EXHIBIT 99.1
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Financial Statements
and Supplemental Schedules
Amcast Industrial Corporation
401(k) Salary Deferral Plan
December 31, 1999 and August 31, 1999, and for
the four months ended December 31,1999
with Independent Auditors' Report
Amcast Industrial Corporation
401(k) Salary Deferral Plan
Financial Statements
and Supplemental Schedules
December 31, 1999 and August 31, 1999, and for the four months
ended December 31, 1999
Table of Contents
Independent Auditors' Report..................................................1
Audited Financial Statements
Statements of Net Assets Available for Benefits...............................2
Statement of Changes in Net Assets Available for Benefits.....................3
Notes to Financial Statements.................................................4
Supplemental Schedules
Line 27a - Schedule of Assets Held for Investment Purposes....................9
Line 27d - Schedule of Reportable Transactions...............................10
Amcast Industrial Corporation
401(k) Salary Deferral Plan
Statements of Net Assets Available for Benefits
December 31 August 31
1999 1999
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Assets Cash and cash equivalents:
Uninvested cash $ 122,414 $ 6,792
Investments, at fair value:
Shares of registered investment companies 23,387,460 22,290,840
Common/collective trust fund 9,778,655 9,845,653
Amcast Industrial Corporation common stock 4,558,183 3,781,297
Loans to participants 1,389,767 1,360,937
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39,114,065 37,278,727
Receivables:
Accrued interest and dividend income 3,680 3,022
Employer contributions receivable 18,692 12,137
Employee contributions receivable 107,087 84,646
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129,458 99,805
Net assets available for benefits $39,365,937 $37,385,324
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See accompanying notes.
Amcast Industrial Corporation
401(k) Salary Deferral Plan
Statement of Changes in Net Assets Available for Benefits
Four months ended December 31, 1999
Fund Information
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Amcast T. Rowe T. Rowe T. Rowe T. Rowe T. Rowe
Industrial Price Price Price Price Price
Corporation Stable International New New Equity
Common Value Stock Horizons Income Index 500
Stock Fund Fund Fund Fund Fund
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Additions:
Investment income:
Interest and dividends $ 71,268 $ 189,464 $ 20,152 $ 45,375 $ 26,797 $ 77,221
Net appreciation
(depreciation) in fair
value of investments 229,414 - 58,594 55,008 (18,453) 783,849
Contributions:
Participant 86,100 229,754 36,570 56,141 77,360 318,720
Employer 288,072 1,416 338 574 1,226 4,756
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674,854 420,634 115,654 157,098 86,930 1,184,546
Deductions:
Benefit payments (72,167) (348,634) (2,891) (10,931) (30,331) (97,916)
Interfund transfers 184,612 (132,475) 90,465 (5,615) (34,591) (146,308)
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Net (decrease) increase 787,299 (60,475) 203,228 140,552 22,008 940,322
Net assets available for
benefits, August 31, 1998 3,797,451 9,862,187 239,586 330,857 1,248,318 7,406,193
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Net assets available for
benefits, August 31, 1999 $4,584,750 $9,801,712 $442,814 $471,409 $1,270,326 $8,346,515
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T. Rowe T. Rowe
Price Price
Equity Capital (1)
Income Appreciation Unallocated
Fund Fund Other Fund Total
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Additions:
Investment income:
Interest and dividends $ 700,740 $ 419,739 $ 36,827 $ - $ 1,587,583
Net appreciation
(depreciation) in fair
value of investments (964,052) (449,276) - - (304,916)
Contributions:
Participant 283,177 131,036 - - 1,218,860
Employer 3,495 646 - - 300,523
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23,360 102,146 36,827 - 2,802,049
Deductions:
Benefit payments (211,562) (67,257) (10,618) - (852,307)
Interfund transfers (78,228) 34,768 2,621 115,622 30,871
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Net (decrease) increase (266,430) 69,657 28,830 115,622 1,980,613
Net assets available for
benefits, August 31, 1998 9,550,149 3,582,854 1,360,937 6,792 37,385,324
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Net assets available for
benefits, August 31, 1999 $9,283,719 $3,652,511 $1,389,767 $122,414 $39,365,937
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Amcast Industrial Corporation
401(k) Salary Deferral Plan
Notes to Financial Statements
December 31, 1999
1. Description of the Plan
The following description of Amcast Industrial Corporation 401(k) Salary
Deferral Plan (the Plan) is provided for general information purposes only.
Participants should refer to the Summary Plan Description for a more complete
description of the plan's provisions.
General
The Plan is a contributory defined contribution plan covering substantially all
employees of Amcast Industrial Corporation (the Company and Plan Sponsor) who
are compensated on a salary basis or are hourly and are not covered by a
collective bargaining agreement. Eligible employees may participate on the first
day of the month coincident with or first following six months of employment. It
is subject to the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions
Each year, participants may contribute, in whole percentages, an amount up to 20
percent of annual compensation, as defined by the Plan Document. Additionally,
participants may make up to two lump sum contributions to the Plan per year.
Participants may also contribute amounts representing distributions from other
qualified defined benefit or defined contribution plans. The Company makes
matching contributions equal to 15 percent (25 percent for Lee Brass employees)
of the first 6 percent of compensation that is deferred by participants to the
Plan. These matching contributions are made in common stock of the Company. The
Company also makes supplemental matching contributions to the Plan provided that
the Company's annual minimum return on net worth is at least 10.1 percent. The
amount of these supplemental matching contributions increases based upon the
level of return; however, the amount shall not exceed 35 percent of the
participants' salary deferral contributions. All employer contributions are in
Company stock.
Vesting
Participants are immediately vested in their contributions plus actual earnings
thereon. Vesting in the Company contribution portion of their accounts plus
actual earnings thereon is based on years of continuous service. Participants
are 50 percent vested in Company contributions made after one year of service
with the Company, 75 percent vested after two years of service, and fully vested
after three years of service.
1. Description of the Plan (continued)
Participant Loans
Participants may borrow from their fund accounts a minimum of $500 up to a
maximum of the lesser of $50,000 (less the highest outstanding balance of any
loan made to the participant under the Plan during the 12-month period preceding
the date of the loan) or 50 percent of his or her vested account balance. The
loan term is not to exceed 5 years unless the loan is for the purchase of a
principal residence, in which case the term may be as long as 30 years. Interest
and principal is paid ratably through at least quarterly payroll deductions.
Participant Accounts
Each participant's account is credited with the participant's contributions and
allocations of (a) the Company's contributions and (b) Plan earnings. The
benefit to which a participant is entitled is the benefit that can be provided
from the participant's account.
Payment of Benefits
On termination of service for any reason, a participant may receive a lump-sum
amount equal to the vested value of his or her account, in either cash or stock.
Administrative Expenses
Substantially all expenses of the Plan are paid by the Company.
2. Summary of Significant Accounting Policies
Basis of Accounting
The Plan's financial statements are prepared on the accrual basis of accounting.
2. Summary of Significant Accounting Policies (continued)
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates that affect the
amounts reported in the financial statements and accompanying notes. Actual
results could differ from those estimates.
Investment Valuation
The Plan's investments are stated at fair value. The shares of registered
investment companies are valued at quoted market prices which represent the net
asset values of shares held by the Plan at year-end. Participant notes
receivable are valued at their outstanding balances, which approximate fair
value. Company common stock and the participation units owned by the Plan in the
common/collective trust fund are based on quoted redemption value on the last
business day of the Plan year.
3. Investments
The fair value of individual investments that represent 5 percent or more of the
Plan's net assets at December 31, 1999, and August 31, 1999 are as follows:
December 31 August 31
1999 1999
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Amcast Industrial Corporation common stock $4,558,183 $3,781,297
Shares of registered investment companies:
T. Rowe Price Capital Appreciation Fund 3,641,403 3,573,335
T. Rowe Price Equity Index 500 Fund 8,317,618 7,381,677
T. Rowe Price Equity Income Fund 9,257,704 9,525,965
Common/collective trust fund:
T. Rowe Price Stable Value Fund 9,778,655 9,845,643
3. Investments (continued)
During the four months ended December 31, 1999, the Plan's investments
(including investments bought, sold, and held during the year) depreciated in
value by $304,916 as follows:
Year ended
December 31, 1999
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Investments at fair value, as determined by quoted market price:
Shares of registered investment companies $(534,330)
Amcast Industrial Corporation common stock 229,414
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$(304,916)
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4. Income Tax Status
The Internal Revenue Service ruled on July 21, 1992, that the Plan qualifies
under Section 401(a) of the Internal Revenue Code (the "IRC") and, therefore,
the underlying trust is not subject to income tax under present tax law. The
Plan was subsequently amended. The Pension Administration Committee believes
that the Plan, as amended is operating in conformity with the IRC. Once
qualified, the Plan is required to operate in conformity with the IRC to
maintain its qualification. The Pension Administration Committee is not aware of
any course of action or series of events that have occurred that might adversely
affect the Plan's qualified status.
5. Transactions With Parties-In-Interest
The Trust is not charged for administrative services performed on its behalf by
the Company. The Plan also invests in common stock of the Company which is the
Plan Sponsor.
6. Plan Termination
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100 percent vested in their accounts.
7. Reportable Conditions
There were no reportable transactions during the four months ended December 31,
1999.
Supplemental Schedules
Amcast Industrial Corporation
401(k) Salary Deferral Plan
EIN 31-0258080 / Plan 002
Line 27a - Schedule of Assets Held for Investment Purposes
December 31, 1999
Description of Current
Identity of Issue Investment Cost Value
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Shares of registered investment companies
* T. Rowe Price International Stock Fund 23,107 shares 368,055 439,726
* T. Rowe Price New Horizons Fund 16,975 shares 405,827 467,316
* T. Rowe Price New Income Fund 154,864 shares 1,365,353 1,263,693
* T. Rowe Price Capital Appreciation Fund 291,079 shares 4,010,281 3,641,403
* T. Rowe Price Equity Index 500 Fund 210,253 shares 5,596,170 8,317,618
* T. Rowe Price Equity Income Fund 373,144 shares 8,587,787 9,257,704
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20,333,473 23,387,460
Common/collective trust fund
* T. Rowe Price Stable Value Fund 9,778,655 units 9,778,655 9,778,655
* Amcast Industrial Corporation common stock 278,362 shares 4,904,573 4,558,183
Rates ranging from
Participant loans 7% to 10% - 1,389,767
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$ 35,016,701 $ 39,114,065
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* Indicates party-in-interest to the Plan.