1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT
(Mark One)
(X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1996.
------------------
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 1-5492-1
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A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
Nashua Corporation Savings Plan for Specified Hourly Employees
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Nashua Corporation
44 Franklin Street
Nashua, New Hampshire 03060
2
NASHUA CORPORATION
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SAVINGS PLAN FOR SPECIFIED
- --------------------------
HOURLY EMPLOYEES
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FINANCIAL STATEMENTS
- --------------------
DECEMBER 31, 1996 AND 1995
- --------------------------
3
NASHUA CORPORATION
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SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES
-------------------------------------------
INDEX TO FINANCIAL STATEMENTS
-----------------------------
PAGES
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Financial Statements:
Report of Independent Accountants 1
Statement of Net Assets Available for Plan Benefits
(With Fund Information) as of December 31, 1996 and 1995 2-3
Statement of Changes in Net Assets Available for Plan Benefits
(With Fund Information) for the Years Ended
December 31, 1996 and 1995 4-5
Notes to Financial Statements 6-9
Supplementary Information: *
* Schedules required by Section 2520.103-10 of the Department of Labor's Rules
and Regulations for Reporting and Disclosure under ERISA have been omitted
because they are not applicable.
4
[PRICE WATERHOUSE LLP LETTERHEAD]
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
June 18, 1997
To the Participants and Administrator
of the Nashua Corporation Savings Plan
for Specified Hourly Employees
In our opinion, the accompanying statements of net assets available for plan
benefits and the related statements of changes in net assets available for plan
benefits present fairly, in all material respects, the net assets available for
plan benefits of the Nashua Corporation Savings Plan for Specified Hourly
Employees (the "Plan") at December 31, 1996 and 1995, and the changes in net
assets available for plan benefits for the years then ended in conformity with
generally accepted accounting principles. 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 of these statements in accordance with generally accepted auditing
standards which 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, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The Fund Information in the statements of
net assets available for plan benefits and the statements of changes in net
assets available for plan benefits is presented for the purposes of additional
analysis rather than to present the net assets available for plan benefits and
changes in net assets available for plan benefits of each fund. The Fund
Information has been subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
/s/ Price Waterhouse LLP
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Price Waterhouse LLP
5
NASHUA CORPORATION
SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND INFORMATION)
DECEMBER 31, 1996
Guaranteed Nashua
Investment Common Equity- Growth
Contract Stock Puritan Magellan Income Company
Fund Fund Fund Fund Contrafund Fund Fund
---- ---- ---- ---- ---------- ---- ----
Assets:
Guaranteed Investment Contracts,
at Contract Value $19,326 $ -- $ -- $ -- $ -- $ -- $ --
Investments at Fair Value:
Nashua Common Stock Fund -- 4,443 -- -- -- -- --
Mutual Funds -- -- -- 12,838 2,107 1,459 15,187
Collective Investment Fund 30,488 -- -- -- -- -- --
Cash 773 -- -- -- -- -- --
--------------------------------------------------------------------------------------
Net Assets Available for Plan Benefits $50,587 $4,443 $ -- $12,838 $2,107 $1,459 $15,187
======================================================================================
Asset Pacific Intermediate Gov't Money
Manager Europe Basin Bond Market Loan
Fund Fund Fund Fund Sm Cap Stk Fund Fund Total
---- ---- ---- ---- ---------- ---- ---- -----
Assets:
Guaranteed Investment Contracts,
at Contract Value $-- $-- $ -- $-- $-- $ -- $-- $19,326
Investments at Fair Value:
Nashua Common Stock Fund -- -- -- -- -- -- -- 4,443
Mutual Funds -- 9 161 -- -- 1,000 -- 32,761
Collective Investment Fund -- -- -- -- -- -- -- 30,488
Cash -- -- -- -- -- -- -- 773
--------------------------------------------------------------------------------------
Net Assets Available for Plan Benefits $-- $-- $161 $-- $-- $1,000 $-- $87,791
======================================================================================
See accompanying notes to financial statements.
-2-
6
NASHUA CORPORATION
SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND INFORMATION)
DECEMBER 31, 1995
Guaranteed Nashua
Investment Common Equity- Growth Asset
Contract Stock Puritan Magellan Income Company Manager
Fund Fund Fund Fund Fund Fund Fund
---- ---- ---- ---- ---- ---- ----
Assets:
Guaranteed Investment Contracts,
at Contract Value $33,257 $ -- $ -- $ -- $ -- $ -- $-
Investments at Fair Value:
Nashua Common Stock Fund -- 9,168 -- -- -- -- -
Mutual Funds -- -- 11,505 29,307 4,057 13,860 -
Collective Investment Fund 40,962 -- -- -- -- -- -
Cash 2,130 -- -- -- -- -- -
Employee Contributions Receivable 292 -- 66 227 53 14 -
Employer Contributions Receivable 113 -- 25 88 20 5 -
Participant Loans Receivable, at
Fair Value -- -- -- -- -- -- -
---------------------------------------------------------------------------------------
Net Assets Available for Plan Benefits $76,754 $9,168 $11,596 $29,622 $4,130 $13,879 $0
=======================================================================================
See accompanying notes to financial statements.
Pacific Intermediate Gov't Money
Europe Basin Bond Market Loan
Fund Fund Fund Fund Fund Total
---- ---- ---- ---- ---- -----
Assets:
Guaranteed Investment Contracts,
at Contract Value $-- $ -- $-- $ -- $ -- $ 33,257
Investments at Fair Value:
Nashua Common Stock Fund -- -- -- -- -- 9,168
Mutual Funds 12 165 -- 1,026 -- 59,932
Collective Investment Fund -- -- -- -- -- 40,962
Cash -- -- -- -- -- 2,130
Employee Contributions Receivable -- -- -- -- -- 652
Employer Contributions Receivable -- -- -- -- -- 251
Participant Loans Receivable, at
Fair Value -- -- -- -- 2,996 2,996
--------------------------------------------------------------------------------------
Net Assets Available for Plan Benefits $12 $165 $ 0 $1,026 $2,996 $149,348
======================================================================================
See accompanying notes to financial statements.
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NASHUA CORPORATION
SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
(WITH FUND INFORMATION)
YEAR ENDED DECEMBER 31, 1996
Guaranteed Nashua
Investment Common Equity- Growth
Contract Stock Puritan Magellan Income Company
Fund Fund Fund Fund Contrafund Fund Fund
---- ---- ---- ---- ---------- ---- ----
Sources of Net Assets:
Employee Contributions $ (169) $ -- $ 32 $ (129) $ -- $ 70 $ 35
Employer Contributions (52) 6 24 (18) -- 41 20
Investment Income 2,732 -- 122 2,449 88 142 682
Net Appreciation of Investments 1 97 394 -- 19 359 1,620
Loan Repayments -- -- -- -- -- -- --
Loan Interest -- -- -- -- -- -- --
-------------------------------------------------------------------------------
2,512 103 572 2,302 107 612 2,357
-------------------------------------------------------------------------------
Applications of Net Assets:
Plan Withdrawals 15,435 4,226 11,135 4,392 -- 2,690 1,049
Net Depreciation of Investments -- 597 -- 903 -- -- --
Loan Withdrawals -- -- -- -- -- -- --
Transfers to Employee Savings Plan 12,986 -- 1,013 11,681 -- 533 --
Administrative Expenses 258 5 20 110 -- 60 --
-------------------------------------------------------------------------------
28,679 4,828 12,168 17,086 -- 3,283 1,049
-------------------------------------------------------------------------------
Increase (Decrease) in Net Assets
During the Year (26,167) (4,725) (11,596) (14,784) 107 (2,671) 1,308
Net Transfers Between Funds -- -- -- (2,000) 2,000 -- --
Net Assets Available for Plan Benefits:
Beginning of Year 76,754 9,168 11,596 29,622 -- 4,130 13,879
End of Year $ 50,587 $ 4,443 $ -- $ 12,838 $ 2,107 $ 1,459 $ 15,187
===============================================================================
Asset Pacific Intermediate Small Cap Gov't Money
Manager Europe Basin Bond Stock Market Loan
Fund Fund Fund Fund Fund Fund Fund Total
---- ---- ---- ---- ---- ---- ---- -----
Sources of Net Assets:
Employee Contributions $-- $-- $ -- $-- $-- $ -- $ -- $ (161)
Employer Contributions -- 4 -- -- -- 11 -- 36
Investment Income -- 1 1 -- -- 52 -- 6,269
Net Appreciation of Investments -- 2 -- -- -- -- -- 2,492
Loan Repayments -- -- -- -- -- -- -- --
Loan Interest -- -- -- -- -- -- -- --
------------------------------------------------------------------------------------------
-- 7 1 -- -- 63 -- 8,636
------------------------------------------------------------------------------------------
Applications of Net Assets:
Plan Withdrawals -- -- -- -- -- -- 2,996 41,923
Net Depreciation of Investments -- -- 5 -- -- -- -- 1,505
Loan Withdrawals -- -- -- -- -- -- -- --
Transfers to Employee Savings Plan -- -- -- -- -- -- -- 26,213
Administrative Expenses -- 10 -- -- -- 89 -- 552
------------------------------------------------------------------------------------------
-- 10 5 -- -- 89 2,996 70,193
------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets
During the Year -- (3) (4) -- -- (26) (2,996) (61,557)
Net Transfers Between Funds -- -- -- -- -- -- -- --
Net Assets Available for Plan Benefits:
Beginning of Year -- 12 165 -- -- 1,026 2,996 149,348
------------------------------------------------------------------------------------------
End of Year $-- $ 9 $161 $-- $-- $1,000 $ -- $ 87,791
==========================================================================================
See accompanying notes to financial statements.
-4-
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NASHUA CORPORATION
SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
(WITH FUND INFORMATION)
YEAR ENDED DECEMBER 31, 1995
Guaranteed Nashua
Investment Common Equity- Growth Asset
Contract Stock Puritan Magellan Income Company Manager
Fund Fund Fund Fund Fund Fund Fund
---- ---- ---- ---- ---- ---- ----
Sources of Net Assets:
Employee Contributions $ 8,225 $ 926 $ 2,029 $ 6,661 $1,784 $ 534 $--
Employer Contributions 2,332 2,292 336 1,719 846 122 --
Investment Income 3,543 -- 575 1,817 304 630 --
Net Appreciation of Investments -- -- 1,257 7,202 823 3,214 --
Loan Repayments -- -- -- 4 -- -- --
Loan Interest 16 -- 4 -- -- -- --
----------------------------------------------------------------------------------
14,116 3,218 4,201 17,403 3,757 4,500 --
----------------------------------------------------------------------------------
Applications of Net Assets:
Plan Withdrawals 1,476 1,809 -- 11,609 2,513 427 --
Net Depreciation of Investments 208 4,631 -- -- -- -- --
Loan Withdrawals -- -- -- -- -- -- --
Administrative Expenses 237 9 37 100 3 3 2
----------------------------------------------------------------------------------
1,921 6,449 37 11,709 2,516 430 2
----------------------------------------------------------------------------------
Increase (Decrease) in Net Assets
During the Year 12,195 (3,231) 4,164 5,694 1,241 4,070 (2)
Net Transfers Between Funds -- (1,159) -- 1,159 -- -- --
Net Assets Available for Plan Benefits:
Beginning of Year 64,559 13,558 7,432 22,769 2,889 9,809 2
----------------------------------------------------------------------------------
End of Year $76,754 $ 9,168 $11,596 $29,622 $4,130 $13,879 $--
==================================================================================
Pacific Intermediate Gov't Money
Europe Basin Bond Market Loan
Fund Fund Fund Fund Fund Total
---- ---- ---- ---- ---- -----
Sources of Net Assets:
Employee Contributions $ 72 $164 $ -- $ 327 $ -- $ 20,722
Employer Contributions 32 -- -- 153 -- 7,832
Investment Income -- -- -- 55 -- 6,924
Net Appreciation of Investments 10 1 -- -- -- 12,507
Loan Repayments -- -- -- -- (4) --
Loan Interest -- -- -- -- -- 20
-------------------------------------------------------------------------
114 165 -- 535 (4) 48,005
-------------------------------------------------------------------------
Applications of Net Assets:
Plan Withdrawals 118 -- -- 279 -- 18,231
Net Depreciation of Investments -- -- -- -- -- 4,839
Loan Withdrawals -- -- -- -- -- --
Administrative Expenses 8 -- 2 11 -- 412
-------------------------------------------------------------------------
126 -- 2 290 -- 23,482
-------------------------------------------------------------------------
Increase (Decrease) in Net Assets
During the Year (12) 165 (2) 245 (4) 24,523
Net Transfers Between Funds -- -- -- -- -- --
Net Assets Available for Plan Benefits:
Beginning of Year 24 -- 2 781 3,000 124,825
-------------------------------------------------------------------------
End of Year $ 12 $165 $ -- $1,026 $2,996 $149,348
=========================================================================
See accompanying notes to financial statements.
-5-
9
NASHUA CORPORATION
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SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES
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NOTES TO FINANCIAL STATEMENTS
-----------------------------
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- ---------------------------------------------------
Basis of Accounting
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The financial statements of the Nashua Corporation Savings Plan for Specified
Hourly Employees ("the Plan") are presented on the accrual basis of accounting.
Plan Establishment
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The Plan was established January 1, 1992 for hourly employees at Nashua
Corporation's Santa Clara facility. Subsequently, the hourly employees of Nashua
Corporation's Exeter facility were eligible to participate in the Plan. On May
25, 1994 Nashua Corporation's Santa Clara facility was sold and the Plan
transferred $1,214,400 to a plan established by the buyer.
Asset Maintenance
- -----------------
Fidelity Management Trust Company is the Plan trustee ("the Trustee"). Assets of
the Plan are invested, at the election of the participants, in up to twelve
Fidelity Investments' mutual funds (Fidelity Magellan Fund, Fidelity Puritan
Fund, Fidelity Equity-Income Fund, Fidelity Growth Company Fund, Fidelity
Pacific Basin Fund, Fidelity Europe Fund, Fidelity Asset Manager Fund, Fidelity
Intermediate Bond Fund, Fidelity Contrafund, Fidelity Small Cap Stock Fund,
Fidelity Spartan U.S. Equity Index Portfolio, or Fidelity Retirement Government
Money Market Fund), a Guaranteed Investment Contract Fund managed by the Trustee
or the Nashua Common Stock Fund. The Fidelity Small Cap Stock Fund, Fidelity
Contrafund and Fidelity U.S. Equity Index Fund (changed to the Spartan U.S.
Equity Index Fund in 1996) were new investment options in 1995.
The Plan's assets are commingled with assets of the Nashua Corporation
Employees' Savings Plan in a participant-directed master trust arrangement. The
Plan's participation in the net assets of the master trust is recorded based on
individual plan participants' account balances. Investment income and expenses
for each investment option are allocated to the individual participant account
balances based on the prorata beginning account balances less withdrawals and
loans made to participants.
Investment Valuation
- --------------------
Common shares of Nashua Corporation ("the Company") held in the Plan are valued
at closing sales prices supplied by a pricing service. The Plan's guaranteed
investment contracts are valued at contract value which approximates fair value.
Contract value represents contributions made under the contracts, plus interest
earned, less funds used to pay withdrawals and expenses. The Plan's mutual fund
and collective investment fund accounts are valued at the respective funds'
closing net asset values. Investment transactions are recorded on the trade
date. Participant loans are valued at cost plus accrued interest which
approximates fair value. Cost is determined on an average cost basis.
Investment Income
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Income from investments is recorded as earned on an accrual basis.
-6-
10
Contributions
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The Plan has certain established criteria for eligibility. All contributions are
immediately 100% vested. 401(k) Plan contributions - Employees may make a basic
contribution of up to 15% of their earnings to the Plan. The Company contributes
an amount equal to 50% of up to 6% of the employees' contributed earnings.
Employees can direct their contributions and the Company matching contribution
into any of the investment funds available for their contributions. Employee's
contributions into the Nashua Common Stock Fund are limited to 25% of their
account balance.
Withdrawals and Loans
- ---------------------
Plan participants may withdraw part or all of their account balances subject to
certain restrictions stipulated by current Internal Revenue Service regulations.
The Plan also provides for optional forms of withdrawal at the time of
retirement. Plan participants may borrow against individual Plan balances
subject to Plan and current Internal Revenue Service regulations. Interest on
the loans is payable at 2% above the prime rate. Loans are payable within 5
years from the date of withdrawal unless the amount was withdrawn to purchase a
primary residence, in which case the term of the loan is 20 years. At December
31, 1995, there was one loan outstanding totalling $2,996, which was paid off in
full during 1996.
Expenses
- --------
Trustee administrative fees, audit and other expenses are paid directly by the
Company and, accordingly, such items are not reflected in the financial
statements of the Plan. Fees for participant loans are paid by the Plan and are
reflected in the accompanying financial statements as administrative expenses.
Use of Estimates
- ----------------
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimated.
Federal Income Tax Status
- -------------------------
The Company was advised by the U.S. Treasury Department on November 17, 1993
that the Plan is qualified under Section 401 of the Internal Revenue Code ("the
Code") and is exempt from federal income taxes. The Plan has since been amended,
however, a new letter has not yet been requested. Management believes that the
Plan, as amended, and its operations have been and continue to be in accordance
with all applicable provisions of the Code and the Employee Retirement Income
Security Act of 1974 ("ERISA").
NOTE 2 - GENERAL DESCRIPTION OF THE PLAN
- ----------------------------------------
The following brief description of the Plan is provided for general information
purposes only. Participants should refer to the Plan agreement for more complete
information.
1. GENERAL - The Plan is a defined contribution plan covering all eligible
employees. It is subject to the provisions of ERISA.
2. TERMINATION - The Plan is administered by the Nashua Audit/Finance &
Investment Committee, which is composed of officers of the Company. The
Company anticipates and believes that the Plan will continue without
interruption, but reserves the right to discontinue the Plan. In the event
that such discontinuance results in the termination of the Plan, the Plan
provides that net assets shall be allocated among the participants.
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NOTE 3 - INVESTMENTS
- --------------------
The Plan's investments, excluding the Guaranteed Investment Contract Fund, are
summarized as follows:
December 31,
---------------------
1996 1995
---- ----
Nashua Common Stock Fund $ 4,443 $ 9,168
Fidelity Puritan Fund -- 11,505
Fidelity Magellan Fund 12,838 29,307
Fidelity Contrafund 2,107 --
Fidelity Equity Income Fund 1,459 4,057
Fidelity Growth Company Fund 15,187 13,860
Fidelity Asset Manager Fund -- --
Fidelity Europe Fund 9 12
Fidelity Pacific Basin Fund 161 165
Fidelity Retirement Government
Money Market Fund 1,000 1,026
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$37,204 $69,100
======= =======
NOTE 4 - GUARANTEED INVESTMENT CONTRACT FUND
- --------------------------------------------
The Plan's investment in the Guaranteed Investment Contract Fund consists of the
following:
December 31,
----------------------
1996 1995
---- ----
Pacific Mutual Life Insurance Company
5.3% Due 3/30/99 - 6/30/99 $ 2,150 $ 3,809
State Mutual Life Assurance
5.48% Due 1/1/98 - 1/3/99 1,782 3,769
Life of Virginia
8.32% Due 3/31/97 3,000 4,031
Lincoln National Life Insurance Company
6.28% Due 12/31/96 2,565 5,860
People's Security Life
5.52% Due 2/28/00 1,565 5,862
People's Security Life
5.41% Due 2/28/00 1,146 2,114
Confederation Life Insurance Company
8.77% Due 1/3/95 7,118 7,812
Fidelity Managed Income Portfolio II 30,488 40,962
Cash 773 2,130
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$50,587 $76,349
======= =======
The average yields of the Guaranteed Investment Contract Fund for the periods
ended December 31, 1996 and 1995 were 4.8% and 4.9%, respectively. Crediting
interest rates remained the same, as noted above, for both 1996 and 1995.
The issuing institution's ability to meet its contractual obligation under the
respective contracts may be affected by future economic and regulatory
developments in the insurance industry.
On August 12, 1994 Canadian regulators seized control of Confederation Life
Insurance Company. As a result, the Plan's investment in that carrier's contract
was frozen until regulators finalized a rehabilitation plan. Interest accrual
ceased on August 12, 1994. The trustee, under the Plan of Rehabilitation, has
recently completed a series of payments to all plan contract holders. Account
balances as of the date of seizure remained intact and a small interest payment
(approximately 7%) was credited to participants accounts as well. Payments made
subsequent to year end were $2,740,944 on April 25, 1997 and $349,052 on May 24,
1997.
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12
NOTE 5 - SAVINGS PLANS MASTER TRUST
- -----------------------------------
The assets of the Plan have been commingled with assets of another Company
savings plan in the Nashua Corporation Savings Plans Master Trust ("the Master
Trust"). The Plan administrator adjusted the financial data as confirmed on a
cash basis by the Trustee to the accrual basis on which the information shown
below is prepared. The effect of converting to the accrual basis was to record
accrued employer and employee contributions receivable. The Plan owned
approximately 0.1% and 0.2% of the Master Trust as of December 31, 1996 and
1995, respectively.
December 31,
----------------------
1996 1995
---- ----
Statement of Net Assets
Available for Plan Benefits:
Guaranteed Investment Contracts, at Contract Value $ 7,451,125 $9,368,121
Nashua Common Stock Fund, at Fair Value 3,213,925 3,995,146
Mutual Funds, at Fair Value 37,776,562 33,446,659
Collective Investment Fund, at Fair Value 11,084,095 10,229,676
Cash 281,044 531,900
Employee Contributions Receivable 48,897 312,251
Employer Contributions Receivable 17,147 110,343
Participant Loans Receivable, at Fair Value 2,685,736 2,608,847
----------- -----------
Net Assets Available for Plan Benefits $62,558,531 $60,602,943
=========== ===========
Year Ended December 31,
-----------------------
1996 1995
---- ----
Statement of Changes in Net Assets
Available for Plan Benefits:
Sources of Net Assets:
Employee Contributions $3,615,103 $ 4,406,498
Employer Contributions 1,249,798 1,520,574
Investment Income 4,948,193 2,762,262
Net Appreciation of Investments 1,591,827 5,328,978
Rollovers In 32,952 --
Loan Interest 208,324 176,825
----------- -----------
1,646,197 14,195,137
----------- -----------
Applications of Net Assets:
Plan Withdrawals 7,039,555 4,355,061
Net Depreciation of Investment 1,236,846 1,845,582
Administrative Expenses 50,128 29,644
Rollovers Out 1,364,080 --
--------- -----------
9,690,609 6,230,287
---------- -----------
Increase (Decrease) in Net Assets During the Year $1,955,588 $ 7,964,850
========== ===========
The Master Trust purchased 69,700 and 36,300 common shares of Nashua Corporation
at a total cost of $941,484 and $617,519 during 1996 and 1995, respectively. The
Master Trust received $1,421,147 and $222,104 from the sale of 96,685 and 13,200
common shares of Nashua Corporation during 1996 and 1995, respectively.
-9-
13
NASHUA CORPORATION SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES. Pursuant to the
requirements of the Securities Act of 1934, the Plan Committee has duly caused
this annual report to be signed on its behalf by the undersigned therunto duly
authorized.
NASHUA CORPORATION SAVINGS PLAN
FOR SPECIFIED HOURLY EMPLOYEES.
Date: July 14, 1997 By: /s/ Paul Buffum
-------------------------------------
Paul Buffum
Nashua Corporation Vice President,
General Counsel and Secretary
14
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 of Nashua Corporation of our report dated June 18, 1997
relating to the financial statements of the Nashua Corporation Employees'
Savings Plan for the year ended December 31, 1996 included with this Form 11-K.
We also consent to the incorporation by reference in the Registration Statement
on Form S-8 of Nashua Corporation of our report dated June 18, 1997 relating to
the financial statements of the Nashua Corporation Employees' Savings Plan for
Specified Hourly Employees for the year ended December 31, 1996 included with
this Form 11-K.
/s/ PRICE WATERHOUSE LLP
- ------------------------------------------
PRICE WATERHOUSE LLP
Boston, Massachusetts
July 11, 1997