<PAGE> 1
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UNITED STATES
SECURITIES AND EXCHANGES COMMISSION
WASHINGTON, D.C.
------------------------
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED AUGUST 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 0-29782
-------
WORLD ACCESS, INC. PROFIT SHARING AND
RETIREMENT SAVINGS PLAN
(Full title of Plan)
WORLD ACCESS, INC.
(Exact name of issuer as specified in its charter)
945 E. PACES FERRY ROAD, ATLANTA, GEORGIA 30326
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (404) 231-2015
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<PAGE> 2
REQUIRED INFORMATION
Item 1. Not applicable.
Item 2. Not applicable.
Item 3. Not applicable.
Item 4. Plan financial statements and schedules prepared in accordance with
the financial reporting requirements of ERISA have been included as
Exhibit 1 hereto.
EXHIBITS
1. Audited financial statements for the World Access, Inc. Profit Sharing and
Retirement Savings Plan, including statements of net assets available
for plan benefits as of August 31, 1997 and 1996 and related statements of
changes in net assets available for plan benefits for the years then ended,
together with notes and schedules thereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the World
Access, Inc. Profit Sharing and Retirement Savings Plan has duly caused this
annual report to be signed on its behalf by the undersigned thereunto duly
authorized, in the City of Atlanta, State of Georgia, on the 9th day of
December, 1998.
World Access, Inc. Profit Sharing and
Retirement Savings Plan
By: /s/ MARK A. GERGEL
--------------------------------------
Mark A. Gergel
Chief Financial Officer,
Executive Vice President and Assistant
Secretary and Trustee of the Plan
2
<PAGE> 3
WORLD ACCESS, INC.
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AUGUST 31, 1997 AND 1996
<PAGE> 4
WORLD ACCESS, INC.
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS TO FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Page(s)
Financial Statements:
<S> <C>
Report of Independent Accountants.............................................. 1
Statement of Net Assets Available for Benefits ................................ 2
Statement of Changes in Net Assets Available for Benefits...................... 3
Notes to Financial Statements..............................................4 - 11
Additional Information*
Schedule I - Item 27a - Schedule of Assets Held for Investment Purposes........12
Schedule II - Item 27d - Schedule of Reportable Transactions ..................13
</TABLE>
* Other schedules required by Section 2520.103-10 of the Department of Labor
Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974 (ERISA) have been omitted because
they are not applicable.
<PAGE> 5
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator
of the World Access, Inc. Profit Sharing
and Retirement Savings Plan
In our opinion, the accompanying statement of net assets available for
benefits, and the related statement of changes in net assets available for
benefits present fairly, in all material respects, the financial status of the
World Access, Inc. Profit Sharing and Retirement Savings Plan (the "Plan") at
August 31, 1997 and 1996, and the changes in its financial status for the years
then ended, in conformity with generally accepted accounting principles. 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 of these statements in accordance with
generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for the
opinion expressed above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
schedules I and II is presented for purposes of additional analysis and is not
a required part of the basic financial statements but is information required
by ERISA. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ PricewaterhouseCoopers LLP
Atlanta, Georgia
September 14, 1998
<PAGE> 6
<WORLD ACCESS, INC.
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AUGUST 31,
1997 1996
<S> <C> <C>
ASSETS
Investments, at fair value (Note 3)
Mutual funds $ 602,853 $ 378,015
Pooled separate account 334,709 274,523
World Access, Inc. stock 1,576,475 433,569
----------- -----------
Total investments at fair value 2,514,037 1,086,107
Investments at estimated value (Note 3)
Participant loans 9,217 10,308
----------- -----------
Total investments 2,523,254 1,096,415
Other receivables 105,161 15,801
----------- -----------
Total assets 2,628,415 1,112,216
----------- -----------
LIABILITIES
Accounts payable -- 2,049
----------- -----------
Total liabilities -- 2,049
----------- -----------
Net assets available for benefits $ 2,628,415 $ 1,110,167
----------- -----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
2
<PAGE> 7
WORLD ACCESS, INC.
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE YEARS ENDED
AUGUST 31,
1997 1996
<S> <C> <C>
Investment income
Net appreciation in fair value of
investments (Note 3) $ 1,125,458 $ 151,953
Interest and dividends 62,025 33,273
Realized gains 42,296 17,435
----------- -----------
1,229,779 202,661
Less investment expenses (2,796) (3,382)
----------- -----------
1,226,983 199,279
----------- -----------
Contributions
Salary deferral 303,700 200,063
Employer match 80,941 30,811
Qualified rollover 9,244 4,737
----------- -----------
393,885 235,611
----------- -----------
Total additions 1,620,868 434,890
----------- -----------
Benefits paid directly to participants 102,620 63,190
Service charges -- 122
----------- -----------
Total deductions 102,620 63,312
----------- -----------
Net increase 1,518,248 371,578
Net assets available for benefits
Beginning of year 1,110,167 738,589
----------- -----------
End of year $ 2,628,415 $ 1,110,167
----------- -----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE> 8
WORLD ACCESS, INC.
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1997 AND 1996
- -------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The following description of the World Access, Inc. Profit Sharing and
Retirement Savings Plan (the "Plan") provides only general
information. Participants should refer to the Plan agreement for a
more complete description of the Plan's provisions.
GENERAL
The Plan is a defined contribution plan covering all full-time
employees of World Access, Inc. (the "Company") who have completed one
year 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").
CONTRIBUTIONS
Participants may contribute up to 15 percent of their annual
compensation including wages, salary, overtime, bonuses, commissions,
tips and fees for professional services. The Company matches 25
percent of participant contributions. All Company matching is provided
through the issuance of Company common stock.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's
contribution and allocation of (a) the Company's contribution, (b)
Plan earnings, and (c) forfeitures of terminated participants'
non-vested accounts. 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
account.
VESTING
Participants are immediately vested in their voluntary contributions
plus actual earnings thereon. Vesting in the remainder of their
accounts is based on years of credited service. A participant is 100
percent vested after five years of credited service.
INVESTMENT OPTIONS
Upon enrollment in the Plan, a participant may direct contributions to
any of five investment options.
CIGNA Guaranteed Long-Term Account - Fixed income pooled separate
account investing in a portfolio of commercial mortgages, privately
placed and publicly traded debt securities.
Fidelity Growth and Income Fund - Balanced mutual fund investing in a
portfolio of equity securities, convertible securities, common stock,
preferred stock and fixed income securities.
4
<PAGE> 9
WORLD ACCESS, INC.
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1997 AND 1996
- -------------------------------------------------------------------------------
SEI Capital Appreciation Portfolio - Mutual fund investing in a
diversified portfolio of common stock.
SEI International Equity Portfolio - Mutual fund investing in a
diversified portfolio of equity securities of non-US issuers.
Common Stock Fund - Funds are invested in common stock of World
Access, Inc. which is a party-in-interest as defined by ERISA.
PAYMENT OF BENEFITS
On termination of service, a participant with a vested account balance
of greater than $3,500 may elect to receive either a lump-sum amount
equal to the value of his or her account, annual installments over a
specified period, or a combination thereof. A participant with a
vested account balance of less than $3,500 will receive a lump-sum
amount equal to the value of his or her account.
2. SUMMARY OF ACCOUNTING POLICIES
METHOD OF ACCOUNTING
The Plan's financial statements are prepared on the accrual basis of
accounting.
INVESTMENTS
Plan investments are stated at fair or estimated value. The Company
stock is valued at its quoted market price at the respective balance
sheet dates. Mutual fund investments are valued at net asset value
representing the value at which shares of the fund may be purchased or
redeemed. Participants loans are valued at estimated value.
CONTRIBUTIONS
Employee and Company matching contributions are recorded in the period
during which the Company makes payroll deductions from the Plan
participants' earnings.
BENEFIT PAYMENTS AND WITHDRAWALS
Benefit payments and withdrawals are recorded at the time of payment.
At August 31, 1997, there were no benefit payments due to former
employees who withdrew from the Plan. At August 31, 1996, benefit
payments due to former employees who withdrew from the Plan totaled
approximately $13,141.
PLAN EXPENSES
Expenses of the Plan (trustee and administrative) are assumed and paid
by the Company. Investment expenses and service charges are paid by
the Plan.
5
<PAGE> 10
WORLD ACCESS, INC.
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1997 AND 1996
- -------------------------------------------------------------------------------
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 fair value amounts of net assets
available for benefits and disclosure of liabilities at the date of
the financial statements and the reported amounts of changes in net
assets available for benefits during the reporting period. Actual
results could differ from those estimates.
3. INVESTMENTS
The following table presents the Plan's investments at August 31:
<TABLE>
<CAPTION>
1997 1996
<S> <C> <C>
Investments at fair value as determined
by quoted market price
Mutual fund:
Fidelity Growth and Income Fund - 11,619
and 9,005 units $ 300,278 $ 183,528
SEI Capital Appreciation Portfolio - 12,565
and 7,657 shares 219,385 131,927
SEI International Equity Portfolio - 8,261
and 6,127 shares 83,190 62,560
----------- -----------
Total mutual funds 602,853 378,015
Pooled separate account:
CIGNA Guaranteed Long-Term Account - 334,709
and 274,523 units 334,709 274,523
Common stock:
Common Stock Fund - (World Access, Inc. shares) 596,621 132,575
22,514 and 15,597 shares
World Access, Inc. (Company match)
36,002 and 35,411 shares 979,854 300,994
----------- -----------
Total World Access, Inc. shares 1,576,475 433,569
Total investments at fair value as determined
by quoted market price 2,514,037 1,086,107
----------- -----------
Investments at estimated fair value
Participant loans 9,217 10,308
----------- -----------
Total investments at estimated fair value 9,217 10,308
----------- -----------
Total investments at fair value $ 2,523,254 $ 1,096,415
----------- -----------
</TABLE>
6
<PAGE> 11
WORLD ACCESS, INC.
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1997 AND 1996
- -------------------------------------------------------------------------------
During 1997, the Plan's investments appreciated in value as follows:
<TABLE>
<CAPTION>
<S> <C>
Investments at fair value as determined by quoted
market price $ 1,144,460
Less: appreciation on investments sold 19,002
-----------
Net change in fair value $ 1,125,458
-----------
</TABLE>
4. PARTICIPANT LOANS
Under terms of the Plan, participants may borrow up to 50% of their
vested account balance from their accounts with a minimum loan of
$1,000. The loans are secured by the balance in the participants'
accounts and bear interest at a rate commensurate with local market
rates for similar loans.
5. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company 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.
6. INCOME TAX
The Internal Revenue Service has determined and informed the Company
by a letter dated September 8, 1995 that the Plan is designed in
accordance with applicable sections of the Internal Revenue Code (IRC)
and is therefore exempt from tax under Section 501(a) of the IRC.
7
<PAGE> 12
WORLD ACCESS, INC.
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1997 AND 1996
- --------------------------------------------------------------------------------
7. STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
<TABLE>
<CAPTION>
AUGUST 31, 1997
FIDELITY
CIGNA GROWTH SEI SEI WORLD
GUARANTEED AND CAPITAL INTERNATIONAL COMMON ACCESS
LONG-TERM INCOME APPRECIATION EQUITY STOCK (COMPANY PARTICIPANT
ACCOUNT FUND PORTFOLIO PORTFOLIO FUND MATCH) LOANS TOTAL
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at
fair value (Note 3):
Mutual funds $ -- $ 300,278 $ 219,385 $ 83,190 $ -- $ -- $ -- $ 602,853
Pooled separate
account 334,709 -- -- -- -- -- -- 334,709
World Access, Inc.
stock -- -- -- -- 596,621 979,854 -- 1,576,475
Participant loans -- -- -- -- -- -- 9,217 9,217
-------- ---------- ---------- --------- -------- ---------- ------ ----------
Total investments 334,709 300,278 219,385 83,190 596,621 979,854 -- 2,523,254
-------- ---------- ---------- --------- -------- ---------- ------ ----------
Other receivables 2,543 7,713 3,470 2,554 4,716 84,165 -- 105,161
-------- ---------- ---------- --------- -------- ---------- ------ ----------
Total assets 337,252 307,991 222,855 85,744 601,337 1,064,019 -- 2,628,415
-------- ---------- ---------- --------- -------- ---------- ------ ----------
LIABILITIES
Accounts payable -- -- -- -- -- -- -- --
-------- ---------- ---------- --------- -------- ---------- ------ ----------
Total liabilities -- -- -- -- -- -- -- --
-------- ---------- ---------- --------- -------- ---------- ------ ----------
Net assets available
for benefits $337,252 $ 307,991 $ 222,855 $ 85,744 $601,337 $1,064,019 $9,217 $2,628,415
-------- ---------- ---------- --------- -------- ---------- ------ ----------
</TABLE>
8
<PAGE> 13
WORLD ACCESS, INC.
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1997 AND 1996
- --------------------------------------------------------------------------------
7. STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
(CONTINUED)
<TABLE>
<CAPTION>
AUGUST 31, 1997
FIDELITY
CIGNA GROWTH SEI SEI WORLD
GUARANTEED AND CAPITAL INTERNATIONAL COMMON ACCESS
LONG-TERM INCOME APPRECIATION EQUITY STOCK (COMPANY PARTICIPANT
ACCOUNT FUND PORTFOLIO PORTFOLIO FUND MATCH) LOANS TOTAL
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at
fair value (Note 3):
Mutual funds $ -- $ 183,528 $ 131,927 $ 62,560 $ -- $ -- $ -- $ 378,015
Pooled separate
account 274,523 -- -- -- -- -- -- 274,523
World Access, Inc.
stock -- -- -- -- 132,575 300,994 -- 433,569
Participant loans -- -- -- -- -- -- 10,308 10,308
-------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Total investments 274,523 183,528 131,927 62,560 132,575 300,994 10,308 1,096,415
-------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Other receivables 5,236 3,151 1,771 1,218 903 3,522 -- 15,801
-------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Total assets 279,759 186,679 133,698 63,773 133,478 304,516 10,308 1,112,216
-------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
LIABILITIES
Accounts payable 2,049 -- -- -- -- -- -- 2,049
-------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Total liabilities 2,049 -- -- -- -- -- -- 2,049
-------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Net assets available
for benefits $277,710 $ 186,679 $ 133,698 $ 63,778 $ 133,478 $ 304,516 $ 10,308 $1,110,167
-------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
</TABLE>
9
<PAGE> 14
WORLD ACCESS, INC.
Profit Sharing and Retirement Savings Plan
Notes to Financial Statements
August 31, 1997 and 1996
- -------------------------------------------------------------------------------
8. STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND
INFORMATION
FOR THE YEAR ENDED AUGUST 31, 1997
<TABLE>
<CAPTION>
FIDELITY
CIGNA GROWTH SEI SEI WORLD
GUARANTEED AND CAPITAL INTERNATIONAL COMMON ACCESS
LONG-TERM INCOME APPRECIATION EQUITY STOCK (COMPANY PARTICIPANT
ACCOUNT FUND PORTFOLIO PORTFOLIO FUND MATCH) LOANS TOTAL
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Net appreciation $ -- $ 53,153 $ 11,422 $ (993) $ 383,865 $ 678,011 $ $ 1,125,458
Interest and dividends 16,473 37,496 6,540 (6,074) 6,808 782 62,025
Realized gains 2,065 (810) 13,334 27,707 42,296
--------- --------- --------- --------- --------- ----------- --------- -----------
16,473 53,153 50,983 4,737 391,125 712,526 782 1,229,779
Less: Investment
expenses (2,796) (2,796)
--------- --------- --------- --------- --------- ----------- --------- -----------
Contributions:
Salary deferral 63,587 81,667 45,539 26,099 86,808 303,700
Employer match 80,941 80,941
Qualified rollover (1,100) 1,758 957 229 7,400 9,244
--------- --------- --------- --------- --------- ----------- --------- -----------
Total additions 78,960 136,578 94,683 31,065 485,333 793,467 782 1,620,868
--------- --------- --------- --------- --------- ----------- --------- -----------
Benefits paid (22,323) (13,604) (15,010) (3,074) (15,769) (32,840) (102,620)
Service charges
--------- --------- --------- --------- --------- ----------- --------- -----------
Total deductions (22,323) (13,604) (15,010) (3,074) (15,769) (32,840) (102,620)
Transfers 2,905 (1,662) 9,484 (6,025) (1,705) (1,124) (1,873) --
--------- --------- --------- --------- --------- ----------- --------- -----------
Net increase
(decrease) 59,542 121,312 89,157 21,966 467,859 759,503 (1,091) 1,518,248
Net assets available,
beginning of year 277,710 186,679 133,698 63,778 133,478 304,516 10,308 1,110,167
--------- --------- --------- --------- --------- ----------- --------- -----------
Net assets available,
end of year $ 337,252 $ 307,991 $ 222,855 $ 85,744 $ 601,337 $ 1,064,019 $ 9,217 $ 2,628,415
--------- --------- --------- --------- --------- ----------- --------- -----------
</TABLE>
10
<PAGE> 15
WORLD ACCESS, INC.
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1997 AND 1996
- --------------------------------------------------------------------------------
8. STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND
INFORMATION (CONTINUED)
FOR THE YEAR ENDED AUGUST 31, 1996
<TABLE>
<CAPTION>
FIDELITY
CIGNA GROWTH SEI SEI WORLD
GUARANTEED AND CAPITAL INTERNATIONAL COMMON ACCESS CPI
LONG-TERM INCOME APPRECIATION EQUITY STOCK (COMPANY PARTICIPANT
ACCOUNT FUND PORTFOLIO PORTFOLIO FUND MATCH) LOANS TOTAL
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Net appreciation $ -- $ 1,394 $ 6,698 $ (1,577) $ 29,283 $ 116,155 $ -- $ 151,953
Interest and dividends 15,193 (31) 10,945 5,761 (211) 547 1,069 33,273
Realized gains -- -- 186 (122) 567 16,804 -- 17,435
--------- --------- --------- --------- --------- ----------- ----------- -----------
15,193 1,363 17,829 4,062 29,639 133,506 1,069 202,661
Less: Investment
expenses (1,970) (139) (81) (72) (57) (1,063) -- (3,382)
--------- --------- --------- --------- --------- ----------- ----------- -----------
Contributions:
Salary deferral 56,100 61,022 26,284 10,954 45,703 -- -- 200,063
Employer match -- -- -- -- -- 30,811 -- 30,811
Qualified rollover 1,184 1,184 -- 474 1,895 -- -- 4,737
--------- --------- --------- --------- --------- ----------- ----------- -----------
Total additions 70,507 63,430 44,032 15,418 77,180 163,254 1,069 434,890
--------- --------- --------- --------- --------- ----------- ----------- -----------
Benefits paid 36,650 2,584 1,496 1,343 1,062 20,055 -- 63,190
Service charges 70 9 1 5 2 35 -- 122
--------- --------- --------- --------- --------- ----------- ----------- -----------
Total deductions 36,720 2,593 1,497 1,348 1,064 20,090 -- 63,312
--------- --------- --------- --------- --------- ----------- ----------- -----------
Transfers (61,821) 33,955 6,164 1,241 25,414 -- (4,953) --
--------- --------- --------- --------- --------- ----------- ----------- -----------
Net increase
decrease (28,034) 94,792 48,699 15,311 101,530 143,164 (3,884) 371,578
Net assets available,
beginning of year 305,744 91,886 84,999 48,467 31,948 161,352 14,192 738,589
--------- --------- --------- --------- --------- ----------- ----------- -----------
Net assets available,
end of year $ 277,710 $ 186,679 $ 133,698 $ 63,778 $ 133,478 $ 304,516 $ 10,308 $ 1,110,167
--------- --------- --------- --------- --------- ----------- ----------- -----------
</TABLE>
11
<PAGE> 16
WORLD ACCESS, INC.
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AUGUST 31, 1997 SCHEDULE I
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CURRENT
IDENTIFICATION OF INVESTMENT DESCRIPTION COST VALUE
<S> <C> <C> <C>
CIGNA Guaranteed Long-Term Pooled Separate Account - $ 334,709 $ 334,709
Account 334,709 units
CIGNA Fidelity Growth and Mutual Fund - 11,619 units 242,820 300,278
Income fund
SEI Capital Appreciation Mutual Fund - 12,565 shares 199,483 219,385
Portfolio
SEI International Equity Mutual Fund - 8,261 shares 85,956 83,190
Portfolio
Common Stock Fund* World Access Common Stock 172,011 596,621
22,514 shares
World Access Stock - World Access Common Stock 162,528 979,854
Employer Match** 36,002 shares
Participant Loans Loans bearing interest at 7-10% 9,217 9,217
</TABLE>
* The Common Stock Fund invests in the common stock of the Company, which is
a party-in-interest as defined by ERISA.
** As discussed in Note 1, the Company provides matching contributions solely
through the issuance of the Company's common stock.
12
<PAGE> 17
WORLD ACCESS, INC.
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS *
FOR THE YEAR ENDED AUGUST 31, 1997 SCHEDULE II
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER NET
DESCRIPTION OF PURCHASE SELLING COST OF CURRENT GAIN
PARTY INVOLVED OF ASSET TRANSACTIONS PRICE PRICE ASSET VALUE OR (LOSS)
<S> <C> <C> <C> <C> <C> <C> <C>
CIGNA Retirement
and Investment Guaranteed Long- 14 $ 100,437 $ -- $ -- $ -- $ --
Services, Inc. Term Account
CIGNA Retirement Fidelity Growth and
and Investment Income 14 91,918 -- -- -- --
Services, Inc.
World Access, Inc.** Common Stock 22 182,397 -- -- -- --
SEI Capital Appreciation 15 93,471 -- -- -- --
</TABLE>
* Transactions or series of transactions in excess of 5 percent of the
current value of the Plan's assets as of August 31, 1997 as defined in
Section 2520.103-6 of the Department of Labor Rules and Regulations for
Reporting and Disclosure Under ERISA.
** Party-in-interest.
13
