<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
-------------------
[X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended: December 31, 1995
OR
[ ] TRANSACTION REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _______ to _______
Commission file number: 33-34004
-------------------
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
ANALYSIS & TECHNOLOGY, INC.
SAVINGS AND INVESTMENT PLAN
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
ANALYSIS & TECHNOLOGY, INC.
ROUTE 2, P.O. BOX 220
NORTH STONINGTON, CONNECTICUT 06359
<PAGE> 2
REQUIRED INFORMATION
The following documents, which are attached hereto as Appendices, are
hereby furnished for the Analysis & Technology, Inc. Savings and Investment Plan
(the "Plan").
1. Independent auditors' report.
2. Audited statements of net assets available for Plan benefits as of
December 31, 1995 and 1994.
3. Audited statements of changes in net assets available for Plan
benefits for the years ended December 31, 1995 and 1994.
4. Notes to financial statements.
5. Consent of KPMG Peat Marwick LLP
<PAGE> 3
SIGNATURES
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
thereunto duly authorized.
ANALYSIS & TECHNOLOGY, INC.
SAVINGS AND INVESTMENT PLAN
By: /s/ Thomas M. Downie
------------------------------------------
Thomas M. Downie
Member, Analysis & Technology, Inc.
Savings and Investment Plan Committee
Date: June 21, 1996
<PAGE> 4
[KPMG Peat Marwick LLP Letterhead]
ACCOUNTANTS' CONSENT
The Board of Directors
Analysis & Technology, Inc.
We consent to incorporation by reference in the registration statements (Nos.
333-04265 and 333-05267) on Form S-8 of Analysis & Technology, Inc. of our
report dated May 3, 1996, relating to the consolidated balance sheets of
Analysis & Technology, Inc. and subsidiaries as of March 31, 1996 and 1995, and
the related consolidated statements of earnings, shareholders' equity, and cash
flows for each of the years in the three-year period ended March 31, 1996, which
report appears in the March 31, 1996 annual report on Form 10-K of Analysis &
Technology, Inc.
In addition, we consent to incorporation by reference in the registration
statements (Nos. 333-04265 and 333-05267) on Form S-8 of Analysis & Technology,
Inc. of our report dated May 10, 1996, relating to the statements of net assets
available for plan benefits of the Analysis & Technology, Inc. Savings and
Investment Plan as of December 31, 1995 and 1994, and the related statements of
changes in net assets available for plan benefits for the years then ended, and
the related supplementary schedules, which report appears in the December 31,
1995 annual report on Form 11-K of the Analysis & Technology, Inc. Savings and
Investment Plan.
/s/ KPMG Peat Marwick LLP
- ----------------------------
KPMG Peat Marwick LLP
Hartford, Connecticut
June 21, 1996
<PAGE> 5
[KPMG LOGO]
ANALYSIS & TECHNOLOGY, INC.
SAVINGS AND INVESTMENT PLAN
FINANCIAL STATEMENTS AND SCHEDULES
DECEMBER 31, 1995 AND 1994
(WITH INDEPENDENT AUDITORS' REPORT THEREON)
<PAGE> 6
ANALYSIS & TECHNOLOGY, INC.
SAVINGS AND INVESTMENT PLAN
Table of Contents
<TABLE>
<CAPTION>
Page
----
<S> <C>
Independent Auditors' Report 1
Statements of Net Assets Available for Plan Benefits 2
Statements of Changes in Net Assets Available for Plan Benefits 3
Notes to Financial Statements 4-9
Schedule 1 - Item 27a - Schedule of Assets Held for Investment Purposes 10
Schedule 2 - Item 27d - Schedule of Reportable Transactions 11
</TABLE>
Note: Schedules regarding party-in-interest transactions, nonexempt
transactions, loans or fixed income obligations, leases in default or
classified as uncollectible, and assets held for investment purposes
which were both acquired and disposed of within the plan year, as
required by Section 103(b)(3) of the Employee Retirement Income
Security Act of 1974, have not been included herein as the information
is not applicable.
<PAGE> 7
[KPMG Peat Marwick LLP Letterhead]
Independent Auditors' Report
The Savings and Investment Plan Committee
Analysis & Technology, Inc.:
We have audited the accompanying statements of net assets available for plan
benefits of the Analysis & Technology, Inc. Savings and Investment Plan as of
December 31, 1995 and 1994, and the related statements of changes in net
assets available for plan 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 plan benefits of the
Analysis & Technology, Inc. Savings and Investment Plan as of December 31,
1995 and 1994, and the changes in net assets available for plan benefits for
the years then ended 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 of assets
held for investment purposes and reportable transactions 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 as of and for the year ended December 31,
1995 and, in our opinion, are fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
/s/ KPMG Peat Marwick LLP
----------------------------
KPMG Peat Marwick LLP
May 10, 1996
<PAGE> 8
ANALYSIS & TECHNOLOGY, INC.
SAVINGS AND INVESTMENT PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 1995 and 1994
<TABLE>
<CAPTION>
1995 1994
----------- ----------
<S> <C> <C>
Investments in T. Rowe Price Group funds (note 3):
Prime Reserve Fund $ 4,338,166 4,328,666
Prime Reserve Fund - Insurance 11,017 11,139
New Era Fund 6,070,976 5,861,522
New Income Fund 4,283,879 3,997,392
Equity Income Fund 13,260,394 9,802,005
Spectrum Income Fund 1,553,679 1,097,317
Spectrum Growth Fund 4,027,368 2,665,174
International Stock Fund 2,394,318 2,186,525
Stable Value Common Trust Fund (note 5) 6,259,602 5,727,427
Small-Cap Value Fund 1,523,946 780,173
Growth and Income Fund 1,389,894 945,164
Science and Technology Fund 6,667,437 2,875,700
Blue Chip Growth Fund 610,923 --
Investment in Fidelity funds (note 3):
Magellan Fund 1,229,676 --
Contra Fund 904,077 --
Puritan Fund 436,505 --
----------- ----------
54,961,857 40,278,204
Analysis & Technology, Inc. common stock (note 3) 853,800 548,184
----------- ----------
Total investments 55,815,657 40,826,388
Loans to participants (note 1(d)) 2,773,254 2,538,587
----------- ----------
Net assets available for plan benefits $58,588,911 43,364,975
=========== ==========
</TABLE>
See accompanying notes to financial statements.
2
<PAGE> 9
ANALYSIS & TECHNOLOGY, INC.
SAVINGS AND INVESTMENT PLAN
Statements of Changes in Net Assets Available for Plan Benefits
For the years ended December 31, 1995 and 1994
<TABLE>
<CAPTION>
1995 1994
------------ -----------
<S> <C> <C>
Additions to net assets attributed to:
Investment income:
Net realized gains (losses) $ 1,079,957 (70,106)
Net unrealized gains (losses) 5,479,251 (1,045,470)
Interest 191,170 160,027
Dividends 3,700,360 2,484,646
------------ -----------
10,450,738 1,529,097
Contributions:
Participant 5,241,245 4,685,069
Employer 1,567,973 1,292,207
------------ -----------
6,809,218 5,977,276
Total additions 17,259,956 7,506,373
------------ -----------
Deductions from net assets attributed to:
Benefits paid (3,945,892) (2,452,194)
Insurance premiums (9,275) (11,874)
Administrative expenses (1,305) (1,425)
Miscellaneous adjustment -- 565
------------ -----------
Total deductions (3,956,472) (2,464,928)
------------ -----------
Net increase prior to interplan transfers 13,303,484 5,041,445
Transfers from other plans 1,920,452 --
------------ -----------
Net increase in net assets available for benefits 15,223,936 5,041,445
Net assets available for benefits:
Beginning of year 43,364,975 38,323,530
------------ -----------
End of year $ 58,588,911 43,364,975
============ ===========
</TABLE>
See accompanying notes to financial statements.
3
<PAGE> 10
ANALYSIS & TECHNOLOGY, INC.
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
December 31, 1995 and 1994
(1) Description of Plan
The following brief description of the Analysis & Technology, Inc.
Savings and Investment Plan (the "Plan") provides only general
information. Participants should refer to the Plan agreement for a more
complete description of the Plan's provisions.
(a) General
The Plan is a qualified defined contribution plan covering Analysis
& Technology, Inc. employees 21 years of age or older who are
full-time employees or who have completed at least 1,000 hours of
service during the 12-consecutive-month period commencing with
their employment date with Analysis & Technology, Inc. (the
"Company"). The Plan covers all employees working in all cost
centers in the Analysis & Technology segment, Engineering
Technology Center ("ETC") segment, Fleet Support Center ("FSC")
segment, and Government Systems Segment ("GSS") segment, as well as
employees of Integrated Performance Decisions, Inc. ("IPD"),
Applied Science Associates, Inc. ("ASA") and Automation Software,
Inc. ("ASI"). The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 ("ERISA").
(b) Contributions
The maximum salary savings (pre-tax) contribution that an employee
may elect to contribute to the Plan is 16% of annual gross
compensation. Depending on the particular cost center, segment or
subsidiary, the Company may match this salary savings contribution
at a rate of 50%, up to a specified percentage of the participant's
annual gross compensation. The Company may also make discretionary
profit-sharing contributions to employees working for certain cost
centers, segments or subsidiaries.
(c) Vesting
Participants are fully vested to the extent of their salary savings
contributions and earnings on those contributions.
Participants in all cost centers, segments and subsidiaries,
excluding ETC, vest in Company contributions and the related
earnings based on the following schedule:
<TABLE>
<CAPTION>
Years of Percentage of vesting
credited service in employer contributions
---------------- -------------------------
<S> <C>
Less than three years 0%
Three years 20%
Four years 40%
Five years 60%
Six years 80%
Seven years or more 100%
</TABLE>
4
<PAGE> 11
ANALYSIS & TECHNOLOGY, INC.
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
Participants at ETC vest as follows:
<TABLE>
<CAPTION>
Years of Percentage of vesting
credited service in employer contributions
---------------- -------------------------
<S> <C>
Less than one year 0%
One year 33-1/3%
Two years 66-2/3%
Three years or more 100%
</TABLE>
(d) Loans to Participants
Participants may borrow from their vested account balance under
certain circumstances as provided in the Plan agreement. Interest
on loans is charged at the "local prevailing commercial interest
rate," with a repayment term not to exceed five years. This term
can be extended if the loan is used for the purchase of the
participant's primary residence. Loans may be granted to any
participant, however, no more than two loans can be granted to the
same participant in any 12-month period and only two loans may
remain outstanding at any time.
(e) Payment of Benefits
Upon termination from the plan, a participant's vested accrued
benefits in his or her account shall be distributed, as elected by
the participant, in either a single lump-sum payment, or, provided
the participant's vested account exceeds $3,500, in periodic
installments (at least annual), subject to certain minimum
distribution rules.
(f) Hardship Withdrawal
The Plan provides for hardship withdrawals, as defined by the Plan,
of the participant's salary savings, additional contributions, and
the vested portion of the employer matching contributions.
(g) Forfeitures
Nonvested employer contributions are forfeited by a participant who
terminates employment and are used to reduce subsequent employer
contributions under the Plan. Forfeitures were approximately
$124,000 during 1995.
(2) Summary of Significant Accounting Policies
(a) Basis of Presentation
The accompanying financial statements of the Plan have been
prepared using the accrual basis of accounting in accordance with
generally accepted accounting principles.
5
<PAGE> 12
ANALYSIS & TECHNOLOGY, INC.
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
(b) Investments
Investments are stated at aggregate fair market values, which are
based principally on published market prices, except for the Stable
Value Common Trust Fund. The Stable Value Common Trust Fund invests
primarily in investment contracts whose value is determined based
on contributions plus interest accrued at the contract rate, less
withdrawals, as a reasonable approximation of fair value.
Investment income is recognized when earned, and purchases and
sales of securities are recorded on a trade-date basis.
(c) Expenses
All expenses of the Plan are paid by the Company in accordance with
the Plan agreement, except participants who request a second loan
from the Plan must pay a $15 loan origination fee.
(3) Investments
The Plan's investments are held in trust and managed by T. Rowe Price
Trust Company ("T. Rowe Price"). The following table summarizes the
investments held by T. Rowe Price at December 31, 1995 and 1994.
Investments representing 5% or more of net assets available for benefits
are indicated by an asterisk (*).
<TABLE>
<CAPTION>
1995 1994
------------------------- ------------------------
Fair market/ Fair market/
Number of contract Number of contract
shares value shares value
------ ----- ------ -----
<S> <C> <C> <C> <C>
T. Rowe Price Funds:
Prime Reserve Fund 4,338,166 $ 4,338,166* 4,328,666 $4,328,666*
Prime Reserve Fund - Insurance 11,017 11,017 11,139 11,139
New Era Fund 268,034 6,070,976* 290,894 5,861,522*
New Income Fund 461,625 4,283,879* 476,448 3,997,392*
Equity Income Fund 662,688 13,260,394* 613,392 9,802,005*
Spectrum Income Fund 138,228 1,553,679 108,538 1,097,317
Spectrum Growth Fund 298,545 4,027,368* 239,458 2,665,174*
International Stock Fund 195,774 2,394,318 193,156 2,186,525*
</TABLE>
(Continued)
6
<PAGE> 13
ANALYSIS & TECHNOLOGY, INC.
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
<TABLE>
<CAPTION>
1995 1994
----------------------------- ------------------------------
Fair market/ Fair market/
Number of contract Number of contract
shares value shares value
------ ----- ------ -----
<S> <C> <C> <C> <C>
Stable Value Common
Trust Fund 6,259,602 6,259,602* 5,727,426 5,727,427*
Small-Cap Value Fund 92,193 1,523,946 58,222 780,173
Growth and Income Fund 72,466 1,389,894 60,471 945,164
Science and Technology Fund 228,964 6,667,437* 132,889 2,875,700*
Blue Chip Growth Fund 40,485 610,923 - -
Fidelity Funds:
Magellan Fund 14,302 1,229,676 - -
Contra Fund 23,779 904,077 - -
Puritan Funds 25,662 436,505 - -
----------- -----------
$54,961,857 $40,278,204
=========== ===========
</TABLE>
Analysis & Technology, Inc. common stock is offered to Plan
participants as an additional investment option. T. Rowe Price
purchases the shares in the open market at the time contributions are
received. The timing of all stock transactions is subject to the
availability of Analysis & Technology, Inc. stock on the open market,
and prices are set by the market. The market price per share and number
of shares held by the Plan at December 31, 1995 and 1994 were as
follows:
<TABLE>
<CAPTION>
1995 1994
----------------------------- ---------------------------
Number of Market price Number of Market price
shares per share shares per share
------ --------- ------ ---------
<S> <C> <C> <C>
59,395 $ 14.375 35,367 $ 15.500
</TABLE>
7
<PAGE> 14
ANALYSIS & TECHNOLOGY, INC.
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
(4) Detailed Changes in Net Assets
Changes in net assets for the year ended December 31, 1995 were:
<TABLE>
<CAPTION>
Prime
Prime Reserve New New Equity Spectrum
Reserve Insurance Era Income Income Income
Fund Fund Fund Fund Fund Fund
----------- ----------- ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Year ended December 31, 1995
Additions to net assets attributed to:
Investment income:
Net realized gains (losses) $ -- $ -- $ 181,707 $ 41,083 $ 228,048 $ 9,845
Net unrealized gains (losses) -- -- 536,985 369,188 2,303,102 124,437
Interest 11,508 -- 22,131 13,277 39,799 6,381
Dividends 222,596 576 418,994 279,079 753,326 94,581
----------- ----------- ----------- ----------- ------------ -----------
234,104 576 1,159,817 702,627 3,324,275 235,244
----------- ----------- ----------- ----------- ------------ -----------
Contributions:
Participants' 276,134 9,076 428,988 311,444 910,649 231,934
Employer's 102,813 -- 124,880 95,270 255,362 68,617
----------- ----------- ----------- ----------- ------------ -----------
378,947 9,076 553,868 406,714 1,166,011 300,551
----------- ----------- ----------- ----------- ------------ -----------
Total additions 613,051 9,652 1,713,685 1,109,341 4,490,286 535,795
----------- ----------- ----------- ----------- ------------ -----------
Deductions from net assets attributed to:
Benefits paid to participants (616,567) (470) (391,578) (312,462) (1,011,055) (50,789)
Insurance premiums paid -- (9,275) -- -- -- --
Administrative expenses (118) -- (214) (114) (251) (17)
----------- ----------- ----------- ----------- ------------ -----------
Total deductions (616,685) (9,745) (391,792) (312,576) (1,011,306) (50,806)
----------- ----------- ----------- ----------- ------------ -----------
Net increase (decrease) prior to
interfund transfers (3,634) (93) 1,321,893 796,765 3,478,980 484,989
Interfund transfers (508,559) (29) (1,044,222) (524,900) 36,499 (14,247)
Participant loan withdrawals (124,267) -- (173,034) (125,945) (267,929) (46,390)
Participant loan repayments 60,079 -- 104,817 77,745 210,839 32,010
Transfers from other plans 585,881 -- -- 62,822 -- --
----------- ----------- ----------- ----------- ------------ -----------
13,134 (29) (1,112,439) (510,278) (20,591) (28,627)
----------- ----------- ----------- ----------- ------------ -----------
Net increase (decrease) 9,500 (122) 209,454 286,487 3,458,389 456,362
Net assets available for benefits:
Beginning of year 4,328,666 11,139 5,861,522 3,997,392 9,802,005 1,097,317
----------- ----------- ----------- ----------- ------------ -----------
End of year $ 4,338,166 $ 11,017 $ 6,070,976 $ 4,283,879 $ 13,260,394 $ 1,553,679
=========== =========== =========== =========== ============ ===========
<CAPTION>
Stable
Spectrum International Value Small-Cap Growth & Science &
Growth Stock Common Value Income Technology
Fund Fund Trust Fund Fund Fund Fund
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Year ended December 31, 1995
Additions to net assets attributed to:
Investment income:
Net realized gains (losses) $ 65,100 $ 31,545 $ -- $ 19,574 $ 21,826 $ 436,828
Net unrealized gains (losses) 523,394 153,455 -- 192,686 180,432 809,897
Interest 15,584 15,920 21,462 5,597 5,103 26,433
Dividends 270,068 72,908 372,751 69,138 76,510 888,596
----------- ----------- ----------- ----------- ----------- -----------
874,146 273,828 394,213 286,995 283,871 2,161,754
----------- ----------- ----------- ----------- ----------- -----------
Contributions:
Participants' 489,260 397,855 428,714 201,471 154,203 784,281
Employer's 159,139 126,903 141,603 51,669 43,826 232,291
----------- ----------- ----------- ----------- ----------- -----------
648,399 524,758 570,317 253,140 198,029 1,016,572
----------- ----------- ----------- ----------- ----------- -----------
Total additions 1,522,545 798,586 964,530 540,135 481,900 3,178,326
----------- ----------- ----------- ----------- ----------- -----------
Deductions from net assets attributed to:
Benefits paid to participants (132,846) (136,649) (517,900) (13,175) (213,845) (248,280)
Insurance premiums paid -- -- -- -- -- --
Administrative expenses (87) (71) (141) (20) (38) (192)
----------- ----------- ----------- ----------- ----------- -----------
Total deductions (132,933) (136,720) (518,041) (13,195) (213,883) (248,472)
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) prior to
interfund transfers 1,389,612 661,866 446,489 526,940 268,017 2,929,854
Interfund transfers 1,885 (442,588) 100,348 220,070 175,944 918,194
Participant loan withdrawals (102,625) (83,937) (136,073) (22,328) (18,965) (185,247)
Participant loan repayments 73,322 72,452 121,411 19,091 19,734 128,936
Transfers from other plans -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
(27,418) (454,073) 85,686 216,833 176,713 861,883
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) 1,362,194 207,793 532,175 743,773 444,730 3,791,737
Net assets available for benefits:
Beginning of year 2,665,174 2,186,525 5,727,427 780,173 945,164 2,875,700
----------- ----------- ----------- ----------- ----------- -----------
End of year $ 4,027,368 $ 2,394,318 $ 6,259,602 $ 1,523,946 $ 1,389,894 $ 6,667,437
=========== =========== =========== =========== =========== ===========
<CAPTION>
Blue Chip Fidelity Fidelity Fidelity
Growth Magellan Contra Puritan Participant A&T
Fund Fund Fund Fund Loans Stock Total
--------- ----------- --------- --------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Year ended December 31, 1995
Additions to net assets attributed to:
Investment income:
Net realized gains (losses) $ 6,215 $ 38,268 $ 8,378 $ 1,758 $ $ (10,218) $ 1,079,957
Net unrealized gains (losses) 67,267 112,019 58,339 37,965 -- 10,085 5,479,251
Interest 1,113 2,570 1,810 891 -- 1,591 191,170
Dividends 9,162 68,448 70,816 21,211 -- 11,600 3,700,360
--------- ----------- --------- --------- ----------- ------------ ------------
83,757 221,305 139,343 61,825 -- 13,058 10,450,738
--------- ----------- --------- --------- ----------- ------------ ------------
Contributions:
Participants' 85,554 187,820 119,221 49,517 -- 175,124 5,241,245
Employer's 20,045 61,072 38,013 19,601 -- 26,869 1,567,973
--------- ----------- --------- --------- ----------- ------------ ------------
105,599 248,892 157,234 69,118 -- 201,993 6,809,218
--------- ----------- --------- --------- ----------- ------------ ------------
Total additions 189,356 470,197 296,577 130,943 -- 215,051 17,259,956
--------- ----------- --------- --------- ----------- ------------ ------------
Deductions from net assets attributed to:
Benefits paid to participants (8,365) (30,606) (13,694) (20,807) (137,818) (88,986) (3,945,892)
Insurance premiums paid -- -- -- -- -- -- (9,275)
Administrative expenses (2) (18) (8) (14) -- -- (1,305)
--------- ----------- --------- --------- ----------- ------------ ------------
Total deductions (8,367) (30,624) (13,702) (20,821) (137,818) (88,986) (3,956,472)
--------- ----------- --------- --------- ----------- ------------ ------------
Net increase (decrease) prior to
interfund transfers 180,989 439,573 282,875 110,122 (137,818) 126,065 13,303,484
Interfund transfers 326,187 313,110 492,949 143,062 3,230 (196,933) --
Participant loan withdrawals (5,012) (13,162) (10,131) (4,677) 1,319,722 -- --
Participant loan repayments 5,272 11,149 5,723 2,053 (950,467) 5,834 --
Transfers from other plans 103,487 479,006 132,661 185,945 -- 370,650 1,920,452
--------- ----------- --------- --------- ----------- ------------ ------------
429,934 790,103 621,202 326,383 372,485 179,551 1,920,452
--------- ----------- --------- --------- ----------- ------------ ------------
Net increase (decrease) 610,923 1,229,676 904,077 436,505 234,667 305,616 15,223,936
Net assets available for benefits:
Beginning of year -- -- -- -- 2,538,587 548,184 43,364,975
--------- ----------- --------- --------- ----------- ------------ ------------
End of year $ 610,923 $ 1,229,676 $ 904,077 $ 436,505 $ 2,773,254 $ 853,800 $ 58,588,911
========= =========== ========= ========= =========== ============ ============
</TABLE>
Changes in net assets for the year ended December 31, 1994 were:
<TABLE>
<CAPTION>
Prime
Prime Reserve New New Equity Spectrum Spectrum
Reserve Insurance Era Income Income Income Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Year ended December 31, 1994
Additions to net assets attributed to:
Investment income:
Net realized gains (losses) $ -- $ -- $ 25,261 $ (52,738) $ (7,665) $ (26,288) $ (6,132)
Net unrealized gains (losses) -- -- (85,305) (346,266) (384,733) (85,629) (170,815)
Interest 12,655 -- 22,599 14,944 34,129 5,383 11,333
Dividends 154,064 398 342,207 304,315 795,873 86,368 199,080
----------- --------- ----------- ----------- ----------- ----------- -----------
166,719 398 304,762 (79,745) 437,604 (20,166) 33,466
----------- --------- ----------- ----------- ----------- ----------- -----------
Contributions:
Participants' 279,742 11,449 410,104 373,862 969,460 267,213 586,528
Employer's 98,984 -- 122,433 108,075 275,388 62,214 137,719
----------- --------- ----------- ----------- ----------- ----------- -----------
378,726 11,449 532,537 481,937 1,244,848 329,427 724,247
----------- --------- ----------- ----------- ----------- ----------- -----------
Total additions 545,445 11,847 837,299 402,192 1,682,452 309,261 757,713
----------- --------- ----------- ----------- ----------- ----------- -----------
Deductions from net assets attributed to:
Benefits paid to participants (341,360) (87) (335,741) (287,181) (463,280) (103,895) (116,972)
Insurance premiums paid -- (11,874) -- -- -- -- --
Administrative expenses (179) -- (184) (126) (343) (58) (107)
Miscellaneous adjustment 105 -- -- 260 263 2 18
----------- --------- ----------- ----------- ----------- ----------- -----------
Total deductions (341,434) (11,961) (335,925) (287,047) (463,360) (103,951) (117,061)
----------- --------- ----------- ----------- ----------- ----------- -----------
Net increase prior to interfund transfers 204,011 (114) 501,374 115,145 1,219,092 205,310 640,652
Interfund transfers (10,315) (745) (292,098) (514,175) (202,232) (406,528) (69,222)
Participant loan withdrawals (99,809) -- (188,906) (104,457) (309,925) (45,176) (100,319)
Participant loan repayments 64,953 -- 132,247 87,333 174,235 32,155 54,467
----------- --------- ----------- ----------- ----------- ----------- -----------
(45,171) (745) (348,757) (531,299) (337,922) (419,549) (115,074)
----------- --------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) 158,840 (859) 152,617 (416,154) 881,170 (214,239) 525,578
Net assets available for benefits:
Beginning of year 4,169,826 11,998 6,708,905 4,413,546 8,920,835 1,311,556 2,139,596
----------- --------- ----------- ----------- ----------- ----------- -----------
End of year $ 4,328,666 $ 11,139 $ 5,861,522 $ 3,997,392 $ 9,802,005 $ 1,097,317 $ 2,665,174
=========== ========= =========== =========== =========== =========== ===========
<CAPTION>
Stable
International Value Small-Cap Growth & Science &
Stock Common Value Income Technology Participant
Fund Trust Fund Fund Fund Fund Loans
------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Year ended December 31, 1994
Additions to net assets attributed to:
Investment income:
Net realized gains (losses) $ (947) $ -- $ (417) $ (1,413) $ 11,579 $ --
Net unrealized gains (losses) (174,214) -- (68,139) (49,202) 297,448 --
Interest 12,678 22,366 4,646 4,495 13,964 --
Dividends 133,593 314,553 55,985 50,980 39,240 --
----------- ----------- --------- --------- ----------- -----------
(28,890) 336,919 (7,925) 4,860 362,231 --
----------- ----------- --------- --------- ----------- -----------
Contributions:
Participants' 421,595 459,700 166,418 144,042 397,752 --
Employer's 114,471 147,299 43,288 41,063 119,476 --
----------- ----------- --------- --------- ----------- -----------
536,066 606,999 209,706 185,105 517,228 --
----------- ----------- --------- --------- ----------- -----------
Total additions 507,176 943,918 201,781 189,965 879,459 --
----------- ----------- --------- --------- ----------- -----------
Deductions from net assets attributed to:
Benefits paid to participants (35,216) (472,727) (26,873) (15,208) (69,517) (138,814)
Insurance premiums paid -- -- -- -- -- --
Administrative expenses (73) (236) (9) (7) (103) --
Miscellaneous adjustment -- (83) -- -- -- --
----------- ----------- --------- --------- ----------- -----------
Total deductions (35,289) (473,046) (26,882) (15,215) (69,620) (138,814)
----------- ----------- --------- --------- ----------- -----------
Net increase prior to interfund transfers 471,887 470,872 174,899 174,750 809,839 (138,814)
Interfund transfers 536,912 194,158 157,626 44,432 722,268 --
Participant loan withdrawals (64,319) (132,193) (17,061) (34,691) (83,878) 1,180,734
Participant loan repayments 61,203 99,845 14,160 12,741 72,555 (809,892)
----------- ----------- --------- --------- ----------- -----------
533,796 161,810 154,725 22,482 710,945 370,842
----------- ----------- --------- --------- ----------- -----------
Net increase (decrease) 1,005,683 632,682 329,624 197,232 1,520,784 232,028
Net assets available for benefits:
Beginning of year 1,180,842 5,094,745 450,549 747,932 1,354,916 2,306,559
----------- ----------- --------- --------- ----------- -----------
End of year $ 2,186,525 $ 5,727,427 $ 780,173 $ 945,164 $ 2,875,700 $ 2,538,587
=========== =========== ========= ========= =========== ===========
<CAPTION>
A&T
Stock Total
----------- ------------
<S> <C> <C>
Year ended December 31, 1994
Additions to net assets attributed to:
Investment income:
Net realized gains (losses) $ (11,346) $ (70,106)
Net unrealized gains (losses) 21,385 (1,045,470)
Interest 835 160,027
Dividends 7,990 2,484,646
----------- ------------
18,864 1,529,097
----------- ------------
Contributions:
Participants' 197,204 4,685,069
Employer's 21,797 1,292,207
----------- ------------
219,001 5,977,276
----------- ------------
Total additions 237,865 7,506,373
----------- ------------
Deductions from net assets attributed to:
Benefits paid to participants (45,323) (2,452,194)
Insurance premiums paid -- (11,874)
Administrative expenses -- (1,425)
Miscellaneous adjustment -- 565
----------- ------------
Total deductions (45,323) (2,464,928)
----------- ------------
Net increase prior to interfund transfers 192,542 5,041,445
Interfund transfers (160,081) --
Participant loan withdrawals -- --
Participant loan repayments 3,998 --
----------- ------------
(156,083) --
----------- ------------
Net increase (decrease) 36,459 5,041,445
Net assets available for benefits:
Beginning of year 511,725 38,323,530
----------- ------------
End of year $ 548,184 $ 43,364,975
=========== ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE> 15
ANALYSIS & TECHNOLOGY, INC.
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
(5) Guaranteed Interest Contract ("GIC") Funds
Beginning April 1, 1990, all contributions to the GIC Fund were invested
in the T. Rowe Price Stable Value Common Trust Fund (formerly the Managed
GIC Common Trust Fund). The Stable Value Common Trust Fund invests in
several types of GICs with varying maturity periods from a number of
insurance companies and other stable value contracts.
(6) 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 fully vested in their
accounts.
(7) Tax Status
On June 16, 1995, the Internal Revenue Service issued a Determination
letter which stated that the Plan and its underlying Trust (the "Plan")
qualify under Section 401(a) of the Internal Revenue Code (the "Code")
and therefore, is exempt from federal income taxes under Section 501(a)
of the Code. In the opinion of the Plan's Administrator, the Plan has
continued to operate within the terms of the plan document and applicable
regulations and remains qualified under the Code.
(8) Contributions
For purposes of Form 5500 filings, the contributions to the plan are
reported in an alternative manner to the financial statement
presentation. Employer contributions on the Form 5500 represent actual
employer contributions as well as employee contributions made via salary
deferrals. Employee contributions represent rollover contributions from
employees' previous employers. These two amounts total $6,179,241 and
$629,977, respectively, for the plan year ended December 31, 1995 and
$5,877,639 and $99,637, respectively, for the plan year ended December
31, 1994.
(9) Plan Mergers
Effective January 1, 1995, the ASA 401(k) Retirement Savings Plan was
merged into the Plan. Effective October 1, 1995, the ASA Employee Stock
Ownership Plan was merged into the Plan. ASA is a subsidiary of A&T.
9
<PAGE> 16
Schedule 1
ANALYSIS & TECHNOLOGY, INC.
SAVINGS AND INVESTMENT PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1995
<TABLE>
<CAPTION>
Identity of issue, borrower,
lessor or similar party Description of investment Cost Current Value
----------------------- ------------------------- ---- -------------
<S> <C> <C> <C>
*T. Rowe Price Prime Reserve Fund $ 4,338,166 $ 4,338,166
*T. Rowe Price Prime Reserve Insurance Fund 11,017 11,017
*T. Rowe Price New Era Fund 5,509,385 6,070,976
*T. Rowe Price New Income Fund 4,044,768 4,283,879
*T. Rowe Price Equity Income Fund 10,621,782 13,260,394
*T. Rowe Price Spectrum Income Fund 1,493,351 1,553,679
*T. Rowe Price Spectrum Growth Fund 3,539,054 4,027,368
*T. Rowe Price International Stock Fund 2,247,848 2,394,318
*T. Rowe Price Stable Value Common Trust Fund 6,259,602 6,259,602
*T. Rowe Price Small Cap Value Fund 1,369,121 1,523,946
*T. Rowe Price Growth & Income Fund 1,242,061 1,389,894
*T. Rowe Price Science & Technology Fund 5,540,489 6,667,437
*T. Rowe Price Blue Chip Growth Fund 544,671 610,923
Fidelity Investments Magellan Fund 1,099,366 1,229,676
Fidelity Investments Contra Fund 848,828 904,077
Fidelity Investments Puritan Fund 398,926 436,505
*Analysis & Technology, Inc. Common Stock 785,433 853,800
----------- -----------
Total investments 49,893,866 55,815,657
Loans to participants Various loans with interest
rates ranging from 8.5% to 11.5% 2,773,254 2,773,254
----------- -----------
Net assets available for plan benefits $52,667,120 $58,588,911
=========== ===========
</TABLE>
*Indicates a party in interest to the plan.
10
<PAGE> 17
Schedule 2
ANALYSIS & TECHNOLOGY, INC.
SAVINGS AND INVESTMENT PLAN
Item 27d- Schedule of Reportable Transactions
Year ended December 31, 1995
<TABLE>
<CAPTION>
Current
value of asset
Identity of party Purchase Selling Cost of on transaction Net gain
involved Description of Asset price price asset date or (loss)
-------- -------------------- ----- ----- ----- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
T. Rowe Price Prime Reserve Mutual Fund $ 1,595,857 - 1,595,857 1,595,857 -
T. Rowe Price Prime Reserve Mutual Fund 1,590,845 1,590,845 1,590,845 1,590,845 -
T. Rowe Price New Era Mutual Fund 1,246,063 - 1,246,063 1,245,863 (200)
T. Rowe Price New Era Mutual Fund 1,609,713 1,755,102 1,609,713 1,755,102 145,389
T. Rowe Price Equity Income Mutual Fund 2,659,591 - 2,659,591 2,657,837 (1,754)
T. Rowe Price Equity Income Mutual Fund 1,479,096 1,730,597 1,479,096 1,730,597 251,501
T. Rowe Price Stable Value Common Trust Fund 1,783,612 - 1,783,612 1,783,612 -
T. Rowe Price Stable Value Common Trust Fund 1,251,436 1,251,436 1,251,436 1,251,436 -
T. Rowe Price Science & Technology Mutual Fund 3,880,541 - 3,880,541 3,877,083 (3,458)
T. Rowe Price Science & Technology Mutual Fund 1,019,976 1,332,071 1,019,976 1,332,071 312,095
</TABLE>
11
