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: December 3, 1999
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
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE ADMINISTRATOR OF
PLYMOUTH RUBBER COMPANY RETIREMENT SAVINGS AND
PROFIT SHARING PLAN AND TRUST
Canton, Massachusetts 02021
We have audited the accompanying statement of net assets available for
plan benefits of the Plymouth Rubber Company Retirement Savings and Profit
Sharing Plan and Trust as of December 31, 1999 and 1998, and the related
statement 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 audits 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 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, 1999 and 1998, 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 information 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 statements and, in our opinion, is 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
May 20, 2000
1
<PAGE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
----------------------------
1999 1998
----------- -----------
ASSETS
Investments, at Market $ 10,689,579 $ 8,191,614
Contributions Receivable 406,084 274,162
Cash and Equivalents 2,006,299 1,633,264
----------- -----------
TOTAL ASSETS $ 13,101,962 $ 10,099,040
=========== ===========
NET ASSETS AVAILABLE FOR PLAN BENEFITS
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ 13,101,962 $ 10,099,040
=========== ===========
The accompanying notes and independent auditors' report
are an integral part of the financial statements.
2
<PAGE>
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
----------------------------
1999 1998
----------- -----------
ADDITIONS:
INVESTMENT INCOME:
Net Unrealized Appreciation
in Fair Value of Investments $ 305,353 $ 483,326
Net Realized Gain Upon
Disposition of Investments 123,131 36,789
Dividend Income 1,034,441 976,896
Interest Income 43,799 42,990
Employee Rollover - 82,719
----------- -----------
SUBTOTAL INVESTMENT INCOME 1,506,724 1,622,720
----------- -----------
CONTRIBUTIONS:
Transfer of Employee Directed Funds 1,260,285 7,551,456
Participant Contributions 1,177,134 1,037,955
Employer Contributions 304,220 274,162
----------- -----------
SUBTOTAL CONTRIBUTIONS 2,741,639 8,863,573
----------- -----------
TOTAL ADDITIONS 4,248,363 10,486,293
----------- -----------
DEDUCTIONS:
Benefits Paid 1,241,891 382,903
Investment Fees 3,550 4,350
----------- -----------
1,245,441 387,253
----------- -----------
Net Additions 3,002,922 10,099,040
----------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
Beginning of Year 10,099,040 -
----------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
End of Year $ 13,101,962 $ 10,099,040
=========== ===========
The accompanying notes and independent auditors' report
are an integral part of the financial statements.
3
<PAGE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 1999 and 1998
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 January 1, 1998, Plymouth Rubber Company, Inc. (the Company), as
Plan sponsor, adopted the State Street Solutions Prototype Defined Contribution
Plan as its Plan. 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 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), and as amended subsequent
thereto. 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.
At January 1, 1998, Employee Directed Funds were transferred from Plymouth
Rubber Company Profit Sharing Plan and Trust (F.K.A. Plymouth Rubber
Retirement Savings and Profit Sharing Plan and Trust).
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. The Plan's assets are held in
trust by State Street Global Advisors. Expenses for recordkeeping and benefit
distributions of the Plan are paid by the Company.
4
<PAGE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 1999 and 1998
A. DESCRIPTION OF THE PLAN: (Continued)
3. Eligibility
An employee is eligible to participate in the compensation deferral
contribution arrangement upon the completion of one-half year of
continuous service and attainment of age 21.
An employee is eligible to receive a matching employer contribution
under the plan upon the completion of one year of continuous service
with a minimum of 1,000 hours of service and attainment of age 21.
4. Contributions
Each year, participants may contribute up to fifteen percent (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 discretionary and
are limited to the maximum amount deductible under the Internal Revenue
Code.
5. Vesting
Participants become vested in the Company-discretionary contributions,
plus actual earnings thereon, 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.
5
<PAGE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 1999 and 1998
A. DESCRIPTION OF THE PLAN: (Continued)
6. Participant Accounts
Each participant's account is credited with his or her contribution, and an
allocation of both the Company's contribution and the current year's plan
earnings. Allocations are based upon each participant's qualified
compensation and account balances, as defined. The benefit to which a
participant is entitled is the vested portion of that participant's account.
7. 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 must bear a reasonable rate of interest.
8. Payment of Benefits
Upon termination of service, due to death, disability or retirement, or
financial hardship, a participant may elect to receive an amount equal to the
value of the participant's vested interest in his or her account balance. If
the participant's account balance is in excess of certain limitations, the
participant may elect to have the Plan continue to administer their account
balance.
9. 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.
6
<PAGE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 1999 and 1998
B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1. Method of Accounting
The financial statements have been prepared using the accrual-basis method
of accounting.
2. Investment Valuation
The value of investments, other than cash and equivalents, is based on the
closing price on December 31, 1999 and 1998, respectively, as received from
the State Street Bank & Trust Company.
Purchases and sales of investments are reflected on a trade-date basis. Gain
or loss on sales 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 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.
3. 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 reported amounts of assets and liabilities, and disclosure of
contingent assets and liabilities at December 31, 1999 and 1998, and the
reported amounts of revenues and expenses for the years then ended. Actual
results and amounts may differ from the estimates made in the preparation of
these financial statements.
7
<PAGE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 1999 and 1998
B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Continued)
4. Income Taxes
The Plan's Prototype (non-standardized) has received a favorable determination
letter from the Internal Revenue Service dated December 9, 1996, 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 contributions on
behalf of the Company, to the Plan in the amounts of $304,220 and $274,162,
respectively, for the years ended December 31, 1999 and 1998.
D. CASH AND EQUIVALENTS:
December 31
---------------------------
1999 1998
----------- -----------
State Street Bank & Trust Company $ 2,006,299 $ 1,633,264
=========== ===========
E. NOTES RECEIVABLE - PARTICIPANTS:
December 31
----------------------------
1999 1998
----------- -----------
Balance, Beginning of Year $ 566,072 $ -
Transfer of Loan Balance - 379,600
Plus: Loans Issued 358,648 489,453
Less: Loan Repayments (258,362) (302,981)
----------- -----------
Balance, End of Year $ 666,358 $ 566,072
=========== ===========
Interest earned on employee fund loans amounted to $43,799 and $42,990,
respectively, for the years ended December 31, 1999 and 1998, and is
included in interest income.
8
<PAGE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 1999 and 1998
F. SUMMARY OF INVESTMENTS:
December 31, 1999 December 31, 1998
Cost Market Cost Market
----------- ----------- ---------- ----------
Mutual Funds $ 9,219,213 $ 9,827,578 $ 7,183,690 $ 7,515,166
Notes Receivable
- Participants 666,358 666,358 566,072 566,072
Party-in-Interest
Investments 178,702 195,643 121,902 110,376
----------- ----------- ---------- ----------
TOTALS $ 10,064,273 $ 10,689,579 $ 7,871,664 $ 8,191,614
=========== =========== ========== ==========
G. NET GAINS (LOSSES) REALIZED UPON DISPOSITION OF INVESTMENTS:
Sale Gain
Cost Proceeds (Loss)
----------- ---------- ----------
Year Ended December 31, 1999
Common Stocks and Mutual Funds $ 3,734,290 $ 3,857,096 $ 122,806
Party-in Interest Investments 5,531 5,856 325
----------- ---------- ----------
TOTALS $ 3,739,821 $ 3,862,952 $ 123,131
=========== ========== ==========
9
<PAGE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 1999 and 1998
G. NET GAINS (LOSSES) REALIZED UPON DISPOSITION OF INVESTMENTS: (Continued)
Sale Gain
Cost Proceeds (Loss)
----------- ---------- ----------
Year Ended December 31, 1998
Common Stocks and Mutual Funds $ 2,726,262 $ 2,763,441 $ 37,179
Party-in Interest Investments 2,761 2,371 (390)
----------- ---------- ----------
TOTALS $ 2,729,023 $ 2,765,812 $ 36,789
=========== ========== ==========
H. PURCHASES OF SECURITIES (COST):
Years Ended
December 31
------------------------
1999 1998
----------- ----------
Common Stocks and Mutual Funds $ 5,769,812 $ 3,967,104
Party-in-Interest Investments 62,336 104,718
---------- ----------
TOTALS $ 5,832,148 $ 4,071,822
========== ==========
10
<PAGE>
SUPPLEMENTAL MATERIAL
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
December 31, 1999
<CAPTION>
PARTICIPANT DIRECTED
---------------------------------------------------------------------------
MONEY MKT INTERMEDIATE GROWTH & S & P MATRIX
FUND FUND INCOME FUND 500 EQUITY FUND
------------ ------------ ------------ ----------- -------------
ASSETS
<S> <C> <C> <C> <C> <C>
INVESTMENTS, AT FAIR VALUE:
Common Stocks & Mutual Funds $ - $ 511,512 $ 3,513,342 $ 194,542 $ 5,596,704
Plymouth Rubber Company Stock - - - - -
Participant Notes Receivable - - - - -
----------- ----------- ----------- ------------ -----------
Total Investments - 511,512 3,513,342 194,542 5,596,704
----------- ----------- ----------- ------------ -----------
RECEIVABLES:
Employer's Contribution - - - - -
Participant's Contribution - - - - -
----------- ----------- ----------- ------------ -----------
Total Receivables - - - - -
----------- ----------- ----------- ------------ -----------
CASH 2,006,299 - - - -
----------- ----------- ----------- ------------ -----------
Total Assets 2,006,299 511,512 3,513,342 194,542 5,596,704
----------- ----------- ----------- ------------ -----------
LIABILITIES - - - - -
----------- ----------- ----------- ------------ -----------
LIABILITIES
NET ASSETS AVAILABLE FOR BENEFITS $ 2,006,299 $ 511,512 $ 3,513,342 $ 194,542 $ 5,596,704
=========== =========== =========== ============ ===========
</TABLE>
Continued
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
December 31, 1999
<CAPTION>
PARTICIPANT DIRECTED
----------------------------------------------------------------------------
PARTICIPANT
LS PRC A STOCK PRC B STOCK NOTES
BALANCED FUND FUND RECEIVABLE OTHER TOTAL
------------ ------------ ------------ ----------- ----------- -------------
ASSETS
<S> <C> <C> <C> <C> <C> <C>
INVESTMENTS, AT FAIR VALUE:
Common Stocks & Mutual Funds $ 11,478 $ - $ - $ - $ - $ 9,827,578
Plymouth Rubber Company Stock - 125,352 70,291 - - 195,643
Participant Notes Receivable - - - 666,358 - 666,358
---------- ----------- ----------- ------------ ----------- ------------
Total Investments 11,478 125,352 70,291 666,358 - 10,689,579
---------- ----------- ----------- ------------ ----------- ------------
RECEIVABLES:
Employer's Contribution - - - - 304,220 304,220
Participant's Contribution - - - - 101,864 101,864
---------- ----------- ----------- ------------ ----------- ------------
Total Receivables - - - - 406,084 406,084
---------- ----------- ----------- ------------ ----------- ------------
CASH - - - - - 2,006,299
---------- ----------- ----------- ------------ ----------- ------------
Total Assets 11,478 125,352 70,291 666,358 406,084 13,101,962
---------- ----------- ----------- ------------ ----------- ------------
LIABILITIES - - - - - -
---------- ----------- ----------- ------------ ----------- ------------
LIABILITIES
NET ASSETS AVAILABLE FOR BENEFITS $ 11,478 $ 125,352 $ 70,291 $ 666,358 $ 406,084 $ 13,101,962
========== =========== =========== ============ =========== ============
</TABLE>
11
<PAGE>
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
December 31, 1998
<CAPTION>
PARTICIPANT DIRECTED
----------------------------------------------------------------------
MONEY MKT INTERMEDIATE GROWTH & MATRIX PRC A
FUND FUND INCOME FUND EQUITY FUND STOCK FUND
---------- ------------ ---------- ---------- ------------
ASSETS
<S> <C> <C> <C> <C> <C>
INVESTMENTS, AT FAIR VALUE:
Common Stocks & Mutual Funds $ - $ 426,074 $ 2,330,700 $ 4,758,392 $ -
Plymouth Rubber Company Stock - - - - 72,279
Participant Notes Receivable - - - - -
---------- ------------ ---------- ---------- ------------
Total Investments - 426,074 2,330,700 4,758,392 72,279
---------- ------------ ---------- ---------- ------------
RECEIVABLES:
Employer's Contribution - - - - -
Participant's Contribution - - - - -
---------- ------------ ---------- ---------- ------------
Total Receivables - - - - -
---------- ------------ ---------- ---------- ------------
CASH 1,633,264 - - - -
---------- ------------ ---------- ---------- ------------
Total Assets 1,633,264 426,074 2,330,700 4,758,392 72,279
---------- ------------ ---------- ---------- ------------
LIABILITIES
LIABILITIES - - - - -
---------- ------------ ---------- ---------- ------------
NET ASSETS AVAILABLE FOR BENEFITS $ 1,633,264 $ 426,074 $ 2,330,700 $ 4,758,392 $ 72,279
========== ============ ========== ========== ============
</TABLE>
Continued
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
December 31, 1998
<CAPTION>
PARTICIPANT DIRECTED
------------------------------------------
PARTICIPANT
PRC B NOTES
STOCK FUND RECEIVABLE OTHER TOTAL
---------- ------------ ---------- ----------
ASSETS
<S> <C> <C> <C> <C>
INVESTMENTS, AT FAIR VALUE:
Common Stocks & Mutual Funds $ - $ - $ - $ 7,515,166
Plymouth Rubber Company Stock 38,097 - - 110,376
Participant Notes Receivable - 566,072 - 566,072
------------ ----------- ---------- ------------
Total Investments 38,097 566,072 - 8,191,614
------------ ----------- ---------- ------------
RECEIVABLES:
Employer's Contribution - - 274,162 274,162
Participant's Contribution - - - -
------------ ----------- ---------- ------------
Total Receivables - - 274,162 274,162
------------ ----------- ---------- ------------
CASH - - - 1,633,264
------------ ----------- ---------- ------------
Total Assets 38,097 566,072 274,162 10,099,040
------------ ----------- ---------- ------------
LIABILITIES
LIABILITIES - - - -
------------ ----------- ---------- ------------
NET ASSETS AVAILABLE FOR BENEFITS $ 38,097 $ 566,072 $ 274,162 $ 10,099,040
============ ============ =========== ===========
</TABLE>
12
<PAGE>
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
Year Ended December 31, 1999
<CAPTION>
PARTICIPANT DIRECTED
---------------------------------------------------------------------------
MONEY MKT INTERMEDIATE GROWTH & S & P MATRIX
FUND FUND INCOME FUND 500 EQUITY FUND
---------- ------------- -------------- ------------ -------------
ADDITIONS
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Net Unrealized Appreciation in
Fair Value of Investments $ - $ (25,164) $ 316,893 $ 11,962 $ (26,804)
Net Realized Gain on Sale
of Investments - (2,677) 100,472 2,358 22,652
Dividends 100,387 28,203 159,992 2,125 742,880
Interest - - - - -
Employee Rollover - - - - -
---------- ---------- ----------- ----------- ------------
Total Investment Income 100,387 362 577,357 16,445 738,728
---------- ---------- ----------- ----------- ------------
CONTRIBUTIONS:
Transfer of Employee Directed Funds 1,260,285 - - - -
Participants' 137,348 60,823 298,798 3,425 550,964
Employer's - - - - -
---------- ---------- ----------- ----------- ------------
Total Contributions 1,397,633 60,823 298,798 3,425 550,964
---------- ---------- ----------- ----------- ------------
Total Additions 1,498,020 61,185 876,155 19,870 1,289,692
---------- ---------- ----------- ----------- ------------
DEDUCTIONS
BENEFITS PAID TO PARTICIPANTS 707,436 2,737 188,981 - 295,756
INVESTMENT FEES 676 268 968 - 1,638
---------- ---------- ----------- ----------- ------------
Total Deductions 708,112 3,005 189,949 - 297,394
---------- ---------- ----------- ----------- ------------
INTERFUND TRANSFERS (416,873) 27,258 496,436 174,672 (153,986)
---------- ---------- ----------- ----------- ------------
Net Increase (Decrease) 373,035 85,438 1,182,642 194,542 838,312
---------- ---------- ----------- ----------- ------------
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 1,633,264 426,074 2,330,700 - 4,758,392
---------- ---------- ----------- ----------- ------------
END OF YEAR $ 2,006,299 $ 511,512 $ 3,513,342 $ 194,542 $ 5,596,704
========== ========== =========== =========== ============
</TABLE>
Continued
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
Year Ended December 31, 1999
<CAPTION>
PARTICIPANT DIRECTED
-----------------------------------------------------------------------------
PARTICIPANT
LS PRC A STOCK PRC B STOCK NOTES
BALANCED FUND FUND RECEIVABLE OTHER TOTAL
---------- ------------- -------------- ------------ ----------- ------------
ADDITIONS
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Net Unrealized Appreciation in
Fair Value of Investments $ 4 $ 23,303 $ 5,159 $ - $ - $ 305,353
Net Realized Gain on Sale
of Investments - 329 (3) - - 123,131
Dividends 854 - - - - 1,034,441
Interest - - - 43,799 - 43,799
Employee Rollover - - - - - -
---------- ---------- ----------- ----------- ---------- -----------
Total Investment Income 858 23,632 5,156 43,799 - 1,506,724
---------- ---------- ----------- ----------- ---------- -----------
CONTRIBUTIONS:
Transfer of Employee Directed Funds - - - - - 1,260,285
Participants' - 21,883 2,029 - 101,864 1,177,134
Employer's - - - - 304,220 304,220
---------- ---------- ----------- ----------- ---------- -----------
Total Contributions - 21,883 2,029 - 406,084 2,741,639
---------- ---------- ----------- ----------- ---------- -----------
Total Additions 858 45,515 7,185 43,799 406,084 4,248,363
---------- ---------- ----------- ----------- ---------- -----------
DEDUCTIONS
BENEFITS PAID TO PARTICIPANTS - 4,149 9 42,823 - 1,241,891
INVESTMENT FEES - - - - - 3,550
---------- ---------- ----------- ----------- ---------- -----------
Total Deductions - 4,149 9 42,823 - 1,245,441
---------- ---------- ----------- ----------- ---------- -----------
INTERFUND TRANSFERS 10,620 11,707 25,018 99,310 (274,162) -
---------- ---------- ----------- ----------- ---------- -----------
Net Increase (Decrease) 11,478 53,073 32,194 100,286 131,922 3,002,922
---------- ---------- ----------- ----------- ---------- -----------
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR - 72,279 38,097 566,072 274,162 10,099,040
---------- ---------- ----------- ----------- ---------- -----------
END OF YEAR $ 11,478 $ 125,352 $ 70,291 $ 666,358 $ 406,084 $ 13,101,962
========== ========== =========== =========== ========== ===========
</TABLE>
13
<PAGE>
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
Year Ended December 31, 1998
<CAPTION>
PARTICIPANT DIRECTED
-------------------------------------------------------------------------
MONEY MKT INTERMEDIATE GROWTH & MATRIX PRC A
FUND FUND INCOME FUND EQUITY FUND STOCK FUND
--------- --------- ----------- --------- ---------
ADDITIONS
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Net Unrealized Appreciation in Fair
value of Investments $ - $ 49 $ 292,657 $ 198,647 $ (3,400)
Net Realized Gain on Sale of Investments - 324 46,739 (9,883) (387)
Dividends 60,893 27,026 213,431 675,546 -
Interest - - - - -
Employee Rollover 57,357 - - 318 11,470
--------- --------- --------- --------- ---------
Total Investment Income 118,250 27,399 552,827 864,628 7,683
--------- --------- --------- --------- ---------
CONTRIBUTIONS:
Transfer of Employee Directed Funds 1,032,570 277,763 1,416,343 4,088,863 16,390
Participants' 113,795 52,457 265,252 587,426 18,362
Employer's - - - - -
--------- --------- --------- --------- ---------
Total Contributions 1,146,365 330,220 1,681,595 4,676,289 34,752
--------- --------- --------- --------- ---------
Total Additions 1,264,615 357,619 2,234,422 5,540,917 42,435
--------- --------- --------- --------- ---------
DEDUCTIONS
BENEFITS PAID TO PARTICIPANTS 117,043 5,693 83,164 161,959 2,266
INVESTMENT FEES 998 220 756 2,376 -
--------- --------- --------- --------- ---------
Total Deductions 118,041 5,913 83,920 164,335 2,266
--------- --------- --------- --------- ---------
INTERFUND TRANSFERS 486,690 74,368 180,198 (618,190) 32,110
--------- --------- --------- --------- ---------
Net Increase (Decrease) 1,633,264 426,074 2,330,700 4,758,392 72,279
--------- --------- --------- --------- ---------
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR - - - - -
--------- --------- --------- --------- ---------
END OF YEAR $ 1,633,264 $ 426,074 $ 2,330,700 $ 4,758,392 $ 72,279
========= ========= ========= ========= =========
</TABLE>
Continued
<TABLE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
Year Ended December 31, 1998
<CAPTION>
PARTICIPANT DIRECTED
------------------------------------------
PARTICIPANT
PRC B NOTES
STOCK FUND RECEIVABLE OTHER TOTAL
--------- --------- ----------- ---------
ADDITIONS
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Net Unrealized Appreciation in Fair
value of Investments $ (4,627) $ - $ - $ 483,326
Net Realized Gain on Sale of Investments (4) - - 36,789
Dividends - - - 976,896
Interest - 42,990 - 42,990
Employee Rollover 13,574 - - 82,719
--------- --------- --------- ---------
Total Investment Income 8,943 42,990 - 1,622,720
--------- --------- --------- ---------
CONTRIBUTIONS:
Transfer of Employee Directed Funds 58 379,600 339,869 7,551,456
Participants' 663 - - 1,037,955
Employer's - - 274,162 274,162
--------- --------- --------- ---------
Total Contributions 721 379,600 614,031 8,863,573
--------- --------- --------- ---------
Total Additions 9,664 422,590 614,031 10,486,293
--------- --------- --------- ----------
DEDUCTIONS
BENEFITS PAID TO PARTICIPANTS 7 12,771 - 382,903
INVESTMENT FEES - - - 4,350
--------- --------- --------- ---------
Total Deductions 7 12,771 - 387,253
--------- --------- --------- ---------
INTERFUND TRANSFERS 28,440 156,253 (339,869) -
--------- --------- --------- ---------
Net Increase (Decrease) 38,097 566,072 274,162 10,099,040
--------- --------- --------- ----------
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR - - - -
--------- --------- --------- ----------
END OF YEAR $ 38,097 $ 566,072 $ 274,162 $ 10,099,040
========= ========= ========= ==========
</TABLE>
14
<PAGE>
PLYMOUTH RUBBER COMPANY
RETIREMENT SAVINGS AND PROFIT SHARING PLAN AND TRUST
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1999 and 1998
December 31, 1999 December 31, 1998
# OF ----------------------- -----------------------
SHARES NAME OF INVESTMENTS COST MARKET COST MARKET
---------- ---------- ---------- ----------
MUTUAL FUNDS:
55,120 Intermediate Fund $ 533,978 $ 511,512 $ 423,376 $ 426,074
143,285 Growth and Income
Fund 2,877,122 3,513,342 2,011,373 2,330,700
7,620 S & P 500 182,579 194,542 - -
338,989 Matrix Equity Fund 5,614,059 5,596,704 4,748,941 4,758,392
822 LS Balanced 11,475 11,478 - -
---------- ---------- ---------- ----------
TOTALS - MUTUAL FUNDS $ 9,219,213 $ 9,827,578 $ 7,183,690 $ 7,515,166
========== ========== ========== ==========
PARTY-IN-INTEREST INVESTMENTS:
15,428 Plymouth Rubber Co., Inc. -
Class A Common $ 108,893 $ 125,352 $ 79,128 $ 72,279
10,318 Plymouth Rubber Co., Inc. -
Class B Common 69,809 70,291 42,774 38,097
---------- ---------- ---------- ----------
SUBTOTALS - PARTY-IN-
INTEREST INVESTMENTS $ 178,702 $ 195,643 $ 121,902 $ 110,376
========== ========== ========== ==========
NOTES RECEIVABLE - PARTICIPANTS
Notes Receivable -
Participants $ 666,358 $ 666,358 $ 566,072 $ 566,072
Interest Rates: 7% - 8% ========== ========== ========== ==========
15
SIGNATURES
The Plan. Pursuant to the requirement of the Securities Exchange Act of
1934,the trustees (or other persons who administer of the employee benefit
plan) have duly caused this annual report to be signed on behalf by the
undersigned thereunto duly authorized.
Plymouth Rubber Company Retirement
Savings and Profit Sharing Plan
and Trust
/S/ Joseph J. Berns
--------------------------
Plan Administrator
Date: June 28, 2000
