1
BE AEROSPACE, INC. SAVINGS PLAN
FINANCIAL STATEMENTS FOR THE
YEARS ENDED DECEMBER 31, 1997 AND 1996,
SUPPLEMENTAL SCHEDULES,
AND INDEPENDENT AUDITORS' REPORT
2
BE AEROSPACE, INC. SAVINGS PLAN
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
PAGE
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statements of net assets available for benefits
as of December 31, 1997 and 1996 2
Statements of changes in net assets available for benefits
for the years ended December 31, 1997 and 1996 3
Notes to financial statements 4
SUPPLEMENTAL SCHEDULES PROVIDED PURSUANT TO THE DEPARTMENT
OF LABOR'S RULES AND REGULATIONS:
Line 27a - Schedule of assets held for investment purposes
as of December 31, 1997 13
Line 27d - Schedule of reportable transactions
for the year ended December 31, 1997 14
All other schedules required by the Department of Labor are omitted because of
the absence of the conditions under which they are required.
3
INDEPENDENT AUDITORS' REPORT
The Administrative Committee
BE Aerospace, Inc. Savings Plan
Wellington, Florida
We were engaged to audit the financial statements and supplemental schedules of
BE Aerospace, Inc. Savings Plan (the Plan) as of December 31, 1997 and 1996, and
for the years then ended, listed in the Table of Contents. These financial
statements and supplemental schedules are the responsibility of the Plan's
management.
As permitted by Section 2520.103-8 of the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974, the Plan administrator instructed us not to perform, and
we did not perform, any auditing procedures with respect to the investment
information summarized in Note 2 and certain information in Notes 3 and 4 that
was certified by PW Trust Company, the trustee of the Plan, except for comparing
the information with the related information included in the financial
statements and supplemental schedules. We have been informed by the Plan
administrator that the trustee holds the Plan's investment assets and executes
investment transactions. The Plan administrator has obtained certifications from
the trustee that the information as of and for the years ended December 31, 1997
and 1996 provided to the Plan administrator by the trustee is complete and
accurate.
Because of the significance of the information that we did not audit, we are
unable to express, and do not express, an opinion on the accompanying financial
statements and supplemental schedules taken as a whole. The form and content of
the information included in the financial statements and supplemental schedules,
other than that derived from the information certified by the trustee, have been
audited by us in accordance with generally accepted auditing standards and, in
our opinion, are presented in compliance with the Department of Labor's Rules
and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974.
April 24, 1998
4
BE AEROSPACE, INC. SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
1997 1996
ASSETS -
Investments, at fair value (Note 3):
Investment in the PW Trust Company Pooled Trusts (Note 2) $39,878,562 $31,645,268
BE Aerospace, Inc. common stock (Note 2) 6,390,953 5,939,236
Participant loans receivable 102,236 133,783
----------- -----------
Total investments 46,371,751 37,718,287
EMPLOYER CONTRIBUTIONS RECEIVABLE 128,318 237,825
CASH AND CASH EQUIVALENTS (Note 2) 36,467 189,965
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $46,536,536 $38,146,077
=========== ===========
See independent auditors' report and notes to financial statements.
2
5
BE AEROSPACE, INC. SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
1997 1996
NET ASSETS AVAILABLE FOR BENEFITS,
beginning of year $38,146,077 $23,275,706
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income:
Net appreciation in fair value of investments (Notes 2 and 3) 5,262,288 6,841,934
Interest and dividends (Note 2) 21,482 93,585
----------- -----------
Total investment income 5,283,770 6,935,519
Contributions and rollovers (Note 1) 7,275,773 12,124,167
----------- -----------
Total additions to net assets 12,559,543 19,059,686
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants or their beneficiaries 3,768,400 3,901,531
Plan administrative expenses 361,581 256,790
Loan repayments 39,103 30,994
----------- -----------
Total deductions from net assets 4,169,084 4,189,315
----------- -----------
NET INCREASE 8,390,459 14,870,371
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS,
end of year $46,536,536 $38,146,077
=========== ===========
See independent auditors' report and notes to financial statements.
3
6
BE AEROSPACE, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
1. GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Plan - Effective August 1, 1988, BE Aerospace, Inc. (the
Company) adopted the BE Aerospace, Inc. Savings Plan (formerly the BE
Aerospace, Inc. Savings and Profit Sharing Plan and Trust) (the Plan), a
defined contribution retirement plan designed to qualify under Internal
Revenue Code (IRC) Section 401(a) and 401(k) for the cash or deferred
arrangement part of the Plan.
Under the Plan, contributions are made on behalf of employees
(participants) who choose to defer a portion of their total gross pay.
Effective December 1994, the Plan was amended to allow participants to
make a contribution election from 2% to 15%. Elective contributions
under a qualified cash or deferred arrangement are treated as employer
contributions. Company contributions are made in the Company common
stock (the Stock). Participants 55 years old or older have the option of
receiving the matching contribution in cash. The Stock is held by the
trustee and adjusted to fair value as determined by published market
prices. Resulting unrealized gains and losses are included in the
statement of changes in net assets available for benefits.
In January 1996, the Company purchased Burns Aerospace, Inc. from Eagle
Industries. Former Burns Aerospace, Inc. employees who transferred to
the Company and were participants under the Eagle Industries 401(k) Plan
were cashed out of the Eagle plan, and their distributions totaling
$7,154,260 were rolled over into the Plan.
Termination Benefits and Vesting - Upon termination of employment with
the Company, participants are immediately vested in their contributions
and are entitled to receive all vested contributions, with 100% vesting
after five years of service.
Forfeitures - Forfeited nonvested account balances are used to reduce
future employer contributions.
Cash and Cash Equivalents - Cash and cash equivalents consist of
highly-liquid investments with initial maturities of 90 days or less.
Investment in the PW Trust Company Pooled Trusts - The investment in the
PW Trust Company Pooled Trusts (the Trusts) consists primarily of
guaranteed insurance contracts (GICs) and certain debt and equity
securities held by the Trusts. It is the policy of the Trusts to hold
GIC investments until maturity. GIC investments are stated at contract
value that approximates their fair value at December 31, 1997 and 1996,
as determined by quoted or published market prices. All other
investments are stated at their fair value.
4
7
BE AEROSPACE, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996 (CONTINUED)
- --------------------------------------------------------------------------------
Income Tax - The Plan is intended to be qualified under 401(a) of the
IRC of 1986 and is intended to be exempt from taxation under 501(a) of
the IRC. The Plan received a favorable IRS determination letter dated
October 23, 1996. The Plan has been amended since receiving the
determination letter. However, the Plan administrator believes that the
Plan is currently designed and being operated in compliance with the
applicable requirements of the IRC and the related trust was tax exempt
as of the financial statement date. Therefore, no provision of income
taxes has been included in the Plan's financial statements.
Benefits Payable - Benefits under the Plan are distributed upon
retirement, death, disability or termination of employment. At December
31, 1997, payables to participants totaled $43,133. There were no
benefits payable at December 31, 1996.
Administrative Expenses - Administrative expenses are paid by the Plan.
Use of Estimates - The preparation of financial statements in conformity
with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting periods. Actual
results could differ from those estimates.
The foregoing description of the Plan provides only general information.
Participants should refer to the Plan document for a more complete
description of the Plan's provisions.
2. INFORMATION CERTIFIED BY TRUSTEE (UNAUDITED)
Plan investments are held by PW Trust Company, the trustee. The
following is a summary of the unaudited information regarding the Plan,
included in the Plan's financial statements and supplemental schedules,
that was prepared by the trustee and reported to the Plan administrator.
The Company has obtained certifications from the trustee that such
information is complete and accurate.
5
8
BE AEROSPACE, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996 (CONTINUED)
- --------------------------------------------------------------------------------
a. Assets held at fair value as of December 31:
1997 1996
Investments, at fair value:
GIC Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan $ 9,647,288 $10,209,520
Balanced Value Portfolio of the PW Trust
Company Pooled Trust for Employee Benefits
Plan 6,983,055 6,252,891
Capital Growth Portfolio of the PW Trust
Company Pooled Trust for Employee Benefits
Plan 11,148,710 8,525,566
Strategic Balance Portfolio of the PW Trust
Company Pooled Trust for Employee Benefits
Plan 3,048,384 1,941,631
Strategic Growth Portfolio of the PW Trust
Company Pooled Trust for Employee Benefits
Plan 4,726,181 2,944,103
Target Value Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 3,893,093 1,771,557
Overseas Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 431,851
BE Aerospace, Inc. common stock 6,390,953 5,939,236
----------- -----------
Total investments 46,269,515 37,584,504
Cash and cash equivalents - Money Market Fund 36,467 189,965
----------- -----------
$46,305,982 $37,774,469
=========== ===========
6
9
BE AEROSPACE, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996 (CONTINUED)
- --------------------------------------------------------------------------------
b. Changes in net assets available for benefits for the years ended
December 31:
1997 1996
Investment income:
Net appreciation in fair value of investments $5,262,288 $6,841,934
Interest and dividends 21,482 93,585
---------- ----------
Total investment income $5,283,770 $6,935,519
========== ==========
c. Line 27a - Schedule of assets held for investment purposes as of
December 31, 1997, excluding participant loan data obtained from
the Company (see supplemental schedule)
d. Line 27d - Schedule of reportable transactions for the year
ended December 31, 1997 (see supplemental schedule)
3. INVESTMENTS
Investments consist of the following:
AS OF DECEMBER 31, 1997
--------------------------
FAIR
COST VALUE
GIC Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan $ 8,285,706 $ 9,647,288
Balanced Value Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 4,585,451 6,983,055
Capital Growth Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 7,340,587 11,148,710
Strategic Balance Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 2,554,079 3,048,384
Strategic Growth Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 4,019,957 4,726,181
Target Value Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 3,392,434 3,893,093
Overseas Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 437,462 431,851
BE Aerospace, Inc. common stock 3,401,478 6,390,953
Participant loans receivable 102,236 102,236
----------- -----------
$34,119,390 $46,371,751
=========== ===========
7
10
BE AEROSPACE, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996 (CONTINUED)
- --------------------------------------------------------------------------------
AS OF DECEMBER 31, 1996
--------------------------
FAIR
COST VALUE
GIC Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan $ 8,943,004 $10,209,520
Balanced Value Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 4,537,113 6,252,891
Capital Growth Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 5,903,640 8,525,566
Strategic Balance Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 1,814,099 1,941,631
Strategic Growth Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 2,751,358 2,944,103
Target Value Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 1,622,011 1,771,557
BE Aerospace, Inc. common stock 2,344,546 5,939,236
Participant loans receivable 133,783 133,783
----------- -----------
$28,049,554 $37,718,287
=========== ===========
Investments are in the custody of the trustee under a trust agreement
with the Plan. The trustee has no authority, however, for the purchase
or sale of investments.
During the years ended December 31, 1997 and 1996, the Plan's
investments appreciated in fair value by $5,262,288 and $6,841,934,
respectively.
8
11
BE AEROSPACE, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996 (CONTINUED)
- --------------------------------------------------------------------------------
4. STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND
FOR THE YEAR ENDED DECEMBER 31, 1997 (UNAUDITED)
DECEMBER 31, 1997 SUPPLEMENTAL INFORMATION BY FUND
------------------------------------------------------------------------------------
BALANCED CAPITAL STRATEGIC STRATEGIC TARGET
GIC VALUE GROWTH BALANCE GROWTH VALUE
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year $ 10,242,926 $ 6,272,522 $ 8,552,004 $ 1,958,799 $ 2,975,820 $ 1,788,273
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Net appreciation (depreciation) in fair
value of investments (Notes 2 and 3) 617,592 1,159,170 1,979,922 418,420 624,311 548,827
Interest and dividends (Note 2)
Total investment income (loss) 617,592 1,159,170 1,979,922 418,420 624,311 548,827
Contributions and rollovers 1,043,732 685,079 991,533 690,171 1,130,643 905,439
------------ ------------ ------------ ------------ ------------ ------------
Total additions to net assets 1,661,324 1,844,249 2,971,455 1,108,591 1,754,954 1,454,266
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to participants or
their beneficiaries 1,684,714 565,669 578,400 121,775 228,034 192,063
Plan administrative expenses 44,372 82,056 120,721 30,683 45,461 36,553
Loan repayments
Total deductions from net assets 1,729,086 647,725 699,121 152,458 273,495 228,616
------------ ------------ ------------ ------------ ------------ ------------
NET (DECREASE) INCREASE (67,762) 1,196,524 2,272,334 956,133 1,481,459 1,225,650
ACCOUNT TRANSFERS (513,903) (481,072) 317,114 131,998 255,008 869,598
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ 9,661,261 $ 6,987,974 $ 11,141,452 $ 3,046,930 $ 4,712,287 $ 3,883,521
============ ============ ============ ============ ============ ============
DECEMBER 31, 1997 SUPPLEMENTAL INFORMATION BY FUND
-----------------------------------------------------------
BE AEROSPACE CASH AND
COMMON PARTICIPANT CASH
OVERSEAS STOCK LOANS EQUIVALENTS TOTAL
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year $ -- $ 6,031,985 $ 133,783 $ 189,965 $ 38,146,077
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Net appreciation (depreciation) in fair
value of investments (Notes 2 and 3) (7,856) (78,098) 5,262,288
Interest and dividends (Note 2) 7,556 13,926 21,482
------------ ------------ ------------
Total investment income (loss) (7,856) (78,098) 7,556 13,926 5,283,770
Contributions and rollovers 200,311 1,628,865 7,275,773
------------ ------------ ------------
Total additions to net assets 192,455 1,550,767 7,556 13,926 12,559,543
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to participants or
their beneficiaries 2,049 395,696 3,768,400
Plan administrative expenses 1,735 361,581
Loan repayments 39,103 39,103
------------ ------------
Total deductions from net assets 3,784 395,696 39,103 4,169,084
------------ ------------ ------------ ------------
NET (DECREASE) INCREASE 188,671 1,155,071 (31,547) 13,926 8,390,459
ACCOUNT TRANSFERS 243,598 (654,917) (167,424)
------------ ------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ 432,269 $ 6,532,139 $ 102,236 $ 36,467 $ 46,536,536
============ ============ ============ ============ ============
The Plan maintains a holding account that allows for the future distributions of
cash and cash equivalents and liabilities to the appropriate fund.
9
12
BE AEROSPACE, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996 (CONTINUED)
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR
BENEFITS BY FUND
FOR THE YEAR ENDED DECEMBER 31, 1996 (UNAUDITED)
DECEMBER 31, 1996 SUPPLEMENTAL INFORMATION BY FUND
------------------------------------------------------------------------------
BALANCED CAPITAL STRATEGIC STRATEGIC TARGET
GIC VALUE GROWTH BALANCE GROWTH VALUE
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year $ 8,102,104 $5,338,952 $7,058,665 $ 112,724 $ 432,832 $ 141,630
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Net appreciation (depreciation) in fair
value of investments (Notes 2 and 3) 577,917 810,880 1,541,361 147,610 216,857 170,099
Interest and dividends (Note 2)
Total investment income (loss) 577,917 810,880 1,541,361 147,610 216,857 170,099
Contributions and rollovers 790,168 475,334 667,774 508,101 898,060 463,152
------------ ---------- ---------- ---------- ---------- ----------
Total additions to net assets 1,368,085 1,286,214 2,209,135 655,711 1,114,917 633,251
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to participants or
their beneficiaries 1,703,992 648,171 689,249 193,832 198,348 182,567
Plan administrative expenses 39,860 69,730 96,996 14,366 22,986 12,104
Loan repayments
Total deductions from net assets 1,743,852 717,901 786,245 208,198 221,334 194,671
------------ ---------- ---------- ---------- ---------- ----------
NET (DECREASE) INCREASE (375,767) 568,313 1,422,890 447,513 893,583 438,580
ACCOUNT TRANSFERS 2,516,589 365,257 70,449 1,398,562 1,649,405 1,208,063
------------ ---------- ---------- ---------- ---------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ 10,242,926 $6,272,522 $8,552,004 $1,958,799 $2,975,820 $1,788,273
============ ========== ========== ========== ========== ==========
DECEMBER 31, 1996 SUPPLEMENTAL INFORMATION BY FUND
--------------------------------------------------
BE AEROSPACE CASH AND
COMMON PARTICIPANT CASH
STOCK LOANS EQUIVALENTS TOTAL
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year $1,772,161 $ 38,932 $ 277,706 $23,275,706
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Net appreciation (depreciation) in fair
value of investments (Notes 2 and 3) 3,377,210 6,841,934
Interest and dividends (Note 2) 93,585 93,585
----------- -----------
Total investment income (loss) 3,377,210 93,585 6,935,519
Contributions and rollovers 1,167,318 7,154,260 12,124,167
---------- ----------- -----------
Total additions to net assets 4,544,528 7,247,845 19,059,686
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to participants or
their beneficiaries 285,372 3,901,531
Plan administrative expenses 748 256,790
Loan repayments 30,994 30,994
--------- -----------
Total deductions from net assets 285,372 30,994 748 4,189,315
---------- --------- ----------- -----------
NET (DECREASE) INCREASE 4,259,156 (30,994) 7,247,097 14,870,371
ACCOUNT TRANSFERS 668 125,845 (7,334,838)
---------- --------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $6,031,985 $ 133,783 $ 189,965 $38,146,077
========== ========= =========== ===========
The Plan maintains a holding account that allows for the future distribution of
cash and cash equivalents and liabilities to the appropriate fund.
10
13
BE AEROSPACE, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996 (CONTINUED)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS BY
FUND AS OF
DECEMBER 31, 1997 (UNAUDITED)
DECEMBER 31, 1997 SUPPLEMENTAL INFORMATION BY FUND
- -------------------------------------------------------------------------------------------------------------------------------
BALANCED CAPITAL STRATEGIC STRATEGIC TARGET
GIC VALUE GROWTH BALANCE GROWTH VALUE
ASSETS:
Investments, at fair value (Note 3):
Investment in the PW Trust Company
Pooled Trusts (Note 2) $9,647,288 $6,983,055 $ 11,148,710 $ 3,048,384 $ 4,726,181 $ 3,893,093
BE Aerospace, Inc. common stock
(Note 2)
Participant loans receivable
Total investments 9,647,288 6,983,055 11,148,710 3,048,384 4,726,181 3,893,093
EMPLOYER CONTRIBUTIONS
RECEIVABLE 13,973 4,919 (7,258) (1,454) (13,894) (9,572)
CASH AND CASH
EQUIVALENTS (Note 2)
NET ASSETS AVAILABLE FOR
BENEFITS $9,661,261 $6,987,974 $ 11,141,452 $ 3,046,930 $ 4,712,287 $ 3,883,521
========== ========== ============ =========== =========== ===========
DECEMBER 31, 1997 SUPPLEMENTAL INFORMATION BY FUND
- --------------------------------------------------------------------------------------------------------------------
BE AEROSPACE CASH AND
COMMON PARTICIPANT CASH
OVERSEAS STOCK LOANS EQUIVALENTS TOTAL
ASSETS:
Investments, at fair value (Note 3):
Investment in the PW Trust Company
Pooled Trusts (Note 2) $431,851 $ - $ - $ - $39,878,562
BE Aerospace, Inc. common stock
(Note 2) 6,390,953 6,390,953
Participant loans receivable 102,236 102,236
-------- -----------
Total investments 431,851 6,390,953 102,236 46,371,751
EMPLOYER CONTRIBUTIONS
RECEIVABLE 418 141,186 128,318
CASH AND CASH
EQUIVALENTS (Note 2) 36,467 36,467
-------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $432,269 $6,532,139 $102,236 $ 36,467 $46,536,536
======== ========== ======== ======== ===========
11
14
BE AEROSPACE, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996 (CONTINUED)
- -------------------------------------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS BY
FUND AS OF
DECEMBER 31, 1996 (UNAUDITED)
DECEMBER 31, 1996 SUPPLEMENTAL INFORMATION BY FUND
- ----------------------------------------------------------------------------------------------------------------------------
BALANCED CAPITAL STRATEGIC STRATEGIC TARGET
GIC VALUE GROWTH BALANCE GROWTH VALUE
ASSETS:
Investments, at fair value (Note 3):
Investment in the PW Trust Company
Pooled Trusts (Note 2) $10,209,520 $6,252,891 $8,525,566 $1,941,631 $2,944,103 $1,771,557
BE Aerospace, Inc. common stock
(Note 2)
Participant loans receivable
Total investments 10,209,520 6,252,891 8,525,566 1,941,631 2,944,103 1,771,557
EMPLOYER CONTRIBUTIONS
RECEIVABLE 33,406 19,631 26,438 17,168 31,717 16,716
CASH AND CASH
EQUIVALENTS (Note 2)
NET ASSETS AVAILABLE FOR
BENEFITS $10,242,926 $6,272,522 $8,552,004 $1,958,799 $2,975,820 $1,788,273
=========== ========== ========== ========== ========== ==========
DECEMBER 31, 1997 SUPPLEMENTAL INFORMATION BY FUND
- ----------------------------------------------------------------------------------------------------
BE AEROSPACE CASH AND
COMMON PARTICIPANT CASH
STOCK LOANS EQUIVALENTS TOTAL
ASSETS:
Investments, at fair value (Note 3):
Investment in the PW Trust Company
Pooled Trusts (Note 2) $ -- $ -- $ -- $31,645,268
BE Aerospace, Inc. common stock
(Note 2) 5,939,236 5,939,236
Participant loans receivable 133,783 133,783
-------- -----------
Total investments 5,939,236 133,783 37,718,287
EMPLOYER CONTRIBUTIONS
RECEIVABLE 92,749 237,825
CASH AND CASH
EQUIVALENTS (Note 2) 189,965 189,965
----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $6,031,985 $133,783 $ 189,965 $38,146,077
========== ======== =========== ===========
12
15
SUPPLEMENTAL SCHEDULE PROVIDED PURSUANT TO
THE DEPARTMENT OF LABOR'S RULES AND REGULATIONS
16
BE SAVINGS AEROSPACE, INC. PLAN
LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1997
- --------------------------------------------------------------------------------
UNITS/ CURRENT
RATES COST VALUE
GIC Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 479,427,218 $ 8,285,706 $ 9,647,288
Balanced Value Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 217,217,383 4,585,451 6,983,055
Capital Growth Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 487,926,766 7,340,587 11,148,710
Strategic Balance Portfolio of the PW Trust
Company Pooled Trust for Employee
Benefits Plan 180,448,902 2,554,079 3,048,384
Strategic Growth Portfolio of the PW Trust
Company Pooled Trust for Employee
Benefits Plan 266,425,324 4,019,957 4,726,181
Target Value Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plan 218,665,473 3,392,434 3,893,093
Overseas Portfolio of the PW Trust Company
Pooled Trust for Employee Benefits Plans 32,462,378 437,462 431,851
BE Aerospace, Inc. common stock 238,354 3,401,478 6,390,953
Participant loans receivable 6 to 13% 102,236 102,236
----------- -----------
$34,119,390 $46,371,751
=========== ===========
13
17
BE SAVINGS AEROSPACE, INC. PLAN
LINE 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
- --------------------------------------------------------------------------------
NUMBER PURCHASE SELLING COST OF
OF UNITS PRICE PRICE ASSET SOLD NET GAIN
GIC Portfolio of the PW Trust
Company Pooled Trust for
Employee Benefits Plan -
442 transactions 341,331.669 $2,869,736 $4,051,447 $3,516,261 $535,186
Strategic Growth Portfolio of
the PW Trust Company
Pooled Trust for Employee
Benefits Plan - 287
transactions 209,424.493 $2,357,213 $1,234,848 $1,104,396 $130,452
14