<PAGE>
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
For the fiscal year ended December 31, 1998 and 1997
OR
[ ] Transition report pursuant to Section 15(d) of the Securities Exchange Act
of 1934
Commission File Number: 1-11846
A. Full title of the Plan:
APTAR GROUP, INC. PROFIT SHARING & SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
APTAR GROUP, INC.
475 West Terra Cotta Avenue, Suite E
Crystal Lake, Illinois 60014
Telephone: (815) 477-0424
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
-------------------------------------------
Page
----
Report of Independent Accountants 3
Financial statements:
Statement of Net Assets Available for
Benefits, with Fund Information,
at December 31, 1998 and 1997 4-7
Statement of Changes in Net Assets Available
for Benefits, with Fund Information,
for the years ended December 31, 1998 and 1997 8-15
Notes to Financial Statement 16-22
Supplemental schedules:
Assets held for investment purposes at
December 31, 1998 and 1997 (Schedule I) 23-26
Reportable transactions for year ended
December 31, 1998 and 1997(Schedule II) 27-32
Consent of Independent Accountants Exhibit A
Note: Certain supplementary schedules have been omitted because they are not
applicable.
2
<PAGE>
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 (the "Plan") at 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.
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 are the responsibility of the
Plan's management. 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/ PricewaterhouseCoopers LLP
Chicago, Illinois
June 15, 1999
3
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENT OF NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION,
AT DECEMBER 31, 1998 AND 1997
-----------------------------
<TABLE>
<CAPTION>
Money Market Magellan
Fund Fund
---------------------- ------------------------
Assets: 1998 1997 1998 1997
---------------------- ------------------------
<S> <C> <C> <C> <C>
Investments, at
market value $6,220,669 $5,611,887 $19,407,493 $14,711,290
Participant loans 1,289,694 1,052,002 -- --
---------- ---------- ----------- -----------
$7,510,363 $6,663,889 $19,407,493 $14,711,290
========== ========== =========== ===========
Net assets available
for benefits $7,510,363 $6,663,889 $19,407,493 $14,711,290
========== ========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this statement.
4
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENT OF NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION,
AT DECEMBER 31, 1998 AND 1997
-----------------------------
<TABLE>
<CAPTION>
AptarGroup Growth and
Stock Fund Income Fund
---------------------- -----------------------
Assets: 1998 1997 1998 1997
---------------------- -----------------------
<S> <C> <C> <C> <C>
Investments, at
market value $5,658,022 $5,234,346 $11,343,711 $9,045,051
Participant loans -- -- -- --
---------- ---------- ----------- ----------
$5,658,022 $5,234,346 $11,343,711 $9,045,051
========== ========== =========== ==========
Net assets available
for benefits $5,658,022 $5,234,346 $11,343,711 $9,045,051
========== ========== =========== ==========
</TABLE>
The accompanying notes are an integral part of this statement.
5
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENT OF NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION,
AT DECEMBER 31, 1998 AND 1997
-----------------------------
<TABLE>
<CAPTION>
Managed Overseas
Income Fund Fund
---------------------- ------------------
Assets: 1998 1997 1998 1997
---------------------- ------------------
<S> <C> <C> <C> <C>
Investments, at
market value $2,155,435 $1,199,213 $717,505 $535,777
Participant loans -- -- -- --
---------- ---------- -------- --------
$2,155,435 $1,199,213 $717,505 $535,777
========== ========== ======== ========
Net assets available
for benefits $2,155,435 $1,199,213 $717,505 $535,777
========== ========== ======== ========
</TABLE>
The accompanying notes are an integral part of this statement.
6
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENT OF NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION,
AT DECEMBER 31, 1998 AND 1997
-----------------------------
<TABLE>
<CAPTION>
Fidelity
Asset Manager Total
------------------- ------------------------
Assets: 1998 1997 1998 1997
------------------- ------------------------
<S> <C> <C> <C> <C>
Investments, at
market value $341,549 $177,843 $45,844,384 $36,515,407
Participant loans -- -- 1,289,694 1,052,002
-------- -------- ----------- -----------
$341,549 $177,843 $47,134,078 $37,567,409
======== ======== =========== ===========
Net assets available
for benefits $341,549 $177,843 $47,134,078 $37,567,409
======== ======== =========== ===========
</TABLE>
The accompanying notes are an integral part of this statement.
7
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION,
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
----------------------------------------------
<TABLE>
<CAPTION>
Money Market Magellan
Fund Fund
----------------------- ------------------------
1998 1997 1998 1997
----------------------- ------------------------
<S> <C> <C> <C> <C>
Income from
Investments:
Dividends and
Interest $ 332,601 $ 313,210 $ 932,808 $ 956,946
Net Appreciation/
(depreciation)
in market value
of investments -- -- 4,023,685 2,119,177
Contributions:
Participant's 481,012 444,560 1,013,841 853,040
Employer's 188,658 176,868 320,559 273,884
---------- --------- ----------- ----------
Total additions: 1,002,271 934,638 6,290,893 4,203,047
---------- --------- ----------- ----------
Benefits paid to
participants (288,838) (405,192) (1,241,225) (324,288)
Administrative
Expenses (2,476) (2,362) (658) (470)
Transfers between
Funds, net 135,517 (161,246) (352,807) (894,335)
---------- --------- ----------- ----------
</TABLE>
The accompanying notes are an integral part of this statement.
8
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION,
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
----------------------------------------------
<TABLE>
<CAPTION>
Money Market Magellan
Fund Fund
---------------------- -------------------------
1998 1997 1998 1997
---------------------- -------------------------
<S> <C> <C> <C> <C>
Net increase/
(decrease) in
net assets
available for
benefits for
the period $ 846,474 $ 365,838 $ 4,696,203 $ 2,983,854
Net assets
available for
benefits,
beginning of
the period 6,663,889 6,298,051 14,711,290 11,727,436
---------- ---------- ----------- -----------
Net assets
available for
benefits, end
of the period $7,510,363 $6,663,889 $19,407,493 $14,711,290
========== ========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this statement.
9
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION,
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
----------------------------------------------
<TABLE>
<CAPTION>
AptarGroup Growth &
Stock Fund Income Fund
---------------------- -----------------------
1998 1997 1998 1997
---------------------- -----------------------
<S> <C> <C> <C> <C>
Income from
Investments:
Dividends and
Interest $ 48,043 $ 39,783 $ 626,167 $ 400,205
Net Appreciation/
(depreciation)
in market value
of investments 96,254 1,787,044 1,909,016 1,505,007
Contributions:
Participant's 463,415 335,079 780,625 630,976
Employer's 148,598 106,950 232,835 184,921
--------- ---------- ---------- ----------
Total additions: 756,310 2,268,856 3,548,643 2,721,109
--------- ---------- ---------- ----------
Benefits paid to
participants (647,129) (89,829) (426,217) (149,662)
Administrative
Expenses -- -- (854) (687)
Transfers between
Funds, net 314,495 (136,393) (822,912) (938,792)
--------- ---------- ---------- ----------
</TABLE>
The accompanying notes are an integral part of this statement.
10
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION,
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
----------------------------------------------
<TABLE>
<CAPTION>
AptarGroup Growth &
Stock Fund Income Fund
--------------------- -----------------------
1998 1997 1998 1997
--------------------- -----------------------
<S> <C> <C> <C> <C>
Net increase/
(decrease) in
net assets
available for
benefits for
the period $ 423,676 $2,042,634 $2,298,660 $3,509,552
Net assets
available for
benefits,
beginning of
the period 5,234,346 3,191,712 9,045,051 5,535,499
---------- ---------- ---------- ----------
Net assets
available for
benefits, end
of the
period $5,658,022 $5,234,346 $11,343,711 $9,045,051
========== ========== =========== ==========
</TABLE>
The accompanying notes are an integral part of this statement.
11
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION,
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
----------------------------------------------
<TABLE>
<CAPTION>
Managed Overseas
Income Fund Fund
------------------- -------------------
1998 1997 1998 1997
--------- -------- -------- --------
<S> <C> <C> <C> <C>
Income from
Investments:
Dividends and
Interest $ 90,343 $ 80,864 $ 17,424 $ 28,551
Net Appreciation/
(depreciation)
in market value
of investments -- -- 66,146 1,345
Contributions:
Participant's 150,136 134,163 100,562 51,933
Employer's 46,720 38,529 28,388 18,374
-------- -------- -------- --------
Total additions: 287,199 253,556 212,520 100,203
-------- -------- -------- --------
Benefits paid to
participants (24,985) (46,871) (27,466) (1,134)
Administrative
Expenses (235) (283) (15) --
Transfers between
Funds, net 694,243 149,586 (3,311) 52,292
-------- -------- -------- --------
</TABLE>
The accompanying notes are an integral part of this statement.
12
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION,
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
----------------------------------------------
<TABLE>
<CAPTION>
Managed Overseas
Income Fund Fund
-------------------- -----------------
1998 1997 1998 1997
---------------------- ------------------
<S> <C> <C> <C> <C>
Net increase/
(decrease) in
net assets
available for
benefits for
the period $ 956,222 $ 355,988 $181,728 $151,361
Net assets
available for
benefits,
beginning of
the period 1,199,213 843,225 535,777 384,416
---------- -------- -------- --------
Net assets
available for
benefits, end
of the
period $2,155,435 $1,199,213 $717,505 $535,777
========== ========== ======== ========
</TABLE>
The accompanying notes are an integral part of this statement.
13
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION,
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
----------------------------------------------
<TABLE>
<CAPTION>
Asset
Manager Total
------------------- -------------------------
1998 1997 1998 1997
--------- -------- -------------------------
<S> <C> <C> <C> <C>
Income from
Investments:
Dividends and
Interest $ 56,592 $15,047 $ 2,103,978 $ 1,834,606
Net Appreciation/
(depreciation)
in market value
of investments (17,280) 16,563 6,077,821 5,429,136
Contributions:
Participant's 74,106 31,194 3,063,697 2,480,945
Employer's 19,520 9,970 985,278 809,496
-------- ------- ----------- -----------
Total additions: 132,938 72,774 12,230,774 10,554,183
-------- ------- ----------- -----------
Benefits paid to
participants (3,966) (1,685) (2,659,826) (1,018,761)
Administrative
Expenses (40) -- (4,279) (3,802)
Transfers between
Funds, net 34,774 51,304 -- --
-------- ------- ----------- -----------
</TABLE>
The accompanying notes are an integral part of this statement.
14
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION,
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
----------------------------------------------
<TABLE>
<CAPTION>
Asset
Manager Total
------------------ ------------------------
1998 1997 1998 1997
------------------ ------------------------
<S> <C> <C> <C> <C>
Net increase/
(decrease) in
net assets
available for
benefits for
the period $163,706 $122,393 $ 9,566,669 $ 9,531,620
Net assets
available for
benefits,
beginning of
the period 177,843 55,450 37,567,409 28,035,789
-------- -------- ----------- -----------
Net assets
available for
benefits, end
of the
period $341,549 $177,843 $47,134,078 $37,567,409
======== ======== =========== ===========
</TABLE>
The accompanying notes are an integral part of this statement.
15
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
DECEMBER 31, 1998 AND 1997
--------------------------
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.
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.
16
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
DECEMBER 31, 1998 AND 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 who 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 services 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.
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.
17
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
DECEMBER 31, 1998 AND 1997
--------------------------
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. Net realized gains for the
years ended December 31, 1998 and 1997 were $485,401 and $483,660 respectively.
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:
<TABLE>
<CAPTION>
December 31,
1998 1997
---------- -----------
<S> <C> <C>
Net assets available for benefits
per the financial statements $47,134,078 $37,567,409
Amounts allocated to withdrawing
participants (2,610,329) (3,055,014)
---------- -----------
Net assets available for benefits per the Form
5500 $44,523,749 $34,512,395
========== ===========
</TABLE>
18
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
DECEMBER 31, 1998 AND 1997
--------------------------
The following is a reconciliation of benefits paid to participants per the
financial statements to the form 5500:
<TABLE>
<CAPTION>
Year ended December 31, 1998
<S> <C>
Benefits paid to participants per
the financial statements $ 2,659,826
Add: Amounts allocated to withdrawing
participants at December 31, 1998 2,610,329
Less: Amounts allocated to withdrawing
participants at December 31, 1997 (3,055,014)
-----------
Benefits paid to participants per
the Form 5500 $ 2,215,141
===========
</TABLE>
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 respective participant's
account. Each participant note carries an interest rate equal to the prime rate
plus one percent (at December 31, 1998 interest rates on outstanding notes
ranged from 8.0% 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 on behalf
of investment elections by participants in the Plan.
19
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
DECEMBER 31, 1998 AND 1997
--------------------------
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 ("IRC").
The Plan has been amended since receiving the determination letter. However,
the plan administrator believes that the Plan is currently designed and being
operated in compliance with the requirements of the IRC. Therefore, no
provision for income taxes has been included in the Plan's financial statements.
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.
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.
20
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
DECEMBER 31, 1998 AND 1997
--------------------------
NOTE 6 - INVESTMENTS:
---------------------
The cost and market value of investments at December 31, 1998 and 1997 are as
follows:
<TABLE>
<CAPTION>
Market
1998 Investments Cost Value
- ---------------- ----------- -----------
<S> <C> <C>
Money Market Fund -
Fidelity Money Market Fund,
6,220,669 shares $ 6,220,669 $ 6,220,669
Magellan Fund -
Fidelity Magellan Fund Portfolio,
160,631 shares 13,090,938 19,407,493
AptarGroup Stock Fund -
AptarGroup, Inc. Stock,
201,619 shares 3,717,325 5,658,022
Growth and Income Fund -
Fidelity Growth and Income
Portfolio #027-0254927262,
247,463 shares 7,567,928 11,343,711
Managed Income Fund -
Fidelity Managed Income,
2,155,435 shares 2,155,435 2,155,435
Overseas Fund -
Fidelity Overseas Fund
19,942 shares 669,565 717,505
Asset Manager Fund -
Fidelity Asset Manger
19,641 shares 355,683 341,549
Participant Loans -
Range of interest rates 8-10% 0 1,289,694
----------- -----------
$33,777,543 $47,134,078
=========== ===========
</TABLE>
21
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS, WITH FUND INFORMATION,
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
----------------------------------------------
<TABLE>
<CAPTION>
Market
1997 Investments Cost Value
- ---------------- ----------- -----------
<S> <C> <C>
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 Manger
9,692 shares 174,215 177,843
Participant Loans -
Range of interest rates 7-10% 0 1,052,002
----------- -----------
$28,949,827 $37,567,409
=========== ===========
</TABLE>
22
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1998
--------------------
<TABLE>
<CAPTION>
Number of
Party Involved Description Shares
- --------------------------- ------------ ----------
<S> <C> <C>
Fidelity Money Market
Trust Retirement
Government Money Market
Portfolio Mutual Fund $6,220,669
Fidelity Magellan Fund
Portfolio Mutual Fund 160,631
AptarGroup, Inc. Stock* Common Stock 201,619
Fidelity Growth and Income
Portfolio #027-0254927262 Mutual Fund 247,463
Fidelity Managed Income
Fund Mutual Fund 2,155,435
Fidelity Overseas Fund Mutual Fund 19,942
Fidelity Asset Manger Mutual Fund 19,641
Participant Loans* Loan --
* Party-in-interest
</TABLE>
23
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1998
--------------------
<TABLE>
<CAPTION>
Market
Party Involved Cost Value
- ----------------------------------- ----------- -----------
<S> <C> <C>
Fidelity Money Market Trust
Retirement Government Money
Market Portfolio $ 6,220,669 $ 6,220,669
Fidelity Magellan Fund Portfolio 13,090,938 19,407,493
AptarGroup, Inc. Stock* 3,717,325 5,658,022
Fidelity Growth and Income
Portfolio #027-0254927262 7,567,928 11,343,711
Fidelity Managed Income Fund 2,155,435 2,155,435
Fidelity Overseas Fund 669,565 717,505
Fidelity Asset Manger 355,683 341,549
Participant Loans $ 1,289,694 $ 1,289,694
----------- -----------
Total Assets Held for Investment $35,067,237 $47,134,078
=========== ===========
*Party-in-interest
</TABLE>
24
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1997
--------------------
<TABLE>
<CAPTION>
Number of
Party Involved Description Shares
- ----------------------------- ------------ ----------
<S> <C> <C>
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 Manger Mutual Fund 9,692
Participant Loans* Loan --
* Party-in-interest
</TABLE>
25
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1997
--------------------
<TABLE>
<CAPTION>
Market
Party Involved Cost Value
- ----------------------------------- ----------- -----------
<S> <C> <C>
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 Manger 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
</TABLE>
26
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
------------------------------------
AGGREGATED 5% SECURITY TRANSACTIONS BY ISSUE
--------------------------------------------
<TABLE>
<CAPTION>
Description No. of Purchase Selling
Party Involved of Investment Transactions Price Price
- -------------- ------------- ------------ ---------- ---------
<S> <C> <C> <C> <C>
Fidelity Magellan Fund Mutual Fund 119 $ 3,784,074 $ --
Fidelity Magellan Fund Mutual Fund 60 -- 3,111,556
Fidelity Money
Market Trust Mutual Fund 80 1,924,528 --
Fidelity Money
Market Trust Mutual Fund 60 -- 1,315,747
Fidelity Growth &
Income Mutual Fund 113 2,161,892 --
Fidelity Growth &
Income Mutual Fund 54 -- 1,772,248
Managed Income
Fund Mutual Fund 58 1,605,149 --
Managed Income
Fund Mutual Fund 40 -- 648,927
AptarGroup Stock
Fund* Common Stock 68 1,154,611 --
AptarGroup Stock
Fund Common Stock 26 -- 827,188
Fidelity Overseas
Fund Mutual Fund 60 437,991 --
Fidelity Overseas
Fund Mutual Fund 30 -- 322,409
Fidelity Asset
Manager Mutual Fund 55 210,204 --
Fidelity Asset
Manager Mutual Fund 19 -- 29,218
* Party-in-interest
</TABLE>
27
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
------------------------------------
AGGREGATED 5% SECURITY TRANSACTIONS BY ISSUE
--------------------------------------------
<TABLE>
<CAPTION>
Lease Expense
Party Involved Rental Incurred
- ------------------------- ------ --------
<S> <C> <C>
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 -- --
Fidelity Asset
Manager -- --
*Party-in-interest
</TABLE>
28
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
------------------------------------
AGGREGATED 5% SECURITY TRANSACTIONS BY ISSUE
--------------------------------------------
<TABLE>
<CAPTION>
Cost Current Value Net Gain
Party Involved of Asset Transaction Date or (Loss)
- -------------- --------- ----------------- ---------
<S> <C> <C> <C>
Fidelity Magellan Fund $ -- $ 3,784,074 $ --
Fidelity Magellan Fund 2,486,073 3,111,556 625,483
Fidelity Money
Market Trust -- 1,924,528 --
Fidelity Money
Market Trust 1,315,747 1,315,747 --
Fidelity Growth &
Income -- 2,161,892 --
Fidelity Growth &
Income 1,280,342 1,772,248 491,906
Managed Income
Fund -- 1,605,149 --
Managed Income
Fund 648,927 648,927 --
AptarGroup Stock
Fund* -- 1,154,611 --
AptarGroup Stock
Fund* 382,033 827,188 445,155
Fidelity Overseas
Fund -- 437,991 --
Fidelity Overseas
Fund 308,874 322,409 13,535
Fidelity Asset
Manager -- 210,204 --
Fidelity Asset
Manager 28,736 29,218 482
*Party-in-interest
</TABLE>
29
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
------------------------------------
AGGREGATED 5% SECURITY TRANSACTIONS BY ISSUE
--------------------------------------------
<TABLE>
<CAPTION>
Description No. of Purchase Selling
Party Involved of Investment Transactions Price Price
- -------------- ------------- ------------ -------- -------
<S> <C> <C> <C> <C>
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
</TABLE>
30
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
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 -- --
Fidelity Asset
Manager -- --
*Party-in-interest
31
<PAGE>
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
------------------------------------
AGGREGATED 5% SECURITY TRANSACTIONS BY ISSUE
--------------------------------------------
Cost Current Value Net 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
32
<PAGE>
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 25, 1999
33
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Sequential Page No.
- ----------- ----------- -------------------
A Consent of Independent Accountants 35
34
<PAGE>
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, 1999 appearing on page 3 of this Form 11-K.
/s/ PricewaterhouseCoopers LLP
- ------------------------------
PricewaterhouseCoopers LLP
Chicago, Illinois
June 24, 1999
