<PAGE>
================================================================================
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):
[_] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [FEE REQUIRED].
For the year ended ____________________.
OR
[X] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED].
For the transition period from June 1, 1993 to December 31, 1993.
Commission file number 33-30357
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
CDI Corporation-Michigan Retirement Savings Plan
28000 Dequindre Road
Warren, Michigan 48092
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
CDI CORP.
1717 Arch Street, 35th Floor
Philadelphia, PA 19103
Page 1 of 17
Exhibit Index is on Page 16
<PAGE>
REQUIRED INFORMATION
Item 4 - In lieu of the financial reporting requirements of Items 1-3 of
Form 11-K, the CDI Corporation-Michigan Retirement Savings Plan (the "Plan"), a
tax-qualified retirement plan subject to the provisions of Title I and II of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), is
furnishing financial statements and schedules prepared in accordance with the
financial reporting requirements of ERISA. The following table of contents
lists the financial statements and schedules furnished in this Form 11-K.
Table of Contents
-----------------
<TABLE>
<CAPTION>
Description Page
- - - ----------- ----
<S> <C>
Independent Auditors' Report..................................... 3
Statements of Net Assets Available for Plan Benefits............. 4-5
Statements of Changes in Net Assets Available for Plan Benefits.. 6-7
Notes to Financial Statements.................................... 8-10
<CAPTION>
Schedule
--------
<S> <C>
Schedule of Assets Held for Investment Purposes.................. 1
Schedule of Reportable Transactions.............................. 2
Schedule of Transactions with Parties in Interest................ 3
</TABLE>
All other schedules required by ERISA are inapplicable and have therefore been
omitted.
Page 2 of 17
<PAGE>
[LETTERHEAD OF PEAT MARWICK LLP APPEARS HERE]
Independent Auditors' Report
----------------------------
The Board of Directors
CDI Corporation Michigan Retirement Savings Plan:
We have audited the accompanying statements of net assets available for plan
benefits of the CDI Corporation-Michigan Retirement Savings Plan (Plan) as of
December 31, 1993, and May 31, 1993, and the related statements of changes in
net assets available for plan benefits for the seven-month period ended December
31, 1993, and the year ended May 31, 1993. 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 plan benefits of the Plan as
of December 31, 1993, and May 31, 1993, and the changes in net assets available
for plan benefits for the seven months ended December 31, 1993, and the year
ended May 31, 1993, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules 1, 2, and 3
are presented for the purpose of additional analysis and are not a required part
of the basic financial statements, but are supplementary information as required
by the Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. The fund information
in the statements of net assets available for plan benefits and the statements
of changes in net assets available for benefits is presented for purposes of
additional analysis rather than to present the statements of net assets
available for plan benefits and the statements of changes in net assets
available for benefits of each fund. The supplemental schedules and fund
information have been subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, are fairly presented in
all material respects in relation to the basic financial statements taken as a
whole.
/s/ KPMG Peat Marwick LLP
September 2, 1994
Page 3 of 17
<PAGE>
CDI CORPORATION-MICHIGAN
RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 1993, and May 31, 1993
<TABLE>
<CAPTION>
December 31, 1993
---------------------------------------------------------------------------------------------
Guaranteed CDI Asset U.S.
Interest Stock Magellan Manager Equity Index Loan
Fund Contrafund Fund Fund Fund Portfolio Fund Total
---- ---------- ---- ---- ---- --------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments at contract value:
Guaranteed interest contracts $17,560,047 - - - - - - 17,560,047
Loans to participants - - - - - - 2,057,515 2,057,515
Investments at fair value:
Common stock - 615,637 1,811,515 10,963,817 - 3,533,938 - 16,924,907
Bonds and short-term fixed
instruments - - - - 2,748,186 - - 2,748,186
----------- ------- --------- ---------- --------- --------- --------- ----------
Total investments 17,560,047 615,637 1,811,515 10,963,817 2,748,186 3,533,938 2,057,515 39,290,655
----------- ------- --------- ---------- --------- --------- --------- ----------
Receivables:
Employer contributions 205 4 12 97 48 36 - 402
Participant contributions 35,752 2,823 4,234 30,577 10,349 10,349 - 94,084
----------- ------- --------- ---------- --------- --------- --------- ----------
Total receivables 35,957 2,827 4,246 30,674 10,397 10,385 - 94,486
----------- ------- --------- ---------- --------- --------- --------- ----------
Total assets 17,596,004 618,464 1,815,761 10,994,491 2,758,583 3,544,323 2,057,515 39,385,141
Liabilities:
Loans requested and due to plan
participants 36,120 445 168 12,575 5,927 165 - 55,400
----------- ------- --------- ---------- --------- --------- --------- ----------
Net assets available
for plan benefits $17,559,884 618,019 1,815,593 10,981,916 2,752,656 3,544,158 2,057,515 39,329,741
=========== ======= ========= ========== ========= ========= ========= ==========
</TABLE>
Page 4 of 17
<PAGE>
CDI CORPORATION-MICHIGAN
RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Plan Benefits, Continued
December 31, 1993, and May 31, 1993
<TABLE>
<CAPTION>
May 31, 1993
-------------------------------------------------------------------------------
Guaranteed CDI Asset U.S.
Interest Stock Magellan Manager Equity Index Loan
Fund Fund Fund Fund Portfolio Fund Total
---- ---- ---- ---- --------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments at contract value:
Guaranteed interest contracts $17,074,038 - - - - - 17,074,038
Loans to participants - - - - - 1,965,042 1,965,042
Investments at fair value:
Common stock - 1,173,169 8,886,201 - 3,229,731 - 13,289,101
Bonds and short-term fixed
instruments - - - 2,047,606 - - 2,047,606
----------- --------- --------- --------- --------- --------- ----------
Total investments 17,074,038 1,173,169 8,886,201 2,047,606 3,229,731 1,965,042 34,375,787
----------- --------- --------- --------- --------- --------- ----------
Receivables:
Employer contributions 446 29 232 82 92 - 881
Participant contributions 107,771 12,758 85,391 26,551 29,308 - 261,779
----------- --------- --------- --------- --------- --------- ----------
Total receivables 108,217 12,787 85,623 26,633 29,400 - 262,660
----------- --------- --------- --------- --------- --------- ----------
Total assets 17,182,255 1,185,956 8,971,824 2,074,239 3,259,131 1,965,042 34,638,447
Liabilities:
Loans requested and due to plan
participants 75,838 - 13,059 8,578 225 - 97,700
----------- --------- --------- --------- --------- --------- ----------
Net assets available for
plan benefits $17,106,417 1,185,956 8,958,765 2,065,661 3,258,906 1,965,042 34,540,747
=========== ========= ========= ========= ========= ========= ==========
</TABLE>
Page 5 of 17
<PAGE>
CDI CORPORATION-MICHIGAN
RETIREMENT SAVINGS PLAN
Statements of Changes in Net Assets Available for Plan Benefits
Seven months ended December 31, 1993, and year ended May 31, 1993
<TABLE>
<CAPTION>
December 31, 1993
---------------------------------------------------------------------------------------------------
U.S.
Guaranteed CDI Asset Equity
Interest Stock Magellan Manager Index Loan
Fund Contrafund Fund Fund Fund Portfolio Fund Total
---- ----------- ---- ---- ---- --------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Additions:
Investment income:
Dividends and interest $ 691,715 41,353 4,225 631,924 136,675 99,500 - 1,605,392
Net appreciation
(depreciation) in fair
value of investments - (15,020) 747,105 240,311 147,863 70,340 - 1,190,599
----------- ------- --------- ---------- --------- --------- --------- ----------
Total
investment
income 691,715 26,333 751,330 872,235 284,538 169,840 - 2,795,991
----------- ------- --------- ---------- --------- --------- --------- ----------
Participant contributions 1,634,734 138,308 189,705 1,386,154 462,028 461,692 - 4,272,621
Employer contributions 33,914 5,456 6,089 35,362 11,925 11,523 - 104,269
Forfeitures used for
employer contributions (58,225) - - - - - - (58,225)
Forfeitures 15,740 - (1,382) (8,488) (2,548) (3,322) - -
Loan repayments 293,038 18,518 33,047 159,725 35,335 45,546 (585,209) -
----------- ------- --------- ---------- --------- --------- --------- ----------
Total additions 2,610,916 188,615 978,789 2,444,988 791,278 685,279 (585,209) 7,114,656
----------- ------- --------- ---------- --------- --------- --------- ----------
Deductions:
Benefits paid to
participants 1,043,555 5,483 146,012 564,235 164,985 178,374 - 2,102,644
Loans to participants 586,915 7,098 2,920 204,372 96,125 3,270 (900,700) -
Loans forgiven as
benefit to employee - - - - - - 223,018 223,018
----------- ------- --------- ---------- --------- --------- --------- ----------
Total deductions 1,630,470 12,581 148,932 768,607 261,110 181,644 (677,682) 2,325,662
----------- ------- --------- ---------- --------- --------- --------- ----------
Interfund transfers (526,979) 441,985 (200,220) 346,770 156,827 (218,383) - -
----------- ------- --------- ---------- --------- --------- --------- ----------
Increase in net
assets available
for plan benefits 453,467 618,019 629,637 2,023,151 686,995 285,252 92,473 4,788,994
Net assets available for
plan benefits:
Beginning of period 17,106,417 - 1,185,956 8,958,765 2,065,661 3,258,906 1,965,042 34,540,747
----------- ------- --------- ---------- --------- --------- --------- ----------
End of period $17,559,884 618,019 1,815,593 10,981,916 2,752,656 3,544,158 2,057,515 39,329,741
=========== ======= ========= ========== ========= ========= ========= ==========
</TABLE>
Page 6 of 17
<PAGE>
CDI CORPORATION-MICHIGAN
RETIREMENT SAVINGS PLAN
Statements of Changes in Net Assets Available for Plan Benefits, Continued
Seven months ended December 31, 1993, and year ended May 31, 1993
<TABLE>
<CAPTION>
May 31, 1993
------------------------------------------------------------------------------------
Guaranteed CDI Asset U.S.
Interest Stock Magellan Manager Equity Index Loan
Fund Fund Fund Fund Portfolio Fund Total
---- ---- ---- ---- --------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Investment income:
Dividends and interest $ 1,192,167 7,966 971,733 90,136 97,252 - 2,359,254
Net appreciation (depreciation) in
fair value of investments - (103,509) 473,105 154,925 221,756 - 746,277
----------- --------- --------- --------- --------- ---------- ----------
Total investment income 1,192,167 (95,543) 1,444,838 245,061 319,008 - 3,105,531
Participant contributions 2,651,599 296,396 1,847,455 566,889 621,653 - 5,983,992
Employer contributions 33,184 3,631 22,011 8,635 9,588 - 77,049
Forfeitures used for employer
contributions (50,314) - - - - - (50,314)
Loan repayments 458,701 48,971 210,266 51,699 59,245 (828,882) -
----------- --------- --------- --------- --------- ---------- ----------
Total additions 4,285,337 253,455 3,524,570 872,284 1,009,494 (828,882) 9,116,258
----------- --------- --------- --------- --------- ---------- ----------
Deductions:
Benefits paid to participants 1,724,181 88,256 1,049,558 226,601 259,089 - 3,347,685
Loans to participants 746,934 40,521 261,700 47,705 92,823 (1,189,683) -
Loans forgiven as benefit to employee - - - - - 121,408 121,408
----------- --------- --------- --------- --------- ---------- ----------
Total deductions 2,471,115 128,777 1,311,258 274,306 351,912 (1,068,275) 3,469,093
----------- --------- --------- --------- --------- ---------- ----------
Interfund transfers (171,844) (15,683) 31,456 155,691 380 - -
----------- --------- --------- --------- --------- ---------- ----------
Increase in net assets
available for plan benefits 1,642,378 108,995 2,244,768 753,669 657,962 239,393 5,647,165
Net assets available for plan benefits:
Beginning of period 15,464,039 1,076,961 6,713,997 1,311,992 2,600,944 1,725,649 28,893,582
----------- --------- --------- --------- --------- ---------- ----------
End of period $17,106,417 1,185,956 8,958,765 2,065,661 3,258,906 1,965,042 34,540,747
=========== ========= ========= ========= ========= ========== ==========
</TABLE>
Page 7 of 17
<PAGE>
CDI CORPORATION-MICHIGAN
RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1993, and May 31, 1993
(1) Description of the Plan
-----------------------
The following description of the CDI Corporation-Michigan Retirement
Savings Plan (Plan) is provided for general information purposes only.
Reference should be made to the plan agreement for more complete
information. The Plan became effective June 1, 1984, and is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
The Plan is a defined contribution plan, commonly referred to as a 401(k)
plan, available to substantially all of the hourly and salaried employees
of CDI Corporation-Michigan and certain affiliated companies (the Company).
Employees are eligible to participate upon reaching age 21 and completing
13 consecutive weeks of employment.
Under the terms of the agreement with the Company, each participant's
account is credited with the participant's voluntary contribution, the
Company's matching contribution (note 3), and a proportionate share of the
Plan's earnings. Participants are fully vested at all times in their
voluntary contributions plus the actual earnings thereon. Employer
contributions and earnings thereon vest at death, normal retirement, or 25
percent per full year of employment.
Upon termination of service, including retirement, a participant may
receive a lump-sum distribution after the next monthly valuation date. A
participant who is not 100 percent vested forfeits employer contributions.
Forfeitures may be used to offset future employer contributions.
The Plan was amended effective June 1, 1988, to allow participants to
borrow against their vested account balances up to 50 percent of the sum of
the vested portion of amounts held in the participant's account, as long as
a participant's loans, from whatever source, do not exceed $50,000. All
loans shall be repaid within five years unless otherwise approved by the
board of directors. Loans bear a fixed rate of interest equal to the prime
rate quoted by the plan administrator on the loan request date.
(2) Significant Accounting Policies
-------------------------------
Basis of Presentation
---------------------
The accompanying financial statements have been prepared on the accrual
basis.
Valuation of Investments
------------------------
Guaranteed interest funds are stated at cost plus accrued interest; all
other investments are stated at fair market value as determined by quoted
market prices.
Administrative Expenses
-----------------------
Costs of plan administration, such as investment fees and expenses, and
other administrative expenses, were paid by the Plan for the seven months
ended December 31, 1993, and the year ended May 31, 1993.
Page 8 of 17
<PAGE>
CDI CORPORATION-MICHIGAN
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
(3) Contributions
-------------
Participants may elect to contribute between 1 percent and 20 percent of
their annual compensation, subject to maximum annual tax-deferred
limitations established by the Internal Revenue Service. The Company
matches 60 percent of each participant's contribution up to an annual
maximum match of $375. As of April 6, 1992, the Company's board of
directors elected to suspend the Company's matching contribution
indefinitely.
(4) Termination
-----------
Although the Company has not expressed any intent to terminate the Plan, it
may do so at any time, subject to provisions of ERISA. In the event of
termination, all matching nonvested contributions immediately vest, and
participants will receive a lump-sum distribution of the balance in their
individual accounts.
(5) Investment Funds
----------------
Participants direct their accounts to be invested in various investment
funds. The following is a description of the investment funds available
during the year:
<TABLE>
<CAPTION>
Fund Description
---- -----------
<S> <C>
Guaranteed Interest Fund Contracts with insurance companies at a specified
rate of return
Contrafund Common stock of growth companies
CDI Stock Fund CDI Corporation common stock
Magellan Fund Common stocks selected for their growth potential
rather than for their income
Asset Manager Fund Bonds and short-term fixed income instruments
U.S. Equity Index Portfolio Common stocks from Standard and Poor's "500"
Average
</TABLE>
The following summarizes the information included in the Plan's financial
statements and supplemental schedules:
<TABLE>
<CAPTION>
December 31, 1993 May 31, 1993
Identity of Description of --------------------------- --------------------
Issuer Investment Market Value Cost Market Value Cost
------ ---------- ------------ ---- ------------ ----
<S> <C> <C> <C> <C> <C>
Fidelity Management Trust Company Guaranteed Interest Fund $17,560,047 17,560,045 17,074,038 17,074,038
Fidelity Management Trust Company Contrafund 615,637 631,035 - -
Fidelity Management Trust Company CDI Stock Fund 1,811,515 1,292,556 1,173,169 1,344,026
Fidelity Management Trust Company Magellan Fund 10,963,817 10,209,485 8,886,201 8,268,403
Fidelity Management Trust Company Asset Manager Fund 2,748,186 2,402,795 2,047,606 1,806,694
Fidelity Management Trust Company U.S. Equity Index Portfolio 3,533,938 3,032,030 3,229,731 2,751,569
Loan Fund 2,057,515 2,057,515 1,965,042 1,965,042
---------- ---------- ---------- ----------
$39,290,655 37,185,461 34,375,787 33,209,772
========== ========== ========== ==========
</TABLE>
Page 9 of 17
<PAGE>
CDI CORPORATION-MICHIGAN
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
(6) Tax Status
----------
The Internal Revenue Service, in a letter dated November 24, 1986,
determined that the Plan met the requirements of section 401(a) of the
Internal Revenue Code and was exempt from federal income tax under section
501(a) of the Code. The Plan has been amended subsequent to that date.
Although a more recent determination letter has not yet been received, it
is the opinion of the plan administrator that the Plan, as amended,
continues to be qualified under section 401(a) of the Internal Revenue
Code.
(7) Related Party
-------------
Effective October 1, 1989, participants could contribute to the CDI Stock
Fund, which invests in the publicly traded common stock of CDI Corporation,
the parent company of CDI Corporation-Michigan.
Page 10 of 17
<PAGE>
Schedule 1
----------
CDI CORPORATION-MICHIGAN
RETIREMENT SAVINGS PLAN
Schedule of Assets Held for Investment Purposes - Item 27a
December 31, 1993
<TABLE>
<CAPTION>
Market
Description of Investment Fund Manager Shares Cost Value
------------------------- ------------- ------ ----- -----
<S> <C> <C> <C> <C>
Guaranteed Interest Fund Fidelity Management Trust Company 17,560,045 $17,560,045 17,560,047
Contrafund Fidelity Management Trust Company 19,962 631,035 615,637
CDI Stock Fund Fidelity Management Trust Company 144,921 1,292,556 1,811,515
Magellan Fund Fidelity Management Trust Company 154,747 10,209,485 10,963,817
Asset Manager Fund Fidelity Management Trust Company 178,453 2,402,795 2,748,186
U.S. Equity Index Portfolio Fidelity Management Trust Company 204,629 3,032,030 3,533,938
Loan Fund - 2,057,515 2,057,515
----------- ----------
$37,185,461 39,290,655
=========== ==========
</TABLE>
The above investments include both original contributions and reinvestments of
dividends and interest.
Page 11 of 17
<PAGE>
Schedule 2
----------
CDI CORPORATION-MICHIGAN
RETIREMENT SAVINGS PLAN
Schedule of Reportable Transactions - Item 27d
Seven months ended December 31, 1993
<TABLE>
<CAPTION>
Purchases Sales
---------------- --------------------------------------
# of # of Selling Gain Expenses
Broker Shares Cost Shares Cost Price (Loss) Incurred
- - - ------ ------ ---- ------ ---- ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
Fidelity Management Trust Company:
Guaranteed Interest Fund 3,057,961 $3,057,961 2,571,952 $2,571,952 2,571,952 - -
Contrafund 20,656 653,348 693 22,313 22,691 378 -
CDI stock 33,825 320,265 42,763 371,736 429,025 57,289 -
Magellan Fund 41,741 2,994,331 16,078 1,053,249 1,157,026 103,777 -
Asset Manager Fund 66,800 1,002,290 30,344 406,189 449,573 43,384 -
U.S. Equity Index Portfolio 39,607 678,069 26,084 397,607 444,201 46,594 -
</TABLE>
Page 12 of 17
<PAGE>
Schedule 3
----------
CDI CORPORATION-MICHIGAN
RETIREMENT SAVINGS PLAN
Schedule of Transactions with Parties in Interest - Item 27e
Seven months ended December 31, 1993
<TABLE>
<CAPTION>
Purchases Sales
--------------- --------------------------
# of # of Selling Gain Expenses
Identity/Relationship Shares Cost Shares Cost Price (Loss) Incurred
- - - --------------------- ------ ---- ------ ---- ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
CDI stock/parent company stock 33,825 $320,265 42,763 $371,736 429,025 57,289 -
</TABLE>
Page 13 of 17
<PAGE>
EXHIBITS
Exhibit Number Description
- - - -------------- -----------
23 Consent of Independent Auditors
Page 14 of 17
<PAGE>
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 transition report to be signed on its behalf by the
undersigned hereunto duly authorized.
CDI CORPORATION-MICHIGAN RETIREMENT SAVINGS PLAN
DATE: September 22, 1994 /s/ James A. Quire
--------------------------------------
James A. Quire
Plan Administrator
DATE: September 22, 1994 /s/ Martin Szymanski
--------------------------------------
Martin Szymanski
Plan Administrator
DATE: September 22, 1994 /s/ Michael McGrath
--------------------------------------
Michael McGrath
Plan Administrator
Page 15 of 17
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
- - - -------------- -----------
23 Consent of Independent Auditors
Page 16 of 17
<PAGE>
EXHIBIT 23
[LETTERHEAD OF PEAT MARWICK LLP APPEARS HERE]
The Board of Directors
CDI Corporation--Michigan Retirement Savings Plan:
We consent to the use of our report dated September 2, 1994, relating to the
statement of net assets available for plan benefits as of December 31, 1993, and
the related statement of changes in net assets available for plan benefits for
the seven months then ended, as part of the CDI Corporation--Michigan Retirement
Savings Plan annual report on Form 11-K for the seven months ended December 31,
1993.
/s/ KPMG PEAT MARWICK LLP
September 2, 1994
Page 17 of 17
