FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
December 31, 1995
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
AMBAR Employees' Savings and Retirement Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
AMBAR, Inc.
221 Rue de Jean, Suite 301
Lafayette, Louisiana 70508
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.
AMBAR Employees' Savings and Retirement Plan
DATE: June 25, 1996 BY: /s/ Barry N. Huntsman
_______________ _____________________________________
Barry Huntsman,
Chief Financial Officer of AMBAR, Inc.
AMBAR EMPLOYEES' SAVINGS
AND RETIREMENT PLAN
FINANCIAL REPORT
DECEMBER 31, 1995
C O N T E N T S
Page
INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS 1
FINANCIAL STATEMENTS
Statements of net assets available for benefits 2
Statement of changes in net assets available for
benefits with fund information 3 - 5
Notes to financial statements 6 - 9
SUPPLEMENTARY INFORMATION
Schedule of assets held for investment purposes 10 and 11
Schedule of reportable transactions 12 and 13
INDEPENDENT AUDITORS' REPORT
To the Plan Administrator of the
AMBAR Employees' Savings and Retirement Plan
We have audited the accompanying statements of net assets available for
benefits of the AMBAR Employees' Savings and Retirement Plan as of
December 31, 1995 and 1994, and the related statement of changes in net
assets available for benefits for the years then ended. These
financial statements are the responsibility of the Plan's management.
Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the 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 net assets available for benefits
of the AMBAR Employees' Savings and Retirement Plan as of December 31,
1995 and 1994, and the changes in its net assets available for benefits
for the years then ended 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 supplemental
schedules of assets held for investment purposes and reportable
transactions 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 schedules
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.
/s/ Broussard, Poche, Lewis & Breaux
Lafayette, Louisiana
June 13, 1996
AMBAR EMPLOYEES' SAVINGS AND RETIREMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1995 and 1994
<TABLE>
<CAPTION>
ASSETS 1995 1994
---------- ----------
<S> <C> <C>
Investments at fair value:
Shares of registered investment companies:
Capital Stability Fund $ 162,087 $ 88,340
Balanced Growth Fund 80,070 42,810
Capital Appreciation Fund 39,045 18,829
AMBAR, Inc. stock 619,137 289,385
---------- ----------
Total investments 900,339 439,364
---------- ----------
Receivables:
Employer's contributions 3,595 2,748
Participants' contributions 22,414 16,389
Investment income 873 1,915
---------- ----------
Total receivables 26,882 21,052
---------- ----------
Total assets 927,221 460,416
LIABILITIES
Accounts payable 15,758 5,576
---------- ----------
Net assets available for benefits $ 911,463 $ 454,840
========== ==========
</TABLE>
See Accompanying Notes to Financial Statements.
AMBAR EMPLOYEES' SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR
BENEFITS WITH FUND INFORMATION
Year Ended December 31, 1995
<TABLE>
<CAPTION>
Participant Directed
----------------------------------------------------------
Capital Balanced Capital
Stability Growth Appreciation AMBAR, Inc.
ASSETS Fund Fund Fund Stock Other Total
--------- --------- ------------ ----------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income -
Net appreciation in fair value of
investments $ 4,682 $ 10,691 $ 5,932 $ 251,399 $ - $ 272,704
Dividends 6,750 1,950 304 - - 9,004
--------- --------- -------- --------- --------- ---------
11,432 12,641 6,236 251,399 -0- 281,708
--------- --------- -------- --------- --------- ---------
Contributions:
Participants' 47,642 24,041 11,901 114,732 6,656 204,972
Employer's - - - 30,699 3,595 34,294
--------- --------- -------- --------- --------- ---------
47,642 24,041 11,901 145,431 10,251 239,266
--------- --------- -------- --------- --------- ---------
Total additions 59,074 36,682 18,137 396,830 10,251 520,974
DEDUCTIONS
Deductions from net assets attributed to:
Benefits paid to participants 7,630 2,246 1,275 53,200 - 64,351
Other changes:
Interfund transfers in (out) 22,579 2,037 2,822 (13,878) (13,560) -
--------- --------- -------- --------- --------- ---------
Net increase 74,023 36,473 19,684 329,752 (3,309) 456,623
Net assets available for benefits:
Beginning of year 88,760 43,757 19,378 289,385 13,560 454,840
--------- --------- -------- --------- --------- ---------
End of year $ 162,783 $ 80,230 $ 39,062 $ 619,137 $ 10,251 $ 911,463
========= ========= ======== ========= ========= =========
</TABLE>
See Accompanying Notes to Financial Statements.
AMBAR EMPLOYEES' SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR
BENEFITS WITH FUND INFORMATION
Year Ended December 31, 1994
<TABLE>
<CAPTION>
Non -
Participant
Participant Directed Directed
---------------------------------------------------------- -----------
Capital Balanced Capital
Stability Growth Appreciation AMBAR, Inc. AMBAR, Inc.
ASSETS Fund Fund Fund Stock Other Stock Total
---------- -------- ----------- ----------- -------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income -
Net appreciation in fair value
of investments $ (3,059) $ (3,693) $ (1,762) $ 26,275 $ - $ 10,739 $ 28,500
Dividends 3,281 1,887 742 4 - - 5,914
--------- --------- --------- --------- ------- --------- ---------
222 (1,806) (1,020) 26,279 -0- 10,739 34,414
--------- --------- --------- --------- ------- --------- ---------
Contributions:
Participants' 46,471 24,608 10,893 105,127 10,812 - 197,911
Employer's - - - - 2,748 31,628 34,376
--------- --------- --------- --------- ------- --------- ---------
46,471 24,608 10,893 105,127 13,560 31,628 232,287
--------- --------- --------- --------- ------- --------- ---------
Total additions 46,693 22,802 9,873 131,406 13,560 42,367 266,701
</TABLE>
<TABLE>
<CAPTION>
Non -
Participant
Participant Directed Directed
----------------------------------------------------------- -----------
Capital Balanced Capital
Stability Growth Appreciation AMBAR, Inc. AMBAR, Inc.
DEDUCTIONS Fund Fund Fund Stock Other Stock Total
--------- -------- ------------ ----------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Deductions from net assets attributed to:
Benefits paid to participants 169 547 590 2,219 - 731 4,256
Other changes:
Interfund transfers in (out) 2,402 853 (1,630) 7,804 (12,046) 2,617 -
--------- --------- --------- --------- -------- --------- ---------
Net increase 48,926 23,108 7,653 136,991 1,514 44,253 262,445
Net assets available for benefits:
Beginning of year 39,834 20,649 11,725 83,332 12,046 24,809 192,395
--------- --------- --------- --------- -------- --------- ---------
End of year $ 88,760 $ 43,757 $ 19,378 $ 220,323 $ 13,560 $ 69,062 $ 454,840
========= ========= ========= ========= ======== ========= =========
</TABLE>
See Accompanying Notes to Financial Statements.
AMBAR EMPLOYEES' SAVINGS AND RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
Note 1. Description of Plan
The following description of the AMBAR Employees' Savings and
Retirement Plan ("Plan"), a 401(k) plan for the employees of
AMBAR, Inc. ("Company"), provides only general information.
Participants should refer to the Plan agreement for a more
complete description of the Plan's provisions.
a. General. The Plan is a defined contribution plan covering
all employees of the Company who have one year of service
and are age twenty-one or older. It is subject to the
provisions of the Employee Retirement Income Security Act
of 1974 (ERISA).
b. Contributions. Each year, participants may contribute up
to 15 percent of pretax annual compensation, as defined in
the Plan. Participants may also contribute amounts
representing distributions from other qualified defined
benefit or contribution plans. The Company contributes 25
percent of the first 4 percent of base compensation that a
participant contributes to the Plan. Additional amounts
may be contributed at the option of the Company's board of
directors. All employer contributions are invested in
AMBAR, Inc. common stock. Contributions are subject to
certain limitations.
c. Participant Accounts. Each participant's account is
credited with the participant's contribution and
allocations of (a) the Company's contribution, (b) Plan
earnings, and (c) forfeited balances of terminated
participants' nonvested accounts. 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 vested
account.
d. Vesting. Participants are immediately vested in their
contributions plus actual earnings thereon. Vesting in
the Company's matching and discretionary contribution
portion of their accounts plus actual earnings thereon is
based on years of continuous service. A participant is
100 percent vested after five years of credited service.
e. Investment Options. Upon enrollment in the Plan, a
participant may direct employee contributions in any of
four investment options.
Capital Stability Fund - Funds are vested in shares of a
registered investment company that invests mainly in one
to three year U. S. Government securities.
Balanced Growth Fund - Funds are invested in shares of a
registered investment company that invests in corporate
bonds, common stocks and U. S. Government securities.
Capital Appreciation Fund - Funds are invested in shares
of registered investment companies that invest mainly in
common stock.
AMBAR, Inc. Stock - Funds are invested in common stock
of AMBAR, Inc.
Participants may change their investment options
quarterly.
f. Payment of Benefits. On termination of service due to
death, disability, retirement or other reasons, a
participant may receive the value of the vested interest
in his or her account as a lump-sum distribution.
Note 2. Summary of 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. Shares of
registered investment companies are valued at quoted market
prices which represent the net asset value of shares held by
the Plan at year-end. The Company stock is valued at its
quoted market price.
Purchases and sales of securities are recorded on a trade-
date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date.
Payment of Benefits
Benefits are recorded when paid.
Reclassifications
Certain amounts in the 1994 financial statements have been
reclassified to the 1995 presentation. Such
reclassifications had no material effect on fund equity as
previously reported.
Note 3. Investments
The fair value of individual investments that represent 5.0
percent or more of the Plan's net assets at December 31, 1995
and 1994 are as follows:
1995 1994
-------- --------
Money Market Funds
------------------
Paragon Treasury Money Market Fund $ 281,200 $ -0-
============ ==========
Mutual Funds
------------
Paragon Short-term Government Fund $ -0- $ 90,611
============ ==========
Corporate Stocks
----------------
AMBAR, Inc. $ 619,137 $ 289,380
============ ==========
Note 4. Related Party Transactions
Certain Plan investments are shares of mutual funds managed by
Premier Bancorp, Inc. Premier Bank, N. A. Trust Division, a
wholly owned subsidiary of Premier Bancorp, Inc., is the
trustee as defined by the Plan and, therefore, these
transactions qualify as party-in-interest.
Note 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 percent vested in their accounts.
Note 6. Administrative Expenses
All administrative expenses of the Plan charged by Premier
Bank, as trustee, are absorbed by the Company.
Note 7. Tax Status
The Internal Revenue Service has determined and informed the
Company by letter dated July 11, 1995, that the Plan and
related trust are designed in accordance with applicable
sections of the Internal Revenue Code (IRC).
Note 8. Subsequent Events
In November 1995, the Board of Directors of AMBAR, Inc.
approved a resolution whereby AMBAR, Inc. would remove Premier
Bank, N.A. Trust Division, a wholly owned subsidiary of Premier
Bancorp, Inc. as the trustee for the AMBAR Employees Savings
and Retirement Plan and would appoint SouthTrust Bank of
Alabama, N.A., as successor trustee. This conversion took
place in March 1996.
AMBAR EMPLOYEES' SAVINGS AND RETIREMENT PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
Year Ended December 31, 1995
<TABLE>
<CAPTION>
Identity Description Current
of Issue of Investment Cost Value
------------------------- ----------------- ----------- -----------
<S> <C> <C> <C>
Investments to registered
investment company -
Paragon Treasury
Money Market 281,200 shares $ 281,200 $ 281,200
Employer securities -
AMBAR, Inc. Stock 71,784 shares 340,689 619,137
Cash account -
Premier Bank $1.00 per share 2 2
--------- ---------
Total investments $ 621,891 $ 900,339
========= =========
</TABLE>
NOTE: This schedule is provided in answer to item 27(a) of Federal Form 5500.
AMBAR EMPLOYEES' SAVINGS AND RETIREMENT PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
Year Ended December 31, 1994
<TABLE>
<CAPTION>
Identity Description Current
of Issue of Investment Cost Value
------------------------- ------------------ ----------- -----------
<S> <C> <C> <C>
Investments to registered
investment company -
Paragon Short Term
Government 9,217.775 shares $ 94,054 $ 90,611
Paragon Intermediate
Term Bond 1,335.608 shares 13,900 12,768
Paragon Gulf South
Growth 786.718 shares 12,449 11,691
Paragon Value Equity
Growth 1,296.272 shares 15,805 14,583
Paragon Value Growth 1,504.543 shares 22,171 20,326
Employer securities -
AMBAR, Inc. Stock 57,876.000 shares 252,924 289,380
Cash account -
Premier Bank $1.00 per share 5 5
--------- ---------
Total investments $ 411,308 $ 439,364
========= =========
</TABLE>
NOTE: This schedule is provided in answer to item 27(a) of Federal Form 5500.
AMBAR EMPLOYEES' SAVINGS AND RETIREMENT PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
Year Ended December 31, 1995
<TABLE>
<CAPTION>
Identity Description Purchase Selling Cost Current Value NetGain
of Party of Asset Price Price of Asset of Asset or (Loss)
- ------------ ---------------- --------- -------- -------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Premier Bank Paragon Treasury
Money Market $ 281,000 $ -0- $ 281,000 $ 281,000 $ -0-
Premier Bank Paragon Short Term
Government $ -0- $94,054 $ 90,611 $ -0- $ 3,443
Premier Bank Paragon Intermediate
Bond $ -0- $13,900 $ 12,768 $ -0- $ 1,132
Premier Bank Paragon Gulf South
Growth $ -0- $12,449 $ 11,691 $ -0- $ 758
Premier Bank Paragon Value Equity $ -0- $15,805 $ 14,583 $ -0- $ 1,222
Premier Bank Paragon Value Growth $ -0- $22,171 $ 20,366 $ -0- $ 1,805
AMBAR, Inc. AMBAR, Inc. $ 87,765 $ -0- $ 87,765 $ 329,757 $ -0-
</TABLE>
NOTE: This schedule is provided in answer to 27(d) of Federal Form 5500.
AMBAR EMPLOYEES' SAVINGS AND RETIREMENT PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
Year Ended December 31, 1994
<TABLE>
<CAPTION>
Identity Description Purchase Selling Cost Current Value Net Gain
of Party of Asset Price Price of Asset of Asset or (Loss)
- ------------ ------------------ ---------- --------- ---------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Premier Bank Paragon Short Term
Government $ 49,284 $ -0- $ 49,284 $ 46,191 $ -0-
Premier Bank Paragon Intermediate
Bond $ 7,869 $ -0- $ 7,869 $ 6,877 $ -0-
Premier Bank Paragon Gulf South
Growth $ 7,718 $ -0- $ 7,718 $ 6,723 $ -0-
Premier Bank Paragon Value Equity $ 8,668 $ -0- $ 8,668 $ 7,192 $ -0-
Premier Bank Paragon Value Growth $ 11,389 $ -0- $ 11,389 $ 9,380 $ -0-
AMBAR, Inc. AMBAR, Inc. $ 147,944 $ -0- $ 147,944 $ 183,940 $ -0-
</TABLE>
NOTE: This schedule is provided in answer to 27(d) of Federal Form 5500.
