FORM 10-K/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT TO APPLICATION OR REPORT
Filed pursuant to Section 12, 13, or 15(d) of THE SECURITIES
EXCHANGE ACT OF 1934
ANALYSTS INTERNATIONAL CORPORATION
Amendment No. 1
The undersigned registrant hereby amends the following items, financial statements, exhibits or other portions of its Annual Report on Form 10-K as set forth in the pages attached hereto:
The following information relating to the Analysts International Corporation Savings and Investment Plan and required by Form 11-K for the Plan year ended December 31, 2002 is included as part of the registrant’s annual report on Form 10-K, as permitted by Rule 15d-21.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized.
| Analysts International Corporation | |
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| |
By: | /s/ Colleen Davenport |
|
| Colleen Davenport | |
ANALYSTS INTERNATIONAL CORPORATION
SAVINGS AND INVESTMENT PLAN
INDEX
| Page | ||
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FINANCIAL STATEMENTS — Six Months ended December 31, 2002 and Years ended June 30, 2002 and 2001: |
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Statements of changes in net assets available for plan benefits | |||
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Supplemental information on changes in net assets available for plan benefits by type of fund | |||
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SUPPLEMENTAL SCHEDULES FURNISHED PURSUANT TO THE REQUIREMENTS OF FORM 5500: |
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| Schedule H, PART IV, Line 4i - Schedule of Assets (Held at End of Year) | ||
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Savings and Investment Plan Committee
Analysts International Corporation
Minneapolis, Minnesota
We have audited the accompanying statements of net assets available for plan benefits of Analysts International Corporation Savings and Investment Plan (the Plan) as of December 31, 2002, June 30, 2002 and 2001 and the related statements of changes in net assets available for plan benefits for the six months ended December 31, 2002 and the years ended June 30, 2002 and 2001. 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 auditing standards generally accepted in the United States of America. 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, such financial statements present fairly, in all material respects, the net assets available for plan benefits as of December 31, 2002, June 30, 2002 and 2001 and the changes in net assets available for plan benefits for the six months ended December 31, 2002 and the years ended June 30, 2002 and 2001 in conformity with accounting principles generally accepted in the United States of America.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information by fund for the six months ended December 31, 2002 and the years ended June 30, 2002 and 2001, the supplemental schedules of Assets Held for Investment Purposes as of December 31, 2002 and Reportable Transactions for the six months ended December 31, 2002 are presented for purposes of additional analysis of the basic financial statements and for complying with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 and are not a required part of the basic financial statements. This supplemental information and these schedules are the responsibility of the Plan’s management. The supplemental information and schedules 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.
/s/ Deloitte and Touche LLP |
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| |
Minneapolis, Minnesota | |
April 8, 2003 | |
1
ANALYSTS INTERNATIONAL CORPORATION
SAVINGS AND INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
|
| December 31, |
| June 30, |
| |||||
|
| 2002 |
| 2002 |
| 2001 |
| |||
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ASSET - Investments, stated at market value |
| $ | 63,058,034 |
| $ | 75,743,767 |
| $ | 92,444,089 |
|
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|
|
|
NET ASSETS AVAILABLE FOR PLAN BENEFITS |
| $ | 63,058,034 |
| $ | 75,743,767 |
| $ | 92,444,089 |
|
See notes to financial statements.
2
ANALYSTS INTERNATIONAL CORPORATION
SAVINGS AND INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS
|
| Six Months Ended |
| Year Ended June 30, |
| |||||
|
| 2002 |
| 2002 |
| 2001 |
| |||
NET ASSETS AVAILABLE FOR PLAN BENEFITS, |
| $ | 75,743,767 |
| $ | 92,444,089 |
| $ | 115,774,435 |
|
|
|
|
|
|
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| |||
ADDITIONS: |
|
|
|
|
|
|
| |||
Investment income |
| 522,089 |
| 2,513,228 |
| 9,204,203 |
| |||
Contributions by employer |
| 373,322 |
| 1,009,499 |
| 1,134,650 |
| |||
Contributions by participants |
| 3,638,820 |
| 10,798,658 |
| 20,400,502 |
| |||
Net depreciation in market value of investments |
| (10,522,167 | ) | (17,547,528 | ) | (40,729,785 | ) | |||
|
| (5,987,936 | ) | (3,226,143 | ) | (9,990,430 | ) | |||
DEDUCTIONS: |
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|
|
|
|
|
| |||
Distributions to employer |
| 49,008 |
| — |
| — |
| |||
Distributions to participants |
| 6,647,639 |
| 13,471,929 |
| 13,338,591 |
| |||
Loan fees |
| 1,150 |
| 2,250 |
| 1,325 |
| |||
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|
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|
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|
| |||
NET DEDUCTIONS |
| (12,685,733 | ) | (16,700,322 | ) | (23,330,346 | ) | |||
|
|
|
|
|
|
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| |||
NET ASSETS AVAILABLE FOR PLAN BENEFITS, |
| $ | 63,058,034 |
| $ | 75,743,767 |
| $ | 92,444,089 |
|
See notes to financial statements.
3
ANALYSTS INTERNATIONAL CORPORATION
SAVINGS AND INVESTMENT PLAN
SUPPLEMENTAL INFORMATION ON CHANGES IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS BY TYPE OF FUND
SIX MONTHS ENDED DECEMBER 31, 2002 AND YEARS ENDED JUNE 30, 2002 AND 2001
|
| Money |
| U.S. Govt. |
| High Yield |
| Growth & |
| Voyager |
| OTC |
| Global |
| International |
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NET ASSETS AVAILABLE FOR PLAN BENEFITS |
| $ | 6,741,839 |
| $ | 3,729,134 |
| $ | 3,862,691 |
| $ | 16,961,355 |
| $ | 39,033,969 |
| $ | 15,822,747 |
| $ | 8,362,126 |
| $ | 3,179,069 |
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ADDITIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Investment Income |
| 319,664 |
| 252,140 |
| 423,137 |
| 586,937 |
| 3,244,863 |
| 2,216,060 |
| 1,037,532 |
| 249,170 |
| ||||||||
Contributions by employer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Contributions by participants |
| 959,114 |
| 928,104 |
| 393,563 |
| 3,724,302 |
| 5,219,055 |
| 2,537,515 |
| 1,187,819 |
| 1,297,131 |
| ||||||||
Loan payments |
| 17,781 |
| 18,168 |
| 16,155 |
| 86,216 |
| 158,191 |
| 116,634 |
| 54,972 |
| 24,250 |
| ||||||||
Net (depreciation) appreciation in market value of investments |
|
|
| 88,181 |
| (645,265 | ) | 1,079,099 |
| (14,543,393 | ) | (11,996,905 | ) | (4,200,290 | ) | (1,046,049 | ) | ||||||||
|
| 1,296,559 |
| 1,286,593 |
| 187,590 |
| 5,476,554 |
| (5,921,284 | ) | (7,126,696 | ) | (1,919,967 | ) | 524,502 |
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| ||||||||
DEDUCTIONS: |
|
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|
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|
|
|
|
|
|
|
|
|
| ||||||||
Distributions to employer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Distributions to participants |
| 1,596,177 |
| 681,064 |
| 432,701 |
| 2,246,262 |
| 4,002,123 |
| 1,317,560 |
| 782,757 |
| 504,740 |
| ||||||||
Loan fees |
| 112 |
| 90 |
| 94 |
| 295 |
| 311 |
| 101 |
| 58 |
| 86 |
| ||||||||
Loan withdrawals |
| 51,015 |
| 38,150 |
| 42,550 |
| 122,377 |
| 239,067 |
| 62,879 |
| 57,243 |
| 28,637 |
| ||||||||
|
| 1,647,304 |
| 719,304 |
| 475,345 |
| 2,368,934 |
| 4,241,501 |
| 1,380,540 |
| 840,058 |
| 533,463 |
| ||||||||
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|
|
|
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|
|
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|
|
|
|
|
|
| ||||||||
INTERFUND TRANSFERS |
| (983,895 | ) | 652,027 |
| (147,487 | ) | (584,008 | ) | 74,530 |
| (493,726 | ) | (442,676 | ) | (14,785 | ) | ||||||||
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
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| ||||||||
NET ADDITIONS (DEDUCTIONS) |
| (1,334,640 | ) | 1,219,316 |
| (435,242 | ) | 2,523,612 |
| (10,088,255 | ) | (9,000,962 | ) | (3,202,701 | ) | (23,746 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
NET ASSETS AVAILABLE FOR PLAN BENEFITS |
| $ | 5,407,199 |
| $ | 4,948,450 |
| $ | 3,427,449 |
| $ | 19,484,967 |
| $ | 28,945,714 |
| $ | 6,821,785 |
| $ | 5,159,425 |
| $ | 3,155,323 |
|
|
|
|
|
|
|
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|
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|
|
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|
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|
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| ||||||||
ADDITIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Investment Income |
| 135,778 |
| 282,481 |
| 387,138 |
| 541,750 |
| 1,035,604 |
|
|
|
|
|
|
| ||||||||
Contributions by employer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Contributions by participants |
| 916,410 |
| 495,695 |
| 314,387 |
| 1,283,363 |
| 1,730,054 |
| 1,027,113 |
| 654,583 |
| 597,968 |
| ||||||||
Loan payments |
| 52,037 |
| 41,813 |
| 17,307 |
| 83,405 |
| 126,857 |
| 48,911 |
| 37,317 |
| 26,434 |
| ||||||||
Net (depreciation) appreciation in market value of investments |
|
|
| 124,297 |
| (440,724 | ) | (3,125,879 | ) | (7,857,444 | ) | (2,585,647 | ) | (1,152,248 | ) | (308,031 | ) | ||||||||
|
| 1,104,225 |
| 944,286 |
| 278,108 |
| (1,217,361 | ) | (4,964,929 | ) | (1,509,623 | ) | (460,348 | ) | 316,371 |
| ||||||||
DEDUCTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Distributions to participants |
| 1,277,444 |
| 1,208,252 |
| 540,816 |
| 2,492,883 |
| 3,482,508 |
| 818,926 |
| 766,646 |
| 506,462 |
| ||||||||
Loan fees |
| 238 |
| 93 |
| 91 |
| 420 |
| 488 |
| 154 |
| 164 |
| 169 |
| ||||||||
Loan withdrawals |
| 49,234 |
| 28,028 |
| 19,110 |
| 142,805 |
| 166,556 |
| 48,440 |
| 43,392 |
| 41,888 |
| ||||||||
|
| 1,326,916 |
| 1,236,373 |
| 560,017 |
| 2,636,108 |
| 3,649,552 |
| 867,520 |
| 810,202 |
| 548,519 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
INTERFUND TRANSFERS |
| 1,064,857 |
| 314,369 |
| 53,409 |
| (279,455 | ) | (1,296,035 | ) | (238,931 | ) | (249,849 | ) | 47,697 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
NET ADDITIONS (DEDUCTIONS) |
| 842,166 |
| 22,282 |
| (228,500 | ) | (4,132,924 | ) | (9,910,516 | ) | (2,616,074 | ) | (1,520,399 | ) | (184,451 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
NET ASSETS AVAILABLE FOR PLAN BENEFITS |
| $ | 6,249,365 |
| $ | 4,970,732 |
| $ | 3,198,949 |
| $ | 15,352,043 |
| $ | 19,035,198 |
| $ | 4,205,711 |
| $ | 3,639,026 |
| $ | 2,970,872 |
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
| ||||||||
ADDITIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Investment Income |
| 42,274 |
| 123,716 |
| 167,526 |
| 90,452 |
| 123 |
|
|
| 8,927 |
| 5,381 |
| ||||||||
Contributions by employer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Contributions by participants |
| 361,176 |
| 307,012 |
| 97,147 |
| 402,653 |
| 523,131 |
| 292,394 |
| 202,469 |
| 205,506 |
| ||||||||
Loan payments |
| 20,217 |
| 14,529 |
| 7,547 |
| 27,270 |
| 42,181 |
| 18,107 |
| 19,511 |
| 13,009 |
| ||||||||
Net (depreciation) appreciation in market value of investments |
|
|
| 77,587 |
| (93,008 | ) | (1,779,788 | ) | (2,231,941 | ) | (601,123 | ) | (385,350 | ) | (428,907 | ) | ||||||||
|
| 423,667 |
| 522,844 |
| 179,212 |
| (1,259,413 | ) | (1,666,506 | ) | (290,622 | ) | (154,443 | ) | (205,011 | ) | ||||||||
DEDUCTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Distributions to employer |
| 49,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Distributions to participants |
| 1,261,349 |
| 583,302 |
| 221,945 |
| 972,034 |
| 1,327,191 |
| 329,973 |
| 252,678 |
| 361,716 |
| ||||||||
Loan fees |
| 108 |
| 127 |
| 69 |
| 223 |
| 185 |
| 71 |
| 81 |
| 59 |
| ||||||||
Loan withdrawals |
| 19,313 |
| 26,899 |
| 18,763 |
| 60,486 |
| 49,337 |
| 18,544 |
| 15,617 |
| 17,257 |
| ||||||||
|
| 1,329,778 |
| 610,328 |
| 240,777 |
| 1,032,743 |
| 1,376,713 |
| 348,588 |
| 268,376 |
| 379,032 |
| ||||||||
|
|
|
|
|
|
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|
|
|
|
|
|
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| ||||||||
INTERFUND TRANSFERS |
| 241,272 |
| 1,115,842 |
| (62,228 | ) | (522,342 | ) | (683,343 | ) | (121,215 | ) | (90,369 | ) | 34,169 |
| ||||||||
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|
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|
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| ||||||||
NET ADDITIONS (DEDUCTIONS) |
| (664,839 | ) | 1,028,358 |
| (123,793 | ) | (2,814,498 | ) | (3,726,562 | ) | (760,425 | ) | (513,188 | ) | (549,874 | ) | ||||||||
|
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|
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| ||||||||
NET ASSETS AVAILABLE FOR PLAN BENEFITS |
| $ | 5,584,526 |
| $ | 5,999,090 |
| $ | 3,075,156 |
| $ | 12,537,545 |
| $ | 15,308,636 |
| $ | 3,445,286 |
| $ | 3,125,838 |
| $ | 2,420,998 |
|
|
| Capital |
| Vanguard |
| Janus |
| Janus |
| Neuberger |
| Pending |
| Loan |
| AiC |
| ||||||||
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|
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|
|
|
|
|
|
|
|
|
|
| ||||||||
NET ASSETS AVAILABLE FOR PLAN BENEFITS |
|
|
| $ | 322,320 |
| $ | 1,564,396 |
| $ | 903,903 |
|
|
| $ | — |
| $ | 1,024,182 |
| $ | 14,266,704 |
| ||
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|
|
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| ||||||||
ADDITIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Investment Income |
|
|
| 8,646 |
| 264,449 |
| 68,240 |
|
|
|
|
| 66,313 |
| 467,052 |
| ||||||||
Contributions by employer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,134,650 |
| ||||||||
Contributions by participants |
|
|
| 866,259 |
| 1,407,827 |
| 836,775 |
|
|
|
|
| 115,888 |
| 927,150 |
| ||||||||
Loan payments |
|
|
| 12,549 |
| 33,141 |
| 20,375 |
|
|
|
|
| (610,761 | ) | 52,329 |
| ||||||||
Net (depreciation) appreciation in market value of investments |
|
|
| (124,531 | ) | (1,146,377 | ) | (316,901 | ) |
|
|
|
|
|
| (7,877,354 | ) | ||||||||
|
|
|
| 762,923 |
| 559,040 |
| 608,489 |
|
|
| — |
| (428,560 | ) | (5,296,173 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
DEDUCTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Distributions to employer |
|
|
| 148,846 |
| 298,048 |
| 138,783 |
|
|
|
|
| 233,293 |
| 956,237 |
| ||||||||
Distributions to participants |
|
|
| 46 |
| 44 |
| 32 |
|
|
|
|
|
|
| 56 |
| ||||||||
Loan fees |
|
|
| 24,379 |
| 9,894 |
| 9,484 |
|
|
|
|
| (721,122 | ) | 35,447 |
| ||||||||
Loan withdrawals |
|
|
| 173,271 |
| 307,986 |
| 148,299 |
|
|
| — |
| (487,829 | ) | 991,740 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| ||||||||
INTERFUND TRANSFERS |
|
|
| 446,675 |
| 826,704 |
| 619,366 |
|
|
| 148 |
|
|
| 47,127 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
NET ADDITIONS (DEDUCTIONS) |
|
|
| 1,036,327 |
| 1,077,758 |
| 1,079,556 |
|
|
| 148 |
| 59,269 |
| (6,240,786 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
NET ASSETS AVAILABLE FOR PLAN BENEFITS |
|
|
| $ | 1,358,647 |
| $ | 2,642,154 |
| $ | 1,983,459 |
|
|
| $ | 148 |
| $ | 1,083,451 |
| $ | 8,025,918 |
| ||
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|
|
|
|
| ||||||||
ADDITIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Investment Income |
|
|
| 22,185 |
| 5,342 |
| 16,648 |
|
|
|
|
| 68,313 |
| 17,989 |
| ||||||||
Contributions by employer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,009,499 |
| ||||||||
Contributions by participants |
| 19,685 |
| 1,043,272 |
| 1,116,927 |
| 1,010,844 |
| 40,384 |
|
|
|
|
| 547,973 |
| ||||||||
Loan payments |
| 401 |
| 33,267 |
| 46,555 |
| 26,381 |
| 2,501 |
|
|
| (593,294 | ) | 50,108 |
| ||||||||
Net (depreciation) appreciation in market value of investments |
| (26,189) |
| (355,048 | ) | (1,028,676 | ) | (398,695 | ) | (50,007 | ) |
|
|
|
| (343,237 | ) | ||||||||
|
| (6,103) |
| 743,676 |
| 140,148 |
| 655,178 |
| (7,122 | ) | — |
| (524,981 | ) | 1,282,332 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
DEDUCTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Distributions to participants |
|
|
| 350,548 |
| 462,114 |
| 260,027 |
| 24,615 |
|
|
| 315,510 |
| 965,178 |
| ||||||||
Loan fees |
| 3 |
| 128 |
| 155 |
| 115 |
| 7 |
|
|
|
|
| 25 |
| ||||||||
Loan withdrawals |
| 2,485 |
| 31,464 |
| 36,378 |
| 30,530 |
| 5,896 |
|
|
| (656,245 | ) | 10,039 |
| ||||||||
|
| 2,488 |
| 382,140 |
| 498,647 |
| 290,672 |
| 30,518 |
| — |
| (340,735 | ) | 975,242 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
INTERFUND TRANSFERS |
| 252,875 |
| 215,589 |
| (93,115 | ) | (204,413 | ) | 705,386 |
| (147 | ) |
|
| (292,237 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
NET ADDITIONS (DEDUCTIONS) |
| 244,284 |
| 577,125 |
| (451,614 | ) | 160,093 |
| 667,746 |
| (147 | ) | (184,246 | ) | 14,853 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
NET ASSETS AVAILABLE FOR PLAN BENEFITS| |
| $ | 244,284 |
| $ | 1,935,772 |
| $ | 2,190,540 |
| $ | 2,143,552 |
| $ | 667,746 |
| $ | 1 |
| $ | 899,205 |
| $ | 8,040,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
ADDITIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Investment Income |
| 3,367 |
| 19,048 |
|
|
| 9,754 |
| 2,791 |
|
|
| 24,910 |
| 23,820 |
| ||||||||
Contributions by employer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 373,322 |
| ||||||||
Contributions by participants |
| 44,822 |
| 342,109 |
| 292,609 |
| 304,281 |
| 108,648 |
|
|
| 10,900 |
| 143,963 |
| ||||||||
Loan payments |
| 3,888 |
| 17,239 |
| 22,549 |
| 13,161 |
| 7,745 |
|
|
| (241,811 | ) | 14,858 |
| ||||||||
Net (depreciation) appreciation in market value of investments |
| (54,785 | ) | (217,020 | ) | (165,113 | ) | (267,699 | ) | (47,326 | ) |
|
|
|
| (4,327,694 | ) | ||||||||
|
| (2,708) |
| 161,376 |
| 150,045 |
| 59,497 |
| 71,858 |
| — |
| (206,001 | ) | (3,771,731 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
DEDUCTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Distributions to employer |
| 6,594 |
| 299,504 |
| 286,625 |
| 207,811 |
| 73,512 |
|
|
| 152,609 |
| 310,796 |
| ||||||||
Distributions to participants |
| 4 |
| 22 |
| 53 |
| 80 |
| 43 |
|
|
|
|
| 25 |
| ||||||||
Loan fees |
| 309 |
| 2,914 |
| 8,799 |
| 15,971 |
| 4,867 |
|
|
| (260,209 | ) | 1,133 |
| ||||||||
Loan withdrawals |
| 6,907 |
| 302,440 |
| 295,477 |
| 223,862 |
| 78,422 |
| — |
| (107,600 | ) | 311,954 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
INTERFUND TRANSFERS |
| (53,233) |
| 143,278 |
| (75,683 | ) | 39,232 |
| 73,023 |
| 11,224 |
|
|
| (49,627 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
NET ADDITIONS (DEDUCTIONS) |
| (62,848) |
| 2,214 |
| (221,115 | ) | (125,133 | ) | 66,459 |
| 11,224 |
| (98,401 | ) | (4,133,312 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
NET ASSETS AVAILABLE FOR PLAN BENEFITS |
| $ | 181,436 |
| $ | 1,937,986 |
| $ | 1,969,425 |
| $ | 2,018,419 |
| $ | 734,205 |
| $ | 11,225 |
| $ | 800,804 |
| $ | 3,907,459 |
|
4
ANALYSTS INTERNATIONAL CORPORATION
SAVINGS AND INVESTMENT PLAN
SIX MONTHS ENDED DECEMBER 31, 2002 AND YEARS ENDED JUNE 30, 2002 AND 2001
A. Summary of significant accounting policies:
Investments are stated at market value using quoted market values. Promissory notes from participants are stated at the outstanding principal balance.
The financial statements have been prepared on the accrual basis of accounting. All security transactions are recorded on their trade date.
Participants have control over the allocation of their account balances among each of the thirteen non-AIC Common Stock Funds. However, because Analysts International (AIC) designates the investment option for the employer matching contributions in the AIC Common Stock Fund, participants do not have complete control of their assets invested in this fund.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 financial statements and the reported amounts of additions and deductions during the reporting period. Actual results could differ from those estimates.
The plan invests in various securities including U.S. Government securities, corporate debt instruments, and corporate stocks. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for plan benefits.
B. The Plan:
The Plan became effective January 1, 1985 under Section 401(k) of the Internal Revenue Code for the purpose of providing retirement and other benefits to eligible participants. An employee of AIC becomes eligible for the Plan upon commencement of active service.
Effective July 1, 2002, the Plan was amended to change the plan fiscal year end from June 30 to December 31. The period ended December 31, 2002 contains six months of operations (from July 1, 2002 to December 31, 2002) and the periods ended June 30, 2002 and 2001 contain 12 months of activity.
The Plan is funded primarily by employee contributions. Eligible employees may contribute up to 15% of their gross annual wages for pre-tax saving contributions. Highly-compensated employees’ contributions are limited based on discrimination testing performed. In addition, the Plan allows rollover contributions from certain qualified retirement plans.
Plan participants may choose to invest their pre-tax contributions in one or more of thirteen investment funds offered by the Putnam, Vanguard, Janus and Neuberger Berman Companies and/or the AIC Common Stock Fund. The thirteen funds include the Putnam Money Market Fund, the Putnam U.S. Government Income Trust, the Putnam High Yield Trust, the Putnam Fund for Growth and Income, the Putnam Voyager Fund, the Putnam OTC Emerging Growth Fund, the Putnam Global Equity Fund
5
(formerly the Putnam Global Growth Fund), the Putnam International Growth Fund, the Putnam Capital Opportunities Fund, the Vanguard 500 Index Fund, the Janus Mercury Fund, the Janus Growth and Income Fund and the Neuberger Berman Genesis Trust Fund. A participant’s account (consisting of employee contributions and investment income) is fully vested.
Participant loans are made in compliance with federal regulations in effect at the time of the loan. Effective January 1, 2001, the Plan was amended requiring the loan origination fee to be paid directly to the Trustee. This loan origination fee is withdrawn directly from the participant’s account at the date of the loan issue. Participant loans outstanding, included in investments, amounted to $800,804 at December 31, 2002, $899,205 at June 30, 2002 and $1,083,451 at June 30, 2001.
The Plan provides for employer matching contributions where the employer matches 18% of the employee’s pre-tax saving contributions, provided the employee has been employed by the employer for one year or more and is not a highly compensated employee as defined by federal tax laws. The employer matching contributions are invested in the AIC Common Stock Fund.
Prior to January 1, 2001, a participant’s interest in the employer matching contribution vested at the rate of 20% per year after three years of service with 100% vesting after seven years. Effective January 1, 2001 the Plan amended the vesting schedule to a vesting rate of 20% per year after one year of service with 100% vesting after five years. Any non-vested portion of employer matching contributions to the accounts of participants who withdraw from the Plan are forfeited in compliance with federal regulations and used by the employer to reduce future matching contributions.
During March 2001, the participants in the SequoiaNet.com retirement plan were added to the Analysts International Savings and Investment Plan. This addition was due to the 100% acquisition of SequoiaNet.com by Analysts International in December 2000. The SequoiaNet.com plan transferred $6,792,415 million in net assets to the Plan which is included in contributions by participants in the Statement of Changes in Net Assets Available for Plan Benefits for the year ended June 30, 2001.
Although the Company has not expressed an intent to discontinue the Plan, it may do so at any time, subject to provisions set forth in the Employee Retirement Income Security Act of 1974. If the Plan is terminated, no further contributions will be made. The trustee will continue to hold the funds and make distributions as if the Plan had not terminated.
C. Trustee and administration of the Plan:
Putnam Fiduciary Trust Company has been designated as trustee. Investments of the Plan are held by Putnam Investor Services, Inc. on behalf of the trustee.
The Company has established a Savings and Investment Plan Committee for the general administration of the Plan.
The Company pays the trustee fees on behalf of the Plan.
6
D. Internal Revenue Service Status:
The IRS has issued determinations that the Plan, as originally adopted January 1, 1985, and as amended thereafter, is a qualified plan for tax purposes under Sections 401(a) and 401(k) of the Internal Revenue Code and that the trust established in connection therewith is exempt from income tax under Section 501(a) of the Code. The Company believes the Plan as presently constituted and operated continues to meet the requirements of Sections 401(a) and 401(k) of the Code and that the related trust is exempt from income tax under Section 501(a) of the Code.
E. Investments:
|
| December 31, |
| June 30, |
| |||||
|
| 2002 |
| 2002 |
| 2001 |
| |||
Investments at market value: |
|
|
|
|
|
|
| |||
Putnam Money Market Fund |
| $ | 5,584,526 |
| $ | 6,249,365 |
| $ | 5,407,199 |
|
Putnam U.S. Government Income Trust |
| 5,999,090 |
| 4,970,732 |
| 4,948,450 |
| |||
Putnam High Yield Trust |
| 3,075,156 |
| 3,198,949 |
| 3,427,449 |
| |||
Putnam Fund for Growth and Income |
| 12,537,545 |
| 15,352,043 |
| 19,484,967 |
| |||
Putnam Voyager Fund |
| 15,308,636 |
| 19,035,198 |
| 28,945,714 |
| |||
Putnam OTC Emerging Growth Fund |
| 3,445,286 |
| 4,205,711 |
| 6,821,785 |
| |||
Putnam Global Equity Fund |
| 3,125,838 |
| 3,639,026 |
| 5,159,425 |
| |||
Putnam International Growth Fund |
| 2,420,998 |
| 2,970,872 |
| 3,155,323 |
| |||
Putnam Capital Opportunities Fund |
| 181,436 |
| 244,284 |
| — |
| |||
Vanguard 500 Index Fund |
| 1,937,986 |
| 1,935,772 |
| 1,358,647 |
| |||
Janus Mercury Fund |
| 1,969,425 |
| 2,190,540 |
| 2,642,154 |
| |||
Janus Growth & Income Fund |
| 2,018,419 |
| 2,143,552 |
| 1983,459 |
| |||
Neuberger Berman Genesis Trust |
| 734,205 |
| 667,746 |
| — |
| |||
Pending Account |
| 11,225 |
| 1 |
| 148 |
| |||
AiC Common Stock Fund |
| 3,907,459 |
| 8,040,771 |
| 8,025,918 |
| |||
|
|
|
|
|
|
|
| |||
|
| 62,257,230 |
| 74,844,562 |
| 91,360,638 |
| |||
|
|
|
|
|
|
|
| |||
Promissory notes from participants |
| 800,804 |
| 899,205 |
| 1,083,451 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 63,058,034 |
| $ | 75,743,767 |
| $ | 92,444,089 |
|
F. Benefits Payable:
As of December 31, 2002, June 30, 2002 and 2001, net assets available for plan benefits included benefits of $2,063,770, $1,444,480 and $1,933,128 respectively, due to participants who have withdrawn from participation in the plan. These amounts will be reported on Schedule H, Line 1g, of the Plan’s annual report on Form 5500 when filed.
7
SUPPLEMENTAL SCHEDULES FURNISHED PURSUANT TO
THE REQUIREMENTS OF FORM 5500
8
ANALYSTS INTERNATIONAL CORPORATION
SAVINGS AND INVESTMENT PLAN
EIN 41-0905408, PLAN 522233
SCHEDULE H
PART IV
LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
|
| Number of |
| Cost |
| Fair |
| ||
MUTUAL FUNDS: |
|
|
|
|
|
|
| ||
Putnam Money Market Fund * |
| 5,584,526 |
| $ | 5,584,526 |
| $ | 5,584,526 |
|
Putnam U.S. Government Income Trust * |
| 453,103 |
| 6,071,789 |
| 5,999,090 |
| ||
Putnam High Yield Trust * |
| 446,322 |
| 5,593,308 |
| 3,075,156 |
| ||
Putnam Fund for Growth and Income * |
| 886,672 |
| 14,128,855 |
| 12,537,545 |
| ||
Putnam Voyager Fund * |
| 1,204,456 |
| 17,622,670 |
| 15,308,636 |
| ||
Putnam OTC Emerging Growth Fund * |
| 683,589 |
| 11,660,839 |
| 3,445,286 |
| ||
Putnam Global Equity Fund * |
| 528,907 |
| 6,332,931 |
| 3,125,838 |
| ||
Putnam International Growth Fund * |
| 147,532 |
| 3,322,806 |
| 2,420,998 |
| ||
Putnam Capital Opportunities Fund * |
| 23,810 |
| 262,410 |
| 181,436 |
| ||
Vanguard 500 Index Fund |
| 23,882 |
| 2,635,964 |
| 1,937,986 |
| ||
Janus Mercury Fund |
| 133,430 |
| 4,377,875 |
| 1,969,425 |
| ||
Janus Growth & Income Fund |
| 86,479 |
| 3,014,681 |
| 2,018,419 |
| ||
Neuberger Berman Genesis Trust Fund |
| 26,091 |
| 831,537 |
| 734,205 |
| ||
Pending Account |
|
|
| 11,225 |
| 11,225 |
| ||
AiC COMMON STOCK FUND * |
| 1,973,464 |
| 17,391,192 |
| 3,907,459 |
| ||
PROMISSORY NOTES FROM PARTICIPANTS* |
|
|
| 800,804 |
| 800,804 |
| ||
Interest rates ranging from 5.00% to 9.00% with maturity dates through March, 2006 |
|
|
|
|
|
|
| ||
|
|
|
| $ | 99,643,412 |
| $ | 63,058,034 |
|
* Known to be a party-in-interest.
9
ANALYSTS INTERNATIONAL CORPORATION
SAVINGS AND INVESTMENT PLAN
SCHEDULE H
PART IV
LINE 4j
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2002
Identity of |
| Description of |
| Purchase |
| Selling |
| Cost of |
| Current Value |
| Net Loss |
| ||||
Putnam Fiduciary |
| Purchases Of |
| $ | 555,963 |
|
|
| $ | 555,963 |
| $ | 555,963 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Putnam Fiduciary |
| Sales of AiC |
|
|
| $ | 361,580 |
| $ | 614,384 |
| $ | 361,580 |
| ($252,804 | ) | |
*Known to be a party-in-interest.
10
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1934, the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed by the undersigned thereunto duly authorized.
Date: 4/25/03 |
|
| ||
|
| ANALYSTS INTERNATIONAL CORPORATION | ||
|
|
| ||
|
|
| ||
|
| By: | /s/ Colleen Davenport |
|
|
| Colleen Davenport, member of the Plan | ||
11
EXHIBIT INDEX
No. |
| Exhibit |
|
|
|
24. |
| Independent Auditors’ Consent |
12