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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------
FORM 11-K
---------------
(MARK ONE)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the fiscal year ended December 30, 2001.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
Commission File Number 1-10560
A. FULL TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM THAT
OF THE ISSUER NAMED BELOW:
BENCHMARK ELECTRONICS, INC. 401(K) EMPLOYEE SAVINGS PLAN
B. NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE ADDRESS
OF ITS PRINCIPAL EXECUTIVE OFFICER:
BENCHMARK ELECTRONICS, INC.
3000 TECHNOLOGY DRIVE
ANGLETON, TEXAS 77515
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REQUIRED INFORMATION
The following financial statements and schedules have been prepared in
accordance with the financial reporting requirements of the Employee Retirement
Income Security Act of 1974, as amended:
1. Statements of Net Assets Available for Plan Benefits as of December 30, 2001
and 2000
2. Statement of Changes in Net Assets Available for Plan Benefits for the year
ended December 30, 2001
3. Schedule H, line 4i - Schedule of Assets (Held at End of Year) - December
30, 2001
4. Schedule G, Part III - Schedule of Nonexempt Transactions - year ended
December 30, 2001
EXHIBITS
23 Independent Auditors' Consent.
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 by the undersigned hereunto duly
authorized.
BENCHMARK ELECTRONICS, INC.
401(K) EMPLOYEE SAVINGS PLAN
By: /s/ GAYLA J. DELLY
------------------------------
Gayla J. Delly
CHIEF FINANCIAL OFFICER
Date: JULY 11, 2002
-----------------------------
-ii-
BENCHMARK ELECTRONICS, INC.
401(K) EMPLOYEE SAVINGS PLAN
Financial Statements and Supplemental Schedules
December 30, 2001 and 2000
(With Independent Auditors'
Report Thereon)
BENCHMARK ELECTRONICS, INC.
401(K) EMPLOYEE SAVINGS PLAN
TABLE OF CONTENTS
PAGE
Independent Auditors' Report 1
Statements of Net Assets Available for
Plan Benefits as of December 30, 2001 and 2000 2
Statement of Changes in Net Assets Available for
Plan Benefits for the year ended December 30, 2001 3
Notes to Financial Statements 4-11
SCHEDULE
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of
December 30, 2001 12
Schedule G, Part III - Schedule of Nonexempt Transactions for
the year ended December 30, 2001 13
INDEPENDENT AUDITORS' REPORT
The Board of Directors
Benchmark Electronics, Inc.:
We have audited the accompanying statements of net assets available for plan
benefits of the Benchmark Electronics, Inc. 401(k) Employee Savings Plan (the
Plan) as of December 30, 2001 and 2000 and the related statement of changes in
net assets available for plan benefits for the year ended December 30, 2001.
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 auditing standards generally accepted
in the United States of America. 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 plan benefits as of December
30, 2001 and 2000, and the changes in net assets available for plan benefits for
the year ended December 30, 2001, in conformity with accounting principles
generally accepted in the United States of America.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The Supplemental Schedule H, Line 4i -
Schedule of Assets (Held at End of Year) as of December 30, 2001 and
Supplemental Schedule G, Part III - Schedule of Nonexempt Transactions for the
year ended December 30, 2001 are presented for the purpose of additional
analysis and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These supplemental schedules are the responsibility of the
Plan's management. These supplemental schedules have been subjected to the
auditing procedures applied in the audits 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.
KPMG LLP
Houston, Texas
July 11, 2002
BENCHMARK ELECTRONICS, INC.
401(k) EMPLOYEE SAVINGS PLAN
Statements of Net Assets Available for Plan Benefits
December 30, 2001 and 2000
2001 2000
----------- -----------
Assets:
Cash $ 123,574 --
Investments, at fair value 67,664,350 39,255,343
Receivables:
Transfer from AVEX Electronics Pension Plan 83,943 --
Employer contributions 38,468 181,424
Participant contributions 239,372 215,693
Due from Trustee 42,052 --
Securities sold 1,929 --
Accrued interest 79,755 --
----------- -----------
Total receivables 485,519 397,117
----------- -----------
Total assets 68,273,443 39,652,460
----------- -----------
Liabilities:
Due to broker for securities purchased 113,118 --
Excess contributions due to participants 102,854 21,390
----------- -----------
Total liabilities 215,972 21,390
----------- -----------
Net assets available for plan benefits $68,057,471 39,631,070
=========== ===========
See accompanying notes to financial statements.
2
BENCHMARK ELECTRONICS, INC.
401(k) EMPLOYEE SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 30, 2001
Investment income (loss):
Interest on loans $ 242,209
Net gain on investments in common / collective trust funds 1,059,492
Net loss on investments in mutual funds (5,074,998)
Net depreciation in fair value of common stock (787,391)
------------
(4,560,688)
------------
Contributions:
Employer 1,990,074
Participant 5,762,091
Rollovers 751,238
------------
8,503,403
------------
Benefits paid to participants (6,196,130)
Excess contributions refunds (102,854)
Transfer of assets from $AVEX Savings Plan 30,698,727
Transfer of assets from AVEX Electronics Pension Plan 83,943
------------
Net increase 28,426,401
Net assets available for plan benefits:
Beginning of year 39,631,070
------------
End of year $ 68,057,471
============
See accompanying notes to financial statements.
3
BENCHMARK ELECTRONICS, INC.
401(K) EMPLOYEE SAVINGS PLAN
Notes to Financial Statements
December 30, 2001 and 2000
(1) DESCRIPTION OF PLAN
The following description of the Benchmark Electronics, Inc. 401(k)
Employee Savings Plan (the Plan) provides only general information.
Participants should refer to the Plan agreement for more complete
information.
(A) GENERAL
The Plan is a defined contribution plan covering all employees of
Benchmark Electronics, Inc. (the Company) and employees of the
Company's affiliates, Benchmark Electronics Corp. and Benchmark
Electronics Huntsville, Inc., on their date of hire. The Plan is
subject to the provisions of the Employee Retirement Income Security
Act of 1974, as amended (ERISA). The Plan has adopted the Dreyfus Non
Standardized Prototype Profit Sharing Plan and Trust (the Prototype
Plan).
The Plan is administered by the Company and advised by the board of
directors of the Company. Effective January 1, 2001, Boston Safe
Deposit and Trust Company replaced The Chase Manhattan Bank as trustee
of the Plan. In conjunction with the change in trustees, the
investments held at The Chase Manhattan Bank were liquidated and mapped
into similar investment options at Boston Safe Deposit and Trust
Company. Company common stock and participant notes were transferred
in-kind. Mellon Employee Benefit Solutions, formerly Dreyfus Service
Corporation, was named as successor record keeper.
(B) CONTRIBUTIONS AND INVESTMENT OPTIONS
The Plan states that participants may elect to make pre-tax
contributions from 1% to 17% (in 0.5% increments) of their
compensation, as defined. Participant contributions will be matched by
the Company on a 50% basis, not to exceed 3.75% of a participant's
compensation (referred to as employer contributions) upon one year of
service. The Company may also elect to make an employer discretionary
contribution to all employees employed at the end of the Plan year who
have completed 1000 hours of service during such year. The Company did
not make a discretionary contribution during the 2001 Plan year.
Certain Internal Revenue Service (IRS) limits may apply to both the
participants' contributions and the employers' contributions. Eligible
participants may also elect to roll over distributions from a former
employer's qualified retirement plan.
Effective January 1, 2001, participants may direct all contributions to
any of the following investment options.
o DREYFUS-CERTUS STABLE VALUE, SERIES I - Funds are invested
primarily in investment contracts, including Guaranteed
Investment Contracts (GICs), synthetic investment contracts
and short-term money market instruments to achieve high
current income and stability of principal.
(Continued)
4
BENCHMARK ELECTRONICS, INC.
401(K) EMPLOYEE SAVINGS PLAN
Notes to Financial Statements
o DREYFUS DISCIPLINED STOCK FUND - Funds are invested at least
65% in securities, primarily dividend-paying stocks, and seeks
investment returns that are consistently superior to the
Standard & Poor's 500 Composite Stock Index.
o DREYFUS APPRECIATION FUND, INC. - Funds are invested in common
stock of domestic and foreign issuers, common stock with
warrants attached and debt securities of foreign governments.
The fund seeks long-term capital growth consistent with the
preservation of capital. Current income is a secondary
investment objective.
o DREYFUS PREMIER BALANCE FUND, CLASS R - Funds are invested
normally 60% in common stock and 40% in investment-grade bonds
and seeks to outperform an unmanaged hybrid index, 60% of
which is the Standard & Poor's 500 Composite Stock Price Index
and 40% of which is the Lehman Brothers Intermediate
Government/Corporate Bond Index.
o DREYFUS PREMIER CORE BOND FUND, CLASS R - Funds are invested
at least 65% in debt securities such as bonds, debentures,
notes, mortgage-related securities, convertible debt
obligations and convertible preferred stock of domestic and
foreign issuers. At least 80% of assets are investment-grade
debt. The fund may not purchase securities rated lower than C.
Up to 30% of assets may be foreign debt securities.
o FEDERATED INTERNATIONAL EQUITY FUND, CLASS A - Funds are
invested primarily in stocks of companies based outside the
United States.
o MSIF TRUST MID CAP VALUE FUND: ADVISORS SHARES - Funds are
invested primarily in common stocks of companies included in
the Standard & Poor's MidCap 400 Index.
o DREYFUS PREMIER FUTURE LEADERS FUND, CLASS R - Funds are
invested in small companies characterized by new or innovative
products, services or processes having the potential to
enhance earnings or revenue growth. The fund invests at least
65% of its total assets in companies with total market value
of less than $1.5 billion at time of purchase. The fund's
investments may include common stock, preferred stock and
convertible securities, included those purchased in initial
public offerings. The fund's sector weightings typically
approximate those of the Russell 2000 Index.
o BENCHMARK ELECTRONICS, INC. COMMON STOCK FUND - Funds are
invested in common stock of the Company.
(Continued)
5
BENCHMARK ELECTRONICS, INC.
401(K) EMPLOYEE SAVINGS PLAN
Notes to Financial Statements
(C) PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's
contribution and employer matching contributions and an allocation of
discretionary employer contributions, if any, and plan earnings.
Allocations are based on participant earnings or account balances, as
defined. The benefit to which a participant is entitled is the benefit
that can be provided from the participant's vested account.
(D) VESTING
Participants are immediately vested in their contributions to the Plan
plus actual earnings thereon. The Plan provides for a 50% vesting in
employer contributions plus actual earnings thereon after two years of
employment and 100% vesting after three years.
(E) PARTICIPANTS' NOTES RECEIVABLE
Upon written application by a participant, the Plan administrator may
make loans to participants not to exceed 50% of the participants'
401(k) vested balance, with a minimum of $1,000 and a maximum of
$50,000 less the participant's highest outstanding loan balance during
the preceding 12 months. Participants' notes are to be repaid by level
monthly payroll deductions of principal plus interest or may be prepaid
in full or in part without penalty at any time. The interest rate is
set at the prime rate plus 1%.
(F) ADMINISTRATIVE EXPENSES
Administrative expenses of the Plan are paid by the Company.
(G) PAYMENT OF BENEFITS
On termination of service, a participant may elect to receive either a
lump-sum amount equal to the vested value of his/her account or an
annuity with various terms and rates.
While employed, a participant may make withdrawals from his or her
account balance (as allowed under IRS regulations) subject to certain
restrictions as described in the Plan. Certain restrictions associated
with withdrawals may be waived in the event a participant demonstrates
financial hardship.
(H) TERMINATION OF THE PLAN
Although the Company has not expressed any intent to terminate the
Plan, it may do so as provided by the Plan agreement. Following
termination of the Plan, participants shall become fully vested in
their participant account.
(Continued)
6
BENCHMARK ELECTRONICS, INC.
401(K) EMPLOYEE SAVINGS PLAN
Notes to Financial Statements
(I) FORFEITURES
Nonvested employer contributions are forfeited upon the participant's
receipt of a distribution of his/her vested balance. If the participant
is subsequently reemployed before incurring five consecutive one-year
breaks in service and such participant had received a distribution of
his entire vested interest prior to his reemployment, amounts forfeited
may be reinstated if the rehired participant repays to the Plan the
amounts previously distributed upon his/her prior termination. At
December 30, 2001 and December 31, 2000, forfeited nonvested accounts
totaled $216,020 and $171,758, respectively. These accounts will be
used to reduce employer contributions.
(2) SUMMARY OF ACCOUNTING POLICIES
(A) BASIS OF FINANCIAL STATEMENTS
The financial statements of the Plan are prepared under the accrual
method of accounting.
(B) INVESTMENT VALUATION
The Plan's investments are stated at fair value. The common stock of
the Company and mutual funds are valued at their quoted market price.
The investments in common / collective trust funds are valued based
upon the quoted market values of the underlying assets. Participants'
notes receivable are recorded at cost which approximates their fair
value.
Purchases and sales of securities are recorded on a trade-date basis.
Interest and dividends are recorded as earned. Net investment gain
(loss) from mutual funds and common/collective trust funds includes
interest, dividends, realized gains (losses) on sale of investments and
unrealized appreciation (depreciation) in fair value of investments.
Net depreciation in fair value of common stock includes realized gains
(losses) on sale of common stock and unrealized appreciation
(depreciation) in fair value of common stock.
(C) DREYFUS-CERTUS STABLE VALUE, SERIES I
The Dreyfus-Certus Stable Value, Series I, (the Certus Fund) which is a
common/collective trust fund, is valued at $1 per unit. The Certus Fund
invests a substantial portion of its assets in GICs, bank investment
contracts, and synthetic investment contracts which are fully
benefit-responsive and for which the contract value generally reflects
fair value. The Plan's proportionate share of the fair value of the
Certus Fund, as calculated by the issuer, is $21,180,065 as of December
30, 2001. For the year ended December 30, 2001, the annual rate of
return for the Certus Fund was 5.56%.
(Continued)
7
BENCHMARK ELECTRONICS, INC.
401(K) EMPLOYEE SAVINGS PLAN
Notes to Financial Statements
The Morley Stable Value Fund (Morley Fund) is a common/collective trust
fund, investing primarily in GICs, and which is valued daily based upon
the fair value of the underlying securities. In January 2001, this fund
was liquidated and reinvested in the Certus Fund. For the year ended
December 30, 2001, the annual rate of return for the Morley Fund was
6.4%.
The Principal Mutual Life Insurance Company Contract #4-27919, (the
Principal Account) was a guaranteed interest account that matured on
December 31, 2000. Upon maturity, the Principal Account was liquidated
and reinvested in the Certus Fund.
(D) CONCENTRATION OF INVESTMENTS
The Plan's investment in shares of the Company's common stock
represents 7.6% and 14.0% of the Plan's net assets as of December 30,
2001 and 2000, respectively. The Company has been in operation since
1981 and is listed on the New York Stock Exchange.
(E) USE OF ESTIMATES
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
the Plan administrator to make estimates and assumptions that affect
the reported amounts of assets and liabilities, disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of additions to and deductions from
net assets during the reporting period. Actual results could differ
from those estimates.
(F) PAYMENT OF BENEFITS
Benefits are recorded when paid.
(3) BENCHMARK ELECTRONICS, INC. COMMON STOCK
Each participant is entitled to exercise voting rights attributable to the
shares allocated to his or her account and is notified by the Trustee prior
to the time that such rights are to be exercised.
(4) FEDERAL INCOME TAX EXEMPTION
The Internal Revenue Service has determined and informed the Company by a
letter dated September 1, 1994, that the Prototype Plan and related trust
are designed in accordance with Section 401(a) of the Internal Revenue Code
of 1986 (IRC) and, accordingly, are entitled to an exemption from federal
income taxes under the provisions of Section 501(a). The Plan administrator
believes that the Plan is designed, and is currently being operated in
compliance with the appropriate IRC sections.
(Continued)
8
BENCHMARK ELECTRONICS, INC.
401(K) EMPLOYEE SAVINGS PLAN
Notes to Financial Statements
(5) RECONCILIATION OF NET ASSETS AVAILABLE FOR PLAN BENEFITS AND CHANGES IN
NET ASSETS AVAILABLE FOR PLAN BENEFITS REPORTED IN FORM 5500
Reconciliation of the net assets available for plan benefits reported in
the accompanying statement to the net assets available for plan benefits
reported per the Form 5500 as of December 30, 2001 and 2000 is as follows:
2001 2000
-------- --------
Net assets available for plan benefits
reported per the Form 5500 $ 67,799,437 39,255,343
Adjustment in employer contributions receivable 38,468 181,424
Adjustment in participants contributions receivable 239,372 215,693
Adjustment in due from Trustee 42,052 --
Adjustment in transfers from other plans 83,943 --
Adjustment in participant note distributions (42,947) --
Adjustment in excess contribution due to participants (102,854) (21,390)
----------------------------------
Net assets available for plan benefits
reported in the accompanying statement $ 68,057,471 39,631,070
==================================
Reconciliation of the changes in net assets available for plan benefits
reported in the accompanying statement to the net changes in net assets
available for plan benefits reported per the Form 5500 for the year ended
December 30, 2001 is as follows:
Net changes in net assets available for plan benefits $ 28,544,094
reported per the Form 5500
Adjustment in contributions from employer (130,550)
Adjustment in contributions from participants 53,325
Adjustment in benefits paid to participants (42,947)
Adjustment in excess contribution refunds (81,464)
Adjustment in transfers from other plans 83,943
-------------
Net changes in net assets available for plan benefits
reported in the accompanying statement $ 28,426,401
=============
(Continued)
9
BENCHMARK ELECTRONICS, INC.
401(K) EMPLOYEE SAVINGS PLAN
Notes to Financial Statements
(6) INVESTMENTS
The following table presents investments that represent 5 percent or more
of the Plan's net assets as of December 30, 2001 and 2000:
2001
Dreyfus-Certus Stable Value, Series I $ 20,781,721
Dreyfus Disciplined Stock Fund 18,309,241
Dreyfus Appreciation Fund, Inc. 8,308,114
Benchmark Electronics, Inc. Common Stock Fund 5,148,570
Dreyfus Premier Balanced Fund, Class R 3,902,155
2000
Federated Max-Cap Fund Institutional Class $ 10,625,310
Morley Stable Value Fund 10,603,943
Fidelity Advisor Growth Opportunities Fund 6,520,365
Benchmark Electronics, Inc. Common Stock Fund 5,567,590
Franklin Custodian Funds - Income Series 2,649,045
(7) PARTY-IN-INTEREST TRANSACTIONS
The Plan engages in investment transactions with Funds managed by Dreyfus
Corporation. Dreyfus Corporation is affiliated with Mellon Financial
Corporation who is the parent company for both Dreyfus Corporation and
Boston Safe Deposit and Trust Company, the Trustee. These transactions are
covered by an exemption from the prohibited transaction provisions of ERISA
and IRC.
The Plan invests in shares of the Company's common stock. As the Company is
the sponsor of the Plan, these transactions qualify as party in interest
transactions which are also exempt under ERISA.
(8) NONEXEMPT TRANSACTIONS
As reported on Schedule II, certain Plan contributions and loan payments
were not remitted to the trust within the timeframe specified by the
Department of Labor's Regulation 29 CFR 2510.3-102, thus constituting
nonexempt transactions between the Plan and the Company for the year ended
December 30, 2001.
(9) TRANSFER OF ASSETS FROM $AVEX SAVINGS PLAN
During 2001, the net assets of the $AVEX Savings Plan (the $AVEX Plan) of
$30,698,727 were merged with and transferred to the Plan. The investments
of the $AVEX Plan were liquidated and invested in investments of the Plan
with similar investment objectives.
(Continued)
10
BENCHMARK ELECTRONICS, INC.
401(K) EMPLOYEE SAVINGS PLAN
Notes to Financial Statements
(10) TRANSFER OF ASSETS FROM AVEX ELECTRONICS PENSION PLAN
Excess assets in the amount of $83,943 from the terminated AVEX Electronics
Pension Plan were due to the Plan at December 30, 2001 and will be utilized
against future employer contributions.
11
Schedule I
BENCHMARK ELECTRONICS, INC.
401(K) EMPLOYEE SAVINGS PLAN
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 30, 2001
CURRENT
IDENTITY OF ISSUER DESCRIPTION OF INVESTMENT VALUE
------------------------------------------- ---------------------------------------------- ---------------
* Dreyfus Funds Dreyfus-Certus Stable Value - Series I $ 20,781,721
* Dreyfus Funds Dreyfus Disciplined Stock Fund 18,309,241
* Dreyfus Funds Dreyfus Appreciation Fund, Inc. 8,308,114
* Dreyfus Funds Dreyfus Premier Balanced Fund, Class R 3,902,155
* Dreyfus Funds Dreyfus Premier Core Bond Fund, Class R 3,297,092
* Federated Investors Federated International Equity Fund, Class A 2,610,111
* Morgan Stanley Institutional Funds/Trust MSIF Trust Mid Cap Value Fund: Advisors Shares 1,211,710
* Dreyfus Funds Dreyfus Premier Future Leaders Fund, Class R 981,171
* Benchmark Electronics, Inc. Benchmark Electronics, Inc. Common Stock Fund 5,148,570
* Participants Participants' notes receivable (rates range from
6.0% to 11.0% at December 30, 2001) 3,114,465
--------------
$ 67,664,350
==============
See accompanying independent auditors' report.
* Represents party-in-interest transactions.
12
Schedule II
BENCHMARK ELECTRONICS, INC.
401(K) EMPLOYEE SAVINGS PLAN
Schedule G, Part III - Schedule of NonExempt Transactions
Year Ended December 30, 2001
RELATIONSHIP
TO PLAN, INTEREST
EMPLOYER OR INCURRED
OTHER PARTY DESCRIPTION OF TRANSACTIONS, INCLUDING MATURITY DATE, AMOUNT ON LOAN
IDENTITY OF PARTY INVOLVED IN INTEREST RATE OF INTEREST, COLLATERAL AND MATURITY VALUE LOANED IN 2001
---------------------------- ------------- ----------------------------------------------------- --------- ----------
Benchmark Electronics, Inc. Employer Lending of monies from the Plan to the
employer (participant contributions and loan payments
not timely remitted to the Plan) as follows-
Deemed loan dated November 21, 2000, maturity
March 23, 2001, with interest at 7.71% for
period outstanding $ 5,614 290
Deemed loan dated December 21, 2000, maturity
March 23, 2001, with interest at 59.53% for
period outstanding 1,820 965
Deemed loan dated January 23, 2001, maturity
January 24, 2001, with interest at 0.37% for
period outstanding 2,408 9
Deemed loan dated January 23, 2001, maturity
January 25, 2001, with interest at 0.67% for
period outstanding 7,089 48
Deemed loan dated January 23, 2001, maturity
January 26, 2001, with interest at 0.67% for
period outstanding 54,714 367
Deemed loan dated January 23, 2001, maturity
March 23, 2001, with interest at 9.8% for
period outstanding 1,536 151
Deemed loan dated February 22, 2001, maturity
March 7, 2001, with interest at 2.97% for
period outstanding 120,633 3,583
Deemed loan dated February 22, 2001, maturity
March 23, 2001, with interest at 1.89% for
period outstanding 1,880 36
Deemed loan dated March 21, 2001, maturity
March 23, 2001, with interest at 11.73% for
period outstanding 1,058 124
Deemed loan dated April 20, 2001, maturity
April 23, 2001, with interest at 0.14% for 61,264 86
period outstanding
See accompanying independent auditors' report.
13