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Previous: PHILLIPS VAN HEUSEN CORP /DE/, SC 13G, 1998-07-01 |
Next: POTOMAC ELECTRIC POWER CO, 8-K, 1998-07-01 |
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
{ X } ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the fiscal year ended November 29, 1997
OR
{ } TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934
(NO FEE REQUIRED)
For the transition period from _______________ to ______________
Commission file number 1-5197
A. Full title of the plan and address of the plan, if different from that of
the issuer below:
Plymouth Rubber Company Retirement Savings and Profit Sharing Plan and Trust
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
Plymouth Rubber Company, Inc., 104 Revere Street, Canton, Massachusetts 02021
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE PLAN ADMINISTRATOR OF
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
Canton, Massachusetts 02021
We have audited the accompanying statements of net assets available for
plan benefits of the Plymouth Rubber Company Retirement Savings and
Profit Sharing Plan and Trust as of December 31, 1997 and 1996, and the
related statements of changes in net assets available for plan benefits
for the years then ended. These financial statements are the responsi-
bility 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 audit provides a reasonable basis for our opinion.
In our opinion, the aforementioned financial statements present fairly,
in all material respects, the net assets available for plan benefits of
the Plymouth Rubber Company Retirement Savings and Profit Sharing Plan
and Trust as of December 31, 1997 and 1996, 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
financial statements taken as a whole. The supplemental material is
presented for the purpose of additional analysis and are not a required
part of the basic financial statements, but are supplementary informa-
tion required by the Department of Labor's Rules and Regulations of the
Reporting and Disclosure under the Employee Retirement Income Security
Act of 1974. The supplemental material has been subjected to the
auditing procedures applied in the audits of the basic financial state-
ments and, in our opinion, are fairly stated in all material respects
in relation to the basic financial statements taken as a whole.
/s/ Morris & Morris, P.C.
Morris & Morris, P.C.
Needham Heights, Massachusetts
June 4, 1998
[CAPTION]
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
--------------------------
1997 1998
----------- -----------
<TABLE>
ASSETS
<S> <C> <C>
Investments, at Market $ 7,259,724 $ 5,126,203
Contributions Receivable 339,869 189,002
Cash and Equivalents 1,066,778 842,510
----------- -----------
TOTAL ASSETS $ 8,666,371 $ 6,157,715
=========== ===========
NET ASSETS AVAILABLE FOR PLAN BENEFIT
NET ASSETS AVAILABLE FOR PLAN BENEFITS $ 8,666,371 $ 6,157,715
=========== ==========
</TABLE>
The accompanying notes and independent auditors' report
are an integral part of the financial statements.
2
[CAPTION]
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Years Ended
December 31
----------------------------
1997 1996
----------- ------------
<TABLE>
ADDITIONS:
<S> <C> <C>
Change in Unrealized Gain (Loss)
on Investments $ (66,310) $ 649,930
Participant Contributions 954,336 715,373
Employer Contributions 248,508 189,002
Interest Income 76,749 82,775
Net Realized Gain Upon
Disposition of Investments 812,922 23,336
Dividend Income 857,202 36,366
Employee Rollover - 22,414
---------- ----------
2,883,407 1,719,196
----------- -----------
DEDUCTIONS:
Benefits Paid 301,278 103,712
Investment Fees 41,379 40,662
Employee Transfers 32,094 44,172
----------- -----------
374,751 188,546
----------- -----------
Net Additions 2,508,656 1,530,650
ASSETS AVAILABLE FOR PLAN BENEFITS,
Beginning of Year 6,157,715 4,627,065
----------- -----------
ASSETS AVAILABLE FOR PLAN BENEFITS,
End of Year $ 8,666,371 $ 6,157,715
=========== ===========
</TABLE>
The accompanying notes and independent auditors' report
are an integral part of the financial statements.
3
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 1997 and 1996
A. DESCRIPTION OF THE PLAN:
The following description of the Plymouth Rubber Company Retirement
Savings and Profit Sharing Plan and Trust (the Plan) is provided for
general information purposes only. Participants should refer to the
Plan Agreement for a more complete description of the Plan's
provisions.
1. General Information
Effective December 1, 1989, Plymouth Rubber Company, Inc. (the
Company), as Plan sponsor, amended a trust which embodied a profit-
sharing plan for the Company. The Plan is a defined contribution
profit-sharing plan for the exclusive benefit of the employees of
the Company and their beneficiaries, enabling participants to save
and invest in accordance with the terms of the Plan. The Plan, as
amended, is established under provisions of Section 401(a) and 401
(k) of the Internal Revenue Code and is subject to the provisions
of the Employee Retirement Income Security Act of 1974 (ERISA), as
amended. Participants in the Plan may elect to participate in a
tax-deferred savings program offered under the Plan, whereby
contributions are made through payroll deductions.
2. Administration
The Plan is administered by the Company in accordance with the Plan
Agreement. Trustees consist of designated Company directors and
officers. The Plan's recordkeeper is State Street Global Advisors
for the Participant directed funds, and Kimball, Akins and Bigwood
for the Non-Participant directed funds. The Plan's assets are held
in trust by State Street Bank & Trust Company. Expenses for record-
keeping and benefit distributions of the Plan are paid by the
Company.
3. Eligibility
An employee is eligible to participate in the Plan upon the com-
pletion of one year of continuous service with a minimum of 1,000
hours of service and attainment of age 21.
4
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 1997 and 1996
A. DESCRIPTION OF THE PLAN (Continued):
4. Contributions
Participants may contribute up to 15% of their annual before-tax
compensation, as defined in the Plan Agreement. Before-tax
contributions are limited to the maximum 401(k) contribution
permitted by law. Contributions from the Company are discre-
tionary and are limited to the maximum amount deductible under
the Internal Revenue Code.
5. Vesting
A participant's vested interest in Company-discretionary
contributions, plus actual earnings thereon, is based upon years
of service to the Company as follows:
Vested
Years of Service Percentage
Less than three years 0%
3 years but less than 4 years 10
4 years but less than 5 years 20
5 years or more 100
A participant is always fully vested in his or her voluntary
contributions and earnings thereon.
6. Participant Loans
Participants may borrow amounts not to exceed the lesser of fifty
percent (50%) of the participant's vested account balance, or
$50,000, reduced by the highest outstanding loan balance during
the preceding twelve (12) months. Participants may take up to
two loans in a calendar year, but may not have more than one loan
outstanding at a time. Repayment terms of the loans are determined
by each employee, but generally may not exceed sixty (60) months,
and bear a reasonable rate of interest.
5
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 1997 and 1996
A. DESCRIPTION OF THE PLAN (Continued):
7. Distributions
Distributions are made to participants or their beneficiaries
upon death, retirement, disability, termination of employment
or financial hardship. If one of the preceding events occur
and the participants' or their beneficiaries' account balance
is in excess of certain limitations, they may elect to have the
Plan continue to administer their account balance.
8. Plan Amendment and Termination
The Company intends to continue the Plan without interruption,
but reserves the right to terminate or amend the Plan. In the
event that the Company terminates the Plan, there shall be
immediate and full vesting for all participants.
9. Change in Participants Investment Options
During 1997, the Plan changed participants investments options
from Pooled Funds to Mutual Funds. Accordingly, the Pooled
Funds were sold and the proceeds were invested in the Mutual
Funds as directed by the participants.
B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1. Method of Accounting
The financial statements have been prepared using the accrual
basis of accounting.
Purchases and sales of investments are reflected on a trade-date
basis. Gain or loss on sale of investments is computed based
upon the difference between net sales price and ERISA value.
Investments at year end are reported at market value (ERISA
value). ERISA value for investments is determined by adjusting
current year purchases or prior year market value (ERISA value)
to market value at the end of the Plan year. ERISA value is
then used as the basis for all transactions for the following
year.
In accordance with the policy of stating investments at market
value, net unrealized gain or loss on investments for the year
is reflected in the Statement of Changes in Net Assets Available
for Plan Benefits.
6
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 1997 and 1996
B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Continued)
2. Investment Valuation
The value of investments, other than cash and equivalents, is
based on the closing prices on December 31, 1997 and 1996, as
received from State Street Bank & Trust Company.
3. Income Taxes
The Plan has received a favorable determination letter from the
Internal Revenue Service dated March 27, 1991, with respect to
the tax-exempt status of the Plan.
C. CONTRIBUTION DUE FROM EMPLOYER:
The Company's Board of Directors voted to make discretionary contribu-
tions on behalf of the Company, to the Plan in the amount of $248,508
and $189,002 for the years ended December 31, 1997 and 1996, respec-
tively.
D. CASH AND EQUIVALENTS:
December 31
-------------------------
1997 1996
---------- ----------
State Street Bank & Trust Co. $1,066,778 $ 842,510
========== ==========
E. PARTICIPANT NOTES RECEIVABLE:
Years Ended
December 31
-------------------------
1997 1996
---------- ----------
Balance, Beginning of Year $ 239,807 $ 190,830
Plus: Loans Issued 326,928 175,427
Less: Loan Repayments (187,135) (126,450)
---------- ----------
Balance, End of Year $ 379,600 $ 239,807
========== ==========
7
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 1997 and 1996
E. PARTICIPANT NOTES RECEIVABLE: (Continued)
Interest income earned on employee fund loans for the year ended
December 31, 1997 and 1996 was $24,795 and $22,261, respectively,
and is included in interest income.
F. NET GAINS (LOSSES) REALIZED UPON DISPOSITION OF INVESTMENTS:
ERISA Sale Gain
Value Proceeds (Loss)
Year Ended December 31, 1997
Common Stocks and
Mutual Funds $15,497,419 $16,311,006 $ 813,587
Corporate Bonds and
Debentures 295,206 295,125 (81)
Party-in Interest
Investments 1,645 1,061 (584)
----------- ----------- ---------
TOTALS $15,794,270 $16,607,192 $ 812,922
=========== =========== =========
Year Ended December 31, 1996
Common Stocks and
Mutual Funds $ 223,314 $ 247,116 $ 23,802
Corporate Bonds and
Debentures 25,687 25,221 (466)
Party-in Interest
Investments - - -
---------- --------- --------
TOTALS $ 249,001 $ 272,337 $ 23,336
========== ========= ========
8
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 1997 and 1996
G. PURCHASES OF SECURITIES (COST):
Year Ended December 31, 1997
Common Stocks and Mutual Funds $19,140,678
Corporate Bonds and
Debentures 27,043
-----------
TOTAL $19,167,721
===========
Year Ended December 31, 1996
Common Stocks and Mutual Funds $ 856,310
Corporate Bonds and
Debentures 60,663
-----------
TOTAL $ 916,973
===========
H. SUBSEQUENT EVENTS:
In January 1998, the Plan was amended. The amendment included the
transfer of the Non-Participant directed funds into a separate plan
for reporting purposes.
9
SUPPLEMENTAL MATERIAL
[CAPTION]
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
December 31, 1997 (CONTINUED BELOW)
PARTICIPANT DIRECTED
--------------------------------------------------------------------------------------------------------
INVESTMENT MONEY MKT SAM SAM STOCK MONEY MKT
ACCOUNT ACCOUNT BOND STOCK FUND FUND
ASSETS -------- -------- -------- ------- -------- -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENTS, AT FAIR VALUE:
Foreign Government Obligations $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Corporate Bonds and Debentures 0 0 0 0 0 0
Common Stocks & Mutual Funds 0 0 0 0 0 0
Plymouth Rubber Company Stock 0 0 0 0 0 0
Participant Notes Receivable 0 0 0 0 0 0
-------- -------- -------- ------- -------- ----------
Total Investments 0 0 0 0 0 0
-------- -------- -------- ------- -------- ----------
RECEIVABLES:
Employer's Contribution 0 0 0 0 0 0
Participant's Contribution 0 0 0 0 0 0
-------- -------- -------- ------- -------- ----------
Total Receivables 0 0 0 0 0 0
-------- -------- -------- ------- -------- ----------
CASH 0 0 0 0 0 1,032,570
-------- -------- -------- ------- -------- ----------
Total Assets 0 0 0 0 0 1,032,570
-------- -------- -------- ------- -------- ----------
LIABILITIES
LIABILITIES
0 0 0 0 0 0
-------- -------- -------- ------- -------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,032,570
======== ======== ======== ======= ======== ==========
</TABLE>
[CAPTION]
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
December 31, 1997 (CONTINUED FROM ABOVE)
PARTICIPANT DIRECTED
---------------------------------------------------------------------------------------------
PARTICIPANT
INTERMEDIATE GROWTH & MATRIX PRC A STOCK PRC B STOCK NOTES
ASSETS FUND INCOME FUND EQUITY FUND FUND FUND RECEIVABLE
--------- ---------- ---------- -------- ------- ----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENTS, AT FAIR VALUE:
Foreign Government Obligations $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Corporate Bonds and Debentures 0 0 0 0 0 0
Common Stocks & Mutual Funds 277,763 1,416,343 4,088,863 0 0 0
Plymouth Rubber Company Stock 0 0 0 16,390 58 0
Participant Notes Receivable 0 0 0 0 0 379,600
--------- ---------- --------- -------- ------ ----------
Total Investments 277,763 1,416,343 4,088,863 16,390 58 379,600
--------- ---------- --------- -------- ------ ----------
RECEIVABLES:
Employer's Contribution 0 0 0 0 0 0
Participant's Contribution 0 0 0 0 0 0
--------- ---------- --------- -------- ------ ----------
Total Receivables 0 0 0 0 0 0
--------- ---------- --------- -------- ------ ----------
CASH 0 0 0 0 0 0
--------- ---------- --------- -------- ------ ----------
Total Assets 277,763 1,416,343 4,088,863 16,390 58 379,600
--------- ---------- --------- -------- ------ ----------
LIABILITIES
LIABILITIES
0 0 0 0 0 0
--------- ----------- ---------- -------- ------ ----------
NET ASSETS AVAILABLE FOR BENEFITS $ 277,763 $ 1,416,343 $ 4,088,863 $ 16,390 $ 58 $ 379,600
========= =========== ========== ======== ====== ==========
</TABLE>
[CAPTION]
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
December 31, 1997 (CONTINUED FROM ABOVE)
PARTICIPANT DIRECTED NON-PARTICIPANT DIRECTED
------------------------- --------------------------
PROFIT VOLUNTARY
ASSETS OTHER SHARING FUND TOTAL
----------- ---------- --------
<S> <C> <C> <C> <C>
INVESTMENTS, AT FAIR VALUE:
Foreign Government Obligations $ 0 $ 53,094 $ 0 $ 53,094
Corporate Bonds and Debentures 0 178,891 0 178,891
Common Stocks & Mutual Funds 0 699,380 0 6,482,349
Plymouth Rubber Company Stock 0 130,895 18,447 165,790
Participant Notes Receivable 0 0 0 379,600
----------- ---------- -------- -----------
Total Investments 0 1,062,260 18,447 7,259,724
----------- ---------- -------- -----------
RECEIVABLES:
Employer's Contribution 91,361 0 0 91,361
Participant's Contribution 248,508 0 0 248,508
----------- ---------- -------- -----------
Total Receivables 339,869 0 0 339,869
----------- ---------- -------- -----------
CASH 0 (22,240) 56,448 1,066,778
----------- ---------- -------- -----------
Total Assets 339,869 1,040,020 74,895 8,666,371
----------- ---------- -------- -----------
LIABILITIES
LIABILITIES
0 0 0 0
----------- ----------- -------- -----------
NET ASSETS AVAILABLE FOR BENEFIT $ 339,869 $ 1,040,020 $ 74,895 $ 8,666,371
=========== =========== ======== ===========
</TABLE>
11
[CAPTION]
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
December 31, 1996 (CONTINUED BELOW)
PARTICIPANT DIRECTED
----------------------------------------------------------------------------------------
INVESTMENT MONEY MKT SAM SAM PRC MONEY MKT
ACCOUNT ACCOUNT BOND STOCK FUND FUND
ASSETS ---------- --------- --------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENTS, AT FAIR VALUE:
Foreign Government Obligations $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Corporate Bonds and Debentures 0 0 217,272 0 0 0
Common Stocks & Mutual Funds 2,853,724 0 0 759,081 0 0
Plymouth Rubber Company Stock 0 0 0 0 5,804 0
Participant Notes Receivable 0 0 0 0 0 0
--------- --------- --------- ---------- -------- --------
Total Investments 2,853,724 0 217,272 759,081 5,804 0
--------- --------- --------- ---------- -------- --------
RECEIVABLES:
Employer's Contribution 100,350 44,466 10,782 31,763 1,641 0
Participant's Contribution 0 0 0 0 0 0
--------- --------- --------- ---------- -------- --------
Total Receivables 100,350 44,466 10,782 31,763 1,641 0
--------- --------- --------- ---------- -------- --------
CASH 11,903 745,635 2,176 10,540 603 0
--------- --------- --------- ---------- -------- --------
Total Assets 2,965,977 790,101 230,230 801,384 8,048 0
--------- --------- --------- ---------- -------- --------
LIABILITIES
LIABILITIES
0 0 0 0 0 0
--------- --------- --------- --------- -------- --------
NET ASSETS AVAILABLE FOR BENEFITS $ 2,965,977 $ 790,101 $ 230,230 $ 801,384 $ 8,048 $ 0
========= ========= ========= ========= ======== ========
</TABLE>
[CAPTION]
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
December 31, 1996 (CONTINUED FROM ABOVE)
PARTICIPANT DIRECTED
-------------------------------------------------------------------------------------------------------
PARTICIPANT
INTERMEDIATE GROWTH & MATRIX PRC A STOCK PRC B STOCK NOTES
FUND INCOME FUND EQUITY FUND FUND FUND RECEIVABLE
ASSETS -------- -------- -------- ------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENTS, AT FAIR VALUE:
Foreign Government Obligations $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Corporate Bonds and Debentures 0 0 0 0 0 0
Common Stocks & Mutual Funds 0 0 0 0 0 0
Plymouth Rubber Company Stock 0 0 0 0 0 0
Participant Notes Receivable 0 0 0 0 0 239,807
-------- -------- -------- -------- -------- --------
Total Investments 0 0 0 0 0 239,807
-------- -------- -------- -------- -------- --------
RECEIVABLES:
Employer's Contribution 0 0 0 0 0 0
Participant's Contribution 0 0 0 0 0 0
-------- -------- -------- -------- -------- --------
Total Receivables 0 0 0 0 0 0
-------- -------- -------- -------- -------- --------
CASH 0 0 0 0 0 0
-------- -------- -------- -------- -------- --------
Total Assets 0 0 0 0 0 239,807
-------- -------- -------- -------- -------- --------
LIABILITIES
LIABILITIES
0 0 0 0 0 0
-------- -------- -------- -------- -------- --------
NET ASSETS AVAILABLE FOR BENEFITS $ 0 $ 0 $ 0 $ 0 $ 0 $ 239,807
======== ======== ======== ======== ======== ========
</TABLE>
[CAPTION]
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
December 31, 1996 (CONTINUED FROM ABOVE)
PARTICIPANT DIRECTED NON-PARTICIPANT DIRECTED
--------------------- -------------------------------
PROFIT VOLUNTARY
OTHER SHARING FUND TOTAL
ASSETS -------- ----------- ---------- ----------
<S> <C> <C> <C> <C>
INVESTMENTS, AT FAIR VALUE:
Foreign Government Obligations $ 0 $ 53,055 $ 0 $ 53,055
Corporate Bonds and Debentures 0 227,625 0 444,897
Common Stocks & Mutual Funds 0 552,234 0 4,165,039
Plymouth Rubber Company Stock 0 190,712 26,889 223,405
Participant Notes Receivable 0 0 0 239,807
-------- ----------- ---------- ---------
Total Investments 0 1,023,626 26,889 5,126,203
-------- ----------- ---------- ---------
RECEIVABLES:
Employer's Contribution 0 0 0 189,002
Participant's Contribution 0 0 0 0
-------- ----------- ---------- ---------
Total Receivables 0 0 0 189,002
-------- ----------- ---------- ---------
CASH 0 17,611 54,042 842,510
-------- ----------- ---------- ---------
Total Assets 0 1,041,237 80,931 6,157,715
-------- ----------- ---------- ---------
LIABILITIES
LIABILITIES
0 0 0 0
-------- ----------- ---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $ 0 $ 1,041,237 $ 80,931 $ 6,157,715
======== =========== ========== ==========
</TABLE>
12
[CAPTION]
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR INVESTMENT PURPOSES
Year Ended December 31, 1997 (CONTINUED BELOW)
PARTICIPANT DIRECTED
----------------------------------------------------------------------------------------------------------
INVESTMENT MONEY MKT SAM SAM STOCK MONEY MKT
ACCOUNT ACCOUNT BOND STOCK FUND FUND
---------- ---------- --------- --------- --------- ----------
ADDITIONS
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Net Unrealized Appreciation in
Fair Value of Investments $ 0 $ 0 $ 0 $ 0 $ (69) $ 0
Net Realized Gain on Sale of Investment 617,820 0 810 170,523 0 0
Dividends 0 0 7,768 6,737 0 25,210
Interest 180 24,225 125 223 39 0
Employee Rollover 0 0 0 0 0 0
---------- ---------- ---------- --------- --------- ----------
Total Investment Income 618,000 24,225 8,703 177,483 (30) 25,210
---------- ---------- ---------- --------- --------- ----------
CONTRIBUTIONS:
Participants' 120,894 26,091 12,166 38,763 1,718 75,313
Employer's 0 0 0 0 0 0
Total Contributions 120,894 26,091 12,166 38,763 1,718 75,313
---------- ---------- ---------- --------- --------- ----------
Total Additions 738,894 50,316 20,869 216,246 1,688 100,523
---------- ---------- ---------- --------- --------- ----------
DEDUCTIONS
Benefits Paid To Participants 5,258 710 0 0 0 42,525
Investment Fees 17,789 2,786 1,012 6,012 (12) 417
---------- ---------- ---------- --------- --------- ----------
Total Deductions 23,047 3,496 1,012 6,012 (12) 42,942
---------- ---------- ---------- --------- --------- ----------
INTERFUND TRANSFERS (3,681,825) (836,921) (250,087) (1,011,618) (9,748) 974,989
---------- ---------- ---------- --------- --------- ----------
Net Increase (Decrease) (2,965,978) (790,101) (230,230) (801,384) (8,048) 1,032,570
---------- ---------- ---------- --------- --------- ----------
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 2,965,978 790,101 230,230 801,384 8,048 0
--------- ---------- ---------- --------- --------- ----------
END OF YEAR $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,032,570
========= ========== ========== ========= ========= ==========
</TABLE>
[CAPTION]
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR INVESTMENT PURPOSES
Year Ended December 31, 1997 (CONTINUED FROM ABOVE)
PARTICIPANT DIRECTED
----------------------------------------------------------------------------------------------
PARTICIPANT
INTERMEDIATE GROWTH & MATRIX PRC A STOCK PRC B STOCK NOTES
FUND INCOME FUND EQUITY FUND FUND FUND RECEIVABLE
--------- ---------- --------- --------- ------- ---------
ADDITIONS
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Net Unrealized Appreciation in
Fair Value of Investments $ 2,649 $ 26,670 $ (189,199) $ (3,445) $ (49) $ 0
Net Realized Gain on Sale of Investments 183 3,155 25,808 (576) (8) 0
Dividends 9,006 125,947 670,812 0 0 0
Interest 0 0 0 0 0 24,795
Employee Rollover 0 0 0 0 0 0
--------- ---------- --------- --------- ------- ---------
Total Investment Income 11,838 155,772 507,421 (4,021) (57) 24,795
--------- ---------- --------- --------- ------- ---------
CONTRIBUTIONS:
Participants' 33,469 168,555 376,988 9,018 0 0
Employer's 0 0 0 0 0 0
--------- ---------- --------- --------- ------- ---------
Total Contributions 33,469 168,555 376,988 9,018 0 0
--------- ---------- --------- --------- ------- ---------
Total Additions 45,307 324,327 884,409 4,997 (57) 24,795
--------- ---------- --------- --------- ------- ---------
DEDUCTIONS
Benefits Paid To Participants 13,280 2,725 132,370 58 0 10,013
Investment Fees 86 328 918 0 0 0
--------- ---------- --------- -------- ------- ---------
Total Deductions 13,366 3,053 133,288 58 0 10,013
--------- ---------- --------- -------- ------- ---------
INTERFUND TRANSFERS 245,822 1,095,069 3,337,742 11,451 115 125,011
--------- ---------- --------- -------- ------- ---------
Net Increase (Decrease) 277,763 1,416,343 4,088,863 16,390 58 139,793
--------- ---------- --------- -------- ------- ---------
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 0 0 0 0 239,807
--------- ---------- --------- -------- ------- ---------
END OF YEAR $ 277,763 $ 1,416,343 $ 4,088,863 $ 16,390 $ 58 $ 379,600
========= ========== ========= ======== ======= =========
</TABLE>
[CAPTION]
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR INVESTMENT PURPOSES
Year Ended December 31, 1997 (CONTINUED FROM ABOVE)
PARTICIPANT DIRECTED NON-PARTICIPANT DIRECTED
-------------------- --------------------------
PROFIT VOLUNTARY
OTHER SHARING FUND TOTAL
--------- ----------- --------- -----------
ADDITIONS
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Net Unrealized Appreciation in
Fair Value of Investments $ 0 $ 105,575 $ (8,442) $ (66,310)
Net Realized Gain on Sale of Investments 0 (4,793) 0 812,922
Dividends 0 11,722 0 857,202
Interest 0 23,985 3,177 76,749
Employee Rollover 0 0 0 0
--------- ----------- --------- -----------
Total Investment Income 0 136,489 (5,265) 1,680,563
--------- ----------- --------- -----------
CONTRIBUTIONS:
Participants' 91,361 0 0 954,336
Employer's 248,508 0 0 248,508
--------- ----------- --------- -----------
Total Contributions 339,869 0 0 1,202,844
--------- ----------- --------- -----------
Total Additions 339,869 136,489 (5,265) 2,883,407
--------- ----------- --------- -----------
DEDUCTIONS
Benefits Paid To Participants 0 94,339 0 301,278
Investment Fees 0 11,271 772 41,379
--------- ----------- --------- -----------
Total Deductions 0 105,610 772 342,657
--------- ----------- --------- -----------
INTERFUND TRANSFERS 0 (32,094) 0 (32,094)
--------- ----------- --------- -----------
Net Increase (Decrease) 339,869 (1,215) (6,037) 2,508,656
--------- ----------- --------- -----------
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 0 1,041,235 80,932 6,157,715
--------- ----------- --------- -----------
END OF YEAR $ 339,869 $ 1,040,020 $ 74,895 $ 8,666,371
========= =========== ========= ===========
</TABLE>
13
[CAPTION]
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR INVESTMENT PURPOSES
Year Ended December 31, 1996 (CONTINUED BELOW)
PARTICIPANT DIRECTED
-------------------------------------------------------------------------------------------
INVESTMENT MONEY MKT SAM SAM STOCK MONEY MKT
ACCOUNT ACCOUNT BOND STOCK FUND FUND
--------- ------- ------- -------- ------ --------
ADDITIONS
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Net Unrealized Appreciation in
Fair Value of Investments $ 533,392 $ 0 $ (4,403) $ 113,663 $ (929) $ 0
Net Realized Gain on Sale of Investments 12,208 0 (591) 107 0 0
Dividends 0 0 13,061 11,853 7 0
Interest 258 34,165 189 185 14 0
Employee Rollover 11,207 0 0 0 11,207 0
--------- ------- ------- ------- ------- --------
Total Investment Income 557,065 34,165 8,256 137,015 (908) 0
--------- ------- ------- ------- ------- --------
CONTRIBUTIONS:
Participants' 414,624 99,269 50,165 143,391 7,924 0
Employer's 100,350 44,466 10,782 31,763 1,641 0
--------- ------- ------- ------- ------- --------
Total Contributions 514,974 143,735 60,947 175,154 9,565 0
--------- ------- ------- ------- ------- --------
Total Additions 1,072,039 177,900 69,203 312,169 8,657 0
--------- ------- ------- ------- ------- --------
DEDUCTIONS
Benefits Paid To Participants 14,178 23,567 6,205 7,019 0 0
Investment Fees 19,076 3,150 1,247 5,880 20 0
--------- ------- ------- ------- ------- --------
Total Deductions 33,254 26,717 7,452 12,899 20 0
--------- ------- ------- ------- ------- --------
INTERFUND TRANSFERS (20,903) 25,036 (28,406) (1,854) (589) 0
--------- ------- ------- ------- ------- --------
Net Increase (Decrease) 1,017,882 176,219 33,345 297,416 8,048 0
--------- ------- ------- ------- ------- --------
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 1,948,096 613,882 196,885 503,968 0 0
--------- ------- ------- ------- ------- --------
END OF YEAR $ 2,965,978 $ 790,101 $ 230,230 $ 801,384 $ 8,048 $ 0
========= ======= ======= ======= ======= ========
</TABLE>
[CAPTION]
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR INVESTMENT PURPOSES
Year Ended December 31, 1996 (CONTINUED FROM ABOVE)
PARTICIPANT DIRECTED
--------------------------------------------------------------------------------------------------
PARTICIPANT
INTERMEDIATE GROWTH & MATRIX PRC A STOCK PRC B STOCK NOTES
FUND INCOME FUND EQUITY FUND FUND FUND RECEIVABLE
-------- -------- -------- -------- -------- --------
ADDITIONS
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Net Unrealized Appreciation in
Fair Value of Investments $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Net Realized Gain on Sale of Investments 0 0 0 0 0 0
Dividends 0 0 0 0 0 0
Interest 0 0 0 0 0 22,261
Employee Rollover 0 0 0 0 0 0
-------- -------- -------- -------- -------- -------
Total Investment Income 0 0 0 0 0 22,261
-------- -------- -------- -------- -------- -------
CONTRIBUTIONS:
Participants' 0 0 0 0 0 0
Employer's 0 0 0 0 0 0
-------- -------- -------- -------- -------- -------
Total Contributions 0 0 0 0 0 0
-------- -------- -------- -------- -------- -------
0 0 0 0 0 22,261
Total Additions -------- -------- -------- -------- -------- -------
DEDUCTIONS
Benefits Paid To Participants 0 0 0 0 0 0
Investment Fees 0 0 0 0 0 0
-------- -------- -------- -------- -------- -------
Total Deductions 0 0 0 0 0 0
-------- -------- -------- -------- -------- -------
INTERFUND TRANSFERS 0 0 0 0 0 26,716
-------- -------- -------- -------- -------
Net Increase (Decrease) 0 0 0 0 0 48,977
-------- -------- -------- -------- -------- -------
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 0 0 0 0 0 190,830
-------- -------- -------- -------- -------- -------
END OF YEAR $ 0 $ 0 $ 0 $ 0 $ 0 $ 239,807
======== ======== ======== ======== ======== =======
</TABLE>
[CAPTION]
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR INVESTMENT PURPOSES
Year Ended December 31, 1996 (CONTINUED FROM ABOVE)
PARTICIPANT DIRECTED NON-PARTICIPANT DIRECTED
------------------------ ------------------------
PROFIT VOLUNTARY
OTHER SHARING FUND TOTAL
-------- --------- -------- ----------
ADDITIONS
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Net Unrealized Appreciation in
Fair Value of Investments $ 0 $ 17,843 $ (9,636) $ 649,930
Net Realized Gain on Sale of Investments 0 0 11,612 23,336
Dividends 0 11,441 4 36,366
Interest 0 22,184 3,519 82,775
Employee Rollover 0 0 0 22,414
-------- --------- ------- ----------
Total Investment Income 0 63,080 (6,113) 814,821
-------- --------- ------- ----------
CONTRIBUTIONS:
Participants' 0 0 0 715,373
Employer's 0 0 0 189,002
-------- --------- ------- ----------
Total Contributions 0 0 0 904,375
-------- --------- ------- ----------
Total Additions 0 63,080 (6,113) 1,719,196
-------- -------- ------- ----------
DEDUCTIONS
Benefits Paid To Participants 0 41,599 11,144 103,712
Investment Fees 0 10,338 951 40,662
-------- --------- ------- ----------
Total Deductions 0 51,937 12,095 144,374
-------- --------- ------- ----------
INTERFUND TRANSFERS 0 (44,172) 0 (44,172)
-------- --------- ------- ----------
Net Increase (Decrease) 0 (33,029) (18,208) 1,530,650
-------- --------- ------ ----------
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 0 1,074,264 99,140 4,627,065
-------- --------- ------ ----------
END OF YEAR $ 0 $ 1,041,235 $ 80,932 $ 6,157,715
======== ========= ====== ==========
</TABLE>
14
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1997 and 1996
ERISA
Face Company Due Value Market
Value
CORPORATE BONDS AND DEBENTURES
December 31, 1997
Profit Sharing
$ 25,000 General Motors 06/01/1999 $ 25,406 $ 25,313
Accept. Corp.
7.125%
50,000 Philip Morris 03/01/1999 51,984 51,391
Cos., Inc.
8.625%
50,000 Texas Utils. Elec.
Co. 1st Mtg. & Col.
6.75% 03/01/2003 49,883 51,031
50,000 Nationsbank Corp.
6.875% 02/15/2005 49,461 51,156
-------- --------
TOTALS $176,734 $178,891
======== ========
15
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued)
December 31, 1997 and 1996
Face ERISA
Value Company Due Value Market
CORPORATE BONDS AND DEBENTURES
December 31, 1996
Profit Sharing
$ 50,000 Ford Holdings
Co., Inc. 07/15/1999 $ 52,695 $ 50,891
9.25%
25,000 General 06/01/1999 26,004 25,406
Motors Accept.
Corp.
7.125%
50,000 Philip Morris
Cos., Inc.
8.625% 03/01/1999 53,898 51,984
50,000 Texas Utils.
Elec. Co.
1st Mtg. & Col.
6.75% 03/01/2003 51,289 49,883
50,000 Nationsbank
Corp. 02/15/2005 52,094 49,461
6.875% -------- --------
Sub-Totals 235,980 227,625
-------- --------
SAM Bond
21,398 sh. Strategic Active Management
Bond Fund for Employee Trusts 221,675 217,272
-------- --------
TOTALS $457,655 $444,897
======== ========
16
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued)
December 31, 1997 and 1996
COMMON STOCKS AND MUTUAL FUNDS
December 31, 1997
ERISA
Shares Company Value Market
PROFIT SHARING
600 Allied Signal $ 20,100 $ 23,288
600 American General Corp. 24,525 32,438
300 American International Group, Inc. 21,650 32,625
200 American Telephone & Telegraph, Co. 8,261 12,262
600 Amsouth Bancorporation 19,350 32,588
500 Automatic Data Processing 21,438 30,687
700 Bristol Myers Squibb Co. 38,150 66,237
400 Exxon Corp. 19,600 24,475
600 First Data Corp. 21,900 17,550
700 General Electric Co. 34,606 51,362
632 GTE Corporation 28,677 33,022
400 Hewlett Packard Co. 20,100 24,950
500 Intel Corporation 32,734 35,125
64 Lucent Technologies 2,960 5,112
500 May Department Stores 23,375 26,344
700 McDonalds Corp. 31,763 33,425
450 Merck & Co. 35,831 47,700
400 Mobil Corp. 24,450 28,875
12 NCR Corp. 414 334
400 Pepsico, Inc. 10,812 14,500
300 Reuters Holdings 22,950 19,875
800 Royal Dutch Petroleum 34,150 43,350
40 Tricon Global Restaurante 888 1,162
500 Warner Lambert 37,500 62,094
------- -------
TOTAL COMMON STOCKS 536,184 699,380
------- -------
17
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued)
December 31, 1997 and 1996
COMMON STOCKS AND MUTUAL FUNDS (Continued)
December 31, 1997
ERISA
Shares Company Value Market
INTERMEDIATE FUND
28,488 Intermediate Fund $ 277,763 $ 277,763
GROWTH & INCOME
78,381 Growth and Income Fund 1,416,343 1,416,343
MATRIX EQUITY FUND
248,261 Matrix Equity Fund 4,088,863 4,088,863
---------- ----------
TOTAL MUTUAL FUNDS 5,782,969 5,782,969
---------- ----------
TOTAL COMMON STOCKS & MUTUAL FUNDS $6,319,153 $6,482,349
========== ==========
18
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued)
December 31, 1997 and 1996
COMMON STOCKS AND MUTUAL FUNDS (Continued)
December 31, 1996
ERISA
Shares Company Value Market
PROFIT SHARING
300 Allied Signal $ 14,250 $ 20,100
600 American General Corp. 20,925 24,525
200 American International Group, Inc. 18,500 21,650
200 American Telephone & Telegraph, Co. 9,325 8,675
400 Amsouth Bancorporation 16,150 19,350
500 Automatic Data Processing 18,563 21,438
350 Bristol Myers Squibb Co. 30,056 38,150
200 Eastman Kodak 13,400 16,050
200 Exxon Corp. 16,100 19,600
600 First Data Corp. 23,796 21,900
350 General Electric Co. 25,200 34,606
632 GTE Corporation 27,729 28,677
400 Hewlett Packard Co. 20,970 20,100
250 Intel Corporation 14,188 32,734
64 Lucent Technologies 3,625 2,960
500 May Department Stores 19,137 23,375
700 McDonalds Corp. 31,588 31,763
450 Merck & Co. 29,531 35,831
200 Mobil Corp. 22,350 24,450
400 Pepsico, Inc. 11,175 11,700
300 Reuters Holdings 16,538 22,950
200 Royal Dutch Petroleum 28,225 34,150
500 Warner Lambert 24,281 37,500
------- -------
TOTALS 455,602 552,234
------- -------
19
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued)
December 31, 1997 and 1996
COMMON STOCKS AND MUTUAL FUNDS (Continued)
December 31, 1996
ERISA
Shares Company Value Market
INVESTMENT ACCOUNT
29,368 Matrix Stock Fund $2,320,332 $2,853,724
========== ==========
SAM Stock
34,136 Strategic Active Management
Stock Fund for Employee Trusts 645,419 759,081
---------- ----------
TOTALS $3,421,353 $4,165,039
========== ==========
20
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued)
December 31, 1997 and 1996
ERISA
Value Market
PARTY-IN-INTEREST INVESTMENTS
December 31, 1997
Profit Sharing Fund
Plymouth Rubber Co., Inc. -
Class A $ 92,151 $ 70,515
14,207 Plymouth Rubber Co., Inc. -
Class B 98,561 60,380
-------- --------
Totals $190,712 $130,895
======== ========
Voluntary Fund
1,800 Plymouth Rubber Co., Inc -
Class A $ 12,938 $ 9,900
2,011 Plymouth Rubber Co., Inc -
Class B 13,951 8,547
-------- --------
Totals $ 26,889 $ 18,447
======== ========
PRC A Stock Fund
2,980 Plymouth Rubber Co., Inc. -
Class A $ 16,390 $ 16,390
======== ========
PRC B Stock Fund
12 Plymouth Rubber Co., Inc. -
Class B $ 58 $ 58
======== ========
21
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued)
December 31, 1997 and 1996
ERISA
Value Market
PARTY-IN-INTEREST INVESTMENTS
December 31, 1996
Profit Sharing Fund
12,821 Plymouth Rubber Co., Inc. -
Class A $ 123,631 $ 92,151
14,207 Plymouth Rubber Co., Inc. -
Class B 135,382 98,561
--------- ---------
Totals $ 259,013 $ 190,172
========= =========
Voluntary Fund
1,800 Plymouth Rubber Co., Inc -
Class A $ 17,357 $ 12,938
2,011 Plymouth Rubber Co., Inc -
Class B 19,168 13,951
--------- ---------
Totals $ 36,525 $ 26,889
========= =========
Stock Fund
795 Plymouth Rubber Co., Inc. -
Class A $ 6,612 $ 5,714
13 Plymouth Rubber Co., Inc. -
Class B 120 90
--------- ---------
Totals $ 6,732 $ 5,804
========= =========
22
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING
PLAN AND TRUST
SCHEDULES OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued)
December 31, 1997 and 1996
Face ERISA
Value Company Due Value Market
FOREIGN GOVERNMENT OBLIGATIONS
Profit Sharing Fund
December 31, 1997
$ 50,000 Ontario Prov. 10/17/2001 $ 53,055 $ 53,094
CDA 8% ======== ========
December 31, 1996
$ 50,000 Ontario Prov. 10/17/2001 $ 55,188 $ 53,055
CDA 8% ======== ========
PARTICIPANTS NOTES RECEIVABLES
December 31, 1997
Participants Notes Receivable $ - $379,600
======== ========
December 31, 1996
Participants Notes Receivable $ - $439,807
======== ========
23
THE PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
SCHEDULES OF REPORTABLE TRANSACTIONS
PURCHASE PROCEEDS
DESCRIPTION PRICE FROM SALE
YEAR ENDED DECEMBER 31, 1997
(iii) Series of Transactions Greater
Than 5% of Net Assets Available
for Benefits at the Beginning
of the Plan Year
SAM Stock Fund $ - $1,020,841
Money Market Account - 850,000
Investment Account - 3,637,225
Money Market 6,936,082 5,903,512
Intermediate Fund 571,980 296,866
Growth and Income Fund 2,482,007 1,092,335
Matrix Equity Fund 8,490,843 4,212,785
YEAR ENDED DECEMBER 31, 1996
(iii) Series of Transactions Greater
Than 5% of Net Assets Available
for Benefits at the Beginning
of the Plan Year
Investment Income $1,525,688 $ 888,447
There were no type (i), (ii) or (iv) reportable transactions for the year ended
December 31, 1997.
There were no type (i), (ii) or (iv) reportable transactions for the year ended
December 31, 1996.
24
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