-----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, Ut3SSMmSRjLWdLi/1dD57sKIG5FLehnkTW1cP3FoWVzhXBEbY0wujVuH6CLtXpLH ttxpDqz+2lSOESPCk8ELSw== 0001032210-98-000687.txt : 19980629 0001032210-98-000687.hdr.sgml : 19980629 ACCESSION NUMBER: 0001032210-98-000687 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980626 SROS: NASD 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: 98654833 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 [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 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 1 REQUIRED INFORMATION Financial Statements and Exhibit Item (4) (a) Independent Auditors' Report Financial Statements: Statements of Net Assets Available for Benefits, December 31, 1997 and 1996 Statements of Changes in Net Assets Available for Benefits, years ended December 31, 1997 and 1996 Notes to Financial Statements Schedule 1-Line 27a - Schedule of Assets Held for Investment Purposes, December 31, 1997 Schedule 2-Line 27d - Schedule of Reportable Transactions, year ended December 31, 1997 (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 26, 1998 BY: /s/ John A. Kane ------------- --------------------------------------------- John A. Kane Vice President, Finance, CFO and Treasurer 2 INDEX OF FINANCIAL STATEMENTS AND EXHIBIT
Sequentially Item Description Numbered Page - ---- -------------------------------------------------- ------------- 4 (a) Independent Auditors' Report 4 Financial Statements: Statements of Net Assets Available for Benefits, 5 December 31, 1997 and 1996 Statements of Changes in Net Assets Available 6 for Benefits, years ended December 31, 1997 and 1996 Notes to Financial Statements 7-15 Schedule 1-Line 27a-Schedule of Assets Held 16 for Investment Purposes, December 31, 1997 Schedule 2-Line 27d-Schedule of Reportable 17 Transactions, year ended December 31, 1997 (b) Exhibit: Consent of Independent Certified Public Accountants 18
3 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Financial Statements and Schedules December 31, 1997 and 1996 (With Independent Auditors' Report Thereon) 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, 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 as of December 31, 1997 and 1996, 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 at December 31, 1997 and reportable transactions for the year ended December 31, 1997 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 audit 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 Peat Marwick LLP KPMG Peat Marwick LLP Seattle Washington May 15, 1998 4 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Statements of Net Assets Available for Benefits December 31, 1997 and 1996
1997 1996 -------------------- -------------------- Investments at fair value: Money market funds $ 4,560 31,477 Common stock 3,891,749 1,763,334 Mutual funds 8,481,271 5,562,900 Self-directed investments of participants -- 537,365 Loans to participants 377,781 341,532 -------------------- -------------------- 12,755,361 8,236,608 -------------------- -------------------- Receivables: Sponsor 9,485 20,020 Participants 98,272 93,355 Other 4,543 25,664 -------------------- -------------------- 112,300 139,039 -------------------- -------------------- Accrued interest and dividends 122,359 100,782 -------------------- -------------------- Net assets available for benefits $ 12,990,020 8,476,429 ==================== ====================
See accompanying notes to financial statements. 5 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Statements of Changes in Net Assets Available for Benefits Years ended December 31, 1997 and 1996
1997 1996 -------------------- -------------------- Additions to net assets available for benefits attributed to: Investment income: Dividends $ 498,217 172,477 Interest 33,992 55,722 Net appreciation (depreciation) in fair value of investments: Common stock 2,182,597 (2,138,510) Mutual funds 648,237 336,046 Self-directed investments of participants 14,369 274,014 -------------------- -------------------- 2,845,203 (1,528,450) -------------------- -------------------- 3,377,412 (1,300,251) -------------------- -------------------- Contributions: Sponsor 338,672 319,578 Participants 1,682,065 1,638,304 -------------------- -------------------- 2,020,737 1,957,882 -------------------- -------------------- Transfer from Data Breeze, Inc. 401(k) Plan 275,134 -- -------------------- -------------------- Total additions 5,673,283 657,631 Deductions from net assets available for benefits attributed to benefits paid to participants 1,159,692 573,731 -------------------- -------------------- Net increase in net assets available for benefits 4,513,591 83,900 Net assets available for benefits at beginning of year 8,476,429 8,392,529 -------------------- -------------------- Net assets available for benefits at end of year $ 12,990,020 8,476,429 ==================== ====================
See accompanying notes to financial statements. 6 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements December 31, 1997 and 1996 (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. 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). On March 20, 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. On March 25, 1997, PHAMIS, Inc. entered into a merger agreement 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 management of IDX intends to merge the Plan with the IDX Systems Corporation Retirement Plan effective January 1, 1999. 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. 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 $9,500 in 1997 and 1996. Pretax contributions are matched by the Sponsor at 50% up to $1,500 per participant per year. 7 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements, Continued VESTING Participants are immediately vested in their contributions, the Sponsor matching contributions and the earnings thereon. 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, 1997 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 TREASURY--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. Through March 31, 1996, participants were allowed a self-directed investment option where investments were made at the participant's discretion. Effective April 1, 1996, the Sponsor eliminated the self- directed investment option. Participants with self-directed investments were required to transfer their investments into one or more of the remaining available funds during 1996 and 1997. 8 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements, Continued 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. Self- directed accounts are credited with the actual earnings from the participant's investments. 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. Effective April 1, 1996, participants are limited to two outstanding loans at any point in time. 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. FORFEITED ACCOUNTS Amounts forfeited by participants in the PHAMIS, Inc. Employee Stock Ownership Plan (ESOP), which merged with the Plan in 1995, who had terminated employment prior to the merger of the ESOP may be reinstated upon reemployment by the Sponsor within five years of the date of termination or withdrawal from the Plan as provided by the Plan. Otherwise, the forfeitures will be reallocated to the remaining participants. Forfeitures subject to reinstatement under this provision were $0 and $18,777 at December 31, 1997 and 1996, respectively. (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying financial statements have been prepared on the accrual basis of accounting. 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. 9 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements, Continued 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. RECLASSIFICATIONS Certain amounts reported in 1996 have been reclassified to conform to the 1997 presentation. (3) PLAN TERMINATION Although it has not expressed an intent to do so, 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) 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. 10 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements, Continued (5) INVESTMENTS The following table presents the assets held for investment purposes at December 31:
1997 1996 ----------------------------------------------------------------- PRINCIPAL PRINCIPAL AMOUNT OR AMOUNT OR NUMBER OF INVESTMENT NUMBER OF INVESTMENT SHARES VALUE SHARES VALUE --------------- ------------- --------------- -------------- Money market funds: Fidelity Institutional Cash Domestic Money Market Class I 4,560 4,560 31,477 $ 31,477 ------- ---------- ------- ------------- Common stock: IDX Systems Corp. 105,182 3,891,749 -- -- PHAMIS, Inc. -- -- 136,958 1,763,334 ------- ---------- ------- ------------- Mutual funds: Bond Fund of America 30,419 425,863 22,666 319,282 Washington Mutual Investors Fund 80,006 2,428,180 58,904 1,489,042 AIM Limited Maturity Fund 58,171 585,783 55,250 554,157 AIM Value Fund A 717 23,237 71,937 2,080,413 AIM Value Fund Class B 87,632 2,794,602 -- -- Kaufmann Fund 218,166 1,389,644 129,703 757,467 Templeton Foreign Fund 83,815 833,962 34,994 362,539 ---------- ------------- Total mutual funds 8,481,271 5,562,900 ---------- ------------- Self-directed investments of participants -- 537,365 Loans to participants 377,781 341,532 ---------- ------------- Total investments 12,755,361 $ 8,236,608 ========== =============
11 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements December 31, 1997 and 1996 (6) 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:
1997 ------------------------------------------------------------------------------ WASHINGTON AIM IDX SYSTEMS BOND MUTUAL LIMITED AIM CORPORATION FUND OF INVESTORS MATURITY VALUE STOCK 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) ------------- ----------- ------------ ---------- ----------- 4,822 9,170 26,126 4,817 31,589 ------------- ----------- ------------ ---------- ----------- Accrued interest and dividends 740 3,917 -- 3,250 18,856 ------------- ----------- ------------ ---------- ----------- Net assets available for benefits $ 3,901,871 438,950 2,454,306 593,850 2,868,284 ============= ============ ============ ========== =========== 1997 ----------------------------------------------------------------------- TEMPLETON KAUFMANN FOREIGN LOAN FUND FUND FUND TOTAL ----------- ----------- --------- ------------ Investments at fair value: Money market funds -- -- -- 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 ----------- ----------- --------- ------------ 20,983 14,793 -- 112,300 ----------- ----------- --------- ------------ Accrued interest and dividends 89,476 6,120 -- 122,359 ----------- ----------- --------- ------------ Net assets available for benefits 1,500,103 854,875 377,781 12,990,020 =========== =========== ========= ============
12 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 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 ============ ========== =========== ========= ========== 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 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 ========== ========= ========= ========= ===========
13 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements, Continued
1996 ---------------------------------------------------------------------------------- WASHINGTON AIM PHAMIS, BOND MUTUAL LIMITED INC. FUND OF INVESTORS MATURITY STOCK FUND AMERICA FUND FUND ----------------------------------------------------------------------------------- Investments at fair value: Money market funds $ 31,477 -- -- -- Common stock 1,763,334 -- -- -- Mutual funds -- 319,282 1,489,042 554,157 Self-directed investments of participants -- -- -- -- Loans to participants -- -- -- -- ------------ ------- --------- ------- 1,794,811 319,282 1,489,042 554,157 ------------ ------- --------- ------- Receivables: Sponsor 20,020 -- -- -- Participants 13,256 5,027 20,772 4,583 Other 8,993 3,343 1,308 -- ------------ ------- --------- ------- 42,269 8,370 22,080 4,583 ------------ ------- --------- ------- Accrued interest 26 -- 10,691 -- ------------ ------- --------- ------- Net assets available for benefits $ 1,837,106 327,652 1,521,813 558,740 ============ ======= ========= ======= 1996 ------------------------------------------------------------------------------------ TEMPLETON SELF- AIM VALUE KAUFMANN FOREIGN DIRECTED LOAN FUND FUND FUND FUND FUND TOTAL ------------------------------------------------------------------------------------ Investments at fair value: Money market funds $ -- -- -- -- -- 31,477 Common stock -- -- -- -- -- 1,763,334 Mutual funds 2,080,413 757,467 362,539 -- -- 5,562,900 Self-directed investments of participants -- -- -- 537,365 -- 537,365 Loans to participants -- -- -- -- 341,532 341,532 ---------- ------- ------- ------- ------- --------- 2,080,413 757,467 362,539 537,365 341,532 8,236,608 ---------- ------- ------- ------- ------- --------- Receivables: Sponsor -- -- -- -- -- 20,020 Participants 27,028 15,052 7,637 -- -- 93,355 Other 3,027 5,673 3,320 -- -- 25,664 ---------- ------- -------- ------- ------- --------- 30,055 20,725 10,957 -- -- 139,039 ---------- ------- -------- ------- ------- --------- Accrued interest 86,892 -- -- -- 3,173 100,782 ---------- ------- ------- ------- ------- --------- Net assets available for benefits $2,197,360 778,192 373,496 537,365 344,705 8,476,429 ========== ======= ======= ======= ======= =========
14 PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Notes to Financial Statements, Continued
1996 ----------------------------------------------------------------------------- PHAMIS, INC. GROWTH MONEY MARKET STOCK BOND FUND OF FUND OF FUND FUND AMERICA AMERICA ----------------------------------------------------------------------------- Additions to net assets available for benefits attributed to: Investment income: Dividends $ -- -- 22,815 -- Interest 1,229 (460) -- -- Net appreciation (depreciation) in fair value of investments: Common stock -- (2,138,510) -- -- Mutual funds -- -- (3,917) 58,445 Self-directed investments of participants -- -- -- -- --------- ---------- ------- ---------- -- (2,138,510) (3,917) 58,445 --------- ---------- ------- ---------- 1,229 (2,138,970) 18,898 58,445 --------- ---------- ------- ---------- Contributions: Sponsor -- 319,578 -- -- Participants 15,999 138,064 82,865 158,389 Rollovers 3,659 17,738 15,639 36,557 --------- ---------- ------- ---------- 19,658 475,380 98,504 194,946 --------- ---------- ------- ---------- Total additions 20,887 (1,663,590) 117,402 253,391 Net interfund transfers (196,897) 2,029,921 (40,863) (1,936,611) Deductions from net assets available for benefits attributed to benefits paid to participants 3,804 265,565 50,048 22,374 --------- ---------- ------- ---------- Net increase (decrease) in net assets available for benefits (179,814) 100,766 26,491 (1,705,594) Net assets available for benefits at beginning of year 179,814 1,736,340 301,161 1,705,594 --------- ---------- ------- ---------- Net assets available for benefits at end $ -- 1,837,106 327,652 -- of year ========= ========== ======= ========== 1996 ------------------------------------------------------------------------------- WASHINGTON AIM MUTUAL LIMITED AIM INVESTORS MATURITY VALUE KAUFMANN FUND FUND FUND FUND --------------- -------------- -------- -------------- Additions to net assets available for benefits attributed to: Investment income: Dividends 32,084 6,009 85,921 17,092 Interest -- -- -- -- Net appreciation (depreciation) in fair value of investments: Common stock -- -- -- -- Mutual funds 131,976 73 110,552 23,106 Self-directed investments of participants -- -- -- -- ------- ------- --------- ------- 131,976 73 110,552 23,106 ------- ------- --------- ------- 164,060 6,082 196,473 40,198 ------- ------- --------- ------- Contributions: Sponsor -- -- -- -- Participants 323,971 49,951 318,046 156,626 Rollovers 64,194 50 41,113 41,059 ------- ------- --------- ------- 388,165 50,001 359,159 197,685 ------- ------- --------- ------- Total additions 552,225 56,083 555,632 237,883 Net interfund transfers 50,339 535,454 1,721,976 550,505 Deductions from net assets available for benefits attributed to benefits paid to participants 86,518 32,797 80,248 10,196 -------- ------- --------- ------- Net increase (decrease) in net assets available for benefits 516,046 558,740 2,197,360 778,192 Net assets available for benefits at beginning of year 1,005,767 -- -- -- --------- ------- --------- ------- Net assets available for benefits at end of year 1,521,813 558,740 2,197,360 778,192 ========= ======= ========= ======= 1996 --------------------------------------------------------------------------------- TEMPLETON SELF- FOREIGN DIRECTED LOAN ESOP FUND FUND FUND FUND TOTAL --------------------------------------------------------------------------------- Additions to net assets available for benefits attributed to: Investment income: Dividends 8,556 -- -- -- 172,477 Interest -- 29,539 25,414 -- 55,722 Net appreciation (depreciation) in fair value of investments: Common stock -- -- -- -- (2,138,510) Mutual funds 15,811 -- -- -- 336,046 Self-directed investments of participants -- 274,014 -- -- 274,014 --------- ---------- -------- ---------- ----------- 15,811 274,014 -- -- (1,528,450) --------- ---------- -------- ---------- ----------- 24,367 303,553 25,414 -- (1,300,251) --------- ---------- -------- ---------- ----------- Contributions: Sponsor -- -- -- -- 319,578 Participants 80,364 51,201 -- -- 1,375,476 Rollovers 24,717 16,680 1,422 -- 262,828 --------- ---------- -------- ---------- ----------- 105,081 67,881 1,422 -- 1,957,882 --------- ---------- -------- ---------- ----------- Total additions 129,448 371,434 26,836 -- 657,631 Net interfund transfers 246,374 (1,061,573) 199,301 (2,097,926) -- Deductions from net assets available for benefits attributed to benefits paid to participants 2,326 17,861 1,994 -- 573,731 --------- ---------- -------- ---------- ----------- Net increase (decrease) in net assets available for benefits 373,496 (708,000) 224,143 (2,097,926) 83,900 Net assets available for benefits at beginning of year -- 1,245,365 120,562 2,097,926 8,392,529 ---------- ---------- -------- ---------- ----------- Net assets available for benefits at end of year $ 373,496 537,365 344,705 -- 8,476,429 ========== ========== ======== ========== ===========
15 Schedule 1 ---------- PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Line 27a--Schedule of Assets Held for Investment Purposes December 31, 1997
IDENTITY OF ISSUE, DESCRIPTION OF INVESTMENT, INCLUDING BORROWER, LESSOR, OR MATURITY DATE, RATE OF INTEREST, CURRENT SIMILAR PARTY COLLATERAL, PAR OR MATURITY VALUE COST VALUE - --------------------------- -------------------------------------------- --------------- ---------------- American Funds Bond Fund of America, 30,419 shares $ 415,490 425,863 American Funds Washington Mutual Investors Fund, 80,006 shares 1,827,069 2,428,180 Fidelity Management and Fidelity Institutional Cash Domestic Research Money Market Class I, 4,560 shares 4,560 4,560 AIM Investment Securities AIM Limited Maturity Treasury Shares, Funds 58,171 shares 644,532 585,783 AIM Investment Securities AIM Value Fund A, 717 shares Funds 23,865 23,237 AIM Investment Securities AIM Value Fund Class B 87,632 shares Funds 2,519,201 2,794,602 Kaufmann Fund, Inc. Kaufmann Fund, 218,166 shares 1,314,949 1,389,644 Franklin Templeton Group Templeton Foreign Fund, 83,815 shares 893,371 833,962 *IDX Systems Corp. Common stock, 105,182 shares 1,492,962 3,891,749 Various Participant loans, 7% to 10% -- 377,781
* Party-in-interest of the Plan as defined by Section 3(14) of ERISA. 16 Schedule 2 ---------- PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN Line 27d--Schedule of Reportable Transactions(1) Year ended December 31, 1997
CURRENT VALUE OF ASSET ON NET PURCHASE SELLING COST OF TRANSACTION GAIN OR IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSET PRICE PRICE ASSET DATE (LOSS) - ------------------------------- ----------------------------- ----------- ------------ ---------- ------------- --------- Series of transactions: Kaufmann Fund, Inc. Kaufmann Fund $ 742,688 742,688 742,688 -- Kaufmann Fund, Inc. Kaufmann Fund 294,984 275,675 294,984 19,309 AIM Investment Securities Funds AIM Value Fund Class B 860,925 860,925 860,925 -- AIM Investment Securities Funds AIM Value Fund Class B 326,064 318,935 326,064 7,129 AIM Investment Securities Funds AIM Limited Maturity Fund 419,844 419,844 419,844 -- AIM Investment Securities Funds AIM Limited Maturity Fund 406,255 344,322 406,255 61,933 American Funds WM Investors Fund 823,576 823,576 823,576 -- American Funds WM Investors Fund 249,566 189,881 249,566 59,685 Franklin Templeton Group Templeton Funds 516,979 516,979 516,979 -- Franklin Templeton Group Templeton Funds 35,736 32,712 35,736 3,024
(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. 17 EX-23 2 CONSENT OF 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 15, 1998 relating to the Statements of Net Assets Available for Benefits of PHAMIS Inc. Salary Savings and Deferral Plan as of December 31, 1997 and 1996, 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, 1997, which report appears in the December 31, 1997 annual report on Form 11-K of PHAMIS Inc. Salary Savings and Deferral Plan. /s/ KPMG Peat Marwick LLP KPMG Peat Marwick LLP Seattle, Washington June 26, 1998 18 -----END PRIVACY-ENHANCED MESSAGE-----