-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Evb54YdrcmvAnYG/eNQXIcVw3HC5HzmdP4Lt4EqclOmTcn0N7s6K8WTr+Y5KKCt2 5QVryNo6KpoKx6lQ8Jaflg== 0000018926-97-000008.txt : 19970630 0000018926-97-000008.hdr.sgml : 19970630 ACCESSION NUMBER: 0000018926-97-000008 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970627 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY TELEPHONE ENTERPRISES INC CENTRAL INDEX KEY: 0000018926 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 720651161 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07784 FILM NUMBER: 97631734 BUSINESS ADDRESS: STREET 1: P O BOX 4065 STREET 2: 100 CENTURY PARK DR CITY: MONROE STATE: LA ZIP: 71211-4065 BUSINESS PHONE: 3183889500 MAIL ADDRESS: STREET 1: P O BOX 4065 STREET 2: P O BOX 4065 CITY: MONROE STATE: LA ZIP: 71211-4065 FORMER COMPANY: FORMER CONFORMED NAME: CENTRAL TELEPHONE & ELECTRONICS CORP DATE OF NAME CHANGE: 19720512 11-K 1 11-K DOLLARS & SENSE United States Securities and Exchange Commission Washington, D.C. 20549 Form 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1996 OR [] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-7784 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: CENTURY TELEPHONE ENTERPRISES, INC. DOLLARS AND SENSE PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: CENTURY TELEPHONE ENTERPRISES, INC. 100 CENTURY PARK DRIVE MONROE, LA 71203 Independent Auditors' Report The Board of Directors Century Telephone Enterprises, Inc.: We have audited the accompanying statements of assets available for benefits with fund information of Century Telephone Enterprises, Inc. Dollars and Sense Plan as of December 31, 1996 and 1995, and the related statement of changes in assets available for benefits with fund information for the year ended December 31, 1996. 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 assets available for benefits of Century Telephone Enterprises, Inc. Dollars and Sense Plan as of December 31, 1996 and 1995, and the changes in assets available for benefits for the year ended December 31, 1996, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statements of assets available for benefits and the statement of changes in assets available for benefits is presented for purposes of additional analysis rather than to present the assets available for plan benefits and changes in assets available for plan benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. KPMG PEAT MARWICK LLP /s/ KPMG PEAT MARWICK LLP Shreveport, Louisiana June 12, 1997 CENTURY TELEPHONE ENTERPRISES, INC. DOLLARS AND SENSE PLAN Statement of Assets Available for Benefits With Fund Information December 31, 1996
Century Growth Asset Money Bond Common Stock Allocation S & P 500 Loan Market Index Stock Fund Fund Fund Stock Fund Fund Fund Fund Sub-total - -------------------------------------------------------------------------------------------------------------------------------- PLAN ASSETS Investments, at fair value $ 23,454,310 8,306,406 7,241,247 6,841,549 3,947,245 2,651,811 1,177,876 53,620,444 Cash 229,967 - - - - - - 229,967 Contributions receivable - employer 369,015 - - - - - - 369,015 Contributions receivable - employee 288 - - - - - - 288 - -------------------------------------------------------------------------------------------------------------------------------- ASSETS AVAILABLE FOR BENEFITS $ 24,053,580 8,306,406 7,241,247 6,841,549 3,947,245 2,651,811 1,177,876 54,219,714 ================================================================================================================================ Lifepath Lifepath Lifepath Lifepath Lifepath Sweep Combined Sub-total 2000 Fund 2010 Fund 2020 Fund 2030 Fund 2040 Fund Account Funds - -------------------------------------------------------------------------------------------------------------------------------- PLAN ASSETS Investments, at fair value $ 53,620,444 82,616 579,007 396,566 93,545 244,992 - 55,017,170 Cash 229,967 - - - - - - 229,967 Contributions receivable - employer 369,015 - - - - - - 369,015 Contributions receivable - employee 288 - - - - - - 288 - -------------------------------------------------------------------------------------------------------------------------------- ASSETS AVAILABLE FOR BENEFITS $ 54,219,714 82,616 579,007 396,566 93,545 244,992 - 55,616,440 ================================================================================================================================ See accompanying notes to financial statements.
CENTURY TELEPHONE ENTERPRISES, INC. DOLLARS AND SENSE PLAN Statement of Assets Available for Benefits With Fund Information December 31, 1995
Century Growth Asset Money Bond Common Stock Allocation S & P 500 Loan Market Index Stock Fund Fund Fund Stock Fund Fund Fund Fund Sub-total - --------------------------------------------------------------------------------------------------------------------------------- PLAN ASSETS Investments, at fair value $ 23,456,425 6,078,920 6,256,726 4,968,690 3,313,894 3,145,384 1,156,298 48,376,337 Cash 370,702 - - - - - - 370,702 Contributions receivable - employer 339,590 - - - - - - 339,590 Contributions receivable - employee - 2,882 - 2,882 - - 3,842 9,606 - --------------------------------------------------------------------------------------------------------------------------------- ASSETS AVAILABLE FOR BENEFITS $ 24,166,717 6,081,802 6,256,726 4,971,572 3,313,894 3,145,384 1,160,140 49,096,235 ================================================================================================================================= Lifepath Lifepath Lifepath Lifepath Lifepath Sweep Combined Sub-total 2000 Fund 2010 Fund 2020 Fund 2030 Fund 2040 Fund Account Funds - ---------------------------------------------------------------------------------------------------------------------------------- PLAN ASSETS Investments, at fair value $ 48,376,337 98,524 324,042 221,052 29,168 76,688 - 49,125,811 Cash 370,702 - - - - - - 370,702 Contributions receivable - employer 339,590 - - - - - - 339,590 Contributions receivable - employee 9,606 - - - - - - 9,606 - --------------------------------------------------------------------------------------------------------------------------------- ASSETS AVAILABLE FOR BENEFITS $ 49,096,235 98,524 324,042 221,052 29,168 76,688 - 49,845,709 ================================================================================================================================= See accompanying notes to financial statements.
CENTURY TELEPHONE ENTERPRISES, INC. DOLLARS AND SENSE PLAN Statement of Changes in Assets Available for Benefits With Fund Information For the Year Ended December 31, 1996
Century Growth Asset Money Bond Common Stock Allocation S & P 500 Loan Market Index Stock Fund Fund Fund Stock Fund Fund Fund Fund Sub-total - ---------------------------------------------------------------------------------------------------------------------------------- Additions to assets: Investment income (loss) Net appreciation (depreciation) in fair value of investments $ ( 634,990) 624,622 82,186 982,893 - - (53,497) 1,001,214 Other income - 115,385 677,573 221,653 - 143,612 76,427 1,234,650 Interest income 13,313 - - - 407,124 - - 420,437 Dividends - Common Stock of Century Telephone Enterprises, Inc. 259,720 - - - - - - 259,720 - ---------------------------------------------------------------------------------------------------------------------------------- Net investment income (loss) (361,957) 740,007 759,759 1,204,546 407,124 143,612 22,930 2,916,021 - ---------------------------------------------------------------------------------------------------------------------------------- Contributions Participants 1,676,431 1,296,994 756,110 796,294 - 368,068 142,143 5,036,040 Company 2,287,893 - - - - - - 2,287,893 - ---------------------------------------------------------------------------------------------------------------------------------- Total contributions 3,964,324 1,296,994 756,110 796,294 - 368,068 142,143 7,323,933 - ---------------------------------------------------------------------------------------------------------------------------------- Total additions 3,602,367 2,037,001 1,515,869 2,000,840 407,124 511,680 165,073 10,239,954 - ---------------------------------------------------------------------------------------------------------------------------------- Deductions from assets: Participant withdrawals 2,078,217 461,185 502,213 317,014 234,179 1,087,825 103,448 4,784,081 Other, net 34,476 13,878 18,358 11,239 - (72,595) 6,216 11,572 - ---------------------------------------------------------------------------------------------------------------------------------- Total deductions 2,112,693 475,063 520,571 328,253 234,179 1,015,230 109,664 4,795,653 - ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) prior to interfund transfers 1,489,674 1,561,938 995,298 1,672,587 172,945 (503,550) 55,409 5,444,301 Interfund transfers (1,602,811) 662,666 (10,777) 197,390 460,406 9,977 (37,673) (320,822) - ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) (113,137) 2,224,604 984,521 1,869,977 633,351 (493,573) 17,736 5,123,479 Assets available for benefits: Beginning of year 24,166,717 6,081,802 6,256,726 4,971,572 3,313,894 3,145,384 1,160,140 49,096,235 - ---------------------------------------------------------------------------------------------------------------------------------- End of year $ 24,053,580 8,306,406 7,241,247 6,841,549 3,947,245 2,651,811 1,177,876 54,219,714 ================================================================================================================================== See accompanying notes to financial statements.
CENTURY TELEPHONE ENTERPRISES, INC. DOLLARS AND SENSE PLAN Statement of Changes in Assets Available for Benefits With Fund Information, Continued For the Year Ended December 31, 1996
Lifepath Lifepath Lifepath Lifepath Lifepath Sweep Combined Sub-total 2000 Fund 2010 Fund 2020 Fund 2030 Fund 2040 Fund Account Funds - ---------------------------------------------------------------------------------------------------------------------------------- Additions to assets: Investment income (loss) Net appreciation (depreciation) in fair value of investments $ 1,001,214 2,895 34,923 32,133 7,719 19,553 - 1,098,437 Other income 1,234,650 4,216 14,542 9,186 1,645 2,533 - 1,266,772 Interest income 420,437 - - - - - 80 420,517 Dividends - Common Stock of Century Telephone Enterprises, Inc. 259,720 - - - - - - 259,720 - ---------------------------------------------------------------------------------------------------------------------------------- Net investment income (loss) 2,916,021 7,111 49,465 41,319 9,364 22,086 80 3,045,446 - ---------------------------------------------------------------------------------------------------------------------------------- Contributions Participants 5,036,040 12,314 76,606 80,736 32,016 58,609 - 5,296,321 Company 2,287,893 - - - - - - 2,287,893 - ---------------------------------------------------------------------------------------------------------------------------------- Total contributions 7,323,933 12,314 76,606 80,736 32,016 58,609 - 7,584,214 - ---------------------------------------------------------------------------------------------------------------------------------- Total additions 10,239,954 19,425 126,071 122,055 41,380 80,695 80 10,629,660 - ---------------------------------------------------------------------------------------------------------------------------------- Deductions from assets: Participant withdrawals 4,784,081 27,329 716 13,942 824 2,730 9,584 4,839,206 Other, net 11,572 35 114 147 86 200 7,569 19,723 - ---------------------------------------------------------------------------------------------------------------------------------- Total deductions 4,795,653 27,364 830 14,089 910 2,930 17,153 4,858,929 - ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) prior to interfund transfers 5,444,301 (7,939) 125,241 107,966 40,470 77,765 (17,073) 5,770,731 Interfund transfers (320,822) (7,969) 129,724 67,548 23,907 90,539 17,073 - - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) 5,123,479 (15,908) 254,965 175,514 64,377 168,304 - 5,770,731 Assets available for benefits: Beginning of year 49,096,235 98,524 324,042 221,052 29,168 76,688 - 49,845,709 - ---------------------------------------------------------------------------------------------------------------------------------- End of year $ 54,219,714 82,616 579,007 396,566 93,545 244,992 - 55,616,440 ================================================================================================================================== See accompanying notes to financial statements.
CENTURY TELEPHONE ENTERPRISES, INC. DOLLARS AND SENSE PLAN Notes to Financial Statements December 31, 1996 (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PROVISIONS OF THE PLAN Basis of Presentation The Century Telephone Enterprises, Inc. Dollars and Sense Plan (the Plan) was established on May 1, 1986. The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting and present the assets available for benefits and changes in assets available for benefits. The Plan has made estimates in preparing the accompanying financial statements in accordance with generally accepted accounting principles. Actual results could differ from those estimates. The assets of the Plan are invested by the Trustee in various investment programs (funds) which are described in Note 2. The following description of the Plan provides only general information. Participants should refer to the Plan Document for a more complete description of the Plan's provisions. Participation Participation in the Plan is available to each employee of Century Telephone Enterprises, Inc. and its participating subsidiaries (the Company), other than those who are classified as associate employees, temporary employees, or employees covered under a collective bargaining agreement. In order to participate in the Plan, an employee must execute a Salary Deferral Agreement with the Company. In the Salary Deferral Agreement, an employee agrees to a deferral of between one percent and ten percent of compensation. Beginning in July 1996, the percentage of compensation a participant elects to defer applies to the participant's base pay plus certain incentive compensation received, including certain cash bonuses, commissions, and lump sums granted in lieu of pay increases. For periods prior to July 1996, the percentage of compensation a participant elected to defer applied to the participant's base pay only, excluding bonuses, overtime pay and certain other non-salary compensation. The amount of compensation deferred by each participant is credited to an account (Participant Contribution Account) maintained for each participant by the Trustee. The Participant Contribution Account is self-directed. As of the end of each payroll period, the Company contributes to an account (Employer Contribution Account) for each participant a contribution equal to 50% of each such participant's contribution during such payroll period, however, this matching contribution applies only to the first 6% of such participant's compensation contributed to the Plan. The Board of Directors of the Company may, at its discretion, elect at the end of each year to contribute an additional amount to the Plan. Company contributions may be made in cash or Century Telephone Enterprises, Inc. Common Stock (Century Common Stock). If made in cash, such cash is applied by the Trustee to the purchase of Century Common Stock. An employee is permitted to transfer to the Plan as a contribution his interest in another plan qualified under Section 401(k) of the Internal Revenue Code, as amended (the Code). Such contribution must qualify as a "rollover" amount described in Section 402(a)(5) of the Code, or a "rollover" contribution described in Section 408(d)(3) of the Code. Such a rollover will be credited to a rollover account on behalf of the participant (the Participant Rollover Account). The interest of a participant in his Participant Contribution Account, his Participant Rollover Account and his Employer Contribution Account is fully vested and non-forfeitable at all times. Reports to Participants All participants are furnished with quarterly statements which set forth the status of their accounts in the Plan. Distributions If the employment of a participant with the employer ceases because of death, retirement, disability, termination of employment or for any other reason, the participant's entire interest in the Plan may be distributed to him or to his beneficiary in a lump sum. If the participant dies without designating a beneficiary, his interest in the Plan will be paid to his spouse, if any. Withdrawals No withdrawals will be permitted from an Employer Contribution Account. A withdrawal may be made from a Participant Contribution Account or a Rollover Account only as a result of financial hardship related to unreimbursable educational expenses, medical expenses which are not reimbursable by insurance, the need to pay for the funeral expenses of a family member, or the prevention of eviction or foreclosure from the Participant's principal residence. The determination of the existence of a financial hardship and the amount required to be distributed to meet the need created by the hardship shall be made uniformly and without discrimination at the sole discretion of the Plan Administrator. Plan Termination Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of the Employee Retirement Income Security Act of 1974. Loans to Participants The Plan has a provision whereby a participant can borrow from his Participant Contribution Account or Participant Rollover Account. The maximum loan is 50% of the account balance, up to $50,000. The loans are repaid through payroll deductions and the interest rate is the prime rate published in the Wall Street Journal plus 3%. The loan repayment period may not exceed five years except for loans for the purchase of the Participant's principal residence which may be for any period not to exceed ten years. Trustee The Trustee of the Plan, as of December 31, 1996, was Barclays Global Investors (BGI) (formerly BZW Barclays Global Investors, N.A.). The Board of Directors of the Company may remove the Trustee and appoint a successor trustee. The Company and the Trustee have entered into a Trust Agreement which provides for the establishment of a Trust for the purpose of holding and investing the contributions to the Trust pursuant to the provisions of the Plan. Administration The Company has appointed a committee to administer the Plan. The individuals who administer the Plan serve at the discretion of the Board of Directors of the Company and may be removed by the Board of Directors at any time. The cost of plan administration is paid by the Company. Market Value Determination Investments in Century Common Stock are valued at the closing market quote on December 31, 1996 and 1995, respectively. Other investments in the funds, which consist of units of mutual funds, are valued by the Trustee based on the market value at year-end of the underlying assets of each fund. Loans to participants are valued at principal amount outstanding which approximates market value. (2) DESCRIPTION OF THE FUNDS The following is a description of each of the funds available to Plan participants as of December 31, 1996: (a) Century Common Stock Fund - consists of shares of Century Common Stock (42.2% and 47.1% of assets at December 31, 1996 and 1995, respectively). (b) Growth Stock Fund - consists primarily of investments in common stocks (14.9% and 12.2% of assets at December 31, 1996 and 1995, respectively). (c) Asset Allocation Fund - consists primarily of investments in common stocks, U. S. Treasury bonds and money market instruments (13.0% and 12.6% of assets at December 31, 1996 and 1995, respectively). (d) S & P 500 Stock Fund - consists primarily of investments in the same stocks and in substantially the same percentages as the S & P 500 Index (12.3% and 10.0% of assets at December 31, 1996 and 1995, respectively). (e) Loan Fund - represents loans to participants from the participants' investment accounts (7.1% and 6.6% of assets at December 31, 1996 and 1995, respectively). (f) Money Market Fund - consists primarily of short-term investments in various money market instruments (4.8% and 6.3% of assets at December 31, 1996 and 1995, respectively). (g) Bond Index Fund - consists primarily of investments in government and corporate bonds (2.1% and 2.3% of assets at December 31, 1996 and 1995). (h) Lifepath 2000 Fund - consists primarily of investments in U.S. and foreign equity and debt securities and money market instruments and is managed for investors planning to retire (or begin to withdraw substantial portions of their investment) around the year 2000 (.1% and .2% of assets at December 31, 1996 and 1995). (i) Lifepath 2010 Fund - consists primarily of investments in U.S. and foreign equity and debt securities and money market instruments and is managed for investors planning to retire (or begin to withdraw substantial portions of their investment) around the year 2010 (1.0% and .7% of assets at December 31, 1996 and 1995). (j) Lifepath 2020 Fund - consists primarily of investments in U.S. and foreign equity and debt securities and money market instruments and is managed for investors planning to retire (or begin to withdraw substantial portions of their investment) around the year 2020 (.7% and .4% of assets at December 31, 1996 and 1995). (k) Lifepath 2030 Fund - consists primarily of investments in U.S. and foreign equity and debt securities and money market instruments and is managed for investors planning to retire (or begin to withdraw substantial portions of their investment) around the year 2030 (.2% and .1% of assets at December 31, 1996 and 1995). (l) Lifepath 2040 Fund - consists primarily of investments in U.S. and foreign equity and debt securities and money market instruments and is managed for investors planning to retire (or begin to withdraw substantial portions of their investment) around the year 2040 (.4% and .2% of assets at December 31, 1996 and 1995). A participant may instruct that his contribution be allocated among the various funds. A participant may change his investment allocation instructions at any time, however, a participant can only change his contribution percentage on a quarterly basis. All amounts allocated to a participant's Employer Contribution Account are invested in Century Common Stock. Participants who have not attained age 55 have no power to transfer amounts in the Employer Contribution Account to an investment fund other than the Century Common Stock Fund. Participants who have attained age 55 may redirect the investment of the balance in their Employer Contribution Account. (3) INCOME TAXES The Plan and related trust meet the necessary requirements of Internal Revenue Code Section 401(a) and, accordingly, the trust underlying the Plan is exempt from income taxation pursuant to Internal Revenue Code Section 501(a). A favorable determination letter was received in July 1996 related to the Plan. (4) RELATED PARTY TRANSACTIONS Certain Plan investments are shares of mutual funds managed by BGI. BGI is the Trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions. Fees paid by the Company to BGI for trustee, investment management, record keeping and other services amounted to $164,967 for the year ended December 31, 1996. (5) CONCENTRATION OF INVESTMENTS As of December 31, 1996, 42.2% of the assets available for benefits were invested in Century Common Stock. Substantially all of the remaining assets available for benefits were invested in mutual funds managed by BGI. (6) COMPANY/PARTICIPANT DIRECTED FUNDS The Century Common Stock Fund includes contributions from the Company and participants. Participant contributions are directed solely by the participants. Contributions from the Company are directed by the Company, except for contributions made on behalf of participants who are age 55 or older. Such contributions can be redirected by these participants to the funds of their choice. All other funds are participant directed. The following Statements of Assets Available for Benefits - Century Common Stock Fund and Statement of Changes in Assets Available for Benefits - Century Common Stock Fund, which include estimates made by BGI, detail the Company directed and Participant directed portions of the Century Common Stock Fund. CENTURY TELEPHONE ENTERPRISES, INC. DOLLARS AND SENSE PLAN Statements of Assets Available for Benefits - Century Common Stock Fund
Total Company Participant Century Common December 31, 1996 Directed Portion Directed Portion Stock Fund - --------------------------------------------------------------------------------------- PLAN ASSETS Investments $ 12,527,025 10,927,285 23,454,310 Cash 122,802 107,165 229,967 Contributions receivable - employer 369,015 - 369,015 Contributions receivable - employee - 288 288 - --------------------------------------------------------------------------------------- ASSETS AVAILABLE FOR BENEFITS $ 13,018,842 11,034,738 24,053,580 ======================================================================================= December 31, 1995 - --------------------------------------------------------------------------------------- PLAN ASSETS Investments $ 11,499,058 11,957,367 23,456,425 Cash 181,644 189,058 370,702 Contributions receivable - employer 339,590 - 339,590 - ---------------------------------------------------------------------------------------- ASSETS AVAILABLE FOR BENEFITS $ 12,020,292 12,146,425 24,166,717 ========================================================================================
CENTURY TELEPHONE ENTERPRISES, INC. DOLLARS AND SENSE PLAN Statement of Changes in Assets Available for Benefits - Century Common Stock Fund For the Year Ended December 31, 1996
Total Company Participant Century Directed Directed Common Portion Portion Stock Fund - ------------------------------------------------------------------------------- Additions to assets: Investment income (loss) Net appreciation (depreciation) in fair value of investments $ (379,570) (255,420) (634,990) Interest income 7,109 6,204 13,313 Dividends - Common Stock of Century Telephone Enterprises, Inc. 138,690 121,032 59,720 - ------------------------------------------------------------------------------- Net investment income (loss) (233,771) (128,186) (361,957) - ------------------------------------------------------------------------------- Contributions Participants - 1,676,431 1,676,431 Company 2,287,893 - 2,287,893 - ------------------------------------------------------------------------------- Total contributions 2,287,893 1,676,431 3,964,324 - ------------------------------------------------------------------------------- Total additions 2,054,122 1,548,245 3,602,367 - ------------------------------------------------------------------------------- Deductions from assets: Participant withdrawals 1,069,358 1,008,859 2,078,217 Other, net (2,284) 36,760 34,476 - ------------------------------------------------------------------------------- Total deductions 1,067,074 1,045,619 2,112,693 - ------------------------------------------------------------------------------- Net increase prior to interfund transfers 987,048 502,626 1,489,674 Interfund transfers 11,502 (1,614,313) (1,602,811) - ------------------------------------------------------------------------------- Net increase (decrease) 998,550 (1,111,687) (113,137) Net assets available for benefits: Beginning of year 12,020,292 12,146,425 24,166,717 - ------------------------------------------------------------------------------- End of year $ 13,018,842 11,034,738 24,053,580 ===============================================================================
Schedule I CENTURY TELEPHONE ENTERPRISES, INC. DOLLARS AND SENSE PLAN Item 27a - Schedule of Assets Held for Investment Purposes December 31, 1996
Current Identity of issuer, borrower, Description Current Value Per lessor or similar party of Investment Cost Value Unit/Share - ------------------------------------------------------------------------------------------------------ Investment in Century Common Stock 1,691,820 units/ 13.86 759,654 shares $ 20,741,492 23,454,310 (Note 2) 30.875 Loan Fund (interest rates ranged from 9% to 12%) - 3,947,245 3,947,245 (Note 2) - Barclays Global Investors Money Market Account 229,967 units 229,967 229,967 1.00 Investments in Mutual Funds for Qualified Employee Benefit Plans Managed by Barclays Global Investors: Growth Stock Fund 542,277 units 6,982,148 8,306,406 (Note 2) 15.32 Asset Allocation Fund 607,553 units 6,469,600 7,241,247 (Note 2) 11.92 S & P 500 Stock Fund 430,089 units 5,030,783 6,841,549 (Note 2) 15.91 Money Market Fund 2,651,811 units 2,651,811 2,651,811 1.00 Bond Index Fund 124,121 units 1,203,083 1,177,876 9.49 Lifepath 2000 Fund 7,616 units 80,462 82,616 10.85 Lifepath 2010 Fund 47,703 units 548,462 579,007 12.14 Lifepath 2020 Fund 30,629 units 370,537 396,566 12.95 Lifepath 2030 Fund 6,870 units 86,747 93,545 13.62 Lifepath 2040 Fund 16,925 units 230,724 244,992 14.48 - ------------------------------------------------------------------------------------------------------ $ 48,573,061 55,247,137 ======================================================================================================
Notes: (1) The above data is based on information which has been certified as accurate and complete by the trustee, Barclays Global Investors. Barclays Global Investors sponsors these funds and, accordingly, is a party-in-interest. Additionally, Century Telephone Enterprises, Inc., as sponsor of the Plan, is considered a party-in-interest. (2) These investments are greater than 5% of assets available for benefits. Schedule II CENTURY TELEPHONE ENTERPRISES, INC. DOLLARS AND SENSE PLAN Item 27d - Schedule of Reportable Transactions For the Year Ended December 31, 1996
Current Value of Redemption Asset at Date of Purchase or Selling Lease Expense Cost of Acquisition or Net Description of Transaction Price Price Rental Incurred Asset Disposition Gain - ---------------------------------------------------------------------------------------------------------------------------------- (Note 2) Category (3) - A series of transactions in excess - ------------------------------------------------- of 5% of beginning of year plan assets -------------------------------------- available for benefits ---------------------- Investments in Century Common Stock (65 purchases, 171 sales) $ 4,653,150 4,432,841 - - 3,602,888 (Note 3) 829,953 Investments in Mutual Funds for Qualified Employee Benefit Plans Managed by Barclays Global Investors: Growth Stock Fund (116 purchases, 111 sales) 2,823,662 1,219,521 - - 977,317 (Note 3) 242,204 Asset Allocation Fund (84 purchases, 120 sales) 2,052,942 1,149,819 - - 1,004,465 (Note 3) 145,354 S & P 500 Stock Fund (109 purchases, 115 sales) 1,702,190 811,051 - - 620,720 (Note 3) 190,331 Money Market Fund (88 purchases, 110 sales) 1,471,170 2,065,161 - - 2,065,161 (Note 3) -
Notes: (1) The above data is based on information which has been certified as accurate and complete by the trustee, Barclays Global Investors. Barclays Global Investors sponsors these funds and, accordingly, is a party-in-interest. Additionally, Century Telephone Enterprises, Inc., as sponsor of the Plan, is considered a party-in-interest. (2) The purchase price denotes cost and current value of the security on the transaction date. (3) Current value is substantially the same as purchase price or selling price of the security on the transaction date. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Retirement Committee has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized. Century Telephone Enterprises, Inc. Dollars and Sense Plan June 27, 1997 By: /s/ David G. Thiels ------------------------------ David G. Thiels Retirement Committee Member CENTURY TELEPHONE ENTERPRISES, INC. DOLLARS AND SENSE PLAN Index to Exhibit Exhibit Number - ---------------------------------------------------------------------------- 23.1 Independent Auditors' Consent EX-23 2 EXHIBIT 23.1 EXHIBIT 23.1 INDEPENDENT AUDITORS' CONSENT ----------------------------- The Board of Directors Century Telephone Enterprises, Inc.: We consent to incorporation by reference in the Registration Statements (No. 33-5836 and No. 33-48554) on Form S-8 of Century Telephone Enterprises, Inc. of our report dated June 12, 1997, relating to the statements of assets available for benefits with fund information of Century Telephone Enterprises, Inc. Dollars and Sense Plan as of December 31, 1996 and 1995, and the related statement of changes in assets available for benefits with fund information for the year ended December 31, 1996, and related financial statement schedules as of and for the year ended December 31, 1996, which report appears in the December 31, 1996 annual report on Form 11-K of Century Telephone Enterprises, Inc. Dollars and Sense Plan. KPMG PEAT MARWICK LLP /s/ KPMG PEAT MARWICK LLP Shreveport, Louisiana June 25, 1997 -----END PRIVACY-ENHANCED MESSAGE-----