-----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, WB6wUZwoAE13dy8ikjSw7Vh48kTQSg2wgzp0n2mJuJY1QlVD+94FF9+jmaUrzA6E n4F+g10VRaVf0HZa/S0VUg== 0000950130-96-002443.txt : 19960701 0000950130-96-002443.hdr.sgml : 19960701 ACCESSION NUMBER: 0000950130-96-002443 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960628 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BUTLER INTERNATIONAL INC /MD/ CENTRAL INDEX KEY: 0000786765 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 061154321 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14951 FILM NUMBER: 96588439 BUSINESS ADDRESS: STREET 1: 110 SUMMIT AVE CITY: MONTVALE STATE: NJ ZIP: 07645 BUSINESS PHONE: 2015738000 MAIL ADDRESS: STREET 2: 110 SUMMIT AVENUE CITY: MONTVALE STATE: NJ ZIP: 07645 FORMER COMPANY: FORMER CONFORMED NAME: NORTH AMERICAN VENTURES INC DATE OF NAME CHANGE: 19920703 11-K 1 FORM 11-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K (Mark One) {X} ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended DECEMBER 31, 1995 ------------------------------------- OR { } TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-14951 ------------------------------------- BUTLER SERVICE GROUP, INC. 401(K) PLAN -------------------------------------- (Full name of plan) BUTLER INTERNATIONAL, INC. -------------------------- (Exact name of registrant as specified in its charter) MARYLAND 06-1154321 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 110 Summit Avenue, Montvale, New Jersey 07645 ---------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (201) 573-8000 -------------- 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 _____. ----- BUTLER SERVICE GROUP, INC. 401(K) PLAN TABLE OF CONTENTS - ------------------------------------------------------------------------------- Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Statements of Net Assets Available for Benefits as of December 31, 1995 and 1994 2 Statement of Changes in Net Assets Available for Benefits for the Year ended December 31, 1995 3 Notes to Financial Statements 4-10 SUPPLEMENTAL SCHEDULES FOR THE YEAR ENDED DECEMBER 31, 1995: Item 27a of Form 5500 - Schedule of Assets Held for Investment Purposes 11-16 Item 27d of Form 5500 - Schedule of Reportable Transactions 17 Supplemental schedules not included herein are omitted due to the absence of conditions under which they are required. INDEPENDENT AUDITORS' CONSENT 18 INDEPENDENT AUDITORS' REPORT Trustees Butler Service Group, Inc. 401(k) Plan Montvale, New Jersey We have audited the accompanying statements of net assets available for benefits of the Butler Service Group, Inc. 401(k) Plan as of December 31, 1995 and 1994, and the related statement of changes in net assets available for benefits for the year ended December 31, 1995. 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 benefits of the Plan as of December 31, 1995 and 1994, and the changes in net assets available for benefits for the year ended December 31, 1995 in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of (1) assets held for investment purposes as of December 31, 1995 and (2) reportable transactions for the year ended December 31, 1995 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 schedules are the responsibility of the Plan's management. Such schedules have been subjected to the auditing procedures applied in the basic 1995 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. /s/ Deloitte & Touche LLP - ------------------------- Parsippany, New Jersey June 25, 1996 BUTLER SERVICE GROUP, INC. 401(K) PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1995 AND 1994 - ---------------------------------------------------------------------------- 1995 1994 ASSETS: Investments at fair value / face value (Note C) $19,159,882 $15,076,784 Contributions receivable, employees 514,040 566,809 Contributions receivable, employer 567,689 - Accrued interest 95,302 98,139 -------------- -------------- Total Assets 20,336,913 15,741,732 -------------- -------------- LIABILITIES: Accrued expenses 7,447 7,082 -------------- -------------- Total Liabilities 7,447 7,082 -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS $20,329,466 $15,734,650 ============== ============== See notes to financial statements. BUTLER SERVICE GROUP, INC. 401(K) PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED DECEMBER 31, 1995 ------------------------------------------------------------ ADDITIONS TO NET ASSETS ATTRIBUTED TO: Contributions from employees $8,183,903 Contributions from employer 567,689 Investment income 630,069 Net realized and unrealized appreciation in investments 1,136,366 -------------- Total Additions 10,518,027 -------------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Distributions to participants 5,761,310 Investment and administrative management fees 161,901 -------------- Total Deductions 5,923,211 -------------- NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 4,594,816 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 15,734,650 -------------- NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $20,329,466 ============== See notes to financial statements. BUTLER SERVICE GROUP, INC. 401(K) PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 AND 1994 - -------------------------------------------------------------------------------- A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying financial statements are prepared on the accrual basis of accounting and are presented in accordance with the Employee Retirement Income Security Act of 1974 ("ERISA"). Certificates of deposit are stated at face value. US Government obligations and equity investments are stated at fair value as determined by quoted market prices. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. B. PLAN DESCRIPTION The following description provides general information, refer to the plan document for a more detailed description. On July 1, 1990, Butler Service Group, Inc. ("the Company") established a 401(K) Plan which was adopted by its wholly-owned subsidiaries. The 401(K) Plan is a continuation of the Butler Service Group, Inc. Investment Savings Plan and is designed to provide an incentive for employees of the company to save regularly through payroll deductions and possible matching contributions by the Company. Effective January 1, 1992, all employees are eligible to participate in the Butler Service Group, Inc. 401(K) Plan. Through December 31, 1993 there were three investment funds offered under the 401(K) Plan - the Fixed Income Fund, which invests in FDIC insured certificates of deposit and US government obligations, the Equity Fund, which invests in a diversified common stock portfolio, and the Butler International ("BI") Stock Fund which is a qualified employer security under ERISA. Effective January 1, 1994, two new investment funds were added - the Balanced Fund, which invests 60 to 65% in equities and 35 to 40% in government bonds and cash equivalents, and the International Fund which generally invests in securities of foreign issuers located in Europe, the Pacific Rim, Canada and Central and South America. A participant in the 401(K) Plan has the choice of saving on a before-tax basis, by payroll deduction, any amount from 1% to 20% (in whole percentages) of total payroll each payroll period, an "elective deferral contribution." By law, the elective deferral contribution, per participant, under this Plan and all similar plans is limited to $7,000 during any calendar year, as adjusted for cost-of-living increase ($9,240 for 1995). In addition, the elective deferral contribution for a highly compensated employee (an employee earning over $66,000 for 1995), during the year relative to the elective deferral contributions of other participants of the Plan could exceed the amount permitted by law. Should this occur, the elective deferral contributions of the highly compensated employees may be reduced during the Plan year to the extent necessary to satisfy the legal limitation or any excess deferral contributions may be recharacterized or refunded after the end of the Plan year. A participant may allocate a specified percentage of the contribution in any or all of the five funds in multiples of 10%. The Company is not required to make any contributions to the Plan, but the Company may decide, at its sole discretion, to make a matching contribution for a Plan year. For any Plan year that the Company decides to make a matching contribution, it will deposit in the BI Stock Fund an amount which will be allocated in proportion to the elective deferral contributions made by the Plan participants for that Plan year. There were no Company contributions made in 1994. In 1995, a Company contribution of $567,689 was made in accordance with a customer contract. This contribution was funded by the customer. Each participant may be permitted to change the elective deferral contribution rate by completing the Change in Status Form and filing it with the Plan's Administrative Committee. The elective deferral contribution rate will be adjusted as soon as administratively possible after the Committee receives and processes the Change in Status Form. A participant may fully discontinue the elective deferral contribution as of the first day of any month by written notice to the Plan's Administrative Committee at least fifteen days before the date on which the discontinuance is to take effect. A discontinuance of the elective deferral contribution is only permitted once during any Plan year and will automatically require the discontinuance of any Company matching contributions to the Matching Contribution Account. The elective deferral contribution may be resumed as of any January, April, July, or October 1 by written notice to the Committee at least fifteen days before a participant intends for the contributions to be resumed. Participants may withdraw funds while employed only from accounts in which they are fully vested after attaining age 59 1/2. Prior to attaining age 59 1/2 a withdrawal may be made only on account of financial hardship. Only one withdrawal may be requested during any Plan year for reasons other than financial hardship. The minimum amount available for a withdrawal is $500. If the participant has an outstanding loan, the amount of funds available for withdrawal may be limited. Withdrawals may be made as of any January 1, April 1, July 1, or October 1 from any of the funds in which the participant's accounts are invested. A participant will have a 100% vested interest in all accounts upon retirement at or after age 65, in the event of a permanent disability or in the event of death prior to termination of employment. Upon termination of employment, the value of the vested accounts will be paid in a lump sum. After completing three years of service with the Company, a participant is entitled to the full value of the Matching Contribution Account. Participants may borrow up to 50% of the vested portion of their account balance, subject to a maximum of $50,000. Only one loan will be granted at a time and must be repaid in full before another loan can be requested. The minimum loan amount is $1,000. Loans are subject to an interest rate based on the rate charged, as of the date the loan is granted, by the Company's principal banking institution for loans granted under similar circumstances. Loans must be repaid within such period as agreed to by the participant and the Plan's administrative committee, up to a maximum of five years. However, if the loan is made for the purchase or construction of the participants principal place of residence, the repayment period may be longer than five years. Repayments will normally be made through payroll deductions. Although the Company has not expressed any intent to do so, in the event the Plan is terminated, all participants will be 100% vested in all their accounts and benefits will be payable strictly under the terms of the Plan. Benefits under defined contribution plans of the 401(K) type are not insured by the Pension Benefit Guaranty Corporation. C. PLAN INVESTMENTS Plan investments are summarized as follows: December 31, -------------- -------------- Fixed Income Fund: 1995 1994 Fixed Income Fund - Certificates of deposit at fair value $8,131,000 $7,371,000 PW Retirement Money Fund 92,163 54,390 Loans to participants 155,235 101,157 -------------- -------------- Total Fixed Income Fund 8,378,398 7,526,547 -------------- -------------- Equity Fund: Equity Account - US Government obligations at fair value - 81,620 Equity Account - Stocks at fair value 4,603,900 3,283,354 Sansom Money Market Portfolio 1,246,185 608,825 Cash - 520 Loans to participants 66,729 50,570 -------------- -------------- Total Equity Fund 5,916,814 4,024,889 -------------- -------------- Butler International ("BI") - Stock Fund: BI Common Stock at fair value, 254,408 shares at December 31, 1995 and 227,948 shares at December 31, 1994 1,367,443 1,367,688 PW Retirement Money Fund 463 5,714 Cash - 1,124 Loans to participants 49,915 26,635 -------------- -------------- Total BI - Stock Fund 1,417,821 1,401,161 -------------- -------------- Balanced Fund: Equity Account - US Government obligations at fair value 588,160 281,825 Equity Account - Stocks at fair value 879,370 477,359 Sansom Money Market Portfolio 170,604 9,249 Loans to participants 7,293 8,231 -------------- -------------- Total Balanced Fund 1,645,427 776,664 -------------- -------------- International Fund: Equity Account - Stocks at fair value 1,655,813 1,211,054 Sansom Money Market Portfolio 87,172 101,393 Loans to participants 8,115 6,453 -------------- -------------- Total International Fund 1,751,100 1,318,900 -------------- -------------- Distribution Account: PW Retirement Money Fund 42,775 28,623 Cash 7,547 - -------------- -------------- Total Distribution Account 50,322 28,623 -------------- -------------- Total Investments, at fair value/contract value $19,159,882 $15,076,784 ============= ============= Year Ended December 31, Net realized and unrealized appreciation 1995 -------------- (depreciation) in investments: US government obligations $41,633 Certificates of deposit 11,175 Equity investments 1,083,558 ------------- Total $1,136,366 ============= Investment income: Interest $483,273 Dividends 146,637 Cash in lieu of fractional shares 159 ------------- Total $630,069 ============= D. BENEFITS PAYABLE The amounts payable to the Plan participants who have terminated or withdrawn from the plan were $1,419,271 and $922,036 at December 31, 1995 and 1994, respectively. E. TAX STATUS The Internal Revenue Service has determined that the Plan is a qualified plan under Section 401(a) of the Code with an associated trust exempt from tax under Section 501(a). The most recent favorable letter of determination on the qualified status of the Plan was issued by the Internal Revenue Service ("IRS") on April 22, 1996. The sponsor will, on a timely basis as prescribed by IRS guidelines, request a determination letter from the IRS on the Plan's continued qualified status. The Plan sponsor and the Plan's tax counsel believe that the Plan as currently designed and operated is in compliance with the applicable requirements of the Internal Revenue Code. Therefore, there is no provision for income taxes in the financial statements. F. ADMINISTRATION OF PLAN ASSETS Contributions are held and managed by PaineWebber, Inc. ("the trustee"), which invests cash received, interest and dividend income and makes distributions to participants. The trustee also administers the payment of interest and principal on the participant loans. Certain administrative functions are performed by officers or employees of the Company. No such officer or employee receives compensation from the Plan. Certain plan administration expenses are borne by the Plan. G. STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS BY FUND
December 31, 1995 Fixed Equity BI- Balanced International Distribution - ----------------- Income Fund Stock Fund Fund Account Total ------ ------ ----- -------- ------------- ------------ ----- Assets: Net investments, at fair value / face value $8,286,235 $4,670,629 $1,417,358 $1,474,823 $1,663,928 $ - $17,512,973 Cash and cash equivalents 92,163 1,246,185 463 170,604 87,172 50,322 1,646,909 Contributions receivable: Employees 182,240 156,730 43,601 75,002 56,467 - 514,040 Employer 307,364 126,334 35,857 46,945 51,189 - 567,689 Accrued interest 95,302 - - - - - 95,302 ----------- ---------- ---------- ---------- ---------- --------- ------------ Total Assets 8,963,304 6,199,878 1,497,279 1,767,374 1,858,756 50,322 20,336,913 ----------- ---------- ---------- ---------- ---------- --------- ------------ Liabilities: Accrued expenses 3,531 2,505 32 658 721 - 7,447 ----------- ---------- ---------- ---------- ---------- --------- ------------ Total Liabilities 3,531 2,505 32 658 721 - 7,447 ----------- ---------- ---------- ---------- ---------- --------- ------------ Net assets available for benefits $8,959,773 $6,197,373 $1,497,247 $1,766,716 $1,858,035 $ 50,322 $20,329,466 ========== ========== ========== ========== ========== ========= =========== December 31, 1994 Fixed Equity BI- Balanced International Distribution - ----------------- Income Fund Stock Fund Fund Account Total ------ ------ ----- -------- ------------- ------------ ----- Assets: Net investments, at fair value / face value $7,472,157 $3,415,544 $1,394,323 $767,415 $1,217,507 $ - $14,266,946 Cash and cash equivalents 54,390 609,345 6,838 9,249 101,393 28,623 809,838 Contributions receivable, employees 227,097 151,895 47,586 58,744 81,487 - 566,809 Accrued interest 98,139 - - - - - 98,139 ----------- ---------- ---------- ---------- ---------- --------- ------------ Total Assets 7,851,783 4,176,784 1,448,747 835,408 1,400,387 28,623 15,741,732 ----------- ---------- ---------- ---------- ---------- --------- ------------ Liabilities: Accrued expenses 3,802 2,132 121 363 664 - 7,082 ----------- ---------- ---------- ---------- ---------- --------- ------------ Total Liabilities 3,802 2,132 121 363 664 - 7,082 ----------- ---------- ---------- ---------- ---------- --------- ------------ Net assets available for benefits $7,847,981 $4,174,652 $1,448,626 $835,045 $1,399,723 $28,623 $15,734,650 ========== ========== ========== ========== ========== ========= ===========
H. STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND
Year Ended December 31, 1995 Fixed Equity BI- Balanced International Distribution - ----------------- Income Fund Stock Fund Fund Account Total ------ ------ ----- -------- ------------- ------------ ----- Additions: Contributions from employees $3,099,287 $2,360,139 $717,181 $973,129 $1,021,138 $13,029 $8,183,903 Contributions from employers 307,364 126,334 35,857 46,945 51,189 - 567,689 Investment income 461,873 88,221 388 39,902 37,060 2,625 630,069 Net realized and unrealized appreciation (depreciation) in investments 11,175 1,095,610 (254,184) 185,090 98,675 - 1,136,366 ---------- ---------- ---------- ---------- ---------- ------- ----------- Total Additions 3,879,699 3,670,304 499,242 1,245,066 1,208,062 15,654 10,518,027 ---------- ---------- ---------- ---------- ---------- ------- ----------- Deductions: Distribution to participants 2,843,309 1,493,347 527,232 396,973 506,719 (6,270) 5,761,310 Investment management and administrative fees 15,541 87,657 8,935 20,752 28,791 225 161,901 ---------- ---------- ---------- ---------- ---------- ------- ----------- Total Deductions 2,858,850 1,581,004 536,167 417,725 535,510 (6,045) 5,923,211 ---------- ---------- ---------- ---------- ---------- ------- ----------- Net Transfers 90,943 (66,579) 85,546 104,330 (214,240) - - Net increase in assets 1,111,792 2,022,721 48,621 931,671 458,312 21,699 4,594,816 Net assets available for benefits, beginning of year 7,847,981 4,174,652 1,448,626 835,045 1,399,723 28,623 15,734,650 ---------- ---------- ---------- ---------- ---------- ------- ----------- Net assets available for benefits, end of year $8,959,773 $6,197,373 $1,497,247 $1,766,716 $1,858,035 $50,322 $20,329,466 ========== ========== ========== ========== ========== ======= ===========
BUTLER SERVICE GROUP, INC. 401(K) PLAN ITEM 27a of FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1995 - ------------------------------------------------------------------------------- Current Value/ Interest Maturity Par Face Description Rate Date Value Value Cost ----------- ---- ---- ----- ----- ---- Cash and Cash Equivalents: PW Retirement Money Fund $142,948 $142,948 Sansom St. Money Market Portfolio 1,503,961 1,503,961 ------------ ------------ $1,646,909 $1,646,909 ============ ============ US Government Obligations: US Treasury Note 8.25% 07/15/98 $57,000 $61,026 $60,655 US Treasury Note 7.50% 05/15/02 81,000 89,885 86,376 US Treasury Note 6.25% 02/15/03 76,000 79,349 76,042 US Treasury Note 7.25% 05/15/04 137,000 152,114 137,913 US Treasury Note 7.88% 11/15/04 127,000 132,027 120,281 US Zero Coupons 0.00% 08/15/05 - 73,759 70,228 --------- ------------ ------------ $478,000 $588,160 $551,495 ========= ============ ============ Certificates of Deposit: Continental Bank 4.70% 09/30/96 $5,000 $5,000 FCC National Bank 4.80% 10/21/96 30,000 30,000 Continental Bank 5.25% 01/21/97 22,000 22,000 Continental Bank 6.40% 02/12/97 8,000 8,000 Continental Bank 4.55% 03/31/97 3,000 3,000 MBNA America 4.90% 06/30/97 50,000 50,000 MBNA America 4.75% 08/18/97 90,000 90,000 Continental Bank 5.20% 08/19/97 150,000 150,000 MBNA America 4.70% 09/02/97 40,000 40,000 Continental Bank 5.00% 10/07/97 50,000 50,000 Continental Bank 5.65% 11/12/97 90,000 90,000 Continental Bank 5.70% 01/13/98 275,000 275,000 Continental Bank 5.55% 01/27/98 20,000 20,000 Ponce Fed. Bank 5.00% 07/14/98 90,000 90,000 LaSalle National Bank 4.15% 10/28/98 180,000 180,000 Greenwood Trust Co. 4.95% 11/03/98 90,000 90,000 Greenwood Trust Co. 5.00% 11/24/98 360,000 360,000 LaSalle National Bank 4.55% 11/24/98 90,000 90,000 European American Bank 6.15% 05/25/99 60,000 60,000 European American Bank 6.10% 06/08/99 20,000 20,000 European American Bank 6.00% 06/22/99 9,000 9,000 Continental Bank 5.80% 08/19/99 45,000 45,000 Continental Bank 5.60% 09/23/99 20,000 20,000 Continental Bank 5.70% 10/07/99 135,000 135,000 Republic Bank & Trust 5.60% 10/18/99 6,000 6,000 MBNA America Bank NA 5.40% 12/20/99 7,000 7,000 Continental Bank 6.30% 12/23/99 3,000 3,000 Current Value/ Interest Maturity Face Description Rate Date Value Cost ----------- ---- ---- ----- ---- Continental Bank 6.15% 01/13/00 330,000 330,000 Continental Bank 6.10% 01/20/00 170,000 170,000 Continental Bank 5.60% 04/07/00 105,000 105,000 Continental Bank 5.65% 04/14/00 126,000 126,000 Continental Bank 5.40% 04/21/00 17,000 17,000 Continental Bank 5.40% 04/28/00 3,000 3,000 Bank America Phoenix 5.50% 05/10/00 275,000 275,000 Continental Bank 5.50% 05/26/00 20,000 20,000 Berkeley Fed Bank & Trust 5.80% 10/11/00 9,000 9,000 Greenwood Trust Co. 5.10% 10/27/00 90,000 90,000 Greenwood Trust Co. 5.45% 11/17/00 45,000 45,000 Berkeley Fed Bank & Trust 5.60% 11/29/00 90,000 90,000 Greenwood Trust Co. 5.40% 12/15/00 12,000 12,000 Greenwood Trust Co. 5.40% 12/22/00 270,000 270,000 Berkeley Fed Bank & Trust 5.50% 12/27/00 175,000 175,000 Greenwood Trust Co. 5.35% 01/19/01 15,000 15,000 Greenwood Trust Co. 5.40% 02/02/01 12,000 12,000 LaSalle National Bank 6.35% 06/08/01 50,000 50,000 Continental Bank 7.05% 07/01/02 10,000 10,000 Continental Bank 6.75% 07/29/02 55,000 55,000 Continental Bank 6.40% 08/26/02 30,000 30,000 Continental Bank 6.20% 09/23/02 6,000 6,000 European American Bank 5.65% 11/22/02 45,000 45,000 Continental Bank 6.80% 12/02/02 24,000 24,000 Continental Bank 6.70% 12/23/02 33,000 33,000 Continental Bank 6.65% 12/30/02 14,000 14,000 Continental Bank 6.55% 01/13/03 25,000 25,000 Continental Bank 6.55% 01/21/03 18,000 18,000 Continental Bank 6.50% 01/27/03 98,000 98,000 Continental Bank 6.40% 02/03/03 18,000 18,000 Continental Bank 6.30% 02/10/03 10,000 10,000 Continental Bank 6.20% 02/18/03 20,000 20,000 Continental Bank 5.70% 03/17/03 165,000 165,000 Continental Bank 6.00% 06/09/03 220,000 220,000 Greenwood Trust Co. 5.50% 10/27/03 90,000 90,000 Greenwood Trust Co. 5.75% 11/10/03 45,000 45,000 Greenwood Trust Co. 5.90% 11/17/03 48,000 48,000 Greenwood Trust Co. 6.00% 12/22/03 20,000 20,000 Greenwood Trust Co. 6.00% 12/29/03 10,000 10,000 LaSalle National Bank 5.30% 01/05/04 12,000 12,000 Greenwood Trust Co. 5.80% 01/20/04 6,000 6,000 LaSalle National Bank 5.30% 01/26/04 305,000 305,000 Greenwood Trust Co. 5.85% 01/26/04 39,000 39,000 Greenwood Trust Co. 6.00% 02/17/04 230,000 230,000 LaSalle National Bank 6.05% 03/16/04 20,000 20,000 Current Value/ Interest Maturity Face Description Rate Date Value Cost ----------- ---- ---- ----- ---- LaSalle National Bank 6.05% 03/23/04 260,000 260,000 LaSalle National Bank 6.05% 03/30/04 9,000 9,000 LaSalle National Bank 6.50% 04/20/04 254,000 254,000 LaSalle National Bank 6.65% 04/27/04 10,000 10,000 LaSalle National Bank 6.45% 05/04/04 35,000 35,000 LaSalle National Bank 6.65% 05/25/04 16,000 16,000 LaSalle National Bank 6.35% 06/01/04 90,000 90,000 LaSalle National Bank 6.45% 06/22/04 248,000 248,000 LaSalle National Bank 6.55% 06/29/04 10,000 10,000 LaSalle National Bank 6.50% 07/27/04 15,000 15,000 Greenwood Trust Co. 6.80% 07/27/04 15,000 15,000 Greenwood Trust Co. 7.05% 08/31/04 8,000 8,000 Greenwood Trust Co. 7.10% 09/21/04 4,000 4,000 Greenwood Trust Co. 7.20% 10/12/04 4,000 4,000 Greenwood Trust Co. 7.25% 10/19/04 8,000 8,000 Greenwood Trust Co. 7.40% 11/02/04 25,000 25,000 LaSalle National Bank 7.35% 11/30/04 5,000 5,000 LaSalle National Bank 7.15% 12/14/04 12,000 12,000 LaSalle Cragin Bank 7.15% 01/25/05 22,000 22,000 LaSalle National Bank 6.95% 03/01/05 11,000 11,000 LaSalle Cragin Bank 6.75% 04/12/05 20,000 20,000 LaSalle Cragin Bank 6.70% 04/19/05 8,000 8,000 LaSalle National Bank 6.50% 04/26/05 13,000 13,000 LaSalle National Bank 6.60% 05/03/05 14,000 14,000 LaSalle National Bank 6.20% 05/24/05 90,000 90,000 LaSalle National Bank 6.25% 05/31/05 265,000 265,000 LaSalle National Bank 5.90% 06/28/05 265,000 265,000 LaSalle National Bank 5.70% 06/14/05 30,000 30,000 LaSalle National Bank 6.10% 06/21/05 10,000 10,000 LaSalle National Bank 5.95% 07/26/05 30,000 30,000 LaSalle National Bank 6.25% 08/30/05 276,000 276,000 LaSalle National Bank 6.00% 09/20/05 30,000 30,000 LaSalle National Bank 5.95% 09/27/05 205,000 205,000 European American Bank 6.05% 10/04/05 10,000 10,000 European American Bank 5.75% 11/29/05 86,000 86,000 European American Bank 5.70% 12/06/05 35,000 35,000 European American Bank 7.00% 12/06/10 20,000 20,000 LaSalle National Bank 7.00% 12/27/10 190,000 190,000 LaSalle National Bank 7.00% 12/28/10 95,000 95,000 ------------ ------------ $8,131,000 $8,131,000 ============ ============ Loans to Participants 7.0% - 02/96 - 0.095 35312 $287,287 $287,287 ============ ============ BUTLER SERVICE GROUP, INC. 401(K) PLAN ITEM 27a of FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1995 - -------------------------------------------------------------------------------- Current Value/ Face Common Stocks: Shares Value Cost ------ ----- ---- ABT Building Products Corp. 1,610 $22,943 $22,540 Advanta Corp. Class B 3,650 132,769 122,835 AES Corp. 3,162 75,493 61,659 Aktiebolaget Electrolux 820 33,928 39,555 Alcatel Alsthom Sponsored 2,060 36,050 38,008 Altera Corp 480 23,880 29,682 Amdahl Corp 8,480 72,080 94,843 Amer Natl Insurance Co 215 14,298 12,954 Amgen Inc. 340 20,188 10,030 Amway Japan Ltd Sponsored ADR 1,835 38,306 34,982 Applied Materials Inc 590 23,231 28,075 Apria Healthcare Group Inc 5,050 142,663 100,881 Asia Pulp & Paper Ltd 4,080 33,150 46,865 Astra AB Sponsored ADR 851 33,772 22,312 Augat Inc 3,000 51,375 49,852 Bank of Boston Corp. 280 12,950 7,245 Bay Networks Inc 427 17,560 20,546 BBC Brown Boveri Ltd 273 31,792 25,029 Bear Stearns Cos Inc 1,445 28,719 28,358 Boston Scientific Corp 740 36,445 22,862 BMC Software Inc 3,850 164,588 124,843 Cable & Wireless PLC 1,625 34,328 34,844 Cadbury Schweppes PLC 885 29,426 26,218 Caremark Int'l Inc 9,100 164,938 159,731 Champion Intl Corp 470 19,740 20,926 Chemical Banking Corp 2,900 170,375 117,506 Ciba Geigy Reg Sponsored ADR 715 31,535 25,781 Circuit City Stores Inc 1,690 46,686 56,379 Cisco Sys Inc 1,085 80,968 57,109 Citicorp 3,010 202,423 123,164 Compagnie Generale Des 1,570 31,391 33,108 Conrail 195 13,650 10,944 Cyprus Amax Minerals Co 1,100 28,738 29,555 Darden Restaurants Inc 4,660 55,338 53,008 Dayton Hudson Corp 2,320 174,000 174,892 Den Danske Bank A F ADR 495 34,210 30,870 Digital Equipment Corp 315 20,199 10,946 Dow Chemical 200 14,050 14,550 Eastman Chemical Co 300 18,713 15,150 ECI Telecom Ltd 5,390 122,962 79,080 Elf Aquitaine ADR 1,389 51,046 49,645 EMC Corp. Mass 8,240 126,690 157,951 Empresa Nacional De 605 34,636 32,732 Exel LTD Ord. 2,180 132,708 86,110 Fiat Spa Sponsored ADR 5,304 47,073 58,977 BUTLER SERVICE GROUP, INC. 401(K) PLAN ITEM 27a of FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1995 - -------------------------------------------------------------------------------- Current Value/ Face Shares Value Cost ------ ----- ---- Fletcher Challenge Ltd ADR 1,149 26,571 27,636 Foundation Health Corp 2,940 127,155 88,526 Goodman Fielder Ltd 8,975 36,053 33,873 Greenfield Inds Inc 2,340 73,125 56,160 Heineken NV ADR 292 51,861 40,277 Hitachi Ltd ADR 533 53,567 53,044 Hoechst AG ADR 371 50,416 40,211 HSBC Hldgs PLC Sponsored ADR 224 33,896 30,008 Integrated Device Tech Inc 8,490 109,309 137,979 Intel Corp 2,330 132,228 78,868 Intl Nederlanden Grp ADR 510 34,106 27,787 Kimberly Clark Corp 351 29,045 15,553 KN Energy Inc 2,240 65,240 53,388 Kyocera Corp ADR 235 35,074 39,167 Lafarge Coppee Sponsored 1,451 30,891 35,417 Lehman Bros Holdings Inc 1,355 28,794 30,969 Linear Technology Corp 575 22,569 22,569 Living Centers of America 1,980 69,300 53,955 LSI Logic Corp 1,680 55,020 55,535 Mac Frugals Bargins 3,230 45,220 62,413 Mannesmann Aktiengesell ADR 159 50,735 45,430 Matsushita Elec Ind. ADR 231 38,000 36,326 McDonnell Douglas Corp 205 18,860 14,786 Mead Corp 205 10,711 11,121 MEMC Electr Materials 1,830 59,704 53,985 Merrill Lynch & Co 435 22,185 22,403 Micron Technology 619 24,528 20,496 Mid Atlantic Med Svcs Inc 5,820 141,135 102,051 Morgan Stanley Group Inc 280 22,575 22,645 Morton Intl Inc Inds 1,800 64,575 57,600 National Power PLC Sponsored ADR 1,672 46,816 50,985 National Semiconductor Corp 7,590 167,929 155,577 Nestle SA Sponsored ADR 896 49,681 43,821 News Corp Ltd Pfd Sponsored 1,965 37,826 35,757 Nike Inc CL B 290 20,191 10,616 Nintendo Ltd ADR 3,380 32,154 28,798 Nippondenso Ltd ADR 433 32,406 35,138 Phelps Dodge Corp 240 14,940 14,850 Phillip Morris Cos Inc 225 20,306 12,938 Premark International Inc 2,690 136,181 121,221 Prudential Reinsurance 4,310 100,746 82,429 Quanex Corp 1,930 37,394 44,149 Rank Organization PLC 2,460 35,978 32,074 Read-Rite Corp 2,200 51,150 51,869 Redland Ltd Sponsored ADR 6,480 39,139 44,083 BUTLER SERVICE GROUP, INC. 401(K) PLAN ITEM 27a of FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1995 - -------------------------------------------------------------------------------- Current Value/ Face Shares Value Cost ------ ----- ---- Reliastar Fincl Corp 2,370 105,169 68,730 Repola OY S 1 (Bundna) 1,887 35,636 35,433 Reynolds Metals Co 110 6,256 5,390 Rival Company 3,300 73,013 57,750 Roosevelt Financial Group Inc 5,390 104,431 80,850 Royal Dutch Petroleum 380 53,628 43,588 Royal Nedlloyd Group NV ADR 2,739 31,099 42,062 Safeway Inc 480 24,720 15,300 Salomon Bros 650 22,994 22,425 Seagate Technology 425 20,188 19,249 SGS-Thomson Microelectron 3,450 138,863 78,488 Siemens AG ADR 485 53,201 47,173 Sony Corp ADR 993 60,945 53,465 Southern Electric PLC ADR 1,320 37,054 30,216 Sun Microsystems Inc 1,090 49,731 18,928 Tandem Computers 10,820 114,963 171,523 Temple Inland Inc 285 12,504 12,754 Teradyne Inc 925 23,241 29,484 Thorn EMI PLC ADR 1,360 32,032 25,330 Toyota Motor Corp ADR 965 40,771 40,103 UAL Corp 105 18,743 20,844 U.S. Robotics 240 21,060 20,717 Union Carbide Corp 500 18,750 14,687 USX-Marathon Group Inc 1,355 26,423 26,495 Vastar Res Inc 3,450 109,538 84,769 Vesta Insurance Group, Inc 1,300 70,850 37,050 VLSI Technology Inc 3,270 59,269 43,191 Volvo Aktiebolaget ADR 2,592 53,380 47,578 Wash Mutual Inc 4,940 142,643 83,538 Waste Management Intl 3,075 33,056 31,930 Weatherford Int'l Inc 1,895 54,955 36,953 Wellpoint Health 4,510 144,884 131,354 Westvaco Corp 405 11,239 10,598 Weyerhaeuser Co 270 11,678 11,205 Whirlpool Corp 2,000 106,500 104,100 Willamette Indust 245 13,781 16,844 Williams Cos Inc 515 22,596 22,467 Xilinx Inc 645 19,673 22,365 Yasuda Tr & Bkg Ltd ADR 715 42,352 42,184 Butler International, Inc 254,408 1,367,443 1,602,048 ------------ ------------ $8,506,526 $7,846,764 ============ ============ BUTLER SERVICE GROUP, INC. 401(K) PLAN ITEM 27d of FORM 5500 - SCHEDULE OF REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 1995 - ---------------------------------------------- ------ ---------------------- Number of Number of Sales Net Gain Purchase Asset Description Transactions Proceeds (Loss) Transactions Cost - ----------------- ------------ -------- -------- ------------ ---- Single transactions in excess of 5% of Plan assets: PW Retirement Money Fund 1 959,534 - 1 1,038,250 PW Retirement Money Fund - - - 1 1,047,732 Series of transactions in excess of 5% of Plan assets: LaSalle National Bank 3 477,028 - 29 1,744,000 Greenwood Trust Co. CD's 6 888,598 - - - PW Retirement Money Fund 136 8,307,933 - 243 8,362,163 Sansom Money Market Portfolio 177 6,672,783 - 312 7,457,269 INDEPENDENT AUDITORS' CONSENT - ----------------------------- We consent to the incorporation by reference in Registration Statements No. 33- 58481 and No. 33-87012 on Form S-8, Registration Statement No. 33-59427 on Form S-3 and Post-Effective Amendment No. 4 to Registration Statement No. 33-58278 on Form S-2 of our report dated June 25, 1996 appearing in the Annual Report on Form 11-K of the Butler Service Group, Inc. 401(k) Plan for the year ended December 31, 1995. /s/ Deloitte & Touche LLP - ------------------------- Parsippany, New Jersey June 25, 1996 SIGNATURES Pursuant to the requirement of the Securities Exchange Act of 1934, the trustees (or other persons who administer the plan) have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized. BUTLER INTERNATIONAL, INC. -------------------------- (Registrant) June 28, 1996 By: /s/ Warren F. Brecht -------------------------- Warren F. Brecht Senior Vice President and Secretary -----END PRIVACY-ENHANCED MESSAGE-----