SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
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 33-59310
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Barefoot Grass Lawn Service, Inc. Profit Sharing Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Barefoot Inc.
450 W. Wilson Bridge Road
Suite 160
Worthington, Ohio 43085
<PAGE>
Page 2 of 15
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.
BAREFOOT GRASS LAWN SERVICE, INC.
PROFIT SHARING PLAN
(Name of Plan)
Date: July 17, 1996 By: /s/ MICHAEL R. GOODRICH
----------------------------------------
Michael R. Goodrich, Plan Administrator
of the Barefoot Grass Lawn Service, Inc.
Profit Sharing Plan
<PAGE>
Page 3 of 15
REQUIRED INFORMATION
The following financial statements and schedules for the Barefoot Grass Lawn
Service, Inc. Profit Sharing Plan are being filed herewith:
Description Page No.
- --------------------------- ------------
Report of Independent Public Accountants Page 4
Statements of Financial Condition as of
December 31, 1995 and 1994 Pages 5 through 6
Statements of Income and Other Changes in
Plan Equity for the Years Ended December
31, 1995, 1994 and 1993 Pages 7 through 9
Notes to Financial Statements Pages 10 through 14
Financial Statement Schedules: Schedules I,
II and III are not applicable
The following exhibit is being filed herewith:
Exhibit No. Description Page No.
- ------------- --------------------------- ----------
1 Consent of Independent Page 15
Public Accountants
<PAGE>
Report of Independent Public Accountants
To the Plan Administrator of the
Barefoot Grass Lawn Service, Inc.
Profit Sharing Plan:
We have audited the accompanying statements of financial condition of the
BAREFOOT GRASS LAWN SERVICE, INC. PROFIT SHARING PLAN (the Plan) as of
December 31, 1995 and 1994, and the related statements of income and other
changes in plan equity for each of the three years in the period ended
December 31, 1995. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial condition of the Plan as of December 31,
1995 and 1994, and the results of its operations and the changes in plan
equity for each of the three years in the period ended December 31, 1995, in
conformity with generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Columbus, Ohio,
July 17, 1996.
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<PAGE>
BAREFOOT GRASS LAWN SERVICE, INC.
PROFIT SHARING PLAN
STATEMENT OF FINANCIAL CONDITION
AS OF DECEMBER 31, 1995
<TABLE>
Money
Barefoot Market Income Growth Other Participant
Inc. Fund Fund Fund Funds Loan Fund
Stock Fund
------------ --------- --------- --------- -------- -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENTS, at fair market value:
Money market fund (cost - $1,196,480) ............... $ -- $1,196,480 $ -- $ -- $ -- $ --
Participant loans (cost - $143,065) ................. -- -- -- -- -- 143,065
Barefoot Inc. common stock (cost - .................. 659,630 -- -- -- -- --
$782,285)
Mutual funds-
Equity - Growth Fund (cost - $976,602) ............ -- -- -- 1,083,251 -- --
Equity - Other Funds (cost $178,450) .............. -- -- -- -- 178,260 --
Bond - Income Fund (cost - $444,048) .............. -- -- 455,180 -- -- --
Bond - Other Funds (cost - $18,704) ............... -- -- -- -- 19,043 --
-------- ---------- -------- ---------- -------- --------
Total investments .......................... 659,630 1,196,480 455,180 1,083,251 197,303 143,065
CONTRIBUTION RECEIVABLE:
Employer ............................................ -- -- -- -- -- --
Employees ........................................... -- -- -- -- -- --
-------- ---------- -------- ---------- -------- --------
Total assets ......................... 659,630 1,196,480 455,180 1,083,251 197,303 143,065
-------- ---------- -------- ---------- -------- --------
PLAN EQUITY ............................................ $659,630 $1,196,480 $455,180 $1,083,251 $197,303 $143,065
======== ========== ======== ========== ======== ========
ABOVE TABLE CONTINUED BELOW:
Contributions
Receivable
(Unallocated) Total
------------ ----------
INVESTMENTS, at fair market value:
Money market fund (cost - $1,196,480) $ - $1,196,480
Participant loans (cost - $143,065) - 143,065
Barefoot Inc. common stock (cost - - 659,630
$782,285)
Mutual funds-
Equity - Growth Fund (cost - $976,602) - 1,083,251
Equity - Other Funds (cost $178,450) - 178,260
Bond - Income Fund (cost - $444,048) - 455,180
Bond - Other Funds (cost - $18,704) - 19,043
--------- ----------
Total investments - 3,734,909
CONTRIBUTION RECEIVABLE:
Employer 111,352 111,352
Employees 24,105 24,105
--------- ----------
Total assets 135,457 3,870,366
--------- ----------
PLAN EQUITY $135,457 $3,870,366
========= ==========
The accompanying notes to financial statements are an integral part of
this statement.
</TABLE>
-5-
<PAGE>
BAREFOOT GRASS LAWN SERVICE, INC.
PROFIT SHARING PLAN
STATEMENT OF FINANCIAL CONDITION
AS OF DECEMBER 31, 1994
<TABLE>
Money
Barefoot Market Income Composite Participant
Inc. Fund Fund Stock Loan Fund Total
Stock Fund Fund
------------ ----------- -------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENTS, at fair market value:
Money market fund (cost - $1,066,921) ....... $ 6,338 $ 1,060,583 $ -- $ -- $ -- $ 1,066,921
Participant loans (cost - $102,611) ......... -- -- -- -- 102,611 102,611
Barefoot Inc. common stock (cost - .......... 814,908 -- -- -- -- 814,908
$756,987)
Mutual funds-
Equity (cost - $890,640) .................. -- -- -- 827,839 -- 827,839
Fixed income (cost - $543,098) ............ -- -- 481,444 -- -- 481,444
---------- ----------- --------- -------- -------- -----------
Total investments ................ 821,246 1,060,583 481,444 827,839 102,611 3,293,723
---------- ----------- --------- -------- -------- -----------
CONTRIBUTION RECEIVABLE:
Employer .................................... 165,504 67,443 31,653 61,306 -- 325,906
Employees ................................... 6,651 3,230 2,252 4,347 -- 16,480
ACCRUED INTEREST INCOME ........................ 38 4,197 -- -- -- 4,235
NET TRANSFERS RECEIVABLE ....................... 75,435 -- -- 5,966 -- 81,401
OTHER RECEIVABLES .............................. 651 -- -- -- -- 651
---------- ----------- --------- -------- -------- -----------
Total receivables ................ 248,279 74,870 33,905 71,619 -- 428,673
---------- ----------- --------- -------- -------- -----------
TOTAL ASSETS ................................... 1,069,525 1,135,453 515,349 899,458 102,611 3,722,396
NET TRANSFERS PAYABLE .......................... -- (49,819) (31,582) -- -- (81,401)
---------- ----------- --------- -------- -------- -----------
PLAN EQUITY .................................... $1,069,525 $ 1,085,634 $ 483,767 $899,458 $102,611 $ 3,640,995
========== =========== ========= ======== ======== ===========
The accompanying notes to financial statements are an integral part of
this statement.
</TABLE>
-6-
<PAGE>
BAREFOOT GRASS LAWN SERVICE, INC.
PROFIT SHARING PLAN
STATEMENT OF INCOME AND OTHER CHANGES IN PLAN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
Money
Barefoot Market Income Composite Growth Other
Inc. Fund Fund Stock Fund Fund Funds
Stock Fund
------------ ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends ........................... $ 10,294 $ 36,780 $ 17,942 $ 6,097 $ 13,535 $ 1,386
Interest ............................ 531 28,525 16,264 44 -- 71
Realized gains (losses) ............. (10,585) -- 33,203 100,904 13,205 10,993
Unrealized appreciation
(depreciation) .................... (199,500) -- 11,132 -- 106,649 151
----------- ----------- --------- ----------- ----------- ---------
Total investment income ......... (199,260) 65,305 78,541 107,045 133,389 12,601
(loss)
----------- ----------- --------- ----------- ----------- ---------
CONTRIBUTIONS:
Employee ............................ 113,541 88,484 43,104 -- 47,896 69,370
Employer matching ................... -- -- -- -- -- --
Employer discretionary .............. -- -- -- -- -- --
Rollovers and other ................. 4,480 15,302 282 -- 776 437
----------- ----------- --------- ----------- ----------- ---------
Total contributions ............. 118,021 103,786 43,386 -- 48,672 69,807
----------- ----------- --------- ----------- ----------- ---------
TOTAL ADDITIONS ........................ (81,239) 169,091 121,927 107,045 182,061 82,408
NET TRANSFERS .......................... (218,741) 208,702 (61,717) (1,006,503) 905,019 117,525
DISTRIBUTIONS TO PARTICIPANTS .......... (109,915) (266,947) (88,797) -- (3,829) (2,630)
----------- ----------- --------- ----------- ----------- ---------
Net increase (decrease) ......... (409,895) 110,846 (28,587) (899,458) 1,083,251 197,303
PLAN EQUITY, beginning of year ......... 1,069,525 1,085,634 483,767 899,458 -- --
----------- ----------- --------- ----------- ----------- ---------
PLAN EQUITY, end of year ............... $ 659,630 $ 1,196,480 $ 455,180 $ -- $ 1,083,251 $ 197,303
=========== =========== ========= =========== =========== =========
ABOVE TABLE CONTINUED BELOW:
Participant Contributions
Loan Fund Receivable Total
----------- ------------- ----------
INVESTMENT INCOME:
Dividends ......................... $ -- $ -- $ 86,034
Interest .......................... 6,606 -- 52,041
Realized gains (losses) ........... -- -- 147,720
Unrealized appreciation
(depreciation) .................. -- -- (81,568)
--------- -------- -----------
Total investment income ....... 6,606 -- 204,227
(loss)
--------- -------- -----------
CONTRIBUTIONS:
Employee .......................... -- 24,105 386,500
Employer matching ................. -- 111,352 111,352
Employer discretionary ............ -- -- --
Rollovers and other ............... -- -- 21,277
--------- -------- -----------
Total contributions ........... -- 135,457 519,129
--------- -------- -----------
TOTAL ADDITIONS ...................... 6,606 135,457 723,356
NET TRANSFERS ........................ 55,715 -- --
DISTRIBUTIONS TO PARTICIPANTS ........ (21,867) -- (493,985)
--------- -------- -----------
Net increase (decrease) ....... 40,454 135,457 229,371
PLAN EQUITY, beginning of year ....... 102,611 -- 3,640,995
--------- -------- -----------
PLAN EQUITY, end of year ............. $ 143,065 $135,457 $ 3,870,366
========= ======== ===========
The accompanying notes to financial statements are an integral part of
this statement.
</TABLE>
-7-
<PAGE>
BAREFOOT GRASS LAWN SERVICE, INC.
PROFIT SHARING PLAN
STATEMENT OF INCOME AND OTHER CHANGES IN PLAN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
Money
Barefoot Market Income Composite Participant
Inc. Fund Fund Stock Fund Loan Fund Total
Stock Fund
----------- ---------- ---------- ----------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends ................................... $ 4,161 $ -- $ 28,478 $ 11,959 $ -- $ 44,598
Interest .................................... 579 42,354 87 141 9,677 52,838
Realized gains (losses) ..................... (36,023) -- (4,900) 16,995 -- (23,928)
Unrealized depreciation ..................... (208,728) -- (44,116) (43,881) -- (296,725)
----------- ----------- --------- --------- --------- -----------
Total investment income (loss) ... (240,011) 42,354 (20,451) (14,786) 9,677 (223,217)
----------- ----------- --------- --------- --------- -----------
CONTRIBUTIONS:
Employee .................................... 154,442 81,773 82,058 143,658 -- 461,931
Employer matching ........................... 38,225 21,310 13,119 28,252 -- 100,906
Employer discretionary ...................... 127,279 46,133 18,534 33,054 -- 225,000
Rollovers and other ......................... 1,703 4,263 3,041 38,078 -- 47,085
----------- ----------- --------- --------- --------- -----------
Total contributions .............. 321,649 153,479 116,752 243,042 -- 834,922
----------- ----------- --------- --------- --------- -----------
TOTAL ADDITIONS ................................ 81,638 195,833 96,301 228,256 9,677 611,705
NET TRANSFERS .................................. 293,706 (124,428) (117,310) (73,704) 21,736 --
DISTRIBUTIONS TO PARTICIPANTS .................. (150,854) (175,250) (25,801) (40,045) (20,835) (412,785)
----------- ----------- --------- --------- --------- -----------
Net increase (decrease) .......... 224,490 (103,845) (46,810) 114,507 10,578 198,920
PLAN EQUITY, beginning of year ................. 845,035 1,189,479 530,577 784,951 92,033 3,442,075
----------- ----------- --------- --------- --------- -----------
PLAN EQUITY, end of year ....................... $ 1,069,525 $ 1,085,634 $ 483,767 $ 899,458 $ 102,611 $ 3,640,995
=========== =========== ========= ========= ========= ===========
</TABLE>
The accompanying notes to financial statements are an integral part of
this statement.
-8-
<PAGE>
BAREFOOT GRASS LAWN SERVICE, INC.
PROFIT SHARING PLAN
STATEMENT OF INCOME AND OTHER CHANGES IN PLAN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1993
<TABLE>
Money
Predecessor Barefoot Market Income Composite Participant
Fund Inc. Fund Fund Stock Loan Fund Total
Stock Fund Fund
----------- ------------ ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends ....................... $ -- $ -- $ -- $ 20,721 $ 9,755 $ -- $ 30,476
Interest ........................ -- 17,243 26,050 274 152 6,395 50,114
Realized gains .................. -- 563 -- 21,126 14,508 -- 36,197
Unrealized appreciation ......... -- 217,405 -- (23,661) (26,918) -- 166,826
(depreciation) ................ -- -- -- -- -- -- --
Total investment income ..... -- 235,211 26,050 18,460 (2,503) 6,395 283,613
(loss) .................... -- -- -- -- -- -- --
CONTRIBUTIONS:
Employee ........................ -- 86,115 72,225 45,000 78,524 -- 281,864
Employer matching ............... -- 13,591 15,631 10,311 16,102 -- 55,635
Employer discretionary .......... -- 92,250 57,318 20,588 29,844 -- 200,000
Rollovers and other ............. -- 55,330 88,168 41,776 128,490 28,344 342,108
----------- --------- ----------- --------- --------- -------- -----------
Total contributions .. -- 247,286 233,342 117,675 252,960 28,344 879,607
----------- --------- ----------- --------- --------- -------- -----------
TOTAL ADDITIONS .................... -- 482,497 259,392 136,135 250,457 34,739 1,163,220
NET TRANSFERS ...................... (2,520,976) 492,120 1,070,074 397,184 560,379 1,219 --
DISTRIBUTIONS TO PARTICIPANTS ...... -- (129,582) (139,987) (2,742) (25,885) (11,137) (309,333)
----------- --------- ----------- --------- --------- -------- -----------
Net additions ........ (2,520,976) 845,035 1,189,479 530,577 784,951 24,821 853,887
PLAN EQUITY, beginning of year ..... 2,520,976 -- -- -- -- 67,212 2,588,188
----------- --------- ----------- --------- --------- -------- -----------
PLAN EQUITY, end of year ........... $ -- $ 845,035 $ 1,189,479 $ 530,577 $ 784,951 $ 92,033 $ 3,442,075
=========== ========= =========== ========= ========= ======== ===========
</TABLE>
The accompanying notes to financial statements are an integral part of
this statement.
-9-
<PAGE>
BAREFOOT GRASS LAWN SERVICE, INC.
PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
(1) DESCRIPTION OF THE PLAN
General
The Barefoot Grass Lawn Service, Inc. Profit Sharing Plan (the Plan) is a
defined contribution plan covering all full-time employees of Barefoot
Grass Lawn Service, Inc. (the Company). The Company is a wholly-owned
subsidiary of Barefoot Inc. The Plan was established effective January 1,
1985, amended effective January 1, 1989, and restated effective January
1, 1993 to incorporate changes regarding eligibility, vesting, employer
match, investment options and designation of the Plan trustee. The Plan
is subject to the provisions of the Employee Retirement Income Security
Act of 1974 (ERISA).
The Trustee of the Plan is Bank One Ohio Trust Company, N.A. (the
Trustee). The Plan's investments are held in several distinct investment
funds, one of which consists exclusively of the common stock of Barefoot
Inc. The participants may direct their accounts among these funds. The
Plan Administrator is the President of the Company and/or his designee.
The Trustee holds all of the Plan assets and executes all of the Plan's
transactions. All administrative expenses are paid by the Company. The
Trustee engaged an outside third party, First Data Corporation, during
1995 to perform record keeping and asset custodial services. Subsequent
to year-end BISYS Fund Services, Inc. began performing these services for
the Trustee.
The Plan was restated as of January 1, 1993 and has received a
determination letter from the Internal Revenue Service (IRS), dated
December 14, 1995, stating that the restated Plan is exempt from taxation
under Section 401(a) of the Internal Revenue Code (IRC). The Plan has not
been amended since the determination letter and management believes the
Plan to be operating in accordance with the IRC requirements.
Contributions
The Plan provides for participants to defer between one percent (1%) and
ten percent (10%) of their annual compensation via salary deferral. The
amount of a participant's contributions for any plan year may not exceed
certain limits which are set forth in the Plan. The Company provides for
an employer match of 25% in the year 1993, and 35% in
-10-
<PAGE>
the years 1994 and 1995 of participant deferrals up to a limit of 6% of
the participants' annual compensation. The employer match was $55,635,
$100,906 and $111,352 in the years 1993, 1994 and 1995, respectively.
The Plan also provides for discretionary contributions by the Company.
Contributions for the years 1993, 1994 and 1995 were $200,000, $225,000
and $0, respectively.
Eligibility and Vesting
As amended effective January 1, 1989, employees reaching the age of 21
become eligible as participants in the Plan on the January 1 or July 1 of
the Plan year following completion of one year of service. One year of
service is at least one-thousand (1,000) hours worked or credited in a
consecutive twelve -month period.
Participants are immediately vested in their salary deferrals plus actual
earnings thereon. Vesting in Company discretionary contributions,
matching contributions and earnings thereon, occurs after 5 years of
service.
As of December 31, 1995, there were 865 employees participating in the
Plan.
Allocation of Discretionary Contributions, Investment Gains and Losses,
and Forfeitures
Discretionary contributions to the Plan from the Company are allocated to
participants' accounts at the end of each Plan year based on the ratio of
each participant's compensation to the total compensation of all the
participants for the Plan year.
Investment gains and losses are posted to participants' accounts based on
the daily valuation of each fund's investments.
Forfeitures of terminated participants' nonvested account balances are
allocated to the remaining participants' accounts at the end of each Plan
year based on the ratio of each participant's compensation to the total
compensation of all the participants for the Plan year. There were
approximately $54,000, $67,000 and $0 forfeitures reallocated to
participants during 1993, 1994 and 1995, respectively. There were
approximately $0 and $31,000 of forfeitures unallocated as of December
31, 1994 and 1995, respectively.
Benefit Payments
Upon retirement or termination of employment, a participant may elect to
receive the amount in his/her vested account balance in a lump-sum
payment or in installments with payments to begin no later than April 1
following the Plan year in which the participant attains 70.5 years of
age. Terminated participants with vested account balances in excess of
$3,500 are not required to withdraw their account balances until such
time as they choose or until required by law.
-11-
<PAGE>
Participant Loans
Participant loans are permitted under the Plan subject to certain rules
established by law. All loan applications must be approved by the Plan
Administrator. Participants may borrow from their investment fund
accounts a minimum of $1,000 up to a maximum of 50% of their vested
account balance. Loan transactions are treated as a transfer to (from) an
investment fund from (to) the participant loan fund. Loan terms vary
based on individual circumstances. The loans bear interest at a rate of
prime 1%. Principal and interest is paid ratably through regular payroll
deductions.
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 the date of the
financial statements and the reported amounts of additions and deductions
during the reporting period. Actual results could differ from those
estimates.
(2) SUMMARY OF ACCOUNTING POLICIES
Investments are valued at fair market value, as measured by quoted market
prices in an active market. The financial statements are prepared using
the accrual basis of accounting.
Unrealized appreciation (depreciation) of assets is based on market value
at year-end and the market value at the beginning of the Plan year or
cost at the time of purchase during the year. Net gain (loss) on sale of
assets is based on sale proceeds and the market value at the beginning of
the Plan year or cost at the time of purchase during the year. Market
values do not vary significantly from original cost values.
(3) PLAN INVESTMENTS
Participants may direct the investment of their funds to one of five
individually selected investment options or they may choose from among
six fully managed portfolio options.
a. Individually Selected Portfolio
i. Barefoot Inc. Stock Fund - This fund invests solely in the
common stock of Barefoot Inc. which is publicly-traded on
NASDAQ/NMS.
ii. Fidelity Advisor Growth Opportunities Fund (Growth Fund) - This
fund invests primarily in companies with above-average growth
in sales or earnings.
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<PAGE>
iii. Composite Stock Fund - This fund seeks capital appreciation
with the secondary goal of achieving current income by
investing primarily in equity securities. It was replaced in
fiscal 1995 with the Growth Fund.
iv. One Group Income Bond Fund (Income Fund) - This fund invests in
high and medium grade fixed income securities and seeks to
generate current income without unexpected valuation
fluctuations.
v. One Group Prime Money Market Fund (Money Market Fund) - This
fund invests in short-term cash instruments and seeks to
generate steady current income while maintaining the principal
value.
b. Fully Managed Portfolio
Banc One Investment Advisors Corporation manages participant
portfolios for those participants who elect one of six lifestyle
choices. These six lifestyle choices are:
Aggressive Growth
Growth
Growth & Income
Balanced
Conservative Growth
Fixed Income
Based upon the lifestyle choices made, participant funds are invested
in a mix of One Group equity funds, fixed income funds or money market
funds designed to achieve the desired investment return and risk.
c. Net Asset Value
Net asset values by fund as of December 31, 1995 and 1994 are as
follows:
1995 1994
---------------- ---------------
Shares/ Unit Shares/ Unit
Issuer/Title of Issuer Units Value Units Value
--------------------------------- -------- ----- ------- -----
Barefoot Inc. Stock Fund 62,548 $10.50 59,266 $13.75
The One Group Prime Money 1,173,903 1.00 1,066,921 1.00
Market Fund
The One Group Income Bond Fund 46,447 9.80 53,913 8.93
The One Group Composite Stock - - 65,661 12.61
Fund
Fidelity Advisor Growth 34,237 31.64 - -
Opportunities Fund
Various Other Funds 14,764 13.36 - -
-13-
<PAGE>
d. The net realized gains (losses) from sales of investments for the
years 1993, 1994 and 1995 were as follows:
Realized
Gains
Proceeds Cost (Losses)
--------- --------- ---------
1993 $4,329,323 $4,293,126 $ 36,197
1994 2,092,996 2,116,924 (23,928)
1995 1,941,754 1,794,034 147,720
(4) BENEFIT CLAIMS
Several employees terminated employment at the Company during 1994 and
1995 and elected to withdraw their account balances from the Plan
subsequent to year-end. The total equity in the Plan, to be paid out
subsequent to year-end, amounted to approximately $210,000 and $190,000
in 1994 and 1995, respectively. In accordance with generally accepted
accounting principles, these amounts are not reflected as a liability in
the accompanying financial statements. However, these amounts will be
reported as a liability on Form 5500.
(5) PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA. In the event of
Plan termination, participants will become 100% vested in their accounts.
-14-
EXHIBIT 1
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation by
reference of our report, dated July 17, 1996, included in this Form 11-K, into
the following previously filed Registration Statements and in the related
prospectuses:
o Form S-8 No. 33-54280 - Barefoot Inc. Amended and Restated 1989
-------------------------
Stock Option Plan
-----------------
o Form S-8 No. 33-59310 - Barefoot Grass Lawn Service, Inc.
Profit Sharing Plan
-------------------
o Form S-8 No. 333-06699 - Barefoot Inc. Amended and Restated 1989
-------------------------
Stock Option Plan
-----------------
ARTHUR ANDERSEN LLP
Columbus, Ohio,
July 17, 1996.
