-----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, TpSIp8gmx2OzK/0fBrMtQ6LWFjmewWxL1uAC6hwsvKqRSK8x+mJ5krLSEFOxFFpj GuUvhSfEkeriAlDAW0Y5Bg== 0000950124-01-502166.txt : 20010629 0000950124-01-502166.hdr.sgml : 20010629 ACCESSION NUMBER: 0000950124-01-502166 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001231 FILED AS OF DATE: 20010628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PLEXUS CORP CENTRAL INDEX KEY: 0000785786 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 391344447 STATE OF INCORPORATION: WI FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-14824 FILM NUMBER: 1669610 BUSINESS ADDRESS: STREET 1: 55 JEWELERS PARK DR CITY: NEENAH STATE: WI ZIP: 54957-0156 BUSINESS PHONE: 9207223451 MAIL ADDRESS: STREET 1: PLEXUS CORP STREET 2: 55 JEWELERS PARK DR CITY: NEENAH STATE: WI ZIP: 54957-0156 11-K 1 c63491e11-k.txt ANNUAL REPORT DATED 12/31/00 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11 - K [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended................December 31, 2000...................... OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from.......................to......................... Commission file number.........000-14824.................[Plexus Corp.] A. Full title of the plan and the address of the plan, if different from that of the issuer named below: PLEXUS CORP. 401(K) SAVINGS PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: PLEXUS CORP. 55 JEWELERS PARK DRIVE NEENAH, WISCONSIN 54956 2 PLEXUS CORP. 401(k) SAVINGS PLAN FINANCIAL STATEMENTS AND REPORT DECEMBER 31, 2000 AND 1999 3 PLEXUS CORP. 401(k) SAVINGS PLAN INDEX TO FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999
Page ---- Report of Independent Accountants 1 Statements of Net Assets Available for Benefits as of December 31, 2000 and 1999 2 Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2000 3 Notes to Financial Statements 4-7 Schedule Required by the Department of Labor's Rules and Regulations: * Form 5500, Schedule of Assets Held for Investment Purposes at End of Year as of December 31, 2000 8
* Other schedules required by the Department of Labor have been omitted because they are not applicable. 4 REPORT OF INDEPENDENT ACCOUNTANTS To the Participants and Administrator of the Plexus Corp. 401(k) Savings Plan In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Plexus Corp. 401(k) Savings Plan (the "Plan") as of December 31, 2000 and 1999, and the changes in net assets available for benefits for the year ended December 31, 2000 in conformity with accounting principles generally accepted in the United States of America. 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 of these statements in accordance with auditing standards generally accepted in the United States of America, which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of Assets Held for Investment Purposes at End of Year is presented for the purpose 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. This supplemental schedule is the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in the audits 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/ PricewaterhouseCoopers LLP Milwaukee, Wisconsin May 18, 2001 5 PLEXUS CORP. 401(k) SAVINGS PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 2000 AND 1999
2000 1999 --------------- --------------- Assets Investments (See Note 3) $ 89,944,551 $ 66,922,782 Participant loans 2,739,301 76,742 Receivables: Employer's contribution 73,977 53,397 Participants' contributions 243,955 161,158 --------------- --------------- Total receivables 317,932 214,555 --------------- --------------- Net assets available for benefits $ 93,001,784 $ 67,214,079 =============== ===============
The accompanying notes are an integral part of these financial statements. - 2 - 6 PLEXUS CORP. 401(k) SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEAR ENDED DECEMBER 31, 2000 Additions Additions to net assets attributed to: Investment income: Net appreciation in fair value of investments $ 11,143,274 Interest and dividends 3,820,608 ------------- 14,963,882 ------------- Contributions: Participants' 7,169,663 Employer's 1,897,467 ------------- 9,067,130 ------------- Total additions 24,031,012 Deductions Deductions from net assets attributed to: Benefits paid to participants 8,371,611 Administrative expenses 26,308 ------------- Total deductions 8,397,919 Net increase before plan transfers 15,633,093 Transfer from other plans 10,154,612 ------------- Net increase 25,787,705 Net assets available for benefits: Beginning of year 67,214,079 ------------- End of year $ 93,001,784 =============
The accompanying notes are an integral part of these financial statements. - 3 - 7 PLEXUS CORP. 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 1. DESCRIPTION OF PLAN The following description of the Plexus Corp. 401(k) Savings Plan (the "Plan") provides only general information. Participants should refer to the plan agreement for a more complete description of the Plan's provisions. GENERAL The Plan, originally effective January 1, 1989 and amended and restated effective March 1, 2000, is a contributory defined contribution plan covering substantially all employees of Plexus Corp. (the "Company") who have completed 90 days of service. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). Effective March 1, 2000, the SeaMED Corporation Employee Savings Plan and Trust (the "SeaMED Plan") merged into the Plan and the Plan's name changed from Plexus Corp. Employee Stock Savings Plan to Plexus Corp. 401(k) Savings Plan. Additionally, MFS Heritage Trust Company became the trustee of the Plan on March 1, 2000. Prior to that date, Riggs & Company was the trustee of the Plan. CONTRIBUTIONS Employee pre-tax contributions are based on voluntary elections via phone or internet by the participants, directing the Company to defer a stated amount from the participant's compensation. Participants may elect to defer up to 18% of their annual compensation. The Company will make a matching contribution on behalf of a participant equal to 100% of the first 2.5% of the participant's elective deferrals for participants who have completed one year of service. Contributions are limited by Section 401(k) of the Internal Revenue Code. INVESTMENT ALTERNATIVES Plan participants may direct their entire account balances in 1% increments to any of the various investment options offered by the Plan. Participants may change their investment options on a daily basis. PARTICIPANT ACCOUNTS AND ALLOCATIONS Each participant's account is credited with the participant's contributions and allocations of Company contributions and plan earnings. Allocations of plan earnings are based on participant account balances in relation to total fund account balances, as defined by the plan document. Participants in the Plexus Unitized Stock Fund are allocated an undivided interest in the shares held by the fund. VESTING AND DISTRIBUTIONS Participants immediately vest in all contributions made to the Plan. Participant accounts are distributable in the form of a lump sum payment of cash or in whole shares of Company securities as elected by the participant upon retirement, termination of employment, death, disability, financial hardship or attainment of age 59-1/2. In addition, participant accounts can be rolled over into an individual retirement account ("IRA") or another qualified defined contribution plan. Participant distributions may not be deferred past April 1 of the calendar year following the year in which the participant attains age 70-1/2. Forfeitures of unclaimed distributions are used to reduce Company matching contributions. - 4 - 8 PLEXUS CORP. 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 PARTICIPANT LOANS Effective March 1, 2000, participants may borrow from their accounts a minimum of $1,000 up to a maximum amount equal to the lesser of $50,000 or 50 percent of their vested account balance. Loan terms range up to five years. Loans are secured by the balance in the participant's account and bear interest at the prime rate plus one percent. Principal and interest is paid ratably through regular payroll deductions. 2. SUMMARY OF ACCOUNTING POLICIES ACCOUNTING METHOD The financial statements of the Plan are prepared under the accrual method of accounting. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make 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. INVESTMENT VALUATION AND INCOME RECOGNITION Investments are stated at fair value based on quoted market values on the last business day of the plan year. Participant loans are stated at cost, which approximates fair value. The Plan presents in the statement of changes in net assets available for benefits, the net appreciation in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments. Purchases and sales of investments are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. Interest is recognized when earned. RISKS AND UNCERTAINTIES The Plan's investments are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the values of investments, it is at least reasonably possible that changes in risks in the near term would materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits and the statement of changes in net assets available for benefits. RECLASSIFICATIONS Certain reclassifications have been made to the December 31, 1999 financial statements to conform with the presentation used in the current year. PAYMENT OF BENEFITS Benefits are recorded when paid. ADMINISTRATIVE EXPENSES Certain expenses incurred in the administration of the Plan are paid by the Company and are not reflected within these financial statements. - 5 - 9 PLEXUS CORP. 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 3. INVESTMENTS The following presents investments that represent 5 percent or more of the Plan's net assets:
December 31, ----------------------------------- 2000 1999 ---------------- ---------------- Plexus Unitized Stock Fund, 3,794,128 and 1,098,792 units, respectively $ 42,190,708 $ 34,636,129 MFS Capital Opportunities Fund, 519,745 and 0 shares, respectively 9,298,245 - Munder Index 500 Fund, 230,013 and 207,882 shares, respectively 6,346,057 6,436,031 MFS Equity Income Fund, 274,389 and 0 shares, respectively 5,830,772 - MFS Mid Cap Growth Fund, 539,869 and 0 shares, respectively 7,390,809 - American EuroPacific Growth Fund, 143,351 and 96,350 shares, respectively 4,494,068 4,110,276 Oppenheimer Quest Opportunity Value Fund, 0 and 121,757 shares, respectively - 4,195,738 AIM Value Fund, 0 and 127,871 shares, respectively - 6,243,961 AIM Constellation Fund, 0 and 134,152 shares, respectively - 5,434,524
During 2000, the Plan's investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value by $11,143,274, as follows: Mutual funds $ (7,918,516) Common stock 19,061,790 ---------------- $ 11,143,274 ================
- 6 - 10 PLEXUS CORP. 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 4. AMOUNTS ALLOCATED TO WITHDRAWN PARTICIPANTS Approximately $81,313 and $3,214,907 of plan assets have been allocated to the accounts of persons who are no longer active participants of the Plan as of December 31, 2000 and 1999, respectively, but who have not yet received distributions as of that date. 5. TAX STATUS The Internal Revenue Service has determined and informed the Company by a letter dated May 6, 1998, that the Plan is 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. 6. 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. 7. RELATED PARTY TRANSACTIONS Certain plan investments represent shares of funds managed by MFS Heritage Trust Company, the trustee of the Plan, employer securities and participant loans. These transactions are considered party-in-interest transactions. These transactions are not, however, considered prohibited transactions under 29 CFR 408(b) of the ERISA regulations. - 7 - 11 PLEXUS CORP. 401(k) SAVINGS PLAN FORM 5500, SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR DECEMBER 31, 2000
Identity of Issuer, Borrower, Lessor Current or Similar Party Description of Investment Value --------------------------------------------- ------------------------------------------ ------------------ * Plexus Corp. Unitized Stock Fund Unitized Stock Fund $ 42,190,708 * MFS Capital Opportunities Fund Mutual Fund 9,298,245 * MFS Strategic Income Fund Mutual Fund 1,059,445 * MFS Mid Cap Growth Fund Mutual Fund 7,390,809 * MFS Equity Income Fund Mutual Fund 5,830,772 * MFS New Discovery Fund Mutual Fund 4,340,718 * MFS Fixed Fund Common Trust Fund 3,289,130 American EuroPacific Growth Fund Mutual Fund 4,494,068 INVESCO Balanced Fund Mutual Fund 1,760,714 Janus Aspen Worldwide Fund Mutual Fund 2,201,304 Janus Aspen Aggressive Growth Fund Mutual Fund 875,366 Munder Index 500 Fund Mutual Fund 6,346,057 Dreyfus Premier Technology Fund Mutual Fund 867,215 ------------------ $ 89,944,551 ================== * Participant Loans Interest rates ranging from 7.9% to 10.5%; Maturity dates ranging from 2001 to 2005 $ 2,739,301 ==================
* Party-in-interest. See Report of Independent Accountants. - 8 - 12 SIGNATURES The Plan. 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 hereunto duly authorized. PLEXUS CORP. 401(K) SAVINGS PLAN Date: June 25, 2001 /s/ Jos. D. Kaufman ------------------- Joseph D. Kaufman Employee Stock Savings Plan Fiduciary Committee Member EX-23 2 c63491ex23.txt CONSENT OF INDEPENDENT ACCOUNTANTS 1 EXHIBIT 23 [PricewaterhouseCoopers LLP letterhead] CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (File No. 33-23490 and File No. 333-06469) of Plexus Corp. of our report dated May 18, 2001 relating to the financial statements of Plexus Corp. 401(K) Savings Plan, which appears in this Form 11-K. /s/ PricewaterhouseCoopers LLP Milwaukee, Wisconsin June 25, 2001 -----END PRIVACY-ENHANCED MESSAGE-----