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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20459
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended June 30, 1996
OR
TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to
Commission file number 33-48052
A. Full title of the plan and the address of the plan,
if different from that of the issuer named below:
DIMON INCORPORATED PERSONAL ACCOUNT PLAN
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
DIMON Incorporated
512 Bridge Street
Danville, Virginia 24541
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REQUIRED INFORMATION
The following financial statements are furnished for the plan:
INDEX
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Signature 3
Report of Independent Auditors 4
Statement of Asset and Liability as of June 30, 1996
and December 31, 1995 5
Statement of Changes in Plan Liability Accounts -
Six Months Ended June 30, 1996 and Years Ended
December 31, 1995 and 1994 6
Notes to Financial Statements 7 - 9
Exhibit 24 10
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Signature
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the administrative committee has duly caused this annual report to be signed
on its behalf by the undersigned hereunto duly authorized.
DIMON INCORPORATED
Personal Account Plan
By /s/ John O. Hunnicutt, III
--------------------------
John O. Hunnicutt, III
Administrator
Date:
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<PAGE>
REPORT OF INDEPENDENT AUDITORS
To the Plan Administrator
DIMON Incorporated Personal Account Plan
We have audited the accompanying statements of asset and liability of the
DIMON Incorporated Personal Account Plan as of June 30, 1996 and
December 31, 1995, and the related statements of changes in plan liability
accounts for the six months ended June 30, 1996 and the year ended
December 31, 1995. 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. The 1994 financial statement was
reported on by other auditors whose report dated March 2, 1995, expressed
an unqualified opinion on those statements.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the asset and liability of DIMON Incorporated
Personal Account Plan at June 30, 1996 and December 31, 1995, and the
changes in plan liability accounts for the six months ended June 30, 1996
and the years ended December 31, 1995 and 1994 in conformity with generally
accepted accounting principles.
/s/ Snead and Williams, P.L.L.C.
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Snead and Williams, P.L.L.C.
August 19, 1996
Danville, Virginia
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<PAGE>
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DIMON INCORPORATED PERSONAL ACCOUNT PLAN
STATEMENT OF ASSET AND LIABILITY
June 30, 1996 and December 31, 1995
June 30, December 31,
1996 1995
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ASSET
Receivable from DIMON Incorporated
(Cost $11,375,864, 1996 and $11,706,545, 1995) $ 11 375 864 $ 11 706 545
================ ==============
LIABILITY
Plan liability accounts $ 11 375 864 $ 11 706 545
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See notes to financial statements
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<PAGE>
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<CAPTION>
DIMON INCORPORATED PERSONAL ACCOUNT PLAN
STATEMENT OF CHANGES IN PLAN LIABILITY ACCOUNTS
Six Months Ended June 30, 1996 and Years Ended
December 31, 1995 and 1994
Six Months Year Ended Year Ended
Ended 1996 1995 1994
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ADDITIONS
Beginning of year amount $ 11 706 545 $ 13 466 090 $13 598 113
Interest income 357 749 825 305 764 265
Participant contributions 1 522 854 2 814 601 3 916 412
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13 587 148 17 105 996 18 278 790
DEDUCTIONS
Participant withdrawals 2 211 284 5 399 451 4 812 700
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Plan liability accounts at
end of period $ 11 375 864 $ 11 706 545 $13 466 090
============= =============== ===========
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See notes to financial statements
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<PAGE>
NOTES TO FINANCIAL STATEMENTS
DIMON INCORPORATED PERSONAL ACCOUNT PLAN
Note A - Significant Accounting Policies
Basis of Accounting
The accounting records of the Plan are maintained on the accrual basis.
Valuation of Investment
The receivable from DIMON Incorporated is valued at fair value. Fair value
represents contributions, plus interest at the announced rate, less payments
in satisfaction of withdrawals.
Estimates
The preparation of financial statements in conformity with generally accepted
accounting principals requires the Plan Administrator to make estimates and
assumptions that affect reported amounts and disclosures. Accordingly,
actual results may differ from those estimates.
Note B - Description of the Plan
The following description of the DIMON Incorporated Personal Account Plan
(the "Plan") is provided for general information purposes only. Participants
should refer to the Plan agreement for more complete information.
General
The Plan is a voluntary employee plan through which any eligible participant
can loan funds to DIMON Incorporated ("DIMON") for an indefinite period, in
exchange for DIMON's obligation to pay employee interest on such funds until
the loan is repaid by DIMON on the employee's demand. The funds may be used
by DIMON for any corporate purpose and will be classified as general
obligations of DIMON with no special status. The funds are not held in
trust and are subject to forfeiture should DIMON be unable to repay the loans.
The purpose of the Plan is to provide a means for employees to maintain a
flexible deposit arrangement and to receive interest income at rates
competitive with those currently paid by banks or other institutions on
short-term deposits. The Plan is not subject to the provisions of the
Employee Retirement Income Security Act of 1974 ("ERISA"). Funds deposited
with DIMON are neither guaranteed nor insured by DIMON nor any federal nor
state agency.
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<PAGE>
NOTES TO FINANCIAL STATEMENTS
DIMON INCORPORATED PERSONAL ACCOUNT PLAN
Note B - Description of the Plan - Continued
Participation
Eligible employees and certain other persons may participate in the Plan.
Eligibility is determined by the Administrator of the Plan.
Participant Contributions
Participants may contribute any amount to the Plan. Limitations, however,
may be announced as to the total of future contributions which can be made
by the participants.
Investments
Upon receipt of the participants' contributions, amounts are invested with
DIMON Incorporated as a general creditor with interest earned at announced
rates. The average announced rate was 6.29% per annum (based on a range of
6.25% to 6.50%) during the six months ended June 30, 1996 (6.50% to 7.00%
for the year ended December 31, 1995 and 5.00% to 6.75% for the year ended
December 31, 1994).
Participants withdrawals
Participants may withdraw funds from the Plan at anytime upon notification
to the Plan Administrator or his designee. Amounts in participant accounts
must be distributed when the participant is no longer eligible to participate
in the Plan.
Plan Liability Accounts
A plan liability account is a bookkeeping record that is used to reflect the
participant's entitlement under the Plan. Each plan liability account
represents a claim on the assets of DIMON Incorporated.
Vesting
Each participant will at all times have a 100% vested (nonforfeitable)
interest in the receivable from DIMON Incorporated as to their respective
balances of their contributions, net of withdrawals, with earned interest.
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NOTES TO FINANCIAL STATEMENTS
DIMON INCORPORATED PERSONAL ACCOUNT PLAN
Note B - Description of the Plan - Continued
Plan Expenses
All expenses of administering the Plan shall be paid by DIMON Incorporated.
Plan Termination
The Plan may be modified or terminated at any time upon written notice to the
participants. In the event the Plan terminates, the Administrator must
distribute assets to satisfy all DIMON Incorporated obligations to the Plan.
Note C - Plan Participants
The Number of participants at June 30, 1996 was 411 (December 31, 1995 - 439
and December 31, 1994 - 484).
Note D - Income Tax Status
The Plan is not, and is not intended to be, qualified under Section 401 of
the Internal Revenue Code. Consequently, an application for a favorable
determination has not been filed with the Internal Revenue Service.
The Plan is not intended to be funded for federal income tax purposes, that
is, no funds or other assets are segregated for the purpose of paying
benefits under the Plan. All interest paid or credited to participant
accounts is taxable to the participant for both Federal and State purposes,
if applicable.
Note E - Plan Amendment
On March 31, 1995, the shareholders of Dibrell Brothers, Incorporated and
Monk-Austin, Inc. approved the merger of the two companies into DIMON
Incorporated effective April 1, 1995. As a result, the Plan was amended
effective December 31, 1995 to change the name from Dibrell Brothers,
Incorporated Personal Account Plan to DIMON Incorporated Personal Account
Plan and the plan year was amended to mean the twelve month period beginning
July 1, through June 30.
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Exhibit 24
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement
on Form S-8 (File No. 33-48052) under the Securities Act of 1933 of DIMON
Incorporated Personal Account Plan of our report dated August 19, 1996
contained in the Annual Report on Form 11-K under the Securities Exchange
Act of 1934 for the six months ended June 30, 1996 of DIMON Incorporated
Personal Account Plan.
/s/ Snead and Williams, P.L.L.C.
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Snead and Williams, P.L.L.C.
September 12, 1996
Danville, Virginia
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