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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20459
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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, 1999
-------------
OR
----- TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to
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Commission file number 33-48052
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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:
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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Page
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Signature 3
Report of Independent Auditors 4
Statement of Asset and Liability as of June 30, 1999
and 1998 5
Statement of Changes in Plan Liability Accounts -
Years Ended June 30, 1999 and 1998 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
/s/ James A. Cooley
By ______________________________________
James A. Cooley
Senior Vice President - Chief Financial
Officer
Date: September 23, 1999
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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, 1999 and
1998, and the related statements of changes in plan liability accounts
for the years ended June 30, 1999 and 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, 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, 1999 and 1998, and the
changes in plan liability accounts for the years ended June 30, 1999
and 1998, in conformity with generally accepted accounting principles.
September 17, 1999
Danville, Virginia
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DIMON INCORPORATED PERSONAL ACCOUNT PLAN
STATEMENT OF ASSET AND LIABILITY
June 30, 1999 and 1998
----------------------
<TABLE>
<CAPTION>
1999 1998
--------------- ---------------
<S> <C> <C>
ASSET
-----
Receivable from DIMON Incorporated
(Cost $2,616,789, 1999 and $3,809,264, 1998) $2,616,789 $3,809,264
========== ==========
LIABILITY
---------
Plan liability accounts $2,616,789 $3,809,264
========== ==========
</TABLE>
The accompanying notes are an integral part of these financial
statements.
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DIMON INCORPORATED PERSONAL ACCOUNT PLAN
STATEMENT OF CHANGES IN PLAN LIABILITY ACCOUNTS
Years Ended June 30, 1999 and 1998
----------------------
<TABLE>
<CAPTION>
1999 1998
--------------- ---------------
<S> <C> <C>
ADDITIONS
---------
Beginning of year amount $3,809,264 $3,248,307
Interest income 196,090 245,300
Participant contributions 846,026 2,501,148
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4,851,380 5,994,755
DEDUCTIONS
----------
Participant withdrawals 2,234,591 2,185,491
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Plan liability accounts at
end of year $2,616,789 $3,809,264
========== ==========
</TABLE>
The accompanying notes are an integral part of these financial
statements.
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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
-----------------------
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
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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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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
-------------------------
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
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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 an average rate of 5.96% and
6.50% per annum for the years ended June 30, 1999 and 1998,
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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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
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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, 1999 and 1998, was 107 and 117,
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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Exhibit 24
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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
September 17, 1999, contained in the Annual Report on Form 11-K under
the Securities Exchange Act of 1934 for the year ended June 30, 1999,
of DIMON Incorporated Personal Account Plan.
September 17, 1999
Danville, Virginia
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