Document wq87K4e0vx7Y4dNovB0jbKXgQ

1989 VOL. 2 J-Z FGNDBZN LIBRARY South-rrr. Methodist University COVERING NEW YORK, AMERICAN & REGIONAL STOCK EXCHANGES MOODY'S INDUSTRIAL MANUAL HOWARD G. KIEDAISCH, Director--Financial Data Research FRANK R. PLATAROTE, Director--Production BRIAN T. COFFEY, Director--Financial Information Services JOSEPH J. NESTO, Director--Financial Information Services ROBERT P. HANSON, Editor-in-Chief JOHN J. IERACI, Associate Director Editorial Staff TONY BURKE ANGELICA R. CARROLL JULIE CIQUERA VERNA M. KURINSKAS CAROL MANGIN thomas j. McDonald Data Compilation Staff PINA BARBUTO SARONG BINGLEY JUANITA BOONE ANTHONY CENTENO SUZANNE CHADWICK LESLI CHICKO ELISE CULVER HECTOR FERNANDEZ KEVIN HECKERT FRED LANZA PATRICK LEWIS ERLENE LYNCH LISANNE PINILLO WILLIAM H. ROGERS BERNARDO SCERI, JR. EARL STEPHENS CHARLOT VOLNY THOMAS M. WECERA MARK L. ZWIEBACK BRIAN STEPHENSON CORLIA STERLING FUNG LEE TAM JOANNE WALLACE JOSEPH WASSON TAWANNA WORKMAN Moody's Investors Service nn a company of The Dun &' Braadstreet Corporation SEE FOLLOWING PAGE FOR COMPLETE LIST OF OFFICES Copyright 1989 by MOODY'S INVESTORS SERVICE. INC New York All rights reserved. MOODY'S INDUSTRIAL MANUAL 6149 : CORPORATION the three months ended March 31, 1988, and for In Mar., 1958. acquired minority interest in Incorporated in Delaware in 1983 to . bolding *"ompany of El Paso Products each of the three years in the period ended Decem ber 31, 1987, their consolidated cash flows for the three years in the period ended December 31, 1987 Venesta Ltd., London, Eng., manufacturer of alu minum foil, etc., from Ekco Products Co. Company and Tube Investments Ltd. (owners of . Qo. acquired a general insurance agency | Hexene Insurance Agency , Inc. in conformity with generally accepted accounting principles applied on a consistent basis except for the change, with which we concur, to include a Reynolds T.I. Aluminium Ltd.) acquired at vari ous times (about 96%) of ordinary shares of The British Aluminium Co. Ltd. Company owns 48% ^-g. Co. through El Paso Products Com- consolidated statement of cash flows for the three interest and Tube Investments Ltd., 48% interest ^^^rindpal operating- subsidiary manufac- months ended March 31, 1988 in place of a consoli in this stock. 5 markets thermoplastics and petrochemi- dated statement of changes in financial position as In 1959 the foil business of Venesta was trans including polyethylene and resins and styrene, which are intein the manuiacture of a wide varity ZmMl and consumer products. In addition, Wfa Consolidated Thermoplastics division * jygh quality plastic film used in disposafeminine hygiene products, medical packaging and tapes. Co. also manufacand propylene from ethane and pro2igrily for its own use in the manufacture 2[hyiene, polypropylene and styrene. Co. ^J^olved in a general insurance agency, *1 insurance Agency , Inc. and royalities 8 * - patented and proprietary technol- Co. owns manufacturing facilities TZg $79 acre site in Odessa and 550 acre site 1 % Texas. In addition administrative and !i located on property owned by it in described in Note 1 to the consolidated financial statements." Capital Stock: Rexene Corp. common; par $0.01: AUTH. -- 200,000 shs.; outstg., July 31, 1988, 24.000 shs.; par $0.01. VOTING RIGHTS -- Has one vote per share with non-cumulative voting for directors. OFFERED -- (6,000,000 shs.) at $21.50 per sh. (proceeds to Co., $21.10 per sh.) on July 28, 1988 thru The First Boston Corp. and associates. Offer ing contained an over allotment option of up to 900.000 shares. Proceeds will be used to repay bank debt. TRANSFER AGENT & REGISTRAR -- Ameri can Stock Transfer & Trust Co., New York. LISTED -- NYSE (Symbol:RXN). PRICE RANGE -- 1988, 247*-141/2 ferred to a new subsidiary, Venesta Foils, Limited, and sold to Reynolds T.I. Aluminium, Ltd. On Apr. 10, 1961, merged United States Foil Co. Under the plan United States Foil Co. class A and B no par common was reclassified into single class of voting stock on basis of 3 shares for each class A share and one share for each class B share; new stock was subsequently exchanged for company stock on basis of 0.85 share for eacft United States Foil Co. new share. On July 31, 1961 merged Tilo Roofing Co., Inc. providing for exchange of one share of $4.50 con vertible second preferred for each 57* common shares of Tilo. In Nov. 1961 Reynolds International, Inc., sub sidiary acquired for cash Aluminum Extruders Ltd. from Kruger Organization Ltd. In early 1965 Reynolds International Inc. subsid iary acquired all stock of Filter Lite All-Weather r*}dditionally, Co. owns two warehouse (Alum.) Ltd. in which it previously held 50% inter a Odessa. REYNOLDS METALS COMPANY est. Name changed to R.M.P. (Quebec) Ltd. May Subsidiary ducts Co. Offlcsrs , Chinn. __ s. & Chief Exec. Off. iltoflenman. Vice Chinn., Chief Fin. Off. & 1 nin. Off. i. Vice-Pres. & Sec. d, Vice-Pres. & Treas. Directors A.J. Smith A.C. Littlejohn A.R. Heyer : Coopers & Lybrand Employees: Mar. 31, 1988, (approx.) History: Incorporated in Delaware July 18, 1928 with a perpetual charter, and acquiree! the foil bus iness and operating assets of United States Foil Co. In Aug., 1928 purchased entire capital stock of Robertshaw Thermostat Co., incorporated 1914; also acquired control of Fulton Sylphon Co., incor porated 1926. On Jan. 3, 1930 purchased and transferred to newly organized subsidiary Midland Foil Co., Inc. substantially all assets of Midland Metal Co. of Chicago. On May 29, 1930 acquired certain assets of Lehmaier, Schwartz & Co., Inc., New York, manufacturers of metal foils. On Aug. 8, 1930 pur chased net assets of Embossed Metal Products Corp., New York. On Dec. 18, 1933 acquired net assets of Standard Art Works, Louisville, Ry. In 1935 acquired interest in Richmond Radiator Co. (latter merged with Rheem Mfg. Co. in 1956). In Feb., 1936 acquired through Robertshaw 10, 1965, and to Reynolds Cable Co. Ltd. Aug. 1, 1967. On Jan. 1, 1968 acquired facilities and business of Foote-Burt Co., a machine tool manufacturer (subsequently discontinued operations). In Aug. 1969, acquired Industrial Metals, Inc., KansM City-based metals distributor, thru an exchange offer under which all but one shareholder of Industrial exchanged one Industrial capital sh. for 10.75 Company common shs. 18,367 common shs. were issued at this ratio. Remaining share holder exchanged one Industrial sh. for 9.7S61 Company common shs. and 19,912 common shs. were issued at this ratio. Up to 31,721 additional Company common shs. will be issued to this shareholder contingent upon future earnings (dis solved in Mar. 1973). On July 31, 1970 merged Canadian British Alu minum Co. (see Moody's 1970 Industrial Manual) a subsidiary Co. also merged CRM Capital Ltd. 126 East 56th Street, New York, NY (212) 333-7200. I Income Account ($000): Thermostat Co. entire stock of Grayson Heat Con trol, Ltd., Lynwood, Cal. In Mar., 1936 formed Bridgeport Thermostat Co., Inc. to acquire prop erty and rights obtained from Bridgeport Brass Co. Through merger co. formed a new subsidiary Panmiian Reynolds Metals Co., Ltd. In Aug. 1971 acquired assets (which were con tributed to El Campo Aluminum Co., a new wholly ft admin ft..... deveL 3 mos. to 3/31/88 165,884 97,016 7,748 1,981 1,119 971 57,049 14 1,012 29 58,076 20,182 37,894 76,389 2,295 111,988 Yr.-end 12/31/87 515,806 340,321 29,010 9,230 3,943 3,608 129,694 827 1,452 dr3,033 127,286 49,267 78,019 3,882 5,512 76489 Yr.-end 12/31/86 373,577 310,992 21,126 12,089 4,893 3.425 21,052 2,629 666 di7,474 11,615 4,570 7,045 3,572 6,735 3,882 Balance Sheet, i I Of ($000): In Mar., 1938 acquired through Robertshaw Ther mostat Co. entire common stock of American Thermometer Co. On Oct. 9, 1940 company incorporated Bauxite Mining Corp. (DeL) to conduct bauxite exploration and mining activities; name changed to Reynolds Mining Corp., Aug. 9, 1941. On Jan. 23, 1941, organized Reynolds Alloys Co. and Reynolds Ore Co.; former merged in 1955 and latter dissolved June 13, 1945. In Oct., 1943, pur chased stock of Charter Oak Stove 8c Range Co.; name changed to Reynolds Sales Co. on May 18, 1951; name changed to Reynolds Aluminum Recycling Co. on May 12, 1975. In 1945, organized Reynolds Intemadonal de Mexico, S.A. (now Reynolds Aluminio, SA.) to operate an aluminum plant in Mexico. Also pur chased plants, and other assets of Aluminum Prod ucts Co. of La Grange and Lemont, Illinois. During 1947, Robertshaw Thermostat Co., Fulton Sylphon Co., and Bridgeport Thermostat Co., wholly-owned subsidiaries were merged into Fulton Sylphon Co. (name subsequently changed owned subsidiary) of May Aluminum Co. for 51,226 common snares. During third quarter of 1974 these shares were repurchased by Co. Addi tional consideration was given for waiver of rights to receive an indeterminable number of additional shares of Reynolds common stock. In late 1973 Co. transferred to Texaco, Inc. a major portion of its interests in over 30,000 acres of land owned and held under contract, as well as associated coal and water rights and permits, located in Wyoming. On Jan. 1, 1975 assets of Reynolds Guyana Mines, Ltd., >vere nationalized by Gov't of Guyana. Under an agreement between Company, Reynolds Guyana Mines, Ltd., Gov't of Guyana, and Overseas Private Investment Corp., a U.S. gov't agency. Company received payment of $10,000,000 on Feb. 20, 1975 for nationalized assets. In Sept 1978 Co. sold its interest in British Alu $m8i6n,u00m0,0C0o0.. and Reynolds T.I. Aluminum Ltd. for In Nov. 1978, Reynolds Mining Corp., subsidi ary, was merged into Company. 3/31/88 12/31/87 to Robertshaw Controls Co.). On Oct. 31, 1947 In Dec. 1983*, purchased Consolidated Aluminum r. fr. emply. 68,098 88,523 14,699 54,632 31,760 securities of latter were sold in the market and Corp.'s Plant Complex. 78,718 company received approximately $12,000,000 in In early 1980, Co. sold 51% of its Jamaican min 7,935 cash and at the same time retained approximately ing assets and operations and all of its land hold 54,424 50% interest in the common stock of Robertshaw- ings in Jamaica to Jamaican government , etc 2,536 2,324 Fulton Controls Co. (subsequently reduced). In January 1988 acquired baking cup assets of wrrent.. equip.. * Ph. ft equip.. ' net .... 228,488 106,066 41,302 64,764 750 2,446 175,161 206,614 39,516 67,098 954 2,244 In 1949 acquired outstanding capital stock of Reynolds Research Institute, Inc. During 1949, Reynolds Aluminum Co. acquired from U.S. Government six plants, formerly leased, for $57,581,958. Chi July 18, 1949, organized Reynolds Jamaica Mines, Ltd., to develop and operate Jamaica ore Fluted Paper Products Company. On May 31, 1988, acquired Presto Products, Inc. On June 30, 1988, acquired Mt Vernon Plastics Corp. On Mar. 10, 1988, acquired Conductor Products Inc. On Mar. 30, 1988, sold interest in Alumina Part 296,448 245,457 properties. .Company subscribed $1,910,500 for ners of Jamaica. Wfc . TTent 28,303 23,580 51,883 6,821 2,090 137,834 111,988 100 25,620 11,451 37,171 6,695 2,087 137,283 76,389 drl4,168 237,744 </rl4,168 201,591 *^ts' 296,448 176,605 of cost (fifo) or mkt. 245,457 137,990 J^*Port The following is an excerpt report of the Independent Auditors, Lybrand, as it appeared in 1987 Annual common stock and subsequently arranged with Mutual Security Agency (formerly ECA) for advance to subsidiary of $14,287,033 against agency's purchase of aluminum over 25-year period. In June, 1950, company exercised its option to purchase controlling stock interest in Southern States Iron Roofing Co. (name changed to Reyn olds Aluminum Supply Co. Nov. I, 1957 and dis solved in 1965). In Dec., 1952, purchased bauxite rights and assets of Berbice Co., Ltd., in British Guiana. Acquisition included mining leases and exclusive permissions covering some 490,000 acres, complete mining equipment, houses, washing plant, drying plant, service facilities, short railroad and barge line. In 1953, organized Reynolds International, Inc. to consolidate and expand foreign operations. In 1955 Reynolds Alloys Co., Reynolds Alumi Business: Company is a producer of metals and other materials through its worldwide operations. Company's core business is an integrated producer of a wide variety of added-value aluminum prod ucts. Reynolds also produces a broad range of plastic products. Reynolds' largest market is con tainers and packaging, which includes consumer products. Reynold's entered the precious metals business in 1986 as a gold producer, has interests in two gold mining operations and is working to expand this area. Company has separated its vertically integrated operations into two areas, (1) Production and Processing and (2) Finished Products and Other Sales. Production and Processing includes the refining of bauxite into alumina calcination of petroleum coke and production of prebake carbon anodes, all of which are vertically integrated with aluminum 2*jon,# the financial statements referred f^^Qt fairly the consolidated financial num Co. and Reynolds Reduction Co. were merged into parent company. production and processing plants. These plants produce and sell primary ana reclaimed aluminum *xene Corporation and Subsidiaries as In 1956 acquired Arrow Brands, Inc., Long and a wide range of semifinished aluminum mill 1988, December 31, 1987 and 1986, Beach, Cal., and Security Chain Link Fence Co. products, including flat rolled products, extruded results and their operations for Both later dissolved. and drawn products and other aluminum and 6150 MOODY'S INDUSTRIAL MANUAL nonaluminum products. Production and Processing Auditors: Ernst & Whinney. thereof, plus accrued interest to the also includes the sale of nonaluminum products, technology and various licensing, engineering and Annual Meeting: First Wed. after Apr. 1$. date. On or before the twenty-eighth day other services related to the production and Shareholders Relations: Susan Anderson, to occur of public notice of the deaigSSLl processing of aluminum. Admin. Corp. Records. TeL: (804 ) 281-4765. and the rating decline, Co. is obIig*K|y" Finished Products and Other Sales includes the No. of Stockholders: Feb. 21, 1989, 13,004. the trustee of such events, and prompdv J manufacture and distribution of various finished aluminum products, cans, including flexible pack No. of Employees: Dec. 31, 1988, 29,700. to mail, or cause to be mailed, to all k record of the debentures a notice re# aging products, cans, containers, food service and Executive Office: 6601 West Broad Street, Rich designated event, the rating decline and household foils (including REYNOLDS WRAP), mond, VA 23230. TeL: (804 ) 281-2000. Fax: (804) chase right. The notice shall state the laminated and printed foil, and aluminum building 281-3740. date, the date by which the repurchase i products. Finished Products and Other Sales also includes the sale of plastic bags and food wraps (including REYNOLDS PLASTIC WRAP), plastic Consolidated Dec. 31 ($000): Income Account, years ended be exercised, the applicable price for J_ tures and the procedure whicn the hoUwJ low to exercise this right. Co. shall cause / Lidding and container products, nonaluminum 1988 1987 1986 such notice to be published in an EnglUk j building products, plastic film packaging, REYN Net sales............. 5,567,100 4,283,800 3,753,400 newspaper of general circulation in thehn OLDS Freezer Paper, CUT-RITE wax paper and Equity, int. & oth. Manhattan, the City of New York. To en printing cylinders and machinery. income.............. 51,500 32,800 39,700 right, the holder of such debenture must* Properties: Co. operates facilities Located as fol lows: Corpus Christi, Tex. Worsley, Australia Stade, W. Germany Baie Comeau, Canada Longview, Wash. Troutdale, Ore. Massena, N.Y. Becancour, Canada Hamburg, W. Germany Ghana, Africa Gain on sale of invest................ Total revenues ... Cost of sales ..... Selling, etc., exp. .. Deprec., & amort . Int, princ. lg-tm obug.................. 5,618,600 4,292,000 339,000 183,600 145,300 4,316,600 3,454,900 289,400 169,900 137,200 least ten days prior to the repurchase da% 116,200 notice to Co. of the holder's exercise of an 3,909,300 together with the debenture with respecM 3,122,500 the right is being exercised, duly 1 262,400 transfer. Such written notice shall be in* 163,100 SECURITY -- Not secured. Co. may \ it permit any of its consolidated sub 138,700 create, incur, assume or suffer to exist i Subsidiaries & Associated Companies Other deductions.. 35,500 securing any non-securable obligations n Set forth below is a list of the subsidiaries and Inc. bef. taxes, etc.. 658.700 265,200 187,100 of its principal properties or upon any , associated companies of Reynolds Metals Com pany. Alreco Metals, Inc. (Del.) Aluminio Reynolds de Venezuela, S.A. (Vene zuela) Aluminum Europe, S.A. (Belgium). Aluminum Chad Stade Gesellschaft mit beschrankter Haftung (West Germany) Austria Dosen Gesellschaft mbh. & Co. (Austria) Canadian Reynolds Metals Co., Limited -- Soaete Canadaenne de Metaux Reynolds, Ldmitee (Quebec) (HEI Campo Aluminum Co. (DeL) Eskimo Pie Coip. (Del.) Gerro Reynolds Dosenwerk GmbH & Co. KG (West Germany). Hamburger Aluminum-Werk Gesellschaft mit beschrankter Haftung (West Germany) mindustria Navarra del Aluminio, S.A. (Spain) Jamaica Alumina Security Company Ltd. (Del.) de Aluminio Reynolds, Inc. (Del,) M&lakoff Industries, Inc. (Tex.) Manicouagan Power Co. -- La Compagnie Hydroqjectrique Manicouagan (Quebec) ML Vernon Plastics Corp. CURB Sales Co., Ltd. (Del.) CQReymet Insurance Company Limited (Bermuda) Reynolds Aluminum Deutschland, Inc. (Del.) Reynolds Aluminum France (France) Taxes on income .. Extraordinary 176.700 64,500 85,200 gain................. 18,800 22,200 Acctg. change .... Net Income.......... Scrt7,700 482,000 219,500 191,800 Prev. retain, earns. Common 1,098,300 911,300 753,700 dividends -- cash 48,200 32,500 34,200 Retain, earns......... 1,532,100 1,098,300 911,300 Earn., com. share: Primary: Inc. bef. extraord. grin & acctg. change .. $9.01 $3.95 $2.04 Extraord. gain . 0.38 0.50 Acctg. change .. 1.55 Net mcome.... Fully diluted .... $9.01 $8.55 $4.33 $4.00 $4.09 $3.62 Common shares (000): Yr. end............... 54,010 53,873 44,002 Average: Primary......... 53,500 49,700 43,800 Fully diluted... 58,700 56,700 53,500 Includes utilization of tax loss carryforwards and in 1987, insurance settlement gain & loss on extinguishment of debt. GDAdj. to reflect 2-for-l stock split 5/87. SIRestated to include consolidation of majority-owned subsidiaries. Cumulative effect of change in accounting for pensions. indebtedness of any subsidiary which ow pal properties without in any such t, providing that the securities of each outstanding are secured equally and ru, such secured non-securable obligations, u, _ such secured non-securable obligating secured, unless, after giving effect tl aggregate amount of all such secured i ble obligations plus all attributable de, duplication, of Co. and its consolidated i in respect of sale and leaseback transact-- not exceed 10% of consolidated nettanriUtS SALE AND LEASEBACK --Co. may , * it permit any of its consolidated sub enter into any sale and leaseback tran_ any bank, insurance company or other ] investor or to which any such lender or IL a party for a period, including renewaJaTI of three years of any principal property i been or is to be sold or transferred, mote days after the completion of construction I mencement of full operation thereof, by C consolidated subsidiary to such lender r or to any person to whom funds have 1 to be advanced by such lender or h security of such principal property or such consolidated subsidiary ___ indebtedness secured by a lien on the J property to be leased back in an amount the attributable debt with respect to sudh] Reynolds Aluminum Holland B.V. (Netherlands) Consolidated Balance Sheets, as of Dec. 91 leaseback transaction without equally a Reynolds Aluminius Deutschland Internationale ($000): securing the securities of each series, or! Vertriebsgesell'Schaft mbH (West Germany) Reynolds Aluminum Recycling Co. (Miss.) Reynolds Australia Alumina, Ltd. (Del.) Reynolds Australia Mines Ply. limited (Austra- Assets: Cash & sh-tm invest.----Receivables................. Inventories..................... 1988 330,500 805,400 705,200 1987 110,000 620,800 705,500 such consolidated subsidiary within 1991 the sale or transfer applies an amount t greater of (i) the net proceeds of the i principal property sola and leased bi to such arrangement or (ii) the fair i_ EReynolds Bacancour, Inc. (Del.) Prepaid expenses............ 22,400 15300 of the principal property so sold and 1 Reynolds Consumer Europe, S.A. (Belgium) Total cun-ent............ Reynolds Consumer Products, Inc. (formerly Invest in unconsol, subs. Presto Products, Inc.) Reynolds of Hawaii, Inc. (Del.) and assoc, cos............... Prop. & equip................ Reynolds International, Inc. (Del.) Less: Deprec., etc............. Reynolds International, (Panama) Inc. (Panama) Net prop. & equip........ Reynolds Jamaica Alumina, Ltd. (Del.) Def. charges and other Reynolds Kansas City Can Co. (Del.) assets ......................... RMC Holdings, Inc. (Del.) RMC Properties Ltd. (Del.) Reynolds Metals Development Co. (Del.) Reynolds Metals European Capital Corp. (Del.) Reynolds Seattle Can Co. (DeL) Sodeta Lavorazioni Industrial! Metalli S.p.A. (Italy) Total....................... Liabilities: Accts. pay. & accr............ Voluntary payment on term loan agreement... Indebtedness................. Sodeta per Azioni Fonderpress (Italy) Total current........... Southern Gravure Service, Inc. (Kentucky) Lg.-tm. debt (exd. conv. Southern Reclamation Co. (DeL) sub. debs.)................... The names of a number of subsidiaries and Pensions and other liab... assodated companies have been omitted because Deferred inc. tax............. considered in the aggregate they would not consti Conv. subord. debs.......... tute a significant subsidiary. Common stock............... Consolidated subsidiaries. Retained earnings .......... Officers W.O. Bourke, Chmn. & Chief Exec. Off. R.G. Holder, Pres. & Chief Oper. Off. R.B. Crowl, Exec. Vice-Pres. & Chief Finl. Off. Cum. cuit. trans. adj........ Total stkhldrs' equity Total............ Net current assets 1,863,500 765,000 4,006,500 2,045,800 1,960,700 442,500 5,031,700 795,400 250,000 109,600 1,155,000 1,080,100 287,700 268.900 199.900 525.900 1.532.100 (17,900) 2.040.100 5,031,700 708,500 1,452,100 at the time of entering into such arr the retirement of funded debt of Co. < 731,900 3.736.700 1,937,000 1.799.700 solidated subsidiary; provided, that thel be applied to the retirement of funded q or such consolidated subsidiary will be j (x) the principal amount of any seam ered within 180 days after such sale to 1 330,300 for retirement and cancellation, and (y)J pal amount amount of funded debt, tR 4,314,000 securities, voluntarily retired by Co. <or' solidated subsidiary within 180 dayt 672,700 sale. _ . l-m INDENTURE MODIFICATION-J may be modified, except as provided, i 109,100 Of 66%% of debs, outstg. 781,800 RIGHTS ON DEFAULT -- Trustee* debs, outstg., may declare principal duel 1,367,700 277,300 87,600 200,000 519,600 1,098,300 08,300) 1,599,600 ble (30 days' grace for payment or intent^ PURPOSE -- Proceeds to be used for | porate purposes. OFFERED -- ($100,000,000) at 99.750 I interest (proceeds to Co., 99.075) on , thru Goldman, Sachs & Co., Merrill I * Markets and associates. 2. Other Debt Outstg., Dec $1,585,100,000 comprising: D 4,314,000 (1) $950,000,000 term loan agreement*! 670,300 (2) $224,300,000 industrial and Y.M. Brandt, Exec. Vice-Pres. Less allowances, $22,600,000 (1987, $19,500,000). control revenue bonds due thru 2015. D.T. Cowles, Sec. Senior Vice-Pres., Gen. Counsel & Long Term Debt 1. Reynolds debenture 9Yss, due 1999: Metals Co. (3) $135,100,000 mortgage and otbff able thru 2009. _, (4) $15,000,000 9.30% medium-term i J.R. McGill J.M. Noonan ILN. Bolling Vice-Presidents T.N. Brown R.E. Hanneman H.V. Helton Rating--Baal AsiUooTnHn.n--no$n100,000,000; outstg. this series DATED --June 15, 1989. DUE--June 15, 1999. June 21, 2001. ___ ' (5) $5,000,000 9.31% medium-term June 21, 2001. ^ (6) $75,700,000 other debt due thru i^j W.G. Reynolds, Jr. CS. Thomas D.C. Bilsing SD. Wyllie R.N. Peters A.B. Shehee, Jr. D.P. Reynolds R.S. Thomas R.B. Crowl R.N. Reynolds R.N. Reynolds J.H. Taylor R.L. Waldrop J.J. Sheehan H.S. Savedge JM. Lowrie Directors W.O. Bourke J.K. Finlayson R.G. Holder W.T. Young INTEREST -- J&D 15 to holders registered J&D i. TRUSTEE -- The Bank of New York. DENOMINATION -- Fully registered, $1,000 or any multiple thereof. Transferable and exchangea ble without service charge, CALLABLE -- Not callable prior to maturity. PUT RIGHTS -- In the event that there occurs at any time prior to June 15, 1999 both (a) a desig nated event with respect to Co. and (b) a rating decline, each holder of the debentures shall have the right, at the holder's option, to require Co. to Debenture* Retired: Entire issue < Metals European Capital Corp. 5/*> i convert, debs, due 1988 were converteu f mon stock of Co. in Feb. 1987. . Entire issue of Reynolds Met** subord. debs. 4l/2S due 1991 w***. redemption on May 14, 1987 at iw TM and unpaid interest w Entire issue of Reynolds MetSi subord. debs. 6s due 2012 were cn common stock of Co. on April 1,19oy.^^ J.R. Hall H.R. Linden purchase all or any part of such holder's deben Capital Stock: Reynolds Metals COjj T.A. Graves, Jr. T.K. Smith, Jr. tures on the date that is 100 days after the last to no par , ___ . R.L. Hints RJ. Vlasic occur of public notice of the designated event and AUTHORIZED -- 200,000,000 sharc*^ Y.M. Brandt the rating decline, at 100 of the principal amount Dec. 31, 1988, 54,009,955 shares; " of deben is, 3,042, , 943.S j,iged fr< jplit; from iOt No p J capital x commor p> one cla1 k received r each sha iged or &*.DS PA e> par class UT...I.OO n par class ^...Nil spar com: Jj}J5/2 __ 1.25 _..0.15 _..Nil ^..1.00 _1.35 _.1.10 __ ^1.62 '/2 ipar comn *J3.i2V2 D no par si _0.12V2 -.0.78% __1.10 _0.40 _.1.35 *.2.25 __ 1.00 B no par s __ 0.15 I 25% sto -nture 3 divide 1953. Slights di [july_3. l: ARS __) -- O [of share _.J put i Reyno J300 no i thru E | Cov R. 5 fc )--On lae Pac (Stock f NGE- K--On MOODY'S INDUSTRIAL MANUAL 6151 debentures. 5,227,283 shares; reserved In July 1978, acquired Data Systems Corp. for Prepayments, etc.... 6,289 8,583 3,042,567 shares; reserved for employee ' *43,525 shs.; no par. "red from no par to SI Sept. IS, 1955 by c from $1 to no par Oct 13, 1959, by 3- >jo par shares split 2-for-l May 15, i ^pital stock represented by class A and 82,130,000. On Oct. 1. 1979, acquired the business and cer tain assets 01 Accumation Inc. for 86,000,000. On Jan. 2, 1980, acquired the remaining 30% of ReyZon Computers from Zonic Technical Labora tories Inc. for 81,300,000. Total current... Invest. & advances.. Prop., plant & equip. Less: Deprec............ Net property, etc.... Intangible, etc.......... 163,426 22,030 202,268 93,641 108,627 104,595 152.527 9,794 197,353 88,617 108,736 110,085 unon shares was converted in October * one class of common stock (no par) and v 'ved in exchange 1*4 shares of corn- share held while the class B common 1 on a share for share basis. ,, PAID -- (in *) class A shares) >rporated ... Reyna Leasing Corporation, a subsidiary of Reyna Financial Corporation. On February 14, 1983 incorporated in Delaware Reynolds ana Reynolds (Australia) Limited, a wholly owned subsidiary. Total............... Liabilities: Notes payable........ Accts. payable........ Debt due................. Accruals................. 398,678 6,713 26,211 465 35,537 381,142 17,161 30,203 1,079 29,287 1.00 1929............ 3.41 On January 1, 1983 formedI Sligos and Reynolds, Total current... 68,926 77,730 class B shares) SJ..AA., FPrr.ance.' Long-term debt .... 97,811 87,651 .Nil common shares) ;5i/2 1930..............2.20 1931............... 1.75 *1.25 l.L0n.1u5 E1933-36........1.00 1937............... 1.00 1939............... Nil 1940............... 0.30 1942 ............. 0.S0 1943-44.......... 0.75 *1.00 1946..... 0.75 01947............ 1.00 *US 1949...............M0 HI1950............ 1.20 On July 12, 1983 incorporated in Delaware Reynolds and Reynolds (South Africa) Limited, (sold in 1988). On May 30, 1986, acquired The Arnold Corp. for 8110,000. In Dec. 1, 1986, acquired National Medical Com puter Services, Inc. In 1987, Co. acquired Beri S.A., France. Def. income taxes ... Other liabil............... Common stock: Class A (80.625) .. Class B (80.03125). Paid-in capital........ Retained earnings .. 17,188 12,824 6,422 273 47,017 148,217 11,706 10,958 6,672 273 56,163 129,989 *1.10 01952-53____ 1.00 01954............ 1.50 .1r.6c2o%mmon s. hares,) jj2ft 01956-58.......0.65 1959.. ..0.521/2 &1oK7t18afZ*fTr4tj shai11r99rtet66rs07, --xa66.a48ft..e....r....300-..59fron00r-2 st1pr9ule6itr5)... 1969... *1.10 1971..........0.85 1972... MO 1974-75......1.00 1976... lus 1978......... 1.571/2 1979... 1981..........2.40 1982... ..0.73-1/4 ..0.95 ..0.45 ..1.10 .. 2.00 .. 1.75 *1.00 1986..........1.00 1987... .... 0.55 par shares after 2-for-l lit) falS 1988.............1.05 .......... 0.80 . stock in 1934 and 81 per share in 15ure 31/2S, 1951 paid in 1936. dividends paid: 1947, 1948, 1950 and 51953, 1954 and 1955, 5%; 1958, 2%. hts distribution. See below. li' LIMITATION -- See Long Term PRIGHTS -- Has sole voting rights (one :) with restrictions (see Preferred No. J RIGHTS -- None. _ DISBURSING AGENT --Chase 1 Bank, New York. . AGENTS -- Chase Manhattan Bank, 5 -- Chase Manhattan Bank, N.A., j--On July 6, 1937, the unsubscribed thares originally offered to stockholders [publicly at $17 per share by Lehman nolds & Co., New York, nop&r shs.) at 838.50 per sh. on June 1 Dillon. Read & Co., Inc., Goldman , Reynolds Securities, Inc. and assoti3s for general corporate purposes. On NYSE (Symbol: RLM); unlisted Padfic, Philadelphia, Cincinnati and ,_t Exchanges. GE -- 1988 1987 1986 1985 1984 58 6I-V4 52* 411./4. 41*8 20V 3366-V**g 30ft 26 J Stock Purchase Rights: In Nov. 1987, I of directors declared a dividend distri ne pfd. stock purchase right for each Business: The Company is a major supplier of information processing systems-both computers and business form-to markets around the world. Primary markets for the company's products are service-oriented organization such as automobile dealerships, hospitals, medical practices and gen eral business. Co. markets its products and services in two major areas: business forms and computer systems products and services. Co. has a sales force of nearly 750 based in nearly 200 sales Offices. Reynolds' international operation brings the company's products and ser vices to worldwide markets. Property: Company has facilities in the following locations: Dayton, O. Dallas-Forth Worth, Tex. Chambersburg, Pa. Chestertown, Md. Columbus, Oh. Phoenix, Az. CeUna, O. Brampton, Ontario, Can. Richmond, Va. Hagerstown, Md. Kings Mountain, N.C. North Hollywood, Calif. Tulare, Calif. Arras, France Sydney, Aust. Winstead, Ct Smyrna, Del. Subsidiaries The Arnold Corp. NMCS, Inc. Reyna Financial Corp. Reynolds & Reynolds Ltd. (Canada) Reynolds & Reynolds S.A. (France) Reynolds & Reynolds Ltd. (Australia) Officers T.D. Carder, Chmn. D.R. Holmes, Pres. & Chief Exec. Off. D.L. Medford, Vice-Pres.-Corp. Fin. & Chief Fin. Off. M.J". G` apinski. Treas. & Asst. Sec. A.M. Lutynslu, Gen. Counsel & Sec. R.H. Grant, III K.W. Thiele W.H.Seall D.E. Fiy G.B. Pnce, Jr. Dtractors T.D. Carder R.C. Nevin D.R. Holmes R.H. Grant, Jr. Auditors: Deioitte Haskins & Sells. Total............... Net current assets . . 398,678 94,500 381,142 74,797 ELower of cost or market. 0Restated for reclassifiacation of 'software licensed to customers' from net property to intangibles. Long Term Debt Outstg. Sept. 30, 1988, 898,27o,000 comprised of: (1) 8748,000 5ft%-llft% notes, due thru 1995. (2 ) 866,000,000 8*g% notes, due 1990 thru 1996. (3) 82,407,000 capital leases, due thru 1993. (4) 84,121,000 Canadian and Australian notes, due thru 1991. Loan agreements limit consolidated indebtness and require minimum current ratio of 1.50. At Sept. 30, 1988, abount 832,400 was available for dividends. Capital Stock: 1. Reynold* A Reynolds Co., Cl. A com.; par $0,625. AUTHORIZED--30,000,000 shares; outstanding, Sept. 30. 1988, 10,674,105 shs.; in treasury, 742,000 shs.; reserved for options, 315,769 shs.; reserved for Cl. A com. stk. 10,275,105 shs.; reserved by conver sion of class B stock, 437,464 shares; par 80.625. Par changed from 810 to 85 by 2-for-l split Oct 26, 1965; from 85 to 82.50 by 2-for-l split Mar. 8, 1968; from 82.50 to 81.25 by 2-for-l split Feb. 28, 1972.; front 81.25 to 80.625 Dy 2-for-l on Apr. 15, 1986. VOTING RIGHTS --Class A and class B have one vote per share, with right of cumulative voting for directors; each class has right to vote on cer tain questions including any adverse change in terms. LIQUIDATION RIGHTS -- On liquidation, assets are distributed in ratio of 20 to one between each A and each class B share. DIVIDEND RIGHTS -- Dividends may not be paid on either class unless simultaneously paid on both classes, with class A receiving 20 times amount declared on class B; no stock dividends or split-ups may be declared except on a pro-rata basis. DIVIDENDS -- (Calendar Years): On 810 par shares: 1960.............80.50 1961. 1963.............. 0.85 1964., ....8..01..6100 1962....... 80.62ft 1965......... 1.55 On 85 par shares: B1966-67 ..... 0.90 1968 .. 8 of Co. com. stock effective Dec 1. rights will not be exercisable or in u The privilege of entitlement will .j com. stock. However, should a per acquire 20% or more of Co.'s shares --ft an offer to acquire 30% or more of Idle rights will become exercisable 10 rand separate certificates representing Legal Counsel: Coolidge, Wall, Womsley & ^ombard. Annuel Meeting: In Feb. No. of Stockholders: Nov. 12, 1987. Q. A., 1,774; Cl. B, 2. No. of Employees: Sept. 30, 1988, 4,976. 1968..........0.37 ft 1969-71__ ....0.60 On $1.25 par shares: 1972..........0.22*2 1973-75.........0.32 1977..........0.60 1978......... ....0.72 1980-84..... 1.08 1985......... ....1.24 On 80.625 par shares: 1986 ............. 0.35 1987-88 ........ 0.76 1972.... ........0.15 1976__ ____ 0.40 1979__ ........0.88 1986.... ........0.70 Will be distributed. At that time, the begin to trade independfcntly from Office: 115 S. Ludlow St, Dayton, OH 45402. TaLi (513)443-2000. BAlso 3% stock in 1966. DIVIDEND RESTRICTIONS --See long-term -t-J become exercisable, a holder will be tQy from Co. ftooth of a share of jr. Consolidated Sept 30 (8000): Income Account, years ended debt PREEMPTIVE RIGHTS -- None. REGISTRAR & TRANSFER AGENT --Bank y stock, ser. A of Co. for 8125. If Co. is I a merger or other business combina^tune # after the rights become exerdsa- will be modified so as to entitle a a number of the acquiring com ares having a market value of twice price of each right. If a 20% holder M means of a reverse merger in * ite shares survive, or engages in self "tions with Co., each right not owned would become exercisable for the Net sales.......... Cost of sales............... Selling, etc., exps.......... Oper. income............ Gain on sale of assets . Other inc.................... Total......................... Interest exp., net .... Income taxes............ Ljjnares of the corporation's com. stock BNet Income............ 4. time have a market value of two Prev. retain, earns.... ase price of that right. Stk. repurchased .... * Wll expire on Dec. 1, 1997. The rights Fgn. curt transl. adj. . f*phed by Co. for 80.05 per right prior Class A com. divs. ... L<*y after a public announcement that Class B com. divs. ... 1988 600,111 374,722 199.,449 25,940 8,987 drl83 34,744 10,910 9,381 18,077 129,989 277 7,809 332 1987 562,700 325,972 195,712 41,016 2,268 d/610 46,542 7,435 17,886 21,221 117,192 275 272 8,089 332 01986 One, Indianapolis, IN. 404,011 213,580 OFFERED --(255,000 Class A --82.50 par shsj at S43 a sh. on May 27, 1971 thru duPont Glore For- 147,559 42,872 gan, Inc., Clark, Dodge & Co., Inc. and C.C McCune & Co. and associates. Proceeds for expan sion. d/514 46,174 4,646 17,672 23,856 100,559 118 218 6,581 306 (1,350,000 cl. A shs.) at 831.00 per sh. on July 21, 1986 thru Goldman, Sachs & Co. and associates. Proceeds will be used to reduce debt outstg. under Co.'s S110,000,000 revolving credit agreement which was entered into finance the acquisition of The Arnold Corp. LISTED:On NYSE (Symbol: REY). PRICE RANGE-- 1988 1987 B1986 1985 1984 High...................... 24*4 38*4 64*4 56 40ft Low...................... 16ft 13*4 25* 31ft 26 of the shares of com. stock have Retained earn............. 148,217 129,989 117,192 EAdj. for 2-for-l split 1 New York Stock Exchange. Earn., com. share___ Common Shares (000): $2.43 $1.91 . $2.44 2. CL B com.; par $0.03Vt: AUTHORIZED -- 30,000,000 shares; outstanding. & REYNOLDS CO. n ----- panv founded in 1966. Jl, acquired Dealer-Management Analfioiingham, Ala. (liquidated in 1973). If7*.acquired Computer Systems Corp., r {liquidated in 1973). , J 1972 acquired World Wide Timejl 10J* 1*668 cl. A com. shs. [fl973, Co. acquired Diversified Online Yr.-end: Class A.............. Class B............... Average................. 10,275 8,749 10,749 10,674 8,749 11,117 10,570 8,749 9,777 EAfter 826,257,000 (1987, 520,814,000; 1986. 813,923,000) deprec. & amort. Bind. The Arnold Corporation from May 30, 1986 date of acq. Consolidated Balance Sheet, as of Sept. 30 (8000): Sept. 30. 1988, 8,749,280 shares; par $0.03Ve. Par changed from 50 cents to 25 cents by 2-for-l split Oct. 26, 1965; from 25 cents to 12ft cents by 2-for-l split Mar. 8, 1968; from 12ft cents to 6ft cents by 2-for-l split Mar., 1972; from 6V4 cents to 3ft cents by 2-for-l split on Apr. 15, 1986. All owned by R.H. Grant, Jr. or R.H. Grant III. VOTING, LIQUIDA'nON, DIVIDEND RIGHTS -- See class A common. DIVIDEND RESTRICTION -- See long-term for 31,500 cl. A com. shs. plus Assets: gW d. A com. shs. held in escrow Cash & equiv........ ation of certain sales levels in fis- Accts. receiv., net . EInventories 1988 2,743 108,888 45,506 2987 debt 3,306 PREEMPTIVE RIGHTS -- None. 96,470 CONVERTIBLE -- Into class A shs. at the rate of 44.168 one sh. of class A for each 20 shs. class B stock. :i til it m 6152 MOODY'S INDUSTRIAL MANUAL ftlEDEL ENVIRONMENTAL TECHNOLOGIES, INC. anHdisitnorya: OrerogragnainzeizdatiinonDeexlacwhaanregeidn Jitasnusatorcyk19fo86r HLower of cost (fifo) or market. 1368,182 shs. at cost. 8..1HL>(SJ2o9)nIW5g.,3jj8-V5jT3u6P8e^17rTMcm,o6n4s8. iDsNteinobgtte:v0,f.:pOayuatsbtlge.,-- Dec. bank, 3i, 1987, secured by ENet toss.. Prev. deficit Preferred divs. DLe$fsicpite.r...c.o..m......s......................................... ***41 that of Riedel Enviromental Services, Inc. Riedel groperty,^ interest at prime plus .S% (9.25% at ttonnnon snares (000): " * ! Omni Products, Inc. and Riedel Waste Disposal SyOstnemD,eIcn.c.31, 1986. acquired, through its whollyowned subsidiary, all the operating assets of Peter son Maritime Services, Inc tor 82,800,000. Control: Riedel International, Inc. owns 63.8% of (2) 869,919 10.5% Note payable, interest at with principal payments not to exceed 860,000 an(n3u)all8y1. 59,662 10% Note payable through 1991. (4) 8144.553 Note payable secured by property, Average EAfter 8642,000 deprec. & , equiv. Consoldiated Balance Sheet, m2 (8000): S common shares. suBBbsuutssaiinnnceeessssm:: an'mHaigeeemCceoonmmt sp-p-ea-ar-nnv--iyy-c-e-_spp-ritu-oo-vv--pii-ud-rceiv--asatehai:--nzncad[ruu.d.s.ro*-t--u-r.ys, aanndd lgoonvgeerrnmteernmtalbaesnitsit.ieCs oomnpabnoyth's apnrinecmipeargfesnecry interest . hiv --------------- (5) 473,964 Note Payble, secured by real prop., interest at 11%, payable thru 1992. `(6^) $t*5o9,6m*1o0 other debt. Capita/ Lease Obligations: Outstg. Dec. 31, 1987, Assets: Cash & equiv. Accounts rec., net Inventories Prepaid expenses vices mclude groundwater decontamination, 82,741,479. response to hazardous substance emergencies and Capital Stock: Raida! Enviromental Technolo the assessment, stabilization and clean-up of other hazardous substance sites. Company is the prime gies, Inc. Com., par $0.01: AUTH.: 15,000,000 shs.; outstg., Dec. 31, 1987, eS-ro-emtf-am--et-eMor-gs-vi-esa-1snl,cE_oyrnfCvih-ori-are-mo-zs-nap-p\mornadnneosaynueittsaaslcsltsauootbnePstsrtrmaaownctaecetnoecursttifoainonfcopturatirolAelntsghssete,anp6tcea0Uyst0e,n0wni0ttfeee0osddrst haV3r-,--e1Os8T;3--,-pI---6-N-a2-<r8Gn0A-s.-0h--f1s-e..-.;l-G-i-n-H--Tt-r-Se--a-:-s-unEr-nyn,-,ti/t6)le8/I,d1I 82toshso.;neresveorvteed for per Total current Prop. & equip. Less: Deprec............ Net prop. & equip. Other assets........... Total Liabilities: rubber railroad grade crossings and operates a TRANSFE__R___A__G_E__N__T &_ REGISTRAR -- United Note payable to bank solid waste sanitary landfill. Properties: The Company's executive offices occupy approximately 11,000 sq. ft. in Portland, OrCe.o. leases office and warehouse space aggregat ing 101,000 so. ft. in Ore., Tex. and Pa.Os 50 acres of land fill in Portland, Ore. Subsidiaries Riedel Enviromental Services, Inc. Riedel OMNI Products, Inc. Riedel Waste Disposal Systems, Inc. Officers A.A. Riedel, Chairman Andrew Franklin, Pres. . . .. ,, c States National Bank of Oregon. LISTED -- On ASE (Symbol -- RIE). OFFERED --1\,000,000 shs.) at 817.00 per sh. (proceeds to Co., 815.75 per sh.) on May 9, 1986 thru Donaldson, Lufkin & Jenrette Securities Cor poration. PRICE RANGE- High................... Low................... 1988 1987 1986 16% 10% 28 7 Vs 21 10% RISER FOODS, INC. History: Incorporated in Delaware on Dec. 18, 1987. On June 8. 1988. the combination of Fisher Foods, Inc., 1R%iVn.!i THoTljdj!in^^g Co., Rego CSounpaevrnmarkets. Notes payable Accts. payable Accrued expenses Accrued inc. taxes Debt due........... Capital lease oblig. Self-insurance reserve . Litigation settlement res. Total current..... Long-term debt........... Capital lease oblig........ Sell-insurance reserve . Litigation settlement .. Deferred inc. taxes .... Other liabilities........... J.H. McGuum, Exec. Vice-Pres., Chief fm. off. Sec. Inc American Seaway Foods, Inc. and two of Preferred stk. & Treas. its affiliated, partners, General Trucking Co^ and Class A common Class B common WA. Cross R.G. Nutting RJ, Enos J.G.L. Hopkins G.R. Lord D.P. Rynd Vice Presidents G.J. Newbore J.N. Clark w.B. Hope Jr. T.W. Latiolais R.E. Miller _ ` in capital . Exchange -_____--___ ____ the shares of Fisher, Rini, Rego and Seaway com Deficit............. Stkhldrs' equity mon stock and General Trucking Co. and Aurora Equipment Co. partnership interest were exchanged for shares of the Co?s Class A Common Stock, 80.01 paVvidue^andClassTB C^o--m---m--o--'n- Stock^ Total Net current assets................. Long-Term Debt ofOtiluei hSo AA. Riedel Andrew Franklin Victor Atiyeh Directors D.C. Bell Francis Jungers R.R. Shaw Auditors: Arthur Young & Co. Counsel: Perkins Coie. 80.01 par vaj ., stock were exchanged for snares oi me \jo. s w Cumulative Convertible Preferred Stock, 8100 par payable. ^ ^ value. (2) 87,401,000 Business: Co. and its subsidiaries are engaged *900,000 due anm ly on Ju in the retail and wholesale distribution of groceries 1 Ti\ tn mnnn s/.or ...i itS SUpermarket teSsIoOO due 'STBuaUy; Annua! Meeting: In June. and wholesale div^>ons. ^ with remainder due in zOOl. Ho. of Stockholders; March. 1, 1988, 329. No. of Employees: Dec. 31, 1987, 334. As. of July 2, \988, the^Cos_retau supermarket division operated 63 supermarkets in Northeastern (4) $9494,000 6Vj% to 12^ navable varying amounts v_, ______000 notes pa:~WI Shoo" and `'Carl's"" <?r %t 1/2% OVt" Consolidated Income Account, years Dec. 31 (8000): Revenues................ Cost of sales .......... Gen. & admin, exps. Oper. income.......... Interest inc............ Interest expense ... 1987 55,532 39,986 11.597 3.9S0 36 357 1986 33,283 24,887 52,,,8529290u34167o4 ended 1985 27,902 21,801 3,216 ....24..,,.80..80.53 567 cS. Si gratis the Eagle lee Cream Co.. which supplies ice cream to Co. supermarkets and to other .retail grocery chains and independent stores in Ohio and Illinois. Property: Co. owns the land and building that serve as the corporate headquarters and wharehouse for Riser and its subsidiaries. Co. also oawndn' sa 1baanakeicrey cream facility fiPn- laCnotl,u-m-i-nbLu.t.hs.,erOtChhilineov. eland area; monthiy in varym (2\ . QAa ma ai/uxr (7) 86,183,000 other notes f Capital Lease Obttgettofis: I 815,484,000. Capital Stock: 1. Riser I tfve convertible preferred i AUTH. --30,000 shs.; outst* Ji rif Income taxes: Actual................. Pro forma............ Net income........ Prev. retain, earn. .. Inc taxes-actual ... Retain, earn........... Earn., com. share .. Common shares (000): Yr. end................. Average.............. 1,626 (32,003 4,121 6,124 80.63 84144s 01,260 2i\l 4,121 250.42 ,184 . 3,142 ,182 3,025 51,102,834; 1985, deprec. & amort. Consolidated Balance Sheet, as of (8000): 1987 Assets: Cash fit equiv............ Receivables, net .... Inventories.......... Prepayments.......... 382 11,237 756 939 Total current... Prop. & equip........... Less: Deprec............ Net prop. & equip. Excess cost acq........ Other assets............ 13,315 19,044 7,019 12,025 1,296 850 Total............... Liabilities; Notes payable........ Accts. etc. payable .. Income taxes.......... Cap. lease oblig........ Accruals, etc............. Debt due.......... 27,486 630 4,752 314 252 1,138 617 Total current... Long-term debt .... Def. me. taxes. Cap. lease oblig............ Common stk. (80.01) . Paid-in capital........... Retained earnings Reacquired stk........ Net stkhldrs' equity 7,702 678 889 2,490 33 10,470 6,124 d/900 15,727 Total................... Net current assets ... 27,486 5,612 Via*; 1 ru ' 09 " 2,417 80.47 NA. 2,600 8925,273) Dec. 31 1986 1,918 7,608 517 369 10,412 13,511 5,461 8,050 1,350 944 20,756 1.000 2,877 890 616 5,383 765 915 33 10,439 4,121 dr900 13,693 20,756 5,029 Subsidiaries Fisher Foods, Inc. Heritage Wholesalers, Inc. Eaglelce Cream Company Stop^N^Shop76*1%) Offlcisrs A.C. Rego, Co-Chmn. & Chief Exec. Off. M.L. Borstein, Co-Chmn. & Chief Exec. Off. shs.;_par 8100. CONVERTIBLE --Into 9.79 4 Common stock at option of the r CALLABLE -- At the option.' per share. ISSUED --(18,106 shs.) on . shareholders of Fisher Foods, II 2. Riser Foods, Inc. CL A of ~ AUTH. -- 20,000,000 shs-* 6,917,513 shs.; reserved tot/ held by affiliate, 1,553,630 Ml J.E. Crimaldi, Exec. Vice-Pres. A.R. Patrillo, Exec. Vice-Pres. of pfd. 177,257 shs^par 80.01. VOTING RIGHtS -- EnOtk share, except with respect to I _ T , % Senior Vice-Presidents D.J. Lombardy B.K. Garson TJl. Rego C.A Rego Steven Borstein Jerome Borstein B.P. Garson , Sidney Felbain D.C. Lombardy A.C. Rego C.A Rini, Sr. P.M. Sanson B.K. Garson S.L. R---o-h--r-m--an J.E. Crimaldi Dlrsctors M.L. Borstein A.T. Collura, Tr. D.J. Lombardy Anthony Rini' T.A. Rego R.H. Kanner W.A. Miller Auditors: Arthur Andersen & Co. No. of Employees: July 2, 1988, 7,200. tors, at which time holders fl stock will vote as a separate i to elect 25% of the total number LISTED -- ASE (SymboL* RSBj< PRICE RANGE -- 1988. l3%-4. 1 3. Riser Foods, Inc. CL B t AUTH. -- 5,000,000 shs.; < V1.o01t3i,n62g5shsr.;i_gpahr8t0--.01E. nti.tl.ed share. RITE AID CORP. History: Incorporated in hi Rack Rite Distributors. Inc. 1 ness founded in 1927. Reuwc on Apr. 15, 1968. ,__. , On Aug. 11, 1969, acquired No. of Stockholders: Oct. 7, 1988, Class A, 1,225; Class B, 25. 234,947 com. sns. Iin pUetCc. 1iv9o6y9 acquired . OhA--i-od-d-4-r-4e-1-s-4-s6-:-.-T-5-3e--0l-.0:R(2ic1h6m) o29n2d-7R00o0a.d, Bedfors Heights, Harrisburg, Pa. for 34,5w* Inc., Haddonfield, NJ. tor j2C^o2n.(s1o9litMda(te*0d 0S0tartreamtiOenn*t oCfOOmpmeerantCioends), tJhurneU99h, ?Idng?N,t?oafvw$?O* acquit July Net sales........ Cost of goods sold SelL, gen. & admin, exps. OpeT. profit----Interest expense Other income, net Net bef. taxes Income taxes Drug Corp. . . r,,h 73,.9..0..2........I.n....A..u__g_. 1971, acquired 5193,,q9865ah60 TDD>iissiRccrooouunnntttCCeenntteerrs, fIinoUcru..2J,_7a,n5U040#_c^ , 86 In 1972 acquired Sera-Tec 430848 91,I9n22Acuogm.,. s1h97s2. , acqu.ire.! *.o.r d98 15 stores. Superdrug storm* 61 near London, England. J ge. iPoin J9cha..n J in G $4, a< Jin P lEnct : comi 191