<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, 1998
-----------------
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
-------------- ---------------
Commission file number 0-23214.
----
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
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
SAMSONITE CORPORATION
11200 EAST 45TH AVENUE
DENVER, COLORADO 80239
<PAGE>
Samsonite Corporation
Employee Savings Trust
Financial Statements and Schedules
Years Ended December 31, 1998 and 1997
<PAGE>
Samsonite Corporation
Employee Savings Trust
Table of Contents
===============================================================================
<TABLE>
<S> <C>
Report of Independent Certified Public Accountants 3
Financial Statements
Statements of Net Assets Available for Benefits 4 - 5
Statement of Changes in Net Assets Available for Benefits 6
Summary of Accounting Policies 7
Notes to Financial Statements 8 - 13
Schedule 1 - Item 27a - Schedule of Assets
Held for Investment Purposes 14
Schedule 2 - Item 27d - Schedule of Reportable
Transactions 15
Signature Page 16
Exhibit 23.1
Consent of BDO Seidman, LLP 17
</TABLE>
2
<PAGE>
Report of Independent Certified Public Accountants
Plan Administrator of Samsonite Corporation
Employee Savings Trust
We have audited the accompanying statements of net assets available for benefits
of the Samsonite Corporation Employee Savings Trust (the "Plan") as of December
31, 1998 and 1997 and the statement of changes in net assets available for
benefits for the year ended December 31, 1998. 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 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. 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 benefits of the Samsonite
Corporation Employee Savings Trust at December 31, 1998 and 1997, and the
changes in its net assets available for benefits for the year ended December 31,
1998, in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules listed in the
accompanying table of contents are presented for the purpose of additional
analysis and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedules 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/ BDO, Saidman, LLP
Denver, Colorado
June 3, 1999
3
<PAGE>
Samsonite Corporation
Employee Savings Trust
Statement of Net Assets Available for Benefits
<TABLE>
<CAPTION>
======================================================================================================================
Investment Funds
- ----------------------------------------------------------------------------------------------------------------------
Fixed Equity
Income Income Balanced Indexed Growth
December 31, 1998 Fund Fund Funds Fund Funds
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value (Note 2):
Mutual Funds
Guaranteed Income Fund* $10,954,984 $ - $ - $ - $ -
Fidelity Equity Income II Fund* - 9,591,315 - - -
Lifetime 60 - - 115,395 - -
Lifetime 50 - - 418,605 - -
Lifetime 40* - - 4,818,862 - -
Lifetime 30 - - 86,675 - -
Lifetime 20 - - 47,251 - -
Stock Market Index Fund* - - - 6,871,614 -
Fidelity Contra Fund* - - - - 2,996,791
Founders Growth Fund - - - - 964,166
Small Company Stock Growth Fund - - - - 214,924
Janus Worldwide Fund - - - - -
Samsonite Stock - - - - -
Loans to participants - - - - -
- ----------------------------------------------------------------------------------------------------------------------
Total investments 10,954,984 9,591 ,315 5,486,788 6,871,614 4,175,881
- ----------------------------------------------------------------------------------------------------------------------
Net assets available for benefits $10,954,984 $9,591,315 $5,486,788 $6,871,614 $4,175,881
======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
======================================================================================================================
Investment Funds
- ---------------------------------------------------------------------------------
Global Samsonite Participant
December 31, 1998 Fund Stock Total Loans Total
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value (Note 2):
Mutual Funds
Guaranteed Income Fund* $ - $ - $10,954,984 $ - $10,954,984
Fidelity Equity Income II Fund* - - 9,591,315 - 9,591,315
Lifetime 60 - - 115,395 - 115,395
Lifetime 50 - - 418,605 - 418,605
Lifetime 40* - - 4,818,862 - 4,818,862
Lifetime 30 - - 86,675 - 86,675
Lifetime 20 - - 47,251 - 47,251
Stock Market Index Fund* - - 6,871,614 - 6,871,614
Fidelity Contra Fund* - - 2,996,791 - 2,996,791
Founders Growth Fund - - 964,166 - 964,166
Small Company Stock Growth Fund - - 214,924 - 214,924
Janus Worldwide Fund 2,628,557 - 2,628,557 - 2,628,557
Samsonite Stock - 128,066 128,066 - 128,066
Loans to participants - - - 712,320 712,320
- ----------------------------------------------------------------------------------------------------------------------
Total investments 2,628,557 128,066 39,837,205 712,320 40,549,525
- ----------------------------------------------------------------------------------------------------------------------
Net assets available for benefits $ 2,628,557 $ 128,066 $ 39,837,205 $ 712,320 $40,549,525
======================================================================================================================
*Represents 5% or more of net assets available for benefits.
See accompanying summary of accounting policies and notes to financial statements.
</TABLE>
4
<PAGE>
Samsonite Corporation
Employee Savings Trust
Statement of Net Assets Available for Benefits
<TABLE>
<CAPTION>
====================================================================================================================
Investment Funds
- --------------------------------------------------------------------------------------------------------------------
Fixed Equity
Income Income Balanced Indexed Growth
December 31, 1997 Fund Fund Funds Fund Funds
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Cash $ - $ - $ - $ - $ -
Investments, at fair value
(Note 2):
Mutual Funds
Guaranteed Income Fund* 11,207,910 - - - -
Fidelity Equity Income II
Fund* - 9,716,371 - - -
Lifetime 60 - - 40,727 - -
Lifetime 50 - - 255,364 - -
Lifetime 40* - - 5,213,657 - -
Lifetime 30 - - 33,960 - -
Lifetime 20 - - 9,755 - -
Stock Market Index Fund* - - - 5,884,588 -
Fidelity Contra Fund* - - - - 2,434,009
Founders Growth Fund - - - - 575,926
PBHG Growth Fund - - - - 300,282
Janus Worldwide Fund - - - - -
Samsonite Stock - - - - -
Loans to participants - - - - -
- --------------------------------------------------------------------------------------------------------------------
Total investments 11,207,910 9,716,371 5,553,463 5,884,588 3,310,217
- --------------------------------------------------------------------------------------------------------------------
Other receivables - 246 153 - -
- --------------------------------------------------------------------------------------------------------------------
Interfund receivable/payable - - - (167,100) -
- --------------------------------------------------------------------------------------------------------------------
Net assets available for benefits $11,207,910 $9,716,617 $5,553,616 $5,717,488 $3,310,217
======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
====================================================================================================================
Investment Funds
- ---------------------------------------------------------------------------------
Global Samsonite Participant
December 31, 1997 Fund Stock Total Loans Total
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Cash $ - $ 19,243 $ 19,243 - $ 19,243
Investments, at fair value
(Note 2):
Mutual Funds
Guaranteed Income Fund* - - 11,207,910 - 11,207,910
Fidelity Equity Income II
Fund* - - 9,716,371 - 9,716,371
Lifetime 60 - - 40,727 - 40,727
Lifetime 50 - - 255,364 - 255,364
Lifetime 40* - - 5,213,657 - 5,213,657
Lifetime 30 - - 33,960 - 33,960
Lifetime 20 - - 9,755 - 9,755
Stock Market Index Fund* - - 5,884,588 5,884,588
Fidelity Contra Fund* - - 2,434,009 - 2,434,009
Founders Growth Fund - - 575,926 - 575,926
PBHG Growth Fund - - 300,282 - 300,282
Janus Worldwide Fund 1,871,981 - 1,871,981 - 1,871,981
Samsonite Stock - 194,961 194,961 - 194,961
Loans to participants - - - 835,703 835,703
- --------------------------------------------------------------------------------------------------------------------
Total investments 1,871,981 194,961 37,739,491 835,703 38,575,194
- --------------------------------------------------------------------------------------------------------------------
Other receivables - - 399 399
- --------------------------------------------------------------------------------------------------------------------
Interfund receivable/payable 167,100 - - - -
- --------------------------------------------------------------------------------------------------------------------
Net assets available for benefits $ 2,039,081 $ 214,204 $37,759,133 $ 835,703 $38,594,836
======================================================================================================================
*Represents 5% or more of net assets available for benefits.
See accompanying summary of accounting policies and notes to financial
</TABLE>
5
<PAGE>
Samsonite Corporation
Employee Savings Trust
Statement of Changes in Net Assets Available for Benefits
<TABLE>
<CAPTION>
====================================================================================================================
Investment Funds
- --------------------------------------------------------------------------------------------------------------------
Fixed Equity
Income Income Balanced Indexed Growth
Year Ended December 31, 1998 Fund Fund Funds Fund Funds
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Additions:
Interest income $ 674,344 $ - $ - $ - $ -
Net appreciation
(depreciation)
of investments - 1,986,361 700,652 1,563,009 907,319
Employee contributions 480,736 460,460 334,008 395,989 347,973
(Note 1)
Employer contributions 177,437 176,484 111,809 131,581 132,908
(Note 1)
Other 3,138 460 155 - -
Interest on Participant Loans 14,921 12,507 5,755 5,540 3,274
- ---------------------------------------------------------------------------------------------------------------------
Total additions 1,350,576 2,636,272 1,152,379 2,096,119 1,391,474
- ---------------------------------------------------------------------------------------------------------------------
Deductions:
Benefits and distributions 2,558,356 2,009,553 866,188 806,035 683,187
Administrative expenses 16,240 406 1,590 650 461
- ---------------------------------------------------------------------------------------------------------------------
Total deductions 2,574,596 2,009,959 867,778 806,685 683,648
- ---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) (1,224,020) 626,313 284,601 1,289,434 707,826
Loans Granted (137,703) (58,336) (35,266) (57,789) (63,375)
Loan Principal Paid 76,779 86,282 42,951 23,746 20,427
Interfund transfers 1,032,018 (779,561) (359,114) (101,265) 200,786
- ---------------------------------------------------------------------------------------------------------------------
Net assets available for
benefits, beginning of year 11,207,910 9,716,617 5,553,616 5,717,488 3,310,217
- ---------------------------------------------------------------------------------------------------------------------
Net assets available for
benefits, end of year $ 10,954,984 $ 9,591,315 $ 5,486,788 $ 6,871,614 $ 4,175,881
=====================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=======================================================================================================================
Investment Funds
- ---------------------------------------------------------------------------------
Global Samsonite Participant
Year Ended December 31, 1998 Fund Stock Total Loans Total
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Additions:
Interest income $ - $ - $ 674,344 $ - $ 674,344
Net appreciation
(depreciation)
of investments 537,444 (99,265) 5,595,520 - 5,595,520
Employee contributions 203,678 47,516 2,270,360 - 2,270,360
(Note 1)
Employer contributions 70,652 19,985 820,856 - 820,856
(Note 1)
Other - 1,391 5,144 - 5,144
Interest on Participant Loans 2,761 29 44,787 2,777 47,564
- -----------------------------------------------------------------------------------------------------------------------
Total additions 814,535 (30,344) 9,411,011 2,777 9,413,788
- -----------------------------------------------------------------------------------------------------------------------
Deductions:
Benefits and distributions 286,082 4,387 7,213,788 225,585 7,439,373
Administrative expenses 180 199 19,726 - 19,726
- -----------------------------------------------------------------------------------------------------------------------
Total deductions 286,262 4,586 7,233,514 225,585 7,459,099
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) 528,273 (34,930) 2,177,497 (222,808) 1,954,689
Loans Granted (16,485) (998) (369,952) 369,952 -
Loan Principal Paid 20,228 114 270,527 (270,527) -
Interfund transfers 57,460 (50,324) - - -
- -----------------------------------------------------------------------------------------------------------------------
Net assets available for
benefits, beginning of year 2,039,081 214,204 37,759,133 835,703 38,594,836
- -----------------------------------------------------------------------------------------------------------------------
Net assets available for
benefits, end of year $ 2,628,557 $ 128,066 $ 39,837,205 $ 712,320 $ 40,549,525
=======================================================================================================================
See accompanying summary of accounting policies and notes to financial statements.
</TABLE>
6
<PAGE>
Samsonite Corporation
Employee Savings Trust
Summary of Accounting Policies
================================================================================
Basis of The accompanying financial statements have been prepared
Accounting on the accrual basis of accounting.
Valuation of Mutual funds and the value of Samsonite Stock are
Investments determined by quoted market prices, where available.
Participant loans are valued at cost, which approximates
market value. 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 Benefits are recorded when paid.
of Benefits
Reclassifications Certain reclassifications have been made to the 1997
financial statements in order for them to conform to the
1998 presentation. Such reclassifications have no impact
on the Plan's net assets or changes in net assets.
7
<PAGE>
Samsonite Corporation
Employee Savings Trust
Notes to Financial Statements
- --------------------------------------------------------------------------------
1. Description of The following description of the Samsonite
the Plan Corporation Employee Savings Trust (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 substantially all
nonunion employees of Samsonite Corporation
and its subsidiaries (the "Company"). CIGNA
Retirement and Investment Services (CIGNA) is
the Administrator of the Plan. CG Trust
Company is the Trustee of the Plan. The Plan
is subject to the provisions of the Employee
Retirement Income Security Act of 1974
("ERISA").
Eligibility
Full-time and part-time employees of the
Company are eligible to 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 makes matching contributions of
50% of the first 6% of participant
contributions. For the year ended December 31,
1998, the first $10,000 of an employee's
contribution is on a before-tax basis;
contributions in excess of $10,000 are on an
after-tax basis. The pre-tax contribution
limit is indexed annually for inflation.
Participant Accounts
Each participant's account is credited with
the participant's contribution, the Company's
matching contribution and an allocation of
Plan earnings. Earnings are allocated to
individual's accounts based on each
participant's account balance.
8
<PAGE>
Samsonite Corporation
Employee Savings Trust
Notes to Financial Statements
- --------------------------------------------------------------------------------
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
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 Funds- The balanced funds
--------------
consist of the CIGNA 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. These
funds include the CIGNA Lifetime20,
CIGNA Lifetime30, CIGNA Lifetime40,
CIGNA Lifetime50 and CIGNA Lifetime60
funds.
(4) Indexed Fund - This fund consists of the
------------
CIGNA Stock Market Index Fund. This fund
invests in common stocks that seek to
match the performance of the Standard &
Poor's 500 Composite Stock Price Index.
(5) Growth Funds - The growth funds consist
------------
of the Fidelity Contra Fund, the
Founders Growth Fund, the PBHG Growth
Fund and the Small Company Stock Growth
Fund. These funds seek long-term capital
appreciation from equities. The PBHG
Growth Fund was discontinued as an
elective investment in 1998 and replaced
by the Small Company Stock Growth Fund.
(6) Global Fund - This fund consists of the
-----------
Janus Worldwide Fund, a fund that seeks
capital growth and diversification
benefits from investments in foreign and
domestic stock markets.
9
<PAGE>
Samsonite Corporation
Employee Savings Trust
Notes to Financial Statements
- --------------------------------------------------------------------------------
(7) 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. Participants
become vested in the Company's matching
contributions and their earnings based on
years of service as follows:
Years of Service Vested Percentage
---------------------------------------------
Less than three 0%
At least three but less than five 50%
Five or more 100%
---------------------------------------------
Participants' accounts become fully vested
upon death, total disability, reaching normal
retirement age, or termination of the Plan.
Forfeited employer contributions are used to
reduce employer matching contributions and
administrative expenses. In 1998, employer
contributions and Plan expenses were reduced
by $14,451 from forfeited non-vested accounts.
Forfeitures available to offset future
employer contributions and Plan expenses are
$73,108.
Payment of Benefits
Upon termination of service due to death,
disability or retirement, or upon reaching age
59-1/2, 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 over ten
or fewer years.
Participant Loans
Participants may borrow from their
contribution fund account a maximum amount
equal to the lesser of $50,000 or 50% of their
account balance. Loan transactions are treated
as transfers between the investment funds and
the participant loans fund. Loan terms range
from one to five years or up to ten years for
the purchase of a primary residence. The loans
are secured by the
10
<PAGE>
Samsonite Corporation
Employee Savings Trust
Notes to Financial Statements
- --------------------------------------------------------------------------------
balance in the participant's account and bear
interest at a rate similar to local prevailing
rates. Interest rates on current loans range
from 6% to 10%. Loan repayments are made in
equal installments through payroll deductions.
Plan Termination
Although it has not expressed any intent to do
so, the Company has the right to discontinue
contributions at any time and terminate the
Plan, subject to the provisions of ERISA. In
the event the Plan is terminated, the accounts
of all participants would become fully vested,
and the assets would be distributed among the
participants in accordance with the terms set
forth in the Plan.
Administrative Expenses
Most administrative expenses of the Plan are
paid by the Plan. In addition, the Company has
provided certain services and paid certain
expenses of the Plan without reimbursement.
Tax Status
The Plan obtained the latest determination
letter on August 29, 1995, in which the
Internal Revenue Service stated that the Plan,
as then designed, was in compliance with the
applicable requirements of the Internal
Revenue Code. The Plan has been amended since
receiving the determination letter. However,
the Plan administrator and the Plan's tax
counsel believe that the Plan is currently
designed and being operated in compliance with
the applicable requirements of the Internal
Revenue Code. Therefore, no provisions for
income taxes has been included in the Plan's
financial statements.
11
<PAGE>
Samsonite Corporation
Employee Savings Trust
Notes to Financial Statements
- --------------------------------------------------------------------------------
2. Investments The fair value of investments that individually
represent 5% or more of the Plan's net assets
are as follows:
<TABLE>
<CAPTION>
December 31, 1998 1997
----------------------------------------------------------------------
<S> <C> <C>
Guaranteed Income Fund $10,954,984 $11,207,910
Lifetime 40 4,818,862 5,213,657
Fidelity Equity Income II Fund 9,591,315 9,716,371
Stock Market Index Fund 6,871,614 5,884,588
Fidelity Contra Fund 2,996,791 2,434,009
Janus Worldwide Fund 2,628,557 1,871,981
</TABLE>
3. Merger of On December 31, 1996, the American Tourister
American Retirement Plan (the "AT Plan") was merged
Tourister into the Plan. The transfer of the net assets
Retirement Plan of the AT Plan to the Plan has been recognized
in the accompanying Statement of Changes in Net
Assets Available for Benefits for the year ended
December 31, 1997 at the balances carried in the
accounts of the AT Plan.
12
<PAGE>
Samsonite Corporation
Employee Savings Trust
Notes to Financial Statements
- --------------------------------------------------------------------------------
4. Investment Required additional disclosures related to
Disclosures significant investments shown in the Statement
of Net Assets Available for benefits are as
follows:
<TABLE>
<CAPTION>
Other
CIGNA CIGNA Total Fidelity Other Total
Lifetime 40 Lifetime Balanced Contra Growth Growth
Fund Funds Funds Fund Funds Funds
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions:
Interest income $ - $ - $ - $ - $ - $ -
Net Appreciation
(depreciation) of
investments 643,426 57,226 700,652 739,190 168,129 907,319
Employee contributions 268,080 65,928 334,008 209,641 138,332 347,973
Employer contributions 87,305 24,504 111,809 90,545 42,363 132,908
Other 155 - 155 - - -
Interest on participant
loans 5,248 507 5,755 2,775 499 3,274
----------------------------------------------------------------------
Total additions 1,004,214 148,165 1,152,379 1,042,151 349,323 1,391,474
----------------------------------------------------------------------
Deductions:
Benefits and distributions 860,084 6,104 866,188 517,244 165,943 683,187
Administrative expenses 1,442 148 1,590 378 83 461
---------------------------------------------------------------------
Total deductions 861,526 6,252 867,778 517,622 166,026 683,648
---------------------------------------------------------------------
Net Increase (decrease) 142,688 141,913 284,601 524,529 183,297 707,826
Loan Principal paid 40,791 2,160 42,951 13,494 6,933 20,427
Loans Granted (31,669) (3,597) (35,266) (48,918) (14,457) (63,375)
Interfund transfers (546,735) 187,621 (359,114) 73,852 126,934 200,786
----------------------------------------------------------------------
Net assets available for
benefits, beginning of year 5,213,787 339,829 5,553,616 2,433,834 876,383 3,310,217
----------------------------------------------------------------------
Net assets available for
benefits, end of year $ 4,818,862 $ 667,926 $5,486,788 $2,996,791 $1,179,090 $4,175,881
======================================================================
</TABLE>
13
<PAGE>
Supplemental Schedules
----------------------
<PAGE>
<TABLE>
<CAPTION>
Samsonite Corporation
Employee Savings Trust
Item 27a - Schedule of Assets Held for Investment Purpose
==================================================================================================================
EIN: 13-3346672
Plan Number 005
December 31, 1998
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(a) (b) (c) (d) (e)
* Number Current
Identity of issue of shares Cost value
- ------------------------------------------------------------------------------------------------------------------
Connecticut General Life Insurance
Mutual Funds
Guaranteed Income Fund 387,617 $10,954,984 $10,954,984
Fidelity Equity Income II Fund 217,750 6,204,778 9,591,315
Lifetime 60 7,042 106,698 115,395
Lifetime 50 23,356 369,503 418,605
Lifetime 40 262,489 3,632,499 4,818,862
Lifetime 30 4,578 76,908 86,675
Lifetime 20 2,480 43,147 47,251
Stock Market Index Fund 103,315 4,721,310 6,871,614
Fidelity Contra Fund 36,815 1,544,721 2,996,791
Founders Growth Fund 35,380 817,323 964,166
Small Company Stock Growth Fund 21,689 176,806 214,924
Janus Worldwide Fund 48,286 2,139,377 2,628,557
Samsonite Stock 22,927 221,669 128,066
Participant loans, 6%-10% -- -- 712,320
--------- ----------- -----------
$31,009,723 $40,549,525
=========== ===========
See accompanying report of independent certified public accountants.
</TABLE>
* There were no non-exempt party-in-interest transactions.
14
<PAGE>
<TABLE>
<CAPTION>
Samsonite Corporation
Employee Savings Trust
Item 27d - Schedule of Reportable Transactions
==================================================================================================================
EIN: 13-3346672
Plan Number 005
Year Ended December 31, 1998
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
(c) (d) (g) (i)
Current value
of asset
Purchase Selling Cost of on transaction Net gain
Identity of party involved price price asset date or (loss)
- ------------------------------------------------------------------------------------------------------------------
Lifetime 40 $ 654,272 $ - $ 654,272 $ 654,272 $ -
Lifetime 40 - 1,694,190 1,537,359 1,694,190 156,831
Stock Market Index 1,657,885 - 1,657,885 1,657,885 -
Stock Market Index - 2,234,465 1,690,805 2,234,465 543,660
Janus Worldwide 1,479,440 - 1,479,440 1,479,440 -
Janus Worldwide - 1,261,347 1,092,854 1,261,347 168,493
Fidelity Equity Income II 980,708 - 980,708 980,708 -
Fidelity Equity Income II - 3,094,938 2,516,692 3,094,938 578,246
Guaranteed Income 4,492,253 - 4,492,253 4,492,253 -
Guaranteed Income - 5,419,523 5,419,523 5,419,523 -
See accompanying report of independent certified public accountants.
</TABLE>
15
<PAGE>
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
----------------------------------
Date: June 16, 1999 By: /s/Richard H. Wiley
_____________ ___________________________________
Richard H. Wiley
Samsonite Corporation
Chief Financial Officer, Treasurer and Secretary
<PAGE>
Exhibit 23.1
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Plan Administrator of Samsonite
Corporation Employee Savings Trust
We hereby consent to the incorporation by reference in the Registration
Statement on form S-8 (No. 333-19281) of our report dated June 3, 1999,
relating to the financial statements and schedules of the Samsonite Corporation
Employee Savings Trust appearing in this Annual Report on Form 11-K for the year
ended December 31, 1998.
/s/ BDO Seidman, LLP
Denver, Co
June 21, 1999
17
