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Previous: AMERICAN ECOLOGY CORP, 11-K, 1996-08-16 |
Next: PACIFIC GATEWAY PROPERTIES INC, 10-K/A, 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 401(k) Savings Plan
B. American Ecology Corporation
805 W Idaho Suite 200
Boise ID 83702
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 August 14, 1996 /s/ R. S. Thorn
----------------------- -----------------------------------------------
R. S. Thorn
As Trustee for the Plan
<PAGE> 2
AMERICAN ECOLOGY CORPORATION 401(K) SAVINGS 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 years Ended
December 31, 1995 and 1994
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 401(k) Savings Plan
We have audited the accompanying statement of net assets available for benefits
of American Ecology Corporation 401(k) Savings 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 401(k) Savings 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 401(k) Savings 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 401(K) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
DECEMBER 31,
------------
1995 1994
---- ----
<S> <C> <C>
ASSETS:
Cash $ 36,906 $ --
Interest receivable 1,868 --
Investments, at fair value:
Equity investment funds 4,495,155 2,925,783
Common stock of American Ecology Corporation 189,703 112,382
Bond fund 520,540 381,421
Money market fund 476,502 790,492
Investment in guaranteed interest accounts at
contract value 381,588 663,781
----------- -----------
Total investments 6,063,488 4,873,859
Contributions receivable 143,602 133,640
----------- -----------
Total assets 6,245,864 5,007,499
LIABILITIES:
Administrative expenses payable 87,058 72,147
Other liabilities 4,965 --
----------- -----------
Total liabilities 92,203 72,147
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $ 6,153,841 $ 4,935,352
=========== ===========
</TABLE>
The accompanying notes and schedules are an integral part of these financial
statements.
-4-
<PAGE> 5
American Ecology Corporation 401(k) Savings Plan
Statement of Net Assets Available for Benefits by Fund
as of December 31, 1995
<TABLE>
<CAPTION>
Participant Directed
------------------------------------------------------------------
Templeton Fidelity Fidelty Phoenix Scudder
Foreign OTC Advisor Balanced ST Bond
Fund Portfolio Equity GR Fund Fund
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Cash $ -- $ -- $ -- $ -- $ --
Interest receivable -- -- -- -- --
Investments, at fair value:
Equity investment funds 747,835 938,493 1,749,402 1,059,425 --
Common stock of American Ecology Corp -- -- -- -- --
Bond fund -- -- -- -- 520,540
Money market fund -- -- -- -- --
Investments in guaranteed interest accounts
at contract value -- -- -- -- --
---------------------------------------------------------------
Total investments 747,835 938,493 1,749,402 1,059,425 520,540
Contributions receivable -- -- -- -- --
---------------------------------------------------------------
Total assets 747,835 938,493 1,749,402 1,059,425 520,540
LIABILITIES
Administrative expenses payable -- -- -- -- --
Other liabilities -- -- -- -- --
---------------------------------------------------------------
Total liabilities -- -- -- -- --
---------------------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $747,835 $938,493 $1,749,402 $1,059,425 $520,540
===============================================================
<CAPTION>
Non-
Participant
Participant Directed Directed
-------------------------------------- ----------- -----------
Alex Brown American Guaranteed
Cash Reserve Ecology Interest
Fund Pr Series Common Other Accounts TOTALS
-------------------------------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Cash $ -- $ -- $ 36,906 $ -- $ 36,906
Interest receivable -- -- 1,868 -- 1,868
Investments, at fair value:
Equity investment funds -- -- -- -- 4,495,155
Common stock of American Ecology Corp -- 189,703 -- -- 189,703
Bond fund -- -- -- -- 520,540
Money market fund 476,502 -- -- -- 476,502
Investments in guaranteed interest accounts
at contract value -- -- -- 381,588 381,588
----------------------------------- --------- ----------
Total investments 476,502 189,703 -- 381,588 6,063,488
Contributions receivable -- -- 143,602 -- 143,602
----------------------------------- -------- ----------
Total assets 476,502 189,703 182,376 381,588 6,245,864
LIABILITIES
Administrative expenses payable -- -- 87,058 -- 87,058
Other liabilities -- -- 4,965 -- 4,965
----------------------------------- -------- ----------
Total liabilities -- -- 92,023 -- 92,023
----------------------------------- -------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $476,502 $189,703 $ 90,353 $381,588 $6,153,841
=================================== ======== ==========
</TABLE>
See accompanying notes.
-5-
<PAGE> 6
American Ecology Corporation 401(k) Savings Plan
Statement of Net Assets Available for Benefits by Fund
as of December 31, 1994
<TABLE>
<CAPTION>
Participant Directed
------------------------------------------------------------
Templeton Fidelity Fidelty Phoenix Scudder
Foreign OTC Advisor Balanced ST Bond
Fund Portfolio Equity GR Fund Fund
------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value:
Equity investment funds $443,385 $583,702 $1,094,028 $804,668 $ --
Common stock of American Ecology Corp -- -- -- -- --
Bond fund -- -- -- -- 381,421
Money market fund -- -- -- -- --
Investments in guaranteed interest accounts
at contract value -- -- -- -- --
----------------------------------------------------------
Total investments 443,385 583,702 1,094,028 804,668 381,421
Due from (to) other funds 228,197 99,441 114,754 7,401 14,339
Contributions receivable -- -- -- -- --
----------------------------------------------------------
Total assets 671,582 683,143 1,208,782 812,069 395,760
LIABILITIES
Administrative expenses payable -- -- -- -- --
----------------------------------------------------------
Total liabilities -- -- -- -- --
----------------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $671,582 $683,143 $1,208,782 $812,069 $395,760
==========================================================
<CAPTION>
Non-
Participant
Participant Directed Directed
--------------------------------- ----------- -----------
Alex Brown American Guaranteed
Cash Reserve Ecology Interest
Fund Pr Serie Common Other Accounts TOTALS
-------------------------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value:
Equity investment funds $ -- $ -- $ -- $ -- $2,925,783
Common stock of American Ecology Corp -- 112,382 -- -- 112,382
Bond fund -- -- -- -- 381,421
Money market fund 790,492 -- -- -- 790,492
Investments in guaranteed interest accounts
at contract value -- -- -- 663,781 663,781
------------------------------ -------- ----------
Total investments 790,492 112,382 -- 663,781 4,873,859
Due from (to) other funds (499,135 ) 32,295 -- 2,708 --
Contributions receivable -- -- 133,640 -- 133,640
------------------------------ -------- ----------
Total assets 291,357 144,677 133,640 666,489 5,007,499
LIABILITIES
Administrative expenses payable -- -- 72,147 -- 72,147
------------------------------ -------- ----------
Total liabilities -- -- 72,147 -- 72,147
------------------------------ -------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $291,357 $144,677 $61,493 $666,489 $4,935,352
============================== ======== ==========
</TABLE>
See accompanying notes.
-6-
<PAGE> 7
AMERICAN ECOLOGY CORPORATION 401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1995 AND 1994
<TABLE>
<CAPTION>
1995 1994
----------- ----------
<S> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income (loss)
Net appreciation in fair value of investments $ 696,284 $ (172,024)
Interest 29,767 54,730
Dividends 308,376 122,122
----------- -----------
1,034,427 4,828
Contributions:
Employer 434,387 343,417
Employee 1,069,709 836,387
----------- -----------
1,504,096 1,179,804
Rollovers from other plans -- 472,869
----------- -----------
Total additions 2,538,523 1,657,501
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Withdrawal and benefit payments 1,228,011 633,053
Administrative expenses and other 92,023 34,592
----------- -----------
Total deductions 1,320,034 667,645
NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 1,218,489 989,856
NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 4,935,352 3,945,496
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 6,153,841 $ 4,935,352
=========== ===========
</TABLE>
The accompanying notes and schedules are an integral part of these financial
statements.
-7-
<PAGE> 8
American Ecology Corporation 401(k) Savings 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
Foreign OTC Advisor Balanced ST Bond
Fund Portfolio Equity GR Fund Fund
---------------------------------------------------
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income (loss)
Net appreciation in fair value of investments $ 7,108 $224,588 $403,074 $ 142,662 $27,091
Interest -- -- -- -- --
Dividends 34,379 57,056 84,136 85,425 20,847
--------------------------------------------------
41,487 281,644 487,210 228,087 47,938
Contributions
Employer match 52,389 44,135 96,551 57,878 20,078
Employee rollover 27,659 10,603 64,410 30,406 20,964
Employee deferral 162,608 141,264 304,380 170,320 70,459
--------------------------------------------------
242,656 196,002 465,341 258,604 111,501
--------------------------------------------------
Total additions 284,143 477,646 952,551 486,691 159,439
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Withdrawals and benefit payments 175,069 187,170 432,936 271,696 62,198
Administrative expenses and other 8,296 10,147 16,533 12,263 6,367
--------------------------------------------------
Total deductions 183,365 197,317 449,469 283,959 68,565
NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE
FOR BENFITS BEFORE INTERFUND TRANSFERS 100,778 280,329 503,082 202,732 90,874
Interfund transfers (24,525) (24,979) 37,538 44,624 33,906
--------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
AVAILABLE FOR BENFITS 76,253 255,350 540,620 247,356 124,780
NET ASSETS AVAILABLE FOR BENEFITS 01/01/95 671,582 683,143 1,208,782 812,069 395,760
--------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS 12/31/95 $747,835 $938,493 $1,749,402 $1,059,425 $520,540
======== ======== ========== ========== ========
</TABLE>
<TABLE>
<CAPTION>
Non-
Participant
Participant Directed Directed
--------------------------------------- -----------
Alex Brown American Guaranteed
Cash Reserve Ecology Interest
Fund Pr Serie Common 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 $ -- $(108,239) $ -- $ -- $ 696,284
Interest -- -- 3,039 26,728 29,767
Dividends 26,533 -- -- -- 308,376
------------------------------------ ------- ----------
26,533 (108,239) 3,039 26,728 1,034,427
Contributions
Employer match 15,835 95,676 51,845 -- 434,387
Employee rollover 4,117 6,302 -- -- 164,461
Employee deferral 49,930 48,170 (41,883) -- 905,248
------------------------------------ ------- ----------
69,882 150,148 9,962 -- 1,504,096
------------------------------------ ------- ----------
Total additions 96,415 41,909 13,001 26,728 2,538,523
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Withdrawals and benefit payments 65,631 25,523 -- 7,788 1,228,011
Administrative expenses and other 6,043 2,131 19,876 10,367 92,023
------------------------------------ ------- ----------
Total deductions 71,674 27,654 19,876 18,155 1,320,034
NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE
FOR BENFITS BEFORE INTERFUND TRANSFERS 24,741 14,255 (6,875) 8,573 1,218,489
Interfund transfers 160,404 30,771 35,735 (293,474) --
------------------------------------ ------- ----------
NET INCREASE (DECREASE) IN NET ASSETS
AVAILABLE FOR BENFITS 185,145 45,026 28,860 (284,901) 1,218,489
NET ASSETS AVAILABLE FOR BENEFITS 01/01/95 291,357 144,677 61,493 666,489 4,935,352
------------------------------------ ------- ----------
NET ASSETS AVAILABLE FOR BENEFITS 12/31/95 $476,502 $189,703 $90,353 $381,588 $6,153,841
==================================== ======== ==========
</TABLE>
See accompanying notes.
-8-
<PAGE> 9
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995 and 1994
NOTE A - 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. 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.
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.
Participant contributions are fully vested and nonforfeitable. Participants
may elect to deposit their contributions in any of the investment options
available.
-9-
<PAGE> 10
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995 and 1994
NOTE A - DESCRIPTION OF THE PLAN (Continued)
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:
<TABLE>
<CAPTION>
Percentage of
Service Vested Interest
------- ---------------
<S> <C>
1 year 20%
2 years 60
3 years 100
</TABLE>
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.
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.
-10-
<PAGE> 11
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995 and 1994
NOTE A - DESCRIPTION OF THE PLAN (Continued)
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% 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 participant's contributions and
the Company's matching contributions. 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.
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.
-11-
<PAGE> 12
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995 and 1994
NOTE A - DESCRIPTION OF THE PLAN (Continued)
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 the responsibility of the Plan. During
the years ended December 31, 1995 and 1994, $92,023 and $21,501, 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
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.
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. Investments in all other
investment options are carried at their fair value measured and quoted market
prices in active markets 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.
-12-
<PAGE> 13
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995 and 1994
NOTE B - SUMMARY OF ACCOUNTING POLICIES (Continued)
Reclassification
Certain 1994 amounts have been reclassified to conform with the presentation of
the 1995 financial statements.
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 8.00% at December 31, 1994),
maturing on December 31, 1994 $ -- $ 280,335
Guaranteed interest account with interest at
rate in effect at date of contribution
(rate of 4.94% at December 31, 1994),
maturing on September 30, 1995 -- 16,512
Guaranteed interest account with interest at
rate in effect at date of contribution
(rates of 8.15% to 8.30% at
December 31, 1995 and 1994)
maturing on December 31, 1995 280,342 267,208
Guaranteed interest account with interest at
rate in effect at date of contribution
(rates of 7.00% to 7.08% at December 31, 1995
and 7.02% at December 31, 1994), maturing on
September 30, 1996 1,730 1,716
</TABLE>
-13-
<PAGE> 14
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995 and 1994
NOTE C - GUARANTEED INTEREST ACCOUNTS (Continued)
<TABLE>
<S> <C> <C>
Guaranteed interest account with interest at
rate in effect at date of contribution
(rate of 6.85% at December 31, 1995 and 1994),
maturing on December 31, 1996 98,091 96,445
Guaranteed interest account with interest at
rate in effect at date of contribution
(rates of 5.78% to 5.92% at December 31, 1995
and 5.89% at December 31, 1994), maturing on
September 30, 1997 1,425 1,565
-------- --------
$381,588 $663,781
======== ========
</TABLE>
NOTE D - 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
("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 auditor's report was a paragraph regarding
the 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 401(k) SAVINGS 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>
Templeton Funds, Inc. Foreign Fund 81,463 $ 752,003 $ 747,835
Fidelity Institutional
Retirement Services
Company OTC Portfolio 30,943 830,160 938,493
Fidelity Institutional
Retirement Services Advisor Equity
Company Growth Fund 46,638 1,548,136 1,749,402
Phoenix Equity Planning
Corporation Balanced Fund 63,061 1,004,078 1,059,425
Scudder Short Term Bond Fund
45,862 506,002 520,540
Alex Brown & Sons Cash Reserve Fund
Prime Series 476,503 476,503 476,502
American Ecology Corporation
Common Stock 58,370 264,401 189,703
Principle Mutual Life
Insurance Company:
Maturing December 31, 1995,
with interest rates of 8.15% to 8.30% -- 280,342 280,342
Maturing September 30, 1996,
with interest rates of 7.00% to 7.08% -- 1,730 1,730
Maturing December 31, 1996,
with interest rate of 6.85% -- 98,091 98,091
Maturing September 30, 1997,
with interest rates of 5.78% to 5.92% --
1,425 1,425
---------- ----------
TOTAL ASSETS HELD FOR INVESTMENT PURPOSES
$5,762,871 $6,063,488
========== ==========
</TABLE>
-16-
<PAGE> 17
American Ecology Corporation 410(k) Savings 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 Fund
Purchases $ 536,266 $ -- $ 536,266 $ 536,266 $ --
Sales -- 263,183 252,745 263,183 10,438
Fidelity Institutional RetirementFidelity OTC
Services Company Purchases 433,569 -- 433,569 433,569 --
Sales -- 298,817 269,954 298,817 28,864
Fidelity Institutional RetirementFidelity Advisor Equity
Services Company Purchases 784,069 -- 784,069 784,069 --
Sales -- 559,436 464,361 559,436 95,075
Phoenix Equity Planning Phoenix Series Balanced
Corporation Purchases 444,928 -- 444,928 444,928 --
Sales -- 314,293 294,145 314,293 20,148
</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
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