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, 1997,
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 ..........................................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 principl executive office:
Computer Horizons Corp.
49 Old Bloomfield Avenue
Mountain Lakes, New jersey 07046-1495
FINANCIAL STATEMENTS AND REPORT OF
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
COMPUTER HORIZONS CORP.
EMPLOYEE SAVINGS PLAN
December 31, 1997 and 1996
C O N T E N T S
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 7 - 12
Supplemental Schedules
Report of Independent Certified Public Accountants on
Supplementary Information 14
Item 27a - Schedule of Assets Held for Investment
Purposes 15
Item 27d - Schedule of Reportable Transactions 16
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,
1997 and 1996, 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 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 net assets available for benefits of the Plan as of
December 31, 1997 and 1996 and changes in net assets available for benefits for
the years then ended, 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 fund information in the statements of
changes in net assets available for benefits is presented for purposes of
additional analysis rather than to present the changes in net assets available
for benefits of each fund. The fund information has been subjected to the
auditing procedures applied in the audits 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.
/s/ GRANT THORNTON LLP
Parsippany, New Jersey
June 23, 1998
-3-
Computer Horizons Corp. Employee Savings Plan
STATEMENTS OF NET ASSETS AVAILABLE
FOR BENEFITS
December 31,
1997 1996
----------- -----------
ASSETS
Investments (Notes B and C)
Guaranteed Fund $ 5,158,873 $ 4,674,524
Mutual Stock Funds 14,002,139 10,616,029
Common Stock - Computer Horizons Corp. 2,766,254 885,602
----------- -----------
21,927,266 16,176,155
Contributions receivable (Note A)
Employee 209,880 138,764
Employer 23,446 14,880
Loans receivable (Note A) 459,920 288,850
----------- -----------
Net assets available for benefits $22,620,512 $16,618,649
=========== ===========
The accompanying notes are an integral part of these statements.
-4-
Computer Horizons Corp. Employee Savings Plan
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS WITH
FUND INFORMATION
December 31, 1997
20th Century
Growth Fidelity
Guaranteed Investors Magellan
Fund Fund Fund
------------- --------------- -----------
Additions
Employees' contributions (Note A) $1,037,617 $ 431,675 $ 705,726
Employer's contributions (Note A) 56,065 47,623 78,814
Interest/dividend income 293,717 320,642 386,978
Unrealized/realized appreciation
in market value of investments (Note C) 151,907 947,590
Loan repayments (Note A) 43,447 10,241 32,184
----------- ----------- ------------
1,430,846 962,088 2,151,292
--------- ---------- ----------
Deductions
Withdrawals (Note A) (952,758) (267,644) (1,268,809)
Expenses (Note A) (13,289) (1,870) (5,631)
Transfers 165,941 (19,720) (61,444)
Loans issued (Note A) (170,750) (17,213) (54,840)
---------- ----------- ------------
(970,856) (306,447) (1,390,724)
NET INCREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 459,990 655,641 760,568
---------- ---------- ----------
Net assets available for benefits at
beginning of year 4,698,883 1,545,257 5,075,082
---------- --------- ---------
Net assets available for benefits at
end of year $5,158,873 $2,200,898 $ 5,835,650
========= ========= ==========
Computer
Horizons
Corp.
Vanguard Vanguard Common
Index Wellington Stock
Fund Fund Fund
----------- ------------- --------------
Additions
Employees' contributions (Note A) $ 774,612 $ 452,042 $ 847,005
Employer's contributions (Note A) 67,578 44,916 92,006
Interest/dividend income 74,251 190,667
Unrealized/realized appreciation
in market value of investments (Note C) 788,865 233,801 1,181,840
Loan repayments (Note A) 19,710 14,280 44,668
----------- ----------- -----------
1,725,016 935,706 2,165,519
--------- ---------- ---------
Deductions
Withdrawals (Note A) (439,556) (288,598) (188,598)
Expenses (Note A) (8,603) (2,044)
Transfers 115,351 (89,195) (110,933)
Loans issued (Note A) (28,060) (41,175) (23,562)
----------- ----------- -----------
(360,868) (421,012) (323,093)
NET INCREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 1,364,148 514,694 1,842,426
--------- ---------- ---------
Net assets available for benefits at
beginning of year 2,330,558 1,756,191 923,828
--------- --------- ----------
Net assets available for benefits at
end of year $3,694,706 $2,270,885 $2,766,254
========= ========= =========
Total
Loan Contribution fund
Fund receivable balance
---------- -------------- ----------
Additions
Employees' contributions (Note A) $209,880 $ 4,458,557
Employer's contributions (Note A) 23,446 410,448
Interest/dividend income 1,266,255
Unrealized/realized appreciation
in market value of investments (Note C) 3,304,003
Loan repayments (Note A) $(164,530)
-------- ------- ---------
(164,530) 233,326 9,439,263
-------- ------- ---------
Deductions
Withdrawals (Note A) (3,405,963)
Expenses (Note A) (31,437)
Transfers
Loans issued (Note A) 335,600
-------- ------- ---------
335,600 (3,437,400)
NET INCREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 171,070 233,326 6,001,863
-------- ------- -----------
Net assets available for benefits at
beginning of year 288,850 - 16,618,649
-------- ------- ----------
Net assets available for benefits at
end of year $ 459,920 $233,326 $22,620,512
======== ======= ==========
The accompanying notes are an integral part of this statement.
-5-
Computer Horizons Corp. Employee Savings Plan
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS WITH
FUND INFORMATION (continued)
December 31, 1996
20th Century
Growth Fidelity
Guaranteed Investors Magellan
Fund Fund Fund
------------- ---------------- -------------
Additions
Employees' contributions (Note A) $ 837,002 $ 291,908 $ 664,701
Employer's contributions (Note A) 55,273 33,980 77,212
Interest/dividend income 288,992 29,172 719,250
Unrealized/realized appreciation (depreciation)
in market value of investments (Note C) 175,282 (172,559)
Loan repayments (Note A) 47,371 13,213 32,143
------------ ----------- -----------
1,228,638 543,555 1,320,747
---------- ---------- ---------
Deductions
Withdrawals (Note A) (595,740) (128,393) (387,334)
Expenses (Note A) (20,943) (1,270) (4,054)
Transfers (372,642) (6,779) (81,299)
Loans issued (Note A) (26,914) (16,282) (30,139)
------------ ----------- -----------
(1,016,239) (152,724) (502,826)
NET INCREASE (DECREASE) IN
NET ASSETS AVAILABLE
FOR BENEFITS 212,399 390,831 817,921
----------- ---------- ----------
Net assets available for benefits at
beginning of year 4,486,484 1,154,426 4,257,161
---------- --------- ---------
Net assets available for benefits at
end of year $ 4,698,883 $1,545,257 $5,075,082
========== ========= =========
Computer
Horizons
Corp.
Vanguard Vanguard Common
Index Wellington Stock
Fund Fund Fund
------------- ------------- --------------
Additions
Employees' contributions (Note A) $ 380,937 $ 266,080 $716,047
Employer's contributions (Note A) 42,051 31,163 79,061
Interest/dividend income 46,673 130,367
Unrealized/realized appreciation (depreciation)
in market value of investments (Note C) 345,123 111,576 114,066
Loan repayments (Note A) 11,394 10,347 41,664
----------- ----------- --------
826,178 549,533 950,838
---------- ---------- -------
Deductions
Withdrawals (Note A) (180,069) (138,951) (18,889)
Expenses (Note A) (1,717) (1,404)
Transfers 370,925 119,855 (1,767)
Loans issued (Note A) (13,642) (21,020) (6,354)
----------- ----------- ---------
175,497 (41,520) (27,010)
NET INCREASE (DECREASE) IN
NET ASSETS AVAILABLE
FOR BENEFITS 1,001,675 508,013 923,828
--------- ---------- -------
Net assets available for benefits at
beginning of year 1,328,883 1,248,178 0
--------- --------- -------
Net assets available for benefits at $2,330,558 $1,756,191 $923,828
========= ========= =======
end of year
Total
Loan Other, fund
Fund net balance
---------- ---------- ----------
Additions
Employees' contributions (Note A) $ 3,156,675
Employer's contributions (Note A) 318,740
Interest/dividend income 1,214,454
Unrealized/realized appreciation (depreciation)
in market value of investments (Note C) 573,488
Loan repayments (Note A) $(156,132)
--------- ------- -----------
(156,132) 5,263,357
--------- ------- -----------
Deductions
Withdrawals (Note A) (1,449,376)
Expenses (Note A) (29,388)
Transfers $(28,293)
Loans issued (Note A) 114,351
--------- ------- -----------
114,351 (28,293) (1,478,764)
NET INCREASE (DECREASE) IN
NET ASSETS AVAILABLE
FOR BENEFITS (41,781) (28,293) 3,784,593
--------- ------- -----------
Net assets available for benefits at 330,631 28,293 12,834,056
-------- ------- ----------
beginning of year
Net assets available for benefits at $ 288,850 $ - $16,618,649
======== =========== ==========
end of year
The accompanying notes are an integral part of this statement.
-6-
Computer Horizons Corp. Employee Savings Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 and 1996
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 is a defined contribution employee profit-sharing plan, covering
all full-time employees of the Company who have completed at least one year
of service and a minimum of one thousand (1,000) hours of service.
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.
Contributions
Each year, participants may contribute up to 15 percent of pretax annual
compensation, as defined in the Plan. 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.
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 maximum as specified in agreement), Voluntary
Post Tax account balance (post-tax contributions of one to ten percent of
compensation) and Rollover Account balance (participants' qualifying
rollover distributions), plus a specified percentage of their Employer
Matching account
-7-
Computer Horizons Corp. Employee Savings Plan
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 1997 and 1996
NOTE A (continued)
balance (participants' share of employer matching contributions) based upon
the vesting provisions of the Plan (25% vested after three years of
service, 50% vested after four years of service, 100% vested after five
years of service). Forfeitures resulting from application of the vesting
provisions are maintained separately by the Plan and are used to pay plan
expenses. Plan forfeitures approximate $147,000 and $73,000 for 1997 and
1996, 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 $3,500, 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.
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. 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.
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 Expense
All administrative expenses, charged by the Plan's Recordkeeper, Merrill
Lynch, are borne by the Plan. Any expense not covered by the forfeitures is
allocated to each participant's account.
-8-
Computer Horizons Corp. Employee Savings Plan
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 1997 and 1996
NOTE A (continued)
Use of Estimates in Financial Statements
In preparing financial statements in conformity with generally accepted
accounting principles, management is required 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 the
financial statements, as well as the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from
those estimates.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Plan have been prepared on the accrual
basis of accounting in accordance with generally accepted accounting
principles 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, which approximates fair
value. 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").
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 stock funds and the Computer Horizons Corp. Common Stock Fund. The
following is a brief description of the funds available.
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 one or more insurance
companies guaranteeing an annual effective interest rate for specified
periods.
-9-
Computer Horizons Corp. Employee Savings Plan
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 1997 and 1996
NOTE C (continued)
The guaranteed investment contracts are included in the financial
statements at contract value, which approximates fair value, as reported to
the Plan by the insurance companies. Each year the Company enters into a
new guaranteed investment contract. The interest rate is guaranteed for the
life of the contract. New investments are accepted only during the initial
year of a contract. The initial contract term ranges from 3 to 5 years. The
average yield and crediting interest rates were 7.79% for ITT Hartford Life
Insurance Company for 1997 and 1996 and range from 4.72% to 6.76% for The
Travelers Insurance Company for 1997 and 1996, respectively. The amounts
remitted to insurance companies 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 companies.
Guaranteed investment contracts at December 31 consist of the following:
1997 1996
---------- ----------
ITT Hartford Life Insurance Company $2,260,768* $2,797,712*
The Travelers Insurance Company 2,898,105* 1,876,812*
---------- ----------
$5,158,873 $4,674,524
========== ==========
*Denotes investments which exceed 5% of net assets available for Plan
benefits.
Mutual Stock Funds
The Fidelity Magellan Fund is a high risk stock fund emphasizing capital
appreciation through investments in companies with high growth potential.
The 20th Century Growth Investors Fund is a stock fund that invests in
large, established companies that exhibit accelerating growth.
The Vanguard Index Trust 500 Portfolio is a stock fund that invests in
individual stocks corresponding with the Standard & Poor's 500 Index.
The Vanguard Wellington Fund invests approximately 65% of its assets in
individual stocks corresponding with the Standard & Poor's 500 Index and
approximately 35% of its assets in long-term corporate bonds with an AA or
better Bond Index.
-10-
Computer Horizons Corp. Employee Savings Plan
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 1997 and 1996
NOTE C (continued)
Investments in securities are valued at quoted market value and at December
31 consist of the following:
1997 1996
----------- -----------
Fidelity Magellan Fund $ 5,835,650* $ 5,041,594*
20th Century Growth Investors Fund 2,200,898* 1,528,023*
Vanguard Index Trust 500 Portfolio 3,694,706* 2,305,912*
Vanguard Wellington Fund 2,270,885* 1,740,500*
----------- -----------
$14,002,139 $10,616,029
=========== ===========
Computer Horizons Corp. Common Stock Fund
Effective January 1, 1996, participants are 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 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, 1997 and 1996 is $2,766,254* and $885,602*,
respectively.
NOTE D - TAX STATUS OF 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 and the Plan's tax counsel believe
that the Plan is designed and is currently being operated in compliance
with the applicable requirements of the IRC.
*Denotes investments which exceed 5% of net assets available for Plan benefits.
-11-
Computer Horizons Corp. Employee Savings Plan
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 1997 and 1996
NOTE E - SUBSEQUENT EVENT
Effective January 1, 1998, the Plan was amended to reflect the appointment
of Merrill Lynch as Plan Trustee. Other modifications to the Plan include:
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, 3) a change in
investment options from Vanguard, Fidelity and Twentieth Century Funds to
Merrill Lynch ML S&P 500, MFS Massachusetts Investors Fund, and ML Capital
Fund. ML Retirement Preservation Trust will be available for investment to
investors in Guaranteed Investment Contracts as the existing contracts
expire. In addition, five other Merrill Lynch funds will be available for
investment.
-12-
SUPPLEMENTAL SCHEDULES
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON SUPPLEMENTARY INFORMATION
Board of Trustees
Computer Horizons Corp. Employee Savings Plan
Our audits were 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 and schedule of 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 supplemental schedules
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.
The schedule of assets held for investment purposes and the schedule of
reportable transactions that accompany the Plan's financial statements do not
disclose the historical cost of plan assets held by the Plan's Recordkeeper, as
such costs are not provided by the Recordkeeper. Disclosure of this information
is required by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974.
/s/ GRANT THORNTON LLP
Parsippany, New Jersey
June 23, 1998
-14-
Computer Horizons Corp. Employee Savings Plan
EIN: 13-2638902, Plan # 001
Item 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1997
(a) (b) Identity of issuer, borrower, (e) Current
lessor or similar party (c) Description of investment (d) Cost value
----------------------------- ------------------------- ---- -------
Group Annuity Contracts, Provide a guaranteed interest
at contract value rate for a specified period of
time.
The Travelers Insurance Co.
6.76% * $ 357,084
5.39% * 427,133
4.72% * 607,611
5.60% * 1,506,277
Hartford Life Insurance
Company
7.79% * 2,260,768
------------
$ 5,158,873
============
Mutual Funds
Fidelity Magellan Fund, A growth mutual fund designed to provide
61,258.00 shares more aggressive investors with long-term
capital growth. * $ 5,835,650
Twentieth Century Growth An aggressive growth mutual fund designed to
Investors Fund, provide long-term capital appreciation. * 2,200,898
91,665.89 shares
Vanguard Index Trust - 500 An indexed growth and income mutual fund
Portfolio, designed to match the investment performance
41,020.40 shares of the Standard & Poors 500 Composite
Stock Price Index. * 3,694,706
Vanguard Wellington Fund, A balanced mutual fund designed to conserve
77,109.86 shares principal and provide reasonable income
return and growth. * 2,270,885
-----------
$14,002,139
===========
Stock
**Computer Horizons Common Stock
Corp.
60,796.82 shares $ 2,766,254
===========
Participant loans receivable,
with interest which ranges from
3.69% to 6.25% $ 459,920
===========
* Cost information was not available, as this information is not maintained.
** Party-In-Interest
-15-
Computer Horizons Corp. Employee Savings Plan
EIN: 13-2638902, Plan # 001
Item 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
Year ended December 31, 1997
(a) Identity of party (b) Description Number of (c) Purchase Number (d) Selling
involved of assets purchases price of sales price *
------------------- --------------- ----------- ---------- --------- ---------
The Travelers Guaranteed Annuity 113 $1,609,436
Insurance Co. Contract
The Travelers Insurance Co. Guaranteed Annuity 47 $ 417,532
Contract
Vanguard Wellington Fund Mutual Fund 79 846,125
Vanguard Wellington Fund Mutual Fund 51 595,427
Vanguard Index Trust - Mutual Fund 89 1,399,605
500 Portfolio
Vanguard Index Trust - Mutual Fund 49 821,463
500 Portfolio
Fidelity Magellan Fund Mutual Fund 80 1,480,320
Fidelity Magellan Fund Mutual Fund 54 1,633,054
Twentieth Century Growth Mutual Fund 72 870,232
Investors Fund
Twentieth Century Growth 47 446,264
Investors Fund Mutual Fund
Computer Horizons Corp. Common Stock 44 1,021,929
(h) Current
value
of asset
(a) Identity of party (g) Cost of on trans- (i) Net gain
involved asset action date or (loss)
------------------- ---------- ----------- ---------
The Travelers * $1,609,436
Insurance Co.
The Travelers Insurance Co. * 417,532 *
Vanguard Wellington Fund * 846,125
Vanguard Wellington Fund * 595,427 *
Vanguard Index Trust - * 1,399,605
500 Portfolio
Vanguard Index Trust - * 821,463 *
500 Portfolio
Fidelity Magellan Fund * 1,480,320
Fidelity Magellan Fund 1,422,143 1,633,054 $210,910
Twentieth Century Growth * 870,232
Investors Fund
Twentieth Century Growth * 446,264 *
Investors Fund
Computer Horizons Corp. * 1,021,929
* Cost net gain (loss) information was not available, as this information is not
maintained.
Note: Columns (e) and (f), lease rental and expense incurred with transaction,
respectively, are not applicable.
-16-
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.
Computer Horizons Corp. Employee Savings Plan
Date: June 30, 1998 /s/ William J. Murphy
---------------------------------
By: William J. Murphy
Title: Executive Vice President