-----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, B7HDsxhWJ0D1ca2bQUBVpbQWXaxJZ4+tOhmu+TUmOaY7gOVcBux2mi275idMNA48 xEBt4bvtzcypwdl4uIgIug== 0000950144-98-008350.txt : 19980720 0000950144-98-008350.hdr.sgml : 19980720 ACCESSION NUMBER: 0000950144-98-008350 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980714 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: REPTRON ELECTRONICS INC CENTRAL INDEX KEY: 0000918765 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 382081116 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-23426 FILM NUMBER: 98665677 BUSINESS ADDRESS: STREET 1: 14401 MCCORMICK DR CITY: TAMPA STATE: FL ZIP: 33626 BUSINESS PHONE: 8138542351 MAIL ADDRESS: STREET 1: 14401 MCCORMICK DR CITY: TAMPA STATE: FL ZIP: 33626 11-K 1 REPTRON ELECTRONICS, INC. 1 =============================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File number 0-23426 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: REPTRON ELECTRONICS, INC. 401(K) PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: REPTRON ELECTRONICS, INC. 14401 MCCORMICK DRIVE TAMPA, FLORIDA 33626 =============================================================================== 2 CONTENTS
Page REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 1 FINANCIAL STATEMENTS Statements of Net Assets Available For Benefits 2 Statements of Changes In Net Assets Available For Benefits 3 Notes to Financial Statements 4 SUPPLEMENTAL SCHEDULES Schedule I - Line 27a - Assets Held For Investment Purposes 13 Schedule II - Line 27d - Reportable Transactions 14
3 Report of Independent Certified Public Accountants The Participants and Advisory Committee Reptron Electronics, Inc. 401(k) Retirement Savings Plan We have audited the accompanying statements of net assets available for benefits of Reptron Electronics, Inc. 401(k) Retirement Savings Plan as of December 31, 1997 and 1996, and the related statements of changes in net assets available for benefits for the years then ended. 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, 1997 and 1996, and the changes in net assets available for benefits for the years then ended 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 as of December 31, 1997 and Reportable Transactions for the year ended December 31, 1997 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 supplemental schedules 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. Tampa, Florida June 12, 1998 4 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS December 31,
1997 1996 ------------- ------------- ASSETS Investments: Shares of registered investment companies, at fair value $4,155,675 $2,737,522 Insurance contract, at contract value 340,972 253,914 Reptron stock fund, at fair value 56,280 - ---------- ---------- Total investments 4,552,927 2,991,436 ---------- ---------- Receivables: Participants' contributions 46,555 35,360 Employer contributions 4,656 3,536 Participant loans 95,248 62,643 ---------- ---------- Total receivables 146,459 101,539 ---------- ---------- Total assets 4,699,386 3,092,975 ---------- ---------- LIABILITIES Due to employer (Note H) 1,862 8,379 Due to participants 13,235 4,042 ---------- ---------- Total liabilities 15,097 12,421 ---------- ---------- Net assets available for benefits $4,684,289 $3,080,554 ========== ==========
The accompanying notes are an integral part of these statements. 2 5
REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS Years Ended December 31, 1997 1996 ------------- ------------ Additions to net assets attributed to: Investment income: Net appreciation in fair value of investments (Note B) $ 158,748 $ 168,968 Interest and dividends 422,109 217,954 ----------- ----------- 580,857 386,922 ----------- ----------- Contributions: Participants' 1,200,709 968,577 Employer's 101,278 85,669 ----------- ----------- 1,301,987 1,054,246 ----------- ----------- Total additions 1,882,844 1,441,168 ----------- ----------- Deductions from net assets attributed to: Benefits paid to participants 276,599 369,611 Return of excess deferrals and earnings 2,510 (1,973) ----------- ----------- Total deductions 279,109 367,638 ----------- ----------- Net increase 1,603,735 1,073,530 Net assets available for benefits: Beginning of year 3,080,554 2,007,024 ----------- ----------- End of year $ 4,684,289 $ 3,080,554 =========== ===========
The accompanying notes are an integral part of these statements. 3 6 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1997 and 1996 NOTE A - DESCRIPTION OF PLAN The following description of the Reptron Electronics, Inc.'s (the Company) 401(k) Retirement Savings Plan (the Plan), which was established effective January 1, 1993, provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. 1. General. The Plan is a defined contribution plan covering all full-time employees of the Company who have completed six months of service and are age twenty-one or older. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). 2. Contributions. Each year participants may contribute up to 15 percent of pre-tax annual compensation, as defined. Participants may also contribute amounts representing distributions from other qualified defined benefit or contribution plans. The Company makes discretionary contributions at the option of the Company's board of directors. Company matching is based on a percentage of the participant's contribution. The Company matching percentage was 10% for 1997 and 1996. 3. Participant Accounts. Each participant's account is credited with the participant's contribution and allocations of (a) the Company's contribution and, (b) Plan earnings, and charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. Forfeited balances of terminated participants' non-vested accounts are used to reduce future Company contributions. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. 4. Vesting. Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Company's discretionary matching portion of their accounts plus actual earnings thereon is based on years of continuous service. Participants are not credited with a year of service for vesting purposes for the period during which the Company did not maintain this Plan. A participant is 100 percent vested after five years of credited service.
Vesting Years of Service Percentage ---------------- ---------- Less than 1 0% 1 20% 2 40% 3 60% 4 80% 5 100%
4 7 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1997 and 1996 NOTE A - DESCRIPTION OF PLAN - CONTINUED 5. Investment Options. Upon enrollment in the Plan, a participant may direct contributions in any of eight investment options. American Express IDS Selective Fund - Fund is invested in shares of corporate bonds, government securities, and other short-term securities. It is intended for investors wanting a reasonable return on investment without exposure to high risk. American Express IDS Managed Allocation Fund - Fund is invested in stocks, fixed-income securities, and money market securities. It is intended for investors who seek current income as well as long-term growth. American Express IDS Equity Select Fund - Fund is invested in moderate and high growth stocks as well as bonds. It is intended for investors willing to assume some risk in an effort to increase their return on investments. American Express IDS International Fund - Fund is invested in common stocks of foreign companies that offer potential for superior growth. It is intended for investors who want to expand their investment horizon beyond the U. S. market. American Express IDS New Dimensions Fund - Fund is invested in companies with growth potential in new technology, new markets, and new products. It is intended for aggressive investors who want to maximize their return and are comfortable with a higher degree of risk. American Express IDS Blue Chip Advantage Fund - Fund is invested in common stocks that are included in a broad market index to achieve a long-term total return exceeding that of the U.S. stock market. Reptron Stock Fund - Fund is invested in the common stock of the Plan sponsor, Reptron Electronics, Inc. Guaranteed Retirement Fund - Backed by general accounts of IDS Life Insurance Company. Principal is guaranteed with a current interest rate applicable. 6. Participant Loans. Participants may borrow from their fund accounts up to a maximum of the lesser of $50,000 or 50 percent of their account balance. A participant must repay the loan within five (5) years unless the loan is used to acquire a principal residence. Each loan shall bear a reasonable interest rate, as determined by the Company in accordance with the Plan's written loan procedures. 5 8 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1997 and 1996 NOTE A - DESCRIPTION OF PLAN - CONTINUED 7. Payment of Benefits Lifetime benefits (normal retirement age is 65) On termination of service due to death, disability or retirement, a participant may elect to receive either a lump-sum amount equal to the value of the participant's vested interest in his or her account, or installment payments. Termination prior to retirement For termination of service due to other reasons, a participant may receive the value of the vested interest in his or her account as a lump-sum distribution or in installment payments not exceeding the participant's life expectancy. For any termination of service, if the participant's vested account balance does not exceed $3,500 a single lump-sum payment is required. 8. Tax Status. The Plan complies as to form with Sections 401(a) and 501(a) of the Internal Revenue Code of 1986 and the applicable regulations to be exempt from federal income taxes. The Plan received a favorable determination letter from the Internal Revenue Service (IRS) on July 20, 1995. 9. 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 disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The financial statements of the Plan are prepared under the accrual method of accounting. Investment Valuation and Income Recognition Shares of registered investment companies are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year-end. 6 9 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1997 and 1996 NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED Insurance contracts are carried at cost, which is guaranteed by the insurance company. Cost represents amounts contributed plus credited interest as determined by the insurance company. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Payment of Benefits Benefits are recorded when paid. Expenses of the Plan Substantially all expenses of the Plan have been paid by the Employer. Plan Termination Although it has not expressed any intent to do so, the Employer has the right under the Plan 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 percent vested in their accounts. NOTE C - INVESTMENTS The following table represents the fair value of shares of registered investment companies, as determined by quoted market price.
December 31, ------------------------------ 1997 1996 ------------ ----------- IDS Funds: Selective Fund $ 258,022 $ 274,965 Managed Allocation Fund 703,969 524,152 Equity Select Fund 836,091 481,528 International Fund 437,319 354,454 New Dimensions Fund 1,777,055 1,102,423 Blue Chip Advantage Fund 132,766 - Money Market Fund 10,453 - ----------- ----------- $ 4,155,675 $ 2,737,522 =========== ===========
7 10 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1997 and 1996 NOTE D - INVESTMENT CONTRACT WITH INSURANCE COMPANY In 1993, the Plan entered into an investment contract with IDS Life Insurance Company (IDS Life) referred to as the Guaranteed Retirement Fund Contract. The contract is included in the financial statements at contract value, which approximates fair value, as reported to the Plan by IDS Life. NOTE E - NET ASSETS AVAILABLE FOR BENEFITS All of the assets are held by American Express Trust Company (American Express Trust) for the purpose of administration of investments and recordkeeping. The agreement with American Express Trust provides for the investments and contributions to be self-directed by the participants and accounted for in separate funds. The Other fund represents an internal administrative fund consisting primarily of a clearing account for contributions receivable, participant loans and forfeitures. 8 11 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1997 and 1996 NOTE E - NET ASSETS AVAILABLE FOR BENEFITS - CONTINUED As of December 31, 1997, the following are the net assets available for benefits, on a fund basis:
Participant Directed ---------------------------------------------------------------------------- Managed Equity New Selective Allocation Select International Dimensions Fund Fund Fund Fund Fund ------------- -------------- ------------- ------------------ ----------------- ASSETS Investments $258,022 $703,969 $836,091 $437,319 $1,777,055 Contributions receivable - - - - - Participant loans receivable - - - - - -------- -------- -------- -------- ---------- Total assets 258,022 703,969 836,091 437,319 1,777,055 ------- ------- ------- ------- --------- LIABILITIES Due to employer - - - - - Due to participants - - - - - -------- -------- -------- -------- ---------- Total liabilities - - - - - -------- -------- -------- -------- ---------- Net assets available for benefits $258,022 $703,969 $836,091 $437,319 $1,777,055 ======== ======== ======== ======== ========== Participant Directed ---------------------------------- Blue Reptron Guaranteed Chip Stock Retirement Fund Fund Fund Other Total ---------------- --------------- --------------- ------------- ----------- ASSETS Investments $132,766 $56,280 $340,972 $ 10,453 $4,552,927 Contributions receivable - - - 51,211 51,211 Participant loans receivable - - - 95,248 95,248 -------- ------- -------- --------- ---------- Total assets 132,766 56,280 340,972 156,912 4,699,386 -------- ------- -------- --------- ---------- LIABILITIES Due to employer - - - 1,862 1,862 Due to participants - - - 13,235 13,235 -------- ------- -------- --------- ---------- Total liabilities - - - 15,097 15,097 -------- ------- -------- --------- ---------- Net assets available for benefits $132,766 $56,280 $340,972 $141,815 $4,684,289 ======== ======= ======== ======== ==========
9 12 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1997 and 1996 NOTE E - NET ASSETS AVAILABLE FOR BENEFITS - CONTINUED As of December 31, 1996, the following are the net assets available for benefits, on a fund basis:
Participant Directed ------------------------------------------------------------------------------------------------ Managed Equity New Guaranteed Selective Allocation Select International Dimensions Retirement Fund Fund Fund Fund Fund Fund ----------- -------------- ----------- -------------- ----------------- -------------- ASSETS Investments $274,965 $524,152 $481,528 $354,454 $1,102,423 $253,914 Contributions receivable - - - - - - Participant loans receivable - - - - - - -------- -------- -------- -------- ---------- -------- Total assets 274,965 524,152 481,528 354,454 1,102,423 253,914 ------- ------- ------- ------- --------- ------- LIABILITIES Due to employer - - - - - - Due to participants - - - - - - -------- -------- -------- -------- ---------- -------- Total liabilities - - - - - - -------- -------- -------- -------- ---------- -------- Net assets available for benefits $274,965 $524,152 $481,528 $354,454 $1,102,423 $253,914 ======== ======== ======== ======== ========== ======== Other Total ----------- ---------- ASSETS Investments $ - $2,991,436 Contributions receivable 38,896 38,896 Participant loans receivable 62,643 62,643 -------- ---------- Total assets 101,539 3,092,975 ------- --------- LIABILITIES Due to employer 8,379 8,379 Due to participants 4,042 4,042 -------- ---------- Total liabilities 12,421 12,421 -------- ---------- Net assets available for benefits $ 89,118 $3,080,554 ========= ==========
10 13 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1997 and 1996
NOTE F - NET CHANGES IN ASSETS AVAILABLE FOR BENEFITS For the year ended December 31, 1997, the following are the changes in net assets available for benefits, on a fund basis: Participant Directed ---------------------------------------------------------- Managed Equity New Selective Allocation Select International Dimensions Fund Fund Fund Fund Fund ----------- -------------- ----------- ------------- ---------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value $ 1,228 $(20,728) $ 40,721 $(11,997) $ 176,307 Interest and dividends 17,233 104,035 129,756 18,061 131,619 -------- -------- -------- ------- -------- 18,461 83,307 170,477 6,064 307,926 -------- -------- -------- ------- -------- Contributions: Participants' 65,593 182,724 234,460 119,510 443,996 Employer's 6,297 16,611 18,150 11,832 36,926 -------- -------- -------- ------- -------- 71,890 199,335 252,610 131,342 480,922 -------- -------- -------- ------- -------- Total additions 90,351 282,642 423,087 137,406 788,848 -------- -------- -------- ------- -------- Deductions from net assets attributed to: Benefits paid to participants 20,328 49,556 58,715 31,423 92,396 Return of excess deferrals and earnings - - - - - Loans to participants (129) 4,911 4,494 6,170 12,227 -------- -------- -------- ------- -------- Total deductions 20,199 54,467 63,209 37,593 104,623 -------- -------- -------- ------- -------- Increase prior to interfund transfers and forfeitures 70,152 228,175 359,878 99,813 684,225 Forfeitures (785) (1,919) (2,044) (1,449) (3,316) Interfund transfers (86,310) (46,439) (3,271) (15,499) (6,277) -------- -------- -------- ------- -------- Net increase (16,943) 179,817 354,463 82,865 674,632 Net assets available for benefits: Beginning of year 274,965 524,152 481,528 354,454 1,102,423 -------- -------- -------- ------- --------- End of year $258,022 $703,969 $836,091 $437,319 $1,777,055 ======== ======== ======== ======== ========= -------------------------------------------------------- Blue Reptron Guaranteed Chip Stock Retirement Fund Fund Fund Other Total ---------- --------- ---------- -------- --------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value $ (11,594) $(31,207) $ 16,018 $ - $ 158,748 Interest and dividends 14,924 - - 6,481 422,109 ------- -------- --------- -------- --------- 3,330 (31,207) 16,018 6,481 580,857 ------- -------- --------- -------- --------- Contributions: Participants' 47,467 14,223 71,088 21,648 1,200,709 Employer's 2,244 1,373 6,725 1,120 101,278 ------- -------- --------- -------- --------- 49,711 15,596 77,813 22,768 1,301,987 ------- -------- --------- -------- --------- Total additions 53,041 (15,611) 93,831 29,249 1,882,844 ------- -------- --------- -------- --------- Deductions from net assets attributed to: Benefits paid to participants - 1,066 20,467 2,648 276,599 Return of excess deferrals and earnings - - - 2,510 2,510 Loans to participants (1,475) (499) 3,073 (28,772) - ------- -------- --------- -------- --------- Total deductions (1,475) 567 23,540 (23,614) 279,109 ------- -------- --------- -------- --------- Increase prior to interfund transfers and forfeitures 54,516 (16,178) 70,291 67,794 1,603,735 Forfeitures - (84) 9,597 - - Interfund transfers 78,250 72,542 7,170 (166) - ------- -------- --------- -------- --------- Net increase 132,766 56,280 87,058 67,628 1,603,735 Net assets available for benefits: Beginning of year - - 253,914 89,118 3,080,554 -------- --------- --------- -------- --------- End of year $132,766 $ 56,280 $340,972 $156,746 $4,684,289 ======== ======== ========= ======== =========
11 14 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1997 and 1996 NOTE F - NET CHANGES IN ASSETS AVAILABLE FOR BENEFITS - CONTINUED For the year ended December 31, 1996, the following are the changes in net assets available for benefits, on a fund basis:
Participant Directed --------------------------------------------------------------------------------------------- Managed Equity New Guaranteed Selective Allocation Select International Dimensions Retirement Fund Fund Fund Fund Fund Fund ------------ ---------- --------- ------------- ------------ ---------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value $(12,108) $ (17,967) $ 18,569 $ 3,722 $ 165,358 $ 1,394 Interest and dividends 18,975 72,156 64,484 21,924 40,415 - -------- ---------- --------- -------- ----------- ------- 6,867 54,189 83,053 25,646 205,773 11,394 -------- ---------- --------- -------- ----------- ------- Contributions: Participants' 94,553 158,074 134,703 125,275 357,864 86,443 Employer's 7,745 15,345 13,373 10,455 31,010 6,575 -------- ---------- --------- -------- ----------- ------- 102,298 173,419 148,076 135,730 388,874 93,018 -------- ---------- --------- -------- ----------- ------- Total additions 109,165 227,608 231,129 161,376 594,647 104,412 -------- ---------- --------- -------- ----------- ------- Deductions from net assets attributed to: Benefits paid to participants 14,364 37,484 46,258 47,699 193,486 24,163 Return of excess deferrals and earnings - - - - - - Loans to participants 6,268 878 6,352 2,754 1,481 3,408 -------- ---------- --------- -------- ----------- ------- Total deductions 20,632 38,362 52,610 50,453 194,967 27,571 -------- ---------- --------- -------- ----------- ------- Increase prior to interfund transfers and forfeitures 88,533 189,246 178,519 110,923 399,680 76,841 Forfeitures (1,042) (1,762) (2,223) (1,788) (6,900) 13,715 Interfund transfers (4,368) (23,243) (2,308) (7,537) 51,225 (13,769) -------- ---------- --------- -------- ----------- ------- Net increase 83,123 164,241 173,988 101,598 444,005 76,787 Net assets available for benefits: Beginning of year 191,842 359,911 307,540 252,856 658,418 177,127 -------- ---------- --------- -------- ----------- ------- End of year $274,965 $524,152 $481,528 $354,454 $1,102,423 $253,914 ======== ========== ========= ======== =========== ======== Other Total -------- --------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value $ - $ 168,968 Interest and dividends - 217,954 -------- ---------- - 386,922 -------- ---------- Contributions: Participants' 11,665 968,577 Employer's 1,166 85,669 -------- ---------- 12,831 1,054,246 -------- ---------- Total additions 12,831 1,441,168 -------- ---------- Deductions from net assets attributed to: Benefits paid to participants 6,157 369,611 Return of excess deferrals and earnings (1,973) (1,973) Loans to participants (21,141) - -------- ---------- Total deductions (16,957) 367,638 -------- ---------- Increase prior to interfund transfers and forfeitures 29,788 1,073,530 Forfeitures - - Interfund transfers - - -------- ---------- Net increase 29,788 1,073,530 Net assets available for benefits: Beginning of year 59,330 2,007,024 -------- ---------- End of year $ 89,118 $3,080,554 ======== ==========
12 15 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1997 and 1996 NOTE G - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 The following is a reconciliation of the financial statements to Form 5500:
1997 1996 ------------- ------------- Net assets available for benefits per the financial statements $4,684,289 $3,080,554 Contributions receivable (51,211) (38,896) Dividends receivable, included in investments 13 (377) Due to employer 1,862 8,379 Due to participants 13,235 4,042 ---------- ---------- Net assets available for benefits per Form 5500 $4,648,188 $3,053,702 ========== ========== Total additions to net assets available for benefits per the financial statements $1,882,844 $1,441,168 Increase in contributions receivable (12,315) (12,831) Decrease in forfeitures - (1,230) Increase (decrease) in dividends receivable - 34,391 Other 556 - ---------- ---------- Total additions to net assets available for benefits per Form 5500 $1,871,085 $1,461,498 ========== ========== Total deductions to net assets available for benefits per the financial statements $ 279,109 $ 367,638 (Increase) decrease in return of excess deferrals and earnings (2,510) 1,431 ---------- ---------- Total deductions to net assets available for benefits per Form 5500 $ 276,599 $ 369,069 ========== ==========
The differences indicated above are the result of the financial statements prepared on an accrual basis and the Form 5500 prepared on a cash basis. NOTE H - DUE TO EMPLOYER Due to employer represents the return of employer matching contributions related to return of excess participant deferrals. 13 16 SUPPLEMENTAL SCHEDULES 14 17 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN SCHEDULE I Line 27a - ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1997
Principal Amount of Current Shares Description Cost Value ------------- -------------------------------- ----------- ----------- 28,107 IDS Selective Fund $ 256,622 $ 258,022 64,254 IDS Managed Allocation Fund 748,222 703,969 61,149 IDS Equity Select Fund 789,776 836,091 14,085 IDS Blue Chip Advantage Fund 144,017 132,766 42,925 IDS International Fund 446,737 437,319 74,516 IDS New Dimensions Fund 1,471,600 1,777,055 12,647 Reptron Stock Fund 86,294 56,280 340,972 Guaranteed Retirement Fund 340,972 340,972 IDS Money Market Fund I 10,453 10,453 ----------- ----------- 4,294,693 4,552,927 Participant Loans, at Varying Rates and Maturities 95,248 95,248 ----------- ----------- $ 4,389,941 $ 4,648,175 =========== ===========
15 18 Single or Series of Transactions in Excess of 5% from 1/1/97 - 12/31/97
Number of Current value Transactions of asset on Identity -------------------- Cost of transaction Net gain Of Party Involved Description of Asset Purchases Sales Asset date or (loss) - ----------------------- --------------------------- --------- ----- ------------- -------------- ------------- American Express Trust IDS Selective Fund 72 37 $208,145 $ 206,860 $ (1,285) American Express Trust IDS Managed Retirement Fund 46 61 431,727 436,394 4,667 American Express Trust IDS Equity Select Fund 48 64 550,353 569,518 19,165 American Express Trust IDS International Fund 42 57 283,132 286,991 3,859 American Express Trust IDS New Dimensions Fund 63 72 999,731 1,061,830 62,099 American Express Trust Guaranteed Retirement Fund 70 40 486,044 486,044 - American Express Trust Blue Chip Advantage Fund 41 4 216,067 215,723 (344) American Express Trust Money Market Fund 1 44 23 183,076 183,076 -
16 19 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. REPTRON ELECTRONICS, INC. 401(K) PLAN By: /s/ Michael Branca --------------------------------------------- Michael Branca, Chief Financial Officer of Reptron Electronics, Inc., Administrator of the Plan Date: July 14, 1998 17 20 EXHIBIT INDEX FILED AS PART OF THIS ANNUAL REPORT ON FORM 11-K
EXHIBIT NO. DESCRIPTION 23.1 Consent of Grant Thornton LLP dated June 30, 1998
EX-23.1 2 CONSENT 1 EXHIBIT 23.1 CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-28727) of Reptron Electronics, Inc. of our report dated June 12, 1998, appearing on page 1 of the Annual Report on Form 11-K of the Reptron Electronics, Inc. 401(k) Plan for the fiscal years ended December 31, 1997 and 1996. /s/ Grant Thornton LLP - ------------------------- Tampa, Florida July 10, 1998 -----END PRIVACY-ENHANCED MESSAGE-----