-16 |
<PAGE> 1
================================================================================
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, 1995
COMMISSION FILE NUMBER 0-11688
A. American Ecology Corporation Retirement Plan
B. American Ecology Corporation
805 W. Idaho Street, Suite 200
Boise, ID 83702
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: August 14, 1996 /s/ R. S. Thorn
-----------------------------
R. S. Thorn
Plan Administrator
<PAGE> 2
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN
INDEX TO FINANCIAL STATEMENTS, EXHIBITS AND SCHEDULES
DECEMBER 31, 1995 AND 1994
Independent Auditors' Report
Statements of Net Assets Available for Benefits as of December 31, 1995 and
1994
Statement of Changes in Net Assets Available for Benefits for the Year Ended
December 31, 1995
Notes to Financial Statements
Supplemental Information:
Item 27a - Schedule of Assets Held for Investment Purposes
Item 27d - Schedule of Reportable Transactions
-2-
<PAGE> 3
INDEPENDENT AUDITORS' REPORT
To the Administrative Committee
American Ecology Corporation Retirement Plan
We have audited the accompanying statement of net assets available for benefits
of American Ecology Corporation Retirement Plan as of December 31, 1995, and
the related statement of changes in net assets available for benefits for the
year 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 audit. The financial statements of American
Ecology Corporation Retirement Plan as of December 31, 1994 were audited by
other auditors whose report dated June 30, 1995 expressed an unqualified
opinion on those statements.
We conducted our audit 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 audit provides 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 American
Ecology Corporation Retirement Plan as of December 31, 1995, and the changes in
net assets available for benefits for the year then ended in conformity with
generally accepted accounting principles.
Our audit was 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 and reportable transactions 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.
Balukoff, Lindstrom & Co. P.A.
July 30, 1996
-3-
<PAGE> 4
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
ASSETS: December 31,
------------------------------
1995 1994
----------- -----------
<S> <C> <C>
Cash $ 101,795 $ 42,167
Interest Receivable 160 --
Equity investment funds 3,670,219 3,015,964
Common stock of American Ecology Corporation 26,556 98,615
Bond fund 470,723 499,545
Money market fund 365,492 251,979
Common collective trust 18,653 --
Investment in guaranteed interest accounts,
at contract value 631,937 703,007
----------- -----------
Total investments 5,183,580 4,569,110
Employer contributions receivable 84,509 56,054
Employee contributions receivable -- 2,581
----------- -----------
Total assets 5,370,044 4,669,912
----------- -----------
LIABILITIES:
Administrative expenses payable 30,130 72,682
Other liabilities -- 42,167
----------- -----------
Total liabilities 30,130 114,849
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $ 5,339,914 $ 4,555,063
=========== ===========
</TABLE>
The accompanying notes and schedules are an integral part of these financial
statements.
-4-
<PAGE> 5
American Ecology Corporation Retirement Plan
Statement of Net Assets Available for Benefits by Fund
as of December 31, 1995
<TABLE>
<CAPTION>
Participant Directed
--------------------------------------------------------------------------------
Templeton Fidelity Fidelty Phoenix Scudder Alex Brown
Foreign OTC Advisor Balanced ST Bond Cash Reserve
Fund Portfolio Equity GR Fund Fund Fund Pr Series
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Cash $ -- $ -- $ -- $ -- $ -- $ --
Interest receivable -- -- -- -- -- --
Investments, at fair value:
Equity investment funds 545,896 783,030 1,335,527 1,005,766 -- --
Common stock of American Ecology Corporation -- -- -- -- -- --
Common Collective Trust -- -- -- -- -- --
Bond fund -- -- -- -- 470,723 --
Money market fund -- -- -- -- -- 365,492
Investments in guaranteed interest accounts
at contract value -- -- -- -- -- --
-------------------------------------------------------------------------------
Total investments 545,896 783,030 1,335,527 1,005,766 470,723 365,492
Contributions receivable -- -- -- -- -- --
-------------------------------------------------------------------------------
Total assets 545,896 783,030 1,335,527 1,005,766 470,723 365,492
LIABILITIES
Administrative expenses payable -- -- -- -- -- --
-------------------------------------------------------------------------------
Total liabilities -- -- -- -- -- --
-------------------------------------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $ 545,896 $ 783,030 $ 1,335,527 $ 1,005,766 $ 470,723 $ 365,492
===============================================================================
</TABLE>
<TABLE>
<CAPTION>
Non-
Participant
Participant Directed Directed
-------------------------------- ----------- -----------
American Short-Term Guaranteed
Ecology Income Interest
Common Fund Other Accounts TOTALS
-------------------------------- ---------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Cash $ -- $ -- $ 101,795 $ -- $ 101,795
Interest receivable -- -- 160 -- 160
Investments, at fair value:
Equity investment funds -- -- -- -- 3,670,219
Common stock of American Ecology Corporation 26,556 -- -- -- 26,556
Common Collective Trust -- 18,653 -- -- 18,653
Bond fund -- -- -- -- 470,723
Money market fund -- -- -- -- 365,492
Investments in guaranteed interest accounts
at contract value -- -- -- 631,937 631,937
------------------------------ --------- -----------
Total investments 26,556 18,653 -- 631,937 5,183,580
Contributions receivable -- -- 84,509 -- 84,509
------------------------------ --------- -----------
Total assets 26,556 18,653 186,464 631,937 5,370,044
LIABILITIES
Administrative expenses payable -- -- 30,130 -- 30,130
----------------------------- --------- -----------
Total liabilities -- -- 30,130 -- 30,130
----------------------------- --------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $ 26,556 $ 18,653 $ 156,334 $ 631,937 $ 5,339,914
============================= ========= ===========
</TABLE>
See accompanying notes
-5-
<PAGE> 6
American Ecology Corporation Retirement Plan
Statement of Net Assets Available for Benefits by Fund
as of December 31, 1994
<TABLE>
<CAPTION>
Participant Directed
--------------------------------------------------------------------------------
Templeton Fidelity Fidelty Phoenix Scudder Alex Brown
Foreign OTC Advisor Balanced ST Bond Cash Reserve
Fund Portfolio Equity GR Fund Fund Fund Pr Series
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Cash $ -- $ -- $ -- $ -- $ -- $ --
Investments, at fair value:
Equity investment funds 407,816 593,191 1,056,360 958,597
Common stock of American Ecology Corporation -- -- -- -- -- --
Bond fund -- -- -- -- 499,545 --
Money market fund -- -- -- -- -- 251,979
Investments in guaranteed interest accounts
at contract value -- -- -- -- -- --
--------------------------------------------------------------------------------
Total investments 407,816 593,191 1,056,360 958,597 499,545 251,979
Due from (to) other funds 178,890 (10,553) (43,841) (117,917) (59,399) (9,783)
Contributions Receivable -- -- -- -- -- --
--------------------------------------------------------------------------------
Total assets 586,706 582,638 1,012,519 840,680 440,146 242,196
LIABILITIES
Administrative expenses payable -- -- -- -- -- --
Other liabilities -- -- -- -- -- --
--------------------------------------------------------------------------------
Total liabilities -- -- -- -- -- --
--------------------------------------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $586,706 $582,638 $1,012,519 $840,680 $440,146 $242,196
================================================================================
</TABLE>
<TABLE>
<CAPTION>
Non-
Participant
Participant Directed Directed
----------------------- -------------- -------------
American Guaranteed
Ecology Interest
Common Other Accounts TOTALS
----------------------- -------------- -------------
<S> <C> <C> <C> <C>
ASSETS:
Cash $ -- $ 42,167 $ -- $ 42,167
Investments, at fair value:
Equity investment funds 3,015,964
Common stock of American Ecology Corporation 98,615 -- -- 98,615
Bond fund -- -- -- 499,545
Money market fund -- -- -- 251,979
Investments in guaranteed interest accounts --
at contract value -- -- 703,007 703,007
--------------------------------------------------------
Total investments 98,615 -- 703,007 4,569,110
Due from (to) other funds 68,074 -- (5,471) --
Contributions Receivable -- 58,635 -- 58,635
--------------------------------------------------------
Total assets 166,689 100,802 697,536 4,669,912
LIABILITIES
Administrative expenses payable -- 72,682 -- 72,682
Other liabilities -- 42,167 -- 42,167
--------------------------------------------------------
Total liabilities -- 114,849 -- 114,849
--------------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $ 166,689 ($14,047) $ 697,536 $ 4,555,063
========================================================
</TABLE>
See accompanying notes
-6-
<PAGE> 7
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 1995
<TABLE>
<S> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income (loss):
Net appreciation in fair value of investments $ 576,984
Interest 64,586
Dividends 261,175
-----------
902,745
-----------
Contributions:
Employer 546,021
Employee 26,522
-----------
572,543
-----------
Total additions 1,475,288
-----------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Withdrawals and benefit payments 660,267
Administrative expenses and other 30,170
-----------
Total deductions 690,437
NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 784,851
NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 4,555,063
-----------
NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 5,339,914
===========
</TABLE>
The accompanying notes and schedules are an integral part of these financial
statements.
-7-
<PAGE> 8
American Ecology Corporation Retirement Plan
Statement of Changes in Net Assets Available for Benefits by Fund
for the Year Ended December 31, 1995
<TABLE>
<CAPTION>
Participant Directed
---------------------------------------------------------------------------
Templeton Fidelity Fidelty Phoenix Scudder Alex Brown
Foreign OTC Advisor Balanced ST Bond Cash Reserve
Fund Portfolio Equity GR Fund Fund Fund Pr Series
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income (loss)
Net appreciation in fair value of investments $ 7,051 $ 191,408 $ 327,796 $ 117,594 $ 17,609 $ --
Interest -- -- -- -- -- --
Dividends 29,906 46,536 65,647 82,559 20,926 15,261
-------- --------- ----------- ----------- --------- -----------
36,957 237,944 393,443 200,153 38,535 15,261
Contributions
Employer 56,877 58,108 107,685 70,573 38,305 101,479
Employee 4,830 2,963 5,377 4,910 1,749 2,856
-------- --------- ----------- ----------- --------- -----------
61,707 61,071 113,062 75,483 40,054 104,335
-------- --------- ----------- ----------- --------- -----------
Total additions 98,664 299,015 506,505 275,636 78,589 119,596
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Withdrawals and benefit payments 132,337 132,590 169,661 126,871 55,537 21,519
Administrative expenses and other 8,542 9,709 16,306 14,261 7,666 3,494
-------- --------- ----------- ----------- --------- -----------
Total deductions 140,879 142,299 185,967 141,132 63,203 25,013
NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE
FOR BENEFITS BEFORE INTERFUND TRANSFERS (42,215) 156,716 320,538 134,504 15,386 94,583
Interfund transfers 1,405 43,676 2,470 30,582 15,191 28,713
-------- --------- ----------- ----------- --------- -----------
NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE
FOR BENEFITS (40,810) 200,392 323,008 165,086 30,577 123,296
NET ASSETS AVAILABLE FOR BENEFITS 01/01/95 586,706 582,638 1,012,519 840,680 440,146 242,196
-------- --------- ----------- ----------- --------- -----------
NET ASSETS AVAILABLE FOR BENEFITS 12/31/95 $545,896 $ 783,030 $ 1,335,527 $ 1,005,766 $ 470,723 $ 365,492
======== ========= =========== =========== ========= ===========
</TABLE>
<TABLE>
<CAPTION>
Non-
Participant
Participant Directed Directed
----------------------------------- ------------- -----------
American Short-Term Guaranteed
Ecology Income Interest
Common Fund Other Accounts TOTALS
----------------------------------- ------------- -----------
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income (loss)
Net appreciation in fair value of investments $ (84,474) $ -- $ -- $ -- $ 576,984
Interest -- 1,020 6,749 56,817 64,586
Dividends 340 -- -- -- 261,175
--------- --------- --------- ---------- -----------
(84,134) 1,020 6,749 56,817 902,745
Contributions
Employer 15,860 -- 97,134 -- 546,021
Employee 1,085 -- 2,752 -- 26,522
--------- --------- --------- ---------- -----------
16,945 -- 99,886 -- 572,543
--------- --------- --------- ---------- -----------
Total additions (67,189) 1,020 106,635 56,817 1,475,288
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Withdrawals and benefit payments 7,908 -- -- 13,844 660,267
Administrative expenses and other 2,110 -- (42,512) 10,594 30,170
--------- --------- --------- ---------- -----------
Total deductions 10,018 -- (42,512) 24,438 690,437
NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE
FOR BENEFITS BEFORE INTERFUND TRANSFERS (77,207) 1,020 149,147 32,379 784,851
Interfund transfers (62,926) 17,633 21,234 (97,978) --
--------- --------- --------- ---------- -----------
NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE
FOR BENEFITS (140,133) 18,653 170,381 (65,599) 784,851
NET ASSETS AVAILABLE FOR BENEFITS 01/01/95 166,689 -- (14,047) 697,536 4,555,063
--------- --------- --------- ---------- -----------
NET ASSETS AVAILABLE FOR BENEFITS 12/31/95 $ 26,556 $ 18,653 $ 156,334 $ 631,937 $ 5,339,914
========= ========= ========= ========== ===========
</TABLE>
See accompanying notes
-8-
<PAGE> 9
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995 and 1994
NOTE A - DESCRIPTION OF THE PLAN
General
American Ecology Corporation Retirement Plan ("the 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. Prior to May 1, 1995, the
administrative committee appointed three employees of the Company as trustees,
who had the authority to control the assets of the Plan in accordance with the
terms of the Plan. During this period, Alex Brown & Sons, Incorporated was
appointed as custodian of the Plan's assets, authorizing Alex Brown to manage
the Plan's assets.
Effective May 1, 1995, the administrative committee appointed Hand and
Associates as recordkeeper and American Industries Trust Company as trustee of
the Plan.
Contributions
The Company makes a basic contribution equal to 5 percent of compensation below
the prior year's FICA wage base plus a contribution equal to 10 percent of
compensation above 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.
-9-
<PAGE> 10
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995 and 1994
NOTE A - DESCRIPTION OF THE PLAN (Continued)
Plan Amendment
Effective December 31, 1995, the Plan was amended to provide that participants
will not earn additional benefits under the Plan, Company contributions will
not be made, and employees will not be eligible to become participants in the
Plan on or after December 31, 1995.
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.
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.
-10-
<PAGE> 11
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995 and 1994
NOTE A - DESCRIPTION OF THE PLAN (Continued)
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% at
December 31, 1995 and 1994) and mature through December 31, 1997. The balances
in the guaranteed interest accounts will remain in such accounts until maturity
or withdrawal by the employee.
Participant 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 were used in
1995 to pay for administration expenses.
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 the responsibility of the Plan. During
the years ended December 31, 1995 and 1994, $30,130 and $19,940, respectively,
of administrative expenses were paid by the Company on behalf of the plan and
are to be reimbursed by the Plan. These amounts are included in administrative
expense payable.
-11-
<PAGE> 12
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995 and 1994
NOTE A - DESCRIPTION OF THE PLAN (Continued)
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.
NOTE B - SUMMARY OF ACCOUNTING POLICIES
Investment Valuation and Income Recognition
Investments in guaranteed interest accounts are carried at contract value,
which approximates principal amounts contributed to the accounts, plus accrued
interest, less distributions from the contract. All other investments are
valued at quoted market prices or by the contracted price. Investment income
is recorded as earned.
Purchases and sales of securities are recorded on a trade-date basis.
Dividends are recorded on the ex-dividend date.
Payment of Benefits
Benefits are recorded when paid.
Reclassification
Certain 1994 amounts have been reclassified to conform with the presentation of
the 1995 financial statements.
-12-
<PAGE> 13
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995 and 1994
NOTE B - SUMMARY OF ACCOUNTING POLICIES (Continued)
Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires the Plan administrator to make estimates and
assumptions that affect certain reported amounts and disclosures. Accordingly,
actual results may differ from those estimates.
NOTE C - GUARANTEED INTEREST ACCOUNTS
The guaranteed interest accounts held by the Plan are as follows:
<TABLE>
<CAPTION>
December 31,
--------------------------
1995 1994
----------- -----------
<S> <C> <C>
Guaranteed interest account with interest at
rate in effect at date of contribution
(rate of 8.4% at December 31, 1994),
maturing on December 31, 1994 $ -- $ 10,341
Guaranteed interest account with interest at
rate in effect at date of contribution
(rate of 8.01% at December 31, 1995 and 1994),
maturing on December 31, 1995 11,616 11,020
Guaranteed interest account with interest at
rate in effect at date of contribution
(rate of 6.57% at December 31, 1995 and 1994),
maturing on December 31, 1996 49,284 46,987
Guaranteed interest account with interest at
rate in effect at date of contribution
(rate of 8.53% at December 31, 1995 and 1994),
maturing on December 31, 1997 571,037 634,659
----------- -----------
$ 631,937 $ 703,007
=========== ===========
</TABLE>
-13-
<PAGE> 14
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995 and 1994
NOTE D - 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
("IRC"). The Plan has been amended since receiving the determination letter.
However, the Plan administrator believes the Plan is currently designed and
being operated in compliance with the applicable requirements of the IRC.
Therefore, the Plan administrator believes the Plan was qualified and the
related trust was tax-exempt as of December 31, 1995.
NOTE E - PLAN SPONSOR GOING CONCERN
The Company issued its latest audited financial statements as of December 31,
1995. Included in the independent auditors report was a paragraph regarding
substantial doubt about the Company's ability to continue as a going concern.
Failure of the Company to continue as a going concern could ultimately affect
the Plan.
-14-
<PAGE> 15
SUPPLEMENTAL INFORMATION
-15-
<PAGE> 16
AMERICAN ECOLOGY CORPORATION RETIREMENT PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1995
<TABLE>
<CAPTION>
Current
-------
Identity of Issue Description Shares Cost Value
----------------- ----------- ------ ---- -----
<S> <C> <C> <C> <C>
Short Term Income Short Term $ 18,653 $ 18,653 $ 18,653
Templeton Funds, Inc. Foreign Fund 59,466 545,605 545,896
Fidelity Institutional
Retirement Services
Company OTC Portfolio 25,817 696,096 783,030
Fidelity Institutional
Retirement Services Advisor Equity
Company Growth Fund 35,605 1,152,231 1,335,527
Phoenix Equity Planning
Corporation 59,867 947,557 1,005,766
Balanced Fund
Scudder 41,473 456,139 470,723
Short Term Bond
Alex Brown & Sons Cash Reserve Fund 365,492 365,492 365,492
Prime Series
American Ecology Corporation Common Stock 8,171 49,704 26,556
Principle Mutual Life
Insurance Company:
Maturing December 31, 1995,
with an interest rate of 8.01% -- 11,616 11,616
Maturing December 31, 1996,
with an interest rate of 6.57% -- 49,284 49,284
Maturing December 31, 1997,
with an interest rate of 8.53% -- 571,038 571,037
------------ -----------
TOTAL ASSETS HELD FOR
INVESTMENT PURPOSES $ 4,863,415 $ 5,183,580
============ ===========
</TABLE>
-16-
<PAGE> 17
American Ecology Corporation Retirement Plan
Item 27d - Schedule of Reportable Transactions
For the Year Ended December 31, 1995
<TABLE>
<CAPTION>
Current Value
of Asset
Purchase Selling Cost of at Date of Net
Identity of Party Involved Description Price Price Asset Transaction Gain (loss)
-------------------------- ----------- -------- ------- ------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
Category (iii): A series of transactions in excess of 5% of plan assets
Templeton Funds, Inc. Templeton Foreign $279,187 $ -- $279,187 $279,187 $ --
Fidelity Institutional Retirement Fidelity Advisor -- 268,724 226,197 268,724 42,528
Phoenix Equity Planning Phoenix Series Balanced -- 270,483 263,936 270,483 6,547
</TABLE>
A reportable transaction represents a transaction or series of transactions in
the same security involving an aggregate amount in excess of 5% of the Plan
assets as of January 1, 1995. There were no category (i), (ii), or (iv)
reportable transactions during 1995
-17-
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