UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
-------------------------------
FORM 11-K
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE PLAN YEAR ENDED
DECEMBER 31, 1996 (NO FEE REQUIRED)
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number -- 0-20490
-------------------------------
A. Full title of the plan and address of the plan, if different from that of
the issuer name below:
The Carbide/Graphite Group, Inc. Savings Investment Plan
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive offices:
The Carbide/Graphite Group, Inc.
One Gateway Center, 19th Floor
Pittsburgh, PA 15222
<PAGE>
THE CARBIDE/GRAPHITE GROUP, INC.
SAVINGS INVESTMENT PLAN
INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
Pages
Report of Independent Accountants.................................... 2
Financial Statements:
Statement of Net Assets Available for Plan Benefits
with Fund Information as of December 31, 1996 .................. 3
Statement of Net Assets Available for Plan Benefits
with Fund Information as of December 31, 1995 .................. 4
Statement of Changes in Net Assets Available for Plan Benefits
with Fund Information for the year ended December 31, 1996...... 5 - 6
Notes to Financial Statements...................................... 7 - 10
Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment Purposes
as of December 31, 1996......................................... 11
Item 27d - Schedule of Reportable Transactions
for the year ended December 31, 1996............................ 12
1
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Pension Committee of
The Carbide/Graphite Group, Inc.
Savings Investment Plan:
We have audited the financial statements and supplemental schedules of The
Carbide/Graphite Group, Inc. Savings Investment Plan (Plan) as of December 31,
1996 and 1995 and for the year ended December 31, 1996, as listed in the
accompanying index on Page 1. These financial statements and supplemental
schedules are the responsibility of the Plan's management. Our responsibility is
to express an opinion on those 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 plan benefits as of December
31, 1996 and 1995, and the changes in net assets available for plan benefits for
the year ended December 31, 1996, in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of (1)
Schedule of Assets Held for Investment Purposes and (2) Schedule of 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 fund information in the financial statements is presented for the
purpose of additional analysis rather than to present the net assets available
for plan benefits and changes in net assets available for plan benefits of each
fund. The supplemental schedules and fund information have been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
/s/ Coopers & Lybrand L.L.P.
Pittsburgh, Pennsylvania
June 12, 1997
2
<PAGE>
THE CARBIDE/GRAPHITE GROUP, INC.
SAVINGS INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
December 31, 1996
<TABLE>
<CAPTION>
George Putnam Putnam Putnam
Putnam Fund For Putnam Putnam Guaranteed New International
Fund Of Growth and Income Voyager Income Opportunities Growth
Boston Income Fund Fund Fund Fund Fund
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at value (Note 3) $ 2,626,242 $ 8,625,760 $ 2,746,749 $ 4,894,682 $ 9,520,705 $ 5,849,858 $ 1,369,979
-------------------------------------------------------------------------------------------------
Net assets available for plan
benefits $ 2,626,242 $ 8,625,760 $ 2,746,749 $ 4,894,682 $ 9,520,705 $ 5,849,858 $ 1,369,979
=================================================================================================
</TABLE>
Carbide/
Graphite
Loan Common
Fund Stock Total
---------------------------------------
ASSETS
Investments, at value (Note 3) $ 1,889,150 $ 814,077 $ 38,337,202
---------------------------------------
Net assets available for plan
benefits $ 1,889,150 $ 814,077 $ 38,337,202
=======================================
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
THE CARBIDE/GRAPHITE GROUP, INC.
SAVINGS INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
December 31, 1995
<TABLE>
<CAPTION>
American 20th Century Mentor PNC Guaranteed PNC Money
Mutual Ultra Perpetual Balanced Income Market Loan
Fund Investors Global A Institutional Fund Fund Fund
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at value (Note 3) $ 6,071,820 $ 1,556,398 $ 555,688 $ 248,131 $ 24,300,807 $ 215,065 $ 1,977,638
Receivables:
Employer's contributions - - - - 46,504 - -
Employees' contributions 48,716 20,732 7,437 3,508 72,518 2,022 -
-------------------------------------------------------------------------------------------------
Total assets 6,120,536 1,577,130 563,125 251,639 24,419,829 217,087 1,977,638
-------------------------------------------------------------------------------------------------
Net assets available for plan
benefits $ 6,120,536 $ 1,577,130 $ 563,125 $ 251,639 $ 24,419,829 $ 217,087 $ 1,977,638
=================================================================================================
</TABLE>
Total
--------------
ASSETS
Investments, at value (Note 3) $ 34,925,547
Receivables:
Employer's contributions 46,504
Employees' contributions 154,933
--------------
Total assets 35,126,984
--------------
Net assets available for plan
benefits $ 35,126,984
==============
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
THE CARBIDE/GRAPHITE GROUP, INC.
SAVINGS INVESTMENT PLAN STATEMENT OF
CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
20th Mentor PNC
American Century Perpetual PNC Guaranteed Money
Mutual Ultra Global Balanced Income Market
Fund Investors A Institutional Fund Fund
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Interest and dividend income $68,650 $4,832 $916 $3,474 $647,831 $489
Net appreciation (depreciation)
in fair value of investments 192,475 127,129 56,523 6,543 737,680 3,993
Employer's contributions - - - - 126,273 -
Employees' contributions 144,110 57,410 18,378 10,909 385,897 6,908
---------------------------------------------------------------------------------------------------
Total additions 405,235 189,371 75,817 20,926 1,897,681 11,390
---------------------------------------------------------------------------------------------------
DEDUCTIONS:
Withdrawals (121,517) (73,436) (2,416) - (2,695,564) (2,323)
---------------------------------------------------------------------------------------------------
Total deductions (121,517) (73,436) (2,416) - (2,695,564) (2,323)
---------------------------------------------------------------------------------------------------
Transfer for loans,
net of repayments (40,041) (18,573) (5,753) - (72,007) (7,003)
Inter-fund transfers (6,364,213) (1,674,492) (630,773) (272,565) (14,029,234) (219,151)
---------------------------------------------------------------------------------------------------
Net change in fund balance (6,120,536) (1,577,130) (563,125) (251,639) (14,899,124) (217,087)
Net assets available for
plan benefits, beginning of
plan year 6,120,536 1,577,130 563,125 251,639 24,419,829 217,087
---------------------------------------------------------------------------------------------------
Net assets available for
plan benefits, end of
plan year $- $- $- $- $9,520,705 $-
===================================================================================================
</TABLE>
George
Putnam
Loan Fund Of Totals
Fund Boston Forward
--------------------------------------------
ADDITIONS:
Interest and dividend income $115,125 $193,023 $1,034,340
Net appreciation (depreciation)
in fair value of investments - 66,305 1,190,648
Employer's contributions - 100,678 226,951
Employees' contributions - 105,846 729,458
--------------------------------------------
Total additions 115,125 465,852 3,181,397
--------------------------------------------
DEDUCTIONS:
Withdrawals (7,745) (16,101) (2,919,102)
--------------------------------------------
Total deductions (7,745) (16,101) (2,919,102)
--------------------------------------------
Transfer for loans,
net of repayments 71,815 (22,701) (94,263)
Inter-fund transfers (267,683) 2,199,192 (21,258,919)
--------------------------------------------
Net change in fund balance (88,488) 2,626,242 (21,090,887)
Net assets available for
plan benefits, beginning of
plan year 1,977,638 - 35,126,984
--------------------------------------------
Net assets available for
plan benefits, end of
plan year $1,889,150 $2,626,242 $14,036,097
============================================
(Continued)
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
THE CARBIDE/GRAPHITE GROUP, INC.
SAVINGS INVESTMENT PLAN STATEMENT OF
CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1996 -- Continued
<TABLE>
<CAPTION>
Putnam
Fund Putnam
For Putnam Putnam New
Totals Growth and Income Voyager Opportunities
Forward Income Fund Fund Fund
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ADDITIONS:
Interest and dividend income $1,034,340 $658,169 $99,308 $316,358 $45,030
Net appreciation (depreciation)
in fair value of investments 1,190,648 384,536 92,849 (160,245) (100,994)
Employer's contributions 226,951 319,645 91,909 298,965 379,633
Employee's contributions 729,458 323,605 84,287 297,735 369,804
-----------------------------------------------------------------------------------------------
Total additions 3,181,397 1,685,955 368,353 752,813 693,473
-----------------------------------------------------------------------------------------------
DEDUCTIONS:
Withdrawals (2,919,102) (285,917) (11,416) (251,274) (403,771)
-----------------------------------------------------------------------------------------------
Total deductions (2,919,102) (285,917) (11,416) (251,274) (403,771)
-----------------------------------------------------------------------------------------------
Transfer for loans,
net of repayments (94,263) 28,752 (19,119) 31,889 37,566
Inter-fund transfers (21,258,919) 7,196,970 2,408,931 4,361,254 5,522,590
-----------------------------------------------------------------------------------------------
Net change in fund balance (21,090,887) 8,625,760 2,746,749 4,894,682 5,849,858
Net assets available for
plan benefits, beginning of
plan year 35,126,984 - - - -
-----------------------------------------------------------------------------------------------
Net assets available for
plan benefits, end of
plan year $14,036,097 $8,625,760 $2,746,749 $4,894,682 $5,849,858
===============================================================================================
</TABLE>
Carbide/
International Graphite
Growth Common
Fund Stock Total
-------------------------------------------
ADDITIONS:
Interest and dividend income $14,517 $- $2,167,722
Net appreciation (depreciation)
in fair value of investments 92,159 125,258 1,624,211
Employer's contributions 83,443 45,606 1,446,152
Employee's contributions 87,539 38,877 1,931,305
-------------------------------------------
Total additions 277,658 209,741 7,169,390
-------------------------------------------
DEDUCTIONS:
Withdrawals (78,726) (8,966) (3,959,172)
-------------------------------------------
Total deductions (78,726) (8,966) (3,959,172)
-------------------------------------------
Transfer for loans,
net of repayments 15,195 (20) -
Inter-fund transfers 1,155,852 613,322 -
-------------------------------------------
Net change in fund balance 1,369,979 814,077 3,210,218
Net assets available for
plan benefits, beginning of
plan year - - 35,126,984
-------------------------------------------
Net assets available for
plan benefits, end of
plan year $1,369,979 $814,077 $38,337,202
===========================================
The accompanying notes are an integral part of the financial statements
6
<PAGE>
THE CARBIDE/GRAPHITE GROUP, INC.
SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
1. Description of Plan and Benefits
The Carbide/Graphite Group, Inc. Savings Investment Plan (the Plan),
established as of August 1, 1988, is a defined contribution plan covering
eligible salaried employees following the third monthly anniversary of their
employment date. The Plan is administered by the Pension Committee which
consists of three members who are appointed by The Carbide/Graphite Group,
Inc.'s (the Company) Board of Directors.
Generally, the Plan provides that employees may make regular contributions
of 2% to 16% of their salaries on a before-tax, after-tax or combined basis,
subject to limitations specified in the Internal Revenue Code. Employees direct
that their contributions be invested in the funds offered by the Plan. During
May 1996, the trustee was changed from PNC Bank to Putnam Investments, and the
investment funds offered by the plan were converted from the American Mutual
Fund, 20th Century Ultra Investors, Mentor Perpetual Global A, PNC Balanced
Fund, and the PNC Money Market Fund to the George Putnam Fund of Boston, Putnam
Fund for Growth and Income, Putnam Income Fund, Putnam Voyager Fund, Putnam New
Opportunities Fund, Putnam International Growth Fund, and Carbide/Graphite
Common Stock. The Guaranteed Income Fund and Loan Fund remained investment
options throughout 1996. Contributions may be invested entirely in one fund or
allocated among the funds, subject to allocation limitations set forth in the
Plan. Changes in allocation of future contributions and transfers of presently
invested contributions among funds are permitted pursuant to the Plan
provisions. Such changes and transfers are executed by plan participants through
on-line record keeping functions provided by PNC Bank, through May 1996 and by
Putnam Investments from May 1996 through December 31, 1996.
The Company contributes to the Plan at the rate of 50% of the employees'
contributions up to 6% of the employees' salary. Company profit-sharing
contributions made on behalf of each participant who is an employee during the
fiscal year shall be based on the individual's pay rate as of July 31 of such
fiscal year. Additional employer contributions may be made at the discretion of
the Board of Directors based on the Company's current year financial
performance. In no event, however, shall such contributions for any year exceed
the maximum amount deductible under the provisions of the Internal Revenue Code.
Income on employee contributions and employer contributions is allocated to
participants' employee and employer accounts based on the relationship of each
participant's account to the total of all participants' accounts. Participants
are fully vested in the value of their contributions and related investment
income at all times. They become fully vested in their allocated share of
employer contributions and related investment income after four years of
service. Employer contributions forfeited by participants not vested at their
termination date will be used to reduce future Company contributions.
Withdrawals from the Plan are permitted under the various options as more
fully described in the Plan document.
7
<PAGE>
THE CARBIDE/GRAPHITE GROUP, INC.
SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS--Continued
Reference should be made to the Plan document for additional information
concerning contributions, eligibility, allocation of income, withdrawals,
vesting and other important features of the Plan. Although there is not a
present intent to do so, the Company has reserved the right to terminate or
partially terminate the Plan and, upon termination, all participants will become
fully vested in any funds which have been allocated to them.
2. Summary of Significant Accounting Policies
The financial statements of the Plan have been prepared in conformity with
generally accepted accounting principles. The following are the significant
accounting policies followed by the Plan:
Use of Estimates
The preparation of the Plan's financial statements in conformity with
generally accepted accounting principles require the plan administrator to
make significant estimates and assumptions that affect the reported amounts
of net assets available for plan benefits at the date of the financial
statements and the changes in net assets available for plan benefits during
the reporting period. Actual results could differ from those estimates.
Risks and Uncertainties
The Plan provides for various investment options. Investment
securities are exposed to various risks, such as interest rate, market and
credit risk. Due to the level of risk associated with certain investment
securities, it is at least possible that changes in the values of
investment securities will occur in the near term and that such changes
could materially affect participant account balances and the amounts
reported in the statement of net assets available for plan benefits with
fund information.
Investment Valuation
Investments in the Guaranteed Income Fund are stated at contract
value. Contract value represents contributions made under the Plan, plus
interest income, less benefits paid to participants. The crediting interest
rates on outstanding contracts as of December 31, 1996 and 1995 ranged from
6.95% to 7.00% and 5.91% to 8.21%, respectively. The average yield on
outstanding contracts during the years ended December 31, 1996 and 1995 was
approximately 6.97% and 7.00%, respectively. Investments in the George
Putnam Fund of Boston, Putnam Fund for Growth and Income, Putnam Income
Fund, Putnam Voyager Fund, Putnam New Opportunities Fund, Putnam
International Growth Fund, and Carbide/Graphite Common Stock Fund are
valued based on the market values of the underlying investments in these
funds. The net appreciation (depreciation)
8
<PAGE>
THE CARBIDE/GRAPHITE GROUP, INC.
SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS--Continued
in fair value of investments represents the net realized and unrealized
gain or loss in the underlying investments of these funds.
Investments in the Putnam Stable Value Fund are stated at cost, which
approximates market value.
Participant loans included in the Loan Fund are stated at net
realizable value (total borrowings less repaid principal).
Accrued interest and dividends due each fund are reflected as a
component of investments, at value in the statement of net assets
available for plan benefits with fund information as of December 31, 1996
and 1995.
Administrative Expenses
Administrative expenses of the Plan, including trustee, legal, and
audit fees, are paid by the Company and, as such, are not expenses of the
Plan.
3. Investments
The following is a brief description of the types of investments held by
each fund as of December 31, 1996:
George Putnam Fund of Invests in a diversified portfolio of stocks
Boston and bonds.
Putnam Fund for Invests in a diversified portfolio of stocks
Growth and Income and fixed income securities.
Putnam Income Fund Invests in government
obligations and corporate debt securities.
Putnam Voyager Fund Invests in government
obligations and corporate debt securities.
Putnam New Invests in common stocks of companies within
Opportunities Fund certain emerging industry groups.
Putnam International Invests in securities of companies located
Growth Fund outside the United States and North America.
Carbide/Graphite Invests in shares of Carbide/Graphite Group,
Common Stock Fund Inc. company stock.
Guaranteed Income Invests in guaranteed investment contracts
Fund with insurance companies.
9
<PAGE>
THE CARBIDE/GRAPHITE GROUP, INC.
SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS--Continued
Investments greater than 5% of the net assets available for plan benefits
as of the end of the Plan year (at market/contract value) are as follows:
George Putnam Fund of Boston $2,626,242
Putnam Fund for Growth and Income 8,625,760
Putnam Income Fund 2,746,749
Putnam Voyager Fund 4,894,682
Aetna Life Insurance Company Guaranteed
Investment Contract 3,630,610
Aetna Life Insurance Company Guaranteed
Investment Contract 5,823,955
Putnam New Opportunities Fund 5,849,858
4. Participant Loans
Loans are available to all participants subject to provisions set forth in
the Plan document. The loans bear interest at the prime rate in effect at the
time of the borrowing and remain fixed for the term of the loan. Loan terms and
repayment policies are designed to be in compliance with the requirements of
Section 401(k) of the Internal Revenue Code.
For the year ended December 31, 1996, new participant loans were made in
the amount of $949,950 which were partially offset by principal and interest
payments of $878,135.
5. Tax Status
The Plan is qualified under Section 401(a) of the Internal Revenue Code of
1986, as amended, and the regulations issued thereunder, and the Plan is thereby
tax-exempt within the meaning of Section 501(a) of the Internal Revenue Code.
10
<PAGE>
THE CARBIDE/GRAPHITE GROUP, INC.
SAVINGS INVESTMENT PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
<TABLE>
<CAPTION>
Face
Value/
Number
Maturity Of Interest Market
Date Shares Rate Cost Value
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
George Putnam Fund Of Boston - 160,137 - $2,566,350 $2,626,242
Putnam Fund For Growth and Income - 478,677 - 8,288,788 8,625,760
Putnam Income Fund - 391,833 - 2,657,985 2,746,749
Putnam Voyager Fund - 303,640 - 5,045,504 4,894,682
Putnam Guaranteed Income Fund:
Putnam Stable Value Fund - $66,140 - 66,140 66,140
Aetna Life Insurance Company
Guaranteed Investment Contract 12/31/97 $3,630,610 6.95% 3,630,610 3,630,610
Aetna Life Insurance Company
Guaranteed Investment Contract 12/31/97 $5,823,955 7.00 5,823,955 5,823,955
Putnam New Opportunities Fund - 143,979 - 5,941,654 5,849,858
Putnam International Growth Fund - 91,150 - 1,280,660 1,369,979
Loan Fund - $1,889,150 7.30 - 11.50 1,889,150 1,889,150
Carbide/Graphite Common Stock - 41,482 - 754,024 814,077
===================================
Total $37,944,820 $38,337,202
====================================
</TABLE>
11
<PAGE>
THE CARBIDE/GRAPHITE GROUP, INC.
SAVINGS INVESTMENT PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
Number of Purchase Number of Sales
Identity of Party Description of Assets Purchases Value Sales Proceeds
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Putnam Investments George Putnam Fund of Boston 42 $2,825,268(1) 35 $629,330(2)
Putnam Investments Putnam Fund For Growth and Income 70 5,785,460(1) 60 3,707,413(1)
Putnam Investments Putnam Income Fund 37 3,007,737(1) 32 353,836(2)
Putnam Investments Putnam Voyager Fund 66 4,764,505(1) 53 1,510,917(2)
Putnam Investments John Hancock Mutual Life
Guaranteed Investment Contract 1 309,850(2) 5 5,913,216(1)
Putnam Investments Aetna Life Insurance Company
Guaranteed Investment Contract - - 1 3,492,023(1)
Putnam Investments Allstate Life Insurance Company
Guaranteed Investment Contract - - 1 4,333,917(1)
Putnam Investments Putnam Stable Value Fund 49 7,000,325(1) 66 6,989,659(1)
Putnam Investments Putnam New Opportunities Fund 72 6,705,827(1) 47 754,975(2)
Putnam Investments Putnam International Growth Fund 50 1,169,175(1) 26 523,267(2)
Putnam Investments Carbide/Graphite Common Stock 43 1,297,348(2) 31 608,530(2)
PNC Bank 20th Century Ultra Investors 28 354,606(2) 15 2,038,108(1)
PNC Bank American Mutual Fund 33 641,401(2) 30 6,905,659(1)
</TABLE>
<TABLE>
<CAPTION>
Current Current
Value of Value of
Assets on Assets on
Cost of Acquisition Disposal Net
Identity of Party Description of Assets Assets Sold Date Date Gain/(Loss)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Putnam Investments George Putnam Fund of Boston $622,918 $2,825,268 $629,330 $6,412
Putnam Investments Putnam Fund For Growth and Income 3,659,849 5,785,460 3,707,413 47,564
Putnam Investments Putnam Income Fund 349,752 3,007,737 353,836 4,084
Putnam Investments Putnam Voyager Fund 1,520,340 4,764,505 1,510,917 (9,423)
Putnam Investments John Hancock Mutual Life
Guaranteed Investment Contract 5,913,216 309,850 5,913,216 -
Putnam Investments Aetna Life Insurance Company
Guaranteed Investment Contract 3,492,023 - 3,492,023 -
Putnam Investments Allstate Life Insurance Company
Guaranteed Investment Contract 4,333,917 - 4,333,917 -
Putnam Investments Putnam Stable Value Fund 6,989,659 7,000,325 6,989,659 -
Putnam Investments Putnam New Opportunities Fund 764,174 6,705,827 754,975 (9,199)
Putnam Investments Putnam International Growth Fund 520,427 1,169,175 523,267 2,840
Putnam Investments Carbide/Graphite Common Stock 543,324 1,297,348 608,530 65,206
PNC Bank 20th Century Ultra Investors 1,650,889 354,606 2,038,108 387,219
PNC Bank American Mutual Fund 6,115,209 641,401 6,905,659 790,450
</TABLE>
(1) Represents a series of transactions, one of which individually exceeds 5%
of the current value of plan assets at the beginning of the year.
(2) Represents a series of transactions, none of which individually exceeds 5%
of the current value of plan assets at the beginning of the year.
12
<PAGE>
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, on June 27, 1997.
THE CARBIDE/GRAPHITE GROUP, INC.
SAVINGS INVESTMENT PLAN
By: /s/ Walter E. Damian
--------------------------------
Walter E. Damian
Plan Adminstrator
Exhibit 1
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statement of
The Carbide/Graphite Group, Inc. Savings Investment Plan on Form S-8, of our
report dated June 12, 1997 on our audits of the financial statements of The
Carbide/Graphite Group, Inc. Savings Investment Plan as of December 31, 1996 and
1995 and for the year ended December 31, 1996, included in this Annual Report on
Form 11-K.
/s/ Coopers & Lybrand L.L.P.
Pittsburgh, Pennsylvania
June 27, 1997
