-----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, TyJRBjkUORcvhHZQ5GOQH1lqtCe8XrVzEOP4OkCT5zbbry5BoOl1AyGx8Fs4rOS4 dn39YpQZLvxeHjoXzLxFDg== 0000914039-98-000253.txt : 19980626 0000914039-98-000253.hdr.sgml : 19980626 ACCESSION NUMBER: 0000914039-98-000253 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980625 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ANALYSIS & TECHNOLOGY INC CENTRAL INDEX KEY: 0000310876 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ENGINEERING SERVICES [8711] IRS NUMBER: 952579365 STATE OF INCORPORATION: CT FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-14161 FILM NUMBER: 98654110 BUSINESS ADDRESS: STREET 1: TECHNOLOGY PARK RTE 2 STREET 2: PO BOX 220 CITY: NORTH STONINGTON STATE: CT ZIP: 06359 BUSINESS PHONE: 2035993910 MAIL ADDRESS: STREET 1: TECHNOLOGY PARK RTE 2 STREET 2: P O BOX 220 CITY: NORTH STONINGTON STATE: CT ZIP: 06359 11-K 1 11-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 1997 OR [ ] TRANSACTION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number: 33-34004 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: ANALYSIS & TECHNOLOGY, INC. SAVINGS AND INVESTMENT PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: ANALYSIS & TECHNOLOGY, INC. ROUTE 2, P.O. BOX 220 NORTH STONINGTON, CONNECTICUT 06359 2 REQUIRED INFORMATION The following documents, which are attached hereto as Appendices, are hereby furnished for the Analysis & Technology, Inc. Savings and Investment Plan (the "Plan"). 1. Independent auditors' report. 2. Statements of net assets available for Plan benefits as of December 31, 1997 and 1996. 3. Statements of changes in net assets available for Plan benefits for the years ended December 31, 1997 and 1996. 4. Notes to financial statements. 5. Consent of KPMG Peat Marwick LLP. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized. ANALYSIS & TECHNOLOGY, INC. SAVINGS AND INVESTMENT PLAN By: /s/ Thomas M. Downie --------------------------------------- Thomas M. Downie Member, Analysis & Technology, Inc. Savings and Investment Plan Committee Date: June 24, 1998 4 ANALYSIS & TECHNOLOGY, INC. SAVINGS AND INVESTMENT PLAN FINANCIAL STATEMENTS AND SCHEDULES DECEMBER 31, 1997 AND 1996 (WITH INDEPENDENT AUDITORS' REPORT THEREON) 5 ANALYSIS & TECHNOLOGY, INC. SAVINGS AND INVESTMENT PLAN Table of Contents
Page Independent Auditors' Report 1 Statements of Net Assets Available for Plan Benefits 2 Statements of Changes in Net Assets Available for Plan Benefits 3 Notes to Financial Statements 4-10 Schedule 1 - Item 27a - Schedule of Assets Held for Investment Purposes 11 Schedule 2 - Item 27d - Schedule of Reportable Transactions 12
Note: Schedules regarding party-in-interest transactions, nonexempt transactions, loans or fixed income obligations, leases in default or classified as uncollectible, and assets held for investment purposes which were both acquired and disposed of within the plan year, as required by Section 103(b)(3) of the Employee Retirement Income Security Act of 1974, have not been included herein as the information is not applicable. 6 Independent Auditors' Report The Savings and Investment Plan Committee Analysis & Technology, Inc.: We have audited the accompanying statements of net assets available for plan benefits of the Analysis & Technology, Inc. Savings and Investment Plan as of December 31, 1997 and 1996, and the related statements of changes in net assets available for plan 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 plan benefits of the Analysis & Technology, Inc. Savings and Investment Plan as of December 31, 1997 and 1996, and the changes in net assets available for plan 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 reportable transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements as of and for the year ended December 31, 1997 and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. KPMG Peat Marwick LLP May 8, 1998 7 ANALYSIS & TECHNOLOGY, INC. SAVINGS AND INVESTMENT PLAN Statements of Net Assets Available for Plan Benefits December 31, 1997 and 1996
1997 1996 ---- ---- Investments in T. Rowe Price Group funds (note 3): Prime Reserve Fund $ 4,448,792 4,313,533 Prime Reserve Fund - Insurance 10,910 15,592 New Era Fund 7,791,304 7,335,574 New Income Fund 4,343,119 4,247,173 Equity Income Fund 24,171,850 18,601,861 Spectrum Income Fund 2,010,742 1,705,306 Spectrum Growth Fund 6,228,587 5,262,953 International Stock Fund 4,164,574 4,446,034 Stable Value Common Trust Fund 7,125,252 7,627,341 Small-Cap Value Fund 4,233,812 2,392,903 Growth and Income Fund 4,795,652 3,540,701 Science and Technology Fund 9,635,464 8,653,803 Blue Chip Growth Fund 5,660,562 3,190,234 Investment in Fidelity funds (note 3): Magellan Fund 1,959,858 1,490,500 Contra Fund 2,757,624 1,897,928 Puritan Fund 741,597 487,175 ----------- ----------- 90,079,699 75,208,611 Analysis & Technology, Inc. common stock (note 3) 2,425,271 1,056,428 ----------- ----------- Total investments 92,504,970 76,265,039 Loans to participants (note 1(d)) 3,564,223 3,287,417 ----------- ----------- Net assets available for plan benefits $96,069,193 79,552,456 =========== ===========
See accompanying notes to financial statements. 2 8 ANALYSIS & TECHNOLOGY, INC. SAVINGS AND INVESTMENT PLAN Statements of Changes in Net Assets Available for Plan Benefits For the years ended December 31, 1997 and 1996
1997 1996 ---- ---- Additions to net assets attributed to: Investment income: Net realized gains $ 1,173,942 377,464 Net unrealized gains 5,484,359 4,224,942 Interest 287,305 238,120 Dividends 7,057,948 4,821,723 ------------ ------------ 14,003,554 9,662,249 ------------ ------------ Contributions (note 7): Participant 7,181,398 6,726,845 Employer 2,179,471 2,014,768 ------------ ------------ 9,360,869 8,741,613 ------------ ------------ Total additions 23,364,423 18,403,862 ------------ ------------ Deductions from net assets attributed to: Benefits paid (4,869,836) (3,131,046) Insurance premiums (6,950) (8,592) Administrative expenses (1,528) (1,485) ------------ ------------ Total deductions (4,878,314) (3,141,123) ------------ ------------ Net increase prior to transfers (to) from other plans 18,486,109 15,262,739 Transfers (to) from other plans (note 8) (1,969,372) 5,700,806 ------------ ------------ Net increase in net assets available for benefits 16,516,737 20,963,545 Net assets available for benefits: Beginning of year 79,552,456 58,588,911 ------------ ------------ End of year $ 96,069,193 79,552,456 ============ ============
See accompanying notes to financial statements. 3 9 ANALYSIS & TECHNOLOGY, INC. SAVINGS AND INVESTMENT PLAN Notes to Financial Statements December 31, 1997 and 1996 (1) Description of Plan The following brief description of the Analysis & Technology, Inc. Savings and Investment Plan (the "Plan") provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. (a) General The Plan is a qualified defined contribution plan covering Analysis & Technology, Inc. employees 21 years of age or older who are full-time employees or who have completed at least 1,000 hours of service during the 12-consecutive-month period commencing with their employment date with Analysis & Technology, Inc. (the "Company"). The Plan covers all employees working in all cost centers in the Analysis & Technology segment, Engineering Technology Center ("ETC") segment, Fleet Support Center ("FSC") segment, and Government Systems Segment ("GSS") segment, as well as employees of Integrated Performance Decisions, Inc. ("IPD"), Interactive Media Corporation ("IMC") and Automation Software, Inc. ("ASI"). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). (b) Contributions The maximum salary savings (pre-tax) contribution that an employee may elect to contribute to the Plan is 16% of annual gross compensation. Depending on the particular cost center, segment or subsidiary, the Company may match this salary savings contribution at a rate of 50%, up to a specified percentage of the participant's annual gross compensation. The Company may also make discretionary profit-sharing contributions to employees working for certain cost centers, segments or subsidiaries. (c) Vesting Participants are fully vested to the extent of their salary savings contributions and earnings on those contributions. Participants in all cost centers, segments and subsidiaries, excluding ETC, vest in Company contributions and the related earnings based on the following schedule: Years of Percentage of vesting credited service in employer contributions ---------------- ------------------------- Less than three years 0% Three years 20% Four years 40% Five years 60% Six years 80% Seven years or more 100% 4 10 ANALYSIS & TECHNOLOGY, INC. SAVINGS AND INVESTMENT PLAN Notes to Financial Statements Participants at ETC vest as follows: Years of Percentage of vesting credited service in employer contributions ---------------- ------------------------- Less than one year 0% One year 33-1/3% Two years 66-2/3% Three years or more 100% (d) Loans to Participants Participants may borrow from their vested account balance under certain circumstances as provided in the Plan agreement. Interest on loans is charged at the "local prevailing commercial interest rate," with a repayment term not to exceed five years. This term can be extended if the loan is used for the purchase of the participant's primary residence. No more than two loans can be granted to the same participant in any 12-month period and only two loans may remain outstanding at any time. (e) Payment of Benefits Upon termination from the plan, a participant's vested accrued benefits in his or her account shall be distributed, as elected by the participant, in either a single lump-sum payment, or, provided the participant's vested account exceeds $3,500, in periodic installments (at least annual), subject to certain minimum distribution rules. (f) Hardship Withdrawal The Plan provides for hardship withdrawals, as defined by the Plan, of the participant's salary savings, additional contributions, and the vested portion of the employer matching contributions. (g) Forfeitures Nonvested employer contributions are forfeited by a participant who terminates employment and are used to reduce subsequent employer contributions under the Plan. Forfeitures were approximately $547,000 during 1997 and $150,000 during 1996. (2) Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying financial statements of the Plan have been prepared using the accrual basis of accounting in accordance with generally accepted accounting principles. (Continued) 5 11 ANALYSIS & TECHNOLOGY, INC. SAVINGS AND INVESTMENT PLAN Notes to Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions and deductions to net assets available for benefits during the reporting period. Actual results could differ from those estimates. (b) Investments Investments are stated at aggregate fair market values, which are based principally on published market prices, except for the Stable Value Common Trust Fund. The Stable Value Common Trust Fund invests primarily in investment contracts which are stated at contract value, which represents contributions plus interest accrued at the contract rate, less withdrawals. The underlying investment contracts of the Stable Value Common Trust Fund are considered fully benefit responsive. Contract value approximates fair value. Investment income is recognized when earned, and purchases and sales of securities are recorded on a trade-date basis. (c) Expenses All expenses of the Plan are paid by the Company in accordance with the Plan agreement, except participants who request a second loan from the Plan must pay a $15 loan origination fee. (3) Investments The Plan's investments are held in trust and managed by T. Rowe Price Trust Company ("T. Rowe Price"). The following table summarizes the investments held by T. Rowe Price at December 31, 1997 and 1996. Investments representing 5% or more of net assets available for benefits are indicated by an asterisk (*).
1997 1996 -------------------------- ---------------------------- Fair market/ Fair market/ Number of contract Number of contract shares value shares value ------ ----- ------ ----- T. Rowe Price Funds: Prime Reserve Fund 4,448,792 $ 4,448,792 4,313,533 $ 4,313,533* Prime Reserve Fund - Insurance 10,910 10,910 15,592 15,592 New Era Fund 300,243 7,791,304* 281,488 7,335,574* New Income Fund 478,844 4,343,119 477,747 4,247,173* Equity Income Fund 927,190 24,171,850* 825,282 18,601,861* Spectrum Income Fund 172,448 2,010,742 152,259 1,705,306 Spectrum Growth Fund 390,997 6,228,587* 347,849 5,262,953* International Stock Fund 310,326 4,164,574 322,176 4,446,034*
(Continued) 6 12 ANALYSIS & TECHNOLOGY, INC. SAVINGS AND INVESTMENT PLAN Notes to Financial Statements
1997 1996 ------------------------ -------------------------- Fair market/ Fair market/ Number of contract Number of contract shares value shares value ------ ----- ------ ----- Stable Value Common Trust Fund 7,125,252 $ 7,125,252* 7,627,341 $ 7,627,341* Small-Cap Value Fund 180,932 4,233,812 122,337 2,392,903 Growth and Income Fund 181,929 4,795,652 156,461 3,540,701 Science and Technology Fund 353,465 9,635,464* 291,276 8,653,803* Blue Chip Growth Fund 234,198 5,660,562* 167,378 3,190,234 Fidelity Funds: Magellan Fund 20,572 1,959,858 18,481 1,490,500 Contra Fund 59,138 2,757,624 45,028 1,897,928 Puritan Funds 38,266 741,597 28,258 487,175 ---------- ---------- $90,079,699 $ 75,208,611 ========== ==========
A brief description of each fund's investment objective follows: Prime Reserve Fund invests in liquid short-term debt obligations of high quality corporations. New Era Fund seeks to generate long-term growth of capital through investments in a diversified group of companies whose tangible asset value and/or earnings are expected to grow faster than the rate of inflation over the long-term. New Income Fund seeks the highest income over the long-term consistent with preservation of capital. Equity Income Fund provides current income by investing in dividend paying common stocks with favorable prospects for capital appreciation. Spectrum Income Fund provides a high level of income and preservation of capital by investing primarily in a diversified group of mutual funds which invest principally in fixed income securities. Spectrum Growth Fund seeks to achieve long-term growth of capital and growth of income by investing primarily in a diversified group of mutual funds which invest principally in equity securities. Current income is a secondary objective of the fund. International Stock Fund seeks long-term growth of capital and income principally through a diversified portfolio of stocks of established non-U.S. issuers. 7 13 ANALYSIS & TECHNOLOGY, INC. SAVINGS AND INVESTMENT PLAN Notes to Financial Statements Stable Value Common Trust Fund invests in guaranteed investment contracts with varying maturity periods from a number of insurance companies and other stable value contracts. Small Cap Value Fund seeks long-term growth of capital by investing primarily in the common stocks of companies with relatively small market capitalizations which are believed to be undervalued. Growth and Income Fund seeks long-term growth of capital, a reasonable level of current income, and an increase in future income. Science and Technology Fund seeks long-term growth of capital through investment in common stocks of companies which generate growth primarily through new technological developments. Blue Chip Growth Fund seeks long-term growth of capital by investing primarily in the common stocks of large and medium-sized companies with potential for above-average growth. Magellan Fund seeks long-term growth of capital and income through a diversified portfolio of common stocks of small, medium, and large companies. Contra Fund seeks long-term capital appreciation through investments in common stocks of companies in the midst of turnaround strategies. Puritan Fund seeks to achieve high current income principally through a diversified portfolio of high yield stocks and bonds. Long-term capital appreciation is a secondary objective of the fund. Analysis & Technology, Inc. common stock is offered to Plan participants as an additional investment option. T. Rowe Price purchases the shares in the open market at the time contributions are received. The timing of all stock transactions is subject to the availability of Analysis & Technology, Inc. stock on the open market, and prices are set by the market. The market price per share and number of shares held by the Plan at December 31, 1997 and 1996 were as follows: 1997 1996 ----------------------------- --------------------------- Number of Market price Number of Market price shares per share shares per share ------ --------- ------ --------- 86,232 $ 28.13 72,857 $ 14.50 8 14 ANALYSIS & TECHNOLOGY, INC. SAVINGS AND INVESTMENT PLAN Notes to Financial Statements (4) Detailed Changes in Net Assets Changes in net assets for the year ended December 31, 1997 were:
Prime Prime Reserve New New Reserve Insurance Era Income Year ended December 31, 1997 Fund Fund Fund Fund ----------- ----------- ----------- ----------- Additions to net assets attributed to: Investment income Net realized gains (losses) $ - $ - $ 120,752 $ 312 Net unrealized gains (losses) - - (74,930) 85,702 Interest 13,869 - 25,431 14,944 Dividends 218,012 672 780,009 294,947 ----------- ----------- ----------- ----------- 231,881 672 851,262 395,905 ----------- ----------- ----------- ----------- Contributions: Participants' 322,246 6,895 342,246 281,804 Employer's 170,609 13 91,303 69,087 ----------- ----------- ----------- ----------- 492,855 6,908 433,549 350,891 ----------- ----------- ----------- ----------- Total additions 724,736 7,580 1,284,811 746,796 ----------- ----------- ----------- ----------- Deductions from net assets attributed to: Benefits paid to participants (365,434) (5,112) (426,448) (358,417) Insurance premiums paid - (6,950) - - Administrative expenses (55) - (162) (70) ----------- ----------- ----------- ----------- Total deductions (365,489) (12,062) (426,610) (358,487) ----------- ----------- ----------- ----------- Net increase (decrease) prior to interfund transfers 359,247 (4,482) 858,201 388,309 Interfund transfers (134,397) (200) (138,491) (209,848) Participant loan withdrawals (99,530) - (200,167) (75,413) Participant loan repayments 41,003 - 116,906 55,131 Transfers from other plans (31,064) - (180,719) (62,233) ----------- ----------- ----------- ----------- (223,988) (200) (402,471) (292,363) ----------- ----------- ----------- ----------- Net increase (decrease) 135,259 (4,682) 455,730 95,946 Net assets available for benefits: Beginning of year 4,313,533 15,592 7,335,574 4,247,173 ----------- ----------- ----------- ----------- End of year $ 4,448,792 $ 10,910 $ 7,791,304 $ 4,343,119 =========== =========== =========== ===========
Equity Spectrum Spectrum International Income Income Growth Stock Year ended December 31, 1997 Fund Fund Fund Fund ------------ ------------ ------------ ------------ Additions to net assets attributed to: Investment income Net realized gains (losses) $ 310,374 $ 8,756 $ 88,911 $ 59,025 Net unrealized gains (losses) 2,730,966 63,350 209,527 (146,011) Interest 57,899 9,011 19,344 19,410 Dividends 2,399,765 136,645 628,619 220,626 ------------ ------------ ------------ ------------ 5,499,004 217,762 946,401 153,050 ------------ ------------ ------------ ------------ Contributions: Participants' 1,185,990 246,752 535,224 364,741 Employer's 311,663 84,383 156,696 117,702 ------------ ------------ ------------ ------------ 1,497,653 331,135 691,920 482,443 ------------ ------------ ------------ ------------ Total additions 6,996,657 548,897 1,638,321 635,493 ------------ ------------ ------------ ------------ Deductions from net assets attributed to: Benefits paid to participants (784,143) (97,673) (154,479) (148,156) Insurance premiums paid - - - - Administrative expenses (301) (57) (100) (87) ------------ ------------ ------------ ------------ Total deductions (784,444) (97,730) (154,579) (148,243) ------------ ------------ ------------ ------------ Net increase (decrease) prior to interfund transfers 6,212,213 451,167 1,483,742 487,250 Interfund transfers (158,473) (53,894) (295,570) (492,532) Participant loan withdrawals (342,569) (55,088) (131,429) (118,249) Participant loan repayments 252,666 42,830 95,601 69,546 Transfers from other plans (393,848) (79,579) (186,710) (227,475) ------------ ------------ ------------ ------------ (642,224) (145,731) (518,108) (768,710) ------------ ------------ ------------ ------------ Net increase (decrease) 5,569,989 305,436 965,634 (281,460) Net assets available for benefits: Beginning of year 18,601,861 1,705,306 5,262,953 4,446,034 ------------ ------------ ------------ ------------ End of year $ 24,171,850 $ 2,010,742 $ 6,228,587 $ 4,164,574 ============ ============ ============ ============
Stable Value Small-Cap Growth & Science & Common Value Income Technology Year ended December 31, 1997 Trust Fund Fund Fund Fund ----------- ----------- ----------- ----------- Additions to net assets attributed to: Investment income Net realized gains (losses) $ - $ 55,483 $ 59,775 $ 111,465 Net unrealized gains (losses) - 452,685 558,523 (829,049) Interest 17,987 9,090 10,837 56,233 Dividends 446,039 267,635 263,299 907,670 ----------- ----------- ----------- ----------- 464,026 784,893 892,434 246,319 ----------- ----------- ----------- ----------- Contributions: Participants' 380,945 417,033 383,380 1,005,069 Employer's 88,877 127,371 108,410 316,460 ----------- ----------- ----------- ----------- 469,822 544,404 491,790 1,321,529 ----------- ----------- ----------- ----------- Total additions 933,848 1,329,297 1,384,224 1,567,848 ----------- ----------- ----------- ----------- Deductions from net assets attributed to: Benefits paid to participants (1,026,369) (111,268) (216,106) (374,878) Insurance premiums paid - - - - Administrative expenses (131) (27) (50) (283) ----------- ----------- ----------- ----------- Total deductions (1,026,500) (111,295) (216,156) (375,161) ----------- ----------- ----------- ----------- Net increase (decrease) prior to interfund transfers (92,652) 1,218,002 1,168,068 1,192,687 Interfund transfers (268,655) 690,094 158,806 34,286 Participant loan withdrawals (154,607) (53,442) (69,796) (286,906) Participant loan repayments 66,207 37,343 46,929 240,378 Transfers from other plans (52,382) (51,088) (49,056) (198,784) ----------- ----------- ----------- ----------- (409,437) 622,907 86,883 (211,026) ----------- ----------- ----------- ----------- Net increase (decrease) (502,089) 1,840,909 1,254,951 981,661 Net assets available for benefits: Beginning of year 7,627,341 2,392,903 3,540,701 8,653,803 ----------- ----------- ----------- ----------- End of year $ 7,125,252 $ 4,233,812 $ 4,795,652 $ 9,635,464 =========== =========== =========== ===========
Blue Chip Fidelity Fidelity Fidelity Growth Magellan Contra Puritan Year ended December 31, 1997 Fund Fund Fund Fund ----------- ----------- ----------- ----------- Additions to net assets attributed to: Investment income Net realized gains (losses) $ 105,361 $ 43,605 $ 56,718 $ 7,257 Net unrealized gains (losses) 905,414 224,466 189,055 55,944 Interest 13,930 7,424 8,140 1,591 Dividends 32,402 122,265 260,328 56,367 ----------- ----------- ----------- ----------- 1,057,107 397,760 514,241 121,159 ----------- ----------- ----------- ----------- Contributions: Participants' 687,895 261,141 340,533 118,308 Employer's 228,617 104,594 129,432 42,300 ----------- ----------- ----------- ----------- 916,512 365,735 469,965 160,608 ----------- ----------- ----------- ----------- Total additions 1,973,619 763,495 984,206 281,767 ----------- ----------- ----------- ----------- Deductions from net assets attributed to: Benefits paid to participants (154,210) (155,322) (109,639) (48,640) Insurance premiums paid - - - - Administrative expenses (98) (41) (50) (2) ----------- ----------- ----------- ----------- Total deductions (154,308) (155,363) (109,689) (48,642) ----------- ----------- ----------- ----------- Net increase (decrease) prior to interfund transfers 1,819,311 608,132 874,517 233,125 Interfund transfers 825,796 (67,687) 104,501 43,990 Participant loan withdrawals (60,359) (26,877) (38,584) (3,993) Participant loan repayments 67,236 25,868 38,105 5,267 Transfers from other plans (181,656) (70,078) (118,843) (23,967) ----------- ----------- ----------- ----------- 651,017 (138,774) (14,821) 21,297 ----------- ----------- ----------- ----------- Net increase (decrease) 2,470,328 469,358 859,696 254,422 Net assets available for benefits: Beginning of year 3,190,234 1,490,500 1,897,928 487,175 ----------- ----------- ----------- ----------- End of year $ 5,660,562 $ 1,959,858 $ 2,757,624 $ 741,597 =========== =========== =========== ===========
Participant A&T Year ended December 31, 1997 Loans Stock Total ------------ ------------ ------------ Additions to net assets attributed to: Investment income Net realized gains (losses) $ - $ 146,148 $ 1,173,942 Net unrealized gains (losses) 530 1,058,187 5,484,359 Interest - 2,165 287,305 Dividends - 22,648 7,057,948 ------------ ------------ ------------ 530 1,229,148 14,003,554 ------------ ------------ ------------ Contributions: Participants' - 301,196 7,181,398 Employer's - 31,954 2,179,471 ------------ ------------ ------------ - 333,150 9,360,869 ------------ ------------ ------------ Total additions 530 1,562,298 23,364,423 ------------ ------------ ------------ Deductions from net assets attributed to: Benefits paid to participants (250,515) (83,027) (4,869,836) Insurance premiums paid - - (6,950) Administrative expenses - (14) (1,528) ------------ ------------ ------------ Total deductions (250,515) (83,041) (4,878,314) ------------ ------------ ------------ Net increase (decrease) prior to interfund transfers (249,985) 1,479,257 18,486,109 Interfund transfers (530) (37,196) - Participant loan withdrawals 1,737,014 (20,005) - Participant loan repayments (1,209,693) 8,677 - Transfers from other plans - (61,890) (1,969,372) ------------ ------------ ------------ 526,791 (110,414) (1,969,372) ------------ ------------ ------------ Net increase (decrease) 276,806 1,368,843 16,516,737 Net assets available for benefits: Beginning of year 3,287,417 1,056,428 79,552,456 ------------ ------------ ------------ End of year $ 3,564,223 $ 2,425,271 $ 96,069,193 ============ ============ ============
Changes in net assets for the year ended December 31, 1996 were:
Prime Prime Reserve New New Equity Reserve Insurance Era Income Income Year ended December 31, 1996 Fund Fund Fund Fund Fund ------------ ------------ ------------ ------------ ------------ Additions to net assets attributed to: Investment income Net realized gains (losses) $ - $ - $ 112,816 $ (28,685) $ 89,398 Net unrealized gains (losses) - - 785,596 (152,867) 1,723,470 Interest 11,207 - 24,161 14,672 48,937 Dividends 205,487 544 543,230 278,192 1,124,959 ------------ ------------ ------------ ------------ ------------ 216,694 544 1,465,803 111,312 2,986,764 ------------ ------------ ------------ ------------ ------------ Contributions: Participants' 310,446 13,568 400,433 271,297 1,160,457 Employer's 94,970 - 118,549 98,910 353,613 ------------ ------------ ------------ ------------ ------------ 405,416 13,568 518,982 370,207 1,514,070 ------------ ------------ ------------ ------------ ------------ Total additions 622,110 14,112 1,984,785 481,519 4,500,834 ------------ ------------ ------------ ------------ ------------ Deductions from net assets attributed to: Benefits paid to participants (304,020) (380) (389,894) (149,405) (594,127) Insurance premiums paid - (8,592) - - - Administrative expenses (68) - (152) (70) (291) ------------ ------------ ------------ ------------ ------------ Total deductions (304,088) (8,972) (390,046) (149,475) (594,418) ------------ ------------ ------------ ------------ ------------ Net increase (decrease) prior to interfund transfers 318,022 5,140 1,594,739 332,044 3,906,416 Interfund transfers (339,820) (565) (237,071) (344,443) 440,135 Participant loan withdrawals (58,108) - (194,960) (95,046) (328,351) Participant loan repayments 55,273 - 101,890 70,739 222,124 Transfers from other plans - - - - 1,101,143 ------------ ------------ ------------ ------------ ------------ (342,655) (565) (330,141) (368,750) 1,435,051 ------------ ------------ ------------ ------------ ------------ Net increase (decrease) (24,633) 4,575 1,264,598 (36,706) 5,341,467 Net assets available for benefits: Beginning of year 4,338,166 11,017 6,070,976 4,283,879 13,260,394 ------------ ------------ ------------ ------------ ------------ End of year $ 4,313,533 $ 15,592 $ 7,335,574 $ 4,247,173 $ 18,601,861 ============ ============ ============ ============ ============
Stable Spectrum Spectrum International Value Small-Cap Income Growth Stock Common Value Year ended December 31, 1996 Fund Fund Fund Trust Fund Fund ----------- ----------- ----------- ----------- ----------- Additions to net assets attributed to: Investment income Net realized gains (losses) $ (4,823) $ 41,225 $ 28,815 $ - $ 18,470 Net unrealized gains (losses) (823) 440,774 330,363 - 276,300 Interest 7,137 17,982 16,510 19,832 8,022 Dividends 122,140 364,010 118,560 374,856 118,873 ----------- ----------- ----------- ----------- ----------- 123,631 863,991 494,248 394,688 421,665 ----------- ----------- ----------- ----------- ----------- Contributions: Participants' 234,166 482,967 363,879 376,843 294,443 Employer's 78,012 171,114 129,173 115,774 87,459 ----------- ----------- ----------- ----------- ----------- 312,178 654,081 493,052 492,617 381,902 ----------- ----------- ----------- ----------- ----------- Total additions 435,809 1,518,072 987,300 887,305 803,567 ----------- ----------- ----------- ----------- ----------- Deductions from net assets attributed to: Benefits paid to participants (58,909) (147,626) (142,596) (384,401) (79,231) Insurance premiums paid - - - - - Administrative expenses (42) (138) (84) (137) (30) ----------- ----------- ----------- ----------- ----------- Total deductions (58,951) (147,764) (142,680) (384,538) (79,261) ----------- ----------- ----------- ----------- ----------- Net increase (decrease) prior to interfund transfers 376,858 1,370,308 844,620 502,767 724,306 Interfund transfers (203,351) (122,512) 96,624 (137,403) 146,630 Participant loan withdrawals (58,794) (125,504) (62,626) (191,007) (29,524) Participant loan repayments 36,914 113,293 71,955 92,241 27,545 Transfers from other plans - - 1,101,143 1,101,141 - ----------- ----------- ----------- ----------- ----------- (225,231) (134,723) 1,207,096 864,972 144,651 ----------- ----------- ----------- ----------- ----------- Net increase (decrease) 151,627 1,235,585 2,051,716 1,367,739 868,957 Net assets available for benefits: Beginning of year 1,553,679 4,027,368 2,394,318 6,259,602 1,523,946 ----------- ----------- ----------- ----------- ----------- End of year $ 1,705,306 $ 5,262,953 $ 4,446,034 $ 7,627,341 $ 2,392,903 =========== =========== =========== =========== ===========
Growth & Science & Blue Chip Fidelity Fidelity Income Technology Growth Magellan Contra Year ended December 31, 1996 Fund Fund Fund Fund Fund ----------- ----------- ----------- ----------- ----------- Additions to net assets attributed to: Investment income Net realized gains (losses) $ 15,009 $ 123,006 $ 16,054 $ (28,998) $ 8,633 Net unrealized gains (losses) 337,163 (10,020) 328,741 (33,696) 152,317 Interest 6,970 42,589 5,498 6,250 5,536 Dividends 182,553 927,406 36,165 223,449 131,183 ----------- ----------- ----------- ----------- ----------- 541,695 1,082,981 386,458 167,005 297,669 ----------- ----------- ----------- ----------- ----------- Contributions: Participants' 315,182 1,106,142 341,296 362,508 297,262 Employer's 80,951 343,159 103,907 97,203 84,584 ----------- ----------- ----------- ----------- ----------- 396,133 1,449,301 445,203 459,711 381,846 ----------- ----------- ----------- ----------- ----------- Total additions 937,828 2,532,282 831,661 626,716 679,515 ----------- ----------- ----------- ----------- ----------- Deductions from net assets attributed to: Benefits paid to participants (70,173) (306,651) (60,551) (107,249) (51,276) Insurance premiums paid - - - - - Administrative expenses (24) (335) (27) (33) (25) ----------- ----------- ----------- ----------- ----------- Total deductions (70,197) (306,986) (60,578) (107,282) (51,301) ----------- ----------- ----------- ----------- ----------- Net increase (decrease) prior to interfund transfers 867,631 2,225,296 771,083 519,434 628,214 Interfund transfers 182,767 (125,162) 710,156 (220,099) 393,989 Participant loan withdrawals (35,109) (338,671) (26,177) (62,689) (49,691) Participant loan repayments 34,377 224,903 23,108 24,178 21,339 Transfers from other plans 1,101,141 - 1,101,141 - - ----------- ----------- ----------- ----------- ----------- 1,283,176 (238,930) 1,808,228 (258,610) 365,637 ----------- ----------- ----------- ----------- ----------- Net increase (decrease) 2,150,807 1,986,366 2,579,311 260,824 993,851 Net assets available for benefits: Beginning of year 1,389,894 6,667,437 610,923 1,229,676 904,077 ----------- ----------- ----------- ----------- ----------- End of year $ 3,540,701 $ 8,653,803 $ 3,190,234 $ 1,490,500 $ 1,897,928 =========== =========== =========== =========== ===========
Fidelity Puritan Participant A&T Year ended December 31, 1996 Fund Loans Stock Total ------------ ------------ ------------ ------------ Additions to net assets attributed to: Investment income Net realized gains (losses) $ 1,381 $ - $ (14,837) $ 377,464 Net unrealized gains (losses) 6,483 - 41,141 4,224,942 Interest 1,209 - 1,608 238,120 Dividends 50,489 - 19,627 4,821,723 ------------ ------------ ------------ ------------ 59,562 - 47,539 9,662,249 ------------ ------------ ------------ ------------ Contributions: Participants' 89,190 - 306,766 6,726,845 Employer's 27,175 - 30,215 2,014,768 ------------ ------------ ------------ ------------ 116,365 - 336,981 8,741,613 ------------ ------------ ------------ ------------ Total additions 175,927 - 384,520 18,403,862 ------------ ------------ ------------ ------------ Deductions from net assets attributed to: Benefits paid to participants (26,974) (218,910) (38,673) (3,131,046) Insurance premiums paid - - - (8,592) Administrative expenses (3) - (26) (1,485) ------------ ------------ ------------ ------------ Total deductions (26,977) (218,910) (38,699) (3,141,123) ------------ ------------ ------------ ------------ Net increase (decrease) prior to interfund transfers 148,950 (218,910) 345,821 15,262,739 Interfund transfers (96,513) (3,230) (140,132) - Participant loan withdrawals (5,599) 1,674,604 (12,748) - Participant loan repayments 3,832 (1,133,398) 9,687 - Transfers from other plans - 195,097 - 5,700,806 ------------ ------------ ------------ ------------ (98,280) 733,073 (143,193) 5,700,806 ------------ ------------ ------------ ------------ Net increase (decrease) 50,670 514,163 202,628 20,963,545 Net assets available for benefits: Beginning of year 436,505 2,773,254 853,800 58,588,911 ------------ ------------ ------------ ------------ End of year $ 487,175 $ 3,287,417 $ 1,056,428 $ 79,552,456 ============ ============ ============ ============
The accompanying notes are an integral part of these financial statements. 9 15 ANALYSIS & TECHNOLOGY, INC. SAVINGS AND INVESTMENT PLAN Notes to Financial Statements (5) Plan Termination Although it has not expressed any intent to do so, the Company 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 fully vested in their accounts. (6) Tax Status On June 1, 1994, the Internal Revenue Service issued a Determination letter which stated that the Plan and its underlying Trust (the "Plan") qualify under Section 401(a) of the Internal Revenue Code (the "Code") and therefore, is exempt from federal income taxes under Section 501(a) of the Code. In the opinion of the Plan's Administrator, the Plan has continued to operate within the terms of the plan document and applicable regulations and remains qualified under the Code. (7) Contributions For purposes of Form 5500 filings, the contributions to the plan are reported in an alternative manner to the financial statement presentation. Employer contributions on the Form 5500 represent actual employer contributions as well as employee contributions made via salary deferrals. Employee contributions represent rollover contributions from employees' previous employers. These two amounts totaled $7,969,991 and $1,390,878, respectively, for the plan year ended December 31, 1997 and $7,283,604 and $1,458,009, respectively, for the plan year ended December 31, 1996. (8) Plan Transfers On July 18, 1997, the Company sold its interest in ASI to its joint-venture partner, Brown & Sharpe Manufacturing Company. In connection with this sale, all plan assets of participants who were employees of ASI were transferred to Putnam Fiduciary Trust Company. Effective October 1, 1996, the Vector Research Company, Inc. Profit Sharing Plan and the Vector Research Company, Inc. Pension Plan were merged into the Plan. Vector Research Company, Inc. was acquired by the Company during 1996. 10 16 Schedule 1 ANALYSIS & TECHNOLOGY, INC. SAVINGS AND INVESTMENT PLAN Item 27a - Schedule of Assets Held for Investment Purposes December 31, 1997
Identity of issue, borrower, lessor or similar party Description of investment Cost Current Value ----------------------- ------------------------- ---- ------------- *T. Rowe Price Prime Reserve Fund $ 4,448,792 $ 4,448,792 *T. Rowe Price Prime Reserve Insurance Fund 10,910 10,910 *T. Rowe Price New Era Fund 6,744,554 7,791,304 *T. Rowe Price New Income Fund 4,210,419 4,343,119 *T. Rowe Price Equity Income Fund 17,656,776 24,171,850 *T. Rowe Price Spectrum Income Fund 1,910,217 2,010,742 *T. Rowe Price Spectrum Growth Fund 5,263,695 6,228,587 *T. Rowe Price International Stock Fund 3,949,380 4,164,574 *T. Rowe Price Stable Value Common Trust Fund 7,125,252 7,125,252 *T. Rowe Price Small Cap Value Fund 3,399,332 4,233,812 *T. Rowe Price Growth & Income Fund 3,836,362 4,795,652 *T. Rowe Price Science & Technology Fund 9,693,353 9,635,464 *T. Rowe Price Blue Chip Growth Fund 4,420,910 5,660,562 Fidelity Investments Magellan Fund 1,684,859 1,959,858 Fidelity Investments Contra Fund 2,414,201 2,757,624 Fidelity Investments Puritan Fund 655,189 741,597 *Analysis & Technology, Inc. Common Stock 1,294,284 2,425,271 ----------- ----------- 78,718,485 92,504,970 Loans to participants Various loans with interest rates ranging from 6.0% to 11.5% 3,564,223 3,564,223 ----------- ----------- $ 82,282,708 $ 96,069,193 ========== ==========
*Indicates a party in interest to the plan. 11 17 Schedule 2 ANALYSIS & TECHNOLOGY, INC. SAVINGS AND INVESTMENT PLAN Item 27d - Schedule of Reportable Transactions Year ended December 31, 1997
Current value of asset Identity of party Purchase Selling Cost of on transaction Net gain involved Description of Asset price price asset date or (loss) - ----------------- -------------------- ----- ----- ----- ---- --------- T. Rowe Price Stable Value Common Trust Fund $ 1,900,806 - 1,900,806 1,900,806 - T. Rowe Price Stable Value Common Trust Fund - 2,402,896 2,402,896 2,402,896 - T. Rowe Price Prime Reserve Mutual Fund 2,834,283 - 2,834,283 2,834,283 - T. Rowe Price Prime Reserve Mutual Fund - 2,699,493 2,699,493 2,699,493 - T. Rowe Price Science & Technology Mutual Fund 3,671,783 - 3,671,783 3,671,783 - T. Rowe Price Science & Technology Mutual Fund - 1,972,524 1,787,856 1,972,524 184,668 T. Rowe Price Equity Income Mutual Fund 5,150,710 - 5,150,710 5,150,710 - T. Rowe Price Equity Income Mutual Fund - 2,622,060 2,014,834 2,622,060 607,225
12 18 ACCOUNTANTS' CONSENT The Board of Directors Analysis & Technology, Inc. We consent to incorporation by reference in the registration statements (Nos. 333-05267, 333-04265, 33-86666, 33-86576, 33-59396, 33-52582, 33-37710, 33-34004, 33-31829, 33-25074, 33-17313, and 33-09067) on Form S-8 of Analysis & Technology, Inc. of our report dated May 1, 1998, relating to the consolidated balance sheets of Analysis & Technology, Inc. and subsidiaries as of March 31, 1998 and 1997, and the related consolidated statements of earnings, shareholders' equity, and cash flows for each of the years in the three-year period ended March 31, 1998, which report appears in the March 31, 1998 annual report on Form 10-K of Analysis & Technology, Inc. In addition, we consent to incorporation by reference in the registration statements (Nos. 333-05267, 333-04265, 33-86666, 33-86576, 33-59396, 33-52582, 33-37710, 33-34004, 33-31829, 33-25074, 33-17313, and 33-09067) on Form S-8 of Analysis and Technology, Inc. of our report dated May 8, 1998, relating to the statements of net assets available for plan benefits of the Analysis & Technology, Inc. Savings and Investment Plan as of December 31, 1997 and 1996, and the related statements of changes in net assets available for plan benefits for the years then ended, and the related supplementary schedules, which report appears in the December 31, 1997 annual report on Form 11-K of the Analysis & Technology, Inc. Savings and Investment Plan. KPMG Peat Marwick LLP Providence, Rhode Island June 24, 1998 -----END PRIVACY-ENHANCED MESSAGE-----