Exhibit 99.1
------------
Financial Statements
and Supplemental Schedules
Amcast Industrial Corporation
401(k) Salary Deferral Plan
December 31, 2000 and 1999, and for the year ended
December 31, 2000 and the four months ended
December 31, 1999 with Independent Auditors' Report
Financial Statements
and Supplemental Schedule
Amcast Industrial Corporation
401(k) Salary Deferral Plan
December 31, 2000 and 1999, and for the
year ended December 31, 2000 and the
four months ended December 31,1999
Table of Contents
Independent Auditors' Report..................................................1
Audited Financial Statements
Statement of Net Assets Available for Benefits................................2
Statement of Changes in Net Assets Available for Benefits...................3-4
Notes to Financial Statements...............................................5-8
Supplemental Schedules
Schedule H, Part IV, 4i - Schedule of Assets Held for Investment Purposes..9-10
Schedule H, Part IV, 4j - Schedule of Reportable Transactions.............11-12
INDEPENDENT AUDITORS' REPORT
Amcast Industrial Corporation
401(k) Salary Deferral Plan
We have audited the accompanying statement of net assets available for benefits
of Amcast Industrial Corporation 401(k) Salary Deferral Plan as of December 31,
2000 and 1999, and the related statement of changes in net assets available for
benefits for the year ended December 31, 2000 and the four months ended December
31, 1999. 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 auditing standards generally accepted
in the United States of America. 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 at
December 31, 2000 and 1999, and the changes in its net assets available for
benefits for the year ended December 31, 2000 and the four months ended December
31, 1999, in conformity with accounting principles generally accepted in the
United States of America.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment purposes as of December 31, 2000 and 1999 is presented for
purposes of complying with the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974, and are not a required part of the financial statements. The supplemental
schedules have been subjected to the auditing procedures applied in our audit of
the financial statements and, in our opinion, are fairly stated in all material
respects in relation to the financial statements taken as a whole.
/s/ Battelle & Battelle LLP
June 8, 2001
Dayton, Ohio
Amcast Industrial Corporation
401(k) Salary Deferral Plan
Statement of Net Assets Available for Benefits
December 31
------------------------
2000 1999
--------- ---------
Assets
Cash $ 4,314 $ 122,414
Investments, at fair value
Shares of registered investment companies 23,381,886 23,387,460
Common/collective trust fund 9,814,763 9,778,655
Amcast Industrial Corporation common stock 4,187,570 4,558,183
Loans to participants 1,491,459 1,389,767
----------- ----------
38,875,678 39,114,065
Receivables
Interest and dividend income 4,705 3,679
Employer contributions 26,830 18,692
Participant contributions 125,491 107,087
----------- -----------
157,026 129,458
Net assets available for benefits $ 39,037,018 $ 39,365,937
============ ============
See accompanying notes.
Amcast Industrial Corporation
401(k) Salary Deferral Plan
Statement of Changes in Net Assets Available for Benefits
For the year ended December 31, 2000
Fund Information
-----------------------------------------------------------------------
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
------------------------------------------------------------------------
Additions
Investment income
Interest and dividends $ 212,776 $ 574,222 $ 64,554 $ 171,234 $ 78,782 $ 107,398
Net depreciation
(appreciation) in fair
value of investments (1,861,188) - (203,576) (254,253) 48,889 (823,980)
Contributions
Participant 310,786 593,515 152,737 329,295 218,636 908,293
Employer 598,162 - - - - -
Transfer from other Company
sponsored plan 6,073
------------------------------------------------------------------------
(739,464) 1,173,810 13,715 246,276 346,307 191,711
Deductions
Benefit payments (252,651) (995,751) (84,075) (113,607) (236,229) (915,527)
Interfund transfers 631,726 (141,272) 399,378 788,818 (116,737) (402,395)
------------------------------------------------------------------------
Net increase (decrease) (360,389) 36,787 329,018 921,487 (6,659) (1,126,211)
Net assets available for
benefits, December 31, 1999 4,584,750 9,801,712 442,814 471,409 1,270,326 8,346,515
------------------------------------------------------------------------
Net assets available for
benefits, December 31, 2000 $ 4,224,361 $ 9,838,499 $ 771,832 $ 1,392,896 $1,263,667 $7,220,304
========================================================================
T. Rowe T. Rowe
Price Price
Equity Capital
Income Appreciation Loans to Unallocated
Fund Fund Participants Funds Total
------------------------------------------------------------
Additions
Investment income
Interest and dividends $ 1,076,473 $ 336,401 $ 114,403 $ - $ 2,736,243
Net depreciation
(appreciation) in fair
value of investments (87,325) 381,344 - - (2,800,089)
Contributions
Participant 743,324 330,967 - - 3,587,553
Employer - - - - 598,162
Transfer from other Company
sponsored plan 32,465 38,538
------------------------------------------------------------
1,764,937 1,048,712 114,403 - 4,160,407
Deductions
Benefit payments (1,331,334) (484,736) (75,416) - (4,489,326)
Interfund transfers (755,290) (348,833) 62,705 (118,100) -
------------------------------------------------------------
Net increase (decrease) (321,687) 215,143 101,692 (118,100) (328,919)
Net assets available for
benefits, December 31, 1999 9,283,719 3,652,511 1,389,767 122,414 39,365,937
------------------------------------------------------------
Net assets available for
benefits, December 31, 2000 $ 8,962,032 $ 3,867,654 $1,491,459 $ 4,314 $39,037,018
============================================================
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
-----------------------------------------------------------------------
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
-----------------------------------------------------------------------
Additions
Investment income
Interest and dividends $ 71,265 $ 189,465 $ 20,156 $ 45,377 $ 26,800 $ 77,222
Net depreciation
(appreciation) in fair
value of investments 229,414 - 58,594 55,008 (18,453) 783,849
Contributions
Participant 62,834 230,947 37,108 57,969 77,697 329,386
Employer 316,429 1,416 338 574 1,226 4,756
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679,942 421,828 116,196 158,928 87,270 1,195,213
Deductions
Benefit payments (72,167) (348,602) (2,891) (10,931) (30,331) (97,916)
Interfund transfers 179,524 (133,701) 89,923 (7,445) (34,931) (156,975)
--------------------------------------------------------------------
Net increase (decrease) 787,299 (60,475) 203,228 140,552 22,008 940,322
Net assets available for
benefits, August 31, 1999 3,797,451 9,862,187 239,586 330,857 1,248,318 7,406,193
----------------------------------------------------------------------
Net assets available for
benefits, December 31, 1999 $ 4,584,750 $ 9,801,712 $ 442,814 $ 471,409 $1,270,326 $8,346,515
======================================================================
T. Rowe T. Rowe
Price Price
Equity Capital
Income Appreciation Loans to Unallocated
Fund Fund Participants Funds Total
----------------------------------------------------------
Additions
Investment income
Interest and dividends $ 700,740 $ 419,737 $ 36,827 $ - $ 1,587,589
Net depreciation
(appreciation) in fair
value of investments (964,052) (449,276) - - (304,916)
Contributions
Participant 290,139 135,255 - - 1,221,335
Employer 3,495 646 - - 328,880
----------------------------------------------------------
30,322 106,362 36,827 - 2,832,888
Deductions
Benefit payments (211,562) (67,257) (10,618) - (852,275)
Interfund transfers (85,190) 30,552 2,621 115,622 -
----------------------------------------------------------
Net increase (decrease) (266,430) 69,657 28,830 115,622 1,980,613
Net assets available for
benefits, August 31, 1999 9,550,149 3,582,854 1,360,937 6,792 37,385,324
----------------------------------------------------------
Net assets available for
benefits, December 31, 1999 $ 9,283,719 $ 3,652,511 $1,389,767 $ 122,414 $39,365,937
==========================================================
See accompanying notes
Amcast Industrial Corporation
401(k) Salary Deferral Plan
Notes to Financial Statements
December 31, 2000
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 25 percent 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 9 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.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.
2. Summary of Significant Accounting Policies (continued)
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 loans 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, 2000 and 1999, are as follows:
December 31
---------------------------------
2000 1999
---------------------------------
Amcast Industrial Corporation common stock $4,187,570 $4,558,183
Shares of registered investment companies:
T. Rowe Price Capital Appreciation Fund 3,856,041 3,641,403
T. Rowe Price Equity Index 500 Fund 7,187,009 8,317,618
T. Rowe Price Equity Income Fund 8,933,729 9,257,704
Common/collective trust fund:
T. Rowe Price Stable Value Fund 9,814,763 9,778,655
For the year ended December 31, 2000 and four months ended December 31, 1999,
the Plan's investments (including investments bought, sold, and held during the
year) depreciated in value by $2,800,089 and $304,916 as follows:
Four Months
Year Ended Ended
December 31 December 31
2000 1999
-------------- -------------
Shares of registered investment companies $(938,901) $(534,330)
Amcast Industrial Corporation common stock (1,861,188) 229,414
-------------- -------------
$(2,800,089) $(304,916)
============== =============
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.
Supplemental Schedules
Amcast Industrial Corporation
401(k) Salary Deferral Plan
EIN 31-0258080 / Plan 002
Schedule H, Part IV, Line 4i - Schedule of Assets Held for Investment Purposes
December 31, 2000
Description of Fair
Identity of Issue Investment Cost Value
- -----------------------------------------------------------------------------------------------------------
Shares of registered investment companies
* T. Rowe Price International Stock Fund 52,796 shares 904,415 766,602
* T. Rowe Price New Horizons Fund 57,867 shares 1,582,712 1,382,438
* T. Rowe Price New Income Fund 147,773 shares 1,281,158 1,256,067
* T. Rowe Price Capital Appreciation Fund 276,419 shares 3,788,696 3,856,041
* T. Rowe Price Equity Index 500 Fund 202,451 shares 5,838,694 7,187,009
* T. Rowe Price Equity Income Fund 362,129 shares 8,498,607 8,933,729
-----------------------------
21,894,282 23,381,886
Common/collective trust fund
* T. Rowe Price Stable Value Fund 9,814,763 units 9,814,763 9,814,763
Common stock
* Amcast Industrial Corporation common stock 421,391 shares 6,220,489 4,187,570
Loans to participants Rates ranging from
Participant loans 7% to 11% - 1,491,459
-----------------------------
$ 37,929,534 $ 38,875,678
=============================
* Indicates party-in-interest to the Plan.
Amcast Industrial Corporation
401(k) Salary Deferral Plan
EIN 31-0258080 / Plan 002
Schedule H, Part IV, Line 4i - Schedule of Assets Held for Investment Purposes
December 31, 1999
Description of Fair
Identity of Issue Investment Cost Value
- -----------------------------------------------------------------------------------------------------------
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
-----------------------------
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
Common stock
* Amcast Industrial Corporation common stock 278,362 shares 4,904,573 4,558,183
Loans to participants Rates ranging from
Participant loans 7% to 10% - 1,389,767
-----------------------------
$ 35,016,701 $ 39,114,065
=============================
* Indicates party-in-interest to the Plan.
Amcast Industrial Corporation
401(k) Salary Deferral Plan
EIN 31-0258080 / Plan 002
Schedule H, Part IV, Line 4j - Schedule of Reportable Transactions
For the year ended December 31, 2000
Current
Value of
Description Cost Asset at Net
of Purchase Selling of Date of Gain or
Identity of Party Involved Investment Price Price Asset Transaction (Loss)
- -----------------------------------------------------------------------------------------------------------------
- - No Reportable Transactions - -
There were no category (i) (ii) (iii) or (iv) transactions during the year.
Note: Expense incurred with transaction and rental expense are not applicable.
Amcast Industrial Corporation
401(k) Salary Deferral Plan
EIN 31-0258080 / Plan 002
Schedule H, Part IV, Line 4j - Schedule of Reportable Transactions
For the four months ended December 31, 1999
Current
Value of
Description Cost Asset at Net
of Purchase Selling of Date of Gain or
Identity of Party Involved Investment Price Price Asset Transaction (Loss)
- -----------------------------------------------------------------------------------------------------------------
- - No Reportable Transactions - -
There were no category (i) (ii) (iii) or (iv) transactions during the year.
Note: Expense incurred with transaction and rental expense are not applicable.