<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
/X/ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended December 31, 1995
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from ____________ to ____________
Commission file number 1-10745
A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:
CALDOR, INC. PROFIT SHARING PLAN
B. Name of the issuer of the securities held pursuant to the plan and the
address of its principal executive office:
The Caldor Corporation
20 Glover Avenue
Norwalk, Connecticut 06856-5620
<PAGE> 2
CALDOR, INC. PROFIT SHARING PLAN
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C>
INDEPENDENT AUDITORS' REPORT 1-2
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits with Fund Information
For the Years Ended December 31, 1995 and 1994 3-4
Statements of Changes in Net Assets Available for Benefits with Fund Information
For the Years Ended December 31, 1995, 1994 and 1993 5-7
Notes to Financial Statements 8-14
SUPPLEMENTAL SCHEDULES IN COMPLIANCE WITH THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974 FOR THE YEAR ENDED
DECEMBER 31, 1995:
Item 27(a) - Schedule of Assets Held for Investment Purposes 15
Item 27(d) - Schedule of Reportable Transactions - Aggregated by Issue 16
Item 27(d) - Schedule of Reportable Transactions - Single Transactions (none noted)
Schedules relating to party-in-interest transactions, loans or fixed income
obligations in default and leases in default have been omitted because
there were none during the 1995 plan year.
</TABLE>
<PAGE> 3
INDEPENDENT AUDITORS' REPORT
To the Plan Administrator of
Caldor, Inc. Profit Sharing Plan
Norwalk, Connecticut
We have audited the accompanying statements of net assets available for benefits
of the Caldor, Inc. Profit Sharing Plan (the "Plan") as of December 31, 1995 and
1994, and the related statements of changes in net assets available for plan
benefits for each of the three years ended December 31, 1995, 1994 and 1993.
These financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
1995 and 1994, and the changes in net assets available for plan benefits for
each of the three years ended December 31, 1995, 1994 and 1993 in conformity
with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of (1) assets held for investment purposes as of December 31, 1995 and (2)
reportable transactions for the year ended December 31, 1995 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's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental
information by fund in the statements of net assets available for benefits and
the statements of changes in net assets available for benefits is presented for
the purpose of additional analysis of the basic financial statements rather than
to present information regarding the net assets available for benefits and
changes in net assets available for benefits of the individual funds, and is not
a required part of the basic financial statements. The supplemental schedules
and supplemental
<PAGE> 4
information by fund is the responsibility of the Plan's management. Such
supplemental schedules and supplemental information by fund have been subjected
to the auditing procedures applied in our audits of the basic financial
statements and, in our opinion, are fairly stated in all material respects when
considered in relation to the basic financial statements taken as a whole.
Deloitte and Touche L.L.P.
June 17, 1996
- 2 -
<PAGE> 5
CALDOR, INC. PROFIT SHARING PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1995
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
-----------------------------------------------------------------
CALDOR
COMMON EQUITY FIXED
STOCK INDEX INCOME BALANCED
FUND FUND FUND FUND TOTAL
<S> <C> <C> <C> <C> <C>
ASSETS:
Cash $ 155 $ 310 $ 155 $ 620
Investments - at fair value $ 917,693 13,263,762 3,157,950 2,896,423 20,235,828
(Note 2)
Guaranteed investment contracts -
at contract value (Note 2) -- -- 16,680,622 -- 16,680,622
----------- ----------- ----------- ----------- -----------
Total investments 917,693 13,263,917 19,838,882 2,896,578 36,917,070
----------- ----------- ----------- ----------- -----------
Receivables:
Employee contribution 42,396 155,453 193,138 80,082 471,069
Employer contribution 809,430 -- -- -- 809,430
Accrued interest and dividends 49 148 306 59 562
----------- ----------- ----------- ----------- -----------
Total receivables 851,875 155,601 193,444 80,141 1,281,061
----------- ----------- ----------- ----------- -----------
Total assets 1,769,568 13,419,518 20,032,326 2,976,719 38,198,131
----------- ----------- ----------- ----------- -----------
LIABILITIES:
Administrative expenses payable 2,745 18,734 29,856 4,180 55,515
----------- ----------- ----------- ----------- -----------
Total liabilities 2,745 18,734 29,856 4,180 55,515
----------- ----------- ----------- ----------- -----------
NET INTERFUND TRANSFERS (3,048) (2,203) 4,512 739 --
----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $ 1,763,775 $13,398,581 $20,006,982 $ 2,973,278 $38,142,616
----------- ----------- ----------- ----------- -----------
</TABLE>
See notes to financial statements.
- 3 -
<PAGE> 6
CALDOR, INC. PROFIT SHARING PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1994
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
-------------------------------------------------------------------
CALDOR
COMMON EQUITY FIXED
STOCK INDEX INCOME BALANCED
FUND FUND FUND FUND TOTAL
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments - at fair $3,533,149 $ 10,100,306 $ 4,622,607 $1,826,103 $20,082,165
value (Note 2)
Guaranteed investment
contracts - at contract
value (Note 2) -- -- 15,641,593 -- 15,641,593
---------- ------------ ------------ ---------- -----------
Total investments 3,533,149 10,100,306 20,264,200 1,826,103 35,723,758
---------- ------------ ------------ ---------- -----------
Receivables:
Employee contribution 64,085 152,818 202,115 73,944 492,962
Employer contribution 1,119,077 -- -- -- 1,119,077
Accrued interest and
dividends 96 56 520 136 808
---------- ------------ ------------ ---------- -----------
Total receivables 1,183,258 152,874 202,635 74,080 1,612,847
---------- ------------ ------------ ---------- -----------
Total assets 4,716,407 10,253,180 20,466,835 1,900,183 37,336,605
---------- ------------ ------------ ---------- -----------
LIABILITIES:
Administrative expenses
payable 1,585 3,096 6,078 749 11,508
---------- ------------ ------------ ---------- -----------
Total liabilities 1,585 3,096 6,078 749 11,508
---------- ------------ ------------ ---------- -----------
NET INTERFUND
TRANSFERS 150,593 (111,552) (43,946) 4,905 --
---------- ------------ ------------ ---------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $4,865,415 $ 10,138,532 $ 20,416,811 $1,904,339 $37,325,097
========== ============ ============ ========== ===========
</TABLE>
See notes to financial statements.
- 4 -
<PAGE> 7
CALDOR, INC. PROFIT SHARING PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH
FUND INFORMATION
YEAR ENDED DECEMBER 31, 1995
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
-------------------------------------------------------------------
CALDOR
COMMON EQUITY FIXED
STOCK INDEX INCOME BALANCED
FUND FUND FUND FUND TOTAL
<S> <C> <C> <C> <C> <C>
NET ASSETS AVAILABLE FOR
BENEFITS, BEGINNING OF
YEAR $ 4,865,415 $10,138,532 $ 20,416,811 $1,904,339 $ 37,325,097
----------- ----------- ------------ ---------- ------------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Employer contributions 809,430 -- -- -- 809,430
Employee contributions 576,370 1,626,622 2,104,095 775,670 5,082,757
Interest and dividend income 3,157 2,676 1,278,049 103,760 1,387,642
Realized/unrealized gain (loss)
in fair value of investments (4,211,785) 3,689,612 -- 446,900 (75,273)
----------- ----------- ------------ ---------- ------------
Total additions (2,822,828) 5,318,910 3,382,144 1,326,330 7,204,556
----------- ----------- ------------ ---------- ------------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Benefit payments 338,973 2,188,331 3,315,919 311,875 6,155,098
Administrative expenses 17,535 81,299 119,064 14,041 231,939
----------- ----------- ------------ ---------- ------------
Total deductions 356,508 2,269,630 3,434,983 325,916 6,387,037
----------- ----------- ------------ ---------- ------------
NET ADDITIONS PRIOR TO
INTERFUND TRANSFERS (3,179,336) 3,049,280 (52,839) 1,000,414 817,519
----------- ----------- ------------ ---------- ------------
NET INTERFUND TRANSFERS 77,696 210,769 (356,990) 68,525 --
----------- ----------- ------------ ---------- ------------
NET ASSETS AVAILABLE FOR
BENEFITS, END OF YEAR $ 1,763,775 $13,398,581 $ 20,006,982 $2,973,278 $ 38,142,616
----------- ----------- ------------ ---------- ------------
</TABLE>
See notes to financial statements.
- 5 -
<PAGE> 8
CALDOR, INC. PROFIT SHARING PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH
FUND INFORMATION
YEAR ENDED DECEMBER 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
------------------------------------------------------------------
CALDOR
COMMON EQUITY FIXED
STOCK INDEX INCOME BALANCED
FUND FUND FUND FUND TOTAL
<S> <C> <C> <C> <C> <C>
NET ASSETS AVAILABLE
FOR BENEFITS,
BEGINNING OF YEAR $ 3,891,944 $ 9,682,961 $ 21,526,277 $ -- $ 35,101,182
----------- ------------ ------------ ----------- ------------
ADDITIONS TO NET
ASSETS ATTRIBUTED TO:
Employer contributions 1,119,077 -- -- -- 1,119,077
Employee contributions 580,069 1,547,252 2,214,494 617,599 4,959,414
Interest and dividend income 1,303 1,014 1,278,903 142,138 1,423,358
Realized/unrealized gain
(loss) in fair value
of investments (600,579) 138,740 -- (112,506) (574,345)
----------- ------------ ------------ ----------- ------------
Total additions 1,099,870 1,687,006 3,493,397 647,231 6,927,504
----------- ------------ ------------ ----------- ------------
DEDUCTIONS FROM NET
ASSETS ATTRIBUTED TO:
Benefit payments 406,209 1,070,388 2,988,276 117,945 4,582,818
Administrative expenses 14,192 40,691 62,536 3,352 120,771
----------- ------------ ------------ ----------- ------------
Total deductions 420,401 1,111,079 3,050,812 121,297 4,703,589
----------- ------------ ------------ ----------- ------------
NET ADDITIONS
PRIOR TO INTERFUND
TRANSFERS 679,469 575,927 442,585 525,934 2,223,915
----------- ------------ ------------ ----------- ------------
NET INTERFUND
TRANSFERS 294,002 (120,356) (1,552,051) 1,378,405 --
----------- ------------ ------------ ----------- ------------
NET ASSETS AVAILABLE
FOR BENEFITS, END
OF YEAR $ 4,865,415 $ 10,138,532 $ 20,416,811 $ 1,904,339 $ 37,325,097
=========== ============ ============ =========== ============
</TABLE>
See notes to financial statements.
- 6 -
<PAGE> 9
CALDOR, INC. PROFIT SHARING PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH
FUND INFORMATION
YEAR ENDED DECEMBER 31, 1993
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
----------------------------------------------
CALDOR
COMMON EQUITY FIXED
STOCK INDEX INCOME
FUND FUND FUND TOTAL
<S> <C> <C> <C> <C>
NET ASSETS AVAILABLE FOR
BENEFITS, BEGINNING OF
YEAR $ 3,094,930 $ 8,140,148 $ 20,170,643 $31,405,721
----------- ----------- ------------ -----------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Employer contributions 559,345 -- -- 559,345
Employee contributions 349,649 1,418,112 2,055,659 3,823,420
Interest and dividend income 1,779 998 1,336,367 1,339,144
Realized/unrealized gain (loss)
in fair value of investments (242,083) 857,021 -- 614,938
----------- ----------- ------------ -----------
Total additions 668,690 2,276,131 3,392,026 6,336,847
----------- ----------- ------------ -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Benefit payments 157,706 657,736 1,697,287 2,512,729
Administrative expenses 11,060 37,692 79,905 128,657
----------- ----------- ------------ -----------
Total deductions 168,766 695,428 1,777,192 2,641,386
----------- ----------- ------------ -----------
NET ADDITIONS PRIOR TO
INTERFUND TRANSFERS 499,924 1,580,703 1,614,834 3,695,461
----------- ----------- ------------ -----------
NET INTERFUND TRANSFERS 297,090 (37,890) (259,200) --
----------- ----------- ------------ -----------
NET ASSETS AVAILABLE FOR
BENEFITS, END OF YEAR $ 3,891,944 $ 9,682,961 $ 21,526,277 $35,101,182
=========== =========== ============ ===========
</TABLE>
See notes to financial statements.
- 7 -
<PAGE> 10
CALDOR, INC. PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
- --------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The following description of the Caldor, Inc. Profit Sharing Plan (the
"Plan") for eligible employees of Caldor, Inc. (the "Employer") provides
general information. Participants should refer to the Plan agreement for a
more complete description of the Plan's provisions.
a. General - The Plan, established January 1, 1990, is a defined
contribution plan covering substantially all employees not covered
under a collective bargaining agreement who have completed one year
of service of at least 1,000 hours and are age 21 or older. The Plan
was amended, effective January 1, 1993, to allow for the investment
of contributions in common stock of The Caldor Corporation. The Plan
is subject to the provisions of the Employee Retirement Income
Security Act of 1974 ("ERISA").
b. Employee Contributions - Participating employees elect to contribute
on a before-tax and/or after-tax basis from 1% to 15% of their
compensation earned during any payroll period. Each participant may
contribute on a before-tax basis up to the limits established by
law.
c. Employer Contributions - The employer contribution, referred to as
the Company Matching Contribution, for a plan year is determined on
the basis of the Employer's attainment of earnings objectives during
the fiscal year ending on the Saturday closest to January 31
following such plan year.
The Company Matching Contribution is not to exceed the amount
deductible for such plan year for income tax purposes and may not
exceed the limit established by law. The employer contribution may
be made without regard to current or accumulated profits of the
Employer.
d. Participants' Accounts - Each participant has a separate account for
before-tax contributions, after-tax contributions, pension rollover
contributions and Company Matching Contributions. Each participant's
account is credited with the participant's contribution and an
allocation of (a) the Employer's contribution, (b) Plan earnings,
and debited for participant's withdrawals and an allocation of
administrative expenses. Allocations are based on participant
earnings or account balances, as defined. The benefit to which a
participant is entitled is the benefit that can be provided from the
participant's account.
e. Vesting - Participants are immediately vested in their before-tax
contribution account, after-tax contribution account and pension
rollover account plus actual earnings thereon. Vesting in their
- 8 -
<PAGE> 11
share of the Company Matching Contribution is based on years of
continuous service on the following basis:
<TABLE>
<CAPTION>
COMPLETED YEARS OF SERVICE PERCENTAGE VESTED
<S> <C>
Less than 3 0%
3 but less than 4 20
4 but less than 5 40
5 but less than 6 60
6 but less than 7 80
7 or more 100
</TABLE>
Notwithstanding the above, a participant is 100% vested when the
participant has attained age 55 with at least five years of service,
has attained normal retirement age, or upon death or permanent
disability.
f. Forfeitures - In the event that a participant terminates employment
and is less than 100% vested in all accounts, forfeitures of the
nonvested account in the Company Matching Contribution account,
along with earnings on the forfeited amount, shall be used by the
Employer to reduce future contributions by the Employer. Forfeitures
in 1995, 1994, and 1993 were $35,000, $90,300 and $144,260,
respectively.
g. Payment of Benefits - Upon termination of employment for any
reason, a participant or designated beneficiary shall receive a
single lump-sum amount equal to the value of the participant's
vested interest in his or her account as soon as practicable. A
participant may elect to defer such distribution pursuant to plan
provisions. A participant who terminates employment as a result of
retirement may elect to receive a lump sum distribution or annual
installments over a period not to exceed 10 years.
h. Administrative - The Plan is administered by the Employer, which
appoints a committee to control and manage the operation and
administration of the Plan. The Employer also appoints an investment
committee which has the responsibility and authority to make
investment decisions for the Plan. The Trustee holds these
investments and executes these decisions. The Plan's investments are
held by a bank-administered trust fund.
i. Administrative Expenses - Plan administrative expenses are paid for
by the Plan.
j. Investments - A participant may elect to have contributions to
his/her participant account invested in one or a combination of the
following investment options. The Company Matching Contribution is
to be invested exclusively in the Caldor Common Stock Fund. A
portion of any of the four funds may be invested in short term
securities or maintained in cash.
CALDOR COMMON STOCK FUND - This is a single security fund. Funds are
invested solely in The Caldor Corporation common stock.
EQUITY INDEX FUND - The prospectus for the Metropolitan Index Fund
Contract indicates that funds are primarily invested in a diversified
portfolio of equity securities designed to maintain an investment return
that matches the performance of the Standard and Poor's Fortune 500
Stocks.
FIXED INCOME FUND - Funds are invested in guaranteed investment contracts
(GICs) issued by insurance companies or banks.
- 9 -
<PAGE> 12
BALANCED FUND - The prospectus for the Multi-Asset Fund indicates that
funds are invested in a broad mix of stocks, bonds, and cash, which are
well-diversified in each category.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING - The financial statements of the Plan are prepared
under the accrual method of accounting.
INVESTMENT VALUATION AND INCOME RECOGNITION - The Plan's investments are
stated at fair value, as determined by the Plan's trustee based upon
publicly stated price information. Short-term investments are stated at
cost, which approximates market. Guaranteed investment contracts are
valued at contract value.
In accordance with the policy of stating investments at fair value, net
appreciation (depreciation) in fair value of plan assets for the plan year
is reflected in the statement of changes in net assets available for plan
benefits. In accordance with the Department of Labor's regulations, net
unrealized appreciation (depreciation) is calculated as the difference
between the fair value of assets at the plan year-end date and the fair
value of assets at the beginning of the plan year or based on historical
cost if the investment was acquired since the beginning of the plan year.
Security transactions are accounted for as of their trade dates. Realized
gains and losses on sales of securities are computed based on the specific
cost of the securities sold. Interest and dividend income is recorded when
earned.
PAYMENT OF BENEFITS - Benefits are recorded when paid.
BENEFITS PAYABLE - In 1994, the Plan changed its method of accounting for
benefits payable to comply with the 1994 AICPA Audit and Accounting Guide,
Audits of Employee Benefit Plans. The new guidance requires that benefits
payable to persons who have withdrawn from participation in a defined
contribution plan be disclosed in the footnotes to the financial
statements rather than be recorded as a liability of the Plan. As of
December 31, 1995 and 1994, net assets available for benefits included
benefits of $202,405 and $582,594, respectively, due to participants who
have withdrawn from participation in the Plan.
RECENT ACCOUNTING PRONOUNCEMENT - In September 1994, the AICPA issued
Statement of Position ("SOP") 94-4, "Reporting of Investment Contracts
Held by Health and Welfare Benefit Plans and Defined-Contribution Pension
Plans," which is effective for fiscal years beginning after December 15,
1994. However, the implementation of SOP 94-4 for contracts entered into
before December 31, 1993 is delayed to plan years beginning after December
15, 1995. This new SOP requires a defined-contribution plan to report
investment contracts that are not fully benefit responsive at fair value.
Benefit responsiveness is defined as the extent to which a contract's
terms and the plan itself permit or require participant-initiated
withdrawals, loans, transfers, etc., at contract value. The Plan has not
adopted SOP 94-4 at this time and has not determined the effect, if any,
of adopting this SOP on its financial statements.
3. PLAN TERMINATION
Although it has not expressed any intent to do so, the Employer has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions set forth in ERISA. In the
event of Plan termination, the account balance of each affected
participant shall be 100 percent vested and nonforfeitable.
4. TAX STATUS
The Plan is intended to be qualified under section 401(a) of the Internal
Revenue Code of 1986 (the "Code") and is intended to be exempt from
taxation under section 501(a) of the Code. The Plan received a favorable
IRS determination letter dated January 8, 1993. The Plan has been amended
since receiving the last determination letter. However, the Plan
Administrator believes that the Plan is currently designed and being
operated in compliance with the applicable requirements of the Internal
Revenue Code. Therefore, no provision for income taxes has been included
in the Plan's financial statements.
- 10 -
<PAGE> 13
5. INVESTMENTS
The following tables represent the fair value of investments as of
December 31, 1995 and 1994. Investments that represent 5 percent or more
of the Plan's net assets are separately identified.
<TABLE>
<CAPTION>
CALDOR COMMON EQUITY INDEX
STOCK FUND FUND
NO. FAIR NO. FAIR
SHARES COST VALUE SHARES COST VALUE
DECEMBER 31, 1995
<S> <C> <C> <C> <C> <C> <C>
Cash $ 155 $ 155
Fidelity Short-term Investments 5,405 $ 5,405 $ 5,405 7,035 7,035 7,035
Domestic Money Market Portfolio
Guaranteed Investment Contracts -- -- -- -- -- --
Index Fund -- -- -- 62,992 9,814,965 13,256,727
Mutual Fund - Multi-Asset Fund -- -- -- -- -- --
Other Investments -- -- -- -- -- --
Caldor Common Stock 280,704 4,868,651 912,288 -- -- --
----------- ----------- ----------- -----------
Total $ 4,874,056 $ 917,693 $ 9,822,155 $13,263,917
=========== =========== =========== ===========
DECEMBER 31, 1994
Fidelity Short-term Investments 16,826 $ 16,826 $ 16,826 7,029 $ 7,029 $ 7,029
Domestic Money Market Portfolio
Guaranteed Investment Contracts -- -- -- -- -- --
Index Fund -- -- -- 65,978 9,962,201 10,093,277
Mutual Fund - Multi-Asset Fund -- -- -- -- -- --
Other Investments -- -- -- -- -- --
Caldor Common Stock 158,037 4,152,592 3,516,323 -- -- --
----------- ----------- ----------- -----------
Total $ 4,169,418 $ 3,535,149 $ 9,969,230 $10,100,306
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
FIXED INCOME BALANCED
FUND FUND
NO. FAIR NO. FAIR
SHARES COST VALUE SHARES COST VALUE
DECEMBER 31, 1995
<S> <C> <C> <C> <C> <C> <C>
Cash $ 310 $ 310 $ 155 $ 155
Fidelity Short-term Investments 75,198 75,198 75,198 9,970 9,970 9,970
Domestic Money Market Portfolio
Guaranteed Investment Contracts 16,680,622 16,680,622 16,680,622 -- -- --
Index Fund -- -- -- -- -- --
Mutual Fund - Multi-Asset Fund -- -- -- 244,822 2,727,976 2,886,453
Other Investments 3,082,752 3,082,752 3,082,752 -- -- --
Caldor Common Stock -- -- -- -- -- --
----------- ----------- ----------- -----------
Total $19,838,882 $19,838,882 $ 2,738,101 $ 2,896,578
=========== =========== =========== ===========
DECEMBER 31, 1994
Fidelity Short-term Investments 73,474 $ 73,474 $ 73,474 5,516 $ 5,516 $ 5,516
Domestic Money Market Portfolio
Guaranteed Investment Contracts 15,725,792 15,725,792 15,725,792 -- -- --
Index Fund -- -- -- -- -- --
Mutual Fund - Multi-Asset Fund -- -- -- 170,627 1,934,251 1,820,587
Other Investments 4,464,934 4,464,934 4,464,934 -- -- --
Caldor Common Stock -- -- -- -- -- --
----------- ----------- ----------- -----------
Total $20,264,200 $20,264,200 $ 1,939,767 $ 1,826,103
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
TOTAL
FAIR
COST VALUE
DECEMBER 31, 1995
<S> <C> <C>
Cash $ 620 $ 620
Fidelity Short-term Investments 97,608 97,608
Domestic Money Market Portfolio
Guaranteed Investment Contracts 16,680,622 16,680,622
Index Fund 9,814,965 13,256,727
Mutual Fund - Multi-Asset Fund 2,727,976 2,886,453
Other Investments 3,082,752 3,082,752
Caldor Common Stock 4,868,651 912,288
----------- -----------
Total $37,273,194 $36,917,070
=========== ===========
DECEMBER 31, 1994
Fidelity Short-term Investments $ 102,845 $ 102,845
Domestic Money Market Portfolio
Guaranteed Investment Contracts 15,725,792 15,725,792
Index Fund 9,962,201 10,093,277
Mutual Fund - Multi-Asset Fund 1,934,251 1,820,587
Other Investments 4,464,934 4,464,934
Caldor Common Stock 4,152,592 3,516,323
----------- -----------
Total $36,342,615 $35,723,758
=========== ===========
</TABLE>
-11-
<PAGE> 14
GUARANTEED INVESTMENT CONTRACTS - Substantially all of the Plan assets
accumulated under the Fixed Fund are deposited in guaranteed investment
contracts (GIC). One GIC is managed by John Hancock Mutual Life Insurance Co.
and the other GIC is managed by Metropolitan Life Insurance Co. The contracts
provide for a fixed return for the period of the contracts. As of December 31,
1995 and 1994, GIC's in the Fixed Income Fund were invested as follows:
<TABLE>
<CAPTION>
GUARANTEED GUARANTEED
1995 INTEREST 1994 INTEREST
GUARANTEED INVESTMENT CONTRACTS AMOUNT RATE AMOUNT RATE
<S> <C> <C> <C> <C>
John Hancock Mutual Life Ins. Co. $ 5,558,573 7.86 % $ 5,222,719 7.66 %
Contract #6185 expiration
February 28, 1996
Metropolitan Life Ins. Co. 11,122,049 6.50 10,503,073 6.50
Contract #12348 expiration
September 9, 1999
</TABLE>
During the Plan year ended December 31, 1995, the Plan's investment account
contained no leases or loans in default or uncollectable, and there have been no
prohibited party-in-interest transactions.
- 12 -
<PAGE> 15
6. NET APPRECIATION (DEPRECIATION) IN FAIR VALUE OF INVESTMENTS
The Plan's investments (including investments bought, sold and held
during the year) depreciated in value by $(75,273) in 1995 and
$(574,345) in 1994, as follows:
<TABLE>
<CAPTION>
NET APPRECIATION (DEPRECIATION) NET APPRECIATION (DEPRECIATION)
IN FAIR VALUE OF INVESTMENTS, IN FAIR VALUE OF INVESTMENTS
DECEMBER 31, 1995 DECEMBER 31, 1994
--------------------------------------------------- -----------------------------------------------------
CALDOR CALDOR
COMMON EQUITY COMMON EQUITY
STOCK INDEX BALANCED TOTAL STOCK INDEX BALANCED TOTAL
FUND FUND FUND FUNDS FUND FUND FUND FUNDS
Unrealized appreciation
(depreciation):
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common stock (3,956,363) -- -- (3,956,363) $ (636,269) $ -- $ -- $ (636,269)
Mutual fund -- -- 158,477 158,477 -- -- (113,635) (113,635)
Guaranteed index fund -- 3,441,763 -- 3,441,763 -- 131,078 -- 131,078
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Total unrealized (3,956,363) 3,441,763 158,477 (356,123) (636,269) 131,078 (113,635) (618,826)
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Realized gain (loss):
Common stock $ (255,422) -- $ -- $ (255,422) 35,690 -- -- 35,690
Mutual fund -- -- 288,423 288,423 -- -- 1,129 1,129
Guaranteed index fund -- 247,849 -- 247,849 -- 7,662 -- 7,662
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Total realized (255,422) 247,849 288,423 280,850 35,690 7,662 1,129 44,481
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Total $(4,211,785) $ 3,689,612 $ 446,900 $ (75,273) $ (600,579) $ 138,740 $ (112,506) $ (574,345)
=========== =========== =========== =========== =========== =========== =========== ===========
</TABLE>
- 13 -
<PAGE> 16
7. PLAN SPONSOR CHAPTER 11 FILING
On September 18, 1995, the plan sponsor, The Caldor Corporation and
certain of its subsidiaries (collectively the "Debtors") filed
voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy
Code. The Debtors are presently operating their business as
debtors-in-possession subject to the jurisdiction of the U.S.
Bankruptcy Court for the Southern District of New York.
8. NET DEPRECIATION IN FAIR VALUE OF CALDOR COMMON STOCK
The Caldor Common Stock Fund is a single security fund which invests
funds solely in the common stock of The Caldor Corporation. The
performance of this fund is based solely on the performance of Caldor's
common stock. All employer matching funds are allocated to this fund
and are not eligible for reallocation. In fiscal 1995, the Caldor
Common Stock Fund had $255,422 of realized losses and $3,956,363 of
unrealized depreciation due to the decline in Caldor's stock price
during 1995.
9. SUBSEQUENT EVENT
The Plan was amended as follows:
Effective June 1, 1996, the Company Matching Contribution shall be made
in cash and shall be invested among the Investment Funds in accordance
with the participant's investment election in effect at the time the
contribution is made. Prior to June 1, 1996, the Company Matching
Contribution was made in cash or in kind. Under the terms of the Plan,
in kind contributions were required to consist of Caldor Corporation
common stock, based on the average closing share prices of the last
five business days of the month in which such Company Matching
Contribution was made. Similarly, under the terms of the Plan, where
Company Matching Contributions were made in cash, the Trustee was
required to purchase Caldor Corporation common stock.
Effective June 1, 1996, a participant may elect to reallocate the value
of his accounts attributable to Company Matching Contributions among
all the Investment Funds. Prior to June 1, 1996 all Company Matching
Contributions made to the Plan on a participant's behalf were invested
exclusively in the Caldor Common Stock Fund and were not eligible for
reallocation.
******
- 14 -
<PAGE> 17
CALDOR, INC. PROFIT SHARING PLAN
ITEM 27(a) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e)
DESCRIPTION FAIR
IDENTITY OF ISSUE OF INVESTMENT COST VALUE
<S> <C> <C>
CALDOR COMMON STOCK
FUND:
* Short-Term Investment Domestic Money Market Portfolio; $ 5,405 $ 5,405
Fidelity Investments 5,405 units
* Equities Common Stock; 280,704 shares; 4,868,651 912,288
The Caldor Corporation $3.25 per share
EQUITY INDEX FUND:
* Short-Term Investment Domestic Money Market Portfolio; 7,035 7,035
Fidelity Investments 7,035 units
Guaranteed Index Fund Metropolitan Index Fund Contract, 9,814,965 13,256,727
Metropolitan Life #013605; 62,992 units
Insurance Co.
FIXED INCOME FUND:
* Short-Term Investments Domestic Money Market Portfolio; 75,198 75,198
Fidelity Investments 75,198 units
Other Investments Merrill Lynch Retirement Preservation 3,082,752 3,082,752
Merrill Lynch Trust; 3,082,752 shares; $1.00 per share
Guaranteed Annuity Contract Guaranteed Annuity Contract, #6185; 5,558,573 5,558,573
John Hancock Mutual 5,558,573 units; 7.86%;
Life Insurance Co. matures 2/28/96
Guaranteed Annuity Contract Guaranteed Annuity Contract, 11,122,049 11,122,049
Metropolitan Life Ins. Co. #12348; 11,122,049 units; 6.50%;
matures 9/9/99
BALANCED FUND:
* Short-Term Investments Domestic Money Market Portfolio; 9,970 9,970
Fidelity Investments 9,970 units
Mutual Fund Mainstay Multi-Asset Fund, 244,822 shares; 2,727,976 2,886,453
Institutional Funds, Inc. $11.79 per share 0 0
First Fidelity Cash 620 620
----------- -----------
TOTAL $37,273,194 $36,917,070
=========== ===========
</TABLE>
* Represents party-in-interest
- 15 -
<PAGE> 18
CALDOR, INC. PROFIT SHARING PLAN
ITEM 27(d) - SCHEDULE OF REPORTABLE TRANSACTIONS - AGGREGATE BY ISSUE
YEAR ENDED DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(a) (b) (c) (d)
DESCRIPTION
OF ASSET (INCLUDE
IDENTITY OF RATE AND MATURITY PURCHASE SALES
PARTY INVOLVED IN CASE OF LOAN) NUMBER PRICE NUMBER PRICE
CALDOR COMMON STOCK
FUND:
<S> <C> <C> <C> <C>
Caldor Common Stock Caldor Common Stock 13 $1,954,713 10 $ 300,495
Fidelity Investments Domestic Money Market Portfolio 45 2,387,748 40 2,399,167
EQUITY INDEX FUND:
Fidelity Investments Domestic Money Market Portfolio 49 4,203,275 45 4,203,269
FIXED INCOME FUND:
Fidelity Investments Domestic Money Market Portfolio 50 5,043,860 46 5,042,136
Merrill Lynch Retirement Preservation Trust Fund 20 1,227,897 12 2,693,727
</TABLE>
<TABLE>
<CAPTION>
(a) (b) (e) (f) (g) (h) (i)
DESCRIPTION EXPENSE CURRENT VALUE
OF ASSET (INCLUDE INCURRED OF ASSET ON
IDENTITY OF RATE AND MATURITY LEASE WITH COST OF TRANSACTION NET
PARTY INVOLVED IN CASE OF LOAN) RENTAL TRANSACTION ASSET DATE GAIN (LOSS)
CALDOR COMMON STOCK
FUND:
<S> <C> <C> <C> <C> <C>
Caldor Common Stock Caldor Common Stock $ -- $ -- $ 512,092 $ 300,495 $ (211,597)
Fidelity Investments Domestic Money Market Portfolio -- -- 2,399,167 2,399,167 --
EQUITY INDEX FUND:
Fidelity Investments Domestic Money Market Portfolio -- -- 4,203,269 4,203,269 --
FIXED INCOME FUND:
Fidelity Investments Domestic Money Market Portfolio -- -- 5,042,136 5,042,136 --
Merrill Lynch Retirement Preservation Trust Fund -- -- 2,693,727 2,693,727 --
</TABLE>
- 16 -
<PAGE> 19
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned hereunto
duly authorized.
CALDOR INC. PROFIT SHARING PLAN
THE CALDOR CORPORATION,
PLAN ADMINISTRATOR
Date: June 28, 1996 BY /s/ Dennis M. Lee
-------------------------
Dennis M. Lee
Executive Vice President
- 17 -
