-----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, HQzwDpOr7hU4Fn1M9OPLJ3GWnDF8r1VrHRpEpHIE2zjoJornQ/KLvo3Aq+biqYYO YIs1ElcPsRRMZ8N/ia6GcA== 0000950152-03-006576.txt : 20030630 0000950152-03-006576.hdr.sgml : 20030630 20030630163155 ACCESSION NUMBER: 0000950152-03-006576 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20021231 FILED AS OF DATE: 20030630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JO-ANN STORES INC CENTRAL INDEX KEY: 0000034151 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940] IRS NUMBER: 340720629 STATE OF INCORPORATION: OH FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06695 FILM NUMBER: 03764807 BUSINESS ADDRESS: STREET 1: 5555 DARROW RD CITY: HUDSON STATE: OH ZIP: 44236 BUSINESS PHONE: 2166562600 MAIL ADDRESS: STREET 1: 5555 DARROW ROAD CITY: HUDSON STATE: OH ZIP: 44236 FORMER COMPANY: FORMER CONFORMED NAME: FABRI CENTERS OF AMERICA INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CLEVELAND FABRIC SHOPS INC NUMBER THREE DATE OF NAME CHANGE: 19681216 FORMER COMPANY: FORMER CONFORMED NAME: CLEVELAND FABRIC SHOPS INC DATE OF NAME CHANGE: 19681216 11-K 1 l01763ae11vk.txt JO-ANN STORES, INC. 11-K/SAVINGS PLAN 401(K) - ------------------------------------------------------------------------------ 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, 2002 ------------------------------------------- Commission File No: 1-6695 -------------------------- JO-ANN STORES, INC. SAVINGS PLAN 401(K) (Full title of the plan and the address of the plan, if different from that of the issuer named below) Jo-Ann Stores, Inc. 5555 Darrow Road Hudson, OH 44236 ---------------- (Name of issuer of the securities held pursuant to the plan and the address of its principal executive office) REQUIRED INFORMATION Jo-Ann Stores, Inc. Savings Plan 401(k) (the "Plan") is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). Therefore, in lieu of the requirements of Items 1-3 of Form 11-K, the financial statements and schedules of the Plan for the two fiscal years ended December 31, 2002 and 2001, which have been prepared in accordance with the financial reporting requirements of ERISA, are attached hereto as Exhibit 99 and incorporated herein by this reference. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Jo-Ann Stores, Inc. Savings Plan 401 (k) Advisory Committee (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized Jo-Ann Stores, Inc. Savings Plan 401(k) By: Jo-Ann Stores, Inc. Savings Plan 401(k) Advisory Committee /s/ Brian P. Carney - ------------------------------- Brian P. Carney June 30, 2003 Executive Vice President and Chief Financial Officer and Secretary of Advisory Committee JO-ANN STORES, INC. SAVINGS PLAN 401(K) EXHIBIT INDEX
Official Exhibit No. Description ----------- ----------- 23 Consent of Independent Public Accountants 99 Jo-Ann Stores, Inc. Savings Plan 401(k) Financial Statements As of December 31, 2002 and 2001 Together With Report of Independent Public Accountants
EX-23 3 l01763aexv23.txt EXHIBIT 23 Exhibit 23 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS We have issued our report dated June 5, 2003, accompanying the financial statements and schedules included in the Form 11-K for the year ended December 31, 2002. We hereby consent to the incorporation by reference of said report in the previously filed Registration Statement (Form S-8) File No. 33-32809. Cleveland, Ohio /s/ Grant Thornton LLP June 26, 2003 EX-99 4 l01763aexv99.txt EXHIBIT 99 Exhibit 99 Audit report JO-ANN STORES, INC. SAVINGS PLAN 401(k) December 31, 2002 and 2001 JO-ANN STORES, INC. SAVINGS PLAN 401(k) INDEX Report of Independent Public Accountants Financial Statements: Statements of Net Assets Available for Benefits as of December 31, 2002 and 2001 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2002 Notes to Financial Statements Supplemental Schedules as of December 31, 2002: Schedule I Form 5500, Schedule H, Line 4i - Schedule of Assets (Held at End of Year) Schedule II Form 5500, Schedule H, Line 4j - Schedule of Reportable Transactions Schedule III Form 5500, Schedule G, Part III - Schedule of Nonexempt Transactions REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS TO THE ADVISORY COMMITTEE OF JO-ANN STORES, INC. SAVINGS PLAN 401(k) We have audited the accompanying statements of net assets available for benefits of Jo-Ann Stores, Inc. Savings Plan 401(k) (the "Plan") as of December 31, 2002 and 2001, and the related statement of changes in net assets available for benefits for the year ended December 31, 2002, as listed in the accompanying index. These financial statements and the supplemental schedules referred to below are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and supplemental schedules based on our audit. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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, 2002 and 2001, and the changes in net assets available for benefits for the years ended December 31, 2002, in conformity with accounting principles generally accepted in the United States of America. Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental schedule of assets (held at end of year) (Schedule I), schedule of reportable transactions (Schedule II), and schedule of nonexempt transactions (Schedule III) for the year ended December 31, 2002, as listed in the accompanying index, are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements for the year ended December 31, 2002 and, in our opinion, the additional information is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Cleveland, Ohio /s/ Grant Thornton LLP June 5, 2003 Jo-Ann Stores, Inc. Savings Plan 401(k) STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS As of December 31, 2002 and 2001
2002 2001 ------------ ------------ ASSETS Investments, at market: Participant directed $ 34,788,789 $ 29,895,584 Nonparticipant directed: Company Stock Fund A 10,742,299 3,587,350 Company Stock Fund B 2,093,388 844,007 ------------ ------------ Total investments, at market 47,624,476 34,326,941 Receivables: Employer contribution 36,810 -- Participant contribution 134,731 -- ------------ ------------ Total receivables 171,541 -- ------------ ------------ Total assets 47,796,017 34,326,941 LIABILITIES Other (14,177) (12,872) ------------ ------------ Total liabilities (14,177) (12,872) ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 47,781,840 $ 34,314,069 ============ ============
The accompanying notes to the financial statements are an integral part of these statements. Jo-Ann Stores, Inc. Savings Plan 401(k) STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS For the Year Ended December 31, 2002
NON-PARTICIPANT DIRECTED ------------------------ COMPANY COMPANY PARTICIPANT STOCK STOCK DIRECTED FUND A FUND B TOTAL ------------ ------------ -------- ------------ Increases: Investment income $ 574,769 $ 4,216 $ -- $ 578,985 Employee contributions 3,754,227 -- -- 3,754,227 Employer contributions -- 877,233 -- 877,233 Rollover contributions 139,676 -- -- 139,676 Realized gain on sale of investments 1,200,827 858,276 91,197 2,150,300 Unrealized gain on investments 5,792,896 6,665,714 1,380,142 13,838,752 Other 24,187 1,528 876 26,591 ------------ ------------ ------------ ------------ Total increases 11,486,582 8,406,967 1,472,215 21,365,764 DECREASES: Distributions 3,653,510 1,051,569 219,317 4,924,396 Administrative expenses 152,400 29,140 3,358 184,898 Unrealized loss on sale of investments 2,762,637 -- -- 2,762,637 Other 23,658 1,528 876 26,062 ------------ ------------ ------------ ------------ Total decreases 6,592,205 1,082,237 223,551 7,897,993 ------------ ------------ ------------ ------------ NET INCREASE FOR THE YEAR 4,894,377 7,324,730 1,248,664 13,467,771 Net assets - beginning of year 29,882,712 3,587,350 844,007 34,314,069 Net interfund transfers 132,254 (132,971) 717 -- ------------ ------------ ------------ ------------ Net assets - end of year $ 34,909,343 $ 10,779,109 $ 2,093,388 $ 47,781,840 ============ ============ ============ ============
The accompanying notes to the financial statements are an integral part of this statement. Jo-Ann Stores, Inc. Savings Plan 401(k) NOTES TO FINANCIAL STATEMENTS December 31, 2002 and 2001 1. SUMMARY OF PLAN The original Jo-Ann Stores, Inc. Savings Plan 401(k) (the "Plan"), formally known as the Jo-Ann Stores, Inc. Employees' Savings and Profit Sharing Plan, was adopted as of September 1, 1974, and has been amended on occasion in order to, among other things, maintain compliance with the requirements of the Employee Retirement Income Security Act of 1974 (ERISA). Effective July 1, 1998, employees of the former House of Fabrics, Inc., which was acquired by Jo-Ann Stores, Inc., (the "Company") during 1998, were able to participate in the Plan. Effective June 1, 2001, the House of Fabrics, Inc. 401(k) Plan ("HOF Plan") was merged with the Plan. The investment options that were offered in the HOF Plan are also available in the Plan. As a result, investments in the HOF Plan were transferred into the same funds that they were invested in prior to the merger. The principal provisions of the Plan are as follows: ELIGIBILITY The Plan was amended effective July 1, 2001. All active employees of the Company and its wholly owned subsidiaries who have completed at least 90 days of service, and are not members of a recognized collective bargaining organization, are eligible to participate in the Plan. DEFERRED INCOME CONTRIBUTIONS Plan participants may elect to defer from 1% to 25% of their compensation, subject to an annual limitation under the Internal Revenue Code (IRC), and such amounts will be contributed to the Plan by the Company as deferred income contributions. EMPLOYER MATCHING CONTRIBUTIONS The Company will contribute to the Plan, subject to the forfeiture provision outlined below, an adjustable percentage of the deferred income contributions made by participants (up to a 4% employee deferred income contribution), as well as such additional amounts as the Board of Directors may determine. These contributions are allocated among eligible participants after completing one year of service, in proportion to the deferred income contributions made on their behalf for such period and credited to their separate accounts. The Company's matching contribution can range from 0% to 100% and can be modified prior to the beginning of a month by the Company. For the 2002 and 2001 Plan years, the Company's matching contribution was 50% of the first 4% contributed by participants. Subsequent to March 1, 1999, all Company matching contributions are in the form of common stock of the Company and are invested in the Company Stock Fund A. Prior to that date, the Company's matching contributions were invested in the Company Stock Fund A and Company Stock Fund B based on the employees' elective deferrals in such funds. Effective July 1, 2002, the Plan amended to allow Plan participants who have attained age 55 the ability to invest the Company matching contributions in any of the investment options. Company contributions are funded only to the extent that they exceed cumulative forfeitures of participants terminated from the Plan. Forfeitures in the amount of $169,295 were utilized to fund Company contributions during 2002. The amount of unutilized forfeitures as of December 31, 2002 was approximately $35,000. Jo-Ann Stores, Inc. Savings Plan 401(k) NOTES TO FINANCIAL STATEMENTS - PAGE TWO December 31, 2002 and 2001 1. SUMMARY OF PLAN (CONTINUED) INVESTMENT OF EMPLOYEE CONTRIBUTIONS Under the Plan, each participant selects the manner in which deferred income contributions to their account are to be invested. With each of the investment accounts there is risk of loss, although the degree varies by the nature of the investment. None of the accounts provide for any guarantee against loss. Participants should refer to the Plan document for a more complete description of the Plan's investment options. Contributions are invested in 1% increments, up to 100%, in any one of the following investment options: a. One Group Bond Fund - Investments are made in investment-grade debt securities issued by corporations and obligations of the U.S. Government and its agencies or instrumentalities, as well as foreign debt, dependent upon the prevailing interest rates. b. One Group Mid-Cap Value Fund - Investments are made in equity securities valued at price/earnings and price/book ratios below market averages. c. AIM Blue Chip Fund - Investments are made in common stocks of domestic, foreign and multi-national companies believed to have long-term growth potential. d. AIM Aggressive Growth Fund - Investments are made in small and mid-sized companies that have earnings growth well in excess of the general economy. e. Invesco Dynamics Fund - Investments are made in stocks of domestic and international companies with market capitalizations ranging between $2 billion and $15 billion. f. Invesco Stable Value Trust - Investments are made in investment contracts issued by insurance companies and banks providing for stability of principal and attractive rates of interest. g. Invesco 500 Index Trust - Investments are made in a portfolio of stocks attempting to match the Standard & Poor's 500 index with a rate of return that may fluctuate substantially. h. Invesco Conservative Asset Allocation Trust - Investments are made in a conservative combination of stable value, bond and equity funds, seeking a high total return through current income and capital appreciation. i. Invesco Moderate Asset Allocation Trust - Investments are made in a moderately aggressive combination of stable value, bond and equity funds, seeking a high total return through current income and capital appreciation. j. Invesco Aggressive Asset Allocation Trust - Investments are made in an aggressive combination of stable value, bond and equity funds, seeking a high total return through current income and capital appreciation. Jo-Ann Stores, Inc. Savings Plan 401(k) NOTES TO FINANCIAL STATEMENTS - PAGE THREE December 31, 2002 and 2001 1. SUMMARY OF PLAN (CONTINUED) INVESTMENT OF EMPLOYEE CONTRIBUTIONS - CONTINUED k. Invesco Structured Small Cap Value Equity Trust - Investments are made in common stocks with market capitalization less than $2 billion. l. Janus Worldwide Fund - Investments are made in common stocks of foreign issuers, seeking long-term growth of capital in a manner consistent with the preservation of capital. m. American Fundamental Investors Fund - Investments are made in common and preferred stocks, bond funds, and similar securities with fixed income characteristics. n. Company Stock Fund A - Investments are made in Jo-Ann Stores, Inc. Class A common stock. o. Company Stock Fund B - Investments are made in Jo-Ann Stores, Inc. Class B common stock. Participants may change their investment election with respect to future contributions on a daily basis. PAYSOP CONTRIBUTIONS Prior to February 1, 1987, the Company made PAYSOP contributions to the Stock Ownership Fund for each year in an amount equal to the tax credit available under Section 44G of the IRC. This tax credit was eliminated by the Tax Reform Act of 1986 and, therefore, the Company no longer makes PAYSOP contributions. Distributions of the PAYSOP account balances to terminated participants are made in shares of Company common stock unless otherwise specified by the participant. VESTING REQUIREMENTS Participants' deferred income contributions, together with earnings thereon, vest immediately. All other Company contributions, plus earnings thereon, vest over a four-year period based on years of service, as defined by the Plan agreement. A participant's entire interest in the Plan becomes fully vested upon his or her death while employed, attainment of age 65 or permanent and total disability. BENEFIT PAYMENTS Upon termination of service, a participant may elect to receive either a lump-sum amount or an installment payment equal to the vested portion of his or her account, as defined by the Plan. Prior to termination of employment or age 59 1/2, contributions may only be withdrawn in the event of financial hardship as defined by the IRC. Jo-Ann Stores, Inc. Savings Plan 401(k) NOTES TO FINANCIAL STATEMENTS - PAGE FOUR December 31, 2002 and 2001 1. SUMMARY OF PLAN (CONTINUED) PARTICIPANT LOANS Participants may borrow against their vested balances pursuant to the loan provision of the Plan. The maximum loan amount available to a participant is 50% of their vested account balance not to exceed $50,000. The maximum term of a loan is five years. Participant loans are repaid through payroll deductions with interest charged at the prime rate plus one percent. TRUSTEE'S FEES AND OTHER EXPENSES Generally, costs incidental to the purchase and sale of securities, such as brokerage commissions and stock transfer taxes, are paid by the respective funds. Other costs and expenses incurred in administering the Plan, including fees of the trustee are generally paid by the Plan. Certain Plan expenses, such as audit fees and database access fees, are paid by the Company. TERMINATION Although it has not expressed any intent to do so, the Company, with the approval of the Board of Directors, has the right to discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts. 2. SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING The accompanying financial statements are prepared on the accrual basis of accounting. VALUATION OF INVESTMENTS The assets included in the statements of net assets available for benefits are stated at their market values as of December 31, 2002 and 2001. Schedule I summarizes the Plan's investments held at December 31, 2002. Assets of the Plan are held in trust by AMVESCAP National Trust Company (the "Trustee") whereby the Trustee acts as custodian of the Plan's investment portfolio. ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases during the reporting period. Actual results could differ from those estimates. PRIOR YEAR RECLASSIFICATIONS Certain prior year financial statement amounts have been reclassified to conform with current year presentation. Jo-Ann Stores, Inc. Savings Plan 401(k) NOTES TO FINANCIAL STATEMENTS - PAGE FIVE December 31, 2002 and 2001 3. INFORMATION FURNISHED BY TRUSTEE Under the Plan agreement, the Trustee holds all investment assets, executes all investment transactions, and distributes funds to the Plan participants in accordance with the Plan document. The financial statements have been prepared from investment information and related activity and certified as complete and accurate and furnished by the Trustee. 4. TAX STATUS The Internal Revenue Service (IRS) has determined and informed the Company, by letter dated February 20, 1997, that the Plan and related trust are designed in accordance with applicable sections of the IRC. The Plan has been amended since receiving this determination letter. However, the Company currently believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. 5. INVESTMENTS The following investments of the Plan exceed 5% of the Plan's net assets available for benefits at December 31, 2002 and 2001.
2002 2001 ---------- ---------- One Group Bond Fund $2,985,684 $2,609,932 AIM Blue Chip Fund 4,326,875 5,881,247 Invesco Stable Value Trust 7,939,143 6,091,704 Invesco 500 Index Trust 5,044,595 7,414,865 Jo-Ann Stores, Inc. Class A common stock 18,316,686 6,445,726 Jo-Ann Stores, Inc. Class B common stock 4,636,415 1,900,653
6. PARTY-IN-INTEREST TRANSACTIONS During the years ended December 31, 2002 and 2001, there were no prohibited transactions with a party-in-interest, as defined by ERISA, except as presented in Schedule III. SCHEDULE I Jo-Ann Stores, Inc. Savings Plan 401(k) FORM 5500, SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) December 31, 2002 Employer Identification Number: 34-0720629 Plan Number: 001
MARKET Issuer Cost Value - ------------------------------------------------------------------------------- ---------------- ----------------- NON-PARTICIPANT DIRECTED FUNDS: * Jo-Ann Stores, Inc. Class A Common Stock $ 5,078,067 $ 10,742,299 * Jo-Ann Stores, Inc. Class B Common Stock 1,247,651 2,093,388 ---------------- ----------------- TOTAL NON-PARTICIPANT DIRECTED FUNDS 6,325,718 12,835,687 PARTICIPANT DIRECTED FUNDS: One Group Bond Fund n/a 2,985,684 One Group Mid-Cap Value Fund n/a 170,339 AIM Blue Chip Fund n/a 4,326,875 AIM Aggressive Growth Fund n/a 88,931 * Invesco Dynamics Fund n/a 767,817 * Invesco Stable Value Trust n/a 7,939,143 * Invesco 500 Index Trust n/a 5,044,595 * Invesco Conservative Asset Allocation Trust n/a 347,911 * Invesco Moderate Asset Allocation Trust n/a 464,718 * Invesco Aggressive Asset Allocation Trust n/a 280,873 * Invesco Structured Small Cap Value Equity Trust n/a 252,432 Janus Worldwide Fund n/a 989,676 American Fundamental Investors Fund n/a 137,816 ----------------- Total Mutual Funds n/a 23,796,810 * Participant Loan Fund (interest rates varying from 5.25% to 10.50%) n/a 874,565 * Jo-Ann Stores, Inc. Class A Common Stock n/a 7,574,387 * Jo-Ann Stores, Inc. Class B Common Stock n/a 2,543,027 ----------------- TOTAL PARTICIPANT DIRECTED FUNDS 34,788,789 ----------------- TOTAL INVESTMENTS $ 47,624,476 =================
* Represents party-in-interest The accompanying notes to the financial statements are an integral part of this schedule. SCHEDULE II Jo-Ann Stores, Inc. Savings Plan 401(k) FORM 5500, SCHEDULE H, LINE 4j - SCHEDULE OF REPORTABLE TRANSACTIONS For the Year Ended December 31, 2002 Employer Identification Number: 34-0720629 Plan Number: 001 Aggregate of transactions involving the same security exceeding 5% of beginning current value of plan assets:
Purchase Selling Description of Asset Price Price Cost of Asset Net Gain - ------------------------------------ ------------------ ----------------- -------------------- ------------------- * Jo-Ann Stores, Inc. Class A Common Stock $ 3,280,652 $ 5,204,177 $ 2,693,240 $ 2,510,937 * Jo-Ann Stores, Inc. Class B Common Stock $ 1,286,495 $ 1,977,188 $ 1,105,938 $ 871,250
* Represents a party-in-interest The accompanying notes to the financial statements are an integral part of this schedule. SCHEDULE III Jo-Ann Stores, Inc. Savings Plan 401(k) FORM 5500, SCHEDULE G, PART III - SCHEDULE OF NONEXEMPT TRANSACTIONS For the Year Ended December 31, 2002 Employer Identification Number: 34-0720629 Plan Number: 001
Relationship to Plan Interest Employer or Employee Incurred on Identity of Other Party Contribution Late Party Involved in Interest Description of Transaction Amount Contribution - ------------------------ ----------------- --------------------------------------------------- ---------------- ------------ * Jo-Ann Stores, Inc. Sponsor Employee contributions not timely remitted to the Plan as follows: Employee contribution withheld on May 24, 2002, employer deposited contribution on June 25, 2002 $ 1,278 $ 1,738 Employee contribution withheld on August 23, 2002, employer deposited contribution on March 19, 2003 $ 1,143 $ 76
* Represents a party-in-interest The Company intends to deposit the above interest incurred on the late contributions. The Company also intends to file a Form 5330 with the IRS. The accompanying notes to the financial statements are an integral part of this schedule. -----END PRIVACY-ENHANCED MESSAGE-----