<PAGE>
UNITED STATES
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
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[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from ___________ to __________
Commision file number 0-23214 .
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A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
SAMSONITE CORPORATION EMPLOYEE SAVINGS TRUST - TUCSON UNION
B. Name of issuer of the securities held persuant to the plan and the address
of its principal executive office:
SAMSONITE CORPORATION
11200 EAST 45TH AVENUE
DENVER, COLORADO 80239
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
Administrator has duly caused this annual report to be signed on its behalf by
the undersigned hereunto duly authorized.
Samsonite Corporation Employee Savings Trust - Tucson Union
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Date: July 13, 1998 By: /s/Richard H. Wiley
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Richard H. Wiley
Samsonite Corporation
Chief Financial Officer and Treasurer
<PAGE>
Samsonite Corporation
Employee Savings Trust
Tucson Union
Contents
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<TABLE>
<S> <C>
Financial Statements (unaudited)
Statement of Net Assets Available for Benefits 3
Statement of Changes in Net Assets
Available for Benefits 4
Summary of Accounting Policies 5
Notes to Financial Statements 6 - 8
Schedule 1 - Item 27a - Schedule of Assets Held
for Investment Purposes (unaudited) 9
</TABLE>
2
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Samsonite Corporation
Employee Savings Trust
Tucson Union
Statement of Net Assets Available for Benefits (unaudited)
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<TABLE>
<CAPTION>
Investment Fund
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Fixed Equity Aggressive
Income Income Balanced Indexed Growth Growth International Samsonite
December 31, 1997 Fund Fund Fund Fund Funds Fund Fund Stock
- -----------------------------------------------------------------------------------------------------------------------------
Assets:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Guaranteed Income Fund $4,528 $ - $ - $ - $ - $ - $ - $ -
Lifetime 60 - - - - - - - -
Lifetime 50 - - - - - - - -
Lifetime 40 - - 155 - - - - -
Lifetime 30 - - - - - - - -
Lifetime 20 - - 919 - - - - -
Fidelity Equity Income II
Fund - 530 - - - - - -
Stock Market Index Fund - - - - - - - -
Fidelity Contrafund - - - - - - - -
Founders Growth Fund - - - - - - - -
PBHG Growth Fund - - - - - - - -
Janus Worldwide Fund - - - - - - - -
Samsonite Stock - - - - - - - -
Loans to participates - - - - - - - -
- -----------------------------------------------------------------------------------------------------------------------------
Total investments 4,528 530 1,074 - - - - -
- -----------------------------------------------------------------------------------------------------------------------------
Net assets available
for benefits $4,528 $530 $1,074 $ - $ - $ - $ - $ -
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Participant
December 31, 1997 Total Loans Total
- -------------------------------------------------------------------------------
Assets:
<S> <C> <C> <C>
Investments, at fair value:
Guaranteed Income Fund $4,528 $ - $4,528
Lifetime 60 - - -
Lifetime 50 - - -
Lifetime 40 155 - 155
Lifetime 30 - - -
Lifetime 20 919 - 919
Fidelity Equity Income II
Fund 530 - 530
Stock Market Index Fund - - -
Fidelity Contrafund - - -
Founders Growth Fund - - -
PBHG Growth Fund - - -
Janus Worldwide Fund - - -
Samsonite Stock - - -
Loans to participates - - -
- ----------------------------------------------------------------------------------
Total investments - - -
- ----------------------------------------------------------------------------------
Net assets available
for benefits $6,132 $ - $6,132
==================================================================================
</TABLE>
See accompanying summary of accounting policies and notes to financial
statements.
3
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Samsonite Corporation
Employee Savings Trust
Tucson Union
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (unaudited)
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<TABLE>
<CAPTION>
Investment Funds
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For the period from Aggressive
inception (March 1, 1997) Fixed Equity Balanced Indexed Growth Growth International Samsonite
to December 31, 1997 Fund Fund Fund Fund Fund Fund Fund Stock Total
- -----------------------------------------------------------------------------------------------------------------------------------
Additions:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Interest income $ 205 $ - $ - $ - $ - $ - $ - $ - $ 205
Net appreciation of investments - - 51 - - - - - 51
Employee contributions (Note 1) 6,358 1,148 1,248 480 3,024 121 801 4,172 17,352
- -----------------------------------------------------------------------------------------------------------------------------------
Total additions 6,563 1,148 1,299 480 3,024 121 801 4,172 17,608
- -----------------------------------------------------------------------------------------------------------------------------------
Deductions:
Benefits and distributions 2,035 618 215 480 3,024 121 801 4,172 11,466
Administrative expenses - - 10 - - - - - 10
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Total deductions 2,035 618 225 480 3,024 121 801 4,172 11,476
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Net increase 4,528 530 1,074 - - - - - 6,132
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Net assets available for benefits,
beginning of period - - - - - - - - -
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets available for benefits,
end of period $4,528 $530 $1,074 $ - $ - $ - $ - $ - $ 6,132
===================================================================================================================================
</TABLE>
See accompanying summary of accounting policies and notes to financial
statements.
4
<PAGE>
Samsonite Corporation
Employee Savings Trust
Tucson Union
SUMMARY OF ACCOUNTING POLICIES (unaudited)
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Basis of The accompanying financial statements have been prepared
Presentation on the accrual basis of accounting.
Valuation of Mutual funds are determined by quoted market prices,
Investments where available. Purchases and sales of securities are
recorded as of the trade date.
Use of The preparation of financial statements in conformity
Estimates with generally accepted accounting principles requires
management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amount
of additions and deductions during the reporting period.
Actual results could differ from those estimates.
Payment Distributions are recorded when paid.
of Distributions
5
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Samsonite Corporation
Employee Savings Trust
Tucson Union
NOTES TO FINANCIAL STATEMENTS (unaudited)
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<TABLE>
<S> <C>
1. Description of The following description of the Samsonite Corporation
the Plan Employee Savings Trust Tucson Union (the "Plan") provides
only general information. Participants should refer to
the plan agreement for a more complete description of the
Plan's provisions.
General
The Plan is a defined contribution, 401(k) retirement
plan covering all employees of Samsonite Corporation and
its subsidiaries (the "Company") who are members of Local
Union No. 104. The CIGNA Retirement and Investment
Services ("CIGNA") is the Trustee effective March 1,
1997. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974
("ERISA").
Eligibility
Eligible employees of the Company may participate in the
Plan as of the first day of the month following their
date of hire.
Contributions
Plan participants may contribute to the Plan up to 17% of
their compensation, as defined. The Company does not make
matching contributions. For the period ended December 31,
1997, the first $9,500 of an employee's contribution was
contributed on a before-tax basis; contributions in
excess of $9,500 were on an after-tax basis. The pre-tax
contribution limit is indexed annually for inflation.
</TABLE>
6
<PAGE>
Samsonite Corporation
Employee Savings Trust
Tucson Union
NOTES TO FINANCIAL STATEMENTS (unaudited)
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<TABLE>
<S> <C>
Participant Accounts
Each participant's account is credited with the
participant's contribution and an allocation of Plan
earnings. Allocations of Plan earnings are based on
participant account balances. The benefit to which a
participant is entitled is the benefit that can be
provided from the participant's account.
Effective January 1, 1997, participants may direct
contributions, in multiples of 1% increments, to the
following investment options provided by CIGNA:
(1) Fixed Income Fund - This fund consists of the CIGNA
-----------------
Guaranteed Income Fund, a fund that seeks to preserve
capital plus attractive fixed income returns.
(2) Equity Income Fund - This fund consists of the
------------------
Fidelity Equity Income II Fund, a fund that seeks a
combination of capital growth and current income.
(3) Balanced Fund - This fund consists of the CIGNA
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Lifetime Funds. This group of funds is based on the life-
cycle theory of investing that different bond/stock mixes
are appropriate for individuals at different stages of
their lives. These funds seek a combination of growth,
income and capital preservation through stocks, bonds,
and short-term investments. The funds consist of the
CIGNA Lifetime20, CIGNA Lifetime30, CIGNA Lifetime40,
CIGNA Lifetime50 and CIGNA Lifetime60.
(4) Indexed Fund - This fund consists of the CIGNA Stock
------------
Market Index Account. This fund invests in common stocks
that seek to match the performance of the Standard &
Poor's 500 Composite Stock Price Index which provides
investors with long-term growth of capital and income.
(5) Growth Funds - The growth funds consist of the
------------
Fidelity Contra Fund and the Founders Growth Fund. Both
of these funds seek long-term capital appreciation from
equities with little or no need for current income.
</TABLE>
7
<PAGE>
Samsonite Corporation
Employee Savings Trust
Tucson Union
NOTES TO FINANCIAL STATEMENTS (unaudited)
================================================================================
<TABLE>
<S> <C>
(6) Aggressive Growth Fund - This fund consists of the
----------------------
PBHG Growth Fund, a fund that seeks potentially rapid
growth of capital associated with investing in small
capitalization companies with strong balance sheets.
(7) International Fund - This fund consists of the Janus
------------------
Worldwide Fund, a fund that seeks potentially increased
returns from participation in foreign and domestic stock
markets as well as diversification benefits.
(8) Samsonite Stock - Funds are invested in shares of the
---------------
Company's common stock. The fund is comprised of the
underlying company stock and a short-term cash component
to provide liquidity for daily trading.
Vesting
Participants' contributions to the Plan and earnings
thereon are 100% vested.
Payment of Benefits
Upon termination of service due to death, disability or
retirement, a participant may elect to receive either a
lump-sum amount equal to the value of the participant's
vested interest in his or her account, or annual
installments. Participants who terminate employment and
have a balance not exceeding $3,500 receive a lump-sum.
Administrative Expenses
The Company provides certain services and pays all
administrative expenses of the Plan.
2. Investments The fair value of investments that individually
represent 5% or more of the Plan's net assets are as
follows:
December 31, 1997
------------------------------------------------------
Guaranteed Income Fund 4,528
Lifetime 20 919
Fidelity Equity Income II Fund 530
======================================================
</TABLE>
8
<PAGE>
Samsonite Corporation
Employee Savings Trust
Tucson Union
Schedule 1
Items 27a - Schedule of Assets Held for Investment Purposes (unaudited)
================================================================================
EIN: 36-3511556
Plan Number 007
<TABLE>
<CAPTION>
December 31, 1997
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(a) (b) (c) (d) (e)
* Number Current
Identity of issue of shares Cost value
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Guaranteed Income Fund 170 $4,528 $4,528
Lifetime 40 9 115 155
Lifetime 20 55 909 919
Fidelity Equity Income II Fund 15 353 530
</TABLE>
* There were no non-exempt party-in-interest transactions.
9
