<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, 1997
COMMISSION FILE NUMBER 0-11688
A. American Ecology Corporation 401(k) Savings and Retirement Plan and Trust
B. American Ecology Corporation
805 W. Idaho Street Suite 200
Boise, Idaho 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: 26 JUNE 1998 /s/ R. S. THORN
------------ --------------------------------------------
R. S. Thorn
As Trustee for the Plan
<PAGE> 2
FINANCIAL STATEMENTS
----------
AMERICAN ECOLOGY CORPORATION
401(k) SAVINGS AND RETIREMENT PLAN AND TRUST
----------
DECEMBER 31, 1997 AND 1996
<PAGE> 3
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page No.
--------
<S> <C>
INDEPENDENT AUDITORS' REPORT ........................................................... 1
FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits by Fund............................. 2
Statement of Changes in Net Assets Available
for Benefits...................................................................... 3
Notes to Financial Statements....................................................... 4
SUPPLEMENTAL INFORMATION
Item 27a - Schedule of Assets Held for Investment Purposes.......................... 18
Item 27d - Schedule of Reportable Transactions...................................... 22
</TABLE>
<PAGE> 4
INDEPENDENT AUDITORS' REPORT
To the Administrative Committee
American Ecology Corporation 401(k) Savings and Retirement Plan and Trust
We have audited the accompanying statements of net assets available for benefits
of American Ecology Corporation 401(k) Savings and Retirement Plan and Trust as
of December 31, 1997 and 1996 and the related statement of changes in net assets
available for benefits for the year ended December 31, 1997. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, 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, 1997 and 1996 and the changes
in net assets available for benefits for the year then ended December 31, 1977
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.
June 5, 1998
-1-
<PAGE> 5
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS
AND RETIREMENT PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1997 and 1996
<TABLE>
<CAPTION>
1997 1996
----------- -----------
<S> <C> <C>
ASSETS
Cash $ 411 $ --
Investments, at fair value
Equity investment funds 7,015,190 6,248,168
Common stock of American Ecology Corporation 140,188 158,406
Bond fund 24,028 20,455
Money market fund 1,134,590 2,305,898
Investment in guaranteed interest accounts, at contract value 452,054 651,359
Participant loans 284,630 272,384
----------- -----------
TOTAL INVESTMENTS 9,050,680 9,656,670
Contributions receivable 69,714 146,384
----------- -----------
TOTAL ASSETS 9,120,805 9,803,054
LIABILITIES -- --
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $ 9,120,805 $ 9,803,054
=========== ===========
</TABLE>
See accompanying notes
-2-
<PAGE> 6
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS
AND RETIREMENT PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 1997
<TABLE>
<S> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO
Investment income
Net appreciation in fair value of investments $ 962,482
Interest 58,221
Dividends 73,384
-----------
1,094,087
Contributions
Employer 308,608
Employee 630,300
Employee rollover 36,286
-----------
975,194
-----------
TOTAL ADDITIONS 2,069,281
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO
Withdrawals and benefit payments 2,436,454
Forfeitures 311,981
Other 3,095
-----------
TOTAL DEDUCTIONS 2,751,530
-----------
NET DECREASE IN NET ASSETS AVAILABLE
FOR BENEFITS (682,249)
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 9,803,054
-----------
NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $ 9,120,805
===========
</TABLE>
See accompanying notes
-3-
<PAGE> 7
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS
AND RETIREMENT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 and 1996
NOTE A - DESCRIPTION OF THE PLAN
General
American Ecology Corporation 401(k) Savings and Retirement Plan and Trust ("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 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 November 20, 1996 the administrative committee appointed Hand and
Associates as recordkeeper and American Industries Trust Company as trustee of
the plan. As plan trustees, American Industries Trust Company had the authority
to control the assets of the Plan in accordance with the terms of the Plan.
Effective November 20, 1996, the administrative committee appointed Pinnacle
Pension Service as plan administrator, Manulife Financial as record keeper of
the plan, and Fleet Investment Advisors as the trustee of the Plan. As plan
trustee, Fleet Investment Advisors has the authority to control the assets of
the Plan in accordance with the terms of the Plan.
Effective November 20, 1996, the Plan merged with the American Ecology
Corporation Retirement Plan into one plan known exclusively as the American
Ecology Corporation 401(k) Savings and Retirement Plan and Trust. Transfer of
the American Ecology Corporation Retirement Plan assets of $4,656,067 occurred
on December 12, 1996.
Employee Contributions
Through November 20, 1996, participants could elect to defer any whole
percentage up to 10 percent of their compensation. As of November 20, 1996 the
Plan was amended to allow participants to defer up to 15 percent of their
compensation as defined by the Plan, up to the maximum deferrable amount allowed
by the Internal Revenue Service. Participants may elect to deposit their
contributions in any of the investment options available.
-4-
<PAGE> 8
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS
AND RETIREMENT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 and 1996
Employer Contributions
The Company contributes a discretionary matching contribution which is
determined by the Employer. For 1997 the Company established the discretionary
matching contribution for all participants equal to 55 percent of the amount of
compensation deferred by each participant for the calendar quarter not exceeding
6 percent of compensation. A discretionary profit sharing contribution which is
determined by the Company from time to time and is determined separately for
union and non-union participants. For union employees, the Company contributes 5
percent of the employees compensation that is not excess compensation plus 10
percent of the employees excess compensation. The Company's matching
contributions are subject to the vesting schedule detailed below.
Vesting
The vesting schedule is as follows on Company matching contributions and actual
earnings thereon:
Union Employees:
Percentage of
Service Vested Interest
------- ---------------
1 year 20%
2 years 40%
3 years 60%
4 years 80%
5 years or more 100%
Non-Union Employees:
Percentage of
Service Vested Interest
------- ---------------
1 year 20%
2 years 60%
3 years or more 100%
The Plan provides for participants to be 100% 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 investment options:
-5-
<PAGE> 9
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS
AND RETIREMENT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 and 1996
Manulife Life Style Fund-Conservative - seeks growth by investing in funds
specializing in fixed income and stock funds.
Manulife Life Style Fund-Moderate - seeks growth by investing in funds that
emphasize capital preservation with a combination of income and modest capital
growth.
Manulife Life Style Fund-Balance - seeks growth by investing in fixed income
funds and stock funds.
Manulife Life Style Fund-Growth - seeks growth by investing in growth and
undervalued stocks, as well as domestic and international.
Manulife Life Style Fund-Aggressive - seeks to maximize long-term growth by
investing in Manulife's stock funds.
Manulife Guaranteed Interest Accounts - invested primarily in federal and other
government bonds and commercial mortgages. Interest rate are established upon
enrollment and guaranteed by Manulife as long as held to maturity, with a choice
or 3, 5, or 10 year terms.
Manulife Money Market Fund - invests primarily in short-term debt holdings of
the U.S. and Canadian Governments and their agencies, major bank certificates of
deposit and high-quality commercial paper.
Manulife Short-Term Government Fund - seeks growth by investing in shares of the
Vanguard Fixed Income Securities Fund - Short Term Federal Portfolio which
invests in high level of safety of principal.
Manulife High-Quality Bond Fund - invests in U.S. Treasury and Agency bonds and
high -quality corporate bonds.
Manulife Income Fund - invests in shares of T. Rowe Price Spectrum Income Fund
that invests in a diversified group of fixed income securities.
Manulife High-Yield Fund - seeks growth by investing in shares of the Fidelity
Advisor High Yield Fund which invests in high-yielding non-investment grade,
fixed-income, zero coupon securities, convertible securities and preferred
stocks.
Manulife Diversified Capital Fund - seeks growth by investing in shares of SoGen
International Fund which invests in a diversified portfolio of assets of U.S.
and foreign companies.
-6-
<PAGE> 10
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS
AND RETIREMENT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 and 1996
Manulife Balanced Fund - seeks capital growth by investing in equity and fixed
income securities.
Manulife Growth & Income Fund - seeks growth by investing in shares of T. Rowe
Price Growth & Income Fund which invests primarily in common stocks of companies
that are expected to grow at a rate in excess of that of common stocks in
general and are adequate to support a growing dividend.
Manulife Value Fund - seeks growth by investing in shares of Neuberger & Berman
Guardian Trust which invests in common stock of well-established, high-quality
companies considered to be undervalued in comparison to stocks of similar
companies.
Manulife Mid-Cap Value Fund - seeks growth by investing in shares of the Mutual
Beacon Fund that invests in common and preferred stocks that have been
determined to be below their intrinsic values.
Manulife Index Stock Fund - invests in common stock, futures contracts and short
term investments of companies that are on the Standard & Poor's 500 Stock Index.
Manulife Capital Growth Stock Fund - seeks capital growth by investing in stocks
of U.S. companies which have above-average growth rates and meet specific market
capitalization levels.
Manulife Growth Plus Stock Fund - invests in the stocks of U.S. companies which
have above-average earnings growth rates.
Manulife Selective Growth Stock Fund - invests in the stocks of U.S. companies
which have above-average earnings growth rates that do not do business with
specified foreign countries.
Manulife Growth Opportunities Fund - invests in shares of the Fidelity Advisor
Growth Opportunities Fund that invests in common stock and securities
convertible into common stocks of companies with long-term growth potential.
Manulife Equity Income Fund - invests in common and preferred stock of companies
whose yield is considered a major factor as well as the potential for earnings
and dividend growth.
Manulife Small Cap Value Fund - invests in shares of Franklin Balance Sheet
Investment Fund which invests in the common and preferred stock of companies
whose assets may have been overlooked in conventional balance sheet
calculations.
-7-
<PAGE> 11
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS
AND RETIREMENT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 and 1996
Manulife Contra Fund - invests in shares of Fidelity Contra-fund which invests
in undervalued common stocks and convertible securities in companies that are
currently out of favor with the investing public.
Manulife Foreign Fund - invests in shares of the Templeton Foreign Fund that
invests in stocks primarily outside of the U.S.
Manulife International Stock Fund - invests solely in shares of the T. Rowe
Price International Stock Fund which invests in common stocks of foreign
companies that have the potential for growth of capital or income or both.
Manulife Mid-Cap Growth Fund - invests in shares of the AIM Constellation Fund
which invests in a portfolio of primarily small to medium-sized stocks with
strong earnings growth and earnings potential.
Manulife Capital Appreciation Fund - invests in shares of the PBHG Growth Fund
which invests in common stock of small to medium capitalization companies.
Manulife Emerging Growth Stock Fund - seeks capital growth by investing in
stocks of a wide variety of small to medium-sized U.S. companies in such
industries as health care, technology and consumer services.
Manulife Science & Technology Fund - invests in shares of T. Rowe Price Science
& Technology Fund that normally invests a majority of its assets in domestic and
foreign companies that seek to develop or use scientific and technological
advances.
Manulife Discovery Fund - invests in shares of Mutual Discovery Fund which
typically invests in common and preferred stocks that are traded at price below
their intrinsic value according to standard valuation methods.
Manulife Developing Markets Fund - invests in shares of Templeton Developing
Markets Trust which typically invests in equity securities of developing or
emerging countries.
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 5.40% and 5.59% at
December 31, 1997 and 1996 respectively) and mature through December 31,
-8-
<PAGE> 12
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS
AND RETIREMENT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 and 1996
1997. The balances in the guaranteed interest accounts will be transferred
subsequent to December 31, 1997 and are shown in the financial statements as
investment in guaranteed interest accounts.
Participant Accounts
Each participant's account is credited with the participant's elective deferral,
the Company's discretionary contribution, and the Company's matching
contribution. 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 equity in each investment fund
before allocation. Forfeitures of terminated participant's nonvested benefits
are applied to pay administrative expenses and reduce the Company's
contributions to the Plan.
Effective November 20, 1996, the Plan was amended to allow the Company to
withdraw any excess forfeitures. As of December 31, 1997 and December 31, 1996
the Plan had unused forfeitures of $40,254 and $305,051 respectively. The Plan
determined $311,981 of forfeitures was available to be returned to the Company
during 1997. Of this amount, $161,536 was returned to the Company and $150,445
was used to offset employer contributions.
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 the responsibility of the Plan. During
the years ended December 31, 1997 and 1996, $108,061 and $40,285, respectively,
of administrative expenses were paid by the Company on behalf of the Plan.
Manulife's fee for the administration of the plan funds for 1997 of $23,057 was
taken directly from fund earnings before being allocated to plan assets.
Termination
Although the Company expects to continue the Plan indefinitely, the Company may
terminate the
-9-
<PAGE> 13
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS
AND RETIREMENT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 and 1996
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
100% vested and nonforfeitable as of the effective date of the Plan termination.
Participant Notes Receivable
Participants may borrow from their fund accounts a minimum of $1,000 up to a
maximum equal to the lesser of $50,000 or 50% of their account balance. Loan
transactions are treated as a transfer from the investment to the Participant
Notes fund. Payments on loans are treated as a transfer from the Participants
Notes fund to the investment fund. Loan terms range from 1-5 years or up to 15
years for the purchase of a primary residence. The loans are secured by the
balance in the participant's account and bear interest at a rate commensurate
with local prevailing rates as determined by the Plan administrator. Interest
rates range from 9.25% to 9.50%. Principal and interest is paid ratably through
monthly payroll deductions.
Plan Amendments
The plan was amended as of November 20, 1996 requiring the employer
contributions to be made in cash and not in Company stock. The amendment also
allowed participants to receive excess Section 415 contribution amounts from
their deferred contributions as opposed to returning excess employer
contributions to the employer.
As of February 1, 1997 the plan was amended to require an employer contribution
equal to five percent of the compensation not in excess of the excess
compensation of each union participant who is eligible under the Plan, plus ten
percent of such compensation in excess of such union participant's excess
compensation. Excess compensation is defined as compensation exceeding the
social security taxable wage base in effect at the beginning of the Plan year.
Reclassifications
Certain 1996 amounts have been reclassified to conform to the 1997 presentation.
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.
-10-
<PAGE> 14
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS
AND RETIREMENT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 and 1996
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.
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,
------------------------
1997 1996
-------- --------
<S> <C> <C>
Guaranteed interest account with interest at
rate in effect of date of contribution
(rate of 5.85% as of December 31, 1997
and 5.75% as of December 31, 1996)
maturing on December 31, 2005 $ 10,812 $ 10,314
Guaranteed interest account with interest at
rate in effect of date of contribution
(rate of 5.85% as of December 31, 1997)
maturing on December 31, 2006 2,885 --
Guaranteed interest account with interest at
rate in effect of date of contribution
(rate of 5.75% as of December 31, 1997
and 5.25% as of December 31, 1996)
maturing on December 31, 1998 43,004 40,874
Guaranteed interest account with interest at
rate in effect of date of contribution
(rate of 5.75% as of December 31, 1997)
maturing on December 31, 1999 6,154 --
</TABLE>
-11-
<PAGE> 15
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS
AND RETIREMENT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 and 1996
<TABLE>
<S> <C> <C>
Guaranteed interest account with interest at
rate in effect of date of contribution
(rate of 5.80% as of December 31, 1997
and 5.45% as of December 31, 1996)
maturing on December 31, 2000 21,278 20,674
Guaranteed interest account with interest at
rate in effect of date of contribution
(rate of 5.80% as of December 31, 1997)
maturing on December 31, 2001 4,006 --
Guaranteed interest account with interest at
rate in effect at date of contribution
(rate of 6.57% at December 31, 1996)
maturing on December 31, 1996 -- 52,360
Guaranteed interest account with interest at
rate in effect at date of contribution
(rate of 5.40% at December 31, 1997 and
8.53% as of December 31, 1996) maturing
on December 31, 1997 363,915 447,039
Guaranteed interest account with interest at
rate in effect at date of contribution
(rate of 6.85% at December 31, 1996)
maturing on December 31, 1996 -- 80,098
-------- --------
$452,054 $651,359
======== ========
</TABLE>
NOTE D - INCOME TAX STATUS
The Plan obtained its latest determination letter on May 27, 1997 in which the
Internal Revenue Service stated that the Plan, as originally adopted in
September 7, 1988, and all amendments through November 26, 1996, were 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, no provision for income taxes has been included in the Plan's
financial statements.
-12-
<PAGE> 16
AMERICAN ECOLOGY CORPORATION 401(k) SAVINGS
AND RETIREMENT PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 and 1996
NOTE E - PLAN SPONSOR GOING CONCERN
The Company issued its latest audited financial statements as of December 31,
1997. 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.
NOTE F - PARTICIPANT DATA
The following is the statement of changes in net assets available for benefits
by fund at December 31, 1997:
-13-
<PAGE> 17
SUPPLEMENTARY INFORMATION
<PAGE> 18
AMERICAN ECOLOGY CORPORATION
EIN: 95-3889638
401(k) SAVINGS AND RETIREMENT PLAN AND TRUST
PLAN NUMBER 003
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1997
<TABLE>
<CAPTION>
(e) Current
(a) (b) Identity of Issue (c) Description (d) Cost Value
- ------------------------- --------------- ---------- -----------
<S> <C> <C> <C>
Manulife Lifestyle Conservative $ 187,330 $ 202,157
Manulife Lifestyle Moderate 43,959 48,452
Manulife Lifestyle Balanced 1,090,201 1,208,288
Manulife Lifestyle Growth 1,292,750 1,453,477
Manulife Lifestyle Aggressive 613,691 681,746
Manulife GICS
Maturing December 31, 1998,
with interest rates of 5.21% to 5.30% 42,926 43,004
Maturing December 31, 1998
with interest rates of 5.30% to 5.66% 6,231 6,154
Maturing December 31, 2000,
with interest rates of 5.45% to 5.55% 21,179 21,278
Maturing December 31, 2001,
with interest rates of 5.42% to 5.85% 4,105 4,006
Maturing December 31, 2005,
with interest rates of 5.77% to 5.80% 10,739 10,812
Maturing December 31, 2006,
with interest rates of 6.05% to 6.60% 2,958 2,885
Manulife Money Market Conservative 1,101,559 1,134,590
Vanguard Short Term
Federal Portfolio 1,530 1,530
Manulife High-Quality
Bond Fund Bonds 22,403 24,028
T. Rowe Price Fixed
Spectrum Income Securities 58,890 63,700
</TABLE>
-18-
<PAGE> 19
AMERICAN ECOLOGY CORPORATION
EIN: 95-3889638
401(k) SAVINGS AND RETIREMENT PLAN AND TRUST
PLAN NUMBER 003
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (continued)
December 31, 1997
<TABLE>
<CAPTION>
(e) Current
(a) (b) Identity of Issue (c) Description (d) Cost Value
- ------------------------- --------------- -------- -----------
<S> <C> <C> <C>
Fidelity Institutional
Retirement Services Advisor High Yield
Company Fund 152,919 170,100
Fidelity Institutional
Retirement Services Advisor Diversified
Company Capital Fund 61,774 64,021
Manulife Balanced Balanced Fund 34,031 36,729
T. Rowe Price
Growth & Income Common Stock 291,174 341,220
Manulife Value Fund Guardian Trust 123,661 140,921
Manulife Mid-Cap
Fund Common/Preferred 22,860 23,921
Manulife Index Stock
Fund S&P's 500 Index 196,243 234,268
Manulife Capital Growth Stock Fund 76,966 93,737
Manulife Growth Plus Stock Fund 100,336 122,770
Manulife Selective
Growth Stock Fund 32,657 39,624
Fidelity Institutional
Retirement Services Advisor Growth
Company Opportunities Fund 298,265 361,103
Manulife Equity
Income Fund Stock Fund 16,920 17,093
Franklin Balance Sheet
Investment Fund Stock Fund 13,417 14,751
</TABLE>
-19-
<PAGE> 20
AMERICAN ECOLOGY CORPORATION
EIN: 95-3889638
401(k) SAVINGS AND RETIREMENT PLAN AND TRUST
PLAN NUMBER 003
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (continued)
December 31, 1997
<TABLE>
<CAPTION>
(e) Current
(a) (b) Identity of Issue (c) Description (d) Cost Value
- ------------------------- --------------- ---------- -----------
<S> <C> <C> <C>
Fidelity Institutional
Retirement Services Advisor Contrafund 406,217 470,126
Company
Templeton Funds, Inc. Foreign Fund 127,086 131,525
T. Rowe Price International Stock 96,442 98,336
AIM Constellation Mid-cap Growth 300,724 329,859
PBHG Growth Fund 255,100 249,218
Manulife Emerging
Growth Stock Fund 54,798 62,470
T. Rowe Price
Science & Technology Fund 333,024 324,125
Mutual Discovery
Fund Stock Fund 16,594 17,981
Templeton Developing
Markets Plus Foreign 15,033 11,942
Borrower Participant loans
9.25%-9.5% -- 284,630
* American Ecology
Corporation Common Stock 113,652 140,188
</TABLE>
-20-
<PAGE> 21
AMERICAN ECOLOGY CORPORATION
EIN: 95-3889638
401(k) SAVINGS AND RETIREMENT PLAN AND TRUST
PLAN NUMBER 003
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (continued)
December 31, 1997
<TABLE>
<CAPTION>
(e) Current
(a) (b) Identity of Issue (c) Description (d) Cost Value
- ------------------------- --------------- ---------- -----------
<S> <C> <C> <C>
Principal Mutual Life
Insurance Company:
Maturing December 31, 1997
with an interest rate of 5.40% 363,915 363,915
---------- ----------
TOTAL ASSETS HELD FOR INVESTMENT
PURPOSES $8,004,259 $9,050,680
========== ==========
</TABLE>
*Known party in interest
-21-
<PAGE> 22
American Ecology Corporation
EIN: 95-3889638
401(k) Savings and Retirement Plan and Trust
Item 27d - Schedule of Reportable Transactions
Plan Number 003
For the year ended December 31, 1997
<TABLE>
<CAPTION>
(h) Current Value
of asset (i) Net
(c) Purchase (d) Selling (g) Cost of at date of Gain
(a) Identity of Party Involved (b) Description of asset Price Price Asset transaction \(Loss)
- ------------------------------ ------------------------ ------------ ----------- ----------- ----------------- -----------
<S> <C> <C> <C> <C> <C> <C>
Category (iii): A series of transactions in excess of 5% of plan assets
Manulife Financial Savings
& Retirement Services Money Market Fund -- 2,096,358 2,064,452 2,096,358 31,906
862,570 -- 862,570 862,570 --
Manulife Financial Savings
& Retirement Services Lifestyle-Growth -- 525,120 470,823 525,120 54,297
</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, 1997. There were no category (i), (ii) or (iv)
reportable transactions during 1997.
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