MINNTECH CORPORATION PROFIT SHARING AND RETIREMENT PLAN AND TRUST FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES FOR THE YEAR ENDED MARCH 31, 1999 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ------------------------------------------------------ FORM 11-K ANNUAL REPORT Pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the Plan's fiscal year ended March 31, 1999 ------------------------------------------------------ A. Full title of the plan and the address of the plan, if different from that of the issuer named below: MINNTECH CORPORATION PROFIT SHARING AND RETIREMENT PLAN AND TRUST B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Minntech Corporation 14605 - 28th Avenue North Minneapolis, Minnesota 55447 MINNTECH CORPORATION PROFIT SHARING AND RETIREMENT PLAN AND TRUST INDEX - -------------------------------------------------------------------------------- PAGE NUMBER Financial Statements: - -------------------- Report of Independent Accountants F-1 Statement of Net Assets Available for Benefits F-2 Statement of Changes in Net Assets Available for Benefits, With Fund Information F-3 to F-6 Notes to Financial Statements F-7 to F-8 Supplemental Schedules: - ---------------------- I. Item 27(a) - Schedule of Assets Held for Investment Purposes at March 31, 1999 F-9 II. Item 27(d) - Schedule of Reportable Transactions for the Year Ended March 31, 1999 F-10 Other schedules required by Section 2520.103-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable. Exhibits: - -------- Consent of Independent Accountants E-1 REPORT OF INDEPENDENT ACCOUNTANTS To the Participants and Administrator of the Minntech Corporation Profit Sharing and Retirement Plan and Trust In our opinion, the accompanying statement of net assets available for benefits and the related statement of changes in net assets available for benefits, with fund information, present fairly, in all material respects, the net assets available for benefits of the Minntech Corporation Profit Sharing and Retirement Plan and Trust at March 31, 1999 and 1998, and the changes in net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the plan's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in Schedules I and II is presented for purposes of additional analysis and is not a required part of the basic financial statements but is additional information required by the Department of Labor's Rules and Regulations of Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The Fund Information in the statement of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the changes in net assets available for benefits of each fund. Schedules I and II and the Fund Information have been subjected to the auditing procedures applied in the audit 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. PricewaterhouseCoopers LLP Minneapolis, Minnesota July 30, 1999 F-1 MINNTECH CORPORATION PROFIT SHARING AND RETIREMENT PLAN AND TRUST STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS - -------------------------------------------------------------------------------- MARCH 31, ------------ ----------- 1999 1998 Investments (at fair value): Fidelity Mutual Funds: Heartland Value Fund $ 33,027 Magellan Fund 1,681,644 $ 943,358 Janus Worldwide Fund 1,444,069 954,433 Hotchkis & Wiley International Fund 395,752 404,904 Baron Asset Fund 1,201,266 972,764 Brandywine Fund 762,930 1,094,197 Vanguard Index TR500 Fund 2,013,829 1,420,377 Founders Balanced Fund 562,169 460,794 Value Line Aggressive Income Fund 352,470 376,128 Vanguard GNMA Fund 81,535 159 Invesco Stable Value Fund 850,588 573,278 Securities of participating employer - Minntech Corporation Common Stock 392,205 309,716 ------------ ----------- Total investments 9,771,484 7,510,108 Participant loans 393,380 352,746 Contribution receivable and cash 588,500 652,981 ------------ ----------- Net assets available for benefits $ 10,753,364 $ 8,515,835 ------------ ----------- ------------ ----------- See accompanying notes to financial statements. F-2 MINNTECH CORPORATION PROFIT SHARING AND RETIREMENT PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION YEAR ENDED MARCH 31, 1999 - -------------------------------------------------------------------------------- FUND INFORMATION --------------------------------------------------------- MINNTECH HEARTLAND CORPORATION JANUS VALUE MAGELLAN COMMON WORLDWIDE FUND FUND STOCK FUND Sources of net assets: Interest/dividend income $ 58,653 $ 83 $ 5,582 Net appreciation (depreciation) in fair value of investments $ (687) 257,007 (39,199) 178,350 Employer profit sharing contribution 70,388 26,712 84,765 Employer matching contributions 681 8,350 3,574 9,672 Employee contributions 9,270 122,105 63,626 142,954 ------------ ------------ ------------ ------------ Total additions 9,264 516,503 54,796 421,323 ------------ ------------ ------------ ------------ Applications of net assets: Benefit payments (54,519) (2,407) (14,702) Loans issued (36) (40,282) (8,623) (13,404) Loan payments 1,618 34,514 2,391 17,997 ------------ ------------ ------------ ------------ Total decreases 1,582 (60,287) (8,639) (10,109) ------------ ------------ ------------ ------------ Net increase (decrease) prior to interfund transfers 10,846 456,216 46,157 411,214 Interfund transfers 22,181 282,070 36,332 78,422 ------------ ------------ ------------ ------------ Net increase (decrease) 33,027 738,286 82,489 489,636 Net assets available for benefits: Beginning of year - 943,358 309,716 954,433 ------------ ------------ ------------ ------------ End of year $ 33,027 $ 1,681,644 $ 392,205 $ 1,444,069 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ HOTCHKIS & WILEY VANGUARD INTERNATIONAL BARON ASSET BRANDYWINE INDEX TR500 FUND FUND FUND FUND Sources of net assets: Interest/dividend income $ 14,130 $ 878 $ 12,395 $ 34,210 Net appreciation (depreciation) in fair value of investments (39,826) 33,616 (32,722) 273,924 Employer profit sharing contribution 22,415 80,861 85,936 102,372 Employer matching contributions 2,418 7,701 7,054 12,467 Employee contributions 35,475 111,895 93,508 199,410 ------------ ------------ ------------ ------------ Total additions 34,612 234,951 166,171 622,383 ------------ ------------ ------------ ------------ Applications of net assets: Benefit payments (10,904) (19,902) (25,574) (40,556 Loans issued (6,749) (15,732) (20,168) (32,774 Loan payments 4,427 16,369 26,088 27,959 ------------ ------------ ------------ ------------ Total decreases (13,226) (19,265) (19,654) (45,371 ------------ ------------ ------------ ------------ Net increase (decrease) prior to interfund transfers 21,386 215,686 146,517 577,012 Interfund transfers (30,538) 12,816 (477,784) 16,440 ------------ ------------ ------------ ------------ Net increase (decrease) (9,152) 228,502 (331,267) 593,452 Net assets available for benefits: Beginning of year 404,904 972,764 1,094,197 1,420,377 ------------ ------------ ------------ ------------ End of year $ 395,752 $ 1,201,266 $ 762,930 $ 2,013,829 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ See accompanying notes to financial statements. F-3 MINNTECH CORPORATION PROFIT SHARING AND RETIREMENT PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION YEAR ENDED MARCH 31, 1999 (CONTINUED) - -------------------------------------------------------------------------------- FUND INFORMATION --------------------------------------------------------- VALUE LINE FOUNDERS AGGRESSIVE VANGUARD INVESCO BALANCED INCOME GNMA STABLE VALUE FUND FUND FUND FUND Sources of net assets: Interest/dividend income $ 36,365 $ 37,104 $ 2,646 $ 36,816 Net appreciation (depreciation) in fair value of investments (15,852) (66,082) (644) (2,448) Employer profit sharing contribution 37,422 27,269 3,217 107,469 Employer matching contribution 4,072 3,330 461 3,362 Employee contributions 54,477 47,797 74,716 45,344 ------------ ------------ ------------ ------------ Total additions 116,484 49,418 80,396 190,543 ------------ ------------ ------------ ------------ Applications of net assets: Benefit payments (7,393) (5,646) (15,332) (19,883) Loans issued (17,924) (16,330) (28,382) Loan payments 15,535 15,065 206 16,402 ------------ ------------ ------------ ------------ Total decreases (9,782) (6,911) (15,126) (31,863) ------------ ------------ ------------ ------------ Net increase (decrease) prior to interfund transfers 106,702 42,507 65,270 158,680 Interfund transfers (5,327) (66,165) 16,106 118,630 ------------ ------------ ------------ ------------ Net increase (decrease) 101,375 (23,658) 81,376 277,310 Net assets available for benefits: Beginning of year 460,794 376,128 159 573,278 ------------ ------------ ------------ ------------ End of year $ 562,169 $ 352,470 $ 81,535 $ 850,588 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ CONTRIBUTION PARTICIPANT RECEIVABLE LOANS AND CASH TOTAL Sources of net assets: Interest/dividend income $ 238,862 Net appreciation (depreciation) in fair value of investments 545,437 Employer profit sharing contribution $ (67,874) 580,952 Employer matching contribution 210 63,352 Employee contributions 7,341 1,007,918 ------------ ------------ ------------ Total additions (60,323) 2,436,521 ------------ ------------ ------------ Applications of net assets: Benefit payments $ (3,585) (220,403) Loans issued 200,404 Loan payments (156,185) (975) 21,411 ------------ ------------ ------------ Total decreases 40,634 (975) (198,992) ------------ ------------ ------------ Net increase (decrease) prior to interfund transfers 40,634 (61,298) 2,237,529 Interfund transfers (3,183) ------------ ------------ ------------ Net increase (decrease) 40,634 (64,481) 2,237,529 Net assets available for benefits: Beginning of year 352,746 652,981 8,515,835 ------------ ------------ ------------ End of year $ 393,380 $ 588,500 $ 10,753,364 ------------ ------------ ------------ ------------ ------------ ------------ See accompanying notes to financial statements. F-4 MINNTECH CORPORATION PROFIT SHARING AND RETIREMENT PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION YEAR ENDED MARCH 31, 1998 - -------------------------------------------------------------------------------- FUND INFORMATION ------------------------------------------------------------------------ SPARTAN GROWTH INTERMEDIATE MONEY MAGELLAN AND INCOME OVERSEAS BOND MARKET FUND FUND FUND FUND FUND Sources of net assets: Interest/dividend income $ 185,665 Net appreciation (depreciation) in fair value of investments 279,333 $ 224,736 $ 45,464 $ 9,302 $ 2,659 Employer matching contributions 7,497 1,326 507 383 419 Employee contributions 123,186 16,482 5,378 4,396 5,540 ------------ ------------ ------------ ------------ ------------ Total additions 595,681 242,544 51,349 14,081 8,618 ------------ ------------ ------------ ------------ ------------ Applications of net assets: Benefit payments (104,688) Loans issued (40,117) Loan payments 29,284 ------------ ------------ ------------ ------------ ------------ Total decreases (115,521) ------------ ------------ ------------ ------------ ------------ Net increase (decrease) prior to interfund transfers 480,160 242,544 51,349 14,081 8,618 Interfund transfers (1,439,181) (1,896,689) (490,160) (475,396) (699,138) ------------ ------------ ------------ ------------ ------------ Net increase (decrease) (959,021) (1,654,145) (438,811) (461,315) (690,520) Net assets available for benefits: Beginning of year 1,902,379 1,654,145 438,811 461,315 690,520 ------------ ------------ ------------ ------------ ------------ End of year $ 943,358 $ - $ - $ - $ - ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ MINNTECH HOTCHKIS & CORPORATION JANUS WILEY COMMON WORLDWIDE INTERNATIONAL BARON ASSET STOCK FUND FUND FUND Sources of net assets: Interest/dividend income $ 27,006 $ 101,791 $ 22,885 $ 216,574 Net appreciation (depreciation) in fair value of investments 31,955 61,072 7,273 6,092 Employer matching contributions 1,817 7,604 2,476 5,351 Employee contributions 70,294 104,433 86,427 135,409 ------------ ------------ ------------ ------------ Total additions 131,072 274,900 119,061 363,426 ------------ ------------ ------------ ------------ Applications of net assets: Benefit payments (159,870) (38,567) (356) (32,728) Loans issued (5,508) (38,507) (4,609) (24,151) Loan payments 3,850 15,129 3,448 11,387 ------------ ------------ ------------ ------------ Total decreases (161,528) (61,945) (1,517) (45,492) ------------ ------------ ------------ ------------ Net increase (decrease) prior to interfund transfers (30,456) 212,955 117,544 317,934 Interfund transfers (45,968) 741,478 287,360 654,830 ------------ ------------ ------------ ------------ Net increase (decrease) (76,424) 954,433 404,904 972,764 Net assets available for benefits: Beginning of year 386,140 - - - ------------ ------------ ------------ ------------ End of year $ 309,716 $ 954,433 $ 404,904 $ 972,764 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ See accompanying notes to financial statements. F-5 MINNTECH CORPORATION PROFIT SHARING AND RETIREMENT PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION YEAR ENDED MARCH 31, 1998 (CONTINUED) FUND INFORMATION ------------------------------------------------------------------------ VALUE LINE VANGUARD FOUNDERS AGGRESSIVE VANGUARD BRANDYWINE INDEX TR500 BALANCED INCOME GNMA FUND FUND FUND FUND FUND Sources of net assets: Interest/dividend income $ (123,739) $ 255,930 $ 20,202 $ 21,090 Net appreciation (depreciation) in fair value of investments 180,843 33,416 34,342 22,931 $ 2 Employer profit sharing contribution Employer matching contribution 8,489 9,232 3,679 2,561 9 Employee contributions 151,848 181,065 72,100 33,436 136 ------------ ------------ ------------ ------------ ------------ Total additions 217,441 479,643 130,323 80,018 147 ------------ ------------ ------------ ------------ ------------ Applications of net assets: Benefit payments (44,191) (56,098) (9,320) (20,655) Loans issued (39,899) (33,554) (17,051) (12,037) Loan payments 21,523 15,372 11,956 11,073 36 ------------ ------------ ------------ ------------ ------------ Total decreases (62,567) (74,280) (14,415) (21,619) 36 ------------ ------------ ------------ ------------ ------------ Net increase (decrease) prior to interfund transfers 154,874 405,363 115,908 58,399 183 Interfund transfers 939,323 1,015,014 344,886 317,729 (24) ------------ ------------ ------------ ------------ ------------ Net increase (decrease) 1,094,197 1,420,377 460,794 376,128 159 Net assets available for benefits: Beginning of year - - - - - ------------ ------------ ------------ ------------ ------------ End of year $ 1,094,197 $ 1,420,377 $ 460,794 $ 376,128 $ 159 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ INVESCO CONTRIBUTION STABLE VALUE PARTICIPANT RECEIVABLE FUND LOANS AND CASH TOTAL Sources of net assets: Interest/dividend income $ 727,404 Net appreciation (depreciation) in fair value of investments $ 26,580 966,000 Employer profit sharing contribution $ 648,826 648,826 Employer matching contribution 3,805 611 55,766 Employee contributions 49,323 3,495 1,042,948 ------------ ------------ ------------ ------------ Total additions 79,708 652,932 3,440,944 ------------ ------------ ------------ ------------ Applications of net assets: Benefit payments (267,540) $ (4,242) (738,255) Loans issued (27,951) 243,384 Loan payments 16,804 (120,543) 975 20,294 ------------ ------------ ------------ ------------ Total decreases (278,687) 118,599 975 (717,961) ------------ ------------ ------------ ------------ Net increase (decrease) prior to interfund transfers (198,978) 118,599 653,907 2,722,984 Interfund transfers 772,256 (26,320) ------------ ------------ ------------ ------------ Net increase (decrease) 573,278 118,599 627,587 2,722,984 Net assets available for benefits: Beginning of year - 234,147 25,394 5,792,851 ------------ ------------ ------------ ------------ End of year $ 573,278 $ 352,746 $ 652,981 $ 8,515,835 See accompanying notes to financial statements. F-6 MINNTECH CORPORATION PROFIT SHARING AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 1. DESCRIPTION OF THE PLAN The Minntech Corporation Profit Sharing and Retirement Plan and Trust (the Plan) is fully described in the "Minntech Corporation Profit Sharing and Retirement Plan and Trust" Plan Agreement. PARTICIPATION The Plan is a defined contribution plan for Minntech Corporation's (the Company) employees. Employees are eligible to participate in the Plan after the employee has completed 1,000 or more hours during 12 consecutive months. Certain employees are not eligible if employed under a collective bargaining agreement with a labor union unless that agreement expressly provides for the employee's coverage under the Plan. ADMINISTRATION DCA is the Plan Administrator. Schwab Institutional is the trustee of the Plan CONTRIBUTIONS Eligible participants may invest 1% to 10% of their annual compensation, with the Company matching 10% of the first 6% of employee contributions. The Company may also make discretionary contributions to the Plan each year based upon the financial performance of the Company. The Company is not required to make a contribution in any Plan year. Discretionary contributions made to the Plan by the Company during each Plan year ended March 31, 1999 and 1998 were $580,952 and $648,826, respectively. Contributions are credited to each qualifying participant's account, based on the proportion of their recognized compensation, as defined, to the total recognized compensation of all qualifying participants. Contributions are fully funded on an annual basis, following the Plan's fiscal year-end. DISTRIBUTIONS Distributions are made to vested employees after retirement or termination from the Company. VESTING When employment ends, the participants are vested in all, some or none of their account balance, depending upon various factors, including the participant's age and length of service. Any non-vested portion of the account balance will be forfeited and added to the remaining qualified participants' accounts, in proportion to which a qualified participant's recognized compensation bears to the total recognized compensation of all qualifying participants. A qualifying participant vests twenty percent after three years, an additional twenty percent for each of years four, five, six and seven. A participant is fully vested after seven years of service or upon retirement at age sixty-five or upon death or disability. The Company may elect to terminate the Plan at any time. In the event the Company elects to terminate the Plan, all participant account balances become fully vested. F-7 MINNTECH CORPORATION PROFIT SHARING AND RETIREMENT PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- PARTICIPANT LOANS Participants may borrow from their accounts at a minimum of $1,000 up to a maximum of the lesser amount of $50,000 or 50% of their vested account balance. The loans are secured by the vested balance in the participants' accounts and bear interest at the prime interest rate. Loans must be repaid over a period of five to ten years. 2. SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING The financial statements of the plan are prepared on the accrual basis of accounting. INVESTMENTS Investments are recorded at fair market value, as determined by quoted prices in an active market. Net appreciation of investments reported in the Statement of Changes in Net Assets Available for Benefits, With Fund Information includes both realized and unrealized gains and losses. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. ADMINISTRATIVE EXPENSES Administrative expenses paid by the Plan for the years ended March 31, 1999 and 1998 were $36,658 and $20,822, respectively. Administrative expenses for legal, auditing, and administration costs have been fully paid by the Company at its discretion. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. RISKS AND UNCERTAINTIES The Plan provides for various investment options in any combination of stocks, bonds and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants' account balances and the amounts reported in the Statement of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits, With Fund Information. 3. FEDERAL INCOME TAX STATUS The Internal Revenue Service has determined and informed the Company by letter dated November 30, 1993 that the Plan qualifies under the applicable sections of the Internal Revenue Code (IRC) and is, therefore, not subject to tax under present income tax law. The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan's tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable provisions of the IRC. F-8 MINNTECH CORPORATION PROFIT SHARING AND RETIREMENT PLAN AND TRUST ITEM 27(A) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES MARCH 31, 1999 SCHEDULE I - -------------------------------------------------------------------------------- CURRENT IDENTITY OF ISSUER DESCRIPTION OF INVESTMENT VALUE COST Fidelity Investments Heartland Value Fund $ 33,027 $ 33,701 Magellan Fund 1,681,644 1,291,972 Janus Worldwide Fund 1,444,069 1,189,983 Hotchkis & Wiley International Fund 395,752 409,876 Baron Asset Fund 1,201,266 973,908 Brandywine Fund 762,930 836,883 Vanguard Index TR500 Fund 2,013,829 1,560,819 Founders Balanced Fund 562,169 558,067 Value Line Aggressive Income Fund 352,470 386,967 Vanguard GNMA Fund 81,535 82,267 Invesco Stable Value Fund 850,588 850,390 ------------ ------------ 9,379,279 8,174,833 Minntech Corporation* Common stock 392,205 399,526 Brokerage cash account and contribution receivable 588,500 588,500 Participant loans Loans receivable from participants 393,380 393,380 ------------ ------------ Total assets held for investment purposes $ 10,753,364 $ 9,556,239 ------------ ------------ ------------ ------------ * Party in interest. F-9 MINNTECH CORPORATION PROFIT SHARING AND RETIREMENT PLAN AND TRUST ITEM 27(D) - SCHEDULE OF REPORTABLE TRANSACTIONS YEAR ENDED MARCH 31, 1999 SCHEDULE II - -------------------------------------------------------------------------------- PURCHASE SELLING COST OF NET GAIN DESCRIPTION OF ASSET PRICE PRICE ASSETS OR (LOSS) Magellan Fund $ 768,106 $ 768,106 Baron Asset Fund 1,115,051 1,115,051 Baron Asset Fund $ 512,905 561,767 $ (48,862) Brandywine Fund 566,961 588,782 (21,821) Invesco Stable Value Fund 850,390 850,390 Invesco Stable Value Fund 622,849 622,848 1 Janus Worldwide Fund 550,143 550,143 Vanguard Index TR500 Fund 732,778 732,778 Vanguard Index TR500 Fund 442,749 420,840 21,909 F-10 CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 33-35368) of Minntech Corporation of our report dated July 30, 1999 appearing in the Annual Report of the Minntech Corporation Profit Sharing and Retirement Plan and Trust which is included in this Annual Report on Form 11-K for the year ended March 31, 1999. PricewaterhouseCoopers LLP Minneapolis, Minnesota September 21, 1999 E-1 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrative Committee of the Minntech Corporation Profit Sharing and Retirement Plan and Trust have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. Date: September 23, 1999 MINNTECH CORPORATION PROFIT SHARING AND RETIREMENT PLAN AND TRUST By: /s/ Thomas J. McGoldrick -------------------------------------- Thomas J. McGoldrick Member of the Administrative Committee