PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the Fiscal Year Ended December 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ----to----
COMMISSION FILE NUMBER 1-11846
APTARGROUP, INC.
Profit Sharing and Savings Plan
--------------------------------
(Full title of the Plan)
APTARGROUP, INC.
---------------------------
(Name of issuer of certain securities held pursuant to the Plan)
475 WEST TERRA COTTA AVENUE, SUITE E
CRYSTAL LAKE, IL 60014
------------------------------------
(Address of Issuer's Principal Executive Office and Plan)
<PAGE> 2
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
--------------------------------------------
Title PAGE
- ----- ----
Report of independent accountants 3
Financial statements:
Statements of Net Assets Available
for Benefits, with Fund Information,
at December 31, 1997 and 1996 4-7
Statements of Changes in Net Assets Available
for Benefits, with Fund Information,
for the years ended December 31, 1997 and 1996 8-15
Notes to financial statements 16-23
Supplemental schedules:
Assets held for investment purposes at
December 31, 1997 (Schedule I) 24-25
Reportable transactions for year ended
December 31, 1997 (Schedule II) 26-28
Consent of Independent Accountants Exhibit A
Note: Supplementary schedules not included have been omitted because
they are not applicable.
<PAGE> 3 REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
To the Participants and the
Administrative Committee of the
AptarGroup, Inc.
Profit Sharing and Savings Plan
In our opinion, the accompanying statements of net assets available for benefits
and the related statements of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the AptarGroup,Inc. Profit Sharing and Savings Plan at December 31, 1997 and
1996, and the changes in net assets available for benefits for the years then
ended, in conformity with generally accepted accounting principles. 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 of these statements in accordance with
generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for the opinion expressed
above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
Schedules I and II is presented for purposes of additional analysis and is not
a required part of the basic financial statements but is additional 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 benefits and the
statements of changes in net assets available for benefits is presented for
purposes 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. Schedules I and II and the 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/ Price Waterhouse LLP
Chicago, Illinois
June 15, 1998
<PAGE> 4
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENTS OF NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION,
AT DECEMBER 31, 1997 AND 1996
-----------------------------
Money Market Magellan
Fund Fund
------------------ -------------------
ASSETS: 1997 1996 1997 1996
---- ---- ---- ----
Investments, at
market value $5,611,887 $5,451,545 $14,711,290 $11,727,436
Participant loans 1,052,002 846,506 -- --
--------- --------- ---------- ----------
$6,663,889 $ 6,298,051 $14,711,290 $11,727,436
''''''''' ''''''''' '''''''''' ''''''''''
Net assets available
for benefits $6,663,889 $6,298,051 $14,711,290 $11,727,436
''''''''' ''''''''' '''''''''' ''''''''''
The accompanying notes are an integral part of this statement.
<PAGE> 5
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENTS OF NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION (CONTINUED),
AT DECEMBER 31, 1997 AND 1996
--------------------------------
AptarGroup Growth and
Stock Fund Income Fund
--------------------- --------------------
ASSETS: 1997 1996 1997 1996
---- ---- ---- ----
Investments, at
market value $5,234,346 $3,191,712 $9,045,051 $5,535,499
Participant loans -- -- -- --
--------- --------- --------- ---------
$5,234,346 $3,191,712 $9,045,051 $5,535,499
''''''''' ''''''''' ''''''''' '''''''''
Net assets available
for benefits $5,234,346 $3,191,712 $9,045,051 $5,535,499
''''''''' ''''''''' ''''''''' '''''''''
The accompanying notes are an integral part of this statement.
<PAGE> 6
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENTS OF NET ASSETS AVAILABLE,
FOR BENEFITS, WITH FUND INFORMATION (CONTINUED),
AT DECEMBER 31, 1997 AND 1996
-----------------------------
Managed Overseas
Income Fund Fund
--------------------- ------------------
ASSETS: 1997 1996 1997 1996
---- ---- ---- ----
Investments, at
market value $1,199,213 $843,225 $535,777 $384,416
Participant loans -- -- -- --
--------- ------- ------- -------
$1,199,213 $843,225 $535,777 $384,416
''''''''' ''''''' ''''''' '''''''
Net assets available
for benefits $1,199,213 $843,225 $535,777 $384,416
''''''''' ''''''' ''''''' '''''''
The accompanying notes are an integral part of this statement.
<PAGE> 7
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENTS OF NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION (CONTINUED),
AT DECEMBER 31, 1997 AND 1996
-----------------------------
Fidelity
Asset Manager TOTAL
--------------------- ---------------------
1997 1996 1997 1996
------- ------- ------- -------
ASSETS:
Investments, at
market value $177,843 $ 55,450 $36,515,407 $27,189,283
Participant loans -- -- 1,052,002 846,506
------- ------- ---------- ----------
$177,843 $ 55,450 $37,567,409 $28,035,789
''''''' ''''''' '''''''''' ''''''''''
Net assets available
for benefits $177,843 $ 55,450 $37,567,409 $28,035,789
''''''' ''''''' ''''''''''' '''''''''''
The accompanying notes are an integral part of this statement.
<PAGE> 8
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION,
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
----------------------------------------------
Money Market Magellan
Fund Fund
------------------ -----------------
1997 1996 1997 1996
---- ---- ---- ----
Income from
investments:
Dividends and
interest $ 313,210 $ 288,859 $ 956,946 $1,822,898
Net appreciation/
(depreciation)
in market value
of investments -- -- 2,119,177 (526,284)
Contributions:
Participant's 444,560 505,506 853,040 842,060
Employer's 176,868 185,665 273,884 306,813
------- ------- --------- ---------
Total additions: 934,638 980,030 4,203,047 2,445,487
------- ------- --------- ---------
Benefits paid to
participants (405,192) (277,649) (324,388) (727,197)
Administrative
expenses (2,362) (3,196) (470) (633)
Transfers between
funds, net (161,246) (185,526) (894,335) (1,807,692)
-------- --------- --------- ---------
<PAGE> 9
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION (CONTINUED),
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
----------------------------------------------
Money Market Magellan
Fund Fund
------------------ ----------------------
1997 1996 1997 1996
----- ----- ----- -----
Net increase/
(decrease) in
net assets
available for
benefits for
the period $ 365,838 $ 513,659 $ 2,983,854 $ (90,035)
Net assets
available for
benefits,
beginning of
the period 6,298,051 5,784,392 11,727,436 11,817,471
--------- --------- ---------- ----------
Net assets
available for
benefits, end
of the
period $6,663,889 $6,298,051 $14,711,290 $11,727,436
''''''''' ''''''''' '''''''''' ''''''''''
The accompanying notes are an integral part of this statement.
<PAGE> 10
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION (CONTINUED),
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
-----------------------------------------------
AptarGroup Growth and
Stock Fund Income Fund
-------------------- -------------------
1997 1996 1997 1996
------ ------ ------ ------
Income from
investments:
Dividends and
interest $ 39,783 $ 32,375 $ 400,205 $257,161
Net appreciation/
(depreciation)
in market value
of investments 1,787,044 (161,983) 1,505,007 553,537
Contributions:
Participant's 335,079 290,730 630,976 419,972
Employer's 106,950 103,954 184,921 138,231
--------- ------- --------- ---------
Total additions: 2,268,856 265,076 2,721,109 1,368,901
--------- ------- --------- ---------
Benefits paid to
participants (89,829) (123,299) (149,662) (394,385)
Administrative
expenses -- -- (687) (484)
Transfers between
funds, net (136,393) 379,013 938,792 1,349,797
-------- -------- --------- ---------
<PAGE> 11
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
--------------------------------
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION (CONTINUED),
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
-----------------------------------------------
AptarGroup Growth and
Stock Fund Income Fund
------------------- -----------------
1997 1996 1997 1996
------ ------ ------ ------
Net increase/
(decrease) in
net assets
available for
benefits for the
period $ 2,042,634 $ 520,790 $3,509,552 $2,323,829
Net assets
available for
benefits,
beginning of
the period 3,191,712 2,670,922 5,535,499 3,211,670
--------- --------- --------- ---------
Net assets
available for
benefits, end of
the period $ 5,234,346 $ 3,191,712 $9,045,051 $5,535,499
''''''''' ''''''''' ''''''''' '''''''''
The accompanying notes are an integral part of this statement.
<PAGE> 12 APTARGROUP, INC
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENTS OF CHANES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION (CONTINUED),
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
----------------------------------------------
Managed Overseas
Income Fund Fund
-------------------- --------------------
1997 1996 1997 1996
------ ------ ------ ------
Income from
investments:
Dividends and
interest $ 80,864 $ 52,111 $ 28,551 $ 23,557
Net appreciation/
(depreciation)
in market value
of investments -- -- 1,345 928
Contributions:
Participant's 134,163 116,348 51,933 30,782
Employer's 38,529 40,086 18,374 11,575
------- ------- ------- ------
Total additions: 253,556 208,545 100,203 66,842
------- ------- ------- ------
Benefits paid to
participants (46,871) (75,713) (1,134) (21)
Administrative
expenses (283) (170) -- --
Transfers between
funds, net 149,586 (95,525) 52,292 317,595
-------- ------ ------- -------
<PAGE> 13
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
--------------------------------
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION (CONTINUED),
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
-----------------------------------------------
Managed Overseas
Income Fund Fund
-------------------- ------------------
1997 1996 1997 1996
------ ------ ------ ------
Net increase/
(decrease) in
net assets
available for
benefits for the
period $ 355,988 $ 37,137 $ 151,361 $384,416
Net assets
available for
benefits,
beginning of
the period 843,225 806,088 384,416 --
----------- ---------- -------- --------
Net assets
available for
benefits, end
of the period $ 1,199,213 $ 843,225 $ 535,777 $384,416
'''''''''' '''''''''' '''''''' ''''''''
The accompanying notes are an integral part of this statement.
<PAGE> 14 APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION (CONTINUED),
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
----------------------------------------------
Asset
Manager Total
----------------------- -----------------------
1997 1996 1997 1996
----- ----- ----- -----
Income from
investments:
Dividends and
interest $ 15,047 $ 3,478 $ 1,834,606 $ 2,480,439
Net appreciation/
(depreciation)
in market value
of investments 16,563 (940) 5,429,136 (134,742)
Contributions:
Participant's 31,194 8,209 2,480,945 2,213,607
Employer's 9,970 2,408 809,496 788,732
------ ------ ---------- ---------
Total additions: 72,774 13,155 10,554,183 5,348,036
------ ------ ---------- ---------
Benefits paid to
participants (1,685) (43) (1,018,761) (1,598,307)
Administrative
expenses -- -- (3,802) (4,483)
Transfers between
funds, net 51,304 42,338 -- --
-------- ------- ---------- ----------
<PAGE> 15 APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION (CONTINUED),
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
----------------------------------------------
Asset
Manager Total
----------------------- -----------------------
1997 1996 1997 1996
----- ----- ----- -----
Net increase/
(decrease) in
net assets
available for
benefits for
the period $122,393 $ 55,450 $ 9,531,620 $ 3,745,246
Net assets
available for
benefits,
beginning
of the period 55,450 -- 28,035,789 24,290,543
------- ------- ---------- ----------
Net assets
available for
benefits, end of
the period $177,843 $ 55,450 $37,567,409 $28,035,789
''''''' ''''''' '''''''''' ''''''''''
The accompanying notes are an integral part of this statement.
<PAGE> 16 APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
--------------------------------
NOTE 1 - DESCRIPTION OF THE PLAN
- ---------------------------------
The AptarGroup, Inc. Profit Sharing and Savings Plan (the "Plan"), established
on April 22, 1993, covers eligible full-time employees of AptarGroup, Inc. and
certain of its subsidiaries (the "Company" or the "Employer"). The Plan is
administered by a committee appointed by the Company, consisting of Company
employees.
An employee becomes eligible to participate at the beginning of each quarter
after the completion of six months of service. Participation is elective and
is exercised by means of authorizing contributions of salary to the Plan of not
less than 1 percent and not more than 16 percent of earnings (subject to
Internal Revenue Code limitations). Participants' earnings are generally
defined as total compensation for services rendered to the Employer.
Participants may elect to suspend their contributions at any time. Eligible
employees will not share in any Employer contributions for any period in which
they voluntarily suspend their contributions or do not participate in the Plan.
Active participation can be elected again on the next regular enrollment date.
The amount of Employer contributions is determined annually by the Employer.
Such contributions are computed as a matching percentage of each participant's
contribution within specified limits.
Investment funds available that participants may select include the Money Market
Fund, Magellan Fund, Managed Income Fund, Growth and Income Fund, Overseas Fund,
Asset Manager and the AptarGroup Stock Fund. A participant may elect to
transfer certain portions of his or her account in the Plan from one fund to
another up to twelve times per year subject to certain restrictions between the
Money Market Fund and Managed Income Fund.
<PAGE> 17 APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS (CONT'D)
DECEMBER 31, 1997 AND 1996
---------------------------------------
Fidelity Management Trust Company is the trustee for the AptarGroup, Inc. Profit
Sharing and Savings Plan, which includes separately the Money Market Fund,
Magellan Fund, Growth and Income Fund, Managed Income Fund, Overseas Fund, Asset
Manager Fund and AptarGroup Stock Fund. Trusteeship of the AptarGroup Stock
Fund transferred to Fidelity Management Trust Company from CTC Illinois Trust
Company effective May 1, 1997.
Each participant is fully vested in his or her contributions at all times.
Vesting of the Employer contribution occurs at the rate of 20 percent per year
on a cumulative basis for each year of service with a participating Employer.
Upon withdrawal from the Plan, the participant will receive the amount of his
or her contributions plus the vested portion of his or her Employer
contributions. When a participant terminates employment for any reason other
than retirement after age 65, death, or disability, the nonvested amounts of
the Employer contributions will be used to reduce contributions of the
Employer. Nonvested amounts for participants which terminate employment for
any reason other than retirement after age 65, death, or disability, will be
reinstated if reemployment by the Employer occurs prior to incurring five
consecutive one year breaks in service as defined by the Plan agreement.
Further information about the Plan and the vesting and benefit provisions is
contained in the Summary Plan Description, which is available from the Plan
Administrator.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- ---------------------------------------------------
Basis of accounting
- -------------------
The financial statements of the Plan have been prepared on the accrual basis of
accounting.
Valuation of investments
- ------------------------
All investments are stated at current market prices in actively traded markets.
Participant loans are valued at cost, which approximates fair market value.
<PAGE> 18 APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS (CONT'D)
DECEMBER 31, 1997 AND 1996
--------------------------------------
Contributions
- -------------
Employer and employee contributions are invested directly in appropriate funds
based upon employee elections made at the date of enrollment or through
authorized changes in elections.
Use of estimates
- ----------------
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of net assets and changes thereto. Actual
amounts could differ from those estimates.
Security transactions and investment income
- -------------------------------------------
Purchases and sales of securities, including related gains and losses, are
recorded as of the trade date. Unsettled security investments represent
transactions entered into prior to the end of the accounting period for which
cash settlement is made in a subsequent period.
Interest income is recorded when earned. Dividend income is recorded on the
ex-dividend date.
In accordance with the policy of stating investments at current value, net
appreciation or depreciation is reflected in the Statement of Changes in Net
Assets Available for Benefits. This net appreciation consists of realized and
unrealized gains and losses. Realized gains and losses are calculated as the
difference between proceeds from a sales transaction and cost determined on an
average basis, revalued at each year-end. Unrealized gains and losses are
calculated as the change in the fair value between the beginning of the year
(or purchase date if later) and the end of the year. Realized gains (losses)
for the years ended December 31, 1997 and 1996 were $483,660 and $(154,276)
respectively.
<PAGE> 19 APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
--------------------------------
NOTES TO FINANCIAL STATEMENTS (CONT'D)
DECEMBER 31, 1997 AND 1996
--------------------------------------
Benefit payments
- ----------------
The plan follows the method of accounting for benefit payment obligations to
terminated employees based upon American Institute of Certified Public
Accountants ("AICPA") guidance for accounting and disclosure by employee benefit
plans. Based on this accounting method, participant distributions payable at
year-end are not presented as a liability in the Statement of Net Assets
Available for Benefits or as benefit payments in the Statement of Changes in
Net Assets Available for Benefits. This treatment results in a difference
between benefit payments in the Plan's Form 5500 and the benefit payments in
the financial statements. The following is a reconciliation of net assets
available for benefits per the financial statements to the Form 5500:
December 31,
1997 1996
---- ----
Net assets available for benefits
per the financial statements $37,567,409 $28,035,789
Amounts allocated to withdrawing
participants ( 3,055,014) ( 1,445,868)
------------ ------------
Net assets available for benefits
per the Form 5500 $34,512,395 $26,589,921
'''''''''''' ''''''''''''
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
Year ended December 31, 1997
----------------------------
Benefits paid to participants per
the financial statements $1,018,761
Add: Amounts allocated to withdrawing
participants at December 31, 1997 3,055,014
Less: Amounts allocated to withdrawing
participants at December 31, 1996 (1,445,868)
-----------
Benefits paid to participants per
the Form 5500 $2,627,907
'''''''''''
<PAGE> 20 APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS (CONT'D)
DECEMBER 31, 1997 AND 1996
--------------------------------------
Trustee and administrative expenses
- -----------------------------------
Expenses incurred in the administration of the Plan, except for loan service
fees which are paid by the participants, are paid by the Company.
NOTE 3 - PARTY-IN-INTEREST TRANSACTIONS
- ---------------------------------------
Party-in-interest transactions consisted of loans made to participants and
investments in the AptarGroup Stock Fund. These transactions are allowable
party-in-interest transactions under ERISA and the regulations promulgated
thereunder.
The Plan provides that a participant may, for specified reasons, borrow from
the Plan an amount not to exceed the lesser of 50 percent of the participant's
vested account balance or $50,000. Each participant loan is evidenced by a
note and is considered an investment to that participant's account.
Accordingly, principal and interest payments are credited to the respective
participant's account. Each participant note carries an interest rate equal to
the prime rate plus one percent (at December 31,1997 interest rates on
outstanding notes ranged from 7.0% to 10.0%) charged by the Trustee on the date
of the loan, and repayment occurs through payroll withholding over a period not
to exceed 60 months.
Stock in the AptarGroup Stock Fund was acquired by the Trustee in 1997 and 1996
on behalf of investment elections by participants in the Plan.
NOTE 4 - FEDERAL INCOME TAX STATUS
- ----------------------------------
The Internal Revenue Service has determined, and informed the Company by a
letter dated March 27, 1995, that the Plan and related Trust are designed in
accordance with applicable sections of the Internal Revenue Code.
NOTE 5 - AMENDMENT AND TERMINATION OF PLAN
- ------------------------------------------
The Plan may be amended at any time by the Company. However, no amendment may
adversely affect the current rights of the participants in the Plan with respect
to contributions made prior to the date of the amendment.
<PAGE> 21 APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
--------------------------------
NOTES TO FINANCIAL STATEMENTS (CONT'D)
DECEMBER 31, 1997 AND 1996
-------------------------------------
Employer contributions may be discontinued and the Company may terminate its
participation in the Plan at any time.
The Plan is subject to the provisions of the Employee Retirement Income Security
Act of 1974 (ERISA) applicable to defined contribution plans. Since the Plan
provides for an individual account for each participant and for benefits based
solely on the amount contributed to the participant's account and any income,
expenses, gains and losses attributed thereto, its benefits are not insured by
the Pension Benefit Guaranty Corporation pursuant to Title IV of ERISA.
<PAGE> 22 APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
--------------------------------
NOTES TO FINANCIAL STATEMENTS (CONT'D)
DECEMBER 31, 1997 AND 1996
-------------------------------------
NOTE 6 - INVESTMENTS:
- ---------------------
The cost and market value of investments at December 31, 1997 and 1996 are as
follows:
Market
1997 Investments Cost Value
- ---------------- ----- -------
Money Market Fund-
Fidelity Money Market Fund,
5,611,887 shares $ 5,611,887 $ 5,611,887
Magellan Fund-
Fidelity Magellan Fund Portfolio,
154,417 shares 11,792,938 14,711,290
AptarGroup Stock Fund-
AptarGroup, Inc. Stock,
94,313 shares 2,944,748 5,234,346
Growth and Income Fund-
Fidelity Growth and Income
Portfolio #027-0254927262,
237,403 shares 6,686,379 9,045,051
Managed Income Fund-
Fidelity Managed Income,
1,199,213 shares 1,199,213 1,199,213
Overseas Fund-
Fidelity Overseas Fund
16,465 shares 540,447 535,777
Asset Manager Fund-
Fidelity Asset Manager
9,692 shares 174,215 177,843
Participant Loans-
Range of interest rates 7-10% 1,052,002 1,052,002
----------- -----------
$30,001,829 $37,567,409
''''''''''' '''''''''''
<PAGE> 23 APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
--------------------------------
NOTES TO FINANCIAL STATEMENTS (CONT'D)
DECEMBER 31, 1997 AND 1996
-------------------------------------
Market
1996 Investments Cost Value
- ---------------- ----- -------
Money Market Fund-
Fidelity Money Market Fund,
5,451,545 shares $ 5,451,545 $ 5,451,545
Magellan Fund-
Fidelity Magellan Fund Portfolio,
145,411 shares 10,555,922 11,727,436
AptarGroup Stock Fund-
AptarGroup, Inc. Stock,
90,545 shares 2,483,054 3,191,712
Growth and Income Fund-
Fidelity Growth and Income Portfolio
#027-0254927262,
180,133 shares 4,444,659 5,535,499
Managed Income Fund-
Fidelity Managed Income,
843,225 shares 843,225 843,225
Overseas Fund-
Fidelity Overseas Fund
12,465 shares 383,723 384,416
Asset Manager Fund-
Fidelity Asset Manager
3,367 shares 56,378 55,450
Participant Loans-
Range of interest rates 7-11% 846,506 846,506
----------- -----------
$25,065,012 $28,035,789
''''''''''' '''''''''''
<PAGE> 24 SCHEDULE I
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1997
--------------------
Number of
Party Involved Description Shares
- ---------------------- ------------ ----------
Fidelity Money Market
Trust Retirement
Government Money Market
Portfolio Mutual Fund 5,611,887
Fidelity Magellan Fund
Portfolio Mutual Fund 154,417
AptarGroup, Inc. Stock * Common Stock 94,313
Fidelity Growth and
Income Portfolio
#027-0254927262 Mutual Fund 237,403
Fidelity Managed Income
Fund Mutual Fund 1,199,213
Fidelity Overseas Fund Mutual Fund 16,465
Fidelity Asset Manager Mutual Fund 9,692
Participant Loans * Loan --
* Party-in-interest
<PAGE> 25 SCHEDULE I
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN (CONT'D)
----------------------------------------
ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1997
--------------------
Party Involved Cost Market Value
- ------------------------- ------ -------------
Fidelity Money Market Trust
Retirement Government Money
Market Portfolio $ 5,611,887 $ 5,611,887
Fidelity Magellan Fund Portfolio 11,792,938 14,711,290
AptarGroup, Inc. Stock * 2,944,748 5,234,346
Fidelity Growth and Income
Portfolio #027-0254927262 6,686,379 9,045,051
Fidelity Managed Income Fund 1,199,213 1,199,213
Fidelity Overseas Fund 540,447 535,777
Fidelity Asset Manager 174,215 177,843
Participant Loans * 1,052,002 1,052,002
---------- ----------
Total Assets Held for Investment $30,001,829 $37,567,409
'''''''''' ''''''''''
* Party-in-interest
<PAGE> 26 SCHEDULE II
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
--------------------------------
REPORTABLE TRANSACTIONS
For the Year Ended December 31, 1997
-------------------------------------
AGGREGATED 5% SECURITY TRANSACTIONS BY ISSUE
--------------------------------------------
Description No. of Purchase Selling
Party involved of investment transactions price price
- -------------------- ------------- ------------- -------- ---------
Fidelity Magellan Fund Mutual fund 127 $2,906,107 $ --
Fidelity Magellan Fund Mutual fund 65 -- 2,041,430
Fidelity Money
Market Trust Mutual fund 91 1,592,433 --
Fidelity Money
Market Trust Mutual fund 70 -- 1,432,091
Fidelity Growth &
Income Mutual fund 112 3,136,693 --
Fidelity Growth &
Income Mutual fund 48 -- 1,132,149
Managed Income
Fund Mutual fund 62 1,325,794 --
Managed Income
Fund Mutual fund 48 -- 969,806
AptarGroup Stock
Fund * Common stock 69 906,222 --
AptarGroup Stock
Fund * Common stock 31 -- 650,632
Fidelity Overseas
Fund Mutual fund 50 407,278 --
Fidelity Overseas
Fund Mutual fund 16 -- 257,263
Fidelity Asset
Manager Mutual fund 38 256,929 --
Fidelity Asset
Manager Mutual fund 6 -- 151,099
* Party-in-interest
<PAGE> 27 SCHEDULE II
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN (CONT'D)
----------------------------------------
REPORTABLE TRANSACTIONS
For the Year Ended December 31, 1997
-------------------------------------
AGGREGATED 5% SECURITY TRANSACTIONS BY ISSUE
--------------------------------------------
Lease Expense
Party involved rental incurred
- ---------------------- ------- ---------
Fidelity Magellan Fund -- --
Fidelity Magellan Fund -- --
Fidelity Money
Market Trust -- --
Fidelity Money
Market Trust -- --
Fidelity Growth &
Income -- --
Fidelity Growth &
Income -- --
Managed Income
Fund -- --
Managed Income
Fund -- --
AptarGroup Stock
Fund * -- --
AptarGroup Stock
Fund * -- --
Fidelity Overseas
Fund -- --
Fidelity Overseas
Fund -- --
Fidelity Asset
Manager -- --
Fideltiy Asset
Manager -- --
* Party-in-interest
<PAGE> 28 SCHEDULE II
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN (CONT'D)
----------------------------------------
REPORTABLE TRANSACTIONS
For the Year Ended December 31, 1997
-------------------------------------
AGGREGATED 5% SECURITY TRANSACTIONS BY ISSUE
--------------------------------------------
Current Net
Cost value gain
Party involved of asset transaction date or (loss)
- ---------------------- ---------- ----------------- -----------
Fidelity Magellan Fund $ -- $ 2,906,107 $ --
Fidelity Magellan Fund 1,669,092 2,041,430 372,338
Fidelity Money
Market Trust -- 1,592,433 --
Fidelity Money
Market Trust 1,432,091 1,432,091 --
Fidelity Growth &
Income -- 3,136,693 --
Fidelity Growth &
Income 894,974 1,132,149 237,175
Managed Income
Fund -- 1,325,794 --
Managed Income
Fund 969,806 969,806 --
AptarGroup Stock
Fund * -- 906,222 --
AptarGroup Stock
Fund * 444,528 650,632 206,104
Fidelity Overseas
Fund -- 407,278 --
Fidelity Overseas
Fund 250,554 257,262 6,708
Fidelity Asset
Manager -- 256,929 --
Fidelity Asset
Manager 139,093 151,099 12,006
* Party-in-interest
<PAGE> 29
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, AptarGroup,
Inc., as plan administrator, has duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly authorized.
AptarGroup, Inc.
By: AptarGroup, Inc., as Plan Administrator
By: /s/Lawrence Lowrimore
----------------------
Lawrence Lowrimore
Vice President-Human Resources
June 24, 1998
<PAGE> 30
EXHIBIT INDEX
Exhibit No. Description Sequential Page No.
- ----------- ------------ --------------------
A Consent of Independent Accountants 31
<PAGE> 31 EXHIBIT A
CONSENT OF INDEPENDENT ACCOUNTANTS
-----------------------------------
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-80408) of AptarGroup, Inc. of our report dated
June 15, 1998 appearing on page 3 of this Form 11-K.
/S/ Price Waterhouse LLP
- ------------------------
Price Waterhouse LLP
Chicago, Illinois
June 19, 1998
