-----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, KgusalGPaGMaiGIanxMXSIFEBj/OlOJvnv4RHPdGsybD4PhUgPVVV1YYokeVzTQC 7xybEcBTbM6ZjgktxbkmPQ== 0000950144-99-008323.txt : 19990630 0000950144-99-008323.hdr.sgml : 19990630 ACCESSION NUMBER: 0000950144-99-008323 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990629 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: 99655499 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. FORM 11-K 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 year ended December 31, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to --------- ------------- Commission File No. 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) RETIREMENT SAVINGS 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 FINANCIAL STATEMENTS, SCHEDULES AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN DECEMBER 31, 1998 and 1997 3 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 14 Schedule II - Line 27d - Reportable Transactions 15
4 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, 1998 and 1997, 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, 1998 and 1997, 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, 1998 and Reportable Transactions for the year ended December 31, 1998 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. /s/ Grant Thornton LLP Tampa, Florida May 21, 1999 5 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, -------------------------- 1998 1997 ---------- ---------- ASSETS Investments: Shares of registered investment companies, at fair value $5,414,021 $4,155,675 Insurance contract, at contract value 447,605 340,972 Reptron Electronics, Inc. stock fund, at fair value 2,512,151 56,280 ---------- ---------- Total investments 8,373,777 4,552,927 ---------- ---------- Receivables: Participants' contributions 46,637 46,555 Employer contributions 4,661 4,656 Participant loans 167,253 95,248 ---------- ---------- Total receivables 218,551 146,459 ---------- ---------- Total assets 8,592,328 4,699,386 ---------- ---------- LIABILITIES Due to employer -- 1,862 Due to participants -- 13,235 ---------- ---------- Total liabilities -- 15,097 ---------- ---------- Net assets available for benefits $8,592,328 $4,684,289 ========== ==========
The accompanying notes are an integral part of these statements. 2 6 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, ------------------------------- 1998 1997 ---------- ---------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments (Note B) $(2,314,655) $ 158,748 Interest and dividends 366,106 422,109 ---------- ---------- (1,948,549) 580,857 ---------- ---------- Contributions: Participants' 1,059,420 1,200,709 Rollovers 5,450,924 -- Employer's 121,024 101,278 ---------- ---------- 6,631,368 1,301,987 ---------- ---------- Total additions 4,682,819 1,882,844 Deductions from net assets attributed to: Benefits paid to participants 774,780 276,599 ---------- ---------- Net increase 3,908,039 1,603,735 Net assets available for benefits: Beginning of year 4,684,289 3,080,554 ---------- ---------- End of year $8,592,328 $4,684,289 ========== ==========
The accompanying notes are an integral part of these statements. 3 7 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1998 and 1997 NOTE A - DESCRIPTION OF PLAN The following description of 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. The Company's match is based on a percentage of the participant's contribution. The Company matching percentage was 10% for 1998 and 1997. 3. Participant Accounts. Each participant's account is credited with the participant's contribution and allocations of (a) the Company's contribution, (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 8 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1998 and 1997 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. Money Market Fund - A fund seeking the highest current income consistent with safety and liquidity. 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 at the applicable current interest rate. 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 interest at a reasonable rate, as determined by the Company in accordance with the Plan's written loan procedures. 5 9 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. NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The financial statements of the Plan are prepared under the accrual method of accounting. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets 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. 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 10 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. 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 on July 20, 1995. NOTE C - INVESTMENTS The following table represents the fair value of investments as determined by quoted market price.
December 31, -------------------------- 1998 1997 ---------- ---------- Shares of registered investment companies: Selective Fund $ 301,535 $ 258,022 Managed Allocation Fund 753,148 703,969 Equity Select Fund 1,129,825 836,091 International Fund 531,533 437,319 New Dimensions Fund 2,351,679 1,777,055 Blue Chip Advantage Fund 346,301 132,766 Money Market Fund -- 10,453 ---------- ---------- 5,414,021 4,155,675 ---------- ---------- Insurance contract: Guaranteed Retirement Fund 447,605 340,972 ---------- ---------- Reptron stock fund 2,512,151 56,280 ---------- ---------- $8,373,777 $4,552,927 ========== ==========
7 11 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1998 and 1997 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 - 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 F - YEAR 2000 ISSUE The Year 2000 issue relates to limitations in computer systems and applications that may prevent proper recognition of the Year 2000. The potential effect of the Year 2000 issue on the Plan's operations will not be fully determinable until the Year 2000 and thereafter. If the Year 2000 modifications are not properly completed by the relevant third parties to which the Plan relies upon their systems for information, the Plan operations could be adversely impacted. NOTE G - 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 12 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1998 and 1997 NOTE G - NET ASSETS AVAILABLE FOR BENEFITS - CONTINUED As of December 31, 1998, the following are the net assets available for benefits, on a fund basis:
Participant Directed ---------------------------------------------------------------------------------------------- Managed Equity New Blue Reptron Guaranteed Selective Allocation Select International Dimensions Chip Stock Retirement Fund Fund Fund Fund Fund Fund Fund Fund --------- ---------- ---------- ------------- ---------- -------- ---------- ---------- ASSETS Investments $ 301,535 $ 753,148 $1,129,825 $ 531,533 $2,351,679 $346,301 $2,512,151 $ 447,605 Contributions receivable -- -- -- -- -- -- -- -- Participant loans receivable -- -- -- -- -- -- -- -- --------- --------- ---------- ------------- ---------- -------- ---------- ---------- Total assets 301,535 753,148 1,129,825 531,533 2,351,679 346,301 2,512,151 447,605 --------- --------- ---------- ------------- ---------- -------- ---------- ---------- LIABILITIES Due to employer -- -- -- -- -- -- -- -- Due to participants -- -- -- -- -- -- -- -- --------- --------- ---------- ------------- ---------- -------- ---------- ---------- Total liabilities -- -- -- -- -- -- -- -- --------- --------- ---------- ------------- ---------- -------- ---------- ---------- Net assets available for benefits $ 301,535 $ 753,148 $1,129,825 $ 531,533 $2,351,679 $346,301 $2,512,151 $ 447,605 ========= ========= ========== ============= ========== ======== ========== ========== Other Total -------- ---------- ASSETS Investments $ -- $8,373,777 Contributions receivable 51,298 51,298 Participant loans receivable 167,253 167,253 -------- ---------- Total assets 218,551 8,592,328 -------- ---------- LIABILITIES Due to employer -- -- Due to participants -- -- -------- ---------- Total liabilities -- -- -------- ---------- Net assets available for benefits $218,552 $8,592,328 ======== ==========
9 13 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1998 and 1997 NOTE G - 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 Blue Reptron Guaranteed Selective Allocation Select International Dimensions Chip Stock Retirement Fund Fund Fund Fund Fund Fund Fund Fund --------- ---------- -------- ------------- ---------- -------- ------- ---------- ASSETS Investments $ 258,022 $ 703,969 $836,091 $ 437,319 $1,777,055 $132,766 $56,280 $ 340,972 Contributions receivable -- -- -- -- -- -- -- -- Participant loans receivable -- -- -- -- -- -- -- -- --------- ---------- -------- ------------- ---------- -------- ------- ---------- Total assets 258,022 703,969 836,091 437,319 1,777,055 132,766 56,280 340,972 --------- ---------- -------- ------------- ---------- -------- ------- ---------- 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 $132,766 $56,280 $ 340,972 ========= ========== ======== ============= ========== ======== ======= ========== Other Total -------- ---------- Investments $ 10,453 $4,552,927 Contributions receivable 51,211 51,211 Participant loans receivable 95,248 95,248 -------- ---------- Total assets 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 $141,815 $4,684,289 ======== ==========
10 14 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1998 and 1997 NOTE H - NET CHANGES IN ASSETS AVAILABLE FOR BENEFITS For the year ended December 31, 1998, the following are the changes in net assets available for benefits, on a fund basis:
Participant Directed --------------------------------------------------------------------------- Managed Equity New Blue Selective Allocation Select International Dimensions Chip Fund Fund Fund Fund Fund Fund --------- ---------- ---------- ------------- ---------- -------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value $ 2,982 $ (30,530) $ 70,405 $ 59,114 $ 386,092 $ 43,812 Interest and dividends 18,657 92,316 106,354 8,498 134,128 6,153 Contributions: Participants' 44,697 135,329 197,432 104,105 369,583 102,046 Rollover 20,377 20,774 40,576 14,439 29,758 69,293 Employer's, net for forfeitures 4,471 13,524 19,744 10,408 36,957 10,203 --------- ---------- ---------- ------------- ---------- -------- 69,545 169,627 257,752 128,952 436,298 181,542 --------- ---------- ---------- ------------- ---------- -------- Total additions 91,184 231,413 434,511 196,564 956,518 231,507 --------- ---------- ---------- ------------- ---------- -------- Deductions from net assets attributed to: Benefits paid to participants 33,494 142,417 116,553 58,306 325,981 42,133 Loan activity - net 4,609 12,719 16,390 7,598 35,591 4,951 --------- ---------- ---------- ------------- ---------- -------- Total deductions 38,103 155,136 132,943 65,904 361,572 47,084 --------- ---------- ---------- ------------- ---------- -------- Increase prior to interfund transfers and forfeitures 53,081 76,277 301,568 130,660 594,946 184,423 Forfeitures (1,212) (2,252) (3,731) (1,302) (6,815) (790) Interfund transfers (8,356) (24,846) (4,103) (35,144) (13,507) 29,902 --------- ---------- ---------- ------------- ---------- -------- Net increase 43,513 49,179 293,734 94,214 574,624 213,535 Net assets available for benefits: Beginning of year 258,022 703,969 836,091 437,319 1,777,055 132,766 --------- ---------- ---------- ------------- ---------- -------- End of year $ 301,535 $ 753,148 $1,129,825 $ 531,533 $2,351,679 $346,301 ========= ========== ========== ============= ========== ======== Reptron Guaranteed Stock Retirement Fund Fund Other Total ------------ ---------- ---------- ----------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value $ (2,870,375) $ 21,242 $ 2,603 $(2,314,655) Interest and dividends -- -- -- 366,106 Contributions: Participants' 46,730 59,416 82 1,059,420 Rollover 5,240,498 15,209 -- 5,450,924 Employer's, net for forfeitures 4,673 5,942 15,102 121,024 ------------ ---------- ---------- ----------- 5,291,901 80,567 15,184 6,631,368 ------------ ---------- ---------- ----------- Total additions 2,421,526 101,809 17,787 4,682,819 ------------ ---------- ---------- ----------- Deductions from net assets attributed to: Benefits paid to participants 4,231 29,468 22,197 774,780 Loan activity - net (675) (37) (81,146) -- ------------ ---------- ---------- ----------- Total deductions 3,556 29,431 (58,949) 774,780 ------------ ---------- ---------- ----------- Increase prior to interfund transfers and forfeitures 2,417,970 72,378 76,736 3,908,039 Forfeitures (172) 16,274 -- -- Interfund transfers 38,073 17,981 -- -- ------------ ---------- ---------- ----------- Net increase 2,455,871 106,633 76,736 3,908,039 Net assets available for benefits: Beginning of year 56,280 340,972 141,185 4,684,289 ------------ ---------- ---------- ----------- End of year $ 2,512,151 $ 447,605 $ 218,551 $ 8,592,328 ============ ========== ========== ===========
11 15 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1998 and 1997 NOTE H - 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 Blue Selective Allocation Select International Dimensions Chip Fund 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 $(11,594) Interest and dividends 17,233 104,035 129,756 18,061 131,619 14,924 --------- ---------- -------- ------------- ---------- -------- 18,461 83,307 170,477 6,064 307,926 3,330 --------- ---------- -------- ------------- ---------- -------- Contributions: Participants' 65,593 182,724 234,460 119,510 443,996 47,467 Employer's, net of forfeitures 6,297 16,611 18,150 11,832 36,926 2,244 --------- ---------- -------- ------------- ---------- -------- 71,890 199,335 252,610 131,342 480,922 49,711 --------- ---------- -------- ------------- ---------- -------- Total additions 90,351 282,642 423,087 137,406 788,848 53,041 --------- ---------- -------- ------------- ---------- -------- Deductions from net assets attributed to: Benefits paid to participants 20,328 49,556 58,715 31,423 92,396 -- Loan activity - net (129) 4,911 4,494 6,170 12,227 (1,475) --------- ---------- -------- ------------- ---------- -------- Total deductions 20,199 54,467 63,209 37,593 104,623 (1,475) --------- ---------- -------- ------------- ---------- -------- Increase prior to interfund transfers and forfeitures 70,152 228,175 359,878 99,813 684,225 54,516 Forfeitures (785) (1,919) (2,044) (1,449) (3,316) -- Interfund transfers (86,310) (46,439) (3,271) (15,499) (6,277) 78,250 --------- ---------- -------- ------------- ---------- -------- Net increase (16,943) 179,817 354,563 82,865 674,632 132,766 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 $132,766 ========= ========== ======== ============= ========== ======== Reptron Guaranteed Stock Retirement Fund Fund Other Total -------- ---------- -------- ---------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value $(31,207) $ 16,018 $ -- $ 158,748 Interest and dividends -- -- 6,481 422,109 -------- ---------- -------- ---------- (31,207) 16,018 6,481 580,857 -------- ---------- -------- ---------- Contributions: Participants' 14,223 71,088 21,648 1,200,709 Employer's, net of forfeitures 1,373 6,725 (1,390) 101,278 -------- ---------- -------- ---------- 15,596 77,813 20,258 1,301,987 -------- ---------- -------- ---------- Total additions (15,611) 93,831 26,739 1,882,844 -------- ---------- -------- ---------- Deductions from net assets attributed to: Benefits paid to participants 1,066 20,467 2,648 276,599 Loan activity - net (499) 3,073 (28,772) -- -------- ---------- -------- ---------- Total deductions 567 23,540 (26,124) 279,109 -------- ---------- -------- ---------- Increase prior to interfund transfers and forfeitures (16,178) 70,291 52,863 1,603,735 Forfeitures (84) 9,597 -- -- Interfund transfers 72,542 7,170 (166) -- -------- ---------- -------- ---------- Net increase 56,280 87,058 52,697 1,603,735 Net assets available for benefits: Beginning of year -- 253,914 89,118 3,080,554 -------- ---------- -------- ---------- End of year $ 56,280 $ 340,972 $141,815 $4,684,289 ======== ========== ======== ==========
12 16 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1998 and 1997 NOTE I - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 The following is a reconciliation of the financial statements to Form 5500:
1998 1997 ----------- ----------- Net assets available for benefits per the financial statements $ 8,592,328 $ 4,684,289 Contributions receivable (51,298) (51,211) Dividends receivable, included in investments -- 13 Due to employer -- 1,862 Due to participants -- 13,235 Investment income receivable at 12/31/98 (39,884) -- ----------- ----------- Net assets available for benefits per Form 5500 $ 8,501,146 $ 4,648,188 =========== =========== Total additions to net assets available for benefits per the financial statements $ 4,682,819 $ 1,880,334 Contributions receivable at 12/31/98 (41,234) (12,315) (Increase) decrease in return of excess deferrals (15,097) 2,510 Other (4,872) 556 ----------- ----------- Total additions to net assets available for benefits per Form 5500 $ 4,621,616 $ 1,871,085 =========== =========== Total deductions to net assets available for benefits per the financial statements $ 774,780 $ 276,599 -- Other (6,122) -- ----------- ----------- Total deductions to net assets available for benefits per Form 5500 $ 768,658 $ 276,599 =========== ===========
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 J - DUE TO EMPLOYER Due to employer represents the return of employer matching contributions related to return of excess participant deferrals. NOTE K - RELATED PARTY TRANSACTION During 1999, the chairman of the Company rolled over approximately $5.2 million of the Company's common stock at market value to the Plan from the Company's profit sharing plan which is being terminated. 13 17 SUPPLEMENTAL SCHEDULES 18 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN SCHEDULE I Line 27a - ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1998
Principal Amount of Current Shares Description Cost Value - ----------- ------------------------------------ ----------- ----------- 32,517 IDS Selective Fund $ 295,968 $ 301,535 72,272 IDS Managed Allocation Fund 819,748 753,148 76,916 IDS Equity Select Fund 1,016,663 1,129,825 30,508 IDS Blue Chip Advantage Fund 306,626 346,301 45,933 IDS International Fund 485,394 531,533 81,582 IDS New Dimensions Fund 1,768,827 2,351,679 *1,134,154 Reptron Electronics, Inc. Stock Fund 5,404,174 2,512,151 340,126 Guaranteed Retirement Fund 445,556 447,605 ----------- ----------- 10,542,956 8,373,777 Participant Loans, at Varying Rates and Maturities 167,253 167,253 ----------- ----------- $10,710,209 $ 8,541,030 =========== ===========
* Represents shares in the Reptron Stock Fund, not the number of Reptron Electronics, Inc. common shares. 14 19 REPTRON ELECTRONICS, INC. 401(k) RETIREMENT SAVINGS PLAN SCHEDULE II Line 27d - REPORTABLE TRANSACTIONS December 31, 1998 Single or Series of Transactions in Excess of 5 percent of the Current Value of Plan Assets from January 1, 1998 through December 31, 1998
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) - ------------------------ -------------------------------- --------- -------- ----------- ------------- ---------- TYPE I - SINGLE TRANSACTIONS IN EXCESS OF 5% American Express Trust Reptron Electronics Stock Fund* 1 $5,228,874 $5,228,874 $ - American Express Trust Reptron Electronics Stock Fund* 1 5,229,540 5,229,540 - TYPE II - SERIES OF TRANSACTIONS IN EXCESS OF 5% American Express Trust Reptron Electronics Stock Fund 24 6 5,322,131 5,322,131 - American Express Trust Managed Allocation Fund 40 61 436,663 433,763 (2,900) American Express Trust Equity Select Fund 40 60 481,917 493,457 11,540 American Express Trust International Fund 34 56 234,343 241,818 7,475 American Express Trust New Dimensions Fund 44 79 1,000,311 1,123,144 122,833 American Express Trust Blue Chip Advantage Fund 60 25 371,352 369,221 (2,131) American Express Trust Guaranteed Retirement Fund 68 34 623,168 623,168 -
* Party-in-interest transaction. 15 20 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) RETIREMENT SAVINGS PLAN By: /s/ Paul Plante ------------------------------------------ Paul Plante, Chief Operating Officer of Reptron Electronics, Inc. Plan Administrator Date: June 29, 1999 16 21 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 28, 1999 17 EX-23.1 2 CONSENT OF INDEPENDENT ACCOUNTANTS 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 May 21, 1999, appearing on page 1 of the Annual Report on Form 11-K of the Reptron Electronics, Inc. 401(k) Retirement Savings Plan for the fiscal years ended December 31, 1998 and 1997. /s/ Grant Thornton LLP - ------------------------------ Tampa, Florida June 28, 1999 18 -----END PRIVACY-ENHANCED MESSAGE-----