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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, 1998
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:
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INDEX
Page
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<S> <C>
Signature 3
Report of Independent Auditors 4
Statement of Asset and Liability as of June 30, 1998
and 1997 5
Statement of Changes in Plan Liability Accounts -
Years Ended June 30, 1998 and 1997 6
Notes to Financial Statements 7 - 9
Exhibit 24 10
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<PAGE>
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
Senior Vice President and Treasurer
Date: September 28, 1998
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<PAGE>
SNEAD AND
WILLIAMS,
P.L.L.C. Certified Public Accountants
_____________________________________________________________
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, 1998 and 1997, and the related statements of
changes in plan liability accounts for the years ended
June 30, 1998 and 1997. 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, 1998 and 1997, and the changes in plan liability
accounts for the years ended June 30, 1998 and 1997 in
conformity with generally accepted accounting principles.
/s/ Snead and Williams, P.L.L.C.
July 13, 1998
Danville, Virginia
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<PAGE>
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<CAPTION>
DIMON INCORPORATED PERSONAL ACCOUNT PLAN
STATEMENT OF ASSET AND LIABILITY
June 30, 1998 and 1997
______________
ASSET 1998 1997
- ----- ----------- -----------
<S> <C> <C>
Receivable from DIMON Incorporated
(Cost $3,809,264, 1998 and $3,248,307, 1997)........$ 3,809,264 $ 3,248,307
LIABILITY
- ---------
Plan liability accounts.............................$ 3,809,264 $ 3,248,307
The accompanying notes are an integral part of these financial statements.
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<PAGE>
<TABLE>
<CAPTION>
DIMON INCORPORATED PERSONAL ACCOUNT PLAN
STATEMENT OF CHANGES IN PLAN LIABILITY ACCOUNTS
Years Ended June 30, 1998 and 1997
______________
ADDITIONS 1998 1997
- --------- ----------- -----------
<S> <C> <C>
Beginning of year amount..............................$3,248,307 $11,375,864
Interest income....................................... 245,300 398,071
Participant contributions............................. 2,501,148 3,214,730
----------- ------------
5,994,755 14,988,665
DEDUCTIONS
Participant withdrawals............................... 2,185,491 11,740,358
----------- ------------
Plan liability accounts at
end of period........................................$3,809,264 $3,248,307
=========== ============
The accompanying notes are an integral part of these financial statements.
</TABLE>
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<PAGE>
DIMON INCORPORATED PERSONAL ACCOUNT PLAN
NOTES TO FINANCIAL STATEMENTS
______________
Note A - Significant Accounting Policies
- ----------------------------------------
Basis of Accounting
- -------------------
The accounting records of the Plan are maintained on the
accrual basis.
Valuation of Investment
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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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<PAGE>
DIMON INCORPORATED PERSONAL ACCOUNT PLAN
NOTES TO FINANCIAL STATEMENTS
______________
Note B - Description of the Plan - Continued
- --------------------------------------------
Participation
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Eligible employees may participate in the Plan. Eligibility
is determined by the Administrator of the Plan.
Participant Contributions
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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 announced rate was
6.50% and 6.31% (average) per annum for the years ended June
30, 1998 and 1997, respectively.
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 an obligation 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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<PAGE>
DIMON INCORPORATED PERSONAL ACCOUNT PLAN
NOTES TO FINANCIAL STATEMENTS
______________
Note B - Description of the Plan - Continued
- --------------------------------
Plan Expenses
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All expenses of administering the Plan are 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 funds to satisfy
all DIMON Incorporated obligations to the Plan.
Note C - Plan Participants
- --------------------------
The number of participants at June 30, 1998 and 1997, was 117
and 121, respectively.
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.
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<PAGE>
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 13, 1998 contained in
the Annual Report on Form 11-K under the Securities Exchange
Act of 1934 for the year ended June 30, 1998, of DIMON
Incorporated Personal Account Plan.
/s/ Snead and Williams, P.L.L.C.
July 13, 1998
Danville, Virginia
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