1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 for the fiscal year ended MARCH 31, 1999; or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 for the transition period from ______________ to ______________
COMMISSION FILE NUMBER 001-13889
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
MacDermid Equipment 401(K) Plan
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
MacDermid, Incorporated
245 Freight Street
Waterbury, CT 06702-0671
REQUIRED INFORMATION
In accordance with the rules to Form 11-K, attached as Appendix 1 to this Form
11-K are the plan financial statements and schedules prepared in accordance with
the financial reporting requirements of ERISA and examined by an independent
accountant on a full scope basis.
EXHIBITS
23.1 Consent of KPMG LLP
2
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (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.
MACDERMID EQUIPMENT 401(K) PLAN
By: MACDERMID, INCORPORATED
Date October 15, 1999 By: /s/ Marion L. Hubbard
-------------------------------
Name: Marion L. Hubbard
Title: Plan Administrator
3
MACDERMID EQUIPMENT 401(K) PLAN
Financial Statements and Supplemental Schedules
March 31, 1999 and 1998
(With Independent Auditors' Report Thereon)
4
MACDERMID EQUIPMENT 401(K) PLAN
Table of Contents
PAGE
Independent Auditors' Report 1
Statement of Financial Condition with Fund Information 2
Statement of Income and Changes in Plan Equity with Fund Information 6
Notes to Financial Statements 13
SCHEDULES
1 Item 27a - Schedule of Assets Held for Investment Purposes 20
2 Item 27d - Schedule of Reportable Transactions 21
Note: Schedules of nonexempt transactions, loans or fixed income obligations,
leases in default or classified as uncollectible and assets held for
investment purposes which were both acquired and disposed of within the
plan year as required by Section 103(c)(5) of the Employee Retirement
Income Security Act of 1974 (ERISA) have not been included herein as the
information is not applicable.
5
INDEPENDENT AUDITORS' REPORT
Plan Administrator
MacDermid Equipment 401(k) Plan
Waterbury, Connecticut:
We have audited the accompanying statements of financial condition of MacDermid
Equipment 401(k) Plan as of March 31, 1999 and 1998 and the related statements
of income and changes in plan equity for the years then ended. 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 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 that 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 financial position of MacDermid Equipment, Inc.
401(k) Plan as of March 31, 1999 and 1998 and its income and changes in plan
equity for the years then ended in conformity with generally accepted accounting
principles.
Our audits were performed 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 and reportable transactions 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 Fund Information in the
statements of financial condition and the statements of income and changes in
plan equity is presented for purposes of additional analysis rather than to
present the financial condition and income and changes in plan equity of each
fund. The supplemental schedules and Fund Information 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/ KPMG LLP
August 20, 1999
Hartford, Connecticut
6
MACDERMID EQUIPMENT 401(K) PLAN
Statement of Financial Condition with Fund Information
Year ended March 31, 1999
PARTICIPANT DIRECTED
------------------------------------------------------------------------------------
PRU-
PRU- DENTIAL PRU- PRU-
DENTIAL DIVER- DENTIAL DENTIAL
OPPEN- DIVER- SIFIED DIVER- VAN INTER-
MACDERMID HEIMER SIFIED CONSER- SIFIED PRU- KAMPEN MEDIATE
COMPANY STABLE QUEST HIGH VATIVE MODERATE DENTIAL AMERICAN GLOBAL
STOCK VALUE VALUE A GROWTH GROWTH GROWTH EQUITY VALUE INCOME
ASSETS FUND FUND 65 FUND FUND FUND FUND FUND FUND A FUND A
--------- ------- ------- --------- ------- -------- ------- -------- -------
Investments, at current value (notes 4 and 5):
MacDermid common stock $152,803 -- -- -- -- -- -- -- --
Mutual funds -- 16,396 90,213 242,269 17,396 416,498 154,816 10,740 1,998
Participant loans receivable -- -- -- -- -- -- -- -- --
-------- ------ ------ ------- ------ ------- ------- ------ -----
Total investments 152,803 16,396 90,213 242,269 17,396 416,498 154,816 10,740 1,998
Cash (overdraft)
Employer contribution receivable
Employee contribution receivable
Dividend and interest receivable
Other receivable
-------- ------ ------ ------- ------ ------- ------- ------ -----
Total assets $152,803 16,396 90,213 242,269 17,396 416,498 154,816 10,740 1,998
======== ====== ====== ======= ====== ======= ======= ====== =====
LIABILITIES AND PLAN EQUITY
Interfund payable $
Other payable
Accrued expenses
Plan equity 152,803 16,396 90,213 242,269 17,396 416,498 154,816 10,740 1,998
-------- ------ ------ ------- ------ ------- ------- ------ -----
$152,803 16,396 90,213 242,269 17,396 416,498 154,816 10,740 1,998
======== ====== ====== ======= ====== ======= ======= ====== =====
GOLD-
MAN
SACHS
PIMCO GOVERN-
TOTAL MENT
RETURN INCOME
FUND FUND A
------ -------
Investments, at current value (notes 4 and 5):
MacDermid common stock -- --
Mutual funds 151,604 7,659
Participant loans receivable -- --
------- -----
Total investments 151,604 7,659
Cash (overdraft) --
Employer contribution receivable --
Employee contribution receivable --
Dividend and interest receivable --
Other receivable --
------- -----
Total assets 151,604 7,659
======= =====
LIABILITIES AND PLAN EQUITY
Interfund payable --
Other payable --
Accrued expenses --
Plan equity 151,604 7,659
------- -----
151,604 7,659
======= =====
See accompanying notes to financial statements.
7
MACDERMID EQUIPMENT 401(K) PLAN
Statement of Financial Condition with Fund Information
March 31, 1999
PRU PRU KEMPER
STOCK WORLD DREMEN
INDEX GLOBAL HI RETURN LOAN
ASSETS FUND FUND FUND FUND OTHER TOTAL
------ ------ --------- ---- ----- -----
Investments, at current value (notes 4 and 5):
MacDermid common stock $ -- -- -- -- -- 152,803
Mutual funds 93,362 75,262 151,604 -- -- 1,429,817
Participant loans receivable -- -- -- 43,170 -- 43,170
------- ------ ------- ------ ------ ---------
Total investments 93,362 75,262 151,604 43,170 1,483,150
Cash (overdraft) -- -- -- -- --
Employer contribution receivable -- -- -- -- 47,134 47,134
Employee contribution receivable -- -- -- -- --
Dividend and interest receivable -- -- -- -- --
Other receivable -- -- -- -- --
------- ------ ------- ------ ------ ---------
Total assets $93,362 75,262 151,604 43,170 47,134 1,530,284
======= ====== ======= ====== ====== =========
LIABILITIES AND PLAN EQUITY
Interfund payable
Other payable
Accrued expenses
Plan equity 93,362 75,262 151,604 43,170 47,134 1,530,284
------- ------ ------- ------ ------ ---------
$93,362 75,262 151,604 43,170 47,134 1,530,284
======= ====== ======= ====== ====== =========
8
MACDERMID EQUIPMENT 401(K) PLAN
Statement of Financial Condition with Fund Information
Year ended March 31, 1998
PARTICIPANT DIRECTED
--------------------------------------------------------------------------------
AMERICAN
CENTURY MAXIM MAXIM
TWENTIETH MAXIM MAXIM SMALL CAP US GOVERNMENT
GUARANTEED CENTURY AIM SMALL GROWTH AGGRESSIVE MORTGAGE
CERTIFICATE ULTRA CONSTELLATION CAP INDEX GROWTH SECURITY
ASSETS FUND FUND FUND FUND FUND FUND FUND
----------- ----------- ------------- ----- ---------- -------- ------------
Investments, at current value (notes 4 and 5):
Other securities $ 2,940 91,562 113,520 3,257 27,436 7,455 3,513
Participant loans receivable
------- ------ ------- ----- ------ ----- -----
Total investments 2,940 91,562 113,520 3,257 27,436 7,455 3,513
Cash (overdraft)
Employer contribution receivable
Employer contribution receivable
Dividend and interest receivable
Other receivable
------- ------ ------- ----- ------ ----- -----
Total assets $ 2,940 91,562 113,520 3,257 27,436 7,455 3,513
======= ====== ======= ===== ====== ===== =====
LIABILITIES AND PLAN EQUITY
Interfund payable $
Other payable
Accrued expenses
Plan equity 2,940 91,562 113,520 3,257 27,436 7,455 3,513
------- ------ ------- ----- ------ ----- -----
Total liabilities and plan equity $ 2,940 91,562 113,520 3,257 27,436 7,455 3,513
======= ====== ======= ===== ====== ===== =====
PARTICIPANT DIRECTED
----------------------------
MAXIM PUTNAM FIDELITY
INVESTMENT GLOBAL ADVISOR
GRADE MAXIM GOVERNMENT GROWTH
CORPORATION CORPORATE INCOME OPPORTUNITIES
FUND FUND FUND FUND
--------- ------ ---------- -------------
Investments, at current value (notes 4 and 5):
Other securities 4,885 8,192 3,837 31,287
Participant loans receivable
----- ----- ----- ------
Total investments 4,885 8,192 3,837 31,287
Cash (overdraft)
Employer contribution receivable
Employer contribution receivable
Dividend and interest receivable
Other receivable
----- ----- ----- ------
Total assets 4,885 8,192 3,837 31,287
===== ===== ===== ======
LIABILITIES AND PLAN EQUITY
Interfund payable
Other payable
Accrued expenses
Plan equity 4,885 8,192 3,837 31,287
----- ----- ----- ------
Total liabilities and plan equity 4,885 8,192 3,837 31,287
===== ===== ===== ======
See accompanying notes to financial statements.
9
MACDERMID EQUIPMENT 401(K) PLAN
Statement of Financial Condition with Fund Information
Year ended March 31, 1998
PARTICIPANT DIRECTED
------------------------------------------------------------------------------------
MAXIM PUTNAM FUND FIDELITY
MAXIM AIM MAXIM MAXIM AIM VALUE FOR ADVISOR
STOCK INDEX WEINGARTEN MID CAP BLUE CHIP CHARTER INDEX GROWTH AND EQUITY
ASSETS FUND FUND FUND FUND FUND FUND INDEX FUND
----------- ---------- ------- --------- ------- ----- ----------- --------
Investments, at current value (notes 4 and 5):
Other securities $ 32,789 34,648 245 6,342 19,228 14,314 35,987 2,013
Participant loans receivable
--------- ------ --- ----- ------ ------ ------ -----
Total investments 32,789 34,648 245 6,342 19,228 14,314 35,987 2,013
Cash (overdraft)
Employer contribution receivable
Employer contribution receivable
Dividend and interest receivable
--------- ------ --- ----- ------ ------ ------ -----
Other receivable
Total assets $ 32,789 34,648 245 6,342 19,228 14,314 35,987 2,013
========= ====== === ===== ====== ====== ====== =====
LIABILITIES AND PLAN EQUITY
Interfund payable $
Other payable
Accrued expenses
Plan equity 32,789 34,648 245 6,342 19,228 14,314 35,987 2,013
--------- ------ --- ----- ------ ------ ------ -----
Total liabilities and plan equity $ 32,789 34,648 245 6,342 19,228 14,314 35,987 2,013
========= ====== === ===== ====== ====== ====== =====
----------------
PUTNAM MAXIM FIDELITY
GLOBAL FOREIGN ADVISOR
GROWTH EQUITY OVERSEAS
ASSETS FUND FUND FUND
------ ------- --------
Investments, at current value (notes 4 and 5):
Other securities 43,428 16,482 2,597
Participant loans receivable
------ ------ -----
Total investments 43,428 16,482 2,597
Cash (overdraft)
Employer contribution receivable
Employer contribution receivable
Dividend and interest receivable
------ ------ -----
Other receivable
Total assets 43,428 16,482 2,597
====== ====== =====
LIABILITIES AND PLAN EQUITY
Interfund payable
Other payable
Accrued expenses
Plan equity 43,428 16,482 2,597
------ ------ -----
Total liabilities and plan equity 43,428 16,482 2,597
====== ====== =====
See accompanying notes to financial statements.
10
MACDERMID EQUIPMENT 401(K) PLAN
Statement of Financial Condition with Fund Information
March 31, 1998
PARTICIPANT DIRECTED
------------------------------------------------------------------------------
ORCHARD MAXIM
INDEX MONEY PROFILE PROFILE PROFILE PROFILE PROFILE
EUROPEAN MARKET SERIES I SERIES II SERIES III SERIES IV SERIES V LOAN
ASSETS FUND FUND FUND FUND FUND FUND FUND FUND
-------- ------ -------- --------- ---------- --------- -------- ----
Investments, at current value (notes 4 and 5):
Other securities $ 1,775 7,896 299,476 227,118 181,856 12,358 1,341 --
Participant loans receivable -- -- -- -- -- -- -- 62,704
------- ----- ------- ------- ------- ------ ----- ------
Total investments 1,775 7,896 299,476 227,118 181,856 12,358 1,341 62,704
Cash (overdraft)
Employer contribution receivable
Employer contribution receivable
Dividend and interest receivable
Other receivable
------- ----- ------- ------- ------- ------ ----- ------
Total assets $ 1,775 7,896 299,476 227,118 181,856 12,358 1,341 62,704
======= ===== ======= ======= ======= ====== ===== ======
LIABILITIES AND PLAN EQUITY
Interfund payable $
Other payable
Accrued expenses
Plan equity 1,775 7,896 299,476 227,118 181,856 12,358 1,341 62,704
------- ----- ------- ------- ------- ------ ----- ------
Total liabilities and plan equity $ 1,775 7,896 299,476 227,118 181,856 12,358 1,341 62,704
======= ===== ======= ======= ======= ====== ===== ======
-----------------------
ASSETS FORFEITURES TOTAL
----------- -----
Investments, at current value (notes 4 and 5):
Other securities 2,269 1,240,047
Participant loans receivable -- 62,704
----- ---------
Total investments 2,269 1,302,751
Cash (overdraft) --
Employer contribution receivable --
Employer contribution receivable --
Dividend and interest receivable --
Other receivable --
----- ---------
Total assets 2,269 1,302,751
===== =========
LIABILITIES AND PLAN EQUITY
Interfund payable --
Other payable 0
Accrued expenses --
Plan equity 2,269 1,302,751
----- ---------
Total liabilities and plan equity 2,269 1,302,751
===== =========
See accompanying notes to financial statements.
11
MACDERMID EQUIPMENT 401(K) PLAN
Statement of Income and Changes in Plan Equity with Fund Information
Year ended March 31, 1999
PARTICIPANT DIRECTED
---------------------------------------------------------------------
AMERICAN
CENTURY MAXIM
TWENTIETH MAXIM MAXIM SMALL CAP
GUARANTEED CENTURY AIM SMALL GROWTH AGRESSIVE
CERTIFICATE ULTRA CONSTELLATION CAP INDEX GROWTH
FUND FUND FUND FUND FUND FUND
----------- ----------- ------------- ----- ---------- ---------
Investment income:
Dividends: $
Other securities -- -- -- -- -- --
Interest 101 -- -- -- -- --
Interest on participants loans -- -- -- -- -- --
---------- ------- ------- ----- ------ -----
-- -- -- -- -- --
Realized gain (loss) from sales of investments (note 7):
Other securities -- 45,708 32,808 505 14,800 187
Unrealized appreciation (depreciation)
of investments (note 6) -- (30,744) (29,835) (978) (9,128) (1,281)
---------- ------- ------- ----- ------ -----
Total investment income (loss) 101 14,964 2,973 (473) 5,672 (1,094)
Contributions:
Employer -- 154 -- -- 81 131
Employee 292 15,561 8,333 729 4,804 2,400
401(k) -- 4,336 4,436 -- -- 789
---------- ------- ------- ----- ------ -----
Total additions 393 35,015 15,742 256 10,557 2,226
---------- ------- ------- ----- ------ -----
Net loans (136) 977 (312) -- 70 (380)
Distributions to participants -- (9,842) (27,716) -- (2,400) --
Administrative expense, net -- -- -- -- -- --
---------- ------- ------- ----- ------ -----
Total deductions (136) (8,865) (28,028) -- (2,330) (380)
---------- ------- ------- ----- ------ -----
Net increase prior to interfund transfers 257 26,150 (12,286) 256 8,227 1,846
Net interfund transfers (3,197) (117,712) (101,234) (3,513) (35,663) (9,301)
---------- ------- ------- ----- ------ -----
Net increase (decrease) in plan equity (2,940) (91,562) (113,520) (3,257) (27,436) (7,455)
Plan equity at beginning of period 2,940 91,562 113,520 3,257 27,436 7,455
---------- ------- ------- ----- ------ -----
Plan equity at end of period $ -- -- -- 0 -- --
========== ======= ======= ===== ====== =====
PARTICIPANT DIRECTED
-------------------------------------
MAXIM MAXIM PUTNAM FIDELITY
US GOVERNMENT INVESTMENT GLOBAL ADVISOR
MORTGAGE GRADE MAXIM GOVERNMENT GROWTH
SECURITY CORPORATION CORPORATE INCOME OPPORTUNITIES
FUND FUND FUND FUND FUND
------------- ----------- --------- ---------- -------------
Investment income:
Dividends:
Other securities -- -- -- -- --
Interest -- -- -- -- --
Interest on participants loans -- -- -- -- --
----- ----- ------ ----- ------
-- -- -- -- --
Realized gain (loss) from sales of investments (note 7):
Other securities 416 530 1,122 349 15,052
Unrealized appreciation (depreciation)
of investments (note 6) (221) (323) (1,430) (312) (11,417)
----- ----- ------ ----- ------
Total investment income (loss) 195 207 (308) 37 3,635
Contributions:
Employer -- -- -- -- 60
Employee 998 220 1,182 301 2,421
401(k) 2,958 -- 2,757 -- 2,757
----- ----- ------ ----- ------
Total additions 4,151 427 3,631 338 8,873
----- ----- ------ ----- ------
Net loans (508) -- (91) -- --
Distributions to participants (902) -- -- -- (1,083)
Administrative expense, net -- -- -- -- --
----- ----- ------ ----- ------
Total deductions (1,410) -- (91) -- (1,083)
----- ----- ------ ----- ------
Net increase prior to interfund transfers 2,741 427 3,540 338 7,790
Net interfund transfers (6,254) (5,312) (11,732) (4,175) (39,077)
----- ----- ------ ----- ------
Net increase (decrease) in plan equity (3,513) (4,885) (8,192) (3,837) (31,287)
Plan equity at beginning of period 3,513 4,885 8,192 3,837 31,287
----- ----- ------ ----- ------
Plan equity at end of period -- -- -- -- --
===== ===== ====== ===== ======
See accompanying notes to financial statements.
12
MACDERMID EQUIPMENT 401(K) PLAN
Statement of Income and Changes in Plan Equity with Fund Information
Year ended March 31, 1999
PARTICIPANT DIRECTED
--------------------------------------------------------------
MAXIM
MAXIM AIM MAXIM MAXIM AIM VALUE
STOCK INDEX WEINGARTEN MID CAP BLUE CHIP CHARTER INDEX
FUND FUND FUND FUND FUND FUND
----------- ---------- ------- --------- ------- -----
Investment income: $
Dividends:
Other securities -- -- -- -- -- --
Interest -- -- -- -- -- --
Interest on participants loans -- -- -- -- -- --
---------- ------ ----- ----- ------ ------
-- -- -- -- -- --
Realized gain (loss) from sales of investments (note 7):
Other securities 13,579 17,243 372 1,607 7,768 6,469
Unrealized appreciation (depreciation)
of investments (note 6) (10,564) (12,198) (7) (1,296) (5,998) (6,070)
---------- ------ ----- ----- ------ ------
Total investment income (loss) 3,015 5,045 365 311 1,770 399
Contributions:
Employer 88 29 29 -- 5 25
Employee 4,618 2,778 3,083 595 2,341 1,737
401(k) -- -- 789 -- -- 4,436
---------- ------ ----- ----- ------ ------
Total additions 7,721 7,852 4,266 906 4,116 6,597
---------- ------ ----- ----- ------ ------
Net loans 5 424 -- -- -- (1,062)
Distributions to participants (7,261) (9,650) -- (1,009) (2,111) --
Administrative expense, net -- -- -- -- -- --
Forfeitures -- -- -- -- -- --
---------- ------ ----- ----- ------ ------
Total deductions (7,256) (9,226) -- (1,009) (2,111) (1,062)
---------- ------ ----- ----- ------ ------
Net increase prior to interfund transfers 465 (1,374) 4,266 (103) 2,005 5,535
Net interfund transfers (33,254) (33,274) (4,511) (6,239) (21,233) (19,849)
Net increase (decrease) in plan equity (32,789) (34,648) (245) (6,342) (19,228) (14,314)
---------- ------ ----- ----- ------ ------
Plan equity at beginning of period 32,789 34,648 245 6,342 19,228 14,314
---------- ------ ----- ----- ------ ------
Plan equity at end of period $ -- -- -- -- -- --
========== ====== ===== ===== ====== ======
PARTICIPANT DIRECTED
---------------------------
PUTNAM FIDELITY PUTNAM MAXIM FIDELITY
FUND FOR ADVISOR GLOBAL FOREIGN ADVISOR
GROWTH & EQUITY GROWTH EQUITY OVERSEAS
INCOME FUND FUND FUND FUND
-------- -------- ------ ------- --------
Investment income:
Dividends:
Other securities -- -- -- -- --
Interest -- -- -- -- --
Interest on participants loans -- -- -- -- --
------ ----- ------ ------ -----
-- -- -- -- --
Realized gain (loss) from sales of investments (note 7):
Other securities 10,842 630 16,066 677 427
Unrealized appreciation (depreciation)
of investments (note 6) (9,193) (538) (12,351) (1,877) (528)
------ ----- ------ ------ -----
Total investment income (loss) 1,649 92 3,715 (1,200) (101)
Contributions:
Employer 85 24 64 (3) 9
Employee 4,179 1,356 4,075 999 352
401(k) 2,757 -- 2,757 -- --
------ ----- ------ ------ -----
Total additions 8,670 1,472 10,611 (204) 260
------ ----- ------ ------ -----
Net loans 320 -- 430 (4) --
Distributions to participants (10,695) -- (5,067) (58) --
Administrative expense, net -- -- -- -- --
Forfeitures -- -- -- -- --
------ ----- ------ ------ -----
Total deductions (10,375) -- (4,637) (62) --
------ ----- ------ ------ -----
Net increase prior to interfund transfers (1,705) 1,472 5,974 (266) 260
Net interfund transfers (34,282) (3,485) (49,402) (16,216) (2,857)
Net increase (decrease) in plan equity (35,987) (2,013) (43,428) (16,482) (2,597)
------ ----- ------ ------ -----
Plan equity at beginning of period 35,987 2,013 43,428 16,482 2,597
------ ----- ------ ------ -----
Plan equity at end of period -- -- -- -- --
====== ====== ====== ====== =====
See accompanying notes to financial statements.
13
MACDERMID EQUIPMENT 401(K) PLAN
Statement of Income and Changes in Plan Equity with Fund Information
Year ended March 31, 1999
PARTICIPANT DIRECTED
-------------------------------------------------------------
ORCHARD MAXIM
OVERSEAS MONEY PROFILE PROFILE PROFILE PROFILE
EUROPEAN MARKET SERIES I SERIES II SERIES III SERIES IV
FUND FUND FUND FUND FUND FUND
-------- ------ -------- --------- ---------- ---------
Investment income:
Dividends:
Other securities $ -- -- -- -- -- --
Interest -- -- -- -- -- --
Interest on participants loans -- -- -- -- -- --
-------- ------ -------- --------- ---------- ---------
-- -- -- -- -- --
Realized gain (loss) from sales of investments (note 7):
Other securities 347 1,192 118,489 73,538 48,426 2,853
Unrealized appreciation (depreciation)
of investments (note 6) (143) (971) (105,590) (65,281) (41,853) (2,401)
-------- ------ -------- --------- ---------- ---------
Total investment income (loss) 204 221 12,899 8,257 6,573 452
Contributions:
Employer 98 -- 414 -- -- --
Employee 1,883 57 21,557 15,531 14,031 797
401(k) -- -- -- 2,958 -- --
-------- ------ -------- --------- ---------- ---------
Total additions 2,185 278 34,870 26,746 20,604 1,249
-------- ------ -------- --------- ---------- ---------
Net loans 477 -- 2,008 (2,453) (4,413) (13)
Distributions to participants -- -- (6,248) (13,944) (17,523) --
Administrative expense, net -- -- -- -- -- --
Forfeitures -- --
-------- ------ -------- --------- ---------- ---------
Total deductions 477 -- (4,240) (16,397) (21,936) (13)
-------- ------ -------- --------- ---------- ---------
Net increase prior to interfund transfers 2,662 278 30,630 10,349 (1,332) 1,236
Net interfund transfers (4,437) (8,174) (330,107) (237,467) (101,524) (13,594)
-------- ------ -------- --------- ---------- ---------
Net increase (decrease) in plan equity (1,775) (7,896) (299,477) (277,118) (181,856) (12,358)
Plan equity at beginning of period 1,775 7,896 299,477 227,118 181,856 12,358
-------- ------ -------- --------- ---------- ---------
Plan equity at end of period $ -- -- -- -- -- --
======== ====== ======== ========= ========== =========
PARTICIPANT DIRECTED
---------------------------
MACDERMID OPPENHEIMER PRUDENTIAL
PROFILE COMPANY STABLE QUEST DIVERSIFIED
SERIES V STOCK VALUE VALUE HIGH GROWTH
FUND FUND FUND 65 FUND A FUND
-------- -------- ------- ----------- -----------
Investment income:
Dividends:
Other securities -- -- -- -- --
Interest -- 13 228 -- --
Interest on participants loans -- 412 76 102 28
-------- -------- ------ ----------- -----------
-- 425 304 102 28
Realized gain (loss) from sales of investments (note 7):
Other securities 97 (97) -- (623) (1,988)
Unrealized appreciation (depreciation)
of investments (note 6) (26) (1,203) 161 (368) (34)
-------- -------- ------ ----------- -----------
Total investment income (loss) 71 (875) 465 (889) (1,994)
Contributions:
Employer -- 15,869 3,769 3,287 3,869
Employee 1,010 24,804 790 2,605 3,657
401(k) -- 50 -- -- --
-------- -------- ------ ----------- -----------
Total additions 1,081 39,848 5,024 5,033 5,532
-------- -------- ------ ----------- -----------
Net loans -- -- 221 673 301
Distributions to participants -- 3,242 -- -- (8,650)
Administrative expense, net -- (1,791) -- -- --
Forfeitures (179)
-------- -------- ------ ----------- -----------
Total deductions -- 1,451 42 673 (8,349)
-------- -------- ------ ----------- -----------
Net increase prior to interfund transfers 2,396 (41,299) 5,067 5,676 (2,817)
Net interfund transfers (2,422) 111,504 11,329 84,537 245,086
-------- -------- ------ ----------- -----------
Net increase (decrease) in plan equity (1,341) 152,803 16,396 90,213 242,269
Plan equity at beginning of period 1,341 -- -- -- --
-------- -------- ------ ----------- -----------
Plan equity at end of period -- 152,803 16,396 90,213 242,269
======== ======== ====== =========== ===========
See accompanying financial statements.
14
MACDERMID EQUIPMENT 401(K) PLAN
Statement of Income and Changes in Plan Equity with Fund Information
Year ended March 31, 1999
PARTICIPANT DIRECTED
---------------------------------------------------------------------
PRUDENTIAL PRUDENTIAL PRUDENTIAL
DIVERSIFIED DIVERSIFIED VAN KAMPEN INTERMEDIATE PIMCO
CONSERVATIVE MODERATE PRUDENTIAL AMERICAN GLOBAL TOTAL
GROWTH GROWTH EQUITY VALUE INCOME RETURN
FUND FUND FUND A FUND A FUND A FUND A
----------- ----------- ---------- ---------- ---------- ------
Investment income: $
Dividends:
Other securities -- -- -- -- -- 206
Interest -- -- -- -- -- --
Interest on participants loans 20 157 39 -- 11 --
-------- ------- ------- ------ ----- -----
20 157 39 -- 11 206
Realized gain (loss) from sales of investments
(note 7):
Other securities -- 134 (169) (54) -- (139)
Unrealized appreciation (depreciation)
of investments (note 6) 68 2,805 710 (261) (38) (153)
-------- ------- ------- ------ ----- -----
Total investment income (loss) 88 3,096 585 (315) (27) (86)
Contributions:
Employer 654 4,954 1,515 343 943 91
401(k) 511 3,662 1,127 533 814 --
Rollover -- -- -- -- -- --
-------- ------- ------- ------ ----- -----
Total additions 1,253 11,712 3,227 561 1,730 5
-------- ------- ------- ------ ----- -----
Net loans 127 535 71 (497) -- --
Distributions to participants -- (10,427) (1,286) -- -- --
Administrative expense, net -- -- -- -- -- --
Forfeitures -- -- -- -- -- --
-------- ------- ------- ------ ----- -----
Total deductions 127 (9,892) (1,215) (497) -- --
-------- ------- ------- ------ ----- -----
Net increase prior to interfund transfers 1,380 1,820 2,012 64 1,730 5
Net interfund transfers 16,016 414,678 152,804 10,676 268 8,959
-------- ------- ------- ------ ----- -----
Net increase (decrease) in plan equity 17,396 416,498 154,816 10,740 1,998 8,964
Plan equity at beginning of period -- -- -- -- -- --
-------- ------- ------- ------ ----- -----
Plan equity at end of period $ 17,396 416,498 154,816 10,740 1,998 8,964
======== ======= ======= ====== ===== =====
PARTICIPANT DIRECTED
-----------------------
PRUDENTIAL KEMPER
PRUDENTIAL WORLD DREMEN GOLD SACHS
STOCK FUND HIGH GOV'T
INDEX GLOBAL RET INCOME
FUND Z FUND A FUND FUND LOANS FORFEITURES OTHER TOTAL
----- ------ ------ ---------- ----- ----------- ----- -----
Investment income:
Dividends:
Other securities -- -- 676 87 969
Interest -- -- -- -- 342
Interest on participants loans 220 82 205 3 1,355
------ ------ ------- ------- ------- ------ ------ ---------
220 82 881 90 2,666
Realized gain (loss) from sales of
investments (note 7):
Other securities -- (5) 3 -- 429,166
Unrealized appreciation (depreciation)
of investments (note 6) 4,045 1,342 (2,449) (53) (357,982)
------ ------ ------- ------- ------- ------ ------ ---------
Total investment income (loss) 4,265 1,419 (1,565) 37 73,850
Contributions:
Employer 5,758 1,267 12,225 599 (2,269) 47,134 100,548
401(k) 5,674 805 11,482 731 175,415
Rollover -- -- -- -- 31,780
------ ------ ------- ------- ------- ------ ------ ---------
Total additions 15,697 3,491 22,142 1,367 -- (2,269) 382,593
------ ------ ------- ------- ------- ------ ------ ---------
Net loans 969 368 1,215 38 (2,605) (3)
Distributions to participants -- -- -- -- (16,929) (155,783)
Administrative expense, net (40 ) -- -- -- --
Forfeitures -- -- -- -- (155,776)
------ ------ ------- ------- ------- ------ ------ ---------
Total deductions 929 368 1,215 38 (19,534) 0 -- (537,363)
------ ------ ------- ------- ------- ------ ------ ---------
Net increase prior to interfund
transfers 16,621 3,859 23,357 1,405 (2,269) 47,134 47,134
Net interfund transfers 76,736 71,403 128,247 6,254 -- --
------ ------ ------- ------- ------- ------ ------ ---------
Net increase (decrease) in plan
equity 93,262 75,262 151,604 7,659 (19,534) 47,134 227,533
Plan equity at beginning of period -- -- -- -- 62,704 2,269 -- 1,302,751
------ ------ ------- ------- ------- ------ ------ ---------
Plan equity at end of period 93,262 75,262 151,604 7,659 43,170 0 -- 1,530,284
====== ====== ======= ======= ======= ====== ====== =========
See accompanying notes to financial statements.
15
MACDERMID EQUIPMENT 401(K) PLAN
Statement of Income and Changes in Plan Equity with Fund Information
Year ended March 31, 1998
PARTICIPANT DIRECTED
--------------------------------------------------------------------
AMERICAN MAXIM
CENTURY MAXIM MAXIM SMALL
GUARANTEED TWENTIETH AIM SMALL GROWTH CAP
CERTIFICATE CENTURY CONSTELLATION CAP INDEX AGGRESSIVE
FUND FUND FUND FUND FUND FUND
----------- ----------- ------------- ----- ---------- ------
Investment income: $
Dividends:
Other securities -- -- -- -- -- --
Interest 103 -- -- -- -- --
Interest on participants loans -- -- -- -- -- --
-------- ------ ------- ----- ------ -----
103 -- -- -- -- --
Realized gain (loss) from sales of investments (note 7):
Other securities -- 1,368 1,717 -- 65 89
Unrealized appreciation (depreciation)
of investments (note 6) -- 23,070 23,244 926 7,305 1,324
-------- ------ ------- ----- ------ -----
Total investment income (loss) 103 24,438 24,961 926 7,370 1,413
-------- ------ ------- ----- ------ -----
Contributions:
Employer 267 5,565 4,515 -- 1,111 522
Employee 539 12,906 16,330 (9) 4,565 3,299
401(k) -- 594 594 -- -- --
-------- ------ ------- ----- ------ -----
Total additions 909 43,503 46,400 917 13,046 5,234
-------- ------ ------- ----- ------ -----
Net loans (934) (2,273) (1,807) -- (283) 283
Distributions to participants -- (2,308) (5,241) -- -- (266)
Administrative expense, net -- -- -- -- -- --
-------- ------ ------- ----- ------ -----
Total deductions (934) (4,581) (7,048) -- (283) 17
-------- ------ ------- ----- ------ -----
Net increase prior to interfund transfers (25) 38,922 39,352 917 12,763 5,251
Net interfund transfers -- 1,327 876 -- 1,635 --
-------- ------ ------- ----- ------ -----
Net increase (decrease) in plan equity (25) 40,249 40,228 917 14,398 5,251
Plan equity at beginning of period 2,965 51,313 73,292 2,340 13,038 2,204
-------- ------ ------- ----- ------ -----
Plan equity at end of period $ 2,940 91,562 113,520 3,257 27,436 7,455
======== ====== ======= ===== ====== =====
PARTICIPANT DIRECTED
---------------------------------
MAXIM MAXIM PUTNAM FIDELITY
US GOVERNMENT INVESTMENT GLOBAL ADVISOR
MORTGAGE GRADE MAXIM GOVERNMENT GROWTH
SECURITY CORPORATION CORPORATION INCOME OPPORTUNITIES
FUND FUND FUND FUND FUND
------------ ----------- ----- --------- ---------
Investment income:
Dividends:
Other securities -- -- -- -- --
Interest -- -- -- -- --
Interest on participants loans -- -- -- -- --
----- ----- ----- ----- ------
-- -- -- -- --
Realized gain (loss) from sales of investments (note 7):
Other securities 10 -- 48 -- 114
Unrealized appreciation (depreciation)
of investments (note 6) 185 242 836 (45) 7,544
----- ----- ----- ----- ------
Total investment income (loss) 195 242 884 (45) 7,658
----- ----- ----- ----- ------
Contributions:
Employer 354 466 524 150 1,152
Employee 1,051 1,293 1,625 816 3,311
401(k) -- -- -- -- 1,187
----- ----- ----- ----- ------
Total additions 1,600 2,001 3,033 921 13,308
----- ----- ----- ----- ------
Net loans (55) -- (572) -- (642)
Distributions to participants -- -- -- -- --
Administrative expense, net -- -- -- -- --
----- ----- ----- ----- ------
Total deductions (55) -- (572) -- (642)
----- ----- ----- ----- ------
Net increase prior to interfund transfers 1,545 2,001 2,461 921 12,666
Net interfund transfers -- -- -- -- --
----- ----- ----- ----- ------
Net increase (decrease) in plan equity 1,545 2,001 2,461 921 12,666
Plan equity at beginning of period 1,968 2,884 5,731 2,916 18,621
----- ----- ----- ----- ------
Plan equity at end of period 3,513 4,885 8,192 3,837 31,287
===== ===== ===== ===== ======
See accompanying notes to financial statements.
11
16
MACDERMID EQUIPMENT 401(K) PLAN
Statement of Income and Changes in Plan Equity with Fund Information
Year ended March 31, 1998
PARTICIPANT DIRECTED
------------------------------------------------------------------
MAXIM
MAXIM AIM MAXIM MAXIM AIM VALUE
STOCK INDEX WEINGARTEN MID CAP BLUE CHIP CHARTER INDEX
FUND FUND FUND FUND FUND FUND
----------- ---------- ------- --------- ------- -----
Investment income: $
Dividends:
Other securities -- -- -- -- -- --
Interest -- -- -- -- -- --
Interest on participants loans -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Realized gain (loss) from sales of
investments (note 7):
Other securities -- 274 265 -- 28 --
Unrealized appreciation (depreciation)
of investments (note 6) 8,612 8,744 (258) 1,020 4,437 3,984
-------- -------- -------- -------- -------- --------
Total investment income (loss) 8,612 9,018 7 1,020 4,465 3,984
-------- -------- -------- -------- -------- --------
Contributions:
Employer 1,863 1,845 59 245 1,087 500
Employee 6,354 4,921 179 988 2,688 1,046
401(k) -- -- -- 1,187 594 --
-------- -------- -------- -------- -------- --------
Total additions 16,829 15,784 245 3,440 8,834 5,530
-------- -------- -------- -------- -------- --------
Net loans (406) (45) -- (74) -- (403)
Distributions to participants (242) (1,120) -- -- -- --
Administrative expense, net -- -- -- -- -- (43)
-------- -------- -------- -------- -------- --------
Total deductions (648) (1,165) -- (74) -- (403)
-------- -------- -------- -------- -------- --------
Net increase prior to interfund transfers 16,181 14,619 245 3,366 8,834 5,127
Net interfund transfers 1,327 -- -- -- -- 1,327
-------- -------- -------- -------- -------- --------
Net increase (decrease) in plan equity 17,508 14,619 245 3,366 8,834 6,454
Plan equity at beginning of period 15,281 20,029 -- 2,976 10,394 7,860
-------- -------- -------- -------- -------- --------
Plan equity at end of period $ 32,789 34,648 245 6,342 19,228 14,314
======== ======== ======== ======== ======== ========
--------------------------------
PUTNAM FUND FIDELITY PUTNAM MAXIM FIDELITY
FOR ADVISOR GLOBAL FOREIGN ADVISOR
GROWTH & EQUITY GROWTH EQUITY OVERSEAS
INCOME FUND FUND FUND FUND
----------- -------- ------ ------- --------
Investment income:
Dividends:
Other securities -- -- -- -- --
Interest -- -- -- -- --
Interest on participants loans -- -- -- -- --
-------- -------- -------- -------- --------
Realized gain (loss) from sales of
investments (note 7):
Other securities 181 87 -- 1,904 259
Unrealized appreciation (depreciation)
of investments (note 6) 6,826 375 9,064 (263) 139
-------- -------- -------- -------- --------
Total investment income (loss) 7,007 462 9,064 1,641 398
-------- -------- -------- -------- --------
Contributions:
Employer 2,339 124 1,697 792 155
Employee 9,452 292 5,576 2,191 450
401(k) -- -- -- 594 --
-------- -------- -------- -------- --------
Total additions 18,798 878 16,337 5,218 1,003
-------- -------- -------- -------- --------
Net loans (360) -- (2,702) (613) --
Distributions to participants (755) -- (4,373) (2,231) (134)
Administrative expense, net -- -- -- -- --
-------- -------- -------- -------- --------
Total deductions (1,115) -- (7,075) (2,844) (134)
-------- -------- -------- -------- --------
Net increase prior to interfund transfers 17,683 878 9,262 2,374 869
Net interfund transfers -- -- -- (876) --
-------- -------- -------- -------- --------
Net increase (decrease) in plan equity 17,683 878 9,262 1,498 869
Plan equity at beginning of period 18,304 1,135 34,166 14,984 1,728
-------- -------- -------- -------- --------
Plan equity at end of period 35,987 2,013 43,428 16,482 2,597
======== ======== ======== ======== ========
See accompanying notes to the financial statements.
12
17
MACDERMID EQUIPMENT 401(K) PLAN
Statement of Income and Changes in Plan Equity with Fund Information
Year ended March 31, 1998
PARTICIPANT DIRECTED
-------------------------------------------------
ORCHARD MAXIM
OVERSEAS MONEY PROFILE PROFILE
EUROPEAN MARKET SERIES I SERIES II
FUND FUND FUND FUND
-------- ------ -------- ---------
Investment income:
Dividends:
Other securities -- -- -- --
Interest -- -- -- --
Interest on participants loans -- -- -- --
-- -- -- --
------ ----- ------- -------
Realized gain (loss) from sales of
investments (note 7):
Other securities 1 670 21,997 3,925
Unrealized appreciation (depreciation)
of investments (note 6) 144 (246) 59,666 42,238
------ ----- ------- -------
Total investment income (loss) 145 424 81,663 46,163
Contributions:
Employer 566 1 12,535 11,183
Employee 932 4 33,662 26,935
401(k) -- -- -- 1,187
------ ----- ------- -------
Total additions 1,643 429 127,860 85,468
------ ----- ------- -------
Net loans 132 (75) 1,666 (5,129)
Distributions to participants -- (3,474) (47,694) (4,741)
Administrative expense, net -- -- 98 --
------ ----- ------- -------
Total deductions 132 (3,549) (45,930) (9,870)
------ ----- ------- -------
Net increase prior to interfund transfers 1,775 (3,120) 81,930 75,598
Net interfund transfers -- (6,943) (15,750) --
------ ----- ------- -------
Net increase (decrease) in plan equity 1,775 (10,063) 66,180 75,598
Plan equity at beginning of period -- 17,959 233,296 151,520
------ ----- ------- -------
Plan equity at end of period $1,775 7,896 299,476 227,118
====== ===== ======= =======
PARTICIPANT DIRECTED
--------------------------------------------
PROFILE PROFILE PROFILE
ERIES III SERIES IV SERIES V LOAN
FUND FUND FUND FUND FORFEITURES TOTAL
--------- --------- -------- ------ ----------- -----
Investment income:
Dividends:
Other securities -- -- -- -- --
Interest -- -- -- -- 103
Interest on participants loans -- -- -- 4,341 4,341
------- ------ ------ ------- ---------
-- -- -- 4,341 4,444
Realized gain (loss) from sales of
investments (note 7):
Other securities 6,051 616 -- -- 39,669
Unrealized appreciation (depreciation)
of investments (note 6) 23,791 1,129 -- -- 234,033
------- ------ ------ ------- ---------
Total investment income (loss) 29,842 1,745 -- 4,341 278,146
Contributions:
Employer 11,500 659 701 -- 62,477
Employee 22,617 1,405 410 -- 156,829
401(k) 1,202 -- -- -- 7,139
------- ------ ------ ------- ---------
Total additions 65,161 3,809 1,111 4,341 504,590
------- ------ ------ ------- ---------
Net loans (9,481) (1,143) (54) 24,921 -- 3,357
Distributions to participants (6,860) (74) (5,036) (82,280)
Administrative expense, net -- -- -- -- 2,269 98
------- ------ ------ ------- --------- ---------
Total deductions (16,341) (1,217) (54) 19,885 2,269 (82,231)
------- ------ ------ ------- --------- ---------
Net increase prior to interfund transfers 48,820 2,592 1,057 24,226 2,269 431,359
Net interfund transfers 16,828 -- 248 -- --
------- ------ ------ ------- --------- ---------
Net increase (decrease) in plan equity 65,648 2,592 1,325 24,226 2,269 431,359
Plan equity at beginning of period 116,208 9,766 36 38,478 -- 871,392
------- ------ ------ ------- --------- ---------
Plan equity at end of period 181,856 12,358 1,341 62,704 2,269 1,302,751
======= ====== ====== ======= ========= =========
See accompanying notes to the financial statements.
13
18
MACDERMID EQUIPMENT 401(K) PLAN
Notes to Financial Statements
March 31, 1999 and 1998
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) BASIS OF PRESENTATION
The MacDermid Equipment (The Company) 401(k) Plan (the Plan) is a
defined contribution plan that was established as of January 1,
1989 under the name of Hollmuller America, Inc. 401(k) Plan.
MacDermid, Inc. had owned 50% of Hollmuller America, Inc. On
x/x/xx MacDermid, Inc. purchased the remaining 50% of Hollmuller
America, Inc., and the name of the Plan was changed to the
MacDermid Equipment, Inc. 401(k) Plan.
The accompanying financial statements have been prepared on an
accrual basis. Current values of investments are determined using
quoted market prices and current yields. Purchases and sales of
securities are recorded on a trade-date basis. The cost of
investments sold is determined on an average cost basis.
(b) TRUST FUND
Great West Life Annuity Insurance Company was the trustee of the
Plan through December 31, 1998. Effective January 1, 1999,
Prudential Investments is the Trustee of the Plan. Under the terms
of a trust agreement between the Trustee and the Plan, the Trustee
manages a trust fund on behalf of the Plan. The Plan Trustee has
discretionary authority concerning purchases and sales of
investments in the trust fund. The investments and changes therein
of this trust fund have been reported to the Plan by the Trustee
as having been determined through the use of current values for
all assets and liabilities.
(c) USE OF ESTIMATES
The preparation of financial statements in conformity with
generally accepted accounting principles requires the plan
administrator to make estimates and assumptions that affect the
reported amounts of assets, liabilities, and the disclosure of
contingent assets and liabilities. Actual results could differ
from those estimates.
(2) PLAN PROVISIONS
Under the terms of the Plan, an employee is eligible to become a
participant in the Plan (for the purpose of making employee
contributions) upon the completion of 30 days of employment. For the
purpose of receiving Company contributions, an employee is eligible after
reaching the age of 21 and completing at least twelve months of service
and 1,000 hours of employment with the Company during the current fiscal
year.
An employee may make voluntary pre-tax contributions to the Plan totaling
from 1% to 15% of the employee's gross pay, subject to IRS limitations.
Contributions toward Company stock (up to 6%) are matched by the Company
$0.50 per dollar, to a maximum of 3% of employees' gross pay. Each
participant shall direct (to funds) 100% of their contributions.
(Continued)
14
19
MACDERMID EQUIPMENT 401(K) PLAN
Notes to Financial Statements
March 31, 1999 and 1998
The Company may make profit-sharing contributions to the Plan. This is a
discretionary contribution determined by the Board of Directors.
Employees vest immediately as to their contributions. Full vesting with
respect to the Company's contribution requires five years of credited
service, except that full vesting will apply when an employee attains age
55, dies or becomes totally disabled. Any forfeited amounts related to
the maximum additional 3% of compensation allocated to the Company Stock
Fund are used to reduce the cash contribution required by the Company in
the following year. All other forfeitures are allocated on a pro rata
basis to Plan participants with at least one year of participation in the
Plan based on eligible compensation. There were no forfeitures in Plan
year 1999 and 1998.
Distribution of participants' interests upon separation shall be paid in
(a) a lump sum; (b) equal installments over a period not to exceed 15
years; or (c) through the purchase of a single premium annuity contract,
as the participant elects but subject to the approval of the Plan
Administrator.
The Company expects to continue the Plan indefinitely, but necessarily
reserves the right to amend, modify or terminate the Plan at any time. If
it is necessary to discontinue the Plan, the assets in the trust fund
will be used to provide benefits in accordance with the provisions of the
Plan document.
(3) FEDERAL INCOME TAXES
The Plan has received a tax determination letter dated November 1, 1993,
from the Internal Revenue Service (IRS) indicating that the Plan
qualifies under the provisions of Section 501(a) of the Internal Revenue
Code (IRC) and is exempt from federal income taxes. However, the Company
believes the Plan is designed and is currently being operated in
compliance with the applicable sections of the IRC.
Plan participants are taxed on Plan benefits at the time of distribution
to the extent such distribution exceeds a participant's post-tax
contribution to the Plan. The Plan withholds the mandatory 20% federal
tax from all taxable distributions which are not direct rollovers. The
tax consequences to the participant will depend on the type of
distribution (lump sum, annuity, or installments).
(4) INVESTMENT PROGRAMS
Plan participants may elect from among fourteen separate investment funds
in which to have their contributions and a portion of the Company's
contribution invested. The fourteen investment funds of the Plan as of
March 31, 1999 are as follows:
(1) OPPENHEIMER QUEST VALUE A (QFVFX)- Seeks capital appreciation.
(Continued)
15
20
MACDERMID EQUIPMENT 401(K) PLAN
Notes to Financial Statements
March 31, 1999 and 1998
(2) STABLE VALUE FUND 65 - Seeks to provide safety of principal, adequate
liquidity and returns superior to shorter maturity alternatives. The Stable
Value Fund will invest 100% in the Norwest Stable Return Fund with the same
investment objective.
(3) PRUDENTIAL EQUITY FUND A (PBQAX) - Seeks long-term growth of capital.
(4) PRUDENTIAL INTERMEDIATE GLOBAL INCOME A (PBIGX) - Seeks current income and
capital appreciation.
(5) PRUDENTIAL DIVERSIFIED HIGH GROWTH FUND - Seeks to provide current income
and a reasonable level of capital appreciation. This fund pursues its
objective by investing in a diversified portfolio of debt obligations and
equity securities.
(6) PRUDENTIAL DIVERSIFIED CONSERVATIVE GROWTH FUND - Seeks to provide current
income and a reasonable level of capital appreciation. This fund pursues
its objective by investing in a diversified portfolio of debt obligations
and equity securities.
(7) PRUDENTIAL DIVERSIFIED MODERATE GROWTH FUND - Seeks to provide long-term
capital appreciation and a reasonable level of current income. This fund
pursues its objective by investing in a diversified portfolio of equity
securities.
(8) PRUDENTIAL STOCK INDEX FUND Z (PSIFX) - Seeks to replicate the performance
of the S&P 500 Index.
(9) PRUDENTIAL WORLD FUND GLOBAL A (PRGAX) - Seeks long-term capital growth;
income is secondary.
(10) KEMPER DREMAN HIGH RETURN EQUITY (KDHAX) - Seeks total return.
(11) PIMCO TOTAL RETURN FUND A - Seeks to provide maximum total return, taking
into consideration income and capital appreciation potential. It maintains
a portfolio consisting primarily of intermediate-term, high quality, fixed
income securities.
(12) VAN KAMPEN AMERICAN VALUE FUND A (MSAVX) - Seeks long-term total return.
(13) MACDERMID COMPANY STOCK FUND (MRD) - This fund consists primarily of
common stock of MacDermid, Inc.
(14) GOLD SACHS GOVERNMENT INCOME A - Seeks income.
Participants may elect to transfer amounts from one investment fund to another,
up to once per day, using a voice response system. Once an election is made to
allocate funds to the Employer Stock Fund,
(Continued)
16
21
MACDERMID EQUIPMENT 401(K) PLAN
Notes to Financial Statements
March 31, 1999 and 1998
the funds may not be transferred out, except that participants over the
age of 55 may transfer certain funds out of the Employer Stock Fund.
(5) INVESTMENTS
The following table represents the cost and fair value of investment.
Investments that represent 5% or more the Plan's net assets are
separately identified:
DESCRIPTION OF CURRENT
FUND INVESTMENT COST VALUE
--------------------------------------------- -------------- -------- ---------
Guaranteed Certificate Fund $ 2,940 2,940
American Century Twentieth Century Ultra Fund 794 60,818 91,562
AMI Constellation Fund 930 83,685 113,520
Maxim Small Cap Fund 55 2,279 3,257
Maxim Growth Index Fund 271 18,308 27,436
Small Cap Aggressive Growth Fund 75 6,174 7,455
Maxim US Government Mortgage Security Fund 75 3,292 3,513
Maxim Investment Grade Corporation Fund 53 4,562 4,885
Maxim Corporation Fund 140 6,762 8,192
Putnam Global Government Income Fund 61 3,525 3,837
Fidelity Advisor Growth Opportunities Fund 304 19,870 31,287
Maxim Stock Index Fund 152 22,225 32,789
AIM Weingarten Fund 283 22,450 34,648
Maxim Mid Cap Fund 5 283 245
Maxim Blue Chip Fund 78 5,047 6,343
AIM Charter Fund 181 13,230 19,228
Maxim Value Index Fund 77 8,244 14,314
Putnam Fund for Growth and Income Fund 431 26,794 35,987
Fidelity Advisor Equity Income Fund 16 1,475 2,013
Putnam Global Growth Fund 623 31,077 43,428
Maxim Foreign Equity Fund 249 14,605 16,482
Fidelity Advisor Overseas Fund 25 2,069 2,597
Orchard Overseas European Fund 45 1,632 1,775
Maxim Money Market Fund 79 6,925 7,896
Profile Series I Fund 3,128 193,886 299,476
Profile Series II Fund 3,632 161,837 227,118
Profile Series III Fund 3,019 140,003 181,856
Profile Series IV Fund 199 9,957 12,358
Profile Series V Fund 51 1,315 1,341
-------- ---------
$875,223 1,237,778
======== =========
17
22
MACDERMID EQUIPMENT 401(K) PLAN
Notes to Financial Statements
March 31, 1999 and 1998
(6) UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
The net unrealized appreciation (depreciation) of investments included in
Plan equity is as follows:
AMER CENT MAXIM MAXIM MAXIM
GUARANTEED TWENTIETH AIM MAXIM MAXIM SC AGG US GOVT INVEST
CERTIFICATE CENT ULTRA CONSTELLATION SMALL CAP GROWTH IND GROWTH MORT SEC GRADE CORP
FUND FUND FUND FUND FUND FUND FUND FUND
----------- ---------- ------------- --------- ---------- ------ -------- ----------
Unrealized appreciation (depreciation)
period ending March 31, 1998 $ -- 30,744 29,835 978 9,128 1,281 221 323
Change fiscal 1999 -- (30,744) (29,835) (978) (9,128) (1,281) (221) (323)
---------- ------ ------ --- ----- ----- --- ---
Balance March 31, 1999 $ -- -- -- -- -- -- -- --
========== ====== ====== === ===== ===== === ===
PUTNAM FIDELITY
MAXIM GLOBAL ADV. GROWTH
CORP GOVT INC OPPORTUNITIES
FUND FUND FUND
----- -------- -------------
Unrealized appreciation (depreciation)
period ending March 31, 1998 1,430 312 11,417
Change fiscal 1999 (1,430) (312) (11,417)
----- ----- ------
Balance March 31, 1999 -- -- --
===== ===== ======
MAXIM AIM MAXIM MAXIM AIM MAXIM FUND FOR ADVISOR
STOCK INDEX WEINGARTEN MID CAP BLUE CHIP CHARTER VALUE GROWTH & EQ. INCOME
FUND FUND FUND FUND FUND FUND INCOME FUND
----------- ---------- -------- --------- ------- ----- -------- ----------
Unrealized appreciation (depreciation)
period ending March 31, 1998 10,564 12,198 7 1,296 5,998 6,070 9,193 538
Change fiscal 1999 (10,564) (12,198) (7) (1,296) (5,998) (6,070) (9,193) (538)
------ ------ --- ----- ----- ----- ----- ---
Unrealized appreciation (depreciation)
period ending March 31, 1999 -- -- -- -- -- -- -- --
====== ====== === ===== ===== ===== ===== ===
GLOBAL FOREIGN ADVISOR
GROWTH EQUITY OVERSEAS
FUND FUND FUND
------ ------- --------
Unrealized appreciation (depreciation)
period ending March 31, 1998 12,351 1,877 528
Change fiscal 1999 (12,351) (1,877) (528)
------ ----- -----
Unrealized appreciation (depreciation)
period ending March 31, 1999 -- -- --
====== ===== =====
ORCHARD MAXIM
OVERSEAS MONEY PROFILE PROFILE PROFILE PROFILE PROFILE EMPLOYER
EUROPEAN MARKET SERIES I SERIES II SERIES III SERIES IV SERIES V STOCK
FUND FUND FUND FUND FUND FUND FUND FUND
-------- ------ -------- --------- ---------- --------- -------- --------
Unrealized appreciation (depreciation)
period ending March 31, 1998 143 971 105,590 65,281 41,853 2,401 26 --
Change fiscal 1999 (143) (971) (105,590) (65,281) (41,853) (2,401) (26) (1,203)
------ ---- ------- ------ ------ ----- --- -----
Unrealized appreciation (depreciation)
period ending March 31, 1999 -- -- -- -- -- -- -- (1,203)
====== ==== ======= ====== ====== ===== === =====
PRUDENTIAL
STABLE OPPEN DIVERSIFIED
VALUE QUEST VAL HIGH GROWTH
FUND FUND FUND
------ --------- -----------
Unrealized appreciation (depreciation)
period ending March 31, 1998 -- -- --
Change fiscal 1999 161 (368) (34)
----- ----- -----
Unrealized appreciation (depreciation)
period ending March 31, 1999
161 (368) (34)
===== ===== =====
PRU PRU VAN KAMPEN PRU PIMCO PRU
DIVERSIFIED DIVERSIFIED PRU AMERICAN INTERMEDIATE TOTAL GOLD SACHS STOCK
CONS. GROWTH MOD. GROWTH EQUITY VALUE GLOBAL INC. RETURN INCOME INDEX
FUND FUND FUND FUND FUND FUND FUND FUND
------------ ----------- ------ -------- ------------ ------ ---------- -----
Unrealized appreciation (depreciation)
period ending March 31, 1998 $ -- -- -- -- -- -- -- --
Change fiscal 1999 68 2,805 710 (261) (38) (153) (53) 4,045
-------- ----- --- --- --- --- --- -----
Unrealized appreciation (depreciation)
period ending March 31, 1999 $ 68 2,805 710 (261) (38) (153) (53) 4,045
======== ===== === === === === === =====
PRU KEMPER
WORLD DREMEN
GLOBAL HI RETURN
FUND FUND TOTAL
------ --------- -----
Unrealized appreciation (depreciation)
period ending March 31, 1998 -- -- 362,554
Change fiscal 1999 1,342 (2,449) (357,977)
----- ----- -------
Unrealized appreciation (depreciation)
period ending March 31, 1999 1,342 (2,449) 4,577
===== ===== =======
18
(Continued)
23
MACDERMID EQUIPMENT 401(K) PLAN
Notes to Financial Statements
March 31, 1999 and 1998
(7) REALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
AMER CENT
GUARANTEED TWENTIETH AIM MAXIM MAXIM
CERTIFICATE CENT ULTRA CONSTELLATION SMALL CAP GROWTH IND
FUND FUND FUND FUND FUND
----------- ---------- ------------- --------- ----------
Year ended March 31, 1998
Proceeds $1,198 5,783 8,593 -- 375
Cost 1,198 4,414 6,877 -- 310
------ ----- ----- ---
Gain (Loss) $ -- 1,369 1,716 -- 65
====== ===== ===== == ===
MAXIM MAXIM MAXIM PUTNAM FIDELITY
SC AGG US GOVT INVEST MAXIM GLOBAL ADV. GROWTH
GROWTH MORT SEC GRADE CORP CORP GOVT INC OPPORTUNITIES
FUND FUND FUND FUND FUND FUND
------ -------- ---------- ---- -------- -------------
Year ended March 31, 1998
Proceeds 765 210 -- 705 -- 995
Cost 676 200 -- 656 -- 881
--- --- -- --- -- ---
Gain (Loss) 89 10 -- 49 -- 114
=== === == === == ===
MAXIM AIM MAXIM MAXIM AIM
STOCK INDEX WEINGARTEN MID CAP BLUE CHIP CHARTER
FUND FUND FUND FUND FUND
----------- ---------- ------- --------- -------
Year ended March 31, 1998
Proceeds $-- 1,131 1,813 -- 230
Cost -- 857 1,548 -- 202
--- ----- ----- -- ---
Gain (Loss) $-- 274 265 -- 28
=== ===== ===== == ===
PUTNAM FIDELITY PUTNAM MAXIM FIDELITY
MAXIM FUND FOR ADVISOR GLOBAL FOREIGN ADVISOR
VALUE GROWTH & EQ. INCOME GROWTH EQUITY OVERSEAS
FUND INCOME FUND FUND FUND FUND
----- -------- ---------- ------ ------- --------
Year ended March 31, 1998
Proceeds -- 885 1,114 -- 8,806 3,959
Cost -- 704 1,027 -- 6,902 3,700
-- --- ----- -- ----- -----
Gain (Loss) -- 181 87 -- 1,904 259
== === ===== == ===== =====
ORCHARD MAXIM
OVERSEAS MONEY PROFILE PROFILE PROFILE
EUROPEAN MARKET SERIES I SERIES II SERIES III
FUND FUND FUND FUND FUND
-------- ------ -------- --------- ----------
March 31, 1998
Proceeds $38 10,493 72,466 17,165 24,196
Cost 37 9,823 50,469 13,240 18,145
--- ------ ------ ------ ------
Gain (Loss) $ 1 670 21,997 3,925 6,051
=== ====== ====== ====== ======
PRUDENTIAL
PROFILE PROFILE EMPLOYER STABLE OPPEN. DIVERSIFIED
SERIES IV SERIES V STOCK VALUE QUEST VAL. HIGH GROWTH
FUND FUND FUND FUND FUND FUND
--------- -------- -------- ------ ---------- -----------
March 31, 1998
Proceeds 3,103 -- -- -- -- --
Cost 2,487 -- -- -- -- --
----- -- -- -- -- --
Gain (Loss) 616 -- -- -- -- --
===== == == == == ==
PRU PRU VAN KAMPEN PRU PIMCO
DIVERSIFIED DIVERSIFIED PRU AMERICAN INTERMEDIATE TOTAL
CONS. GROWTH MOD. GROWTH EQUITY VALUE GLOBAL INC. RETURN
FUND FUND FUND FUND FUND FUND
------------ ----------- ------ -------- ----------- ------
Unrealized appreciation (depreciation)
period ending March 31, 1998 $-- -- -- -- -- --
Change fiscal 1999 68 2,805 710 (261) (38) (153)
--- ----- --- ---- --- ----
Unrealized appreciation (depreciation)
period ending March 31, 1999 $68 2,805 710 (261) (38) (153)
=== ===== === ==== === ====
PRU PRU KEMPER
GOLD SACHS STOCK WORLD DREMEN
INCOME INDEX GLOBAL HI RETURN
FUND FUND FUND FUND TOTAL
---------- ----- ------ --------- -----
Unrealized appreciation (depreciation)
period ending March 31, 1998 -- -- -- -- 362,554
Change fiscal 1999 (53) 4,045 1,342 (2,449) (357,982)
--- ----- ----- ------ --------
Unrealized appreciation (depreciation)
period ending March 31, 1999 (53) 4,045 1,342 (2,449) 4,572
=== ===== ===== ====== ========
19
24
MACDERMID EQUIPMENT 401(K) PLAN
Notes to Financial Statements
March 31, 1999 and 1998
(8) PARTICIPANT NOTES RECEIVABLE
Participants may borrow from their fund accounts a minimum of $1,000 up
to a maximum equal to the lesser of $50,000 or 50% of their vested
account balance. Loan transactions are treated as a transfer to (from)
the investment fund from (to) the Participant Notes fund. Loan terms
range from 1-5 years or up to 10 years for the purchase of a primary
residence. Loans are secured by the balance in a participant's account
and bear interest at a rate commensurate with local prevailing rates as
determined quarterly by the Plan administrator. Interest rates from 7.3%
to 10.8%. Principal and interest is paid ratably through regular payroll
deductions.
20
25
SCHEDULE 1
MACDERMID EQUIPMENT 401(K) PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
March 31, 1999
DESCRIPTION OF CURRENT
FUND INVESTMENT COST VALUE
-------------- ---- -------
Employer Stock Fund:
*MacDermid Common Stock 4,502.56 shares $ 154,006 152,803
-------------- ---------
Stable Value Fund:
Norwest Bank Stable Value 614.92 shares 16,235 16,396
-------------- ---------
Oppenheimer Quest Value
Oppenheimer Quest Value A 4,255.32 shares 90,581 90,213
-------------- ---------
Prudential Diversified Conser. Growth
Pru Diversified High Growth A 22,748.24 shares 242,304 242,269
-------------- ---------
Prudential Diversified Moderate Growth
Pru Diversified Moderate Growth A 39,628.72 shares 413,693 416,498
-------------- ---------
Prudential Diversified Conserv. Growth A 1,684.01 shares 17,328 17,396
-------------- ---------
Prudential Equity Fund A
Pru Equity Fund A 7,799.32 shares 154,106 154,816
-------------- ---------
Van Kampen American Value A
Van Kampen Amer Value A 552.78 shares 11,001 10,740
-------------- ---------
Prudential Intermediate Global Inc.
Pru Intermediate Global 256.20 shares 2,036 1,998
-------------- ---------
PIMCO Total Return A
PIMCO Total Return A 665.25 shares 9,117 8,964
-------------- ---------
Gold Sachs Government Income A
Gold Sachs Govt Income A 494.04 shares 7,712 7,659
-------------- ---------
Prudential Stock Index Fund Z
Pru Stock Index Z 3,299.40 shares 89,317 93,362
-------------- ---------
Prudential World Global Fund A
Pru World Global A 4,153.52 shares 73,920 75,262
-------------- ---------
Kemper Dremen Hi Return Equity Fund
Kemper Dremen Hi Return Equity 4,580.19 shares 154,053 151,604
-------------- ---------
$ 1,435,409 1,439,980
============== =========
21
26
MACDERMID EQUIPMENT 401(K) PLAN
Item 27d - Schedule of Reportable Transactions
For the year ended March 31, 1999
DESCRIPTION
OF ASSETS EXPENSE
(INCLUDE INTEREST NUMBER INCLUDED
RATE AND MATURITY --------------- PURCHASE SELLING WITH
DESCRIPTION IN CASE OF A LOAN) PURCHASE SALE PRICE PRICE TRANSACTION
- ------------------------------- ------------------ -------- ----- -------- ------- -----------
Putnam Global Growth Mutual Fund $ 587 94 46,764 93,907
Orchard Index 600 Mutual Fund 337 39 39,082 74,886
American Century Ultra Mutual Fund 961 115 119,427 225,952
AIM Weingarten Mutual Fund 363 44 38,523 78,216
Maxim Growth Index Mutual Fund 381 58 42,775 75,883
Fidelity Advisor Growth Oppor. Mutual Fund 326 54 37,461 72,384
Maxim Growth Index Mutual Fund 468 57 55,765 93,401
AIM Constellation Mutual Fund 727 101 123,559 240,052
Profile Series I Mutual Fund 1,074 141 340,664 653,039
Profile Series II Mutual Fund 643 86 251,039 486,414
Profile Series III Mutual Fund 1,049 99 188,765 377,194
Pru Stock Index Z Mutual Fund 13 2 107,167 17,855
Pru Equity Fund Mutual Fund 12 4 176,215 21,933
Pru Diversified Mod Gr A Mutual Fund 12 2 424,347 10,779
Pru Diversified High Gr A Mutual Fund 12 2 339,560 95,250
Kemper Dremen Hi Return Equity Mutual Fund 14 1 154,345 238
Oppenheimer Quest Value A Mutual Fund 12 2 114,523 23,319
MacDermid Company Stock Stock 13 2 156,046 1,956
CURRENT VALUE
OF ASSET ON
COST OF ASSET TRANSACTION DATE
--------------------- ----------------------- NET
DESCRIPTION PURCHASE SALES PURCHASE SALES (LOSS)
- -------------------------------- -------- ----- -------- ----- ------
Putnam Global Growth 46,764 38,134 46,764 93,907 55,773
Orchard Index 600 39,082 31,621 39,082 74,886 43,265
American Century Ultra 119,427 76,163 119,427 225,952 149,789
AIM Weingarten 38,523 32,287 38,523 78,216 45,929
Maxim Growth Index 42,775 26,951 42,775 75,883 48,932
Fidelity Advisor Growth Oppor. 37,641 22,096 37,641 72,384 50,288
Maxim Growth Index 55,765 40,970 55,765 93,401 52,431
AIM Constellation 123,559 112,119 123,559 240,052 127,933
Profile Series I 340,664 230,783 340,664 653,039 422,256
Profile Series II 251,039 190,959 251,039 486,414 295,455
Profile Series III 188,765 156,210 188,765 377,194 220,984
Pru Stock Index Z 107,166 17,855 107,166 17,855 --
Pru Equity Fund 176,215 22,098 176,215 21,933 (165)
Pru Diversified Mod Gr A 424,347 10,644 424,347 10,779 135
Pru Diversified High Gr A 339,560 97,239 339,560 95,250 (1,989)
Kemper Dremen Hi Return Equity 154,345 235 154,345 238 3
Oppenheimer Quest Value A 114,523 23,942 114,523 23,319 (623)
MacDermid Company Stock 156,046 2,053 156,046 1,956 (97)
27
Schedule 2
MACDERMID EQUIPMENT 401(K) PLAN
Item 27d - Schedule of Reportable Transactions
For the year ended March 31, 1998
DESCRIPTION
OF ASSETS EXPENSE
(INCLUDE INTEREST NUMBER INCLUDED
RATE AND MATURITY ------------------- PURCHASE SELLING WITH
DESCRIPTION IN CASE OF A LOAN) PURCHASE SALE PRICE PRICE TRANSACTION
- ----------------------- ------------------ -------- ---- -------- ------- -----------
Profile Series I Mutual Fund 1,459 27 56,993 72,466
Profile Series II Mutual Fund 949 10 46,600 17,165
Profile Series III Mutual Fund 1,209 14 60,002 24,196
CURRENT VALUE
OF ASSET ON
COST OF ASSET TRANSACTION DATE
------------------- ------------------- NET
DESCRIPTION PURCHASE SALES PURCHASE SALES (LOSS)
- ----------------------- -------- ----- -------- ----- ------
Profile Series I 56,993 50,469 72,466 72,466 21,997
Profile Series II 46,600 13,240 46,600 17,165 33,360
Profile Series III 60,002 18,145 60,002 24,196 35,806
22