1
UNITED STATES
SECURITIES EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF
X 1934 (FEE REQUIRED)
- ----
For the fiscal year ended December 31, 1994
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 0-10023
------------------------------------------------------
A. Full title of the Plan and address of the Plan, if different from that of
the issuer named below:
Sudbury Savings and Profit-Sharing Plan
B. Name of issuer of the securities held pursuant to the Plan and the
address of its principal executive office:
Sudbury, Inc.
30100 Chagrin Blvd., Suite 203
Cleveland, Ohio 44124
2
Sudbury Savings and Profit-Sharing Plan
December 31, 1994
TABLE OF CONTENTS
The following financial statements and schedules, prepared in accordance with
the financial reporting requirements of ERISA, are furnished for the Plan.
Report of Independent Auditors
Statement of Net Assets Available for Plan Benefits as of December 31, 1994
Statement of Net Assets Available for Plan Benefits as of December 31, 1993
Statement of Changes in Net Assets Available for Plan Benefits for the Year
Ended December 31, 1994
Statement of Changes in Net Assets Available for Plan Benefits for the Seven
Month Period Ended December 31, 1993
Notes to Financial Statements
Schedule of Assets Held for Investment Purposes as of December 31, 1994
Schedule of Reportable Transactions for the Year Ended December 31, 1994
Schedule of Assets Held for Investment Purposes as of December 31, 1993
Schedule of Reportable Transactions for the Seven Month Period Ended
December 31, 1993
Consent of Ernst & Young LLP
SIGNATURES
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
hereunto duly authorized.
Sudbury Savings and Profit-Sharing Plan
June 21, 1995
By: /s/Mark E. Brody
---------------------------------
Mark E. Brody
Vice President and Chief Financial
Officer of Sudbury, Inc.
3
Annual Report
SUDBURY SAVINGS AND
PROFIT-SHARING PLAN
December 31, 1994 and 1993
PLAN SPONSOR AND PLAN ADMINISTRATOR
Sudbury, Inc.
30100 Chagrin Blvd.,
Suite 203
Cleveland, Ohio 44124
4
Report of Independent Auditors
Board of Directors
Sudbury Savings and Profit-Sharing Plan
We have audited the accompanying statements of net assets available for plan
benefits of the Sudbury Savings and Profit Sharing Plan as of December 31, 1994
and 1993, and the related statements of changes in net assets available for plan
benefits for the year ended December 31, 1994 and the seven month period ended
December 31, 1993. 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 net assets available for plan benefits of the
Sudbury Savings and Profit Sharing plan at December 31, 1994 and 1993 and the
changes in net assets available for Plan benefits for the year ended December
31, 1994 and the seven month period ended December 31, 1993 in conformity with
generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying schedules of assets
held for investment purposes as of December 31, 1994 and 1993 and reportable
transactions for the year ended December 31, 1994 and the seven month period
ended December 31, 1993 are presented for purposes of complying with the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974 and are not a required
part of the financial statements. The supplemental schedules have been
subjected to the auditing procedures applied in our audits of the financial
statements and, in our opinion, are fairly stated in all material respects in
relation to the financial statements taken as a whole.
May 26, 1995
1
5
Sudbury Savings and Profit Sharing Plan
Statement of Net Assets Available for Plan Benefits
December 31, 1994
FIDELITY COMPANY
RETIREMENT FIDELITY FIDELITY FIDELITY STOCK FUND
MONEY INTERMEDIATE ASSET GROWTH & FIDELITY AND
MARKET BOND MANAGER INCOME MAGELLAN OTHER 1994
FUND FUND FUND PORTFOLIO FUND ASSETS TOTAL
--------------------------------------------------------------------------------------------
ASSETS
Investments:
Mutual funds $762,416 $1,688,677 $2,260,075 $3,058,107 $7,769,275
Money market funds $2,115,651 1,649 5,681 4,588 7,419 $39,678 2,174,666
Common stock 716,591 716,591
Other investments 45,394 45,394
Participant loans 268,001 268,001
--------------------------------------------------------------------------------------------
Total investments 2,115,651 764,065 1,694,358 2,264,663 3,065,526 1,069,664 10,973,927
Contributions Receivable:
Participants 21,208 9,200 22,423 27,377 49,270 1,446 130,924
Employer 11,103 4,782 11,543 14,010 24,283 691 66,412
Other receivable/(payable) 1,927 1,073 593 3,668 2,179 (34,679) (25,239)
Interfund transfers (26,924) (1,188) (3,255) 60,895 37 (29,565) 0
--------------------------------------------------------------------------------------------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $2,122,965 $777,932 $1,725,662 $2,370,613 $3,141,295 $1,007,557 $11,146,024
============================================================================================
<FN>
See notes to financial statements.
2
6
Sudbury Savings and Profit Sharing Plan
Statement of Net Assets Available for Plan Benefits
December 31, 1993
FIDELITY COMPANY
RETIREMENT FIDELITY FIDELITY FIDELITY STOCK FUND
MONEY INTERMEDIATE ASSET GROWTH & FIDELITY AND
MARKET BOND MANAGER INCOME MAGELLAN OTHER 1993
FUND FUND FUND PORTFOLIO FUND ASSETS TOTAL
----------------------------------------------------------------------------------------
ASSETS
Investments:
Mutual funds $658,140 $1,299,859 $1,553,419 $1,961,159 $5,472,577
Money market funds $2,779,227 $585,200 3,364,427
Common stock 968,330 968,330
Other investments 165,270 165,270
Participant loans 303,931 303,931
----------------------------------------------------------------------------------------
Total investments 2,779,227 658,140 1,299,859 1,553,419 1,961,159 2,022,731 10,274,535
Contributions receivable:
Participants (6,509) 5 ,503 14,439 12,945 32,936 77,724 137,038
Employer (1,080) 1,046 2,998 2,101 6,485 14,804 26,354
Other receivable/(payable) 1,400 897 2,856 3,974 3,400 (13,586) (1,059)
Interfund transfers (341,899) 96,448 210,264 375,091 442,496 (782,400) 0
----------------------------------------------------------------------------------------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $2,431,139 $762,034 $1,530,416 $1,947,530 $2,446,476 $1,319,273 $10,436,868
========================================================================================
<FN>
See notes to financial statements.
3
7
Sudbury Savings and Profit Sharing Plan
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended December 31, 1994
Fidelity
Retirement Fidelity Fidelity Fidelity Company
Money Intermediate Asset Growth & Fidelity Stock Fund
Market Bond Manager Income Magellan and
Fund Fund Fund Portfolio Fund Other Assets Total
-------------------------------------------------------------------------------------
Additions to net assets:
Dividends and Interest $84,610 $52,297 $65,216 $162,864 $104,286 $34,272 $503,545
Net realized and unrealized
depreciation of investments (68,292) (171,447) (111,096) (158,432) (158,127) (667,394)
Contributions:
Participants 190,389 113,437 279,197 283,046 573,712 10,054 1,449,835
Employer 116,040 54,381 128,696 143,278 267,723 4,423 714,541
-------------------------------------------------------------------------------------
Total additions 391,039 151,823 301,662 478,092 787,289 (109,378) 2,000,527
Deductions from net assets:
Distributions to participants (453,117) (29,646) (196,452) (250,688) (236,700) (157,650) (1,324,253)
Interfund transfers (87,674) (106,886) 34,248 90,091 91,503 (21,282) 0
Other (158,422) 607 55,788 105,588 52,727 (23,406) 32,882
-------------------------------------------------------------------------------------
Total deductions (699,213) (135,925) (106,416) (55,009) (92,470) (202,338) (1,291,371)
Increase (decrease) in net
assets available for Plan
benefits (308,174) 15,898 195,246 423,083 694,819 (311,716) 709,156
Net assets available for Plan
benefits at beginning of year 2,431,139 762,034 1,530,416 1,947,530 2,446,476 1,319,273 10,436,868
-------------------------------------------------------------------------------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT END OF YEAR $2,122,965 $777,932 $1,725,662 $2,370,613 $3,141,295 $1,007,557 $11,146,024
=====================================================================================
<FN>
See notes to financial statements.
4
8
Sudbury Savings and Profit Sharing Plan
Statement of Changes on Net Assets Available for Plan Benefits
Seven Month Period Ended December 31, 1993
Fidelity
Fixed Retirement
Income Guaranteed Balanced Money
Fund Equity Fund Fund Fund Market Fund
--------------------------------------------------------------------------------------------
ADDITIONS TO NET ASSETS
Dividends and interest $ 41,995 $ 3,901 $ 5,237 $ 30,891 $ 2,041
Net realized and unrealized appreciation
(deprection) of investments 15,713 8,126 108,103 31,108
Contributions:
Participants 111,147 115,188 198,675 115,723 18,305
Employer 42,172 38,630 107,501 36,710 4,490
--------------------------------------------------------------------------------------------
Total additions 211,027 165,845 419,516 214,432 24,836
Deductions from net assets:
Distributions to participants (90,114) (101,651) (336,822) (196,229)
Interfund transfers (1,254,386) (1,202,759) (4,151,973) (1,534,124) 2,404,530
Other (26,124) (10,925) (10,896) 9,859 1,773
--------------------------------------------------------------------------------------------
Total deductions (1,370,624) (1,315,335) (4,499,691) (1,720,494) 2,406,303
--------------------------------------------------------------------------------------------
(Decrease) increase in net assets available
for Plan benefits (1,159,597) (1,149,490) (4,080,175) (1,506,062) 2,431,139
Net assets available for Plan benefits at
begining of year 1,159,597 1,149,490 4,080,175 1,506,062
--------------------------------------------------------------------------------------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS AT
END OF YEAR $ 0 $ 0 $ 0 $ 0 $2,431,139
============================================================================================
Fidelity Fidelity Company
Fidelity Asset Growth & Fidelity Stock Fund
Intermediate Manager Income Magellan and Other
Bond Fund Fund Portfolio Fund Assets Total
--------------------------------------------------------------------------------------------
ADDITIONS TO NET ASSETS
Dividends and interest $ 4,684 $ 51,402 $ 1,246 $ 113,097 $ 20,305 $ 274,799
Net realized and unrealized appreciation
(deprection) of investments (5,413) (13,086) 30,015 (76,422) 354,465 452,609
Contributions:
Participants 11,361 25,743 26,491 50,186 672,819
Employer 2,370 5,550 5,162 10,409 252,994
--------------------------------------------------------------------------------------------
Total additions 13,002 69,609 62,194 97,270 374,770 1,653,221
Deductions from net assets:
Distributions to participants (933,011) (1,657,827)
Interfund transfers 747,986 1,457,768 1,880,312 2,345,417 (692,771) 0
Other 1,046 3,039 4,304 3,789 464 (23,671)
--------------------------------------------------------------------------------------------
Total deductions 749,032 1,460,807 1,884,616 2,349,206 (1,625,318) (1,681,498)
--------------------------------------------------------------------------------------------
(Decrease) increase in net assets available
for Plan benefits 762,034 1,530,416 1,947,530 2,446,476 (1,250,476) (28,277)
Net assets available for Plan benefits at
begining of year 2,569,821 10,465,145
--------------------------------------------------------------------------------------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS AT
END OF YEAR $ 762,034 $ 1,530,416 $ 1,947,530 $ 2,446,476 $ 1,319,821 $10,436,868
============================================================================================
See notes to financial statements.
5
9
Sudbury Savings and Profit Sharing Plan
Notes to Financial Statements
December 31, 1994 and 1993
A. SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Sudbury Savings and Profit-Sharing Plan (the
Plan) are prepared on the accrual basis. The accounting records are maintained
by the plan sponsor and administrator, Sudbury, Inc. (the Company), in
conjunction with National City Bank, as Trustee, who maintains and manages the
assets and distributes benefits. Pittsburgh National Bank managed some assets
during the transition of funds to the Plan's new trustee, as described in Note
C.
Investments are valued at fair value representing quoted market prices or
independently estimated at fair value if quoted market prices are not
available, as certified by the Trustees.
The change in the difference between fair value and the cost of investments is
reflected in the Statement of Changes in Net Assets Available for Plan Benefits
as unrealized appreciation (depreciation) in the aggregate fair value of
assets.
The Plan's sponsor pays administrative expenses and trustee fees on behalf of
the Plan. Fees paid during the year to the Trustees were based on customary
and reasonable rates for such services.
B. DESCRIPTION OF THE PLAN
The Plan is a defined contribution plan covering all employees of the Company
who are not covered by a collective bargaining agreement and have completed
three months of service and are age 21 or older.
Participants in the Plan may contribute from 1% to 10% of their pre-tax
earnings through payroll deductions, except for highly compensated employees,
whose contributions are limited to 5% of their compensation. Effective July 1,
1994, the Company amended the plan so that each employer matches 100% of
pre-tax contributions attributable to the first 1% of the participant's
compensation and 50% of pre-tax contributions attributable to the next 4% of
the compensation of each participant. The previous employer match was 50% of
the pre-tax contributions attributable to the first 2% of the participant's
compensation. Participants may also make supplemental after-tax contributions
ranging from 1% to 10% of their compensation. These contributions are not
matched by the employer. The Company and respective Subsidiaries can also make
discretionary contributions as determined annually by each company's Board of
Directors. Participants are immediately vested in their pre-tax contributions
and any earnings thereon.
6
10
Sudbury Savings and Profit-Sharing Plan
Notes to Financial Statements--Continued
B. DESCRIPTION OF THE PLAN--CONTINUED
Vesting in the employer contribution portion of their accounts plus actual
earnings thereon is based on years of continuous service. A participant is
100% percent vested after five years of credited service.
Effective January 1, 1994 the plan was restated to provide that all
participants whose employment commencement date occurred prior to March 1, 1993
or whose employment terminated in the event of death, permanent disability,
retirement, or attainment of age 65, shall become fully vested to the extent of
the balance in the participant's account at that time.
Effective December 1, 1993, the Plan changed the separate participant directed
investment funds (fixed income fund, equity fund, guaranteed fund and balanced
fund) to six new investment funds (Fidelity Retirement Money Market Fund,
Fidelity Intermediate Bond Fund, Fidelity Asset Manager Fund, Fidelity Growth &
Income Portfolio, Fidelity Magellan Fund, and a Company Stock Fund). Each
participant elects the percentage of their employer and employee contributions
to be invested in each fund.
Benefit distributions are generally made in single lump sum payments in cash.
The Plan provides that in no event shall benefit payments commence later than
the April 1 following the calendar year in which the participant attains age
70-1/2 years. Plan forfeitures are applied to reduce employer contributions.
Although the Company has not expressed an intent to do so, it has the right to
terminate the Plan at any time. In the event of plan termination, participants
will become 100 percent vested in their accounts.
The foregoing description of the Plan provides only general information.
Participants should refer to the summary plan description The Sudbury Savings
and Profit-Sharing Plan for a more complete description of the Plan's
provisions. Copies of this summary are available from the Plan administrator.
C. INVESTMENTS
Effective December 1, 1993, National City Bank was appointed trustee of the
Plan. The Plan's investments are managed and held by National City Bank and by
Pittsburgh National Bank through November 30, 1993.
7
11
Sudbury Savings and Profit-Sharing Plan
Notes to Financial Statements--Continued
C. INVESTMENTS--CONTINUED
The following is a summary of the individual investments held by the Plan as of
December 31, 1994 and 1993 which represent five percent or more of net assets
available for plan benefits:
INVESTMENTS AT FAIR VALUE 1994 1993
Fidelity Magellan Fund (45,776 and 27,673 fund
shares, respectively) $3,058,107 $1,961,159
Fidelity Growth & Income Portfolio (107,163 and
69,892 fund shares, respectively) 2,260,075 1,553,419
Fidelity Retirement Money Market Portfolio (2,111,935
and 2,778,699 fund shares, respectively) 2,111,935 2,779,227
Fidelity Asset Manager (122,102 and 84,391 fund
shares, respectively) 1,688,677 1,299,859
Fidelity Intermediate Bond Fund (77,560 and 61,040
fund shares, respectively) 762,416 658,140
Sudbury, Inc. Common Stock (121,973 and 139,196
common stock shares, respectively) 716,591 968,330
PNC Financial Corp. Money Market Portfolio (585,200
fund shares) 585,200
D. INCOME TAX STATUS
The Internal Revenue Service issued a determination letter on December 15, 1993
advising that the Plan meets the qualification requirements of Section 401(a)
of the Internal Revenue Code ("Code") and the trust established thereunder is
entitled to exemption from federal income taxation under the provisions of
Section 501(a). The determination letter provides that continued qualification
of the Plan will depend on its effect in operation under its present form. In
the opinion of the plan administrator, the Plan is in operational compliance
with Code Section 401(a).
The tax-exempt status of the Plan's trust does not apply to the taxability of
distributions to participants under the Plan.
8
12
Sudbury Savings and Profit-Sharing Plan
Notes to Financial Statements--Continued
E. DIFFERENCES BETWEEN FINANCIAL STATEMENTS AND FORM 5500
The following is a reconciliation of net assets available for plan benefits per
the financial statements to the Form 5500:
DECEMBER 31
1994 1993
----------------------------------
Net assets available for plan benefits per the
financial statements $11,146,024 $10,436,868
Amounts allocated to withdrawn participants 107,373 254,308
----------------------------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS PER FORM 5500 $11,038,651 $10,182,560
==================================
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500.
FOR THE
SEVEN MONTH
YEAR ENDED PERIOD ENDED
DECEMBER 31, DECEMBER 31,
1994 1993
-------------- ----------------
Distributions to participants per the financial
statements $1,324,253 $1,657,827
Add:
Amounts allocated on Form 5500 to withdrawn
participants 107,373 254,308
Less:
Amounts allocated on Form 5500 to withdrawn
participants at December 31, 1993 and
May 31, 1993 (254,308) (1,018,102)
-------------- ----------------
BENEFITS PAID TO PARTICIPANTS PER THE FORM 5500
$1,177,318 $894,033
============== ================
Amounts allocated to withdrawn participants are recorded on the Form 5500 for
benefit claims that have been processed and approved for payment prior to
year-end but which had not been paid.
9
13
Sudbury Savings and Profit-Sharing Plan
Notes to Financial Statements--Continued
F. TRANSACTIONS WITH PARTIES-IN-INTEREST
Transactions with parties-in-interest consist of purchases and sales of common
trust fund investments sponsored by National City Bank and Pittsburgh National
Bank.
At December 31, 1994, the Plan held 121,973 shares of common stock of Sudbury,
Inc. with a fair value of $716,591. At December 31, 1993, the Plan held
139,196 shares of the common stock of Sudbury, Inc. with a fair value of
$968,330.
G. SHORT PERIOD PLAN YEAR
Effective December 1, 1993, the Company changed the Plan's year-end from May 31
to a calendar year-end. Under the provisions of DOL Regulations Section
2520.104-50, the audit of the short period plan year ending December 31, 1993
was deferred. The financial statements and supplemental schedules for the
short plan year have been included in this annual report.
10
14
Sudbury Savings and Profit-Sharing Plan
Form 5500, Line 27(a)--Schedule of Assets Held for Investment Purposes
December 31, 1994
Description
Identity of Issue of Investments Historical Cost Current Value
- -----------------------------------------------------------------------------------------------------------------------------------
Fidelity Asset Manager 122,102 Fund Shares $ 1,860,254 $ 1,688,677
Fidelity Magellan Fund 45,776 Fund Shares 3,277,799 3,058,107
Fidelity Growth & Income
Portfolio 107,163 Fund Shares 2,341,132 2,260,075
Fidelity Intermediate
Bond Fund 77,560 Fund Shares 827,246 762,416
Fidelity Retirement Money Market
Portfolio 2,111,935 Fund Shares 2,111,935 2,111,935
Sudbury, Inc. 121,973 Common Stock
Shares 1,132,698 716,591
Prudential Oil & Gas Limited Various Mineral Interests-18%
Partnership Interest in Partnership 101,022 45,394
National City Corporation Money
Market Portfolio 62,731 Fund Shares 62,731 62,731
Participant Loans Interest rates ranging from
7% to 12% 268,001 268,001
--------------------------------------
$11,982,818 $10,973,927
======================================
11
15
Sudbury Savings and Profit-Sharing Plan
Form 5500, Line 27(d)--Schedule of Reportable Transactions
For the Year Ended December 31, 1994
Current Value
Purchase Selling Cost of of Assets on Gain
Description of Assets Price Price Assets Sold Transaction Date (Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
CATEGORY (i)-SINGLE TRANSACTIONS IN EXCESS OF 5 PERCENT OF PLAN ASSETS
NCC Funds Money Market
Portfolio $ 688,284 $ 688,284
NCC Funds Money Market
Portfolio $ 688,284 $ 688,284 688,284
Fidelity Retirement Money
Market Portfolio 738,600 738,600 738,600
CATEGORY (iii)-SERIES OF TRANSACTIONS IN EXCESS OF 5 PERCENT OF PLAN ASSETS
NCC Funds
Money Market Portfolio
Purchases -- 105 2,589,096 2,589,096
Sales -- 42 2,589,096 2,589,096 2,589,096
NCC Funds
Money Market Portfolio-
Non
Purchase -- 191 1,649,770 1,649,770
Sales -- 97 1,638,760 1,638,760 1,638,760
NCC Money
Market Portfolio-
Disc
Purchases -- 175 1,762,576 1,762,576
Sales -- 87 1,710,854 1,710,854 1,710,854
Fidelity Asset Manager
Purchases -- 29 794,731 794,731
Sale -- 9 235,317 247,180 235,317 $(11,863)
Fidelity Magellan Fund
Purchases -- 29 1,512,965 1,512,965
Sales -- 8 257,717 272,221 257,717 (14,504)
12
16
Sudbury Savings and Profit-Sharing Plan
Form 5500, Line 27(d)--Schedule of Reportable Transactions--Continued
Current Value
Purchase Selling Cost of of Assets on Gain
Description of Assets Price Price Assets Sold Transaction Date (Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
CATEGORY (iii)-SERIES OF TRANSACTIONS IN EXCESS OF 5 PERCENT OF PLAN ASSETS--CONTINUED
Fidelity Retirement Money
Market Portfolio
Purchases -- 31 $ 823,309 $ 823,309
Sales -- 10 $1,490,073 $1,490,073 1,490,073
Fidelity Growth & Income
Portfolio
Purchases -- 31 1,027,901 1,027,901
Sales -- 10 209,733 209,758 209,733 $(25)
There were no category (ii) or (iv) reportable transactions during 1994.
13
17
Sudbury Savings and Profit-Sharing Plan
Form 5500, Line 27(a)--Schedule of Assets Held for Investment Purposes
December 31, 1993
Description
Identity of Issue of Investments Historical Cost Current Value
- -----------------------------------------------------------------------------------------------------------------------------------
Fidelity Asset Manager 84,391 Fund Shares $ 1,312,703 $ 1,299,859
Fidelity Magellan Fund 27,673 Fund Shares 2,037,055 1,961,159
Fidelity Growth & Income
Portfolio 69,892 Fund Shares 1,522,988 1,553,419
Fidelity Intermediate Bond
Fund 61,040 Fund Shares 663,426 658,140
Fidelity Retirement Money Market
Portfolio 2,778,699 Fund Shares 2,779,227 2,779,227
Sudbury, Inc. 1,298,092 Common Stock
Shares 1,298,092 968,330
PNC Financial Corp. Money Market
Portfolio 585,200 Fund Shares 585,200 585,200
Prudential Oil & Gas Limited Various Mineral Interests-18%
Partnership Interest in Partnership 101,022 61,196
General American Life Insurance 4,031 shares of a Variable
Co. rate group investment
contract 91,603 104,074
Participant Loans Interest Rates ranging from
7%-12% 303,931 303,931
----------------------------------------
$10,695,247 $10,274,535
========================================
14
18
Sudbury Savings and Profit-Sharing Plan
Form 5500, Line 27(d)--Schedule of Reportable Transactions
For the Seven Month Period Ended December 31, 1993
Current Value
Purchases Selling Cost of of Assets on Gain
Description of Assets Price Price Assets Sold Transaction Date (Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
CATEGORY (i)-SINGLE OF TRANSACTIONS IN EXCESS OF 5 PERCENT OF PLAN ASSETS
The PNC Fund Core Equity
Portfolio $ 966,015 $ 966,015 $ 966,015
The PNC Fund Core Equity
Portfolio $ 952,613 956,033 952,613 $ (3,420)
The PNC Fund Managed
Income Portfolio 1,210,655 1,161,226 1,210,655 49,429
The PNC Fund Managed
Income Portfolio 705,016 671,121 705,016 33,895
PNC EBT Growth Equity
Fund 966,015 856,162 966,015 109,853
PNC Investment Contract
Fund 3,812,732 3,182,188 3,812,732 630,544
PNC Money Market
Institutional Class 966,015 966,015 966,015
PNC Money Market
Institutional Class 966,008 966,008 966,008
Fidelity Magellan Fund 1,904,117 1,904,117 1,904,117
Fidelity Growth & Income
Portfolio 1,506,050 1,506,050 1,506,050
Fidelity Intermediate Bond
Fund 651,896 651,896 651,896
Fidelity Asset Manager 1,248,192 1,248,192 1,248,192
Fidelity Retirement Money
Market Portfolio 2,747,795 2,747,795 2,747,795
15
19
Sudbury Savings and Profit-Sharing Plan
Form 5500, Line 27(d)--Schedule of Reportable Transactions--Continued
Current Value
Purchases Selling Cost of of Assets on Gain
Description of Assets Price Price Assets Sold Transaction Date (Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
CATEGORY (iii)-SERIES OF TRANSACTIONS IN EXCESS OF 5 PERCENT OF PLAN ASSETS
The PNC Fund Core Equity
Portfolio
Purchases -- 8 $1,394,232 $1,394,232
Sales -- 4 $1,388,777 $1,394,232 1,388,777 $ (5,455)
The PNC Fund Managed
Income Portfolio
Purchases -- 8 280,493 280,493
Sales -- 9 2,200,701 2,102,133 2,200,701 98,568
The PNC Fund Value
Equity Portfolio
Purchases -- 18 105,669 105,669
Sales -- 4 610,501 546,447 610,501 64,054
PNC EBT Growth Equity
Fund
Purchases -- 2 144,813 144,813
Sales -- 6 1,482,497 1,308,898 1,482,497 173,599
PNC Investment Contract
Fund
Purchases -- 2 190,000 190,000
Sales -- 4 4,096,071 3,419,973 4,096,071 676,098
PNC Money Market
Institutional Class
Purchases -- 269 5,669,842 5,669,842
Sales -- 135 6,746,442 6,746,442 6,746,442
Fidelity Magellan Fund
Purchases -- 5 2,037,055 2,037,055
16
20
Sudbury Savings and Profit-Sharing Plan
Form 5500, Line 27(d)--Schedule of Reportable Transactions--Continued
Current Value
Purchases Selling Cost of of Assets on Gain
Description of Assets Price Price Assets Sold Transaction Date (Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
CATEGORY (iii)-SERIES OF TRANSACTIONS IN EXCESS OF 5 PERCENT OF PLAN ASSETS--CONTINUED
Fidelity Growth & Income
Portfolio
Purchases -- 2 $1,522,988 $1,522,988
Fidelity Intermediate Bond
Fund
Purchases -- 4 663,426 663,426
Fidelity Asset Manager
Purchases -- 5 1,312,703 1,312,703
Fidelity Retirement Money
Market Portfolio
Purchases -- 2 2,779,227 2,779,227
There were no category (ii) or (iv) reportable transactions during the seven
month period ending December 31, 1993.
17
21
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-52727) pertaining to the Sudbury Savings and Profit-Sharing
Plan of our report dated May 26, 1995, with respect to the financial statements
of the Sudbury Savings and Profit-Sharing Plan included in this Annual Report
(Form 11-K) for the year ended December 31, 1994 and the seven month period
ended December 31, 1993.
Ernst & Young LLP
Cleveland, Ohio
June 20, 1995
18