-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MZscIAIyHB3yjgXJNq5/5cCCjzXrkw/KMKEtvRSOmiHzoHozOQTHRu/zh2sGK1zE 6gOEndpXVoiorXcORzJv+w== 0001001185-99-000043.txt : 19990630 0001001185-99-000043.hdr.sgml : 19990630 ACCESSION NUMBER: 0001001185-99-000043 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IDX SYSTEMS CORP CENTRAL INDEX KEY: 0001001185 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 030222230 STATE OF INCORPORATION: VT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-26816 FILM NUMBER: 99655279 BUSINESS ADDRESS: STREET 1: 1400 SHELBURNE RD STREET 2: PO BOX 1070 CITY: SOUTH BURLINGTON STATE: VT ZIP: 05403 BUSINESS PHONE: 8028621022 MAIL ADDRESS: STREET 1: 1400 SHELBURNE RD STREET 2: PO BOX 1070 CITY: SOUTH BURLINGTON STATE: VT ZIP: 05403 11-K 1 FORM 11-K =============================================================================== SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------------------------------- FORM 11-K 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 fiscal year ended December 31, 1998 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 No. 0-25078 A. Full Title of the Plan PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN B. Name of the Issuer of the securities held pursuant to the Plan and the address of its principal executive office: IDX Systems Corporation 1400 Shelburne Road Burlington, VT 05402 =============================================================================== REQUIRED INFORMATION Financial Statements and Exhibit Item (4) (a) Independent Auditors' Report Financial Statements: Statements of Net Assets Available for Benefits, December 31, 1998 and 1997 Statements of Changes in Net Assets Available for Benefits, years ended December 31, 1998 and 1997 Notes to Financial Statements Schedule 1-Line 27a - Schedule of Assets Held for Investment Purposes, December 31, 1998 Schedule 2-Line 27b - Schedule of Loans or Fixed Income Obligations, December 31, 1998 Schedule 3-Line 27d - Schedule of Reportable Transactions, year ended December 31, 1998 Schedule 4-Line 27e - Schedule of Nonexempt Transactions, year ended December 31, 1998 (b) Exhibit: Consent of Independent Certified Public Accountants SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees have duly caused this annual report to be signed by the undersigned on their behalf hereunto duly authorized. PHAMIS Inc. Salary Savings and Deferral Plan Date: June 29, 1999 BY: /s/ John A. Kane --------------------------------------- John A. Kane Vice President, Finance, CFO and Treasurer Page 2 PHAMIS INC. Salary Savings and Deferral Plan Financial Statements and Schedules December 31, 1998 and 1997 (With Independent Auditors' Report Thereon) Page 3 Phamis Inc. Salary Savings and Deferral Plan Table of Contents
DESCRIPTION PAGE - ----------- ---- Independent Auditors' Report 5 Statements of Net Assets Available for Benefits 6 Statements of Changes in Net Assets Available for Benefits 7 Notes to Financial Statements 8 Schedules 1 Line 27a--Schedule of Assets Held for Investment Purposes 21 2 Line 27b--Schedule of Loans or Fixed Income Obligations 22 3 Line 27d--Schedule of Reportable Transactions 23 4 Line 27e--Schedule of Nonexempt Transactions 24
Page 4 Independent Auditors' Report Plan Administration Committee PHAMIS Inc. Salary Savings and Deferral Plan: We have audited the accompanying statements of net assets available for benefits of PHAMIS Inc. Salary Savings and Deferral Plan (Plan) as of December 31, 1998 and 1997, 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, 1998 and 1997, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and loans or fixed income obligations at December 31, 1998 and reportable transactions and nonexempt transactions for the year ended December 31, 1998 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. These supplemental schedules are the responsibility of the Plan's management. 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. /s/ KPMG LLP KPMG LLP Seattle Washington May 13, 1999 Page 5 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Statements of Net Assets Available for Benefits December 31, 1998 and 1997
1998 1997 -------------------- -------------------- Assets: Investments at fair value: Money market funds $ -- 4,560 Common stock 4,075,408 3,891,749 Mutual funds 9,335,119 8,481,271 Loans to participants 469,027 377,781 -------------------- -------------------- 13,879,554 12,755,361 -------------------- -------------------- Receivables: Sponsor 61,641 9,485 Participants 23,527 98,272 Receivables from sale of investments 2,490,751 -- Accrued interest and dividends 14,263 122,359 Other -- 4,543 -------------------- -------------------- 2,590,182 234,659 -------------------- -------------------- Cash 398,182 -- -------------------- -------------------- Total Assets $ 16,867,918 12,990,020 -------------------- -------------------- Liabilities: Payable to IDX Systems Corporation Retirement Plan $ 16,753,415 -- Payable for purchase of investments 114,503 -- -------------------- ------------------- Total liabilities 16,867,918 --- Net assets available for benefits $ -- 12,990,020 ===================== ====================
See accompanying notes to financial statements. Page 6 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Statements of Changes in Net Assets Available for Benefits Years ended December 31, 1998 and 1997
1998 1997 ----------------- -------------------- Additions to net assets available for benefits attributed to: Investment income: Dividends $ 1,263,793 498,217 Interest 39,737 33,992 Net appreciation (depreciation) in fair value of investments: Common stock 685,102 2,182,597 Mutual funds 654,926 648,237 Self-directed investments of participants -- 14,369 ------------------ -------------------- 1,340,028 2,845,203 ------------------ -------------------- 2,643,558 3,377,412 ------------------ -------------------- Contributions: Sponsor 500,166 338,672 Participants 2,329,115 1,682,065 ------------------- -------------------- 2,829,281 2,020,737 ------------------- -------------------- Transfer from Data Breeze, Inc. 401(k) Plan -- 275,134 ------------------- -------------------- Total additions 5,472,839 5,673,283 Deductions from net assets available for benefits attributed to benefits paid to participants 1,707,546 1,159,692 Transfer to IDX Systems Corporation Retirement Plan 16,755,313 -- ------------------- -------------------- Total deductions 18,462,859 1,159,692 Net increase in net assets available for benefits (12,990,020) 4,513,591 Net assets available for benefits at beginning of year 12,990,020 8,476,429 ------------------- -------------------- Net assets available for benefits at end of year $ -- 12,990,020 =================== ====================
See accompanying notes to financial statements. Page 7 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements December 31, 1998 and 1997 (1) DESCRIPTION OF PLAN The following description of the PHAMIS Inc. Salary Savings and Deferral Plan (Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions. (a) GENERAL The Plan is a defined contribution plan established in 1984 to provide a deferred income savings plan for employees of PHAMIS, Inc. The Plan's provisions permit tax deferred contributions by participants pursuant to section 401(k) of the Internal Revenue Code. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). In March 1996, PHAMIS, Inc. merged with DataBreeze, Inc., which became a wholly-owned subsidiary. On April 30, 1997, the DataBreeze, Inc.401(k) Plan merged with the Plan. On the date of the Plan merger, the DataBreeze, Inc. 401(k) Plan had assets available for benefits of approximately $275,000. In July 1997, PHAMIS, Inc. merged with IDX Systems Corporation (IDX or Sponsor). As a result of the merger, in July, 1997, the common stock in the PHAMIS, Inc. Stock Fund was converted to IDX common stock at the exchange ratio used to effect the merger. The PHAMIS, Inc. Stock Fund was replaced by the IDX Systems Corporation Stock fund. The Plan was merged with the IDX Systems Corporation Retirement Plan effective December 31, 1998. (b) PLAN ADMINISTRATION The Sponsor is the Plan administrator and has appointed an administrative committee to administer the Plan. The assets of the Plan are held by Northwestern Trust and Investors Advisory Company (Northwestern Trust) which also serves as trustee of the Plan. Certain services are performed by Howard Johnson & Company based upon information provided by the Plan administrator. Administrative expenses of the Plan are paid by the Sponsor. (c) ELIGIBILITY, CONTRIBUTIONS AND PARTICIPANT ACCOUNTS All non-union employees who were employees of PHAMIS, Inc. prior to the IDX merger or were hired at the Seattle location after the IDX merger who are age 18 or older are eligible to participate in the Plan after completing one hour of service, and become eligible for the employer matching contribution on the first day of the calendar quarter immediately following completion of one year of service (defined as a Plan year during which a participant completes at least 1,000 hours of service). All eligible employees are participants in the Plan whether or not actual contributions are made. Participants may contribute between 1% and 15% of their pretax salary, limited by the Internal Revenue Code to $10,000 and $9,500 in 1998 and 1997, respectively. Pretax contributions are matched by the Sponsor at 50% up to $1,500 per participant per year. Page 8 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements December 31, 1998 and 1997 (d) VESTING Participants are immediately vested in their contributions, the Sponsor matching contributions and the earnings thereon. (e) INVESTMENT OPTIONS Participants have the option of directing their contributions in 1% increments into any one or more of the Plan's investment options. Prior to July 11, 1997 the Sponsor matching contributions consisted of PHAMIS, Inc.'s common stock. Subsequent to July 11, 1997, the Sponsor contribution is made in cash and invested in accordance with the participant's contributions elections. A description of each of the available funds as of December 31, 1998 follows: - IDX Systems Corporation Stock Fund--Invests in IDX Systems Corporation common stock. - Bond Fund of America--Invests at least 60% of its assets in securities rated A or better by Moody's or Standard & Poor's bond rating services and can invest in lower rated, higher risk securities when appropriate, as well as in non-U.S. bonds. - Washington Mutual Investors Fund--Seeks current income and an opportunity for growth of principal consistent with sound common stock investing. The fund invests only in companies which satisfy certain specifications regarding earnings, dividends, capital and liquidity. - AIM Limited Maturity Fund--Invests in a diversified portfolio of short-term U.S. Government Securities. - AIM Value Fund--Invests in stocks of companies of various sizes, focusing on companies with above average earnings growth that are selling at or below market prices. - Kaufmann Fund--Invests in a diversified portfolio of small company stocks. These investments generally assume higher risk in exchange for the opportunity of higher returns. - Templeton Foreign Fund--Invests in the stocks of foreign companies in both developed and underdeveloped countries. - Loan Fund--Allows participants to borrow up to 50% of their total account balance subject to certain limitations. Participants may change their investment options quarterly. On a quarterly basis, each participant's account is credited with an allocation of each investment fund's earnings based on the participant's weighted average account balance in each fund for the quarter. Page 9 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements December 31, 1998 and 1997 (f) PARTICIPANT NOTES RECEIVABLE Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of 50% of their account balance. Loan transactions are treated as a transfer to (from) the investment fund from (to) the Loan Fund. Loan terms range from 1 to 5 years or up to 30 years for the purchase of a primary residence. The loans are secured by the balance in the participant's account and bear interest at a rate of prime plus 1%. Principal and interest are paid ratably through monthly payroll deductions. Participants are limited to two outstanding loans at any point in time. (g) PAYMENT OF BENEFITS Participants are eligible to receive distributions upon termination of employment, upon becoming permanently disabled, upon retirement, or upon request for a hardship withdrawal prior to termination. Distributions are paid in a single lump sum or, if the account balance exceeds $3,500 and at the participant's election, by payment in monthly, quarterly or annual installments over a fixed reasonable period of time not to exceed the combined life expectancy of the participant and beneficiary. (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) BASIS OF PRESENTATION The accompanying financial statements have been prepared on the accrual basis of accounting. (b) USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles and the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. (c) INVESTMENT VALUATION AND INCOME RECOGNITION Investments other than loans to participants are stated at fair value based on quoted market prices. Loans to participants are valued at cost, which approximates fair value. Net appreciation or depreciation includes both realized and unrealized gains and losses. Purchases and sales of investments are recorded on a trade-date basis. Page 10 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements December 31, 1998 and 1997 (3) PLAN TERMINATION The Plan was merged with the IDX Systems Corporation Retirement Plan effective December 31, 1998. The Sponsor has the right under the Plan to discontinue matching contributions or to terminate the Plan at any time subject to the provisions of ERISA. If terminated, Plan assets would be distributed to participants according to their account balances. (4) RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 The Plan's Form 5500 as of December 31, 1998 reflects the transfer of assets to the IDX Systems Corporation Retirement Plan for the Plan merger effective December 31, 1998. The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500 for the year ended December 31, 1998: Benefits paid to participants per the financial statements $ 1,707,546 Add amounts allocated to withdrawing participants at December 31, 1998 65,031 ------------------- Benefits paid to participants per Form 5500 $ 1,772,577 =================== Amounts allocated to withdrawing participants are recorded on Form 5500 for benefit claims that have been processed and approved for payment prior to December 31 but not yet paid as of that date. (5) TAX STATUS The Internal Revenue Service has determined and informed the Sponsor by a letter dated September 20, 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. Page 11 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements December 31, 1998 and 1997 (6) INVESTMENTS The following table presents the assets held for investment purposes at December 31:
1998 1997 -------------------- -------------------- Principal Principal amount or amount or number of Investment number of Investment shares value shares value --------- --------- ---------- --------- Money market funds: Fidelity Institutional Cash Domestic Money - $ -- 4,560 $ 4,560 Market Class I --------- --------- ---------- --------- Common stock: IDX Systems Corporation 92,532 4,075,408 105,182 3,891,749 --------- --------- ---------- --------- Mutual funds: Bond Fund of America 48,749 663,476 30,419 425,863 Washington Mutual 105,833 3,482,970 80,006 2,428,180 Investors Fund AIM Limited Maturity 76,637 778,630 58,171 585,783 Fund AIM Value Fund A 109,730 4,410,043 717 23,237 AIM Value Fund Class B -- -- 7,632 2,794,602 Kaufmann Fund -- -- 218,166 1,389,644 Templeton Foreign Fund -- -- 83,815 833,962 --------- --------- Total mutual funds 9,335,119 8,481,271 --------- --------- Loans to participants 469,027 377,781 ========= ========= Total investments $13,879,554 $12,755,361 ========== ==========
(7) NON-EXEMPT TRANSACTION During 1998, the Sponsor failed to transmit several payroll period participant contributions amounting to $327,589 as soon as reasonably segregable from the Sponsor's assets. The participant's contributions were subsequently restored, and the participant's accounts will be credited with $49,518 of lost earnings thereon. Page 12 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements December 31, 1998 and 1997 (8) NET ASSETS AVAILABLE FOR BENEFITS AND CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND Net assets available for benefits as of December 31 and changes in net assets available for benefits for the years then ended are allocated by fund as follows:
1998 - ------------------------------------------------------------------------------- WASHINGTON AIM BOND MUTUAL LIMITED AIM IDX STOCK FUND OF INVESTORS MATURITY VALUE FUND AMERICA FUND FUND FUND --------- -------- --------- -------- --------- Assets: Investments at fair value: Money market funds -- -- -- -- -- Common stock ,075,408 -- -- -- -- Mutual funds -- 663,476 3,482,970 778,630 4,410,043 Loans to participants -- -- -- -- -- ----------- --------- --------- ------- --------- 4,075,408 663,476 3,482,970 778,630 4,410,043 ----------- -------- --------- -------- --------- Receivables: Sponsor 4,445 3,487 563 793 506 Participants 23,527 -- -- -- -- Receivables from sale of investments -- -- -- -- -- Accrued interest and dividends -- 2,023 -- 3,166 9,074 ----------- --------- ---------- -------- --------- 27,972 5,510 563 3,959 9,580 ----------- -------- ---------- -------- --------- Cash 3,173 25,224 89,279 18,241 125,533 ----------- -------- ---------- -------- --------- Total Assets 4,106,553 694,210 3,572,812 800,830 4,545,156 Liabilities: Payable to IDX Systems Corpora- tion Retirement Plan 4,106,553 668,986 3,483,533 800,830 4,545,156 Payable for purchase of investments -- 25,224 89,279 -- -- ----------- --------- ---------- -------- --------- Total liabilities 4,106,553 694,210 3,572,812 800,830 4,545,156 ----------- --------- ---------- -------- --------- Net assets available for benefits $ -- -- -- -- -- =========== ========= ========== ======== =========
Page 13
1998 - ------------------------------------------------------------------------------- TEMPLETON KAUFMANN FOREIGN LOAN FUND FUND FUND OTHER TOTAL -------- --------- ------ ------- ------- Assets: Investments at fair value: Money market funds $ -- -- -- -- -- Common stock -- -- -- -- 4,075,408 Mutual funds -- -- -- -- 9,335,119 Loans to participants -- -- 469,027 -- 469,027 ---------- --------- --------- -------- ---------- -- -- 469,027 -- 13,879,554 ---------- --------- --------- -------- ----------- Receivables: Sponsor 1,574 755 -- 49,518 61,641 Participants -- -- -- -- 23,527 Receivables from sale of investments 1,643,362 847,389 -- -- 2,490,751 Accrued interest and dividends -- -- -- -- 14,263 ---------- --------- --------- -------- ----------- 1,644,936 848,144 -- 49,518 2,590,182 ---------- --------- --------- --------- ----------- Cash 95,411 41,321 -- -- 398,182 ---------- --------- --------- --------- ----------- Total Assets 1,740,347 889,465 469,027 49,518 16,867,918 Liabilities: Payable to IDX Systems Corpora- tion Retirement Plan 1,740,347 889,465 469,027 49,518 16,753,415 Payable for purchase of investments -- -- -- -- 114,503 --------- --------- --------- --------- ----------- Total liabilities 1,740,347 889,465 469,027 49,518 16,867,918 --------- --------- --------- --------- ----------- Net assets available for benefits $ -- -- -- -- -- =========== ========= ========= ========= ===========
Page 14 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements, Continued
1997 - ------------------------------------------------------------------------------ WASHINGTON AIM BOND MUTUAL LIMITED AIM IDX STOCK FUND OF INVESTORS MATURITY VALUE FUND AMERICA FUND FUND FUND --------- -------- --------- -------- --------- Investments at fair value: Money market funds $ 4,560 -- -- -- -- Common stock 3,891,749 -- -- -- -- Mutual funds -- 425,863 2,428,180 585,783 2,817,839 Self-directed investments of participants -- -- -- -- -- Loans to participants -- -- -- -- -- ---------- ------- ---------- -------- ----------- 3,896,309 425,863 2,428,180 585,783 2,817,839 ---------- ------- ---------- -------- ----------- Receivables: Sponsor 395 538 2,784 534 2,285 Participants 4,148 5,538 22,790 4,233 29,410 Other 279 3,094 552 50 (106) Accrued interest and dividends 740 3,917 -- 3,250 18,856 ---------- ------- ---------- -------- ----------- 5,562 13,087 26,126 8,067 50,445 ---------- ------- ---------- -------- ----------- Net assets available for benefits $ 3,901,871 438,950 2,454,306 593,850 2,868,284 =========== ======== ========== ======== ==========
Page 15
1997 - ----------------------------------------------------------------------- TEMPLETON KAUFMANN FOREIGN LOAN FUND FUND FUND TOTAL -------- --------- ------ ------- Investments at fair value: Money marketfunds -- -- -- 4,560 Common stock -- -- -- 3,891,749 Mutual funds 1,389,644 833,962 -- 8,481,271 Self-directed investments of participants -- -- -- -- Loans to participants -- -- 377,781 377,781 ----------- --------- -------- ------------ 1,389,644 833,962 377,781 12,755,361 ----------- --------- -------- ------------ Receivables: Sponsor 1,791 1,158 -- 9,485 Participants 19,854 12,299 -- 98,272 Other (662) 1,336 -- 4,543 Accrued interest and dividends 89,476 6,120 -- 122,359 ----------- --------- -------- ------------ 110,459 20,913 -- 234,659 ----------- --------- -------- ------------ Net assets available for benefits 1,500,103 854,875 377,781 12,990,020 =========== ========= ========= ============
Page 16 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements, Continued
1998 - --------------------------------------------------------------------- IDX WASHINGTON AIM SYSTEMS BOND MUTUAL LIMITED AIM CORPORATION FUND OF INVESTORS MATURITY VALUE STOCK FUND AMERICA FUND FUND FUND ---------- -------- --------- -------- --------- Additions to net assets available for benefits attributed to: Investment income: Dividends $ -- 37,695 322,032 37,415 588,159 Interest 279 -- -- -- -- Net appreciation (depreciation) in fair value of investments: Common stock 685,102 -- -- -- -- Mutual funds -- (19,217) 180,157 3,693 840,262 ---------- --------- --------- -------- ---------- 685,102 (19,217) 180,157 3,693 840,262 ---------- --------- --------- -------- --------- 685,381 18,478 502,189 41,108 1,428,421 ---------- --------- --------- -------- ---------- Contributions: Sponsor 38,740 23,363 106,767 30,760 125,670 Participants 166,437 124,449 557,974 147,460 639,463 ---------- --------- --------- --------- ---------- 205,177 147,812 664,741 178,220 765,133 ---------- --------- --------- --------- ---------- Total additions 890,558 166,290 1,166,930 219,328 2,193,554 Net interfund transfers (305,510) 114,603 102,429 226,000 (80,268) Deductions from net assets available for benefits attributed to benefits paid to participants 380,366 50,857 240,132 238,348 436,414 Transfers to IDX Systems Corporation Retirement Plan 4,106,553 668,986 3,483,533 800,830 4,545,156 ---------- --------- --------- --------- ---------- Net decrease in net assets available for benefits (3,901,871) (438,950) (2,454,306) (593,850) (2,868,284) Net assets available for benefits at beginning of year 3,901,871 438,950 2,454,306 593,850 2,868,284 ----------- -------- ---------- -------- ---------- Net assets available for benefits at end of year $ -- -- -- -- -- ============ ========= ========== ========= ==========
Page 17
1998 - ------------------------------------------------------------------------ TEMPLETON KAUFMANN FOREIGN LOAN FUND FUND FUND OTHER TOTAL -------- --------- ------ ------- ------- Additions to net assets available for benefits attributed to: Investment income: Dividends $ 174,007 104,485 -- -- 1,263,793 Interest -- -- 39,458 -- 39,737 Net appreciation (depreciation) in fair value of investments: Common stock -- -- -- -- 685,102 Mutual funds (208,679) (141,290) -- -- 654,926 ---------- ---------- --------- ------- ---------- (208,679) (141,290) -- -- 1,340,028 ----------- ---------- --------- -------- ---------- (34,672) (36,805) 39,458 -- 2,643,558 ----------- ---------- --------- -------- ---------- Contributions: Sponsor 81,895 43,453 -- 49,518 500,166 Participants 460,429 232,903 -- -- 2,329,115 ----------- ---------- --------- -------- ---------- 542,324 276,356 -- 49,518 2,829,281 ----------- ---------- --------- -------- ---------- Total additions 507,652 239,551 39,458 49,518 5,472,839 Net interfund transfers (40,990) (89,211) 72,947 -- -- Deductions from net assets available for benefits attributed to benefits paid to participants 224,739 115,531 21,159 -- 1,707,546 Transfers to IDX Systems Corporation Retirement Plan 1,742,026 889,684 469,027 49,518 16,755,313 ----------- -------- -------- ------- ---------- Net decrease in net assets available for benefits (1,500,103) (854,875) (377,781) -- (12,990,020) Net assets available for benefits at beginning of year 1,500,103 854,875 377,781 -- 12,990,020 ----------- -------- -------- ------- ---------- Net assets available for benefits at end of year $ -- -- -- -- -- ============ ========= ========= ======== ==========
Page 18 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements, Continued
1997 - --------------------------------------------------------------------- IDX WASHINGTON AIM SYSTEMS BOND MUTUAL LIMITED AIM CORPORATION FUND OF INVESTORS MATURITY VALUE STOCK FUND AMERICA FUND FUND FUND ---------- -------- --------- -------- --------- Additions to net assets available for benefits attributed to: Investment income: Dividends $ -- 26,162 240,124 35,715 32,471 Interest 599 -- -- -- -- Net appreciation (depreciation) in fair Value of investments: Common stock 2,182,597 -- -- -- -- Mutual funds -- 6,416 399,112 3,063 222,420 Self-directed investments of participants -- -- -- -- -- ---------- -------- -------- ------- --------- 2,182,597 6,416 399,112 3,063 222,420 ---------- -------- -------- ------- --------- 2,183,196 32,578 639,236 38,778 254,891 ---------- -------- --------- ------- --------- Contributions: Sponsor 267,430 3,533 20,538 2,965 22,393 Participants 150,403 74,588 353,659 81,853 502,607 ---------- -------- --------- ------- --------- 417,833 78,121 374,197 84,818 525,000 ---------- -------- --------- ------- --------- Transfer from DataBreeze, Inc. 401(k) Plan 18,815 3,976 42,725 16,573 29,000 ---------- --------- --------- ------- --------- Total additions 2,619,844 114,675 1,056,158 140,169 808,891 Net interfund transfers (227,362) 30,475 9,623 (79,753) 158,982 Deductions from net assets available for benefits attributed to benefits paid to participants 327,717 33,852 133,288 25,306 296,949 ------------ -------- -------- -------- --------- Net increase (decrease) in net assets available for benefits 2,064,765 111,298 932,493 35,110 670,924 Net assets available for benefits at beginning of year 1,837,106 327,652 1,521,813 558,740 2,197,360 ------------ -------- --------- -------- ---------- Net assets available for benefits at end of year $ 3,901,871 438,950 2,454,306 593,850 2,868,284 ============ ======== ========= ======= =========
Page 19
1997 - ------------------------------------------------------------------------------ TEMPLETON SELF- KAUFMANN FOREIGN DIRECTED LOAN FUND FUND FUND FUND TOTAL --------- -------- --------- ------- -------- Additions to net assets available for benefits attributed to: Investment income: Dividends 89,476 74,269 -- -- 498,217 Interest -- -- -- 33,393 33,992 Net appreciation (depreciation) in fair value of investments: Common stock -- -- -- -- 2,182,597 Mutual funds 89,315 (72,089) -- -- 648,237 Self-directed investments of participants -- -- 14,369 -- 14,369 -------- -------- -------- -------- --------- 89,315 (72,089) 14,369 -- 2,845,203 -------- -------- -------- -------- --------- 178,791 2,180 14,369 33,393 3,377,412 -------- -------- -------- -------- --------- Contributions: Sponsor 14,256 7,557 -- -- 338,672 Participants 318,778 200,177 -- -- 1,682,065 ------- -------- ------- -------- --------- 333,034 207,734 -- -- 2,020,737 ------- ------- ------- -------- --------- Transfer from DataBreeze, Inc. 401(k)Plan 99,475 61,317 -- 3,253 275,134 -------- ------- ------- -------- --------- Total additions 611,300 271,231 14,369 36,646 5,673,283 Net interfund transfers 299,916 220,730 (441,782) 29,171 -- Deductions from net assets available for benefits attributed to benefits paid to participants 189,305 10,582 109,952 32,741 1,159,692 -------- ------- ------- ------- --------- Net increase (decrease) in net assets available for benefits 721,911 481,379 (537,365) 33,076 4,513,591 Net assets available for benefits at beginning of year 778,192 373,496 537,365 344,705 8,476,429 -------- ------- ------- ------- --------- Net assets available for benefits at end of year 1,500,103 854,875 -- 377,781 12,990,020 ========= ======= ======= ======= ==========
Page 20 Schedule 1 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Line 27a--Schedule of Assets Held for Investment Purposes December 31, 1998
Description of investment, including Identity of issue, maturity date, rate borrower, of interest, Current lessor, or similar collateral, par or Cost value party maturity value - ---------------------- ----------------------- --------- --------- American Funds Bond Fund of America, 671,149 663,476 48,749 shares American Funds Washington Mutual Investors Fund, 105,833 shares 2,758,167 3,482,970 AIM Investment AIM Limited Maturity Securities Funds Treasury Shares, 76,637 shares 813,339 778,630 AIM Investment AIM Value Fund A, 3,402,166 4,410,043 Securities Funds 109,730 shares *IDX Systems Corp. Common stock, 92,532 1,467,410 4,075,408 shares Various Participant loans, 7% -- 469,027 to 10%
* Party-in-interest of the Plan as defined by Section 3(14) of ERISA. Page 21 Schedule 2 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Line 27b--Schedule of Loans or Fixed Income Obligations Year ended December 31, 1998
Amount received during Original reporting year Unpaid Identity and amount ---------------------- balance at address of obligor of loan Principal Interest end of year* - ------------------- --------- ---------------------- -------------- Anya Wofford $ 2,200 75.67 44.93 2,323.12 5008 192nd St. SW Lynnwood, WA 98036 Heidi Immel 6,400 -- -- 5,283.33 310 NW 75th Seattle, WA 98117
Detailed description of loan including dates of making and Amount overdue maturity,interest rate,the type ---------------------------------- and valuation of collateral Principal Interest - -------------------------------- ---------------------------------- Originated April 15, 1998; matures $ 2,224.33 -- April 30, 2003; 9.5% interest rate; vested account balance used for collateral Originated September 11, 1998; $ 5,144.53 118.97 matures September 30, 2001; 9.25% interest rate; vested account balance used forcollateral
*Unpaid balance represents principal and accrued interest. Page 22 Schedule 3 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Line 27d--Schedule of Reportable Transactions(1) Year ended December 31, 1998
PURCHASE SELLING IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSET PRICE PRICE - -------------------------- -------------------- -------- ------------ Series of transactions: Kaufmann Fund, Inc. Kaufmann Fund $ 791,065 -- Kaufmann Fund, Inc. Kaufmann Fund -- 2,022,079 AIM Investment Securities Funds AIM Value Fund A 4,182,212 -- AIM Investment Securities Funds AIM Value Fund A -- 632,493 American Funds WM Investors Fund 1,071,843 -- American Funds WM Investors Fund 301,737 Templeton Foreign Fund Templeton Foreign Fund 375,171 -- Templeton Foreign Fund Templeton Foreign Fund -- 1,064,203 Single transaction: AIM Investment Securities Funds AIM Value Fund A 2,794,602 -- AIM Investment Securities Funds AIM Value Fund B -- 2,794,602
CURRENT VLAUE OF ASSET ON COST OF TRANSACTION NET ASSET DATE GAIN OR (LOSS) - ------------ ---------------------- ---------------- 791,065 791,065 -- 2,117,722 2,022,079 (95,643) 4,182,212 4,182,212 -- 569,880 632,493 62,613 1,071,843 1,071,843 -- 229,763 301,737 71,974 375,171 375,171 -- 1,249,219 1,064,203 (185,016) 2,794,602 2,794,602 -- 2,794,602 2,794,602 --
(1) Reportable transactions as defined in the Department of Labor's reporting regulations consist of (a) a single transaction in excess of 5% of the current value of Plan assets, (b) a series of transactions with or in conjunction with the same person, involving property other than securities, which amount in the aggregate to more than 5% of the current value of Plan assets, (c) a series of transactions with respect to securities of the same issue which amount in the aggregate to more than 5% of the current value of total Plan assets and (d) any transaction with respect to securities with or in conjunction with a person if a prior or subsequent single transaction has occurred with respect to securities with or in conjunction with that same person in an amount in excess of 5% of the current value of Plan assets. The current value of Plan assets, to apply the definition of reportable transactions, is determined at the beginning of the Plan year. Page 23 Schedule 4 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Line 27e - Schedule of Nonexempt Transactions Year ended December 31, 1998
Relationship to Plan, employer or Identity of party other Description of Cost of involved party-in-interest transaction asset - ------------------- --------------- ----------------- --------- IDX Systems Plan sponsor Failure to $ 49,518 Corporation transmit participant contributions as soon as reasonably segregable.
During 1998, the Sponsor failed to transmit several payroll period contributions amounting to $327,589 as soon as reasonably segregable. The participants' contributions were subsequently restored, and the participants' accounts will be credited with $49,518 of lost earnings thereon. Page 24 EX-23 2 CONSENT BY KPMG PEAT MARWICK LLP EXHIBIT 23 CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS The Board Of Directors IDX Systems Corporation We consent to incorporation by reference in the registration statement (No. 333-31045) on Form S-8 of IDX Systems Corporation of our report dated May 13, 1999 relating to the statements of net assets available for benefits of PHAMIS Inc. Salary Savings and Deferral Plan as of December 31, 1998 and 1997, and the statements of changes in net assets available for benefits for the years then ended, and the related supplementary schedules as of and for the year ended December 31, 1998, which report appears in the December 31, 1998 annual report on Form 11-K of PHAMIS Inc. Salary Savings and Deferral Plan. /s/ KPMG LLP KPMG LLP Seattle, Washington June 28, 1999 Page 25 -----END PRIVACY-ENHANCED MESSAGE-----