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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, 1997
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
Page
<S> <C>
Signature 3
Report of Independent Auditors 4
Statement of Asset and Liability as of June 30, 1997
and 1996 5
Statement of Changes in Plan Liability Accounts -
Year Ended June 30, 1997, Six Months Ended June 30, 1996,
and year Ended December 31, 1995 6
Notes to Financial Statements 7 - 9
Exhibit 24 10
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Signature
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/ James A. Cooley
James A. Cooley
Treasurer
Date: September 16, 1997
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Snead and Williams, P.L.L.C.
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, 1997 and 1996,
and the related statements of changes in plan liability accounts for the
years ended June 30, 1997, and December 31, 1995, and the six months
ended June 30, 1996. 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, 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, 1997 and 1996, and the changes in plan
liability accounts for the years ended June 30, 1997, and December 31,
1995, and the six months ended June 30, 1996, in conformity with generally
accepted accounting principles.
/s/Snead and Williams, P.L.L.C.
July 18, 1997
Danville, Virginia
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<CAPTION>
DIMON INCORPORATED PERSONAL ACCOUNT PLAN
STATEMENT OF ASSET AND LIABILITY
June 30, 1997 and 1996
June 30, June 30,
ASSET 1997 1996
<S> <C> <C>
Receivable from DIMON Incorporated
(Cost $3,248,307, 1997 and $11,375,864, 1996) $ 3,248,307 $ 11,375,864
LIABILITY
Plan liability accounts $ 3,248,307 $ 11,375,864
The accompanying notes are an integral part of these financial statements.
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<CAPTION>
DIMON INCORPORATED PERSONAL ACCOUNT PLAN
STATEMENT OF CHANGES IN PLAN LIABILITY ACCOUNTS
Year Ended June 30, 1997, Six Months Ended June 30, 1996
and Year Ended December 31, 1995
Year Six Months Year Ended
Ended Ended December 31,
June 30, 1997 June 30, 1996 1995
<S> <C> <C> <C>
ADDITIONS
Beginning of year amount $ 11,373,864 $ 11,706,545 $ 13,466,090
Interest income 398,071 357,749 825,305
Participant contributions 3,214,730 1,522,854 2,814,601
14,988,665 13,587,148 17,105,996
DEDUCTIONS
Participant withdrawals 11,740,358 2,211,284 5,399,451
Plan liability accounts at
end of period $ 3,248,307 $ 11,375,864 $ 11,706,545
The accompanying notes are an integral part of these financial statements.
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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 the 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 or state agency.
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NOTES TO FINANCIAL STATEMENTS
DIMON INCORPORATED PERSONAL ACCOUNT PLAN
Note B - Description of the Plan - Continued
Participation
Eligible employees 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 6.31% per annum (based
on a range of 6.25% to 6.50%) during the year ended June 30, 1997 (6.25 %
to 6.50 % for the six months ended June 30, 1996 and 6.50 % to 7.00% for
the year ended December 31, 1995).
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, 1997, was 121 (June 30, 1996 - 411
and December 31, 1995 - 439).
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 July 18, 1997
contained in the Annual Report on Form 11-K under the Securities Exchange
Act of 1934 for the year ended June 30, 1997, of DIMON Incorporated
Personal Account Plan.
/s/ Snead and Williams, P.L.L.C.
July 18, 1997
Danville, Virginia
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