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<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K/A
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) of the SECURITIES EXCHANGE ACT
OF 1934
For the fiscal year ended - December 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 33-55214
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
AMERICAN SOFTWARE, INC. 401(k)/PROFIT SHARING PLAN
470 EAST PACES FERRY ROAD, N.E.
ATLANTA, GEORGIA 30305
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
AMERICAN SOFTWARE, INC.
470 EAST PACES FERRY ROAD, N.E.
ATLANTA, GEORGIA 30305
REQUIRED INFORMATION
Financial Statements:
1. Not required.
2. Not required.
3. Not required.
4. ERISA financial statements for the Plan year ended December 31, 1997 are
attached as Exhibit 99.1 to this Report and incorporated herein by this
reference.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
--------
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMERICAN SOFTWARE, INC. 401(k)/PROFIT SHARING PLAN
Date: July 17, 1998 By: /s/ Vincent C. Klinges
-----------------------------------------------
Name and Title: Vincent C. Klinges, Vice President Finance
-----------------------------------------------
<PAGE>
EXHIBIT INDEX
DESCRIPTION PAGE NUMBER
----------- -----------
23.1 Consent of Independent Auditors' 3
99.1 Annual Financial Statements of American Software,
Inc. 401(k)/Profit Sharing Plan for year ended
December 31, 1997 4
<PAGE>
Exhibit 23.1
CONSENT OF INDEPENDENT AUDITORS'
The Board of Directors
American Software, Inc.:
We consent to incorporation by reference in the registration statement on Form
S-8 of American Software, Inc. of our report dated July 8, 1998, relating to the
statements of net assets available for plan benefits of American Software, Inc.
401(k) Profit Sharing Plan as of December 31, 1997 and 1996, and the related
statements of changes in net assets available for plan benefits for the year
ended December 31, 1997 and 1996, and supplementary schedules, which report
appears in the December 31, 1997 annual report on Form 11-K of American
Software, Inc.
/s/ KPMG Peat Marwick LLP
----------------------------
KPMG PEAT MARWICK LLP
Atlanta, Georgia
July 13, 1998
-3-
<PAGE>
EXHIBIT 99.1
AMERICAN SOFTWARE, INC.
401(K) PROFIT SHARING PLAN
Financial Statements and Supplementary Schedules
December 31, 1997 and 1996
With Independent Auditors' Report Thereon
-4-
<PAGE>
AMERICAN SOFTWARE, INC.
401(K) PROFIT SHARING PLAN
Table of Contents
-----------------
Independent Auditors' Report
Statements of Net Assets Available for Plan Benefits as of December 31,
1997 and 1996
Statements of Changes in Net Assets Available for Plan Benefits -
Years ended December 31, 1997 and 1996
Notes to Financial Statements
Schedules
---------
Schedule 27a - Schedule of Assets Held for Investment Purposes as
of December 31, 1997 1
Schedule 27d - Schedule of Reportable Transactions - Year ended
December 31, 1997 2
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Plan Administrator and Trustee
American Software, Inc.
401(k) Profit Sharing Plan:
We have audited the accompanying statements of net assets available for plan
benefits of American Software, Inc. 401(k) Profit Sharing Plan (the "Plan") as
of December 31, 1997 and 1996, 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 Plan as
of December 31, 1997 and 1996, 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 performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes as of December 31, 1997, and of reportable
transactions for the year ended December 31, 1997, 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. The 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.
July 8, 1998
<PAGE>
AMERICAN SOFTWARE, INC.
401(K) PROFIT SHARING PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 1997 and 1996
Assets 1997 1996
------ ------------ ----------
Investments, at fair value:
American Software, Inc. common stock $ 324,707 256,398
Mutual funds (note 3) 24,194,689 19,370,763
Loans to participants 314,542 314,014
----------- ----------
Total investments 24,833,938 19,941,175
Employee contributions receivable 257,574 128,686
----------- ----------
Total assets 25,091,512 20,069,861
Liabilities
-----------
Refundable excess contributions payable (14,826) --
----------- ----------
Net assets available for plan benefits $25,076,686 20,069,861
=========== ==========
See accompanying notes to financial statements.
-2-
<PAGE>
AMERICAN SOFTWARE, INC.
401(K) PROFIT SHARING PLAN
Statements of Changes in Net Assets Available for Plan Benefits
Years ended December 31, 1997 and 1996
<TABLE>
<CAPTION>
1997 1996
----------- ----------
<S> <C> <C>
Additions to net assets attributed to:
Employee contributions $ 2,153,258 2,119,968
Rollovers 180,495 131,948
Interest and dividends 1,613,402 1,655,223
Interest on loans to participants 31,566 23,460
Net appreciation in fair value of investments (note 6) 2,418,096 464,258
----------- ----------
Total additions 6,396,817 4,394,857
----------- ----------
Deductions from net assets attributed to:
Benefits paid to participants 1,386,619 1,481,796
Administrative expenses 3,373 3,952
----------- ----------
Total deductions 1,389,992 1,485,748
----------- ----------
Net change 5,006,825 2,909,109
Net assets available for plan benefits at beginning of year 20,069,861 17,160,752
----------- ----------
Net assets available for plan benefits at end of year $25,076,686 20,069,861
=========== ==========
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
AMERICAN SOFTWARE, INC.
401(K) PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 1997 and 1996
(1) The Plan
--------
The following description of the American Software, Inc. 401(k) Profit
Sharing Plan (the "Plan") provides only general information. Participants
should refer to the Plan agreement, as restated and amended, for a more
complete description of the Plan's provisions. The Company intends to
continue the Plan but reserves the right to amend, modify, or restate the
Plan from time to time and to suspend, terminate, or discontinue
contributions under the Plan. If the Plan is terminated, benefits will be
distributed in accordance with provisions of the Plan.
(a) General
-------
The Plan is a defined contribution plan covering all full-time
employees of American Software, Inc. and its subsidiaries (the
"Company"). In December 1997, the Plan was amended by changing the
service requirement from one year of service to no service
requirement. It is subject to certain provisions of the Employee
Retirement Income Security Act of 1974 ("ERISA"). The purpose of the
Plan is to provide eligible employees of the Company a qualified
retirement plan which meets the requirements of Section 401(k) of the
Internal Revenue Code with respect to which contributions will be
excluded from the employee's income.
(b) Contributions
-------------
Participants may elect to defer 1% to 15% of their annual compensation
(subject to the limitations of Section 401(k) of the Internal Revenue
Code). The Company's profit sharing contribution to the Plan is
determined at the discretion of the Board of Directors. In no event
shall the annual contributions (i.e., participant and Company
contributions) made with respect to a participant under all defined
contribution plans maintained by the Company, together with
forfeitures allocated to that participant, exceed the lesser of
$30,000 or 25% of annual compensation.
(c) Participant Rollovers
---------------------
Employees are allowed, under the provisions of the Plan, to transfer
to the Plan account balances from other eligible retirement plans with
the consent of the plan administrator and provided that the transfer
will not jeopardize the tax-exempt status of the Plan.
(d) Participant Accounts
--------------------
Each participant's account is credited with the participant's
contribution, if any, and an allocation of (a) the Company's
contribution, if any, and (b) Plan earnings (loss). Allocations are
based on participant earnings or account balances, as defined.
Forfeitures of terminated participants' nonvested accounts are
retained in the Plan and approximated $7,900 and $6,300 as of December
31, 1997 and 1996, respectively. These forfeitures are used to reduce
future Company contributions.
-4-
<PAGE>
AMERICAN SOFTWARE, INC.
401(K) PROFIT SHARING PLAN
Notes to Financial Statements
Participant contributions may be invested in one or more of the
investment options available under the Plan. Current investment options
of the Plan are referred to as the following Fidelity funds: Fidelity
Fund, Magellan Fund, Intermediate Bond Fund, OTC Portfolio, Overseas
Fund, Capital Appreciation Fund, Blue Chip Growth Fund, Asset Manager
Portfolio, Global Bond Fund, and Retirement Government Money Market
Portfolio. All funds are publicly traded mutual funds. During December
1997, the following additional funds became investment options: INVESCO
High Yield Fund, Morgan Stanley Emerging Market Portfolio, Fidelity
Contrafund, Fidelity Real Estate Investment Trust, Fidelity Balanced
Fund, Fidelity Small Cap Stock Fund, Fidelity Europe Capital
Appreciation Fund, Fidelity Latin American Fund, Fidelity Japan Fund,
and Fidelity Southeast Asia Fund.
(e) 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 continuous service. Participants vest 20% per year
after years two, three, four, and five and are 100% vested after six
years of credited service.
Although it has not expressed any intent to do so, the Company has the
right to terminate the Plan at any time, subject to the provisions of
ERISA. In the event of Plan termination, participants become 100%
vested in their accounts.
(f) Payment of Benefits
-------------------
Upon termination of service, retirement, or reaching age 59-1/2, a
participant may elect to receive either a lump-sum amount equal to the
value of his or her account or a series of approximately equal
installments for a specified period of time not exceeding the
participant's life expectancy if the account exceeds $3,500. The Plan
also provides for death benefits to the participant's beneficiary equal
to the amount in the participant's account and disability benefits to
the participant equal to the amount in the participant's account if the
participant becomes totally and permanently disabled. In addition, the
Plan provides for hardship withdrawals as defined in the Plan.
(g) Participant Loans
-----------------
The Plan provides for loans against the participant account from $1,000
to $50,000 but limited to 50% of the participant's account balance.
Participants can apply for one loan per year and are limited to one loan
outstanding. Loans bear interest at a rate determined by the Plan. Loans
are repayable over a five-year period unless for the purchase of a
principal residence which is repayable over a 10-year period. Loans are
repayable upon death, disability, or termination of employment.
(Continued)
-5-
<PAGE>
AMERICAN SOFTWARE, INC.
401(K) PROFIT SHARING PLAN
Notes to Financial Statements
(2) Summary of Significant Accounting Policies
------------------------------------------
(a) Basis of Accounting
-------------------
The accounts are maintained and the accompanying financial statements
are presented on the accrual basis of accounting.
(b) Investment Valuation and Income Recognition
-------------------------------------------
Investments in American Software, Inc. common stock and mutual funds
are carried at fair value as determined by the Trustee of the Plan
based primarily on the latest quoted market prices. Loans to
participants are interest-bearing and stated at cost, which based on
discounted cash flows, approximates fair value. Purchases on sales of
securities are recorded on a trade-date basis. Interest income is
recorded on the accrual basis. Dividends are recorded on the ex-
dividend date.
(c) Payment of Benefits
-------------------
Benefits are recorded when paid.
(d) Use of Estimates
----------------
Management of the Plan has made a number of estimates and assumptions
relating to the reporting of assets and liabilities and the disclosure
of contingent assets and liabilities to prepare these financial
statements in conformity with generally accepted accounting principles.
Actual results could differ from those estimates and assumptions .
(3) Investments
-----------
The fair values of investments that represent 5% or more of the Plan's
net assets are as follows:
December 31, 1997:
Mutual Funds:
Retirement Government Money Market $ 3,013,004
Blue Chip Growth 6,121,720
Magellan 3,834,305
Fidelity 3,842,387
Capital Appreciation 1,638,272
OTC Portfolio 2,324,228
Intermediate Bond 1,391,564
Other 2,029,209
-----------
$24,194,689
===========
(Continued)
-6-
<PAGE>
AMERICAN SOFTWARE, INC.
401(K) PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 1996:
Mutual Funds:
Retirement Government Money Market $ 3,321,202
Blue Chip Growth 4,271,108
Magellan 2,904,723
Fidelity 2,699,704
Capital Appreciation 1,202,725
OTC Portfolio 2,121,241
Other 2,850,060
-----------
$19,370,763
===========
(4) Income Tax Status
-----------------
The Plan has obtained a determination letter from the Internal Revenue
Service stating that the Plan qualifies under the appropriate section
of the Internal Revenue Code ("IRC") and, therefore, is not subject to
tax under present income tax law. Once qualified, the Plan sponsor is
required to operate in conformity with the IRC to maintain its
qualification. The Plan sponsor believes that the Plan continues to
qualify and to operate as designed.
(5) Administrative Expenses
-----------------------
Substantially all legal, accounting, and administrative fees related to
the Plan are paid by the Company. Administrative expenses paid by the
Plan represent fees paid to the trustee for trust services.
(6) Net Appreciation in Fair Value
------------------------------
Investments held by the Plan had net appreciation (depreciation) in
fair value during the years ended December 31, 1997 and 1996, as
follows:
Net appreciation
(depreciation)
in fair value
--------------------
1997 1996
---------- --------
American Software, Inc. common stock $ 105,739 (24,587)
Mutual funds 2,312,357 488,845
---------- -------
$2,418,096 464,258
========== =======
(Continued)
-7-
<PAGE>
AMERICAN SOFTWARE, INC.
401(K) PROFIT SHARING PLAN
Notes to Financial Statements
(7) Separate Investment Funds
Below are the statements of net assets available for plan benefits and the
statements of changes in net assets available for plan benefits of the
investment funds as of and for the years ended December 31, 1997 and 1996:
<TABLE>
<CAPTION>
December 31, 1997
---------------------------------------------------------------------------
American Intermediate
Software Fidelity Magellan Bond OTC
Stock Fund Fund Fund Fund Portfolio
---------- ---- ---- ---- ---------
<S> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value:
American Software, Inc. common stock $ 324,707 -- -- -- --
Mutual funds -- 3,842,387 3,834,305 1,391,564 2,324,228
Loans to participants -- -- -- -- --
---------- ---------- ---------- ---------- ----------
324,707 3,842,387 3,834,305 1,391,564 2,324,228
Employee contributions receivable -- 45,234 46,311 10,511 28,253
Liabilities - refundable excess contributions
payable -- -- -- -- --
---------- ---------- ---------- ---------- ----------
Net assets available for plan benefits $ 324,707 3,887,621 3,880,616 1,402,075 2,352,481
========== ========== ========== ========== ==========
<CAPTION>
----------------------------------------------------------------------------
Capital Blue Chip Asset Global
Overseas Appreciation Growth Manager Bond
Fund Fund Fund Portfolio Fund
---- ---- ---- --------- ----
<S> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value:
American Software, Inc. common stock -- -- -- -- --
Mutual funds 725,799 1,638,272 6,121,720 1,054,249 249,161
Loans to participants -- -- -- -- --
--------- --------- --------- --------- ---------
725,799 1,638,272 6,121,720 1,054,249 249,161
Employee contributions receivable 9,007 15,169 67,514 11,607 2,905
Liabilities - refundable excess contributions
payable -- -- -- -- --
--------- --------- --------- --------- ---------
Net assets available for plan benefits 734,806 1,653,441 6,189,234 1,065,856 252,066
========= ========= ========= ========= =========
<CAPTION>
-----------------------------------------------------------------------------
Retirement
Government Real Europe
Money Estate Capital
Market Investment Small Cap Appreciation
Porfolio Trust Contrafund Stock Fund Fund
-------- ----- ---------- ---------- ----
<S> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value:
American Software, Inc. common stock -- -- -- -- --
Mutual funds 3,013,004 -- -- -- --
Loans to participants -- -- -- -- --
--------- --------- --------- --------- ---------
3,013,004 -- -- -- --
Employee contributions receivable 17,416 574 1,501 282 181
Liabilities - refundable excess contributions
payable -- -- -- -- --
--------- --------- --------- --------- ---------
Net assets available for plan benefits 3,030,420 574 1,501 282 181
========= ========= ========= ========= =========
<CAPTION>
----------------------------------------------------------------------------
Morgan
INVESCO Stanley
Latin Southeast High Emerging
American Asia Balanced Yield Market Loans to
Fund Fund Fund Fund Portfolio Participants
---- ---- ---- ---- --------- ------------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value:
American Software, Inc. common stock -- -- -- -- -- --
Mutual funds -- -- -- -- -- --
Loans to participants -- -- -- -- -- 314,542
------- ------- ------- ------- ------- -------
-- -- -- -- -- 314,542
Employee contributions receivable 50 50 136 800 73 --
Liabilities - refundable excess contributions
payable -- -- -- -- -- --
------- ------- ------- ------- ------- -------
Net assets available for plan benefits 50 50 136 800 73 314,542
======= ======= ======= ======= ======= =======
<CAPTION>
Refundable
excess
contributions
payable Total
------- -----
<S> <C> <C>
Assets:
Investments, at fair value:
American Software, Inc. common stock -- 324,707
Mutual funds -- 24,194,689
Loans to participants -- 314,542
-- 24,833,938
------- -----------
-- 257,574
Employee contributions receivable
Liabilities - refundable excess contributions (14,826) (14,826)
payable -- --
------- -----------
Net assets available for plan benefits (14,826) 25,076,686
======= ===========
<CAPTION>
December 31, 1996
----------------------------------------------------------------
American
Software Intermediate
Stock Fidelity Magellan Bond
Fund Fund Fund Fund
---- ---- ---- ----
<S> <C> <C> <C> <C>
Assets:
Investments, at fair value:
American Software, Inc. common stock $ 256,398 -- -- --
Mutual funds -- 2,699,704 2,904,723 825,497
Loans to participants -- -- -- --
---------- ---------- ---------- ----------
256,398 2,699,704 2,904,723 825,497
Employee contributions receivable -- 20,224 22,370 6,078
---------- ---------- ---------- ----------
Net assets available for plan benefits $ 256,398 2,719,928 2,927,093 831,575
========== ========== ========== ==========
<CAPTION>
Blue
Capital Chip
OTC Overseas Appreciation Growth
Portfolio Fund Fund Fund
--------- ---- ---- ----
<S> <C> <C> <C> <C>
Assets:
Investments, at fair value:
American Software, Inc. common stock -- -- -- --
Mutual funds 2,121,241 746,424 1,202,725 4,271,108
Loans to participants -- -- -- --
--------- --------- --------- ---------
2,121,241 746,424 1,202,725 4,271,108
Employee contributions receivable 13,504 5,209 8,315 31,332
--------- --------- --------- ---------
Net assets available for plan benefits 2,134,745 751,633 1,211,040 4,302,440
========= ========= ========= =========
<CAPTION>
Retirement
Asset Global Government
Manager Bond Money Market
Portfolio Fund Portfolio
--------- ---- ---------
<S> <C> <C> <C>
Assets:
Investments, at fair value:
American Software, Inc. common stock -- -- --
Mutual funds 971,675 306,464 3,321,202
Loans to participants -- -- --
---------- ---------- ----------
971,675 306,464 3,321,202
Employee contributions receivable 7,335 2,670 11,649
---------- ---------- ----------
Net assets available for plan benefits 979,010 309,134 3,332,851
========== ========== ==========
<CAPTION>
Loans to
Participants Total
------------ -----
<S> <C> <C>
Assets:
Investments, at fair value:
American Software, Inc. common stock -- 256,398
Mutual funds -- 19,370,763
Loans to participants 314,014 314,014
---------- ----------
314,014 19,941,175
Employee contributions receivable -- 128,686
---------- ----------
Net assets available for plan benefits 314,014 20,069,861
========== ==========
</TABLE>
<PAGE>
AMERICAN SOFTWARE, INC.
401(K) PROFIT SHARING PLAN
Notes to Financial Statements
<TABLE>
<CAPTION>
December 31, 1997
-------------------------------------------------------------------------
American
Software
Stock Fidelity Magellan Intermediate
Fund Fund Fund Bond Fund
---- ---- ---- ---------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Employee contributions $ -- 357,215 355,461 73,864
Rollovers -- 27,107 24,309 2,620
Interest and dividends -- 323,553 242,244 57,872
Interest on loans to participants
and loan repayments -- 16,562 35,333 7,856
Net appreciation (depreciation) in fair
value of investments 105,739 592,597 527,741 8,638
--------- --------- --------- ---------
Total additions 105,739 1,317,034 1,185,088 150,850
--------- --------- --------- ---------
Deductions from assets attributed to:
Benefits paid to participants 37,430 183,798 322,774 5,469
Administrative expenses -- 297 1,113 244
Loans to participants -- 37,917 58,451 2,950
--------- --------- --------- ---------
Total deductions 37,430 222,012 382,338 8,663
--------- --------- --------- ---------
Interfund transfers -- 72,671 150,773 428,313
--------- --------- --------- ---------
Net change 68,309 1,167,693 953,523 570,500
Net assets available at beginning of year 256,398 2,719,928 2,927,093 831,575
--------- --------- --------- ---------
Net assets available at end of year $ 324,707 3,887,621 3,880,616 1,402,075
========= ========= ========= =========
<CAPTION>
December 31, 1997
-----------------------------------------------------------------------
Capital Blue Chip
OTC Overseas Appreciation Growth
Portfolio Fund Fund Fund
--------- ---- ---- ----
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Employee contributions 255,066 107,969 147,572 542,060
Rollovers 8,205 23,496 23,372 12,139
Interest and dividends 167,692 37,722 212,206 302,504
Interest on loans to participants
and loan repayments 15,392 7,744 12,157 29,533
Net appreciation (depreciation) in fair
value of investments 5,910 40,958 111,957 918,912
---------- ---------- ---------- ----------
Total additions 452,265 217,889 507,264 1,805,148
---------- ---------- ---------- ----------
Deductions from assets attributed to:
Benefits paid to participants 107,782 47,694 75,536 234,882
Administrative expenses -- -- 269 225
Loans to participants -- -- 25,266 6,974
---------- ---------- ---------- ----------
Total deductions 107,782 47,694 101,071 242,081
---------- ---------- ---------- ----------
Interfund transfers (126,747) (187,022) 36,208 323,727
---------- ---------- ---------- ----------
Net change 217,736 (16,827) 442,401 1,886,794
Net assets available at beginning of year 2,134,745 751,633 1,211,040 4,302,440
---------- ---------- ---------- ----------
Net assets available at end of year 2,352,481 734,806 1,653,441 6,189,234
========== ========== ========== ==========
<CAPTION>
December 31, 1997
----------------------------------------------------------------------------------
Retirement
Government Real
Asset Global Money Estate
Manager Bond Market Investment
Portfolio Fund Portfolio Trust Contrafund
--------- ---- --------- ----- ----------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Employee contributions 110,142 26,443 188,866 563 1,386
Rollovers 3,926 2,269 53,052 -- --
Interest and dividends 94,367 13,941 161,301 -- --
Interest on loans to participants
and loan repayments 12,916 2,160 15,726 11 115
Net appreciation (depreciation) in fair
value of investments 124,461 (18,817) -- -- --
---------- ---------- ---------- ----- -----
Total additions 345,812 25,996 418,945 574 1,501
---------- ---------- ---------- ----- -----
Deductions from assets attributed to:
Benefits paid to participants 36,824 10,382 266,918 -- --
Administrative expenses 300 75 850 -- --
Loans to participants 20,271 1,549 28,314 -- --
---------- ---------- ---------- ----- -----
Total deductions 57,395 12,006 296,082 -- --
---------- ---------- ---------- ----- -----
Interfund transfers (201,571) (71,058) (425,294) -- --
---------- ---------- ---------- ----- -----
Net change 86,846 (57,068) (302,431) 574 1,501
Net assets available at beginning of year 979,010 309,134 3,332,851 -- --
---------- ---------- ---------- ----- -----
Net assets available at end of year 1,065,856 252,066 3,030,420 574 1,501
========== ========== ========== ===== =====
<CAPTION>
December 31, 1997
--------------------------------------------------------------------------------
Europe
Capital Latin Southeast
Small Cap Appreciation American Asia Balanced
Stock Fund Fund Fund Fund Fund
---------- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Employee contributions 282 170 50 50 136
Rollovers -- -- -- -- --
Interest and dividends -- -- -- -- --
Interest on loans to participants
and loan repayments -- 11 -- -- --
Net appreciation (depreciation) in fair
value of investments -- -- -- -- --
----- ----- ----- ----- -----
Total additions 282 181 50 50 136
----- ----- ----- ----- -----
Deductions from assets attributed to:
Benefits paid to participants -- -- -- -- --
Administrative expenses -- -- -- -- --
Loans to participants -- -- -- -- --
----- ----- ----- ----- -----
Total deductions -- -- -- -- --
----- ----- ----- ----- -----
Interfund transfers -- -- -- -- --
----- ----- ----- ----- -----
Net change 282 181 50 50 136
Net assets available at beginning of year -- -- -- -- --
----- ----- ----- ----- -----
Net assets available at end of year 282 181 50 50 136
===== ===== ===== ===== =====
<CAPTION>
December 31, 1997
-----------------------------------------------------------------------------------
Morgan
INVESCO Stanley Refundable
High Emerging excess
Yield Market Loans to contributions
Fund Portfolio Participants payable Total
---- --------- ------------ ------- -----
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Employee contributions 716 73 -- (14,826) 2,153,258
Rollovers -- -- -- -- 180,495
Interest and dividends -- -- -- -- 1,613,402
Interest on loans to participants
and loan repayments 84 -- (124,034) -- 31,566
Net appreciation (depreciation) in fair
value of investments -- -- -- -- 2,418,096
--- --- ---------- ------- ----------
Total additions 800 73 (124,034) (14,826) 6,396,817
--- --- ---------- ------- ----------
Deductions from assets attributed to:
Benefits paid to participants -- -- 57,130 -- 1,386,619
Administrative expenses -- -- -- -- 3,373
Loans to participants -- -- (181,692) -- --
--- --- ---------- ------- ----------
Total deductions -- -- (124,562) -- 1,389,992
--- --- ---------- ------- ----------
Interfund transfers -- -- -- -- --
--- --- ---------- ------- ----------
Net change 800 73 528 (14,826) 5,006,825
Net assets available at beginning of year -- -- 314,014 -- 20,069,861
--- --- ---------- ------- ----------
Net assets available at end of year 800 73 314,542 (14,826) 25,076,686
=== === ========== ======= ==========
</TABLE>
<PAGE>
AMERICAN SOFTWARE, INC.
401(K) PROFIT SHARING PLAN
Notes to Financial Statements
<TABLE>
<CAPTION>
December 31, 1996
-------------------------------------------------------------------------------------
American
Software Capital
Stock Fidelity Magellan Intermediate OTC Overseas Appreciation
Fund Fund Fund Bond Fund Portfolio Fund Fund
--------- --------- ---------- ------------- --------- -------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Employee contributions... $ -- 289,388 408,759 83,498 201,243 94,855 161,197
Rollovers................ -- 17,832 11,966 11,317 11,457 11,318 12,226
Interest and dividends... -- 196,518 461,929 56,066 230,890 39,590 103,025
Interest on loans to
participants and loan
repayments.............. -- 13,818 27,800 10,693 12,203 5,782 10,771
Net appreciation
(depreciation) in
fair value of
investments........... (24,587) 191,908 (147,073) (27,871) 102,526 37,604 55,023
-------- --------- --------- ------- --------- ------- ---------
Total additions..... (24,587) 709,464 763,381 133,703 558,319 189,149 342,242
-------- --------- --------- ------- --------- ------- ---------
Deductions from assets
attributed to:
Benefits paid to
participants............ 53,040 101,354 257,291 69,987 82,280 32,171 91,825
Administrative expenses.. -- 675 581 531 75 -- 131
Loans to participants.... -- 29,594 49,548 35,696 2,809 -- 7,737
-------- --------- --------- ------- --------- ------- ---------
Total deductions.... 53,040 131,623 307,420 106,214 85,164 32,171 99,693
-------- --------- --------- ------- --------- ------- ---------
Interfund transfers....... -- 537,542 (375,332) (79,205) 662,508 39,974 (102,260)
-------- --------- --------- ------- --------- ------- ---------
Net change.......... (77,627) 1,115,383 80,629 (51,716) 1,135,663 196,952 140,289
Net assets available for
plan benefits
at beginning of year..... 334,025 1,604,545 2,846,464 883,291 999,082 554,681 1,070,751
-------- --------- --------- ------- --------- ------- ---------
Net assets available for
plan benefits
at end of plan year...... $256,398 2,719,928 2,927,093 831,575 2,134,745 751,633 1,211,040
======== ========= ========= ======= ========= ======= =========
<PAGE>
December 31, 1996
-------------------------------------------------------------------------------------
Retirement
Blue Government
Chip Asset Global Money
Growth Manager Bond Market Loans to
Fund Portfolio Fund Portfolio Participants Total
--------- ---------- -------- ----------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Employee contributions..... 504,326 117,777 34,315 224,610 -- 2,119,968
Rollovers.................. 12,357 11,316 11,316 20,843 -- 131,948
Interest and dividends..... 288,599 76,584 15,877 186,145 -- 1,655,223
Interest on loans to
participants and loan
repayments................ 22,598 13,052 2,693 14,779 (110,729) 23,460
Net appreciation
(depreciation) in
fair value of
investments............. 249,606 32,255 (5,133) -- -- 464,258
--------- ------- ------- --------- --------- ----------
Total additions....... 1,077,486 250,984 59,068 446,377 (110,729) 4,394,857
--------- ------- ------- --------- --------- ----------
Deductions from assets
attributed to:
Benefits paid to
participants.............. 249,042 93,992 10,101 387,233 53,480 1,481,796
Administrative expenses.... 319 500 75 1,065 -- 3,952
Loans to participants...... 5,828 47,062 3,475 30,194 (211,943) --
--------- ------- ------- --------- --------- ---------
Total deductions...... 255,189 141,554 13,651 418,492 (158,463) 1,485,748
--------- ------- ------- --------- --------- ----------
Interfund transfers......... 150,543 (32,398) 3,090 (804,462) -- --
--------- ------- ------- --------- --------- ----------
Net change............ 972,840 77,032 48,507 (776,577) 47,734 2,909,109
Net assets available for
plan benefits
at beginning of year....... 3,329,600 901,978 260,627 4,109,428 266,280 17,160,752
--------- ------- ------- --------- -------- ----------
Net assets available for
plan benefits
at end of plan year........ 4,302,440 979,010 309,134 3,332,851 314,014 20,069,861
========= ======= ======= ========= ======== ==========
</TABLE>
<PAGE>
AMERICAN SOFTWARE, INC.
401(K) PROFIT SHARING PLAN
Schedule 27(a) - Schedule of Assets Held for Investment Purposes
December 31, 1997
<TABLE>
<CAPTION>
Description of Current
Identity of issuer investment Cost value
- ----------------- ----------------------- ----------- ----------
<S> <C> <C> <C>
Common stock:
*American Software, Inc. CLA 35,340 shares $ 194,370 324,707
----------- ----------
Mutual funds:
*Fidelity 128,896.017 units 3,040,221 3,842,387
*Magellan 40,246.738 units 3,342,782 3,834,305
*Intermediate Bond 136,830.372 units 1,392,303 1,391,564
*OTC Portfolio 69,483.678 units 2,212,292 2,324,228
*Overseas 22,304.847 units 685,911 725,799
*Capital Appreciation 84,534.025 units 1,505,037 1,638,272
*Blue Chip Growth 155,137.317 units 4,961,339 6,121,720
*Asset Manager Portfolio 57,452.163 units 911,308 1,054,249
*Global Bond 27,410.392 units 269,449 249,161
*Retirement Government
Money Market 3,013,003.090 units 3,013,004 3,013,004
----------- ----------
Total mutual funds 21,333,646 24,194,689
Loans to participants:
American Software Loan Fund Interest rates ranging
from 9.75% to 10.00% 314,542 314,542
----------- ----------
Total investments $21,842,558 24,833,938
=========== ==========
</TABLE>
*Party-in-interest to the Plan.
See accompanying independent auditors' report.
-11-
<PAGE>
<TABLE>
<CAPTION>
AMERICAN SOFTWARE, INC.
401(K) PROFIT SHARING PLAN
Schedule 27(d) - Schedule of Reportable Transactions
Year ended December 31, 1997
Current
Expense value
incurred of asset on
Identity of Description Purchase Selling Lease with Cost of transaction Net gain
party involved of asset Price Price rental transaction asset date or (loss)
- --------------------------- ------------- ------------- ------- ----------- ----------- ----------- --------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Category (iii) - Series of transactions in excess of 5% of plan assets.
Purchases:
Fidelity Fidelity Fund $ 977,135 N/A - - 977,135 977,135 N/A
Fidelity Blue Chip 1,382,514 N/A - - 1,382,514 1,382,514 N/A
Growth Fund
Fidelity Retirement 1,070,958 N/A - - 1,070,958 1,070,958 N/A
Government
Money Market
Fund
Fidelity Magellan Fund 948,254 N/A - - 948,254 948,254 N/A
Fidelity OTC Portfolio 938,912 N/A - - 938,912 938,912 N/A
Fidelity Blue Chip 372,712 N/A - - 372,712 372,712 N/A
Growth Fund
Sales:
Fidelity Retirement N/A 1,379,156 - - 1,379,156 1,379,156 -
Government
Money Market
Fund
Fidelity Fidelity Fund N/A 427,047 - - 347,405 427,047 79,642
Fidelity Magellan Fund N/A 546,412 - - 484,206 546,412 62,206
Fidelity OTC Portfolio N/A 741,834 - - 715,179 741,834 26,655
</TABLE>
See accompanying independent auditors' report.
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