<PAGE> 1
UNITED STATES
SECURITIES & EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-K/A
ANNUAL REPORT
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
AMENDMENT #1 FOR THE FISCAL YEAR ENDED JULY 31, 1999
FORM 11-K FOR SL INDUSTRIES, INC. SAVINGS AND PENSION PLAN
SL INDUSTRIES, INC.
520 FELLOWSHIP ROAD, SUITE A-114
MT. LAUREL, NJ 08054
(Name & address of Principal Executive Offices
of the issuer of the Securities)
21-0682685
(I.R.S. Employer Identification No.)
DOCUMENTS INCORPORATED BY REFERENCE:
COMPANY'S FORM S-8 REGISTRATION STATEMENT (FILE NO. 33-31805)
<PAGE> 2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the plan) have duly caused this
annual report to be signed by the undersigned thereunto duly authorized.
SL INDUSTRIES, INC. SAVINGS AND PENSION PLAN
/s/ James E. Morris
------------------------
James E. Morris
Plan Administrator
January 26, 2000
<PAGE> 3
SL INDUSTRIES, INC. SAVINGS AND PENSION PLAN
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
<TABLE>
<CAPTION>
Pages
-----
<S> <C>
Report of Independent Public Accountants 4
Financial Statements:
Statements of Net Assets Available for Plan Benefits,
July 31, 1999 and 1998 5-6
Statement of Changes in Net Assets Available for Plan Benefits
for the year ended July 31, 1999 7
Notes to Financial Statements 8-11
Supplemental Schedules:
Schedules of Assets Held for Investment Purposes -
July 31, 1999 and 1998 12-13
Schedule of Reportable Transactions for the year ended July 31, 1999 14
Consent of Independent Public Accountants 15
</TABLE>
<PAGE> 4
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Plan Administrator
SL Industries, Inc. Savings and Pension Plan:
We have audited the accompanying statements of net assets available for plan
benefits of the SL Industries, Inc. Savings and Pension Plan as of July 31,
1999 and 1998, and the related statement of changes in net assets available for
plan benefits for the year ended July 31, 1999. These financial statements and
the schedules referred to below 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 plan benefits as of July
31, 1999 and 1998, and the changes in net assets available for plan benefits
for the year ended July 31, 1999 in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules listed in the
accompanying index are presented for purposes 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 statements of net assets available for the
plan benefits and the statement of changes in net assets available for plan
benefits is presented for purposes of additional analysis rather than to
present the net assets available for plan benefits and change 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 our
audits of the basic financial statements and, in our opinion, are fairly stated
in all material respects in relation to the basic statements taken as a whole.
ARTHUR ANDERSEN LLP
Philadelphia, Pa.,
January 24, 2000
<PAGE> 5
<TABLE>
<CAPTION>
SL INDUSTRIES, INC. SAVINGS AND PENSION PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDING JULY 31, 1999
Blended Index Diversified
Income Balanced Stock Stock
Fund Fund Fund Fund
---- ---- ---- ----
ADDITIONS:
<S> <C> <C> <C> <C>
Interest and dividend income $ 267,643 $ -- $ -- $ --
Contributions:
Employer 34,712 -- -- --
Participant 52,971 -- -- --
Net appreciation (depreciation)
of investments -- -- -- --
Loan repayments 10,578 -- -- --
Transfers 1,414,913 (983,788) (1,427,821) (1,969,875)
----------- ----------- ----------- -----------
TOTAL ADDITIONS 1,780,817 (983,788) (1,427,821) (1,969,875)
----------- ----------- ----------- -----------
DEDUCTIONS:
Administrative costs -- -- -- --
Withdrawals 1,042,458 -- -- --
Loans to participants 57,833 -- -- --
----------- ----------- ----------- -----------
TOTAL DEDUCTIONS 1,100,291 -- -- --
----------- ----------- ----------- -----------
Net additions (deductions) in net assets
available for plan benefits 680,526 (983,788) (1,427,821) (1,969,875)
Net assets available for plan benefits
at beginning of year 3,474,585 983,788 1,427,821 1,969,875
----------- ----------- ----------- -----------
Net assets available for plan benefits
at end of year $ 4,155,111 $ -- $ -- $ --
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
SL Industries,
Inc. Growth &
Common Income Puritan Low-Priced
Stock Portfolio Fund Stock Fund
----- --------- ---- ----------
ADDITIONS:
<S> <C> <C> <C> <C>
Interest and dividend income $ 29,707 $ 55,768 $ 50,485 $ 88,771
Contributions:
Employer 378,349 39,198 17,994 26,971
Participant 84,626 217,040 93,451 114,090
Net appreciation (depreciation)
of investments (525,367) 118,758 (1,881) (50,701)
Loan repayments 11,619 23,762 14,691 7,852
Transfers (7,562) 343,349 (43,467) 207,625
----------- ----------- ----------- -----------
TOTAL ADDITIONS (28,628) 797,875 131,273 394,608
----------- ----------- ----------- -----------
DEDUCTIONS:
Administrative costs -- -- -- 263
Withdrawals 217,582 73,425 43,492 47,909
Loans to participants 21,381 44,566 21,498 37,337
----------- ----------- ----------- -----------
TOTAL DEDUCTIONS 238,963 117,991 64,990 85,509
----------- ----------- ----------- -----------
Net additions (deductions) in net assets
available for plan benefits (267,591) 679,884 66,283 309,099
Net assets available for plan benefits at
beginning of year 3,284,403 786,717 578,648 609,034
----------- ----------- ----------- -----------
Net assets available for plan benefits
at end of year $ 3,016,812 $ 1,466,601 $ 644,931 $ 918,133
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Diversified Fidelity Fidelity Fidelity
International Mid-Cap Freedom Freedom
Fund Stock Fund Income Fund 2000 Fund
---- ---------- ----------- ---------
ADDITIONS:
<S> <C> <C> <C> <C>
Interest and dividend income $ 9,524 $ 52,678 $ 1,986 $ 15,452
Contributions:
Employer 9,714 25,489 1,762 7,227
Participant 41,920 148,283 5,189 35,282
Net appreciation (depreciation)
of investments 19,819 71,412 152 10,430
Loan repayments 6,054 15,696 443 5,221
Transfers 101,597 387,289 46,872 237,810
-------- -------- -------- --------
TOTAL ADDITIONS 188,628 700,847 56,404 311,422
-------- -------- -------- --------
DEDUCTIONS:
Administrative costs -- -- -- --
Withdrawals 3,142 19,555 1,777 12,016
Loans to participants 8,208 15,052 -- 6,545
-------- -------- -------- --------
TOTAL DEDUCTIONS 11,350 34,607 1,777 18,561
-------- -------- -------- --------
Net additions (deductions) in net assets
available for plan benefits 177,278 666,240 54,627 292,861
Net assets available for plan benefits
at beginning of year 41,306 -- -- --
-------- -------- -------- --------
Net assets available for plan benefits
at end of year $218,584 $666,240 $ 54,627 $292,861
======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
Fidelity Fidelity Fidelity Spartan
Freedom Freedom Freedom US Equity
2010 Fund 2020 Fund 2030 Fund Index Fund
--------- --------- --------- ----------
<S> <C> <C> <C> <C>
ADDITIONS:
Interest and dividend income $ 26,610 $ 27,463 $ 9,876 $ 16,984
Contributions:
Employer 18,320 19,690 11,226 24,469
Participant 71,150 84,073 48,085 147,543
Net appreciation (depreciation)
of investments 34,826 45,582 26,142 155,028
Loan repayments 24,443 32,258 4,399 17,631
Transfers 327,018 379,837 158,338 748,517
---------- ---------- ---------- ----------
TOTAL ADDITIONS 502,367 588,903 258,066 1,110,172
---------- ---------- ---------- ----------
DEDUCTIONS:
Administrative costs -- -- -- --
Withdrawals 92,095 53,099 2,976 22,132
Loans to participants 6,047 55,391 2,897 40,174
---------- ---------- ---------- ----------
TOTAL DEDUCTIONS 98,142 108,490 5,873 62,306
---------- ---------- ---------- ----------
Net additions (deductions) in net assets
available for plan benefits 404,225 480,413 252,193 1,047,866
Net assets available for plan benefits
at beginning of year -- -- -- --
---------- ---------- ---------- ----------
Net assets available for plan benefits
at end of year $ 404,225 $ 480,413 $ 252,193 $1,047,866
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Fidelity Loans
US Bond Contributions to
Index Fund Receivable Participants Combined
---------- ---------- ------------ --------
<S> <C> <C> <C> <C>
ADDITIONS:
Interest and dividend income $ 6,941 $ 135 $ -- $ 660,023
Contributions:
Employer 3,908 28,490 -- 647,519
Participant 21,009 11,225 -- 1,175,937
Net appreciation (depreciation)
of investments (6,419) -- -- (102,219)
Loan repayments 1,250 -- (175,897) --
Transfers 80,313 -- (965) --
------------ ------------ ------------ ------------
TOTAL ADDITIONS 107,002 39,850 (176,862) 2,381,260
------------ ------------ ------------ ------------
DEDUCTIONS:
Administrative costs -- -- -- 263
Withdrawals 795 -- 64,529 1,696,982
Loans to participants 1,036 -- (317,965) --
------------ ------------ ------------ ------------
TOTAL DEDUCTIONS 1,831 -- (253,436) 1,697,245
------------ ------------ ------------ ------------
Net additions (deductions) in net assets
available for plan benefits 105,171 39,850 76,574 684,015
Net assets available for plan benefits
at beginning of year -- 350,273 383,946 13,890,396
------------ ------------ ------------ ------------
Net assets available for plan benefits
at end of year $ 105,171 $ 390,123 $ 460,520 $ 14,574,411
============ ============ ============ ============
</TABLE>
<PAGE> 6
SL INDUSTRIES, INC. SAVINGS AND PENSION PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
July 31, 1998
<TABLE>
<CAPTION>
Index Diversified
Stable Value Balanced Stock Stock
Fund Fund Fund Fund
------------ -------- ----- -----
NET ASSETS
<S> <C> <C> <C> <C>
Investments $3,474,585 $ 983,788 $1,427,821 $1,969,875
Employer contribution receivable -- -- -- --
Participant contribution receivable -- -- -- --
Participant loans receivable -- -- -- --
---------- ---------- ---------- ----------
TOTAL NET ASSETS AVAILABLE FOR PLAN BENEFITS $3,474,585 $ 983,788 $1,427,821 $1,969,875
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
SL Industries,
Inc. Growth & Growth &
Common Income Puritan Low-Priced
Stock Portfolio Fund Stock Fund
----- --------- ---- ----------
<S> <C> <C> <C> <C>
NET ASSETS
Investments $3,284,403 $ 786,717 $ 578,648 $ 609,034
Employer contribution receivable -- -- -- --
Participant contribution receivable -- -- -- --
Participant loans receivable -- -- -- --
---------- ---------- ---------- ----------
TOTAL NET ASSETS AVAILABLE FOR PLAN BENEFITS $3,284,403 $ 786,717 $ 578,648 $ 609,034
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Diversified Loans
International Contributions to
Fund Receivable Participants Combined
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
NET ASSETS
Investments $ 41,306 $ -- $ -- $13,156,177
Employer contribution receivable -- 279,082 -- 279,082
Participant contribution receivable -- 71,191 -- 71,191
Participant loans receivable -- -- 383,946 383,946
----------- ----------- ----------- -----------
TOTAL NET ASSETS AVAILABLE FOR PLAN BENEFITS $ 41,306 $ 350,273 $ 383,946 $13,890,396
=========== =========== =========== ===========
</TABLE>
<PAGE> 7
SL INDUSTRIES, INC. SAVINGS AND PENSION PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
JULY 31, 1999
<TABLE>
<CAPTION>
Blended Index Diversified
Income Balanced Stock Stock
Fund Fund Fund Fund
---------------- --------------- --------------- --------------
<S> <C> <C> <C> <C>
NET ASSETS
Investments $4,155,111 $ -- $ -- $ --
Employer contribution receivable -- -- -- --
Participant contribution receivable -- -- -- --
Participant loans receivable -- -- -- --
---------- ---------- ---------- ----------
TOTAL NET ASSETS AVAILABLE FOR PLAN BENEFITS $4,155,111 $ -- $ -- $ --
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
SL Industries,
Inc. Growth &
Common Income Puritan Low-Priced
Stock Portfolio Fund Stock Fund
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
NET ASSETS
Investments $3,016,812 $1,466,601 $ 644,931 $ 918,133
Employer contribution receivable -- -- -- --
Participant contribution receivable -- -- -- --
Participant loans receivable -- -- -- --
---------- ---------- ---------- ----------
TOTAL NET ASSETS AVAILABLE FOR PLAN BENEFITS $3,016,812 $1,466,601 $ 644,931 $ 918,133
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Diversified Fidelity Fidelity Fidelity
International Mid-Cap Freedom Freedom
Fund Stock Fund Income Fund 2000 Fund
-------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
NET ASSETS
Investments $218,584 $666,240 $ 54,627 $292,861
Employer contribution receivable -- -- -- --
Participant contribution receivable -- -- -- --
Participant loans receivable -- -- -- --
-------- -------- -------- --------
TOTAL NET ASSETS AVAILABLE FOR PLAN BENEFITS $218,584 $666,240 $ 54,627 $292,861
======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
Fidelity Fidelity Fidelity Spartan
Freedom Freedom Freedom US Equity
2010 Fund 2020 Fund 2030 Fund Index Fund
-------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
NET ASSETS
Investments $ 404,225 $ 480,413 $ 252,193 $1,047,866
Employer contribution receivable -- -- -- --
Participant contribution receivable -- -- -- --
Participant loans receivable -- -- -- --
---------- ---------- ---------- ----------
TOTAL NET ASSETS AVAILABLE FOR PLAN BENEFITS $ 404,225 $ 480,413 $ 252,193 $1,047,866
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Fidelity Loans
US Bond Contributions to
Index Fund Receivable Participants Combined
---------- ---------- ------------ --------
<S> <C> <C> <C> <C>
NET ASSETS
Investments $ 105,171 $ -- $ -- $13,723,768
Employer contribution receivable -- 307,707 -- 307,707
Participant contribution receivable -- 82,416 -- 82,416
Participant loans receivable -- -- 460,520 460,520
----------- ----------- ----------- -----------
TOTAL NET ASSETS AVAILABLE FOR PLAN BENEFITS $ 105,171 $ 390,123 $ 460,520 $14,574,411
=========== =========== =========== ===========
</TABLE>
NOTE: The accompanying notes are an integral part of these financial statements.
<PAGE> 8
SL INDUSTRIES, INC. SAVINGS AND PENSION PLAN
NOTES TO FINANCIAL STATEMENTS
1. Description of Plan and Summary of Significant Accounting Policies
Description of Plan:
SL Industries, Inc. Savings and Pension Plan (the "Plan"), originally
adopted May 1, 1976, is a defined contribution savings and pension plan
covering substantially all U.S. non-union employees of SL Industries,
Inc. who have completed at least three consecutive months of service
and attain the age of 18. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974, as amended (ERISA).
Participants should refer to the Summary Plan Description for more
complete information with respect to the provisions of the Plan.
Investments:
As part of the Plan provisions, participants may invest in SL
Industries, Inc. Common Stock ("Common Stock") and/or in various
combinations of thirteen Fidelity Institutional Retirement Services
Co., Inc. ("Fidelity") funds: Blended Income Fund, Growth and Income
Portfolio, Puritan Fund, Low-Priced Stock Fund, Diversified
International Fund, Mid-Cap Stock Fund, Freedom Income Fund, Freedom
2000 Fund, Freedom 2010 Fund, Freedom 2020 Fund, Freedom 2030 Fund,
Spartan U.S. Equity Index Fund and U.S. Bond Index Fund. All income,
gains or other amounts from any investment are reinvested in the same
investment from which they are received. The amounts are then
allocated, as appropriate, to each participant's account balance.
The Blended Income Fund represents a deposit contract with John Hancock
Mutual Life Insurance Company ("John Hancock") and Fidelity's Managed
Income Portfolio. Contributions are maintained in pooled accounts. The
account is credited with earnings on the underlying investments at
various rates and charged for Plan withdrawals. The financial
statements reflect the contract/market values as reported by John
Hancock and Fidelity as of the Plan year-end.
The remaining funds are Fidelity separate investment accounts and are
carried at market value as reported by Fidelity as of the Plan
year-end. The fair value of the SL Industries, Inc. Common Stock is
based on the market price as quoted on the New York Stock Exchange.
The Plan presents in the statement of changes in net assets the net
appreciation in investments which consists of the realized gains or
losses and the unrealized appreciation or depreciation of those
investments.
Interest and dividend income are recorded as earned on an accrual
basis.
<PAGE> 9
Contributions:
Elective Contributions:
Employees' contributions are based upon authorized payroll
withholdings. Participants may make elective deferrals of up
to 20% of their annual compensation, as defined by the Plan.
Matching Employer Contributions:
The employer's match is fifty percent (50%) of the
participant's elective deferrals, not to exceed six percent
(6%) of participant's compensation. Matching employer
contributions are invested solely in Common Stock of SL
Industries, Inc.
Profit Sharing Contributions:
A profit sharing contribution is made annually to all Plan
participants who have earned at least 1,000 hours of service
during the Plan year and is equal to two percent (2%) of the
participant's wages, up to a maximum of $160,000, for the plan
year. This is a discretionary contribution determined by
resolution of the Board of Directors. Profit sharing
contributions are invested in accordance with the election of
each participant.
Benefits:
At the time of separation, the vested portion of a participant's
account represents the participant's accumulated benefit. A participant
may elect to: (1) continue to invest their accumulated benefit in the
Plan until their normal retirement date at which time the value of
their account will be utilized to purchase an annuity; (2) receive
payment in one lump sum; or (3) to have any portion paid directly to an
eligible retirement plan specified by the distributee in a direct
rollover.
At the retirement date, a participant may elect to receive their
retirement benefit in one lump sum payment, in various types of
installments, or in the form of a qualified joint and survivor annuity.
The amount of benefit payment depends on the value of the participant's
account and the retirement benefit option the participant elects.
Vesting:
Participants become immediately vested in their elective deferral
contributions plus actual earnings and their employer's profit sharing
contributions. Employer matching contributions become vested as
follows:
<TABLE>
<CAPTION>
Percentage
Years of Service Vested
---------------- ------
<S> <C>
Five years or more ................................... 100%
Four years or more, but less than five years ......... 80%
Three years or more, but less than four years ........ 60%
Two years or more, but less than three years ......... 40%
One year or more, but less than two years ............ 20%
Less than one year ................................... 0%
</TABLE>
<PAGE> 10
In determining years of service for vesting, the Plan considers service
from the participant's date of hire. The nonvested portion of a
participant's account, if any, will be forfeited in accordance with the
provisions of the Plan. Forfeitures will be allocated to the remaining
participants' accounts on a prorata basis as defined by the Plan.
Participant Loans:
The Plan makes loans to a participant, using the participant's account
balance as collateral. The minimum loan amount is $1,000 and may not
exceed the lesser of $50,000 or one-half of the participant's vested
account balance. All loans bear interest at prime rate plus one percent
compiled as of the loan origination date. Loans are repayable over a
twelve to sixty month term. The interest rates on the participant loans
receivable in the accompanying statements of net assets available for
plan benefits as of July 31, 1999 and 1998 range from 7% to 10%.
Voting Rights:
Effective August 1, 1992, the Plan was amended to provide participants
with certain voting and other rights in connection with SL Industries,
Inc. Common Stock held in their accounts under the Plan.
2. Plan Termination
While SL Industries, Inc. has not expressed any intent to do so, it may
terminate the Plan at any time, subject to the penalties set forth in
ERISA, as amended. In the event of such Plan termination, participants
will become 100% vested in their accounts.
3. Reconciliation to Form 5500
As of July 31, 1999 and 1998, the Plan had $68,091 and $468,562,
respectively, of pending distributions to participants who elected to
withdraw from the Plan. These amounts are recorded as a liability in
the Plan's Form 5500; however, these amounts are not recorded as a
liability in the accompanying statements of net assets available for
plan benefits in accordance with generally accepted accounting
principles.
<PAGE> 11
The following table reconciles net assets available for Plan benefits
per the financial statements to the Form 5500 as filed by the Company
for the years ended July 31, 1999 and 1998:
<TABLE>
<CAPTION>
Net Assets Available
for Plan Benefits
Benefits ----------------------------------
Payable to Benefits
Participant Paid July 31, 1999 July 31, 1998
------------ ------------ ------------- -------------
<S> <C> <C> <C> <C>
Per financial
statements $ 0 $ 1,696,982 $ 14,574,411 $ 13,890,396
Accrued benefit
payments 68,091 68,091 (68,091) (468,562)
Reversal of 1998
accrual for benefit
payments 0 (468,562) 0 0
------------ ------------ ------------ ------------
Per Form 5500 $ 68,091 $ 1,296,511 $ 14,506,320 $ 13,421,834
============ ============ ============ ============
</TABLE>
4. Administrative Expenses
Administrative expenses of the Plan are paid by SL Industries, Inc.,
with the exception of asset management fees related to certain deposit
contracts held with the insurance company which are paid by the Plan.
Total asset management fees expensed in fiscal 1999 and 1998 were $263
and $0, respectively.
5. Tax Status
The Internal Revenue Service has issued a favorable determination
letter stating that the Plan meets the requirements for qualification
pursuant to Section 401(a) of the Internal Revenue Code (the "Code")
and that the Plan is exempt from federal income taxes under Section
501(a) of the Code. Management believes they are operating the Plan in
accordance with the Code. Accordingly, there is no provision for income
taxes in the accompanying financial statements.
6. Subsequent Events
Effective August 1, 1999, the definition of Plan Year was amended and
restated to mean the period beginning August 1, 1999 and ending
December 31, 1999, and each twelve consecutive month period thereafter.
Effective September 24, 1999, the Plan was amended and restated to
provide that an employee shall become an eligible employee as of the
first day of the month coinciding with or next following the date on
which he becomes an employee.
<PAGE> 12
SL INDUSTRIES, INC. SAVINGS AND PENSION PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
FORM 5500 ITEM 27(a)
JULY 31, 1999
<TABLE>
<CAPTION>
<S> <C>
A.Party in Interest B. Identity of Issuer
- ------------------- ---------------------
* SL Industries. Inc.
* John Hancock Mutual Life Insurance Company
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* SL Industries, Inc.
</TABLE>
<TABLE>
<CAPTION>
A.Party in Interest C. Description of Asset
- ------------------- -----------------------
<S> <C>
* Common Stock
* Guaranteed Investment Contracts (#8583)
* Common Trust Fund - Managed Income Portfolio
* Common Trust Fund - Fidelity Growth & Income Portfolio
* Common Trust Fund - Fidelity Puritan Fund
* Common Trust Fund - Fidelity Low-Priced Stock Fund
* Common Trust Fund - Fidelity Diversified International Fund
* Common Trust Fund - Fidelity Mid-Cap Stock Fund
* Common Trust Fund - Fidelity Freedom Income Fund
* Common Trust Fund - Fidelity Freedom 2000 Fund
* Common Trust Fund - Fidelity Freedom 2010 Fund
* Common Trust Fund - Fidelity Freedom 2020 Fund
* Common Trust Fund - Fidelity Freedom 2030 Fund
* Common Trust Fund - Spartan U.S. Equity Index Fund
* Common Trust Fund - Fidelity U.S. Bond Index Fund
* Loans Receivable
* Contributions Receivable
</TABLE>
<TABLE>
<CAPTION>
A.Party in Interest D. Cost E. Current Value
- ------------------- ------- ----------------
<S> <C> <C>
* $1,955,928 $3,016,812
* $ 976,520 $ 976,520
* $3,178,591 $3,178,591
* $1,310,136 $1,466,601
* $ 620,462 $ 644,931
* $ 915,824 $ 918,133
* $ 196,292 $ 218,584
* $ 603,494 $ 666,240
* $ 54,493 $ 54,627
* $ 282,493 $ 292,861
* $ 378,812 $ 404,225
* $ 439,907 $ 480,413
* $ 227,088 $ 252,193
* $ 916,587 $1,047,866
* $ 110,161 $ 105,171
* $ 460,520 $ 460,520
* $ 390,123 $ 390,123
</TABLE>
* Indicates party known to be a party in interest.
<PAGE> 13
SL INDUSTRIES, INC. SAVINGS AND PENSION PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
FORM 5500 ITEM 27(a)
JULY 31, 1998
<TABLE>
<CAPTION>
A.Party in Interest B. Identity of Issuer
- ------------------- ---------------------
<S> <C>
* SL Industries. Inc.
* John Hancock Mutual Life Insurance Company
* John Hancock Mutual Life Insurance Company
* John Hancock Mutual Life Insurance Company
* John Hancock Mutual Life Insurance Company
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* Fidelity Institutional Retirement Services Co., Inc.
* John Hancock Mutual Life Insurance Company
SL Industries, Inc.
</TABLE>
<TABLE>
<CAPTION>
A.Party in Interest C. Description of Asset
------------------- -----------------------
<S> <C>
* Common Stock
* Guaranteed Investment Contracts
(#7494, #7960, #8583 and #9543)
* Common Trust Fund - Balanced Fund
* Common Trust Fund - Indexed Stock Fund
* Common Trust Fund - Diversified Stock Fund
* Common Trust Fund - FIdelity Growth & Income Portfolio
* Common Trust Fund - Fidelity Puritan Fund
* Common Trust Fund - Fidelity Low-Priced Stock Fund
* Common Trust Fund - Fidelity Diversified International Fund
* Loans Receivable
Contributions Receivable
</TABLE>
<TABLE>
<CAPTION>
A.Party in Interest D. Cost E. Current Value
------------------- ------- ----------------
<S> <C> <C>
* $ 1,427,509 $ 3,284,403
* $ 3,474,585 $ 3,474,585
* $ 112,189 $ 983,788
* $ 763,597 $ 1,427,821
* $ 2,132,728 $ 1,969,875
* $ 737,320 $ 786,717
* $ 553,461 $ 578,648
* $ 615,931 $ 609,034
* $ 38,498 $ 41,306
* $ 383,946 $ 383,946
* $ 350,273 $ 350,273
</TABLE>
* Indicates party known to be a party in interest.
<PAGE> 14
SL INDUSTRIES, INC. SAVINGS AND PENSION PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
FORM 5500 ITEM 27(d)
FOR THE YEAR ENDING JULY 31, 1999
<TABLE>
<CAPTION>
IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSET
-------------------------- --------------------
<S> <C>
John Hancock Mutual Life Insurance Company Blended Income Fund
Fidelity Institutional Retirement Services Co., Inc. Common Trust Fund - Fidelity Growth & Income Portfolio
Fidelity Institutional Retirement Services Co., Inc. Common Trust Fund - Fidelity Puritan Fund
Fidelity Institutional Retirement Services Co., Inc. Common Trust Fund - Fidelity Low-Priced Stock Fund
Fidelity Institutional Retirement Services Co., Inc. Common Trust Fund - Fidelity Mid-Cap Stock Fund
Fidelity Institutional Retirement Services Co., Inc. Common Trust Fund - Spartan U.S. Equity Index Fund
</TABLE>
<TABLE>
<CAPTION>
IDENTITY OF PARTY INVOLVED PURCHASE PRICE SELLING PRICE COST OF ASSET NET GAIN (LOSS)
-------------------------- -------------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
John Hancock Mutual Life Insurance Company $2,096,871 $1,416,146 $1,416,146 N/A
Fidelity Institutional Retirement Services Co., Inc. $1,567,434 - - -
Fidelity Institutional Retirement Services Co., Inc. $725,832 - - -
Fidelity Institutional Retirement Services Co., Inc. $742,977 - - -
Fidelity Institutional Retirement Services Co., Inc. $742,460 - - -
Fidelity Institutional Retirement Services Co., Inc. $1,126,464 - - -
</TABLE>
<PAGE> 15
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation of our
report dated January 24, 2000, included in this Form 10-K/A for the year ended
July 31, 1999 into the Company's previously filed Registration Statement File
No. 33-31805 on Form S-8.
ARTHUR ANDERSEN LLP
Philadelphia, PA
January 27, 2000
