UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 11-K
(Mark One)
|X| ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the fiscal year ended December 31, 1995
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED].
For the transition period from
_________________________ to _________________________
Commission file number:____________
DENDRITE INTERNATIONAL, INC.
401(k) RETIREMENT SAVINGS PLAN (FORMERLY THE 401K PROFIT SHARING PLAN)
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(Full title of the plan and address of the plan, if different from
that of the issuer named below)
DENDRITE INTERNATIONAL, INC.
1200 Mount Kemble Avenue, Morristown, New Jersey 07960-6797
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(Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office)
Dendrite International, Inc.
401(k) Retirement Savings Plan
Audited Financial Statements
December 31, 1995
With
Report of Independent Auditors
DENDRITE INTERNATIONAL, INC.
401(k) Retirement Savings Plan
Report of Independent Auditors
Mr. Joseph Carloto, Trustee
Dendrite Americas/International 401(k) Profit Sharing Plan
1200 Mt. Kemble Avenue
Morristown, NJ 07960
We have audited the accompanying Statement of Net Assets Available for Benefits
of Dendrite Americas/International 401(k) Profit Sharing Plan of December 31,
1995, and related Statement of Changes in Net Assets Available for Benefits for
the year then ended. 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 audit.
We conducted our audit 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 audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects the Net Assets Available for Benefits of the Plan as of
December 31, 1995, and the Changes in Net Assets Available for Benefits for the
year then ended in conformity with generally accepted accounting principles.
October 11, 1996
/s/ Gregory J. Mosley, C.P.A.
DENDRITE INTERNATIONAL, INC.
401(k) Retirement Savings Plan
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 1995
NOTE A
Description of Plan
The following brief description of the Dendrite Americas/International
(hereafter Company) 401(k) Profit Sharing Plan (hereafter Plan) is provided for
general information purposes only. Participants should refer to the Plan
agreement for more complete information.
1. Plan is a cash or deferred profit sharing plan with only the CODA or 401(k)
option in use. Plan provides for mandatory employee contribution allowed up
to 10% of annual compensation. Plan further provides for an annual employer
match of 50% of the first 6% of mandatory contributions, limited to a 3%
total match per participant.
2. Plan provides for a 5-year, graded vesting schedule for participant vesting
in Company matching contributions. Plan provides that forfeitures of
unvested amounts, upon a participant's termination from employment, would be
allocated to remaining participants at the end of each Plan year.
NOTE B
Summary of Accounting Policies
The following are the significant accounting policies followed by the Plan.
1. Fair Market Value Basis of Accounting
Investments are valued at fair market value. As of December 31, 1995 the
following amounts represented Investment totals and related Investment
totals:
Investment Income
Registered Investment $ 1,942,376 $ 449,204
Companies
Common Stock 54,000 -1,488
Money Market Funds 73,165 487
Insurance Contracts 365,489 18,155
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Totals 2,435,030 $ 466,358
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DENDRITE INTERNATIONAL, INC.
401(k) Retirement Savings Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 1995
DECEMBER 31
1995
Investments Income (Note B) $ 466,358
Contributions 803,906
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Total Additions 1,270,264
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Benefits Paid to Participants 553,617
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Total Benefits Paid 553,617
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Net Increase 716,647
Net Assets Available for Benefits
Beginning of Year 1,764,989
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End of Year $2,481,636
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The accompanying notes are an integral part of the financial statements.
DENDRITE INTERNATIONAL, INC.
401(k) Retirement Savings Plan
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995
DECEMBER 31
1995
ASSETS
Investments at fair market
value (Note B) $ 2,435,030
Receivables 58,560
Cash 18,409
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Total Assets 2,512,089
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LIABILITIES
Participant Payables 30,453
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Total Liabilities 30,453
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Net Asset Available for Benefits $ 2,481,636
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The accompanying notes are an integral part of the financial statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned
thereunto duly authorized.
DENDRITE INTERNATIONAL, INC.
401(K) RETIREMENT SAVINGS PLAN
(Full title of the plan)
Date: December 31, 1996 /s/ Charles C. Warczakowski
Charles C. Warczakowski
Vice President, Finance, Secretary and
Treasurer (Chief Financial Officer
and Principal Accounting Officer) and
Plan Administrator