SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
ANNUAL REPORT
PURSUANT TO SECTION 13(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED).
For the fiscal year ended December 31, 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 1-9801
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
COLLINS INDUSTRIES, INC.
TAX DEFERRED SAVINGS PLAN AND TRUST
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
COLLINS INDUSTRIES, INC.
15 Compound Drive
Hutchinson, Kansas 67502-4349
COLLINS INDUSTRIES, INC.
TAX DEFERRED SAVINGS PLAN AND TRUST
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 1997 AND 1996
TOGETHER WITH AUDITORS' REPORT
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Plan Administrator of the
Collins Industries, Inc.
Tax Deferred Savings Plan and Trust:
We have audited the accompanying statements of net assets
available for benefits of the Collins Industries, Inc. Tax
Deferred Savings Plan and Trust as of December 31, 1997 and
1996, and the related statements of changes in net assets
available for benefits for the years then ended. These
financial statements and the schedules referred to below are
the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial
statements and schedules 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 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 Plan as of December 31, 1997
and 1996, and the changes in net assets available for
benefits for the years then ended, in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental schedules of assets held for investment purposes
as of December 31, 1997, and reportable transactions for the
year then ended, are presented for the purpose of additional
analysis and are not a required part of the basic financial
statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act
of 1974. The supplemental schedules have been subjected to
the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated
in all material respects in relation to the basic financial
statements taken as a whole.
/s/Arthur Andersen LLP
Arthur Andersen LLP
Kansas City, Missouri,
June 15, 1998
COLLINS INDUSTRIES, INC.
TAX DEFERRED SAVINGS PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1997 AND 1996
1997 1996
ASSETS:
Investments -
Stock Fund -
Collins Industries, Inc.,
common stock $2,883,359 $2,723,920
PNC Institutional Management
Corporation - FedFund 137,313 18,698
Federal Fund -
PNC Institutional Management
Corporation - FedFund 433,316 364,272
Loan Fund -
Participant loans 62,085 31,557
3,516,073 3,138,447
Receivables -
Company contributions 1,521 8,908
Participant contributions 16,964 495
Other -0- 479
Total net assets available
for benefits $3,534,558 $3,148,329
The accompanying notes are an integral part of these financial
statements.
COLLINS INDUSTRIES, INC.
TAX DEFERRED SAVINGS PLAN AND TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1997 AND 1996
1997 1996
ADDITIONS:
Investment income -
Net appreciation in fair value
of Collins Industries, Inc.,
common stock $ 459,032 $1,953,600
Dividend income 41,516 -0-
Interest income 24,032 19,176
524,580 1,972,776
Contributions -
Company 70,457 69,727
Participant 336,688 273,884
Total additions 931,725 2,316,387
DEDUCTIONS:
Benefits paid 545,496 204,828
Total deductions 545,496 204,828
Net increase 386,229 2,111,559
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 3,148,329 1,036,770
End of year $3,534,558 $3,148,329
The accompanying notes are an integral part of these financial
statements.
COLLINS INDUSTRIES, INC.
TAX DEFERRED SAVINGS PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
1. PLAN DESCRIPTION:
The following description of the Collins Industries, Inc.
(the Company) Tax Deferred Savings Plan and Trust (the Plan)
provides only general information. Participants should refer
to the plan agreement for a more complete description of the
Plan's provisions.
General
The Plan is a defined contribution plan. All employees of
the Company, except for corporate and subsidiary officers,
directors, subsidiary presidents and general managers, are
eligible to join the Plan following one year of employment,
during which at least 1,000 hours are worked, and attainment
of age 21. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA), as
amended. The plan trustee is The Bank of Kansas.
Participant Accounts
Each participant's account is credited with the participant's
contributions and allocation of company contributions and
earnings. Earnings and losses on plan assets are allocated
based on the proportion of the participant's account balance
to the total of all participant account balances. The
benefit to which a participant is entitled is the benefit
that can be provided from the participant's accounts.
Contributions and Withdrawals
Participants may elect to contribute a percentage of their
compensation on a tax-deferred basis subject to certain
Internal Revenue Code limits. The Company makes matching
contributions equal to 50 percent of each eligible
participant's tax-deferred contributions to the extent those
tax-deferred contributions do not exceed 6 percent of the
participant's total compensation. Additional amounts may be
contributed at the discretion of the Company's board of
directors.
Participants may receive loans from their account prior to
retirement, termination, death or disability, and may apply
for full receipt of their account balance in the case of
financial hardship.
Upon retirement, termination, death or disability,
participants receive lump-sum distributions. Participants
may elect distribution in cash or in company common stock.
Benefits Vesting
Participants immediately vest in their voluntary
contributions and earnings thereon. Participants vest 100
percent in the remainder of their accounts after five years
of service, as defined.
Forfeitures reduce future employer contributions.
Forfeitures were $24,400 and $9,000 for the years ended
December 31, 1997 and 1996, respectively.
Plan Termination
Although it has not expressed any intent to do so, the
Company may discontinue its contributions at any time and
terminate the Plan subject to the provisions of ERISA. In
the event of plan termination, participants become 100
percent vested in their accounts.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Method of Accounting
The financial statements have been prepared using the accrual
basis of accounting in accordance with generally accepted
accounting principles. The preparation of the financial
statements requires management to make estimates and
assumptions. Actual results could differ from those
estimates.
Investments
Two separate funds are maintained for investment purposes:
the Federal Fund, consisting entirely of a money market fund
invested primarily in U.S. treasury bills, notes and other
obligations of the U.S. government; and the Stock Fund,
consisting primarily of the registered and unregistered
common stock of the Company. Employees may choose to
allocate contributions among the two funds.
During 1996, the Company made matching contributions in
unregistered Company common stock. The quarterly
contributions were valued using the average market price per
registered share during the period. The unregistered shares
have the same voting and dividend rights as registered
shares. In 1996 the Company also made matching contributions
of $21,650 in cash. In 1997 the Company made matching
contributions of $94,858 in cash.
Administrative Costs
The Plan pays brokerage fees. The Company pays all other
administrative and professional fees related to the Plan.
3. INVESTMENTS:
At December 31, 1997 and 1996, the Plan held 404,682 shares
and 463,646 shares, respectively, of Company common stock,
with a cost of $1,392,631 and $1,485,133, respectively. Of
these shares 217,399 were unregistered at December 31, 1997
and 1996. The unregistered and registered shares were valued
by the trustee at the December 31, 1997 and 1996, market
price per registered share of $7.125 and $5.875 per share,
respectively. Money market funds are stated at cost which
approximates market.
Investments representing 5 percent or more of the Plan's net
assets are separately identified on the statements of net
assets available for benefits.
As of June 15, 1998, the Company common stock had a closing
market price of $4.75 per share.
4. TAX STATUS:
The Plan obtained its latest determination letter dated
December 29, 1993, in which the IRS stated the Plan, as then
designed, was in compliance with the applicable requirements
of the Internal Revenue Code. The Plan has been amended
since receiving the determination letter. The plan
administrator believes the Plan is currently designed and
being operated in compliance with the applicable requirements
of the Internal Revenue Code and, therefore, no provision for
income taxes is reflected in the financial statements.
5. FUND INFORMATION:
The following tables present the changes in net assets
available for benefits by fund.
FUND INFORMATION: - Con't.
Year Ended December 31, 1997
Federal Stock
Fund Fund Other Total
ADDITIONS:
Investment income-
Net appreciation in
fair value of Collins
Industries, Inc.,
common stock -0- 459,032 -0- 459,032
Dividend income -0- 41,516 -0- 41,516
Interest income 19,853 -0- 4,179 24,032
19,853 500,548 4,179 524,580
Contributions -
Company -0- 70,457 -0- 70,457
Participant 115,311 200,958 20,419 336,688
Total additions 135,164 771,963 24,598 931,725
TRANSFERS (1,371) (19,120) 20,491 -0-
DEDUCTIONS:
Benefits paid 64,749 474,789 5,958 545,496
Total deductions 64,749 474,789 5,958 545,496
Net increase (decrease) 69,044 278,054 39,131 386,229
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 364,272 2,742,618 41,439 3,148,329
End of year $433,316 $3,020,672 $80,570 $3,534,558
FUND INFORMATION: - Con't.
Year Ended December 31, 1996
Federal Stock
Fund Fund Other Total
ADDITIONS:
Investment income-
Net appreciationin fair
value of Collins
Industries, Inc.,
common stock $ -0- $1,953,600 $ -0- $1,953,600
Dividend income -0- -0- -0- -0-
Interest income 16,982 -0- 2,194 19,176
16,982 1,953,600 2,194 1,972,776
Contributions-
Company -0- 60,819 8,908 69,727
Participant 100,946 167,003 5,935 273,884
Total additions 117,928 2,181,422 17,037 2,316,387
TRANSFERS (1,570) 29,340 (27,770) -0-
DEDUCTIONS:
Benefits paid 29,139 175,689 -0- 204,828
Total deductions 29,139 175,689 -0- 204,828
Net increase(decrease) 87,219 2,035,073 (10,733) 2,111,559
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 277,053 707,545 52,172 1,036,770
End of year $364,272 $2,742,618 $41,439 $3,148,329
COLLINS INDUSTRIES, INC.
TAX DEFERRED SAVINGS PLAN AND TRUST
LINE 27A--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1997
Current
Description Shares Cost Value
* Collins Industries, Inc.,
common stock **404,682 $1,392,631 $2,883,359
PNC Institutional Manage-
ment Corporation-FedFund 570,630 $ 570,630 $ 570,630
* Participant loans at rates
ranging from 9.75%
to 11.0% -0- $ 62,085 $ 62,085
* Represents investments with a party-in-interest.
** Includes 217,399 unregistered shares.
COLLINS INDUSTRIES, INC.
TAX DEFERRED SAVINGS PLAN AND TRUST
LINE 27D--SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
Purchases Sales
No. of No. of Sales Net
Identity of Issue Tran Cost Tran Proceeds Gain
Collins Industries,
Inc., common stock 16 $143,475 24 $451,850 $216,420
PNC Institutional
Management
Corporation-FedFund 227 $702,489 57 $533,392 -0-
SIGNATURE
Pursuant to the requirement of the Securities Exchange
Commission Act of 1934, the trustee (or other persons who
administer the employee benefit plan) have duly caused this
annual report to be signed on its behalf by the undersigned
thereunto duly authorized.
Collins Industries, Inc.
Tax Deferred Savings Plan and Trust
DATE: June 29, 1998 /s/ Larry W. Sayre
Larry W. Sayre
Vice President - Finance &
Chief Financial Officer
(Principal Accounting Officer)
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the
incorporation of our report included in the Form 11-K of
Collins Industries, Inc. Tax Deferred Savings Plan and Trust
into the Company's previously filed Registration Statements
filed on Form S-8 (Nos. 333-24647 and 333-24651).
Kansas City, Missouri
June 24, 1998