<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------------------
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
COMMISSION FILE NUMBER
1-9654
OHM Corporation
(Issuer of the Securities held pursuant to the Plan)
OHM Corporation Retirement Savings Plan
(Full Title of Plan)
16406 U.S. ROUTE 224 EAST, FINDLAY, OH 45840
(Address of principal executive offices) (Zip Code)
(419) 423-3529
(Registrant's telephone number, including area code)
(Mark One):
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1933 (FEE REQUIRED)
X For the fiscal year ended December 31, 1996
- --------
TRANSITION REPORT PURSUANT TO SECTION 15(D0 OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from ________ to _________
- --------
<PAGE> 2
REQUIRED INFORMATION
The following financial statements for the OHM Corporation Retirement Savings
Plan are being filed herewith:
<TABLE>
<CAPTION>
Description Page No.
- ----------- --------
<S> <C>
Audited Financial Statements:
- -----------------------------
Report of Independent Auditors...............................................Page 1
Statements of Net Assets Available for Plan Benefits With Fund Information...Page 2
Statements of Changes in Net Assets Available for Plan Benefits With Fund
Information................................................................Page 4
Notes to Financial Statements................................................Page 6
Schedules
- ---------
Assets Held for Investment...................................................Page 11
Transactions or Series of Transactions in Excess of 5% of the
Current Value of Plan Assets...............................................Page 12
</TABLE>
The following exhibit will be filed herewith:
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
- ----------- ----------- --------
<S> <C> <C>
1 Consent of Independent Auditors Page 13
</TABLE>
<PAGE> 3
Report of Independent Auditors
Board of Directors
OHM Corporation Retirement Savings Plan
We have audited the accompanying statements of net assets available for plan
benefits of OHM Corporation Retirement Savings Plan as of December 31, 1996 and
1995, and the related statements of changes in net assets available for plan
benefits for the years 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 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 plan benefits of the Plan at
December 31, 1996 and 1995, and the changes in its net assets available for plan
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of assets held for investment as of December 31, 1996 and transactions or series
of transactions in excess of 5 percent of the current value of plan assets for
the year then ended, are presented for purposes of complying with the Department
of Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974, and are not a required part of the basic
financial statements. The Fund Information in the statements of net assets
available for benefits and the statements of changes in net assets available for
benefits is presented for purposes of additional analysis rather than to present
the net assets available for benefits and changes in net assets available for
benefits of each fund. The supplemental schedules and Fund Information 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 1996 basic financial statements taken as a whole.
ERNST & YOUNG LLP
Columbus, Ohio
May 2, 1997
1
<PAGE> 4
OHM Corporation Retirement Savings Plan
Statements of Net Assets Available for Plan Benefits With Fund Information
December 31, 1996
<TABLE>
<CAPTION>
OHM (NCB) (NCB) (NCB)
EMPLOYER STABLE AGGRESSIVE (NCB) EQUITY
STOCK VALUE GROWTH BALANCE INDEX LOAN
FUND FUND FUND FUND FUND FUND TOTAL
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments:
Armada Money Market
Portfolio $ 4,219 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ - $ 24,219
OHM Common Stock 5,960,271 - - - - - 5,960,271
LaSalle Income Plus Fund - 7,157,086 - - - - 7,157,086
Putnam Voyager Fund - - 11,711,236 - - - 11,711,236
Fidelity Balanced Fund - - - 5,045,821 - - 5,045,821
S&P 500 Flagship Fund - - - - 7,967,916 - 7,967,916
Loans to participants - - - - - 2,865,026 2,865,026
-------------------------------------------------------------------------------------------------
Total investments 5,964,490 7,162,086 11,716,236 5,050,821 7,972,916 2,865,026 40,731,575
Receivables:
Contribution/interest
receivable 281,443 165,088 223,627 78,868 115,589 - 864,615
Due from (to) other funds (122,235) (87,473) 61,381 (14,015) (9,958) 172,300 -
-------------------------------------------------------------------------------------------------
Total receivables 159,208 77,615 285,008 64,853 105,631 172,300 864,615
-------------------------------------------------------------------------------------------------
Total assets 6,123,698 7,239,701 12,001,244 5,115,674 8,078,547 3,037,326 41,596,190
Distribution/refunds payable (33,808) (28,507) (26,530) (31,116) (19,300) (30,737) (169,998)
Other liabilities (17,055) (7,245) (3,315) (674) (2,089) - (30,378)
-------------------------------------------------------------------------------------------------
Total liabilities (50,863) (35,752) (29,845) (31,790) (21,389) (30,737) (200,376)
-------------------------------------------------------------------------------------------------
Net assets available
for plan benefits $ 6,072,835 $ 7,203,949 $ 11,971,399 $ 5,083,884 $ 8,057,158 $ 3,006,589 $ 41,395,814
=================================================================================================
</TABLE>
See accompanying notes.
2
<PAGE> 5
OHM Corporation Retirement Savings Plan
Statements of Net Assets Available for Plan Benefits With Fund Information
December 31, 1995
<TABLE>
<CAPTION>
OHM (NCB) (NCB) (NCB)
EMPLOYER STABLE AGGRESSIVE (NCB) EQUITY
STOCK VALUE GROWTH BALANCE INDEX LOAN
FUND FUND FUND FUND FUND FUND TOTAL
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments:
Interest bearing cash
deposits (overdrafts) $ (3,804) $ - $ (7,600) $ (6,316) $ (4,527) $ - $ (22,247)
Armada Money Market Portfolio 8,809 13,175 12,600 11,317 9,527 - 55,428
OHM Common Stock 2,625,418 - - - - - 2,625,418
LaSalle Income Plus Fund - 6,745,725 - - - - 6,745,725
Putnam Voyager Fund - - 8,593,281 - - - 8,593,281
Fidelity Balanced Fund - - - 5,331,344 - - 5,331,344
S&P 500 Flagship Fund - - - - 5,462,059 - 5,462,059
Loans to participants - - - - - 2,039,291 2,039,291
-------------------------------------------------------------------------------------------------
Total investments 2,630,423 6,758,900 8,598,281 5,336,345 5,467,059 2,039,291 30,830,299
Receivables:
Contribution/interest
receivable 206,529 160,256 151,282 84,648 83,047 - 685,762
Due from (to) other funds 35,620 (126,673) 49,992 (144,222) 36,183 149,100 -
-------------------------------------------------------------------------------------------------
Total receivables 242,149 33,583 201,274 (59,574) 119,230 149,100 685,762
-------------------------------------------------------------------------------------------------
Total assets 2,872,572 6,792,483 8,799,555 5,276,771 5,586,289 2,188,391 31,516,061
Distribution/refunds payable (53,763) (91,260) (342,699) (84,232) (58,922) (118,879) (749,755)
Other liabilities (3,134) (5,823) (1,391) (549) (1,652) - (12,549)
-------------------------------------------------------------------------------------------------
Total liabilities (56,897) (97,083) (344,090) (84,781) (60,574) (118,879) (762,304)
-------------------------------------------------------------------------------------------------
Net assets available for
plan benefits $ 2,815,675 $ 6,695,400 $ 8,455,465 $ 5,191,990 $ 5,525,715 $ 2,069,512 $ 30,753,757
=================================================================================================
</TABLE>
See accompanying notes.
3
<PAGE> 6
OHM Corporation Retirement Savings Plan
Statements of Changes in Net Assets Available for Plan Benefits
With Fund Information
Year ended December 31, 1996
<TABLE>
<CAPTION>
OHM (NCB) (NCB) (NCB)
EMPLOYER STABLE AGGRESSIVE (NCB) EQUITY
STOCK VALUE GROWTH BALANCE INDEX LOAN
FUND FUND FUND FUND FUND FUND TOTAL
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS
Investment income $ 4,325 $ 422,625 $ 876,947 $ 286,006 $ 529,527 $ 78,339 $ 2,197,769
Employee contributions 622,803 1,123,010 2,253,204 965,476 1,206,741 - 6,171,234
Employer contributions 2,792,499 - - - - - 2,792,499
Rollover 42,337 187,219 281,366 139,736 170,934 - 821,592
--------------------------------------------------------------------------------------------------
Total additions 3,461,964 1,732,854 3,411,517 1,391,218 1,907,202 78,339 11,983,094
Deduction-benefits/distributions
paid to plan participants and
beneficiaries (264,334) (752,261) (1,023,471) (470,608) (706,237) (12,770) (3,229,681)
Other:
Net unrealized appreciation
of investments 647,767 - 259,925 116,151 864,801 - 1,888,644
Transfers in (out) (588,237) (472,044) 867,963 (1,144,867) 465,677 871,508 -
--------------------------------------------------------------------------------------------------
Net increase (decrease) in
deduction and other (204,804) (1,224,305) 104,417 (1,499,324) 624,241 858,738 (1,341,037)
--------------------------------------------------------------------------------------------------
Change in net assets
available for plan
benefits 3,257,160 508,549 3,515,934 (108,106) 2,531,443 937,077 10,642,057
Net assets available
at December 31, 1995 2,815,675 6,695,400 8,455,465 5,191,990 5,525,715 2,069,512 30,753,757
--------------------------------------------------------------------------------------------------
Net assets available
at December 31, 1996 $ 6,072,835 $ 7,203,949 $ 11,971,399 $ 5,083,884 $ 8,057,158 $ 3,006,589 $ 41,395,814
==================================================================================================
</TABLE>
See accompanying notes.
4
<PAGE> 7
OHM Corporation Retirement Savings Plan
Statements of Changes in Net Assets Available for Plan Benefits
With Fund Information
Year ended December 31, 1995
<TABLE>
<CAPTION>
OHM (NCB) (NCB) (NCB)
EMPLOYER STABLE AGGRESSIVE (NCB) EQUITY
STOCK VALUE GROWTH BALANCE INDEX LOAN
FUND FUND FUND FUND FUND FUND TOTAL
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS
Investment income (loss) $ (21,974) $ 310,585 $ 666,841 $ 186,605 $ 855,623 $ - $ 1,997,680
Employee contributions 637,770 1,067,459 1,398,618 857,644 779,474 - 4,740,965
Employer contributions 1,205,178 111,548 159,844 98,053 84,401 - 1,659,024
Rollover 271,809 1,349,166 1,475,184 1,032,493 1,127,714 320,690 5,577,056
-----------------------------------------------------------------------------------------------
Total additions 2,092,783 2,838,758 3,700,487 2,174,795 2,847,212 320,690 13,974,725
Deduction-benefits/distributions
paid to plan participants
and beneficiaries (243,889) (624,647) (809,098) (324,977) (358,247) (10,140) (2,370,998)
Other:
Net unrealized appreciation
(depreciation) of
investments (666,372) - 1,502,979 361,121 275,092 - 1,472,820
Transfers in (out) (78,545) 19,258 (236,308) (290,122) 81,758 503,959 -
------------------------------------------------------------------------------------------------
Net increase (decrease) in
deduction and other (988,806) (605,389) 457,573 (253,978) (1,397) 493,819 (898,178)
------------------------------------------------------------------------------------------------
Change in net assets available
for plan benefits 1,103,977 2,233,369 4,158,060 1,920,817 2,845,815 814,509 13,076,547
Net assets available at
December 31, 1994 1,711,698 4,462,031 4,297,405 3,271,173 2,679,900 1,255,003 17,677,210
------------------------------------------------------------------------------------------------
Net assets available at
December 31, 1995 $2,815,675 $ 6,695,400 $ 8,455,465 $ 5,191,990 $ 5,525,715 $ 2,069,512 $ 30,753,757
===============================================================================================
</TABLE>
See accompanying notes.
5
<PAGE> 8
OHM Corporation Retirement Savings Plan
Notes to Financial Statements
December 31, 1996
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying financial statements have been prepared on the accrual basis of
accounting in accordance with generally accepted accounting principles.
INVESTMENTS
National City Bank (the Trustee) serves as the Trustee for the OHM Retirement
Savings Plan (the Plan). The Trustee holds, manages, values, invests, reinvests,
accounts for and otherwise deals with each investment fund separately. The
current value of the bank administered trustee funds is obtained from the
Trustee of the funds and is based on published market prices at the statement
date. Realized gains or losses on the sale of investments are the difference
between the proceeds received and the specific cost of investment sold. The
change in the difference between fair value and the cost of investments is
reflected in the statement of changes in net assets available for plan benefits
as net unrealized appreciation (depreciation) in the fair value of investments.
OHM Corporation stock held is valued at the quoted market price at the close of
the last business day for that period.
OPERATING EXPENSES
All administrative expenses of the Plan and all fees and retainers of the Plan's
Trustee, administrator, auditors, and counsel are paid by OHM Corporation (the
Company).
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
6
<PAGE> 9
OHM Corporation Retirement Savings Plan
Notes to Financial Statements (continued)
2. DESCRIPTION OF PLAN
The Plan is a defined contribution plan covering all full-time employees of the
Company who were employed by OHM Corporation and its subsidiaries on the
effective date, November 16, 1988. Each employee who is not a participant as of
the effective date will be eligible to become a participant on the first day of
each January, April, July and October subsequent to one year of employment. The
Plan is subject to the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA).
The Plan maintains separate accounts for each participant, which are credited
with the participant's voluntary contributions and an allocation of (a) Company
contributions, (b) plan earnings, and (c) forfeitures of non-vested terminated
participants' accounts. Under the Plan, each participant may direct their
contributions and allocations between the OHM Corporation Common Stock Fund (OHM
Employer Stock Fund), Stable Value Fund, Aggressive Growth Fund, Equity Index
Fund, or Balanced Fund.
Effective April 1, 1990, as amended July 1, 1995, the Company matches 100
percent on the first 2 percent and 50 percent on the next 4 percent of a
participant's compensation that such participant contributed as before-tax
contribution. Beginning June 1995, all Company matches are made in OHM
Corporation common stock.
In addition, the Company, at its discretion, may make profit sharing
contributions to the Plan for its participants each plan year. Profit sharing
contributions will be allocated to the accounts of each participant in the ratio
that the compensation of each such participant for the plan year bears to the
total compensation of all such participants for the plan year. The Company made
no profit sharing contributions during the years ended December 31, 1996 and
1995, respectively.
An employee may make voluntary contributions to the Plan by payroll deduction,
or by lump sum deposit for rollovers. Employee contributions may not exceed 15
percent of the employee's pre-tax compensation and/or post-tax compensation
subject to IRS guidelines. Voluntary contributions shall be at all times
non-forfeitable.
7
<PAGE> 10
OHM Corporation Retirement Savings Plan
Notes to Financial Statements (continued)
2. DESCRIPTION OF PLAN (CONTINUED)
Under the terms of the Plan, a participant is eligible for normal retirement
upon attainment of age 65, or upon suffering total and permanent disability.
Upon retirement, disability, or death before retirement or disability, the
amount credited to the participant's account, plus any amounts of additional
credit as finally determined at the next valuation date, will be distributed to
the participant.
In the event of the termination of employment of a participant prior to his
normal retirement date, the participant will receive the non-forfeitable
interest in his participant account based on a vesting schedule specified in the
Plan and all of his voluntary contributions account. A participant becomes 100
percent vested after two years of credited service.
Employees working past their normal retirement date are eligible for continued
participation until their retirement date.
The Plan provides for distribution of a participant's account in the form of a
"Life Annuity", "Qualified Joint and Survivor Annuity" or other methods of
payment as described in the Plan.
Participants with prior approval of the Plan Committee are allowed to borrow
against the vested portion of their account and such loans shall bear interest
at a rate established at the date of the loan. Generally, the period of
repayment for any loan cannot exceed five years.
In the event that the Plan is terminated, any account balance a participant may
have accumulated up to that time will become fully vested and non-forfeitable.
8
<PAGE> 11
OHM Corporation Retirement Savings Plan
Notes to Financial Statements (continued)
3. INVESTMENTS
During the year ended December 31, 1996 and 1995, the Plan's investments
appreciated (depreciated) in fair value by $1,888,644 and $1,472,820,
respectively, as follows:
<TABLE>
<CAPTION>
NET APPRECIATION
(DEPRECIATION) FAIR VALUE/
IN FAIR VALUE/ CONTRACT VALUE
CONTRACT VALUE AT END
DURING YEAR OF YEAR
-----------------------------------------------------
<S> <C> <C>
Plan year ended December 31, 1996:
Investment deposits under trustee National City Bank:
Invested in Armada Money Market Portfolio (net of
overdrafts) $ -- $ 24,219
Invested in OHM Common Stock* 647,767 5,960,271
Invested in LaSalle Income Plus Fund -- 7,157,086
Invested in Putnam Voyager Fund 259,925 11,711,236
Invested in Fidelity Balanced Fund 116,151 5,045,821
Investment in S&P 500 Flagship Fund 864,801 7,967,916
Loans to participants -- 2,865,026
-----------------------------------------------------
$1,888,644 $40,731,575
=====================================================
Plan year ended December 31, 1995:
Investment deposits under trustee National City Bank:
Invested in Armada Money Market Portfolio (net of
overdrafts) $ - $ 33,181
Invested in OHM Common Stock* (666,372) 2,625,418
Invested in LaSalle Income Plus Fund - 6,745,725
Invested in Putnam Voyager Fund 1,502,979 8,593,281
Invested in Fidelity Balanced Fund 361,121 5,331,344
Investment in S&P 500 Flagship Fund 275,092 5,462,059
Loans to participants - 2,039,291
-----------------------------------------------------
$1,472,820 $30,830,299
=====================================================
</TABLE>
*Indicates party-in-interest to the Plan.
9
<PAGE> 12
4. FEDERAL INCOME TAXES
The Internal Revenue Service has ruled that the Plan qualifies under section
401(a) of the Internal Revenue Code and is, therefore, not subject to tax under
present income tax law.
5. ACQUISITION
On May 30, 1995, the Company completed the acquisition of substantially all of
the assets and certain liabilities of the hazardous and nuclear waste
remediation services business units of Rust International Inc. (Rust). As a
result of the acquisition, former employees of Rust became eligible to rollover
vested benefits from the Rust Employee Benefit Plans into the OHM Retirement
Savings Plan and became participants in the Plan.
10
<PAGE> 13
OHM Corporation Retirement Savings Plan
Assets Held for Investment
December 31, 1996
<TABLE>
<CAPTION>
DESCRIPTION OF INVESTMENT
INCLUDING MATURITY DATE,
RATE OF INTEREST AND CURRENT
IDENTITY OF ISSUER PAR OR MATURITY VALUE COST VALUE
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
OHM Corporation Common Stock $6,130,207 $5,960,271
Armada Money Market Mutual Fund
Portfolio 24,219 24,219
LaSalle Income Plus Fund Mutual Fund 7,157,086 7,157,086
Putnam Voyager Fund Mutual Fund 9,823,078 11,711,236
Fidelity Balanced Fund Mutual Fund 4,621,412 5,045,821
S&P 500 Flagship Fund Mutual Fund 6,777,679 7,967,916
Loan Fund Loans to Participants 2,865,026 2,865,026
</TABLE>
11
<PAGE> 14
OHM Corporation Retirement Savings Plan
Transactions or Series of Transactions in Excess
of 5 Percent of the Current Value of Plan Assets
<TABLE>
<CAPTION>
CURRENT
DESCRIPTION OF INVESTMENT VALUE OF
INCLUDING MATURITY DATE, ASSET ON NET
RATE OF INTEREST AND PURCHASE SELLING COST OF TRANSACTION GAIN
IDENTITY OF ISSUER PAR OR MATURITY VALUE PRICE PRICE ASSET DATE (LOSS)
- ------------------------------------------------------------------------------------------------------------------------------------
CATEGORY (III)--A SERIES OF TRANSACTIONS IN EXCESS OF
5 PERCENT OF PLAN ASSETS
<S> <C> <C> <C> <C> <C> <C>
Armada Money Market Mutual Fund
Portfolio 313 purchases $ 10,768,799 $ - $ 10,768,799 $ 10,768,799 $ -
232 sales - 10,805,004 10,805,003 10,805,003 -
LaSalle Income Plus Fund Mutual Fund
27 purchases 1,152,119 - 1,152,119 1,152,119 -
9 sales - 744,890 744,890 744,890 -
Putnam Voyager Fund Mutual Fund
24 purchases 3,335,092 - 3,335,092 3,335,092 -
10 sales - 615,325 493,884 615,325 121,441
Fidelity Balanced Fund Mutual Fund
17 purchases 602,040 - 602,040 602,040 -
16 sales - 1,073,559 1,040,816 1,073,559 32,743
</TABLE>
There were no category (i), (ii) or (iv) reportable transactions during 1996.
12
<PAGE> 15
SIGNATURE
Pursuant to the requirements of the Securities Act of 1934, the Plan
Committee members have duly caused this annual report to be signed and
undersigned thereunto duly authorized.
OHM CORPORATION
RETIREMENT SAVINGS PLAN
Date: June 25, 1997 By: /s/ Steven E. Harbour
-------------------------
Steven E. Harbour
Vice President, Legal
and Secretary
Committee Chairman,
OHM Corporation Retirement
Savings Plan Committee
13
<PAGE> 1
Exhibit 1
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-24953) pertaining to the OHM Corporation Retirement Savings
Plan and in the related Prospectus of our report dated May 2, 1997, with
respect to the financial statements and schedules of OHM Corporation Retirement
Savings Plan included in the Annual Report (Form 11-K) for the year ended
December 31, 1996.
ERNST & YOUNG LLP
Columbus, Ohio
June 25, 1997
