-----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, QEufY01WfqjdAv6yQC/DyAHGaH55eIkgMgEWpotpL7aTMp1Mns4UOBACR7Lv5DMA EXJ155DZ5vfWXrIaKNr9Yg== 0000850483-97-000023.txt : 19971023 0000850483-97-000023.hdr.sgml : 19971023 ACCESSION NUMBER: 0000850483-97-000023 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19971022 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOVERNMENT TECHNOLOGY SERVICES INC CENTRAL INDEX KEY: 0000850483 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-COMPUTER & PERIPHERAL EQUIPMENT & SOFTWARE [5045] IRS NUMBER: 541248422 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-19394 FILM NUMBER: 97699159 BUSINESS ADDRESS: STREET 1: 4100 LAFAYETTE CENTER DR CITY: CHANTILLY STATE: VA ZIP: 22021-0808 BUSINESS PHONE: 7035022000 MAIL ADDRESS: STREET 1: 4100 LAFAYETTE CTR DRIVE CITY: CHANTILLY STATE: VA ZIP: 22021-0808 11-K 1 =========================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 -------------------------------------------- FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 -------------------------------------------- FOR THE FISCAL YEAR ENDED DECEMBER 31, 1995 COMMISSION FILE NUMBER 33-55090 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: GTSI EMPLOYEES' 401(k) INVESTMENT PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: GOVERNMENT TECHNOLOGY SERVICES, INC. 4100 Lafayette Center Drive Chantilly, Virginia 20151-1200 =========================================================================== Government Technology Services, Inc. Employees 401(k) Investment Plan Financial Statements As of December 31, 1995 and 1994 Together With Auditors' Report - 2 - Government Technology Services, Inc. Employees 401(k) Investment Plan Table of Contents Page Reports of Independent Public Accountants 4 Statement of Net Assets Available For Benefits With Fund Information As of December 31, 1995 6 Statement of Net Assets Available for Benefits With Fund Information As of December 31, 1994 7 Statement of Changes in Net Assets Available for Benefits With Fund Information For the Year Ended December 31, 1995 8 Notes to Financial Statements As of December 31, 1995 9 Item 27(a) - Schedule of Assets Held For Investment Purposes As of December 31, 1995 16 Item 27(d) - Schedule of Reportable Transactions For the Year Ended December 31, 1995 17 Schedules Omitted Because There Were No Such Items For the Year Ended December 31, 1995: Item 27 (b) - Loans or Fixed Income Obligations Due in Default or Classified as Uncollectible Item 27 (c) - Leases in Default or Classified as Uncollectible Item 27 (e) - Nonexempt Transactions Item 27 (f) - Nonexempt Transactions - 3 - Report of Independent Public Accountants To the Advisory Committee of the Government Technology Services, Inc. Employees 401(k) Investment Plan: We have audited the accompanying statement of net assets available for benefits of the Government Technology Services, Inc., Employees 401(k) Investment Plan (the "Plan") as of December 31, 1995, and the related statement of changes in net assets available for benefits for the year ended December 31, 1995. These financial statements and the schedules referred to below are the responsibility of the Plan's Advisory Committee. Our responsibility is to express an opinion on these financial statements and schedules based on our audit. The statement of net assets available for benefits as of December 31, 1994 was audited by other auditors whose report dated June 9, 1995 expressed an unqualified opinion on this statement. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform an 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, 1995, and the changes in net assets available for benefits for the year ended December 31, 1995, in conformity with generally accepted accounting principles. Our audit was performed 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 fund information in the statement of net assets available for benefits and the statement of changes in net assets available for benefits is presented for the purpose of additional analysis rather than to present the net assets available for benefits and the changes in net assets available for benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. Washington, D.C. ARTHUR ANDERSEN LLP December 15, 1996 - 4 - Report of Independent Accountants The Advisory Committee Government Technology Services, Inc. Employees' 401(k) Investment Plan We have audited the accompanying statement of net assets available for benefits of Government Technology Services, Inc. Employees' 401(k) Investment Plan (the Plan) as of December 31, 1994. This financial statement is the responsibility of the Plan's management. Our respon- sibility is to express an opinion on this financial statement based on our audit. We conducted our audit 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 statement is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement. 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 statement referred to above presents fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1994, in conformity with generally accepted accounting principles. Our audit was performed for the purpose of forming an opinion on the basic financial statement taken as a whole. The fund information in the statement of net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for benefits of each fund. The fund information has been subjected to the auditing procedures applied in the audit of the basic financial statement and, in our opinion, is fairly stated in all material respects in relation to the basic financial statement taken as a whole. COOPERS & LYBRAND, L.L.P. Washington, D.C. June 9, 1995 - 5 - Government Technology Services, Inc. Employees 401(k) Investment Plan Statement of Net Assets Available For Benefits With Fund Information As of December 31, 1995
Participant Directed -------------------------------------------------------------------------------------------------- Money Guaranteed Market Common Investment Fund Mutual Funds Stock Contract ---------- ------------------------------------------------ ---------- ---------- Washington Deposit Nations Cash Growth Mutual Bond Fund Admini- Parti- Bank Management Fund of Investors of GTSI stration cipant Cash Trust America Fund America Stock Fund Loans Total ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Assets: Investments $ - $ 82,494 $1,333,589 $ 971,939 $ 437,100 $ 13,843 $ 144,070 $ 54,327 $3,037,362 Cash 65,616 - - - - - - - 65,616 Contributions receivable 20,499 - - - - - - - 20,499 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 86,115 82,494 1,333,589 971,939 437,100 13,843 144,070 54,327 3,123,477 Liabilities: Excess contributions refundable - (363) (14,397) (11,377) (5,610) - (669) - (32,416) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net assets available for benefits $ 86,115 $ 82,131 $1,319,192 $ 960,562 $ 431,490 $ 13,843 $ 143,401 $ 54,327 $3,091,061 ========== ========== ========== ========== ========== ========== ========== ========== ==========
The accompanying notes are an integral part of this statement. - 6 - Government Technology Services, Inc. Employees 401(k) Investment Plan Statement of Net Assets Available For Benefits With Fund Information As of December 31, 1994
Participant Directed -------------------------------------------------------------------------------------- Guaranteed Common Investment Mutual Funds Stock Contract ------------------------------------------------ ---------- ---------- Washington Deposit Cash Growth Mutual Bond Fund Admini- Parti- Management Fund of Investors of GTSI stration cipant Trust America Fund America Stock Fund Loans Total ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Assets: Investments $ 67,097 $ 831,253 $ 527,850 $ 311,977 $ 15,028 $ 105,991 $ 41,512 $1,900,708 Cash 2,190 27,189 17,275 10,219 486 3,467 - 60,826 Contributions receivable 504 6,726 4,580 1,556 778 259 - 14,403 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net assets available for benefits $ 69,791 $ 865,168 $ 549,705 $ 323,752 $ 16,292 $ 109,717 $ 41,512 $1,975,937 ========== ========== ========== ========== ========== ========== ========== ==========
The accompanying notes are an integral part of this statement. - 7 - Government Technology Services, Inc. Employees 401(k) Investment Plan Statement of Changes in Net Assets Available For Benefits With Fund Information As of December 31, 1995
Participant Directed -------------------------------------------------------------------------------------------------- Money Guaranteed Market Common Investment Fund Mutual Funds Stock Contract ---------- ------------------------------------------------ ---------- ---------- Washington Deposit Nations Cash Growth Mutual Bond Fund Admini- Parti- Bank Management Fund of Investors of GTSI stration cipant Cash Trust America Fund America Stock Fund Loans Total ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Employee contributions $ 86,115 $ 24,367 $ 343,652 $ 240,581 $ 84,553 $ 13,809 $ 41,901 $ - $ 834,978 Interest and dividends - 4,228 105,958 70,473 29,039 24 8,313 - 218,035 Unrealized/realized gains and losses on investments - - 151,038 167,117 32,195 (12,787) 61 - 337,624 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total additions 86,115 28,595 600,648 478,171 145,787 1,046 50,275 - 1,390,637 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Distributions to participants - (16,935) (136,653) (69,021) (36,547) (2,126) (14,231) - (275,513) Transfers between funds: Between investment funds - 680 (2,895) 6,247 (2,137) (1,369) (526) - - Loans to participants - - (9,400) (5,481) - - (1,869) 16,750 - Loan repayments - - 2,324 941 635 - 35 (3,935) - ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total transfers - 680 (9,971) 1,707 (1,502) (1,369) (2,360) 12,815 - ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net increase (decrease) 86,115 12,340 454,024 410,857 107,738 (2,449) 33,684 12,815 1,115,124 Net assets available for benefits: Beginning of year - 69,791 865,168 549,705 323,752 16,292 109,717 41,512 1,975,937 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- End of year $ 86,115 $ 82,131 $1,319,192 $ 960,562 $ 431,490 $ 13,843 $ 143,401 $ 54,327 $3,091,061 ========== ========== ========== ========== ========== ========== ========== ========== ==========
The accompanying notes are an integral part of this statement. - 8 - Government Technology Services, Inc. Employees 401(k) Investment Plan Notes to Financial Statements As of December 31, 1995 1. Description of Plan: The following description of the Government Technology Services, Inc. ("GTSI" or the "Company") Employees 401(k) Investment Plan (the "Plan") is provided for general information purposes only. Participants should refer to the Plan document for more detailed information. General The Plan was established effective April 1, 1991, in accordance with Section 401(k) of the Internal Revenue Code ("IRC"), and was subsequently amended effective April 1, 1991 in order to comply with the Tax Reform Act of 1986. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Plan is a voluntary, defined contribution plan that allows eligible employees to contribute up to 15 percent of their compensation up to a statutory limit. Employees are eligible to participate upon the completion of six months of service and the attainment of 21 years of age. Contributions Twice annually, on January 1 and July 1, participants may elect to defer from 1 percent to 15 percent of their annual compensation to any of the funds in which the Plan has invested on a pretax basis, subject to limits detailed in the IRC. In addition, participants may amend their salary deferral election to terminate such election or to increase or decrease the portion of their compensation to be deferred, with such amendments becoming effective on January 1 or July 1. The Plan also contains a feature for discretionary employer contributions. Contributions are subject to limitations to comply with the nondiscrimination requirements of the IRC. The Company made no such contributions to the Plan during the year ended December 31, 1995. - 9 - Vesting Employee contributions and any earnings thereon are fully vested upon receipt by the Plan. A participant's vesting percentage with respect to the discretionary employer contributions is determined according to the following table: Years of service Percentage ----------------- ---------- Less than 2 0 2 but less than 3 20 3 but less than 4 40 4 but less than 5 60 5 but less than 6 80 6 or more 100 Upon termination from service, that portion of a participant's discretionary employer contribution account in which he or she is not vested is forfeited. Forfeitures are utilized to reduce any employer contributions in the current or future years. Distributions Upon termination, participants may elect to withdraw the entire amount of their contribution accounts or delay withdrawal until a future date if their account balances are at least $3,500. Distributions are made in a lump-sum payment, except for investments in the Company's common stock, which shall be distributed in whole shares and cash for any fractional share unless the participant elects to receive the full distribution in cash. Upon the death of a participant, the participant's beneficiary shall be entitled to the unpaid balance of the participant's account. Such beneficiary shall be the participant's spouse unless there is no spouse or another beneficiary is named with the written consent of the spouse. Loans Plan participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50 percent of their account balances. Loans accrue interest at a rate equivalent to interest rates charged by major financial institutions for comparable loans at the time the loan is made. As of December 31, 1995, interest rates ranged from 8.75 percent to 9.5 percent. Loans are repaid in equal payments, made at least quarterly, over terms generally not exceeding five years. Loans are collateralized as deemed appropriate by the Advisory Committee. Loans to participants are recorded at cost, which approximates market value. In the event of retirement, death, disability, or termination of employment, the loan becomes payable in full. - 10 - Rollovers New employees are permitted to transfer account balances from previous qualified plans to the Plan. Included in employee contributions for the year ended December 31, 1995, is $24,067 of rollovers from other plans. Plan Administration The Plan is administered by an Advisory Committee consisting of three individuals appointed by the Board of Directors of GTSI. The Company has contracted with Actuarial Benefits and Design, Inc., to perform record-keeping services for the Plan and with NationsBank Trust Company, N.A. ("the Trustee") to maintain the assets in the Plan. The Company pays certain administrative fees including legal, accounting, and insurance fees. The Plan pays no administrative fees to the Company for the services it provides. 2. Summary of Accounting Policies: Accounting Method The financial statements are prepared on an accrual basis in accordance with generally accepted accounting principles. 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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Security Transactions and Related Investment Income Security transactions are recorded on the trade date, and dividend income is recorded on the dividend date. Investments Investments are valued at the last reported sales price on the last business day of the period. Employee contributions are deposited at the direction of the participants with the American Funds Group ("AFG"), the First Colony Life Insurance Company ("FCL"), or NationsBank Trust Company, N.A., where they are accumulated and invested on behalf of the Plan participants. The following presents a brief description of each investment account alternative available for employee contributions during 1995: - 11 - Cash Management Trust This fund invests in money market instruments, such as U.S. Treasury bills, commercial paper, and certificates of deposit. The objective of the fund is to provide current income on cash reserves while preserving capital and maintaining liquidity. Growth Fund of America This fund is a diversified mutual fund investing primarily in the common stock of a wide range of companies having potential for long-term growth of capital. Washington Mutual Investors Fund This fund invests in stocks of companies offering potential for current income and the opportunity for growth of capital. Bond Fund of America This fund invests in bonds with the objective of obtaining a high level of current income while preserving invested capital. At least 60 percent of the fund's assets must be invested in government-guaranteed securities, corporate bonds rated "A" or better, or money market instruments. GTSI Stock Employees may direct up to 20 percent of their contributions and may invest up to 20 percent of their account balances in the Company's common stock. Fair values for the GTSI stock are determined using quoted market values based on public sources. Deposit Administration Fund This investment offers a return of principal and interest guaranteed at competitive rates by the First Colony Life Insurance Company. As of December 31, 1995, the interest rate of the First Colony Life Insurance Investment Contract was 5.4 percent with a guaranteed minimum interest rate of 4.0 percent. Interest rates are reset throughout the year. As a result, contract value approximates fair value. The average yield for the investment contract during 1995 was 6.5 percent. On September 23, 1994, the American Institute of Certified Public Accountants issued Statement of Position (SOP) 94-4, "Reporting of Investment Contracts Held by Health and Welfare Benefit Plans and Defined Contribution Pension Plans," which states that plan investments should be presented at their fair values at the reporting date, with the exception of a "fully benefit responsive" investment contract, which should be reported at contract value. The Plan's investment contract is "fully benefit responsive" and, as a result, is reported at contract value; which approximates fair value. Thus, the adoption of the SOP did not have a material impact on the Plan's financial statements. - 12 - The fair value of the individual assets that represent 5 percent or more of the Plan's net assets as of December 31, 1995 and 1994, is as follows: 1995 1994 ---------- ---------- Mutual Funds Growth Fund of America $1,319,192 $ 865,168 Washington Mutual Investors Fund 960,562 549,705 Bond Fund of America 431,490 323,752 Guaranteed Investment Contract Deposit Administration Fund - 109,717 Investment income The statement of changes in net assets available for benefits with fund information includes unrealized and realized gains and losses on investments, which represents the net appreciation (depreciation) in the fair value of investments. Income, expenses, and gains or losses (realized and unrealized) of Plan investments are allocated among participants based upon their respective account balances at the end of each month. Cash Cash consists of contributions that have been transferred to the Trustee, but not yet invested in the investment funds. 3. Benefits Payable: Benefits are recorded when paid. As of December 31, 1995 and 1994, the account balances of employees who left the Company and requested distributions but have not been approved for payment were $0 and $226,452, respectively. As of December 31, 1995, employees had made excess contributions to the Plan and were due refunds of $32,416. 4. Federal Income Taxes: The Internal Revenue Service ("IRS") has determined and informed the Company by a letter dated June 13, 1995, that after considering proposed amendments necessary to conform the Plan to the provisions of the Tax Reform Act of 1986, the Plan and related trust were designed in accordance with applicable sections of the IRC. The necessary Plan amendment was adopted on February 13, 1996. GTSI and the Plan Administrator believe that the Plan is currently designed and is being operated in compliance with applicable requirements of the IRC. Therefore, GTSI and the Plan Administrator believe that the Plan is qualified and the related trust continues to be tax exempt. - 13 - 5. Termination of the Plan: While the Plan is intended to be permanent, it may be terminated at any time by resolution of the Board of Directors of the Company. Upon termination, no further contributions may be made to the Plan. However, the Advisory Committee will remain in existence and all provisions of the Plan, other that the provisions for contributions, will remain in force subject to review by the Advisory Committee. In the event of Plan termination, participants will become fully vested in their account balances. 6. Administrative Expenses: Administrative expenses of the Plan are paid by the Company. Total expenses paid by the Company for the years ended December 31, 1995 and 1994, were $17,746 and $26,338, respectively. The Company also provides administrative support at no cost to the Plan. 7. Difference Between Form 5500 and Financial Statement Balances: Pursuant to ERISA provisions, the following is a reconciliation of net assets available for plan benefits at December 31, 1994, as reported in the statements of net assets available for benefits, to net assets as reported on the Form 5500 filed with the IRS. There were no reconciling items at December 31, 1995. 1994 ---------- Net assets available for plan benefits per financial statements $1,975,937 Contributions receivable (14,403) Other (1,621) ---------- Net assets available for plan benefits per Form 5500 $1,959,913 ========== Employee contributions $ 762,910 Contributions receivable at December 31, 1994 (14,403) Contributions receivable at December 31, 1993 10,173 ---------- Employee contributions per Form 5500 $ 758,680 ========== 8. GTSI Acquisition of Falcon Microsystems, Inc.: On August 16, 1994, the Company acquired all the outstanding shares of stock of Falcon Microsystems, Inc. ("Falcon"). Effective December 31, 1994, a resolution was passed by the GTSI Advisory Committee that terminated the Falcon 401(k) Retirement Savings Plan with no further salary deferrals allowed. Effective January 1, 1995, all Falcon employees satisfying the eligibility requirements of the GTSI 401(k) Plan became eligible to participate in the GTSI 401(k) Plan. The Falcon 401(k) Plan - 14 - received its final IRS determination letter on January 5, 1996. Assets of the participating employees will be transferred to the GTSI 401(k) Plan subsequent to the completion of the December 31, 1995 audits of the GTSI 401(k) Plan and the Falcon 401(k) Plan. 9. Party-In-Interest Transaction: The Plan has invested certain amounts with the Plan's Trustee, NationsBank. - 15 - Government Technology Services, Inc. Employees 401(k) Investment Plan Item 27(a) - Schedule of Assets Held For Investment Purposes As of December 31, 1995
Current Identity of Issuer Description Cost Value - --------------------------------- -------------------------- ---------- ---------- NationsBank Cash Money Market Fund $ 86,115 $ 86,115 Cash Management Trust Mutual Fund 82,494 82,494 Growth Fund of America Mutual Fund 1,183,483 1,333,589 Washington Mutual Investors Fund Mutual Fund 761,855 971,939 Bond Fund of America Mutual Fund 433,831 437,100 GTSI Stock* Common Stock 25,853 13,843 First Colony Life Insurance Group Guaranteed Investment Deposit Administration Fund Contract, 5.4% at 12/31/95 144,070 144,070 Participant loans Fully amortized loans to participants at 8.75% to 9.5% per annum 54,327 54,327 ---------- ---------- Totals $2,772,028 $3,123,477 ========== ========== * Represents a party-in-interest.
The accompanying notes are an integral part of this schedule. - 16 - Government Technology Services, Inc. Employees 401(k) Investment Plan Item 27(d) - Schedule of Reportable Transactions For the Year Ended December 31, 1995
Identity of Party Purchase Sales Involved ------------------------- -------------------------------------------------- Description Description Number of Purchase Number of Sales Historical Gain of Asset of Investment Transactions Price Transactions Price Cost (Loss) - ------------------ -------------- ------------- ---------- ------------- ---------- ---------- ---------- Growth Fund of America Mutual Fund 20 $ 440,420 14 $ 146,916 $ 127,418 $ 19,498 NationsBank Cash* Money Market Fund 59 1,384,792 50 1,380,380 1,380,380 - Washington Mutual Investors Fund Mutual Fund 20 308,011 11 75,365 67,733 7,632 * Represents a party-in-interest.
The accompanying notes are an integral part of this schedule. - 17 - 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 behalf of the employee benefit plan by the undersigned, thereunto duly authorized. Date: October 22, 1997 GTSI EMPLOYEES' 401(k) INVESTMENT PLAN By: /s/ H. ROBERT BOEHM ----------------------------------------- H. Robert Boehm Vice President, Human Resources and 401(k) Plan Advisory Committee Member - 18 - =========================================================================== INDEX TO EXHIBITS =========================================================================== EXHIBIT | NUMBER | DESCRIPTION - --------------------------------------------------------------------------- 23.1 | Consent of Arthur Andersen LLP - --------------------------------------------------------------------------- 23.2 | Consent of Coopers & Lybrand, L.L.P. =========================================================================== EX-23 2 Exhibit 23.1 CONSENT OF INDEPENDENT ACCOUNTANTS As independent public accountants, we hereby consent to the incorpor- ation of our report dated December 15, 1996, included in this Form 11-K, into the Company's previously filed Registration Statement, File No. 33-55090. /s/ Arthur Andersen LLP ----------------------------- ARTHUR ANDERSEN LLP Washington, D.C. October 21, 1997 Exhibit 23.2 CONSENT OF INDEPENDENT ACCOUNTANTS We consent to the incorporation by reference in the Registration Statements on Form S-8 of Government Technology Services, Inc. (File Nos. 33-44363 and 33-55090) of our report dated June 9, 1995, on our audit of the financial statement of the GTSI Employees' 401(k) Investment Plan as of December 31, 1994, which report is included in this Annual Report on Form 11-K. /s/ Coopers & Lybrand, L.L.P. ----------------------------- COOPERS & LYBRAND, L.L.P. Washington, D.C. October 20, 1997 -----END PRIVACY-ENHANCED MESSAGE-----