<PAGE> 1
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 [NO FEE REQUIRED]
For the fiscal year ended December 31, 1998
[ ] 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:
GENERAL CABLE CORPORATION
SAVINGS PLAN FOR HOURLY EMPLOYEES
4 Tesseneer Drive
Highland Heights, Kentucky 41076
B. Name of issuer of the securities held pursuant to the Plan and the
address of its principal executive office:
GENERAL CABLE CORPORATION
4 Tesseneer Drive
Highland Heights, Kentucky 41076
<PAGE> 2
SIGNATURES
Pursuant to the requirements of the Securities and 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.
GENERAL CABLE CORPORATION
SAVINGS PLAN FOR HOURLY
EMPLOYEES
Date: June 28, 1999 By: /s/ Robert. J. Siverd
-----------------------------------
Name: Robert J. Siverd
Title: Member, Retirement Plan Finance
Committee
<PAGE> 3
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
33-31869 of General Cable Corporation on Form S-8 of our report dated May 21,
1999, appearing in this Annual Report on Form 11-K of General Cable Corporation
Savings Plan for Hourly Employees for the year ended December 31, 1998.
Deloitee & Touche LLP
Cincinnati, Ohio
June 28, 1999
<PAGE> 4
-------------------------------------------
GENERAL CABLE
CORPORATION
SAVINGS PLAN FOR
HOURLY EMPLOYEES
Financial Statements for the Years Ended
December 31, 1998 and 1997 and Supplemental
Schedules as of December 31, 1998 and
Independent Auditors' Report
<PAGE> 5
GENERAL CABLE CORPORATION SAVINGS PLAN FOR HOURLY
EMPLOYEES
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statement of Net Assets Available for Benefits, December 31, 1998 2
Statement of Net Assets Available for Benefits, December 31, 1997 3
Statement of Changes in Net Assets Available for Benefits for the
Year Ended December 31, 1998 4
Statement of Changes in Net Assets Available for Benefits for the
Year Ended December 31, 1997 5
Notes to Financial Statements 6
SUPPLEMENTAL SCHEDULES:
Assets Held for Investment (Item 27a of Form 5500), December 31, 1998 10
SUPPLEMENTAL SCHEDULES OMITTED
Certain of the Plan's assets are invested in the General Cable Corporation
Master Defined Contribution Trust. Therefore, schedules of investments held at
December 31, 1998 and of reportable transactions of the Master Trust for the
year ended December 31, 1998 have been certified by the Master Trustee and are
separately filed with the Department of Labor. Other supplemental schedules not
filed herewith are omitted because of the absence of conditions under which they
are required by the Department of Labor's Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974.
<PAGE> 6
INDEPENDENT AUDITORS' REPORT
General Cable Corporation Savings Plan
for Hourly Employees:
We have audited the accompanying statements of net assets available for benefits
of the General Cable Corporation Savings Plan for Hourly Employees ("the Plan")
as of December 31, 1998 and 1997, and the related statements 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, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
1998 and 1997, and the changes in 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 listed in the
Table of Contents 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 rather than to
present the net assets available for benefits and changes in net assets
available for benefits of the individual funds. The supplemental schedules and
supplemental 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 & Touche
Cincinnati, Ohio
May 21, 1999
<PAGE> 7
GENERAL CABLE CORPORATION SAVINGS PLAN FOR
HOURLY EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Supplemental Information by Fund
------------------------------------------------------------------------------------------
Wilmington Trust Company
------------------------------------------------------------------------------------------
American
Massachusetts Lasalle MFS Funds FPA General
Investors Income Emerging PBHG EuroPacific New Cable
Trust Plus Growth Growth Growth Income Corporation
Fund Fund Fund Fund Fund Fund Stock Fund
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investment in General Cable
Corporation Master Defined
Contribution Trust (Notes 1,2,4) $1,251,044 $ 779,883 $ 549,387 $ 386,171 $ 298,499 $ 170,087 $ 185,302
Contributions receivable 14,866 14,943 10,956 8,889 6,351 4,548 3,779
Loans to participants (Note 1)
---------- ---------- ---------- ---------- ---------- ---------- ----------
NET ASSETS AVAILABLE
FOR BENEFITS $1,265,910 $ 794,826 $ 560,343 $ 395,060 $ 304,850 $ 174,635 $ 189,081
========== ========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Supplemental Information by Fund
--------------------------------
Wilmington Trust Company
--------------------------------
Loan
Fund Total
<S> <C> <C>
ASSETS:
Investment in General Cable
Corporation Master Defined
Contribution Trust (Notes 1,2,4) $3,620,373
Contributions receivable 64,332
Loans to participants (Note 1) $ 82,917 82,917
---------- ----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 82,917 $3,767,622
========== ==========
</TABLE>
See notes to financial statements
-2-
<PAGE> 8
GENERAL CABLE CORPORATION SAVINGS PLAN FOR
HOURLY EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Supplemental Information by Fund
-----------------------------------------------------------------------------------------
The Chase Manhattan Bank
-----------------------------------------------------------------------------------------
American
Massachusetts Lasalle MFS Funds FPA General
Investors Income Emerging PBHG EuroPacific New Cable
Trust Plus Growth Growth Growth Income Corporation
Fund Fund Fund Fund Fund Fund Stock Fund
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investment in General Cable
Corporation Master Retirement
Trust (Notes 1,2,4) $ 858,003 $ 513,677 $ 280,210 $ 270,716 $ 174,853 $ 89,889 $ 69,981
Contributions receivable 17,204 25,807 14,624 12,903 9,462 5,161 860
Loans to participants (Note 1)
---------- ---------- ---------- ---------- ---------- ---------- ----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 875,207 $ 539,484 $ 294,834 $ 283,619 $ 184,315 $ 95,050 $ 70,841
========== ========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Supplemental Information by Fund
--------------------------------
The Chase Manhattan Bank
--------------------------------
Loan
Fund Total
<S> <C> <C>
ASSETS:
Investment in General Cable
Corporation Master Retirement
Trust (Notes 1,2,4) $2,257,329
Contributions receivable 86,021
Loans to participants (Note 1) $ 78,630 78,630
---------- ----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 78,630 $2,421,980
========== ==========
</TABLE>
-3-
<PAGE> 9
GENERAL CABLE CORPORATION SAVINGS PLAN FOR HOURLY EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Supplemental Information by Fund
-------------------------------------------------------------------------
Wilmington Trust Company
-------------------------------------------------------------------------
Massachusetts Lasalle MFS American FPA
Investors Income Emerging PBHG Funds New
Trust Plus Growth Growth EuroPacific Income
Fund Fund Fund Fund Growth Fund Fund
<S> <C> <C> <C> <C> <C> <C>
INCREASES:
Employee Contributions (Note 3) $ 260,625 $ 261,978 $ 192,077 $ 155,834 $ 111,345 $ 79,739
Equity in net earnings of the General Cable
Corporation Master Defined Contribution
Trust (Notes 1,2,4) 232,478 37,692 92,430 20,186 34,321 3,863
Interest income
----------- --------- --------- --------- --------- ---------
Total increases 493,103 299,670 284,507 176,020 145,666 83,602
----------- --------- --------- --------- --------- ---------
DECREASES: Distributions to
participants (Note 3) 58,191 35,910 19,498 9,396 12,391 2,881
----------- --------- --------- --------- --------- ---------
INTERFUND TRANSFERS (44,209) (8,418) 500 (55,183) (12,740) (1,136)
----------- --------- --------- --------- --------- ---------
INCREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 390,703 255,342 265,509 111,441 120,535 79,585
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 875,207 539,484 294,834 283,619 184,315 95,050
----------- --------- --------- --------- --------- ---------
End of year $ 1,265,910 $ 794,826 $ 560,343 $ 395,060 $ 304,850 $ 174,635
=========== ========= ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
Supplemental Information by Fund
----------------------------------
Wilmington Trust Company
----------------------------------
General
Cable
Corporation Loan
Stock Fund Fund Total
<S> <C> <C> <C>
INCREASES:
Employee Contributions (Note 3) $ 66,257 $ 1,127,855
Equity in net earnings of the General Cable
Corporation Master Defined Contribution
Trust (Notes 1,2,4) (44,330) 376,640
Interest income 1,433 1,433
--------- -------- -----------
Total increases 21,927 1,433 1,505,928
--------- -------- -----------
DECREASES: Distributions to
participants (Note 3) 1,361 20,658 160,286
--------- -------- -----------
INTERFUND TRANSFERS 97,674 23,512 -
--------- -------- -----------
INCREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 118,240 4,287 1,345,642
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 70,841 78,630 2,421,980
--------- -------- -----------
End of year $ 189,081 $ 82,917 $ 3,767,622
========= ======== ===========
</TABLE>
-4-
<PAGE> 10
GENERAL CABLE CORPORATION SAVINGS PLAN FOR
HOURLY EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
----------------------------------------------------------------------------------------
THE CHASE MANHATTAN BANK
----------------------------------------------------------------------------------------
AMERICAN
MASSACHUSETTS LASALLE MFS FUNDS FPA GENERAL
INVESTORS INCOME EMERGING PBHG EUROPACIFIC NEW CABLE
TRUST PLUS GROWTH GROWTH GROWTH INCOME CORPORATION
FUND FUND FUND FUND FUND FUND STOCK FUND
<S> <C> <C> <C> <C> <C> <C> <C>
INCREASES:
Employee contributions (Note 3) $ 162,772 $ 259,047 $ 139,669 $ 119,852 $ 90,991 $ 51,725 $ 7,243
Equity in net earnings of the General
Cable Corporation Master Retirement
Trust (Notes 1,2,4) 196,491 19,422 33,360 29,072 8,586 4,745 435
Interest income
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total increase 359,263 278,469 173,029 148,924 99,577 56,470 7,678
---------- ---------- ---------- ---------- ---------- ---------- ----------
DECREASES - Distributions to
participants (Note 3) 17,424 21,480 2,149 854 447 415
---------- ---------- ---------- ---------- ---------- ---------- ----------
INTERFUND TRANSFERS 533,368 282,495 123,954 135,549 85,185 38,995 63,163
---------- ---------- ---------- ---------- ---------- ---------- ----------
INCREASE (DECREASE) IN
NET ASSETS AVAILABLE
FOR BENEFITS 875,207 539,484 294,834 283,619 184,315 95,050 70,841
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year
---------- ---------- ---------- ---------- ---------- ---------- ----------
End of year $ 875,207 $ 539,484 $ 294,834 $ 283,619 $ 184,315 $ 95,050 $ 70,841
========== ========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
-----------------------------------------------------------------
NATIONS BANK
-----------------------------------------------------------------
NB SHORT- NB
INTERMEDIATE EQUITY NB
GOVERNMENT INCOME TREASURY LOAN
FUND FUND FUND FUND TOTAL
<S> <C> <C> <C> <C> <C>
INCREASES:
Employee contributions (Note 3) $ 30,558 $ 82,899 $ 22,126 $ 966,882
Equity in net earnings of the General
Cable Corporation Master Retirement
Trust (Notes 1,2,4) 80 13,070 3,544 308,805
Interest income $ 2,216 2,216
---------- ---------- ---------- ---------- ----------
Total increase 30,638 95,969 25,670 2,216 1,277,903
---------- ---------- ---------- ---------- ----------
DECREASES - Distributions to
participants (Note 3) 8,986 18,283 6,871 76,909
---------- ---------- ---------- ---------- ----------
INTERFUND TRANSFERS (261,749) (814,634) (238,852) 52,526
---------- ---------- ---------- ---------- ----------
INCREASE (DECREASE) IN
NET ASSETS AVAILABLE
FOR BENEFITS (240,097) (736,948) (220,053) 54,742 1,200,994
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 240,097 736,948 220,053 23,888 1,220,986
---------- ---------- ---------- ---------- ----------
End of year $ -- $ -- $ -- $ 78,630 $2,421,980
========== ========== ========== ========== ==========
</TABLE>
-5-
<PAGE> 11
GENERAL CABLE CORPORATION SAVINGS PLAN FOR
HOURLY EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. PLAN DESCRIPTION
The assets of the Plan are maintained in the General Cable Corporation
Master Defined Contribution Trust ("Master Trust"). This description of
the Plan is provided for general information only. Participants should
refer to the Summary Plan Description for more information.
General - The General Cable Corporation Savings Plan for Hourly Employees
(the "Plan") is a defined contribution plan consisting primarily of the
following components: the Before-Tax Savings Account which accumulates the
participant's share of the trust funds attributable to participant
contributions and the Rollover Contribution Account which represents the
participant's share of the trust funds attributable to the rollover of
their accrued benefits from previous employer qualified retirement plans.
The Plan was created on January 1, 1994.
The Wilmington Trust Company ("Wilmington") became the Trustee of the Plan
effective January 1, 1998 replacing Chase Manhattan Bank ("Chase"). Chase
became the Trustee of the Plan effective April 1, 1997, replacing Nations
Bank N.A.
The purpose of the Plan is to provide eligible employees with an
opportunity to save on a regular basis and thereby accumulate capital for
their retirement years. Contributions and earnings accumulate tax free
until withdrawn from the Plan. The Plan is intended to comply with the
provisions of Sections 401(a) and 401(k) of the Internal Revenue Code, and
the requirements of the Employee Retirement Income Security Act of 1974
("ERISA").
Participation - Hourly employees of the Bonham, Texas plant, the
Monticello, Illinois plant, the Manchester, New Hamphshire plant, the
Kenly, North Carolina plant, the Sanger, California plant, the Plano,
Texas plant, the Cass City, Michigan plant, the Watkinsville, Georgia
plant, the Kingman, Arizona plant, the Altoona, Pennsylvania plant, the
Lincoln, Rhode Island plant, the Williamstown, Massachusetts plant, the
Taunton, Rhode Island plant, the Norcross, Georgia regional distribution
center, the Vineland, New Jersey regional distribution center, the
Anaheim, California regional distribution center, the Grapevine, Texas
regional distribution center, and the Lebanon, Indiana regional
distribution center of General Cable Corporation (the "Company") are
eligible to participate in the Plan following completion of six months of
service. Participation in the Plan is voluntary.
Separate participant accounts are maintained and participants can choose
from among the following Wilmington investment funds within the Master
Trust (Fund descriptions have been provided by the Trustee of the Plan or
the Plan Administrator):
- Massachusetts Investors Trust Fund - Invests primarily in equity
securities. The fund seeks reasonable current income and long-term
growth of income and capital.
- Lasalle Income Plus Fund - Invests principally in guaranteed investment
contracts with the objective of obtaining competitive fixed income
returns in different interest rate environments.
- MFS Emerging Growth Fund - Invests primarily in emerging growth
companies, early in their life cycles, with the objective of long-term
growth of capital.
-6-
<PAGE> 12
- PBHG Growth Fund - Invests principally in common stocks with the
objective of capital appreciation.
- American Funds EuroPacific Growth Fund - Invests in the stocks of
non-U.S. companies with the objective of long-term growth of capital.
- FPA New Income Fund - Invests primarily in bonds with short to
intermediate maturities, U.S. Government securities, mortgage-backed
securities, and commercial paper.
- General Cable Corporation Stock Fund - Invests principally in the
common stock of General Cable Corporation.
During the first three months of 1997, participants could choose from
among three investment funds. A brief description of these funds, provided
by the Fund Prospectus, is as follows:
- NationsBank Short-Intermediate Government Fund - Invests principally in
bonds issued by the U.S. Government, its agencies and
instrumentalities. It is structured to have an average weighted
maturity of less than five years.
- NationsBank Equity Income Fund - Invests in common stocks and
convertible securities.
- NationsBank Treasury Fund - Invests in obligations both issued and
guaranteed by the U.S. Treasury and repurchase agreements secured by
such obligations. Maturities are limited to thirteen months or less.
The Plan also has a Loan Fund provision from which loans to participants
are permitted at an interest rate equal to the prime rate plus 1%. The
amount borrowed may not exceed, as of the date of the loan, the lesser of
one half the participant's vested amount in the Plan or $50,000. The
interest rate on loans outstanding at December 31, 1998 ranged from 9.25%
to 9.50% and the loans mature from 1999 to 2003.
2. SIGNIFICANT ACCOUNTING POLICIES
The following are the significant accounting policies followed by the
Plan:
- Investments are generally valued on the basis of the quoted market
value.
- Security transactions are recorded on the trade date.
- Income from investments is recognized when earned.
Use of Estimates - The preparation of the 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 increases or decreases in net assets available for benefits
during the reporting period. Actual results could differ from those
estimates.
3. PARTICIPANTS' ACCOUNTS AND BENEFITS
Contributions - Employees who are eligible to participate in the Plan may
make a Before-Tax Savings Account contribution up to 13% of their
compensation subject to an overall limitation.
-7-
<PAGE> 13
Rollovers - A participant may at any time make a rollover contribution to
the Plan if satisfactory evidence that the amount qualifies as a "Rollover
Contribution" as defined in the Internal Revenue Code is provided.
Vesting - Participants' contributions are fully vested.
Benefit Payments - Upon retirement or other termination of employment, a
participant's account balance less any amounts necessary to repay
participant loans may be distributed to the participant, or in the case of
death to a designated beneficiary, in a lump-sum distribution.
Withdrawals - Once the participant has attained the age of 59 1/2, all or
part of their rollover contribution account and Before-Tax Savings Account
may be withdrawn without penalty. The full value of the Rollover
Contribution Account may be transferred to another IRC Qualified Plan
before age 59 1/2 without penalty or can be paid to the participant prior
to age 59 1/2 subject to applicable excise taxes.
4. INVESTMENTS
The Plan's investment in the Master Trust consists of an interest in a
commingled employee benefit trust administered by the Company's Retirement
Plans Finance Committee with Wilmington as trustee. For 1998, the Master
Trust includes the Company's two qualified defined contribution plans as
compared to 1997 which includes the Company's four qualified benefit plans
(two defined contribution plans and two defined benefit plans). The assets
of the various retirement plans of the Company are commingled for
investment purposes; however, the trustee accounts for changes in net
assets of the Master Trust for each plan.
The Master Trust is presented at fair value based on the market value of
the investments of the Master Trust. Market values are generally
determined by the quoted closing price of the securities on the last
business day of the period. Income from investments is recognized when
earned. The cost of investments sold is determined by the average cost
method.
Net assets and changes in net assets of the Master Trust are:
<TABLE>
<CAPTION>
DECEMBER 31, DECEMBER 31,
1998 1997
NET ASSETS, AT FAIR VALUE
<S> <C> <C>
Noninterest-bearing cash $ 489,780
Temporary investment fund 525,328
Corporate common stocks $ 2,510,053 35,734,274
Mutual and money market funds 64,636,542 114,528,213
Coal lease 5,282,199
Guaranteed investment contract 2,365,039
------------ ------------
Total investments 67,146,595 158,924,833
Other assets and liabilities, net (174,133)
------------ ------------
Total net assets $ 67,146,595 $158,750,700
============ ============
</TABLE>
-8-
<PAGE> 14
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
CHANGES IN NET ASSETS 1998 1997
<S> <C> <C>
Deposits by participating plans $ 6,696,513 $ 8,232,587
Withdrawals by participating plans (9,300,671) (15,263,955)
Interest and dividends 3,082,175 13,385,776
Unrealized gain/(loss) 2,785,245 3,754,192
Realized gain/(loss) 1,813,177 11,407,792
----------- ------------
Total change in net assets $ 5,076,439 $ 21,516,392
=========== ============
</TABLE>
Equity in the net earnings of the Master Trust is allocated to
participating plans and participants daily.
5. PLAN TERMINATION
The Company expects to continue the Plan indefinitely, but reserves the
right to terminate it by duly adopted written resolution of the Board of
Directors of the Company. In the event of termination, the plan assets
will be allocated to provide benefits to participants as set forth in the
Plan, or as otherwise required by law.
6. TAX STATUS
The Plan obtained a determination letter on October 24, 1994, in which the
Internal Revenue Service stated that the Plan was in compliance with the
applicable requirements of the Internal Revenue Code (IRC). The Plan has
been amended since receiving the determination letter; however, the plan
administrator believes that the Plan is designed and is currently being
operated in compliance with the applicable provisions of the IRC and the
Plan was qualified and the related trust was tax-exempt as of the
financial statement date. Therefore, no provision for income taxes has
been included in the Plan's financial statements.
7. TRANSACTIONS WITH RELATED PARTIES
All administrative costs of the Plan are paid by the Company, for which no
fees are charged to the Plan.
8. PARTY-IN-INTEREST INVESTMENTS AND TRANSACTIONS
The Company is a party-in-interest as defined in ERISA. As a result of
administrative changes in 1997, certain participant contributions from one
of the Company's plants for the year ended December 31, 1997 were not
remitted to the Plan in a timely manner. These contributions and interest
thereon were remitted to the Plan prior to the filing of the Form 5500 for
the year ended December 31, 1997. The party-in-interest portion of this
contribution totaled $4,285.
* * * * * *
-9-
<PAGE> 15
GENERAL CABLE CORPORATION
SAVINGS PLAN FOR HOURLY EMPLOYEES
SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT (ITEM 27A OF FORM 5500)
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, FAIR
LESSOR OR SIMILAR PARTY DESCRIPTION OF INVESTMENT COST VALUE
<S> <C> <C> <C>
Participant loans 88 loans with maturities ranging from
January 1999 to November 2003 and interest
rates of 9.25% to 9.50% $ - $ 82,917
==== ========
</TABLE>
Note: The remaining net assets of the Plan are held in the General Cable
Corporation Master Defined Contribution Trust.
-10-
