-----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, Qsh6Jw1qtVgiTg9yMCcRxh07wSZaSEbsVZGurocqufPSxi/pYNSAb58aUjBpLNrU I2K78dOplqWOWSDW1CbdIQ== 0000950137-01-502046.txt : 20010626 0000950137-01-502046.hdr.sgml : 20010626 ACCESSION NUMBER: 0000950137-01-502046 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001231 FILED AS OF DATE: 20010625 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BUTLER MANUFACTURING CO CENTRAL INDEX KEY: 0000015840 STANDARD INDUSTRIAL CLASSIFICATION: PREFABRICATED METAL BUILDINGS & COMPONENTS [3448] IRS NUMBER: 440188420 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-12335 FILM NUMBER: 1667032 BUSINESS ADDRESS: STREET 1: BMA TOWER PENN VALLEY PARK STREET 2: P O BOX 419917 CITY: KANSAS CITY STATE: MO ZIP: 64141 BUSINESS PHONE: 8169683000 MAIL ADDRESS: STREET 1: BMA TOWER PENN VALLEY MALL STREET 2: P O BOX 419917 CITY: KANSAS CITY STATE: MO ZIP: 64141 11-K 1 c63451e11-k.txt ANNUAL REPORT 1 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 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000 COMMISSION FILE NUMBER 001-12335 BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST 401(k) PLAN BUTLER MANUFACTURING COMPANY BMA TOWER PENN VALLEY PARK KANSAS CITY, MO 64108 2 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Retirement Administrative Committee of Butler Manufacturing Company: We have audited the accompanying statements of net assets available for benefits of the Butler Manufacturing Company Birmingham Hourly Employee Savings Trust 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 and schedule referred to below are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. 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. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets held at end of year as of December 31, 2000, is presented for purposes 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. /s/ Arthur Andersen LLP Kansas City, Missouri, June 8, 2001 1 3 BUTLER MANUFACTURING COMPANY BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST PLAN Statements of net assets available for benefits December 31, 2000 and 1999 2000 1999 -------- -------- ASSETS: Investments $901,395 $839,359 Receivables- Employee contributions receivable 13,096 12,447 -------- -------- Total receivables 13,096 12,447 -------- -------- Net assets available for benefits $914,491 $851,806 ======== ======== The accompanying notes are an integral part of these financial statements. 2 4 BUTLER MANUFACTURING COMPANY BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST PLAN Statements of changes in net assets available for benefits For the years ended December 31, 2000 and 1999
2000 1999 --------- --------- CONTRIBUTIONS: Employee $ 121,537 $ 130,117 --------- --------- Total contributions 121,537 130,117 INCOME: Net change in fair value of investments (49,847) 28,299 Interest and dividends 51,915 60,083 OTHER DECREASES: Distributions (59,350) (16,835) Fees (1,570) (1,426) --------- --------- Increase in net assets available for plan benefits 62,685 200,238 NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 851,806 651,568 --------- --------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 914,491 $ 851,806 ========= =========
The accompanying notes are an integral part of these financial statements. 3 5 BUTLER MANUFACTURING COMPANY 401(k) BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General In 1993, Butler Manufacturing Company (the Company) established the Birmingham Hourly Employee Savings Trust (the Plan), which is administered by the administrative committee. The investments of the Plan are in the custody of Fidelity Institutional Retirement Services Company (Custodian). The trustee of the Plan is Fidelity Management Trust Company (Fidelity) which has been appointed by the administrative committee and thereby holds all assets of the Plan in the Butler Master Savings Plan Trust (Master Trust). The following brief description of the Plan is provided for general information purposes only. Participants should refer to the plan document for more complete information. Basis of presentation The accompanying financial statements have been prepared on the accrual basis of accounting and present the net assets available for benefits and changes in net assets available for benefits. Fees and expenses The expenses incurred by the administrative committee of the Plan in administering plan activity and the expenses incurred by Fidelity in administering the trust may be paid from the assets of the Plan or by the Company, as the Company elects. Eligibility All full-time Birmingham hourly paid factory employees of the Company, having completed six months of employment, are eligible for participation in the Plan. Vesting All eligible employees participating in the Plan are immediately 100 percent vested in participant contributions. 4 6 Termination The Plan may be terminated at any time with the approval of the Company's board of directors. If the Plan is terminated, each participant's account balance will be, at the discretion of the Company, distributed in a lump sum or held in trust to be distributed upon each participant's retirement, death, disability or termination of employment. Investment valuation and income recognition The Plan's investments are stated at fair value, measured by quoted market prices in an active market. Purchases and sales of securities are recorded on a trade-date basis. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the plan administrator to make estimates and assumptions that affect the reported amounts of net assets available for benefits at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates. Prior year amounts have been reclassed to conform with current year presentation. 2. CONTRIBUTIONS Employees may contribute to the Plan from 1 to 15 percent of their compensation in 1 percent increments, subject to applicable IRS regulations. Participants may direct investments of their contribution in 1 percent increments among the funds established by the Company. 3. DISTRIBUTIONS If a participant retires on or after attaining age 55, becomes totally or permanently disabled, dies or terminates employment for any other reason, the full value of the account becomes distributable. If the value of the amount distributable exceeds $5,000, the distribution cannot be made until the participant reaches age 65 or gives consent to the distribution. All distributions must be made prior to April 1 of the calendar year immediately following the date the participant reaches age 70 1/2, even if still employed. All distributions shall be made in a single payment of cash. There were no distributions payable to vested participants at December 31, 2000 and 1999. 4. IN-SERVICE WITHDRAWALS Employee contributions, in part or in total, may be withdrawn for extreme financial hardships. Such financial hardships include college costs, excessive medical expenses, the purchase of a principal residence, or to prevent eviction from a principal residence. 5 7 5. LOANS TO PARTICIPANTS At the discretion of the administrative committee, loans may be made to a participant up to the lesser of $50,000 or 50 percent of the value of the participant's account. No loan may be for an amount less than $1,000. Loans are secured by an assignment of the participant's total account balance in the Plan. Loan maturities may not be less than one year nor exceed five years, except for home loans. Interest rates will be set by the administrative committee in accordance with uniform procedures consistently applied in a manner which does nut discriminate in favor of officers, shareholders or highly compensated participants. 6. INVESTMENTS The following presents investments that represent 5 percent or more of the Plan's net assets as of December 31: 2000 1999 -------- -------- Fidelity investment funds- Managed Income Portfolio $ 64,209 $ 54,941 Puritan Fund 179,834 177,860 Magellan Fund 327,023 336,036 Equity Income Fund 93,342 85,814 Retirement Money Market Trust 166,800 93,943 During 2000 the Plan's investments (including gains and losses on investments bought and sold, as well as held during the year) changed in value by ($49,847) as follows: Mutual funds $(50,404) Butler Common Stock Fund 557 -------- $(49,847) -------- 7. FEDERAL INCOME TAXES The Plan has received a favorable determination letter, dated May 4, 1995, from the IRS, qualifying the Plan under the Internal Revenue Code and exempting the trust from federal income taxes. The Plan has been amended since receiving the determination letter. The plan administrator believes the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes is included in these financial statements. 8. INVESTMENT PORTFOLIO RISK The plan provides for various investments, which, in general, are exposed to various risks, such as interest rate, credit and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits. 6 8 BUTLER MANUFACTURING COMPANY BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST PLAN Schedule H - Line 4i - Schedule of assets (held at end of year) December 31, 2000
Fair Shares Description Value -------- ------------------------------------------------------------------- --------- *Fidelity Management Trust Company- 64,209 Managed Income Portfolio $ 64,209 9,550 Puritan Fund 179,834 2,741 Magellan Fund 327,023 2,747 Equity Income Fund 93,342 149 Aggressive Growth 5,391 14 Investment Trust Diversified International Fund 310 367 Freedom 2010 5,079 5 Freedom 2020 74 5 Freedom 2030 74 166,800 Retirement Money Market Trust 166,800 10 Spartan US Equity Index 467 690 *Butler Common Stock Fund 4,909 Participant loans outstanding, at interest rates ranging from 9.0% 53,883
*Party-in-interest to the Plan 7 9 SIGNATURE THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrative Committee of the Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. BIRMINGHAM HOURLY EMPLOYEE SAVINGS TRUST Date: June 15, 2001 By: /s/ Larry C. Miller ------------- ------------------- Larry C. Miller, Member of the Administrative Committee 8 10 EXHIBIT INDEX Exhibit Number Description - ------- ----------------------------------------- 23 Consent of Independent Public Accountants EX-23 2 c63451ex23.txt CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS 1 EXHIBIT 23 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation of our report dated June 8, 2001, included in this Form 11-K, into the Company's previously filed Registration Statements on Form S-8 (Nos. 33-14464, 2-63830, 2-55753, 333-02285, 333-02557 and 333-52338). /s/ Arthur Andersen LLP Kansas City, Missouri June 25, 200l -----END PRIVACY-ENHANCED MESSAGE-----