<Page>
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 (NO FEE REQUIRED) for the fiscal year ended December 31, 2001.
or
[_] TRANSMISSION 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 ...........................................0-7282
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Computer Horizons Corp. Employee Savings Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principle executive office:
Computer Horizons Corp.
49 Old Bloomfield Avenue
Mountain Lakes, New Jersey 07046-1495
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REQUIRED INFORMATION
Report of Independent Certified Public Accountants
Audited Statements of Net Assets Available for Benefits
Audited Statements of Changes in Net Assets Available for Benefits
Exhibits:
Exhibit 23.1 Consent of Independent Certified Public Accountants
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FINANCIAL STATEMENTS AND REPORT OF
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
COMPUTER HORIZONS CORP.
EMPLOYEE SAVINGS PLAN
December 31, 2001 and 2000
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C O N T E N T S
<Table>
<Caption>
PAGE
Report of Independent Certified Public Accountants 3
Financial Statements
Statements of Net Assets Available for Benefits 4
Statements of Changes in Net Assets Available for Benefits 5
Notes to Financial Statements 6 - 11
Supplemental Schedule
Report of Independent Certified Public Accountants on
Supplementary Information 13
Schedule H, Item 4i - Schedule of Assets Held for Investment Purposes 14 - 15
</Table>
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Board of Trustees
COMPUTER HORIZONS CORP. EMPLOYEE SAVINGS PLAN
We have audited the accompanying statements of net assets available for benefits
of Computer Horizons Corp. Employee Savings Plan (the "Plan") as of December 31,
2001 and 2000, and the related statements of changes in net assets available for
benefits for the years 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 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, 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, 2001 and 2000 and changes in net assets available for benefits for
the years then ended, in conformity with accounting principles generally
accepted in the United States of America.
GRANT THORNTON LLP
Edison, New Jersey
May 24, 2002
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Computer Horizons Corp. Employee Savings Plan
STATEMENTS OF NET ASSETS AVAILABLE
FOR BENEFITS
December 31,
<Table>
<Caption>
2001 2000
----------- -----------
ASSETS
Investments $40,410,131 $40,431,430
Participant loans 724,380 836,550
----------- -----------
41,134,511 41,267,980
Contributions receivable
Employee 181,265 246,213
Employer 41,128 50,356
----------- -----------
Total receivables 222,393 296,569
----------- -----------
Net assets available for benefits $41,356,904 $41,564,549
=========== ===========
</Table>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS.
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Computer Horizons Corp. Employee Savings Plan
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS
Year ended December 31,
<Table>
<Caption>
2001 2000
------------ ------------
Additions
Employees' contributions $ 7,555,906 $ 9,060,264
Employer's contributions 1,204,663 1,567,138
Interest/dividend income 1,121,149 2,178,369
Net depreciation in fair value
of investments (4,519,274) (5,875,976)
----------- ------------
5,362,444 6,929,795
----------- ------------
Deductions
Withdrawals (5,448,649) (7,400,918)
Deemed distribution (67,772) (183,053)
Expenses (53,668) (2,900)
----------- ------------
(5,570,089) (7,586,871)
----------- ------------
NET DECREASE IN NET ASSETS
AVAILABLE FOR BENEFITS (207,645) (657,076)
----------- ------------
Net assets available for benefits at
beginning of year 41,564,549 42,221,625
----------- ------------
Net assets available for benefits at
end of year $41,356,904 $41,564,549
=========== ===========
</Table>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS.
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Computer Horizons Corp. Employee Savings Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2001 and 2000
NOTE A - DESCRIPTION OF THE PLAN
The following description of Computer Horizons Corp. Employee Savings Plan
(the "Plan") provides only general information. Participants should refer to
the Plan Agreement for a more complete description of the Plan's provisions.
GENERAL
The Plan, as amended, is a defined contribution employee profit-sharing plan
covering all full-time employees of the Company who have completed at least
six months of service and all part-time employees who have completed a
minimum of one thousand (1,000) hours of service within a year.
The Plan was established effective April 1, 1983, and amended as of January
1, 1984 and May 31, 1989, to be a qualified profit-sharing plan under
Internal Revenue Code Section 401(a), with a qualified cash or deferred
arrangement under Internal Revenue Code Section 401(k).
The Plan was further amended and restated effective January 1, 1990 to comply
with the requirements of the Tax Reform Act of 1986 and all applicable
Federal laws subsequently enacted and relating thereto. A favorable
determination letter dated September 1995 was received from the Internal
Revenue Service ("IRS").
On January 1, 1998, the Plan was further amended to reflect the appointment
of Merrill Lynch as Plan Trustee. Merrill Lynch also acts as the
recordkeeper. Other modifications to the Plan included (1) a reduction in the
eligibility service period from one year to six months, (2) a change in the
vesting period from 25% after three years of service and 100% after five
years to 100% after three years, and (3) a change in investment options.
CONTRIBUTIONS
Each year participants may contribute from 3 to 15 percent of pretax annual
compensation, defined as base pay (regular earnings plus overtime) plus
commissions, not to exceed a maximum threshold as specified in the agreement.
Participants may also contribute amounts representing distributions from
other qualified defined-benefit or contribution plans. The Company
contributes 25 percent of the first 4 percent of base compensation that a
participant contributes to the Plan. On April 1, 2000, the Company raised
this contribution amount to 50 percent of the first 4 percent of the base
pay.
In order to pass the required IRS Non-Discrimination Tests for the Plan,
participants who exceeded the maximum contribution amounts for 1999 were
refunded the excess amounts. The total amount refunded in March 2000 was
approximately $253,000. In 2000 and 2001, no subsequent corrective
distributions were made.
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Computer Horizons Corp. Employee Savings Plan
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2001 and 2000
NOTE A (CONTINUED)
PARTICIPANT ACCOUNTS AND VESTING
Separate accounts are maintained for each participant's contributions and
earnings thereon. The participant may direct that the account be invested in
one or more Funds permitted by the Plan (Note C). Upon termination of
employment, a participant is entitled to 100% of the value of his Salary
Deferral Account balance (pretax contributions of three to fifteen percent of
compensation not to exceed a maximum threshold as specified in agreement),
and Rollover Account balance (participants' qualifying rollover
distributions), plus a specified percentage of his Employer Matching Account
balance (participants' share of employer matching contributions) based upon
the vesting provisions of the Plan (100% vested after three years of
service). Forfeitures resulting from application of the vesting provisions
are maintained separately by the Plan and are used to pay plan expenses or
future employer contributions. Plan forfeitures approximate $199,000 and
$243,000 for 2001 and 2000, respectively.
WITHDRAWALS AND DISTRIBUTIONS UPON
TERMINATION OF EMPLOYMENT
Upon termination of employment for any reason, a participant's account
balance or periodic payments thereof will be distributed to the participant
or designated beneficiary, at his or her option. However, if the value of a
participant's account is greater than $5,000, the participant's account will
not be distributed before his normal retirement date without the written
election of the participant. A participant may modify an election thereafter.
If an account balance is less than $5,000, the Company will distribute the
amount upon termination.
LOANS TO PARTICIPANTS
The Plan provides for loans to participants to a maximum of the lesser of (1)
$50,000 or (2) 50% of the participant's account balance (a minimum $1,000
vested balance required). The loans are payable over a maximum of five years
unless the loan is used to acquire a principal residence, in which case the
maximum term is fifteen years with interest as specified in the Plan.
The loans are secured by one-half of the balance in the participant's account
and bear interest at a rate commensurate with local prevailing rates as
determined by the Plan. Interest rates ranged from 6.5% to 10.00% and 8.78%
to 11.00% in 2001 and 2000, respectively. Principal and interest are paid
ratably through payroll deductions.
During 2001 and 2000, respectively, the Plan noted approximately $68,000 and
$183,000 of defaulted loans. The Plan classified these outstanding balances
as deemed distributions within the statements of changes in net assets
available for benefits at December 31, 2001 and 2000.
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Computer Horizons Corp. Employee Savings Plan
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2001 and 2000
NOTE A (CONTINUED)
TERMINATION
Although it has not expressed any intent to do so, the Company reserves the
right to terminate the Plan at any time. Termination of the Plan shall result
in discontinuance of all future Plan contributions and in full and immediate
vesting for each participant of the entire amount standing to his or her
credit; there shall not be any forfeitures with respect to any participant
for any reason.
ADMINISTRATIVE EXPENSES
All administrative expenses, charged by the Plan's recordkeeper, Merrill
Lynch, are borne by the Plan. Any expense not covered by the forfeitures is
paid by the Plan Sponsor.
WITHDRAWALS
In June 2001, the Plan transferred $217,686 of participant account balances
to the eB Networks Employee Savings Plan. (eB Networks is a former subsidiary
of Computer Horizons Corp.)
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements of the Plan have been prepared on the accrual basis
of accounting in accordance with accounting principles generally accepted in
the United States of America as applied to profit-sharing plans and in
accordance with the terms of the trust agreement. The assets of the Plan are
valued at quoted market value, at close on the last trade date of the year,
except for the Guaranteed Fund which is valued at contract value at
December 31, 2000, which approximates fair value, and the Plan's investment
in pooled separate accounts which are stated at unit value, which
approximates fair value as reported for the Plan by Merrill Lynch. Dividends
are recorded on the ex-dividend date. The Plan is subject to certain
provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").
USE OF ESTIMATES IN FINANCIAL STATEMENTS
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and changes therein, and disclosure of contingent
assets and liabilities. Actual results could differ from those estimates.
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Computer Horizons Corp. Employee Savings Plan
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2001 and 2000
NOTE C - INVESTMENT OF FUNDS
All contributions are remitted to the respective fund managers and invested,
at the election of the participant, in one or a combination of funds. The
funds available to participants are the Guaranteed Fund, various mutual funds
and the Computer Horizons Corp. Common Stock Fund. All investments are
participant-directed.
GUARANTEED FUND
The Guaranteed Fund is intended to provide fixed income with minimal risk.
Contributions to the Guaranteed Fund are invested primarily under guaranteed
investment contracts or contracts with an insurance company guaranteeing an
annual effective interest rate for specified periods.
The guaranteed investment contracts are included in the financial statements
at contract value as of December 31, 2000, which approximates fair value, as
reported to the Plan by the insurance company. The interest rate is
guaranteed for the life of the contract. The initial contract term ranges
from 3 to 5 years. There have been no new contracts purchased during 2001
and 2000. The average yield and crediting interest rate was 5.60% for The
Travelers Insurance Company for 2001 and 2000. The amounts remitted to the
insurance company for guaranteed income contracts become the assets of
those companies, which, in turn, assume an obligation to fulfill the
contract terms. The ultimate ability to repay principal and interest is
dependent upon the financial stability of the insurance company.
Guaranteed investment contracts at December 31 consist of the following:
2001 2000
--------- --------
The Travelers Insurance Company $ - $856,017
========= ========
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Computer Horizons Corp. Employee Savings Plan
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2001 and 2000
NOTE C (CONTINUED)
MUTUAL FUNDS AND POOLED SEPARATE ACCOUNTS
Investments in mutual funds and pooled separate accounts are valued at
quoted market value and unit value, respectively, which approximates fair
value and at December 31 consist of the following:
<Table>
<Caption>
2001 2000
------------ ------------
Merrill Lynch Retirement Preservation Trust $ 7,254,965* $ 6,339,568*
Merrill Lynch International Equity Fund 812,436 979,720
Merrill Lynch S&P 500 Index Fund 9,467,370* 10,536,300*
Merrill Lynch Small Cap Index Fund 1,654,739 1,493,659
Merrill Lynch Global Allocation Fund 1,123,742 1,017,174
Massachusetts Investors Trust 8,819,061* 10,933,786*
MFS Research Fund 2,514,464* 2,867,841*
Merrill Lynch Balanced Capital Fund 3,802,216* 3,822,538*
Merrill Lynch Intermediate Corporate Bond Fund, Class A 1,020,693 783,636
Merrill Lynch Intermediate Corporate Bond Fund, Class D 182,572
Eaton Vance Worldwide Health Sciences Fund 566,237
Oppenheimer Developing Markets Fund 25,311
Van Kampen Emerging Growth Fund 239,043
AIM Balanced Fund 80,485
Eaton Vance Income Fund of Boston 53,252
MFS Utilities Fund 162,471
Massachusetts Investors Growth Stock Fund 332,121
ING Pilgrim International Value Fund 165,590
Davis Series Financial Fund 407,915
Merrill Lynch Small Capital Value Fund 43,201
Pimco Innovations Fund 131,110
------------ ------------
$38,858,994 $38,774,222
=========== ===========
</Table>
*Denotes investments which exceed 5% of net assets available for Plan
benefits at the end of the year.
COMPUTER HORIZONS CORP. COMMON STOCK FUND
Effective January 1, 1996, participants were able to invest contributions in
the Computer Horizons Corp. Common Stock Fund, which invests in the common
stock of the Plan Sponsor, Computer Horizons Corp. Merrill Lynch, as an
independent agent, invests in the Company shares that are obtained by
Merrill Lynch directly from the Company out of its authorized but unissued
shares of
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Computer Horizons Corp. Employee Savings Plan
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2001 and 2000
NOTE C (CONTINUED)
common stock, out of its treasury shares, or on the open market. Total value
of investments in Computer Horizons Corp. common stock at December 31, 2001
and 2000 valued at quoted market value is $1,543,617 and $670,837,
respectively.
The Plan's investment in mutual funds, pooled separate accounts and common
stock (including gains and losses on investments bought and sold, as well as
being held during the year) (depreciated) appreciated for 2001 and 2000 as
follows:
<Table>
<Caption>
2001 2000
----------- -----------
Mutual funds and pooled separate accounts $(4,668,573) $(2,854,078)
Common Stock - Computer Horizons Corp. 149,299 (3,021,898)
----------- -----------
$(4,519,274) $(5,875,976)
=========== ===========
</Table>
NOTE D - RELATED PARTY TRANSACTIONS
Certain Plan investments are shares of Mutual Funds managed by Merrill Lynch.
Merrill Lynch is the Plan's Recordkeeper and Trustee and, therefore, these
transactions qualify as party-in-interest transactions. Fees for the
investment management services are borne by the Plan, and were not
significant at December 31, 2001 and 2000.
NOTE E - TAX STATUS OF THE PLAN
The Internal Revenue Service has determined and informed the Company by a
letter dated September 1995, that the Plan and related trust are designed in
accordance with applicable sections of the Internal Revenue Code ("IRC"). The
Plan has been amended since receiving the determination letter. However, the
Plan administrator believes that the Plan is designed and is currently being
operated in compliance with the applicable requirements of the IRC.
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SUPPLEMENTAL SCHEDULE
<Page>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON SUPPLEMENTARY INFORMATION
Board of Trustees
COMPUTER HORIZONS CORP. EMPLOYEE SAVINGS PLAN
Our audit was performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets held
for investment purposes is presented for the purpose of additional analysis and
is not a required part of the basic financial statements but is 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 supplemental schedule has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
GRANT THORNTON LLP
Edison, New Jersey
May 24, 2002
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<Table>
Computer Horizons Corp. Employee Savings Plan
EIN: 13-2638902, Plan # 001
SCHEDULE H, ITEM 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 2001
<Caption>
(a) (b) Identity of issuer, borrower,
lessor or similar party (c) Description of investment (e) Current value
----------------------- ------------------------- -------------
Mutual Funds and Pooled Separate Accounts
ML Retirement A low risk fund which provides
Preservation Trust preservation of capital, liquidity
7,254,965.29 shares* and current income at levels that
are typically higher than those
provided by money market funds. $ 7,254,965
ML International Equity Fund A stock fund that seeks capital
100,424.68 shares* appreciation and income through
investment primarily in stocks
located in countries other
than the United States. 812,436
ML S&P 500 Index Fund A stock fund that invests in
672,398.41 shares* individual stocks
corresponding with the Standard &
Poor's 500 Index. 9,467,370
ML Small Cap Index Fund A stock fund that includes smaller
157,145.17 shares* capitalization stocks from various
industrial sectors. 1,654,739
ML Global Allocation Fund A growth and income fund which
87,450.79 shares* seeks high total investment return
consistent with prudent risk. 1,123,742
Massachusetts Investors Trust A conservative growth and income
531,909.58 shares* fund which invests primarily in
stocks and seeks reasonable
current income and long-term
growth of income and capital. 8,819,061
MFS Research Fund A moderate growth fund which
133,748.09 shares* primarily invests in stocks and
seeks long-term growth of capital
and future income. 2,514,464
ML Balanced Capital Fund A growth and income fund which
142,245.27 shares* seeks the highest total investment
return consistent with prudent
risk. 3,802,216
ML Intermediate Corporate Bond Fund, An income fund which invests over
Class A, 90,406.78 shares* 80% in domestic bonds and seeks a
high level of current income. 1,020,693
ML Intermediate Corporate Bond Fund, An income fund which invests over
Class D 16,171.09 shares* 80% in domestic bonds and seeks a
high level of current income. 182,572
Eaton Vance Worldwide Health Sciences Fund A fund that seeks long-term
54,814.78 units* capital growth by investing in global
and diversified portfolios of health
sciences companies. 566,237
Oppenheimer Developing Markets Fund A fund that aggressively seeks
1,905.92 units* capital appreciation through
investments mainly in stocks of
emerging and developing markets. 25,311
Van Kampen Emerging Growth Fund A fund that seeks capital
5,648.46 units* appreciation through investments
primarily in common stock of 239,043
emerging growth companies.
AIM Balanced Fund A fund that seeks to provide
3,102.73 units* preservation of capital through a
broadly diversified portfolio of
common stocks, preferred stocks,
convertible securities and bonds. 80,485
Eaton Vance Income Fund of Boston An income fund that seeks to
8,758.54 units* provide current income and
reasonable preservation of capital. 53,252
</Table>
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<Table>
Computer Horizons Corp. Employee Savings Plan
EIN: 13-2638902, Plan # 001
SCHEDULE H, ITEM 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
(CONTINUED)
December 31, 2001
<Caption>
(a) (b) Identity of issuer, borrower,
lessor or similar party (c) Description of investment (e) Current value
----------------------- ------------------------- -------------
MFS Utilities Fund A fund that seeks capital growth
18,631.94 units* and current income. $ 162,471
MASS Investors Growth Stock Fund A growth fund which primarily
25,765.85 shares* invests in stocks and seeks
long-term growth of capital and
future income. 332,121
ING Pilgrim International Value Fund A fund that seeks long-term
12,876.45 units* capital appreciation through
investments primarily in foreign
companies with market
capitalization greater than
$1 billion. 165,590
Davis Series Financial Fund A stock fund that seeks growth of
12,368.55 units* capital through investing in
common stock of financial
companies. 407,915
ML Small Cap Value Fund A fund that seeks long-term
1,792.61 shares* growth of capital by investing in
a diversified portfolio of
securities. 43,201
Pimco Innovations Fund A fund that seeks capital
5,798.77 units* appreciation through investments
in stocks of companies which utilize
innovative technologies to
gain a strategic competitive
advantage in their industry. 131,110
-----------
$38,858,994
===========
Cash $ 7,520
===========
Stocks
Computer Horizons Corp. Common stock $ 1,543,617
480,877.49 shares * ===========
Participant loans, with interest which
ranges from 6.5% to 10.00% $ 724,380
===========
*Party-in-interest
</Table>
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EXHIBIT 23.1
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We have issued our report dated May 24, 2002, accompanying the financial
statements and schedules included in the Annual Report of Computer Horizons
Corp. Employee Savings Plan on Form 11-K for the year ended December 31,
2001. We hereby consent to the incorporation by reference of said report in
the Registration Statement of Computer Horizons Corp. on Form S-8 (File No.
033-64763), effective December 5, 1995.
GRANT THORNTON LLP
Edison, New Jersey
June 28, 2002