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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the year ended December 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ____________
Commission File No. 0-23426
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
REPTRON ELECTRONICS, INC. 401(K) RETIREMENT SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
REPTRON ELECTRONICS, INC.
14401 MCCORMICK DRIVE
TAMPA, FLORIDA 33626
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FINANCIAL STATEMENTS, SCHEDULE
AND REPORT OF INDEPENDENT
CERTIFIED PUBLIC ACCOUNTANTS
REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
DECEMBER 31, 2000 and 1999
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CONTENTS
Page
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 1
FINANCIAL STATEMENTS
Statements of Net Assets Available For Benefits 2
Statements of Changes In Net Assets Available For Benefits 3
Notes to Financial Statements 4
SUPPLEMENTAL SCHEDULE
Schedule of Assets Held For Investment Purposes at End of Year 9
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Report of Independent Certified Public Accountants
The Participants and Advisory Committee
Reptron Electronics, Inc.
401(k) Retirement Savings Plan
We have audited the accompanying statements of net assets available for benefits
of Reptron Electronics, Inc. 401(k) Retirement Savings Plan as of December 31,
2000 and 1999, 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, 2000 and 1999, and the 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.
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 as of December 31, 2000 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
Tampa, Florida
May 4, 2001
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REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31,
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2000 1999
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Assets:
Cash $ -- $ 40,068
Investments, at fair value 16,295,418 11,768,131
Receivables:
Participants' contributions 64,047 34,747
Employer contributions 6,404 3,475
Participant loans 369,519 206,452
Investment income 6,275 --
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Total receivables 446,245 244,674
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Total assets 16,741,663 12,052,873
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Net assets available for benefits $16,741,663 $12,052,873
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The accompanying notes are an integral part of these statements.
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REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31,
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2000 1999
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Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair
value of investments $ (4,403,688) $ 2,876,365
Interest and dividends 1,496,257 530,100
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(2,907,431) 3,406,465
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Contributions:
Participants' 2,520,386 1,081,132
Rollovers 307,007 259,660
Employer's 251,599 107,930
Transfers-in from merged plans 5,420,095 --
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8,499,087 1,448,722
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Total additions 5,591,656 4,855,187
Deductions from net assets attributed to:
Benefits paid to participants 898,473 1,394,642
Miscellaneous expense 4,393 --
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Net increase 4,688,790 3,460,545
Net assets available for benefits:
Beginning of year 12,052,873 8,592,328
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End of year $ 16,741,663 $12,052,873
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The accompanying notes are an integral part of these statements.
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REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2000 and 1999
NOTE A - DESCRIPTION OF PLAN
The following description of Reptron Electronics, Inc.'s (the Company) 401(k)
Retirement Savings Plan (the Plan), which was established effective January 1,
1993, provides only general information. Participants should refer to the Plan
agreement for a more complete description of the Plan's provisions.
1. General. The Plan is a defined contribution plan covering all employees of
the Company and its wholly owned subsidiaries. Employees are eligible to
participate in the plan upon attaining the age of 18 and completing three
months of service. Service with the Company's subsidiaries prior to January
3, 2000 is counted towards eligibility to participate in the plan. The
entry dates for the Plan are the first day of each month. The Plan is
subject to provisions of the Employee Retirement Income Security Act of
1974 (ERISA).
Effective January 3, 2000, all plan assets of the Company's wholly owned
subsidiaries 401(k) plans (Hibbing Electronics, Reptron of PA, and Reptron
Acquisition, Inc. dba Applied Instruments) were transferred to the Plan,
and are presented as `transfers-in' on the statement of changes in net
assets available for benefits.
2. Contributions. Participants may contribute up to 19 percent (15% in 1999)
of pre-tax annual compensation. Participants may also contribute amounts
representing distributions from other qualified defined benefit or
contribution plans. The Company makes discretionary contributions at the
option of the Company's board of directors not to exceed 100% of the first
19% (15% in 1999) of participant compensation contributed as an elective
deferral. The Company's match is based on a percentage of the participant's
contribution. The Company's matching percentage was 10% for 2000 and 1999.
3. Participant Accounts. Each participant's account is credited with the
participant's contribution and allocations of the Company's contribution
and Plan earnings, and is charged with an allocation of administrative
expenses. Allocations are based on participant earnings or account
balances, as defined. Forfeited balances of terminated participants'
non-vested accounts are used to reduce future Company contributions. The
benefit to which a participant is entitled is the benefit that can be
provided from the participant's vested account.
4. Vesting. Participants are immediately vested in their contributions plus
actual earnings thereon. Vesting in the Company's discretionary matching
portion of their accounts plus actual earnings thereon is based on years of
continuous service. A participant is generally 100 percent vested after
five years of credited service.
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REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2000 and 1999
NOTE A - DESCRIPTION OF PLAN - CONTINUED
Any participant of the Hibbing Electronics Corporation and Applied Instruments
Employee 401(k) Plans (which were merged into the Plan on January 1, 2000) who
was a participant as of January 1, 2000 with no less than three years of
service, is permitted to elect to have his or her vested percentage computed
based upon the prior vesting schedule.
Applied Hibbing All
Instruments Electronics Other
Prior Corp. Prior Participants
Vesting Vesting Vesting
Years of Service Percentage Percentage Percentage
---------------- ----------- ---------- ----------
Less than 1 0% 0% 0%
1 20% 25% 20%
2 40% 50% 40%
3 60% 75% 60%
4 80% 100% 80%
5 100% 100%
5. Participant Loans. Participants may borrow from their fund accounts up to a
maximum of the lesser of $50,000 or 50 percent of their account balance. A
participant must repay the loan within five (5) years unless the loan is
used to acquire a principal residence. Each loan shall bear interest at a
reasonable rate, as determined by the Company in accordance with the Plan's
written loan procedures.
6. Payment of Benefits
Lifetime benefits (normal retirement age is 65)
On termination of service due to death, disability or retirement, a
participant may elect to receive either a lump sum amount equal to the
value of the participant's vested interest in his or her account, or
installment payments.
Termination prior to retirement
For termination of service due to reasons other than retirement, a
participant may receive the value of the vested interest in his or her
account as a lump sum distribution or in installment payments not exceeding
the participant's life expectancy.
For any termination of service, if the participant's vested account balance
does not exceed $5,000 a single lump sum payment is required.
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REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2000 and 1999
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements of the Plan are prepared under the accrual method of
accounting.
Use of Estimates
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 disclosures of contingent assets and liabilities at the date of
the financial statements, as well as the reported amount of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Investment Valuation and Income Recognition
Shares of registered investment companies are valued at quoted market prices,
which represent the net asset value of shares held by the Plan at year-end.
Interest income is recorded on the accrual basis. Dividends are recorded on the
ex-dividend date.
Payment of Benefits
Benefits are recorded when paid.
Expenses of the Plan
Substantially all administrative expenses of the Plan have been paid by the
Employer.
Tax Status
The Plan complies as to form with Sections 401(a) and 501(a) of the Internal
Revenue Code of 1986 and the applicable regulations to be exempt from federal
income taxes. The Plan received a favorable determination letter from the
Internal Revenue Service on July 20, 1995.
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REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2000 and 1999
NOTE C - INVESTMENTS
The following table presents the fair value of participant-directed investments
that represent 5 percent or more of the Plan's net assets. The custodian
utilized the quoted market price of the investment instruments underlying the
investment options to determine their fair value. Effective January 3, 2001, the
Plan transferred all of its assets to a new custodian, Merrill Lynch Trust
Company.
December 31,
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2000 1999
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Merrill Lynch Retirement Preservation Trust $ 1,911,762 $ --
Van Kampen Emerging Growth Fund Class A 3,324,513 --
Alliance Premier Growth Fund Class A 3,692,476 --
Ing Pilgrim International Value Class A 1,375,390 --
Merrill Lynch Basic Value Fund Class D 862,553
Reptron Electronics, Inc. 3,535,014 4,763,293
Managed Allocation Fund -- 783,105
Equity Select Fund -- 1,419,295
International Fund -- 695,768
New Dimensions Fund -- 2,884,098
Guaranteed Retirement Fund -- 438,491
Aggregate of investments that represent less than 5
percent of the Plan's net assets 1,593,710 784,081
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$16,295,418 $11,768,131
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During 2000, the Plan's investments (including investments bought, sold, and
held during the year) depreciated in value by $4,403,688 as follows:
Common Stock $(1,580,227)
Common/Collective Trusts 1,592
Mutual Funds (2,825,053)
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$(4,403,688)
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NOTE D - PLAN Termination
Although it has not expressed any intent to do so, the Employer has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100 percent vested in their accounts.
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REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2000 and 1999
NOTE E - NET ASSETS AVAILABLE FOR BENEFITS
Merrill Lynch Trust Company and American Express Trust Company (American Express
Trust) held the assets during 2000 and 1999, respectively, for the purpose of
administration of investments and record keeping. The agreements with Merrill
Lynch Trust Company and American Express Trust provide for the investments and
contributions to be participant directed and accounted for in separate funds.
NOTE F - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of the financial statements to Form 5500:
1999
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Net assets available for benefits per the financial
statements $ 12,052,873
Contributions receivable (38,222)
Other 37,869
Pending transactions at December 31, 1999 --
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Net assets available for benefits per Form 5500 $ 12,052,520
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Total additions to net assets available for benefits per the
financial statements $ 4,855,187
Adjustment for accruals 52,960
Other 53,528
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Total additions to net assets available for benefits per
Form 5500 $ 4,961,675
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Total deductions to net assets available for benefits per
the financial statements $ 1,394,642
Loan repayments --
Other 1,615
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Total deductions to net assets available for benefits per
Form 5500 $ 1,396,257
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The differences indicated above are the result of the financial statements
prepared on an accrual basis and the Form 5500 prepared on a cash basis.
While the Form 5500 for 2000 is not available, the reconciling items are
expected to be similar in nature to 1999.
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SUPPLEMENTAL SCHEDULE
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REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR
December 31, 2000
Principal
Amount Current
of Shares Description Value
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571,361 * Reptron Electronics, Inc. $ 3,535,014
1,911,762 * Merrill Lynch Retirement Preservation Trust 1,911,762
1,320 * Merrill Lynch Retirement Preservation Trust - GM 1,320
262 * Merrill Lynch Focus Value Fund Class D 2,933
4,727 PIM Company Innovation Fund Class A 194,595
84 Federated Growth Strategies 2,764
1,325 AIM Small Cap Growth Fund Class A 39,494
508 Federated International Small Company Fund Class A 13,065
263 Fidelity Advisor Mid Cap Fund Class T 5,863
1,469 Van Kampen Aggregate Growth Fund Class A 32,653
4,004 AIM Blue Chip Fund Class A 63,099
295 Fidelity Advisor Growth & Income Class T 5,238
1,520 * Merrill Lynch S&P 500 Index 24,591
342 * Merrill Lynch SM Cap Index 3,577
278 MFS Strategic Growth Fund Class A 7,418
1,162 Munder Net Fund Class A 40,348
299 Fidelity Advisor Small Cap Fund Class T 5,610
375 Alliance Tech Fund Class A 34,038
4,497 Alliance Growth & Income 17,090
52,955 Van Kampen Emerging Growth Fund Class A 3,324,513
40 Van Kampen Emerging Growth Fund Class A 2,516
672 Van Kampen Comstock Fund Class A 11,575
138,243 Alliance Premier Growth Fund Class A 3,692,476
165 Alliance Premier Growth Fund A GM 4,412
15,912 AIM Value Fund 199,057
94 AIM Value Fund 1,180
428 Fidelity Advisor Growth 14,606
1,024 MFS Capital Oppenheimer Fund Class A 18,326
657 Calvert Income Fund 10,597
1,559 Oppenheimer Global Growth & Income 42,161
3 Nvest Growth and Income Fund Class A 43
514 Mass Investment Growth Stock Fund Class A 8,809
650 Davis NY Venture Fund Class A 18,680
56,903 Mercury TTL Retirement Bd Distributor 713,558
79 Mercury TTL Retirement Bd Distributor 995
1,309 * Merrill Lynch Fundamental Growth Funds Class D 29,088
56 Fidelity Advisor Equity Growth Fund 3,335
90,190 Ing Pilgrim International Value Class A 1,375,390
67 Ing Pilgrim International Value Class A 1,026
1,035 Van Kampen American Value Fund Class A 20,050
26,362 * Merrill Lynch Basic Value Fund Class D 862,553
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16,295,418
Participant loans, at varying rates and maturities 369,519
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$16,664,937
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* Party-in-interest to the Plan.
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SIGNATURES
The Plan. 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
hereunto duly authorized.
REPTRON ELECTRONICS, INC.
401(K) RETIREMENT SAVINGS PLAN
By: /s/ Paul Plante
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Paul Plante, Chief Operating Officer of
Reptron Electronics, Inc.
Plan Administrator
Date: June 29, 2001
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EXHIBIT INDEX
FILED AS PART OF THIS ANNUAL REPORT ON FORM 11-K
EXHIBIT NO. DESCRIPTION
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23.1 Consent of Grant Thornton LLP
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