<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 1-13884
A. Full title of the Plan and the address of the Plan, if different from
that of the issuer named below:
INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR COOPER
CAMERON CORPORATION HOURLY EMPLOYEES, IAM,
AT THE SUPERIOR PLANT
B. Name of issuer of the securities held pursuant to the Plan and the
address of the principal executive office:
COOPER CAMERON CORPORATION
515 Post Oak Boulevard, Suite 1200
Houston, Texas 77027
<PAGE> 2
INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR COOPER
CAMERON CORPORATION HOURLY EMPLOYEES, IAM,
AT THE SUPERIOR PLANT
<TABLE>
<CAPTION>
Page
<S> <C>
Report of Independent Public Accountants 1
Audited Financial Statements
Statements of Net Assets Available for Benefits 2
Statement of Changes in Net Assets Available for Benefits 4
Notes to Financial Statements 5
Signature 27
Consent of Independent Public Accountants 28
</TABLE>
<PAGE> 3
FINANCIAL STATEMENTS
COOPER CAMERON CORPORATION SELECTED
INDIVIDUAL ACCOUNT RETIREMENT PLANS
DECEMBER 31, 1998 AND 1997
<PAGE> 4
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Financial Statements
December 31, 1998 and 1997
CONTENTS
<TABLE>
<S> <C>
Report of Independent Public Accountants.....................................1
Audited Financial Statements
Statements of Net Assets Available for Benefits..............................2
Statement of Changes in Net Assets Available for Benefits....................4
Notes to Financial Statements................................................5
</TABLE>
<PAGE> 5
[ERNST & YOUNG LLP LETTERHEAD]
Report of Independent Auditors
Participants and Administrator
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
We have audited the accompanying statements of net assets available for benefits
of the Cooper Cameron Corporation Selected Individual Account Retirement Plans,
listed on pages 2 and 3, at December 31, 1998 and 1997, and the related
statement of changes in net assets available for benefits for the year ended
December 31, 1998. These financial statements are the responsibility of the
Plans' 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 net assets available for benefits of the Plans at
December 31, 1998 and 1997, and changes in their net assets available for
benefits for the year ended December 31, 1998, in conformity with generally
accepted accounting principles.
/s/ ERNST & YOUNG LLP
June 11, 1999
1
<PAGE> 6
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Statements of Net Assets Available for Benefits
December 31, 1998
<TABLE>
<CAPTION>
EMPLOYER EMPLOYEE
PLAN CONTRIBUTIONS CONTRIBUTIONS
NO. PLAN NAME RECEIVABLE RECEIVABLE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Buffalo, New York Plant $ 33,626 $ 43,535
006 Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Grove City Facility 53,732 42,856
007 Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Missouri City, Texas Facility 15,628 12,199
008 Individual Account Retirement Plan for Hourly-Paid Employees at the
Cooper Cameron Corporation Mount Vernon Plant 86,164 70,738
010 Individual Account Retirement Plan for Cooper Cameron Corporation
Hourly Employees, IAM, at the Superior Plant 16,705 16,090
<CAPTION>
PLAN INTEREST IN
COOPER CAMERON
CORPORATION
MASTER TRUST FOR
DEFINED NET ASSETS
PLAN CONTRIBUTION PLANS AVAILABLE FOR
NO. PLAN NAME (Notes 1 and 2) BENEFITS
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Buffalo, New York Plant $ 7,459,656 $ 7,536,817
006 Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Grove City Facility 16,017,669 16,114,257
007 Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Missouri City, Texas Facility 5,959,628 5,987,455
008 Individual Account Retirement Plan for Hourly-Paid Employees at the
Cooper Cameron Corporation Mount Vernon Plant 18,611,814 18,768,716
010 Individual Account Retirement Plan for Cooper Cameron Corporation
Hourly Employees, IAM, at the Superior Plant 3,308,643 3,341,438
</TABLE>
See accompanying notes.
2
<PAGE> 7
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Statements of Net Assets Available for Benefits (continued)
December 31, 1997
<TABLE>
<CAPTION>
EMPLOYER EMPLOYEE
PLAN CONTRIBUTIONS CONTRIBUTIONS
NO. PLAN NAME RECEIVABLE RECEIVABLE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Buffalo, New York Plant $ 32,948 $ 45,779
006 Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Grove City Facility 51,473 49,655
007 Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Missouri City, Texas Facility 36,442 34,298
008 Individual Account Retirement Plan for Hourly-Paid Employees at the
Cooper Cameron Corporation Mount Vernon Plant 112,736 104,669
010 Individual Account Retirement Plan for Cooper Cameron Corporation
Hourly Employees, IAM, at the Superior Plant 9,863 21,204
<CAPTION>
PLAN INTEREST IN
COOPER CAMERON
CORPORATION
MASTER TRUST FOR
DEFINED NET ASSETS
PLAN CONTRIBUTION PLANS AVAILABLE FOR
NO. PLAN NAME (Notes 1 and 2) BENEFITS
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Buffalo, New York Plant $ 6,466,160 $ 6,544,887
006 Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Grove City Facility 15,612,125 15,713,253
007 Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Missouri City, Texas Facility 7,344,404 7,415,144
008 Individual Account Retirement Plan for Hourly-Paid Employees at the
Cooper Cameron Corporation Mount Vernon Plant 16,971,920 17,189,325
010 Individual Account Retirement Plan for Cooper Cameron Corporation
Hourly Employees, IAM, at the Superior Plant 2,839,927 2,870,994
</TABLE>
See accompanying notes.
3
<PAGE> 8
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1998
<TABLE>
<CAPTION>
NET ASSETS
AVAILABLE FOR
PLAN BENEFITS AT EMPLOYER EMPLOYEE
NO. PLAN NAME JANUARY 1, 1998 CONTRIBUTIONS CONTRIBUTIONS
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
005 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Buffalo, New York Plant $ 6,544,887 $ 393,357 $ 514,746
006 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Grove City Facility 15,713,253 672,755 587,249
007 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Missouri City, Texas Facility 7,415,144 280,791 260,853
008 Individual Account Retirement Plan for Hourly-Paid
Employees at the Cooper Cameron Corporation Mount
Vernon Plant 17,189,325 1,121,587 963,787
010 Individual Account Retirement Plan for Cooper Cameron
Corporation Hourly Employees, IAM, at the Superior
Plant 2,870,994 221,435 205,873
<CAPTION>
NET INVESTMENT
GAIN (LOSS) FROM
COOPER CAMERON
CORPORATION MASTER
TRUST FOR DEFINED OTHER
CONTRIBUTION PLANS CHANGES IN
PLAN BENEFIT (NET OF EXPENSES) NET ASSETS
NO. PLAN NAME PAYMENTS (Notes 1 and 2) (Note 5)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
005 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Buffalo, New York Plant $ (125,890) $ 247,252 $ (37,535)
006 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Grove City Facility (1,601,652) 706,891 35,761
007 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Missouri City, Texas Facility (1,420,123) (538,293) (10,917)
008 Individual Account Retirement Plan for Hourly-Paid
Employees at the Cooper Cameron Corporation Mount
Vernon Plant (986,703) 526,320 (45,600)
010 Individual Account Retirement Plan for Cooper Cameron
Corporation Hourly Employees, IAM, at the Superior
Plant (116,494) 170,751 (11,121)
<CAPTION>
NET ASSETS
AVAILABLE FOR
PLAN BENEFITS AT
NO. PLAN NAME DECEMBER 31, 1998
- -------------------------------------------------------------------------------------
<S> <C>
005 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Buffalo, New York Plant $ 7,536,817
006 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Grove City Facility 16,114,257
007 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Missouri City, Texas Facility 5,987,455
008 Individual Account Retirement Plan for Hourly-Paid
Employees at the Cooper Cameron Corporation Mount
Vernon Plant 18,768,716
010 Individual Account Retirement Plan for Cooper Cameron
Corporation Hourly Employees, IAM, at the Superior
Plant 3,341,438
</TABLE>
See accompanying notes.
4
<PAGE> 9
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements
December 31, 1998
1. SIGNIFICANT ACCOUNTING PRINCIPLES
ACCOUNTING PRINCIPLES
The accompanying financial statements of the Cooper Cameron Corporation (the
"Company") Selected Individual Account Retirement Plans (the "Plans") have been
prepared on the accrual basis of accounting in accordance with generally
accepted accounting principles.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect amounts reported in the financial statements and accompanying notes. Such
estimates and assumptions could change in the future as more information becomes
known, which could impact the amounts reported and disclosed herein.
Benefit payments to participants are recorded upon distribution.
INVESTMENTS
At December 31, 1998 and 1997, investments of the Plans consisted of beneficial
interests in the following separate investment accounts of the Cooper Cameron
Corporation Master Trust for Defined Contribution Plans (the "Master Trust"):
Company Stock Fund, Fidelity Growth Company Fund, Fixed Income Fund, Money
Market Fund, Stock Market Fund, and Vanguard Balanced Index Fund (collectively,
the "Funds"), as described in Note 2. The Plans' beneficial interest percentages
in each investment account at December 31, 1998 and 1997 are disclosed in Note
8.
The Funds' security transactions are accounted for on the date the securities
are purchased or sold. Investment income is recorded as earned.
The Funds' investments in securities traded on the exchanges are valued at the
last reported sale price on the valuation date. Securities not listed on
exchanges and securities for which no sale was reported on that day are valued
at the last quoted bid price or at fair value as determined by the trustee.
Investments in The Chase Manhattan Bank, N.A. Pooled Investment Trust for
Employee Benefit Plans II - Cash Investment Fund ("Chase Cash Investment Fund")
are stated at cost, which approximates fair value. All other mutual funds and
common/collective funds are valued at fair market value based upon the quoted
market values of the underlying assets.
5
<PAGE> 10
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (Continued)
1. SIGNIFICANT ACCOUNTING PRINCIPLES (CONTINUED)
Investment contracts within the Fixed Income Fund, with varying contract rates
and maturity dates, are stated at contract value. Contract value represents cost
plus accrued income reduced for any reductions in the estimated value of the
investment contract.
Although it is management's intention to hold the investment contracts in the
Fixed Income Fund until maturity, certain investment contracts provide for
adjustments to contract value for withdrawals made prior to maturity.
FUNDING POLICY
The Company contributes to each participant's account monthly based on hours
actively worked and specific contribution rates. This contribution is also paid
for each hour of overtime, vacation, or holiday, but excludes sick time for
which the employee may be paid. Company contributions are made to the fund
option that the employee elected. Vesting in employer contributions is on a
graduated scale with 100% at five years.
Amounts which are forfeited due to a participant's termination of employment
prior to vesting in employer contributions made on the participant's behalf are
used to reduce the required Company contribution in subsequent periods.
All Plans allow for employee contributions based on hours actively worked and
elected contribution rates. Electing to contribute is completely voluntary, and
these contributions are immediately 100% vested. Participants may elect to have
their contributions allocated in 1% increments to one or more of the following
funds within the Master Trust: Stock Market Fund, Money Market Fund, Fixed
Income Fund, Fidelity Growth Company Fund, Vanguard Balanced Index Fund, or the
Company Stock Fund ("allocable funds"). Allocations among the funds may be
changed at the participant's discretion on a daily basis.
6
<PAGE> 11
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (Continued)
2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST
The purpose of the Funds is the collective investment of the assets of
participating employee benefit plans of the Company. The Funds' assets are
allocated among participating plans by assigning to each plan those transactions
(primarily contributions and benefit payments) which can be specifically
identified and allocating among all plans, in proportion to the fair value of
the assets assigned to each plan, the income and expenses resulting from the
collective investment of the assets of the Funds. Certain funds include assets
of other employee benefit plans in addition to those included in these financial
statements.
7
<PAGE> 12
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST
(CONTINUED)
The following table presents the fair value of investments for the separate
investment accounts of the Master Trust:
<TABLE>
<CAPTION>
FIDELITY
COMPANY GROWTH FIXED
STOCK COMPANY INCOME
DECEMBER 31, 1998 FUND FUND FUND
-------------------------------------------------------
<S> <C> <C> <C>
Assets:
Accrued investment income $ 8,363 $ - $ 29,456
Net unsettled sales of investments - - -
Investments at fair value as determined by quoted market prices:
Chase Cash Investment Fund 1,748,278 - 5,850,633
Cooper Cameron Corporation common stock 51,949,016 - -
Fidelity Growth Company Fund - 24,978,405 -
U.S. Stock Index Fund - - -
Vanguard Balanced Index Fund - - -
Investments at estimated fair value or contract value:
Investment contracts - - 75,756,490
Loans to participants - - -
Plan loans - - 1,271,364
----------------- --------------- ---------------
Total investments 53,697,294 24,978,405 82,878,487
----------------- --------------- ---------------
Total assets 53,705,657 24,978,405 82,907,943
----------------- --------------- ---------------
Liabilities:
Net unsettled purchases of investments 247,974 - -
----------------- --------------- ---------------
Net assets available to participating plans $ 53,457,683 $ 24,978,405 $ 82,907,943
================= =============== ===============
<CAPTION>
VANGUARD
MONEY STOCK BALANCED
MARKET MARKET INDEX
DECEMBER 31, 1998 FUND FUND FUND
----------------------------------------------------
<S> <C> <C> <C>
Assets:
Accrued investment income $ 86,540 $ 3,698 $ -
Net unsettled sales of investments - 161,000 -
Investments at fair value as determined by quoted market prices:
Chase Cash Investment Fund 20,110,412 839,027 -
Cooper Cameron Corporation common stock - - -
Fidelity Growth Company Fund - - -
U.S. Stock Index Fund - 86,308,328 -
Vanguard Balanced Index Fund - - 39,354,834
Investments at estimated fair value or contract value:
Investment contracts - - -
Loans to participants - - -
Plan loans - - -
--------------- --------------- ---------------
Total investments 20,110,412 87,147,355 39,354,834
--------------- --------------- ---------------
Total assets 20,196,952 87,312,053 39,354,834
--------------- --------------- ---------------
Liabilities:
Net unsettled purchases of investments - - -
--------------- --------------- ---------------
Net assets available to participating plans $ 20,196,952 $ 87,312,053 $ 39,354,834
=============== =============== ===============
</TABLE>
8
<PAGE> 13
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST
(CONTINUED)
The following table presents the fair value of investments for the separate
investment accounts of the Master Trust:
<TABLE>
<CAPTION>
FIDELITY
COMPANY GROWTH FIXED
STOCK COMPANY INCOME
DECEMBER 31, 1997 FUND FUND FUND
-----------------------------------------------------
<S> <C> <C> <C>
Assets:
Accrued investment income $ 9,336 $ - $ 47,042
Investments at fair value as determined by quoted market prices:
Chase Cash Investment Fund 1,786,660 - 12,699,017
Chase S&P 500 Index Fund - - -
Cooper Cameron Corporation common stock 107,599,486 - -
Fidelity Growth Company Fund - 16,795,005 -
Vanguard Balanced Index Fund - - -
Investments at estimated fair value or contract value:
Investment contracts - - 63,089,937
---------------- --------------- ---------------
Total investments 109,386,146 16,795,005 75,788,954
---------------- --------------- ---------------
Net assets available to participating plans $ 109,395,482 $ 16,795,005 $ 75,835,996
================ =============== ===============
<CAPTION>
VANGUARD
MONEY STOCK BALANCED
MARKET MARKET INDEX
DECEMBER 31, 1997 FUND FUND FUND
----------------------------------------------------
<S> <C> <C> <C>
Assets:
Accrued investment income $ 71,465 $ 90,190 $ -
Investments at fair value as determined by quoted market prices:
Chase Cash Investment Fund 14,766,289 1,057,597 -
Chase S&P 500 Index Fund - 59,303,072 -
Cooper Cameron Corporation common stock - - -
Fidelity Growth Company Fund - - -
Vanguard Balanced Index Fund - - 18,723,573
Investments at estimated fair value or contract value:
Investment contracts - - -
--------------- --------------- ---------------
Total investments 14,766,289 60,360,669 18,723,573
--------------- --------------- ---------------
Net assets available to participating plans $ 14,837,754 $ 60,450,859 $ 18,723,573
=============== =============== ===============
</TABLE>
9
<PAGE> 14
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST
(CONTINUED)
Investment income and net appreciation (depreciation) in fair value of
investments for the separate investment accounts of the Master Trust are as
follows:
<TABLE>
<CAPTION>
FIDELITY
COMPANY GROWTH
STOCK COMPANY
YEAR ENDED DECEMBER 31, 1998 FUND FUND
------------------------------------
<S> <C> <C>
Net appreciation (depreciation) in fair value of investments as determined by
quoted market prices:
Chase S&P 500 Index Fund $ - $ -
Cooper Cameron Corporation common stock (63,125,161) -
Fidelity Growth Company Fund - 3,282,821
U.S. Stock Index Fund - -
Vanguard Balanced Index Fund - -
----------------- --------------
(63,125,161) 3,282,821
Interest and dividends 344,981 1,715,458
----------------- --------------
$ (62,780,180) $ 4,998,279
================= ==============
<CAPTION>
FIXED MONEY
INCOME MARKET
YEAR ENDED DECEMBER 31, 1998 FUND FUND
-------------------------------
<S> <C> <C>
Net appreciation (depreciation) in fair value of investments as determined by
quoted market prices:
Chase S&P 500 Index Fund $ - $ -
Cooper Cameron Corporation common stock - -
Fidelity Growth Company Fund - -
U.S. Stock Index Fund - -
Vanguard Balanced Index Fund - -
---------------- -----------
- -
Interest and dividends 5,022,488 914,303
---------------- -----------
$ 5,022,488 $ 914,303
================ ===========
<CAPTION>
VANGUARD
STOCK BALANCED
MARKET INDEX
YEAR ENDED DECEMBER 31, 1998 FUND FUND
----------------------------------
<S> <C> <C>
Net appreciation (depreciation) in fair value of investments as determined by
quoted market prices:
Chase S&P 500 Index Fund $ 14,105,672 $ -
Cooper Cameron Corporation common stock - -
Fidelity Growth Company Fund - -
U.S. Stock Index Fund 3,653,901 -
Vanguard Balanced Index Fund - 4,572,042
--------------- --------------
17,759,573 4,572,042
Interest and dividends 1,053,346 1,039,822
--------------- --------------
$ 18,812,919 $ 5,611,864
=============== ==============
</TABLE>
10
<PAGE> 15
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST
(CONTINUED)
The Fixed Income Fund invests in actively managed Synthetic Bank and Insurance
Company Investment Contracts ("SICs") and in Guaranteed Investment Contracts
("GICs"). The GICs are promises by insurance companies or a bank to repay the
principal plus accrued income at contract maturity. SICs differ from GICs in
that the assets supporting the SICs are owned by the Master Trust. The bank or
insurance company issues a wrapper contract that allows participant directed
transactions to be made at contract value. Wrapper contracts are valued as the
difference between the fair value of the supporting assets and the contract
value. The assets supporting the SICs owned by the Master Trust are comprised of
corporate bonds, asset backed bonds, mutual funds, and common trust funds with a
fair value of $55,573,148 and $27,501,143 at December 31, 1998 and 1997,
respectively. The contract values of the SICs at December 31, 1998 and 1997 were
$54,603,992 and $27,069,062, respectively.
Interest crediting rates on the contracts in the Fixed Income Fund are generally
determined at the time of purchase. At December 31, 1998 the interest crediting
rates for all contracts ranged from 5.7% to 9.5%. At December 31, 1997 the
interest crediting rates for all contracts ranged from 5.5% to 9.5%.
For 1998 and 1997, the average annual yield for the investment contracts in the
Fixed Income Fund was 6.4% and 6.6%, respectively. At December 31, 1998 and
1997, fair value of the investment contracts in the Fund was estimated to be
approximately 102% and 101% of contract value, respectively. Fair value was
estimated by discounting the weighted average of the Fund's cash flows at the
then-current interest crediting rate for a comparable maturity investment
contract.
3. DESCRIPTION OF THE PLANS
Each of the Plans is a profit sharing plan which provides payments to eligible
employees of the respective plans at termination, retirement, death, or
disability.
Should the Plans terminate, the assets will be distributed according to the
total amount in each participant's account, including earnings thereon less
related benefits and expenses. Distributions shall be made as soon as
practicable to members or their beneficiaries by payments in lump sum.
11
<PAGE> 16
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
3. DESCRIPTION OF THE PLANS (CONTINUED)
Information about the Plans, the funding, vesting, and benefit provisions is
contained in each Plan's Summary Plan Description. Copies of these pamphlets are
available at the Company's corporate office.
4. INCOME TAX STATUS
The Plans have been designed to meet the requirements of the Internal Revenue
Code ("IRC") under Sections 401(a) and 501(a) and, therefore, are not subject to
tax under present income tax laws. Once qualified, the Plans are required to
operate in conformity with the IRC to maintain their qualifications. A favorable
determination has been obtained for each of the Plans in which the Internal
Revenue Service stated that each Plan, as then designed, was in compliance with
the applicable requirements of the IRC. All Plans have been amended since
receiving their determination letters. However, the Company believes that the
Plans are currently designed and being operated in compliance with the
applicable requirements of the IRC.
5. OTHER CHANGES IN NET ASSETS
For the year ended December 31, 1998, net asset admissions (withdrawals)
represent the following:
<TABLE>
<CAPTION>
NET TRANSFERS OF PARTICIPANTS' ACCOUNT BALANCES (TO) OR FROM THE COOPER CAMERON
PLAN NO. CORPORATION RETIREMENT SAVINGS PLAN
- -----------------------------------------------------------------------------------------------------------
<S> <C>
005 $ (37,535)
006 $ 35,761
007 $ (10,917)
008 $ (45,600)
010 $ (11,121)
</TABLE>
12
<PAGE> 17
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
6. YEAR 2000 ISSUE (UNAUDITED)
The Company has determined that it will be necessary to take certain steps in
order to ensure that the Plans' information systems are prepared to handle year
2000 dates. The Company is taking a two phase approach. The first phase
addresses internal systems that must be modified or replaced to function
properly. Both internal and external resources are being utilized to replace or
modify existing software applications, and test the software and equipment for
the year 2000 modifications. The Company anticipates substantially completing
this phase of the project by June 1999. Costs associated with modifying software
and equipment are not estimated to be significant and will be paid by the
Company.
For the second phase of the project, Plan management established formal
communications with its third-party service providers to determine that they
have developed plans to address their own year 2000 problems as they relate to
the Plans' operations. All third-party service providers have indicated that
they will be year 2000 compliant by mid-1999. If modifications of data
processing systems of either the Plans, the Company, or its service providers
are not completed timely, the year 2000 problem could have a material impact on
the operations of the Plans. Plan management has developed a contingency plan in
the event that all systems are not year 2000 ready.
13
<PAGE> 18
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits and
benefits paid to participants per the financial statements to the Form 5500 at
December 31, 1998:
<TABLE>
<CAPTION>
NET ASSETS AVAILABLE AMOUNTS ALLOCATED TO
FOR BENEFITS PER THE WITHDRAWING
PLAN NO. PLAN NAME FINANCIAL STATEMENTS PARTICIPANTS
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Buffalo, New York Plant $ 7,536,817 $ (3,466)
006 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Grove City Facility $ 16,114,257 $ (29,549)
007 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Missouri City, Texas Facility $ 5,987,455 $ (514,644)
008 Individual Account Retirement Plan for Hourly-Paid Employees at
the Cooper Cameron Corporation Mount Vernon Plant $ 18,768,716 $ (2,010)
010 Individual Account Retirement Plan for Cooper Cameron Corporation
Hourly Employees, IAM, at the Superior Plant $ 3,341,438 $ -
</TABLE>
<TABLE>
<CAPTION>
NET ASSETS AVAILABLE BENEFITS PAID TO
FOR BENEFITS PER PARTICIPANTS PER
PLAN NO. PLAN NAME FORM 5500 THE FINANCIAL STATEMENTS
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Buffalo, New York Plant $ 7,533,351 $ 125,890
006 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Grove City Facility $ 16,084,708 $ 1,601,652
007 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Missouri City, Texas Facility $ 5,472,811 $ 1,420,123
008 Individual Account Retirement Plan for Hourly-Paid Employees at
the Cooper Cameron Corporation Mount Vernon Plant $ 18,766,706 $ 986,703
010 Individual Account Retirement Plan for Cooper Cameron Corporation
Hourly Employees, IAM, at the Superior Plant $ 3,341,438 $ 116,494
</TABLE>
<TABLE>
<CAPTION>
LESS AMOUNTS
ALLOCATED TO PLUS AMOUNTS ALLOCATED TO
WITHDRAWING WITHDRAWING
PARTICIPANTS AT PARTICIPANTS AT
PLAN NO. PLAN NAME DECEMBER 31, 1997 DECEMBER 31, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Buffalo, New York Plant $ - $ 3,466
006 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Grove City Facility $ (36,319) $ 29,549
007 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Missouri City, Texas Facility $ (780) $ 514,644
008 Individual Account Retirement Plan for Hourly-Paid Employees at
the Cooper Cameron Corporation Mount Vernon Plant $ - $ 2,010
010 Individual Account Retirement Plan for Cooper Cameron Corporation
Hourly Employees, IAM, at the Superior Plant $ (242) $ -
</TABLE>
<TABLE>
<CAPTION>
BENEFITS PAID TO
PLAN NO. PLAN NAME PARTICIPANTS PER FORM 5500
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Buffalo, New York Plant $ 129,356
006 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Grove City Facility $ 1,594,882
007 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Missouri City, Texas Facility $ 1,933,987
008 Individual Account Retirement Plan for Hourly-Paid Employees at
the Cooper Cameron Corporation Mount Vernon Plant $ 988,713
010 Individual Account Retirement Plan for Cooper Cameron Corporation
Hourly Employees, IAM, at the Superior Plant $ 116,252
</TABLE>
14
<PAGE> 19
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 (CONTINUED)
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500 at December 31, 1997:
<TABLE>
<CAPTION>
NET ASSETS AVAILABLE AMOUNTS ALLOCATED TO
FOR BENEFITS PER THE WITHDRAWING
PLAN NO. PLAN NAME FINANCIAL STATEMENTS PARTICIPANTS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Buffalo, New York Plant
$ 6,544,887 $ -
006 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Grove City Facility
$ 15,713,253 $ (36,319)
007 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Missouri City, Texas Facility
$ 7,415,144 $ (780)
008 Individual Account Retirement Plan for Hourly-Paid Employees at
the Cooper Cameron Corporation Mount Vernon Plant
$ 17,189,325 $ -
010 Individual Account Retirement Plan for Cooper Cameron Corporation
Hourly Employees, IAM, at the Superior Plant
$ 2,870,994 $ (242)
</TABLE>
<TABLE>
<CAPTION>
NET ASSETS AVAILABLE
FOR BENEFITS PER
PLAN NO. PLAN NAME FORM 5500
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Buffalo, New York Plant $ 6,544,887
006 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Grove City Facility $ 15,676,934
007 Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Missouri City, Texas Facility $ 7,414,364
008 Individual Account Retirement Plan for Hourly-Paid Employees at
the Cooper Cameron Corporation Mount Vernon Plant $ 17,189,325
010 Individual Account Retirement Plan for Cooper Cameron Corporation
Hourly Employees, IAM, at the Superior Plant $ 2,870,752
</TABLE>
15
<PAGE> 20
Cooper Cameron Corporation Selected Individual Account Retirement Plans
Notes to Financial Statements (continued)
8. FUND INFORMATION
Fund information for each of the plans is as follows:
Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation
Buffalo, New York Plant (Plan No. 005)
Statements of Net Assets Available for Benefits
<TABLE>
<CAPTION>
PLAN INTEREST PLAN INTEREST
PERCENTAGE IN PERCENTAGE IN
COOPER CAMERON COOPER CAMERON
CORPORATION MASTER TRUST CORPORATION MASTER
FOR DEFINED CONTRIBUTION TRUST FOR DEFINED
PLANS CONTRIBUTION PLANS
FUNDS AT FUNDS AT
DECEMBER 31, 1998 DECEMBER 31 DECEMBER 31, 1997
(NOTES 1 AND 2) 1998 1997 (NOTES 1 AND 2)
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Employer $ 33,626 $ 32,948
Employee 43,535 45,779
------------------------------
Total contributions receivable 77,161 78,727
Plan interest in Cooper Cameron Corporation Master
Trust for Defined Contribution Plans (Notes 1 and 2):
Company Stock Fund 1.198% 640,204 1,045,144 0.955%
Fidelity Growth Company Fund 2.711% 677,241 456,114 2.716%
Fixed Income Fund 2.009% 1,665,570 1,595,979 2.105%
Money Market Fund 3.247% 655,818 388,982 2.622%
Stock Market Fund 2.254% 1,968,259 1,321,261 2.186%
Vanguard Balanced Index Fund 4.707% 1,852,564 1,658,680 8.859%
------------------------------
Total Plan interest in Master Trust 7,459,656 6,466,160
------------------------------
Net assets available for benefits $ 7,536,817 $ 6,544,887
==============================
</TABLE>
See accompanying notes.
16
<PAGE> 21
Cooper Cameron Corporation Selected Individual Account Retirement Plans
Notes to Financial Statements (continued)
8. FUND INFORMATION (CONTINUED)
Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation
Grove City Facility (Plan No. 006)
Statements of Net Assets Available for Benefits
<TABLE>
<CAPTION>
PLAN INTEREST PLAN INTEREST
PERCENTAGE IN PERCENTAGE IN
COOPER CAMERON COOPER CAMERON
CORPORATION MASTER TRUST CORPORATION MASTER
FOR DEFINED CONTRIBUTION TRUST FOR DEFINED
PLANS CONTRIBUTION PLANS
FUNDS AT FUNDS AT
DECEMBER 31, 1998 DECEMBER 31 DECEMBER 31, 1997
(NOTES 1 AND 2) 1998 1997 (NOTES 1 AND 2)
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Employer $ 53,732 $ 51,473
Employee 42,856 49,655
-----------------------------
Total contributions receivable 96,588 101,128
Plan interest in Cooper Cameron Corporation
Master Trust for Defined Contribution Plans
(Notes 1 and 2):
Company Stock Fund 1.172% 626,524 1,329,771 1.216%
Fidelity Growth Company Fund 5.632% 1,406,744 991,647 5.904%
Fixed Income Fund 10.703% 8,873,605 9,602,347 12.662%
Money Market Fund 3.838% 775,164 216,684 1.460%
Stock Market Fund 2.256% 1,969,584 1,393,916 2.306%
Vanguard Balanced Index Fund 6.012% 2,366,048 2,077,760 11.097%
-----------------------------
Total Plan interest in Master Trust 16,017,669 15,612,125
=============================
Net assets available for benefits $ 16,114,257 $ 15,713,253
=============================
</TABLE>
See accompanying notes.
17
<PAGE> 22
Cooper Cameron Corporation Selected Individual Account Retirement Plans
Notes to Financial Statements (continued)
8. FUND INFORMATION (CONTINUED)
Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation
Missouri City, Texas Facility (Plan No. 007)
Statements of Net Assets Available for Benefits
<TABLE>
<CAPTION>
PLAN INTEREST PLAN INTEREST
PERCENTAGE IN PERCENTAGE IN
COOPER CAMERON COOPER CAMERON
CORPORATION MASTER TRUST CORPORATION MASTER
FOR DEFINED CONTRIBUTION TRUST FOR DEFINED
PLANS CONTRIBUTION PLANS
FUNDS AT FUNDS AT
DECEMBER 31, 1998 DECEMBER 31 DECEMBER 31, 1997
(NOTES 1 AND 2) 1998 1997 (NOTES 1 AND 2)
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Employer $ 15,628 $ 36,442
Employee 12,199 34,298
---------------------------
Total contributions receivable 27,827 70,740
Plan interest in Cooper Cameron Corporation
Master Trust for Defined Contribution Plans
(Notes 1 and 2):
Company Stock Fund 1.408% 752,609 1,490,548 1.363%
Fidelity Growth Company Fund 0.599% 149,731 147,829 0.880%
Fixed Income Fund 4.865% 4,033,410 4,962,349 6.544%
Money Market Fund 1.935% 390,833 113,309 0.764%
Stock Market Fund 0.279% 243,503 288,840 0.478%
Vanguard Balanced Index Fund 0.990% 389,542 341,529 1.824%
---------------------------
Total Plan interest in Master Trust 5,959,628 7,344,404
===========================
Net assets available for benefits $ 5,987,455 $ 7,415,144
===========================
</TABLE>
See accompanying notes.
18
<PAGE> 23
Cooper Cameron Corporation Selected Individual Account Retirement Plans
Notes to Financial Statements (continued)
8. FUND INFORMATION (CONTINUED)
Individual Account Retirement Plan for Hourly-Paid Employees
at the Cooper Cameron Corporation
Mount Vernon Plant (Plan No. 008)
Statements of Net Assets Available for Benefits
<TABLE>
<CAPTION>
PLAN INTEREST PLAN INTEREST
PERCENTAGE IN PERCENTAGE IN
COOPER CAMERON COOPER CAMERON
CORPORATION MASTER TRUST CORPORATION MASTER
FOR DEFINED CONTRIBUTION TRUST FOR DEFINED
PLANS CONTRIBUTION PLANS
FUNDS AT FUNDS AT
DECEMBER 31, 1998 DECEMBER 31 DECEMBER 31, 1997
(NOTES 1 AND 2) 1998 1997 (NOTES 1 AND 2)
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Employer $ 86,164 $ 112,736
Employee 70,738 104,669
-----------------------------
Total contributions receivable 156,902 217,405
Plan interest in Cooper Cameron Corporation
Master Trust for Defined Contribution Plans
(Notes 1 and 2):
Company Stock Fund 3.606% 1,927,827 2,401,523 2.195%
Fidelity Growth Company Fund 7.360% 1,838,521 1,459,547 8.690%
Fixed Income Fund 8.830% 7,320,643 7,456,623 9.833%
Money Market Fund 10.654% 2,151,870 1,336,050 9.004%
Stock Market Fund 2.751% 2,402,058 1,915,658 3.169%
Vanguard Balanced Index Fund 7.549% 2,970,895 2,402,519 12.832%
-----------------------------
Total Plan interest in Master Trust 18,611,814 16,971,920
=============================
Net assets available for benefits $ 18,768,716 $ 17,189,325
=============================
</TABLE>
See accompanying notes.
19
<PAGE> 24
Cooper Cameron Corporation Selected Individual Account Retirement Plans
Notes to Financial Statements (continued)
8. FUND INFORMATION (CONTINUED)
Individual Account Retirement Plan for Cooper Cameron Corporation
Hourly Employees, IAM, at the Superior Plant (Plan No. 010)
Statements of Net Assets Available for Benefits
<TABLE>
<CAPTION>
PLAN INTEREST PLAN INTEREST
PERCENTAGE IN PERCENTAGE IN
COOPER CAMERON COOPER CAMERON
CORPORATION MASTER CORPORATION MASTER
TRUST FOR DEFINED TRUST FOR DEFINED
CONTRIBUTION PLANS CONTRIBUTION PLANS
FUNDS AT FUNDS AT
DECEMBER 31, 1998 DECEMBER 31 DECEMBER 31, 1997
(NOTES 1 AND 2) 1998 1997 (NOTES 1 AND 2)
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Employer $ 16,705 $ 9,863
Employee 16,090 21,204
----------------------------
Total contributions receivable 32,795 31,067
Plan interest in Cooper Cameron Corporation
Master Trust for Defined
Contribution Plans (Notes 1 and 2):
Company Stock Fund 0.508% 271,513 36,512 0.033%
Fidelity Growth Company Fund 1.516% 378,688 -- --
Fixed Income Fund 2.057% 1,705,178 2,786,425 3.674%
Money Market Fund 0.828% 167,250 -- --
Stock Market Fund 0.413% 360,790 -- --
Vanguard Balanced Index Fund 1.080% 425,224 16,990 0.091%
----------------------------
Total Plan interest in Master Trust 3,308,643 2,839,927
============================
Net assets available for benefits $ 3,341,438 $ 2,870,994
============================
</TABLE>
See accompanying notes.
20
<PAGE> 25
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
8. FUND INFORMATION (CONTINUED)
Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Buffalo, New York Plant (Plan No. 005)
Statement of Changes in Net Assets Available
for Benefits With Fund Information
Year ended December 31, 1998
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
-------------------------------------------------------------
FIDELITY
COMPANY GROWTH FIXED MONEY
STOCK COMPANY INCOME MARKET
FUND FUND FUND FUND
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Additions:
Contributions:
Employer $ 46,758 $ 33,498 $ 40,324 $ 111,043
Employee 66,708 48,511 65,684 88,163
-------------------------------------------------------------
Total contributions 113,466 82,009 106,008 199,206
Net investment gain (loss) from Cooper Cameron Corporation Master
Trust for Defined Contribution Plans, net of expenses
(Note 2) (680,198) 122,863 95,873 24,591
-------------------------------------------------------------
Total additions (566,732) 204,872 201,881 223,797
Deductions:
Benefits paid to participants -- -- 115,795 10,095
Other changes in net assets:
Interfund transfers 162,812 16,648 2,556 50,441
Net asset withdrawals (Note 5) (4,690) -- (17,341) --
-------------------------------------------------------------
Total other changes 158,122 16,648 (14,785) 50,441
-------------------------------------------------------------
Net increase (decrease) (408,610) 221,520 71,301 264,143
Net assets available for benefits at beginning of year 1,056,353 462,860 1,605,007 406,973
-------------------------------------------------------------
Net assets available for benefits at end of year* $ 647,743 $ 684,380 $ 1,676,308 $ 671,116
=============================================================
</TABLE>
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
-------------------------- -----------
VANGAURD
STOCK BALANCED
MARKET INDEX TOTAL
FUND FUND PLAN
-------------------------- -----------
<S> <C> <C> <C>
Additions:
Contributions:
Employer $ 86,011 $ 75,723 $ 393,357
Employee 133,403 112,277 514,746
-------------------------- -----------
Total contributions 219,414 188,000 908,103
Net investment gain (loss) from Cooper Cameron Corporation Master
Trust for Defined Contribution Plans, net of expenses
(Note 2) 413,349 270,774 247,252
-------------------------- -----------
Total additions 632,763 458,774 1,155,355
Deductions:
Benefits paid to participants -- -- 125,890
Other changes in net assets:
Interfund transfers 23,382 (255,839) --
Net asset withdrawals (Note 5) (7,752) (7,752) (37,535)
-------------------------- -----------
Total other changes 15,630 (263,591) (37,535)
-------------------------- -----------
Net increase (decrease) 648,393 195,183 991,930
Net assets available for benefits at beginning of year 1,339,436 1,674,258 6,544,887
-------------------------- -----------
Net assets available for benefits at end of year* $ 1,987,829 $ 1,869,441 $ 7,536,817
========================== ===========
</TABLE>
* Ending fund balances include allocated contribution receivables.
See accompanying notes.
21
<PAGE> 26
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
8. FUND INFORMATION (CONTINUED)
Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Grove City Facility (Plan No. 006)
Statement of Changes in Net Assets Available
for Benefits With Fund Information
Year ended December 31, 1998
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
-------------------------------------------------------------
FIDELITY
COMPANY GROWTH FIXED MONEY
STOCK COMPANY INCOME MARKET
FUND FUND FUND FUND
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Additions:
Contributions:
Employer $ 43,628 $ 52,630 $ 58,331 $ 377,149
Employee 44,396 55,969 60,319 268,978
-------------------------------------------------------------
Total contributions 88,024 108,599 118,650 646,127
Net investment gain (loss) from Cooper Cameron Corporation Master
Trust for Defined Contribution Plans, net of expenses
(Note 2) (883,654) 273,948 538,213 27,808
-------------------------------------------------------------
Total additions (795,630) 382,547 656,863 673,935
Deductions:
Benefits paid to participants 9,119 27,417 1,387,846 104,506
Other changes in net assets:
Interfund transfers 99,710 61,928 (25,277) (28,742)
Net asset admissions (Note 5) -- -- 33,597 2,164
-------------------------------------------------------------
Total other changes 99,710 61,928 8,320 (26,578)
Net increase (decrease) (705,039) 417,058 (722,663) 542,851
-------------------------------------------------------------
Net assets available for benefits at beginning of year 1,337,242 998,701 9,608,085 277,115
-------------------------------------------------------------
Net assets available for benefits at end of year* $ 632,203 $ 1,415,759 $ 8,885,422 $ 819,966
=============================================================
</TABLE>
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
------------------------- -----------
VANGAURD
STOCK BALANCED
MARKET MARKET TOTAL
FUND FUND PLAN
------------------------- -----------
<S> <C> <C> <C>
Additions:
Contributions:
Employer $ 56,147 $ 84,870 $ 672,755
Employee 58,009 99,578 587,249
------------------------- -----------
Total contributions 114,156 184,448 1,260,004
Net investment gain (loss) from Cooper Cameron Corporation Master
Trust for Defined Contribution Plans, net of expenses
(Note 2) 403,730 346,846 706,891
------------------------- -----------
Total additions 517,886 531,294 1,966,895
Deductions:
Benefits paid to participants 42,549 30,215 1,601,652
Other changes in net assets:
Interfund transfers 102,827 (210,446) --
Net asset admissions (Note 5) -- -- 35,761
------------------------- -----------
Total other changes 102,827 (210,446) 35,761
------------------------- -----------
Net increase (decrease) 578,164 290,633 401,004
Net assets available for benefits at beginning of year 1,401,630 2,090,480 15,713,253
------------------------- -----------
Net assets available for benefits at end of year* $ 1,979,794 $ 2,381,113 $16,114,257
========================= ===========
</TABLE>
* Ending fund balances include allocated contribution receivables.
See accompanying notes.
22
<PAGE> 27
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
8. FUND INFORMATION (CONTINUED)
Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Missouri City, Texas Facility (Plan No. 007)
Statement of Changes in Net Assets Available
for Benefits With Fund Information
Year ended December 31, 1998
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
-------------------------------------------------------------
FIDELITY
COMPANY GROWTH FIXED MONEY
STOCK COMPANY INCOME MARKET
FUND FUND FUND FUND
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Additions:
Contributions:
Employer $ 20,168 $ 4,885 $ 17,077 $ 219,393
Employee 38,533 10,997 47,536 138,435
-------------------------------------------------------------
Total contributions 58,701 15,882 64,613 357,828
Net investment gain (loss) from Cooper Cameron Corporation Master
Trust for Defined Contribution Plans, net of expenses
(Note 2) (992,793) 36,195 290,025 15,683
-------------------------------------------------------------
Total additions (934,092) 52,077 354,638 373,511
Deductions:
Benefits paid to participants 33,959 37,239 1,196,127 85,757
Other changes in net assets:
Interfund transfers 226,964 (13,193) (89,447) (34,777)
Net asset withdrawals (Note 5) (547) (1,090) (3,063) (5,286)
-------------------------------------------------------------
Total other changes 226,417 (14,283) (92,510) (40,063)
-------------------------------------------------------------
Net increase (decrease) (741,634) 555 (933,999) 247,691
Net assets available for benefits at beginning of year 1,497,627 149,932 4,971,312 160,445
-------------------------------------------------------------
Net assets available for benefits at end of year* $ 755,993 $ 150,487 $ 4,037,313 $ 408,136
=============================================================
</TABLE>
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
--------------------------
VANGAURD
STOCK BALANCED
MARKET MARKET TOTAL
FUND FUND PLAN
-------------------------- -----------
<S> <C> <C> <C>
Additions:
Contributions:
Employer $ 7,807 $ 11,461 $ 280,791
Employee 12,582 12,770 260,853
-------------------------- -----------
Total contributions 20,389 24,231 541,644
Net investment gain (loss) from Cooper Cameron Corporation Master
Trust for Defined Contribution Plans, net of expenses
(Note 2) 58,476 54,121 (538,293)
-------------------------- -----------
Total additions 78,865 78,352 3,351
Deductions:
Benefits paid to participants 33,257 33,784 1,420,123
Other changes in net assets:
Interfund transfers (92,101) 2,554 --
Net asset withdrawals (Note 5) (502) (429) (10,917)
-------------------------- -----------
Total other changes (92,603) 2,125 (10,917)
-------------------------- -----------
Net increase (decrease) (46,995) 46,693 (1,427,689)
Net assets available for benefits at beginning of year 291,445 344,383 7,415,144
-------------------------- -----------
Net assets available for benefits at end of year* $ 244,450 $ 391,076 $ 5,987,455
========================== ===========
</TABLE>
* Ending fund balances include allocated contribution receivables.
See accompanying notes.
23
<PAGE> 28
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
8. FUND INFORMATION (CONTINUED)
Individual Account Retirement Plan for Hourly-Paid
Employees at the Cooper Cameron Corporation
Mount Vernon Plant (Plan No. 008)
Statement of Changes in Net Assets Available
for Benefits With Fund Information
Year ended December 31, 1998
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
------------------------------------------------------------
FIDELITY
COMPANY GROWTH FIXED MONEY
STOCK COMPANY INCOME MARKET
FUND FUND FUND FUND
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Additions:
Contributions:
Employer $ 79,386 $ 92,381 $ 115,279 $ 579,722
Employee 53,177 88,662 154,656 370,433
------------ ------------ ------------ ------------
Total contributions 132,563 181,043 269,935 950,155
Net investment gain (loss) from Cooper Cameron Corporation Master
Trust for Defined Contribution Plans, net of expenses
(Note 2) (1,334,728) 359,188 433,141 93,712
------------ ------------ ------------ ------------
Total additions (1,202,165) 540,231 703,076 1,043,867
Deductions:
Benefits paid to participants 5,924 86,716 670,902 83,733
Other changes in net assets:
Interfund transfers 727,982 (60,917) (182,318) (206,361
Net asset admissions (withdrawals) (Note 5) 2,928 (17,637) 13,958 15,478
------------ ------------ ------------ ------------
Total other changes 730,910 (78,554) (168,360) (190,883
------------ ------------ ------------ ------------
Net increase (decrease) (477,179) 374,961 (136,186) 769,251
Net assets available for benefits at beginning of year 2,414,151 1,476,967 7,482,147 1,448,585
------------ ------------ ------------ ------------
Net assets available for benefits at end of year* $ 1,936,972 $ 1,851,928 $ 7,345,961 $ 2,217,836
============ ============ ============ ============
<CAPTION>
PARTICIPANT-DIRECTED
----------------------------
VANGUARD
STOCK BALANCED
MARKET INDEX TOTAL
FUND FUND PLAN
------------ ------------ ------------
<S> <C> <C> <C>
Additions:
Contributions:
Employer $ 110,046 $ 144,773 $ 1,121,587
Employee 125,643 171,216 963,787
------------ ------------ ------------
Total contributions 235,689 315,989 2,085,374
Net investment gain (loss) from Cooper Cameron Corporation Master
Trust for Defined Contribution Plans, net of expenses
(Note 2) 535,742 439,265 526,320
------------ ------------ ------------
Total additions 771,431 755,254 2,611,694
Deductions:
Benefits paid to participants 63,859 75,569 986,703
Other changes in net assets:
Interfund transfers (185,292) (93,094) --
Net asset admissions (withdrawals) (Note 5) (39,755) (20,572) (45,600)
------------ ------------ ------------
Total other changes (225,047) (113,666) (45,600)
------------ ------------ ------------
Net increase (decrease) 482,525 566,019 1,579,391
Net assets available for benefits at beginning of year 1,937,282 2,430,193 17,189,325
------------ ------------ ------------
Net assets available for benefits at end of year* $ 2,419,807 $ 2,996,212 $ 18,768,716
============ ============ ============
</TABLE>
* Ending fund balances include allocated contribution receivables.
See accompanying notes.
24
<PAGE> 29
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
8. FUND INFORMATION (CONTINUED)
Individual Account Retirement Plan for Cooper
Cameron Corporation Hourly Employees, IAM, at the
Superior Plant (Plan No. 010)
Statement of Changes in Net Assets Available
for Benefits With Fund Information
Year ended December 31, 1998
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
------------------------------------------------------
FIDELITY
COMPANY GROWTH FIXED MONEY
STOCK COMPANY INCOME MARKET
FUND FUND FUND FUND
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Additions:
Contributions:
Employer $ 5,604 $ 19,466 $ 26,690 $ 125,722
Employee 8,725 21,684 44,970 62,882
----------- ----------- ----------- -----------
Total contributions 14,329 41,150 71,660 188,604
Net investment gain (loss) from Cooper Cameron Corporation Master
Trust for Defined Contribution Plans, net of expenses
(Note 2) (142,312) 74,386 105,007 5,032
----------- ----------- ----------- -----------
Total additions (127,983) 115,536 176,667 193,636
Deductions:
Benefits paid to participants -- -- 114,264 2,230
Other changes in net assets:
Interfund transfers 364,868 266,520 (1,127,720) (42,276)
Net asset withdrawals (Note 5) -- -- (10,368) (753)
----------- ----------- ----------- -----------
Total other changes 364,868 266,520 (1,138,088) (43,029)
----------- ----------- ----------- -----------
Net increase 236,885 382,056 (1,075,685) 148,377
Net assets available for benefits at beginning of year 36,512 119 2,786,860 29,957
----------- ----------- ----------- -----------
Net assets available for benefits at end of year* $ 273,397 $ 382,175 $ 1,711,175 $ 178,334
=========== =========== =========== ===========
<CAPTION>
PARTICIPANT-DIRECTED
--------------------------
VANGUARD
STOCK BALANCED
MARKET INDEX TOTAL
FUND FUND PLAN
------------ ------------ ------------
<S> <C> <C> <C>
Additions:
Contributions:
Employer $ 20,367 $ 23,586 $ 221,435
Employee 31,756 35,856 205,873
----------- ----------- -----------
Total contributions 52,123 59,442 427,308
Net investment gain (loss) from Cooper Cameron Corporation Master
Trust for Defined Contribution Plans, net of expenses
(Note 2) 69,847 58,791 170,751
----------- ----------- -----------
Total additions 121,970 118,233 598,059
Deductions:
Benefits paid to participants -- -- 116,494
Other changes in net assets:
Interfund transfers 243,215 295,393 --
Net asset withdrawals (Note 5) -- -- (11,121)
----------- ----------- -----------
Total other changes 243,215 295,393 (11,121)
----------- ----------- -----------
Net increase 365,185 413,626 470,444
Net assets available for benefits at beginning of year 118 17,428 2,870,994
----------- ----------- -----------
Net assets available for benefits at end of year* $ 365,303 $ 431,054 $ 3,341,438
=========== =========== ===========
</TABLE>
* Ending fund balances include allocated contribution receivables.
See accompanying notes.
25
<PAGE> 30
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
9. SUBSEQUENT EVENT
The Company intends to close the Cooper Cameron Corporation Missouri City, Texas
facility during 1999. As a result, participants terminating employment at this
facility subsequent to January 1, 1999 were fully vested in their account
balances in the Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Missouri City, Texas Facility.
26
<PAGE> 31
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the members of the Plan Administration Committee have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR COOPER
CAMERON CORPORATION HOURLY EMPLOYEES, IAM,
AT THE SUPERIOR PLANT
/s/ Jane L. Crowder
- --------------------------------------
By: Jane L. Crowder
Member of the Plan Administration
Committee
Date: June 29, 1999
27
<PAGE> 32
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------- -----------
<S> <C>
23 Consent of Independent Auditors
</TABLE>
<PAGE> 1
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 333-57995) pertaining to the Individual Account Retirement Plan For
Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant of our
report dated June 11, 1999 with respect to the financial statements of the
Individual Account Retirement Plan For Cooper Cameron Corporation Hourly
Employees, IAM, at the Superior Plant included in this Annual Report (Form 11-K)
for the year ended December 31, 1998.
ERNST & YOUNG LLP
June 24, 1999
Houston, Texas
28
