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
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 (FEE REQUIRED)
For the year ended December 31, 1996
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 ______________
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
Collins & Aikman Products Co. (Formerly Collins & Aikman Corporation)
Employees' Profit Sharing and Personal Savings Plan
701 McCullough Drive
Charlotte, North Carolina 28232
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive offices:
Collins & Aikman Corporation
701 McCullough Drive
Charlotte, North Carolina 28262
704-547-8500
Page 1
<PAGE>
REQUIRED INFORMATION
The following financial statements for the Collins and Aikman Products Co.
(formerly Collins and Aikman Corporation) Employees' Profit Sharing and Personal
Savings Plan are being filed herewith:
Description Page No.
Report of Independent Accountants F-2
Statement of Net Assets Available for Plan Benefits with Fund
Information as of December 31, 1996 F-3
Statement of Net Assets Available for Plan Benefits with Fund
Information as of December 31, 1995 F-4
Statement of Changes in Net Asset Available for Plan
Benefits with Fund Information for the Year Ended
December 31, 1996 F-5
Notes to Financial Statements F-6
- -------------------------------------------------------------------------------
Page 2
<PAGE>
SIGNATURES
The Plan - Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
Collins & Aikman Products Co.
(formerly Collins & Aikman Corporation)
Employees' Profit Sharing and Personal Savings Plan
August 22, 1997 By: /s/J. Michael Stepp
-----------------------------------
J. Michael Stepp
Executive Vice President and
Chief Financial Officer
Page 3
<PAGE>
COLLINS & AIKMAN CORPORATION
EMPLOYEES' PROFIT SHARING AND PERSONAL SAVINGS PLAN
FINANCIAL STATEMENTS AND SCHEDULES
DECEMBER 31, 1996 AND 1995
TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
<PAGE>
COLLINS & AIKMAN CORPORATION
EMPLOYEES' PROFIT SHARING AND PERSONAL SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
DECEMBER 31, 1996 and 1995
Report of Independent Public Accountants
Statement of Net Assets Available for Plan Benefits with Fund Information as of
December 31, 1996
Statement of Net Assets Available for Plan Benefits with Fund Information as of
December 31, 1995
Statement of Changes in Net Assets Available for Plan Benefits with Fund
Information for the Year Ended December 31, 1996
Notes to Financial Statements
Schedule I - Item 27-a Schedule of Assets Held for Investment as of
December 31, 1996
Schedule II - Item 27-d Schedule of Reportable Transactions for the Year
Ended December 31, 1996
F-1
<PAGE>
Report of Independent Public Accountants
To the Benefits Committee of
Collins & Aikman Corporation
Employees' Profit Sharing and Personal Savings Plan:
We have audited the accompanying statements of net assets available for plan
benefits by participant directed fund of the Collins & Aikman Corporation
Employees' Profit Sharing and Personal Savings Plan (the Plan) as of December
31, 1996 and 1995, and the related statement of changes in net assets available
for plan benefits by participant directed fund for the year ended December 31,
1996. 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 financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1996 and 1995, and the changes in net assets available for benefits
for the year ended December 31, 1996, 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 supplemental schedules listed in the
accompanying index to financial statements are 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 Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The fund information in the statements
of net assets available for plan benefits with fund information and the
statement of changes in net assets available for plan benefits with fund
information is presented for purposes of additional analysis rather than to
present the net assets available for plan benefits and changes in net assets
available for plan benefits of each fund. The supplemental schedules and fund
information have been subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
Charlotte, North Carolina,
July 17, 1997.
F-2
<PAGE>
COLLINS & AIKMAN CORPORATION
EMPLOYEES' PROFIT SHARING AND PERSONAL SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION>
Participant Directed
-----------------------------------------------------------------------------
Small
Guaranteed Balanced Equity International Capitalization
Fund Fund Fund Equity Fund Fund
------------ ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
Participation in collective investment funds $ 41,903,194 $ 18,942,206 $ - $ - $ -
Participation in mutual funds - - 43,006,686 1,118,419 1,384,951
Loans receivable - participants (Note 3) - - - - -
Employer contribution receivable - - - - -
Employee contribution receivable - - - - -
Due from (to) other funds 76,665 91,561 (127,828) 4,099 (44,497)
Accrued interest receivable 191,042 10,583 37,945 (3,490) 31,242
Accrued loan repayments - - - - -
Accrued administrative expenses - - - - -
------------ ------------ ------------ ------------ -------------
Net assets available for plan benefits $ 42,170,901 $ 19,044,350 $ 42,916,803 $ 1,119,028 $ 1,371,696
============ ============ ============ ============ =============
<CAPTION>
Non-
Participant Participant
Directed Directed
------------- -------------
Loan Unallocated
Fund Funds Total
------------ ------------- ------------
<S> <C> <C> <C>
Participation in collective investment funds $ - $ - $ 60,845,400
Participation in mutual funds - - 45,510,056
Loans receivable - participants (Note 3) 706,301 - 706,301
Employer contribution receivable - 3,935,530 3,935,530
Employee contribution receivable - 53,348 53,348
Due from (to) other funds - - -
Accrued interest receivable - - 267,322
Accrued loan repayments (71,175) - (71,175)
Accrued administrative expenses - (333,100) (333,100)
------------ ------------ ------------
Net assets available for plan benefits $ 635,126 $ 3,655,778 $110,913,682
============ ============ ============
</TABLE>
The accompanying notes to financial statements
are an integral part of these financial statements.
F-3
<PAGE>
COLLINS & AIKMAN CORPORATION
EMPLOYEES' PROFIT SHARING AND PERSONAL SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
AS OF DECEMBER 31, 1995
<TABLE>
<CAPTION>
Non-
Participant
Participant Directed Directed
--------------------------------------------------- ------------
Guaranteed Balanced Equity Loan Unallocated
Fund Fund Fund Fund Funds Total
------------ ------------ ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Participation in collective investment funds $ 43,516,091 $ 16,689,980 $ 32,564,964 $ - $ - $ 92,771,035
Loans receivable - participants (Note 3) - - - 409,956 - 409,956
Employer contribution receivable - - - - 3,926,477 3,926,477
Employee contribution receivable - - - - 75,035 75,035
Due from (to) other funds (275,118) (65,508) 340,626 - - -
Accrued interest receivable 216,677 2,560 469 - 5,350 225,056
Accrued loan repayments - - - (53,020) - (53,020)
Accrued administrative expenses - - - - (121,200) (121,200)
------------ ------------ ------------ ------------ ------------ ------------
Net assets available for plan benefits $ 43,457,650 $ 16,627,032 $ 32,906,059 $ 356,936 $ 3,885,662 $ 97,233,339
============ ============ ============ ============ ============ ============
</TABLE>
The accompanying notes to financial statements
are an integral part of these financial statements.
F-4
<PAGE>
<TABLE>
<CAPTION>
COLLINS & AIKMAN CORPORATION
EMPLOYEES' PROFIT SHARING AND PERSONAL SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1996
Participant Directed
-----------------------------------------------------------------------------
Small
Guaranteed Balanced Equity International Capitalization
Fund Fund Fund Equity Fund Fund
------------ ------------ ------------ ------------- -------------
<S> <C> <C> <C> <C> <C>
Investment income $ 2,386,619 $ 127,633 $ 765,655 $ 24,259 $ 102,527
Net realized and unrealized appreciation - 2,375,477 7,220,772 84,969 (123,022)
Employer contribution (Note 3) 2,531,332 685,031 1,277,368 9,205 11,833
Employee contribution (Note 3) 2,768,468 1,200,865 2,424,834 83,709 109,295
Rollover contribution 69,901 6,005 6,005 6,005 12,010
Loans to Participants (220,534) (87,021) (294,890) (8,073) (14,625)
Loan repayments 153,138 47,861 134,171 2,495 2,468
Benefits paid directly to participants (6,390,373) (1,874,721) (3,602,639) (11,554) (21,288)
Administrative expenses (268,506) (98,175) (207,684) (779) (851)
Transfer of participants balances (2,852,112) (441,209) 1,071,180 928,792 1,293,349
Transfer from other trustee 535,318 475,572 1,215,972 - -
------------ ------------ ------------ ------------- ------------
Increase in net assets available for plan benefits (1,286,749) 2,417,318 10,010,744 1,119,028 1,371,696
Net assets available for plan benefits:
Beginning of year 43,457,650 16,627,032 32,906,059 - -
------------ ------------ ------------ ------------- ------------
End of year $ 42,170,901 $ 19,044,350 $ 42,916,803 $ 1,119,028 $ 1,371,696
============ ============ ============ ============= ============
<CAPTION>
Non-
Participant Participant
Directed Directed
------------- --------------
Loan Unallocated
Fund Funds Total
------------ ------------- ------------
<S> <C> <C> <C>
Investment income $ 12,394 $ (5,350) $ 3,413,737
Net realized and unrealized appreciation - - 9,558,196
Employer contribution (Note 3) - 9,053 4,523,822
Employee contribution (Note 3) - (21,687) 6,565,484
Rollover contribution - - 99,926
Loans to Participants 625,143 - -
Loan repayments (340,133) - -
Benefits paid directly to participants (19,214) - (11,919,789)
Administrative expenses - (211,900) (787,895)
Transfer of participants balances - - -
Transfer from other trustee - - 2,226,862
------------ ------------ -------------
Increase in net assets available for plan benefits 278,190 (229,884) 13,680,343
Net assets available for plan benefits:
Beginning of year 356,936 3,885,662 97,233,339
------------ ------------ -------------
End of year $ 635,126 3,655,778 110,913,682
============ ============ =============
</TABLE>
The accompanying notes to financial statements
are an integral part of these financial statements.
F-5
<PAGE>
COLLINS & AIKMAN CORPORATION
EMPLOYEES' PROFIT SHARING AND PERSONAL SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1996 AND 1995
1. General
On July 7, 1994, Collins & Aikman Corporation (a wholly-owned subsidiary of
Collins & Aikman Group, Inc.) changed its name to Collins & Aikman Products
Co. On July 13, 1994, Collins & Aikman Group, Inc. was merged into its
wholly-owned subsidiary Collins & Aikman Products Co. (the "Company").
Effective March 1, 1991, the Collins & Aikman Corporation Employees' Profit
Sharing and Personal Savings Plan (the "Plan") was amended and restated to
comply with the Tax Reform Act of 1986 (Note 8).
Banker's Trust Company (the "Trustee") serves as trustee to the Plan. The
Trustee acts as custodian for the Plan's assets, executes all investment
transactions and provides periodic reports to the Plan's administrators.
2. Summary of Significant Accounting Policies
The accompanying financial statements have been prepared on an accrual
basis of accounting. Administrative expenses, including compensation and
expenses of the Trustee, have been borne by the Plan while expenses
incidental to the purchase and sale of investments are reflected in the
cost of the related securities. Certain expenses related to the
administration of the Plan have been borne by the Company.
Current values of trust investments are based upon quoted market prices of
the underlying securities. Realized appreciation (depreciation) is
determined as the difference between sales proceeds and the value of
investment units as of the beginning of the plan year or the cost of
investment units purchased during the year. Unrealized appreciation
(depreciation) is determined as the difference between the value of
investment units at the end of the plan year and the value of investment
units at the beginning of the plan year, or cost if the investment units
were purchased during the current year.
Effective June 28, 1996, the Company's Wickes Manufacturing and Automotive
Aftermarket Distribution Group Gold Plan (the "Wickes Gold Plan") was
merged into the Plan. Accordingly, approximately $2,227,000 in assets from
participants of the Wickes Gold Plan were transferred to the Plan.
Effective July 1, 1996, employees other than excluded employees (as
defined), may make rollover contributions to the Plan as provided by the
Plan's provisions. Also, as of July 1, 1996, after the effective date of
the transaction to dividend Imperial Wallcoverings, Inc. ("Imperial") to
the shareholders of Collins & Aikman Corporation ("Imperial Spin-off
Date"), Imperial will no longer be a participating employer in the Plan.
The accounts of each participant employed by Imperial on the Imperial
Spin-off Date will be fully vested and nonforfeitable. Benefit payments of
Imperial affected participants shall commence on the first day of any
calendar month following the spin-off pursuant to the Plan provisions.
F-6
<PAGE>
As indicated in Note 3, the Guaranteed Fund's assets include Guaranteed
Investment Contracts (GIC's) and Bank Investment Contracts (BIC's)
sponsored by various insurance companies and banks authorized to issue such
contracts as well as GIC Alternatives sponsored by the Trustee. The GIC's
and BIC's are reported to the Trustee by the insurance companies or banks
at contract value, which approximate fair market value. Contract value
includes contributions plus accrued earnings less administrative expenses.
The GIC Alternatives represent pooled funds of fixed income securities
which are traded on national exchanges. These pooled funds are covered by a
"wrapper contract" which guarantees the Plan's principal as well as a
stated rate of return. The GIC Alternatives are reported at the wrapper
contract value, which approximates fair market value, and which includes
contributions plus accrued interest less administrative expenses.
Two participant contribution accounts and two company contribution accounts
are maintained for each participant to account for his or her interest in
the Plan. The participant contribution accounts consist of before-tax and
after-tax savings accounts. The company contribution accounts consist of
profit sharing and company match accounts (Note 3). The accounts for all
participants are valued at their fair market value on the valuation date in
accordance with the plan agreement.
The Company's profit sharing contribution is allocated to each participant
who was an active employee at the end of the plan year in the ratio of the
active participant's eligible compensation to the total compensation of all
active participants.
3. Description of the Plan
The Plan is a defined contribution plan subject to the provisions of the
Employee Retirement Income Security Act of 1974. The following separate
elective investment funds are available to the participants for the purpose
of investing their contributions and the Company's contributions:
- A guaranteed fund which invests in the Trustee's Interest Income Fund.
The Interest Income Fund invests in GIC's, BIC's and GIC Alternatives,
which are guaranteed as to both principal and income.
- An equity fund which invests in the Trustee's Equity 500 Index Fund. The
Equity 500 Index Fund invests principally in common stocks and may also
hold S&P Index Futures contracts and other investments including
preferred stocks, corporate notes and other corporate investments as a
result of transactions initiated by investee corporations. Investments
are selected by the investment manager to statistically mirror the
performance of the S&P 500 Index, and no one investment accounts for
greater than 3.0% of the fund's assets.
- A balanced fund which invests in the Trustee's Equity 500 Index Fund and
the Trustee's Short and Intermediate Term Bond Fund at the Trustee's
discretion. The Short and Intermediate Term Bond Fund is invested in a
diversified portfolio of foreign and domestic fixed income investments,
with a small percentage of assets also invested in corporate bonds and
mortgages.
- An international equity fund which invests in the Trustee's International
Equity Fund. The International Equity Fund invests in foreign equities
and other foreign securities with equity characteristics.
- A small capitalization fund which invests in the Trustee's Small
Capitalization Equity Fund. The Small Capitalization Equity Fund invests
in smaller-sized companies, and investments are selected by the
investment manager to statistically mirror the performance of the Russell
2000 Index.
F-7
<PAGE>
As outlined in the plan agreement, the Company shall make a profit sharing
contribution in such amount, if any, as determined by the Company's Board
of Directors. The Company shall also make a Company match contribution to
the Plan in accordance with the plan agreement for each eligible salaried
participant for whom a before-tax savings contribution is made. The amount
of the Company matching contribution is 50% of the first 3% of the
participant's before-tax compensation that has been contributed.
Employees may elect to make contributions to the Plan on a before-tax and
after-tax basis. Percentages withheld from eligible compensation on behalf
of the employee must be in whole multiples of 1% and cannot exceed 10%.
All contributions made on behalf of a participant shall be invested as
designated by the participant in the specific investment fund(s) in
multiples of 10%.
Prior to July 1, 1991, participants were entitled to borrow from the Plan
amounts up to 50% of the value of their vested interests in the Plan and
were charged interest in accordance with the Plan's provisions. The period
for repayment for any loan did not exceed five years unless the loan was
used to purchase, construct or substantially rehabilitate a principal
residence of the participant or their immediate family. Effective July 1,
1991, participants were not permitted to obtain loans from the Plan.
Effective November 1, 1996, the Plan was amended to allow participants to
borrow from their before-tax and after-tax savings accounts in an amount
not to exceed the lesser of 50% of their interests in the Plan or $50,000.
Loans may have a maximum term of four years and will be repaid through
bi-monthly payroll deductions. Participants are charged interest in
accordance with the Plan's provisions. The Plan had loans outstanding to
participants of $635,126 and $356,936 as of December 31, 1996 and 1995,
respectively.
4. Investments
The fair value of individual investments that represent 5% or more of the
Plan's total investments as of December 31, 1996 or 1995 are as follows:
<TABLE>
<CAPTION>
1996 1995
-------------- --------------
<S> <C> <C>
Banker's Trust Short and Intermediate Term Bond Fund $ 4,727,715 $ 6,249,456
Banker's Trust Large Capitalization Equity 500 Index Fund 54,177,503 -
Banker's Trust Pyramid GIC Fund II 41,863,821 -
Banker's Trust Pyramid Equity Index Fund - 42,982,626
Banker's Trust Pyramid Open End GIC Fund - 43,488,665
</TABLE>
During 1996, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year) appreciated
(depreciated) in value by $9,558,196 as follows:
1996
---------------
Banker's Trust Short and Intermediate Term Bond Fund $ 217,936
Banker's Trust Equity 500 Index Fund 9,378,313
Banker's Trust International Equity Fund 84,969
Banker's Trust Small Capitalization Equity Fund (123,022)
-----------
Net realized and unrealized appreciation $ 9,558,196
===========
F-8
<PAGE>
During 1996, the Plan's investments in the Guaranteed Fund earned income of
approximately $2,387,000, respectively, which represents an average yield
of 5.6%.
5. Distributions, Vesting and Forfeitures
A participant is fully vested with respect to the profit sharing and
Company match accounts after five years of service. The amounts credited to
a participant's before-tax and after-tax savings accounts are fully vested
when credited. A participant or participant's beneficiary shall receive a
distribution equal to the value of his vested individual account as of the
valuation date on or following retirement, death, disability, or
termination of service. Payment of the benefit is made in the form of a
lump sum or periodic installments as outlined in the plan agreement.
A participant who terminates service without a fully vested interest
forfeits any nonvested balance in his or her Company contribution accounts
as of the valuation date coincident with or following his or her
termination of service. The forfeited funds are then distributed to the
participants' accounts ratably based upon participant balances. During
1996, approximately $171,000 in forfeitures were allocated to active
participants.
6. Payable to Terminated Participants/Reconciliation to Form 5500
Amounts payable to those participants who have withdrawn from participation
in the earnings and operations of the Plan as of December 31, 1996 and 1995
are included as a component of Net Assets Available for Plan Benefits.
Distributions payable to these terminated participants, net of forfeitures,
are as follows:
1996 1995
----------- -----------
Collective investment funds $ 22,505 $ 951,167
Loans Receivable - participants - 2,591
----------- -----------
Total $ 22,505 $ 953,758
=========== ===========
These amounts are recorded as a liability in the Plan's Form 5500; however,
these amounts are not recorded as a liability in accordance with generally
accepted accounting principles. The following tables reconcile net assets
available for plan benefits per the financial statements and benefits paid
directly to participants to the Form 5500 to be filed by the Company as of
December 31, 1996 and 1995 and for the year ended December 31, 1996:
<TABLE>
<CAPTION>
1996 1995
-------------- --------------
<S> <C> <C>
Net assets available for benefits per financial statements $ 110,913,682 $ 97,233,339
Amounts allocated to withdrawing participants (22,505) (953,758)
-------------- --------------
Net assets available for benefits per the Form 5500 $ 110,891,177 $ 96,279,581
============== ==============
<CAPTION>
Year Ended
December 31,
1996
------------
<S> <C>
Benefits paid directly to participants per the financial statements $ 11,919,789
Add: Amounts allocated to withdrawing participants at December 31, 1996 22,505
Less: Amounts allocated to withdrawing participants at December 31, 1995 (953,758)
------------
Benefits paid directly to participants per the Form 5500 $ 10,988,536
============
</TABLE>
F-9
<PAGE>
7. Termination of Plan
The Plan may be terminated at any time at the discretion of the Company's
Board of Directors. As of the termination date, contributions will cease to
be made by the Company. Upon complete or partial termination of the Plan,
all participants will be fully vested in accordance with the plan
agreement.
8. Federal Income Taxes
The Plan received an updated determination letter dated September 7, 1995,
from the Internal Revenue Service, stating that the Plan was in accordance
with applicable plan design requirements as of that date and thus qualified
for tax exempt status. The employer believes the plan has been operating in
compliance with the Plan document and thus continues to qualify as
tax-exempt.
9. Related Party Transactions
Certain Plan investments are shares of funds managed by Banker's Trust.
Banker's Trust is the trustee as defined by the Plan and, therefore, these
transactions qualify as party-in-interest.
10. Subsequent Events
Effective February 6, 1997 the Floorcoverings division was acquired by a
company formed by Quad-C, Inc. and Paribas Principal Partners. Effective
July 16, 1997, the Mastercraft division was acquired by the Joan Fabrics
Corporation. The plan has been amended effective January 15, 1997 to allow
the Company or the respective purchasers of the divisions to transfer the
participants employed by the divisions to a successor tax-qualified plan. A
successor plan would be maintained and administered by the purchasers of
the respective division. In conjunction with the Floorcoverings sale,
approximately 684 participants with account balances of approximately
$9,700,000 were transferred to a successor plan effective April 2, 1997. In
conjunction with the Mastercraft sale, participants employed by Mastercraft
may no longer contribute to the Plan, effective July 16, 1997. Company
Management plans to transfer the assets of the Mastercraft participants to
a successor plan in October 1997.
In June 1997, the Board of Directors approved the stock of Collins & Aikman
Corporation as a separate elective investment fund available to
participants for the purpose of investing contributions. The Company plans
for the employer stock to be available as an investment option on September
1, 1997, pending SEC approval of a Form S-8 Registration Statement.
F-10
<PAGE>
<TABLE>
<CAPTION>
Schedule I
COLLINS & AIKMAN CORPORATION
EMPLOYEES' PROFIT SHARING AND PERSONAL SAVINGS PLAN
ITEM 27-a SCHEDULE OF ASSETS HELD FOR INVESTMENT
AS OF DECEMBER 31, 1996
(e)
(b) (c) (d) Current
(a) Identity of Issuer Description Cost Value
- --- -------------------- ---------------------------------------------------------------- --------------- ---------------
<S> <C> <C> <C> <C>
* Banker's Trust Large Capitalization Equity 500 Index Fund - 2,605,883 units $ 45,286,921 $ 54,177,503
* Banker's Trust International Equity Fund - 62,904 units 1,035,967 1,107,734
* Banker's Trust Small Capitalization Equity Fund - 75,568 units 1,498,913 1,373,072
* Banker's Trust Short and Intermediate Term Bond Fund - 2,734,316 units 4,213,222 4,727,715
* Banker's Trust Discretionary Cash Fund - 3,105,612 units 3,105,612 3,105,612
* Banker's Trust Pyramid GIC Fund II - 41,863,821 units 41,863,821 41,863,821
* Loan Fund Participant loans (interest rates range from 6.3% to 10%) 706,301 706,301
--------------- --------------
Total Investments $ 97,710,757 $ 107,061,758
================ ==============
</TABLE>
* Represents Party-in-interest to the Plan
The accompanying notes to financial statements
are an integral part of this schedule
F-11
<PAGE>
<TABLE>
<CAPTION>
Schedule II
COLLINS & AIKMAN CORPORATION
EMPLOYEES' PROFIT SHARING AND PERSONAL SAVINGS PLAN
ITEM 27-d SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
(h)
(a) Current Value
Identity (c) (d) (g) of Asset on (i)
of Party (b) Purchase Selling Cost of Transaction Net Gain
Involved Description of Asset Price Price Asset Date (Loss)
- ---------------------- --------------------------------- ------------ ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
* Banker's Trust Co. Discretionary Cash Fund (261
purchases) $ 26,110,589 $ - $ 26,110,589 $ 26,110,589 $ -
* Banker's Trust Co. Discretionary Cash Fund (233
sales) - 23,055,224 23,055,224 23,055,224 -
* Banker's Trust Co. Pyramid Open End GIC Fund (33
purchases) 5,669,160 - 5,669,160 5,669,160 -
* Banker's Trust Co. Pyramid Open End GIC Fund (30
sales) - 49,157,824 49,157,824 49,157,824 -
* Banker's Trust Co. Pyramid GIC Fund II (33
purchases) 46,362,175 - 46,362,175 46,362,175 -
* Banker's Trust Co. Pyramid GIC Fund II (42 sales) - 4,498,353 4,498,353 4,498,353 -
* Banker's Trust Co. Short and Intermediate Term Bond
Fund (22 purchases) 2,301,080 - 2,301,080 2,301,080 -
* Banker's Trust Co. Short and Intermediate Term Bond
Fund (19 sales) - 4,040,757 3,693,821 4,040,757 346,936
* Banker's Trust Co. Large Capitalization Equity 500
Index Fund (35 purchases) 42,138,640 - 42,138,640 42,128,640 -
* Banker's Trust Co. Large Capitalization Equity 500
Index Fund (56 sales) - 4,780,925 4,327,454 4,780,925 453,471
* Banker's Trust Co. Pyramid Equity Index Fund (45
purchases) 8,109,654 - 8,109,654 8,109,654 -
* Banker's Trust Co. Pyramid Equity Index Fund ( 38
sales) - 43,650,806 27,820,657 43,650,806 15,830,149
</TABLE>
* Represents Party-in-interest to the Plan
Columns (e) and (f) are not included as they are not applicable to the Plan
The accompanying notes to financial statements
are an integral part of this schedule
F-12
