10-K/A 1 d10ka.txt FORM 10-K/A ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------- FORM 10-K/A [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2001 [_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-14505 ---------------- KORN/FERRY INTERNATIONAL (Exact Name of Registrant as Specified in its Charter) Delaware 95-2623879 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification Number)
1800 Century Park East, Suite 900 Los Angeles, California 90067 (Address of principal executive offices) (Zip code) (310) 556-8553 (Registrant's telephone number, including area code) ---------------- Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered ------------------- ----------------------------------------- Common Stock, par value $0.01 per share New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None ---------------- Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [_] Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [_] The number of shares outstanding of our common stock as of July 26, 2001 was 37,501,527 shares. The aggregate market value of the Registrant's common stock held by non-affiliates of the Registrant on July 26, 2001 (assuming that the Registrant's only affiliates are its officers, directors and 10% or greater stockholders) was approximately $546,143,922, based upon the closing market price of $15.69 on that date of a share of common stock as reported on the New York Stock Exchange. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's definitive Proxy Statement for its 2001 Annual Meeting of Stockholders scheduled to be held on September 25, 2001 are incorporated by reference into Part III of this Form 10-K. ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Explanatory Note This Form 10-K/A amends the Form 10-K previously filed by the registrant with the Securities and Exchange Commission on July 30, 2001 solely for the purpose of replacing page F-3 to correct the date headings in the columns. KORN/FERRY INTERNATIONAL AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts)
April 30, ------------------ 2001 2000 -------- -------- ASSETS ------ Cash and cash equivalents.................................. $ 88,463 $ 86,975 Marketable securities...................................... 16,397 59,978 Receivables due from clients, net of allowance for doubtful accounts of $13,319 and $12,538........................... 91,513 101,506 Other receivables.......................................... 11,299 8,112 Deferred income taxes...................................... 8,821 3,814 Prepaid expenses........................................... 9,909 7,453 -------- -------- Total current assets.................................... 226,402 267,838 -------- -------- Property and equipment: Computer equipment and software........................... 48,715 32,532 Furniture and fixtures.................................... 24,223 18,175 Leasehold improvements.................................... 23,814 15,304 Automobiles............................................... 1,889 1,793 -------- -------- 98,641 67,804 Less: Accumulated depreciation and amortization............ (43,652) (31,992) -------- -------- Property and equipment, net............................... 54,989 35,812 -------- -------- Cash surrender value of company owned life insurance policies, net of loans.................................... 54,361 50,632 Marketable securities and other investments................ 6,894 1,129 Deferred income taxes...................................... 24,942 17,790 Goodwill and other intangibles, net of accumulated amortization of $20,872 and $8,709........................ 128,066 96,643 Other...................................................... 4,675 6,150 -------- -------- Total assets............................................ $500,329 $475,994 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY ------------------------------------ Notes payable and current maturities of long-term debt..... $ 11,881 $ 16,147 Accounts payable........................................... 13,360 11,896 Income taxes payable....................................... 2,728 407 Compensation and related taxes............................. 110,702 117,259 Other accrued liabilities.................................. 32,523 39,081 -------- -------- Total current liabilities............................... 171,194 184,790 Deferred compensation...................................... 41,522 37,483 Long-term debt............................................. 11,842 16,916 Other...................................................... 2,319 2,361 -------- -------- Total liabilities....................................... 226,877 241,550 -------- -------- Non-controlling shareholders' interest..................... 3,286 3,220 -------- -------- Shareholders' equity: Common stock, $0.01 par value, 150,000 shares authorized, 38,082 and 37,257 shares issued and 37,516 and 36,748 shares outstanding................................ 296,069 283,277 Deficit................................................... (4,602) (35,615) Accumulated other comprehensive loss...................... (16,598) (7,300) -------- -------- Shareholders' equity.................................... 274,869 240,362 Less: Notes receivable from shareholders.................. (4,703) (9,138) -------- -------- Total shareholders' equity.............................. 270,166 231,224 -------- -------- Total liabilities and shareholders' equity.............. $500,329 $475,994 ======== ========
The accompanying notes are an integral part of these consolidated financial statements. F-3 SIGNATURE Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this amended report to be signed on its behalf by the undersigned, thereunto duly authorized. KORN/FERRY INTERNATIONAL August 8, 2001 /s/ Elizabeth S.C.S. Murray By: _________________________________ Elizabeth S.C.S. Murray Chief Financial Officer, Treasurer and Executive Vice President