<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 [No Fee Required]
For the fiscal year ended December 31, 1996
Commission file Number 1-9037
A. Full title of the Plan and the address of the Plan, if different from
that of the issuer named below: The IT Corporation Retirement Plan.
B. Name of issuer of the securities held pursuant to the Plan and the
address of its principal executive office: International Technology Corp.,
2790 Mossie Boulevard, Monroeville, PA 15146.
<PAGE>
Financial Statements
and Supplemental Schedules
The IT Corporation Retirement Plan
YEARS ENDED DECEMBER 31, 1996 AND 1995
WITH REPORT OF INDEPENDENT AUDITORS
<PAGE>
The IT Corporation Retirement Plan
Financial Statements
and Supplemental Schedules
Years ended December 31, 1996 and 1995
CONTENTS
Report of Independent Auditors.................................................1
Audited Financial Statements
Statements of Net Assets Available for Benefits................................2
Statements of Changes in Net Assets Available for Benefits.....................3
Notes to Financial Statements..................................................4
Supplemental Schedules
Schedule of Assets Held for Investment Purposes...............................12
Schedule of Reportable Transactions...........................................13
<PAGE>
[LETTERHEAD]
Report of Independent Auditors
IT Corporation
as Plan Administrator of
The IT Corporation Retirement Plan
We have audited the accompanying statements of net assets available for benefits
of The IT Corporation Retirement Plan (the Plan) as of December 31, 1996 and
1995, and the related statements of changes in net assets available for 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 benefits of the Plan at
December 31, 1996 and 1995, and the changes in net assets available for 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 accompanying supplemental schedule of
assets held for investment purposes as of December 31, 1996, and schedule of
reportable transactions for the year then ended, are presented for purposes of
complying with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the basic financial statements. The supplemental
schedules have been subjected to the auditing procedures applied in our 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.
/s/ Ernst & Young LLP
May 30, 1997
<PAGE>
The IT Corporation Retirement Plan
Statements of Net Assets Available for Benefits
DECEMBER 31
1996 1995
--------------------------------
ASSETS
Receivables:
Employer $ 1,643,637 $ 1,841,814
Employee 507,807 532,742
--------------------------------
Total 2,151,444 2,374,556
Investments, at fair value 88,262,190 77,517,940
--------------------------------
Net assets available for benefits $ 90,413,634 $ 79,892,496
--------------------------------
--------------------------------
SEE ACCOMPANYING NOTES.
2
<PAGE>
The IT Corporation Retirement Plan
Statements of Changes in Net Assets Available for Benefits
YEAR ENDED DECEMBER 31
1996 1995
---------------------------
Additions to net assets attributed to:
Investment income:
Interest and dividend income $ 8,735,917 $ 4,302,134
Net appreciation (depreciation) in market
value of investments 403,261 10,236,350
---------------------------
Net investment income 9,139,178 14,538,484
Contributions:
Employer contributions 3,608,665 3,926,727
Employee contributions 6,020,201 5,738,570
Transfers in 315 2,886
---------------------------
Total additions 18,768,359 24,206,667
Deductions from net assets attributed to benefit
and withdrawal payments to participants 8,247,221 7,118,277
---------------------------
Net increase in net assets available for benefits 10,521,138 17,088,390
Net assets available for benefits:
Beginning of year 79,892,496 62,804,106
---------------------------
End of year $ 90,413,634 $ 79,892,496
---------------------------
---------------------------
SEE ACCOMPANYING NOTES.
3
<PAGE>
The IT Corporation Retirement Plan
Notes to Financial Statements
December 31, 1996
1. DESCRIPTION OF PLAN
The following description of The IT Corporation Retirement Plan (Plan) provides
only general information. Participants should refer to the Plan agreement for a
more complete description of the Plan's provisions.
GENERAL
The IT Corporation Retirement Plan is a defined contribution profit sharing plan
which covers all non-union employees of International Technology Corporation
(the Company) unless a collective bargaining agreement requires union employees
to be included in the Plan. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA).
CONTRIBUTIONS
Through June 30, 1995, the Plan required a minimum annual employer contribution
of 4% of participants' eligible compensation; thereafter, the required minimum
annual employer contribution is 3% of participants' eligible compensation.
Additionally, beginning July 1, 1995, the Company contributes up to 2% of
participants' eligible compensation by matching 50% of each participant's
contribution (up to 4% of eligible compensation) to the Plan. The Plan currently
allows a maximum contribution of up to 10% of participants' eligible
compensation up to $150,000 annually. All employees are limited to a
contribution of $9,500 for calendar 1996 by Section 402(g) of the Internal
Revenue Code of 1996.
In addition, the Company may, in the sole discretion of IT Corporation's
Board of Directors, make an additional contribution for any Plan Year. It
will be allocated among the Company Discretionary Contribution sub-accounts
or Eligible Participants as follows:
(a) 75% of the amount contributed will be allocated in the ratio that
each Eligible Participant's Compensation for the Plan Year bears
to the eligible Compensation of all Eligible Participants during
that year.
(b) 25% of the amount contributed will be allocated in the ratio that
each Eligible Participant's Years of Service as an Eligible Employee
bear to the aggregate Years of Service as Eligible Employees of all
Eligible Participants. For this purpose, a Year of Service means any
Plan Year during which an Eligible Employee earns at least 1,000 Hours
of Service.
PARTICIPANT ACCOUNTS
Each participant elects a fund or a combination of funds for the investment of
their account. The income of the Plan, together with any gains in the value of
the investments, increases participants' accounts proportionately based on their
account balances to total account balances. Losses reduce participants' accounts
in the same manner. Forfeited balances of terminated participants' nonvested
accounts are used to reduce future Company contributions.
4
<PAGE>
The IT Corporation Retirement Plan
Notes to Financial Statements (continued)
1. DESCRIPTION OF PLAN (CONTINUED)
VESTING
Employees are eligible to become participants of the Plan one year after their
hire date. Participants are immediately vested in their contributions plus
actual earnings thereon. Excluding employee contributions, participants become
vested in their accounts at the rate of 20% after two years of service and an
additional 20% for each year of service thereafter until participants are 100%
vested after six years of service.
INVESTMENT OPTIONS
Upon enrollment in the Plan, a participant may direct employer and employee
contributions in any of nine investment options, all of which are managed by
Fidelity Investments:
Magellan Fund - Invests in common stocks and securities convertible to
common stock issued by companies operating in the U.S. or abroad.
Equity Income Fund - Invests in income-producing common and preferred
stocks and bonds.
Intermediate Bond Fund - Invests in corporate debt obligations and
U.S. government or agencies obligations.
Overseas Fund - Invests in common stocks and debt instruments of
foreign business and governments.
Asset Manager Fund - Invests in domestic and foreign stocks, bonds and
short-term instruments of the U.S. and foreign issuers.
Asset Manager Growth Fund - Invests in stocks, bonds and short-term
instruments.
Asset Manager Income Fund - Invests in bonds and short-term
instruments and a small amount of common stock.
Retirement Money Market Fund - Invests in high quality, U.S.
dollar-denominated money market instruments of U.S. and foreign
issuers.
5
<PAGE>
The IT Corporation Retirement Plan
Notes to Financial Statements (continued)
1. DESCRIPTION OF PLAN (CONTINUED)
INVESTMENT OPTIONS (CONTINUED)
Company Stock Fund - Invests primarily in the common stock of
International Technology Corporation. The remainder is held in cash or
short-term instruments.
Participants may change their investment options on a daily basis.
PARTICIPANT NOTE RECEIVABLE
Participants may borrow from their fund accounts a minimum of $1,000 up to a
maximum of the lesser of $50,000 or 50% of their vested account balance. Loan
terms range from six months to three years. The loans are secured by the balance
in the participant's account and bear interest at a rate of 1% plus prime.
Principal and interest is paid ratably through monthly payroll deductions.
PLAN TERMINATION
The Company expects to maintain the Plan indefinitely; however, it reserves the
right to amend or terminate the Plan at any time should it consider that
desirable or necessary. If the Plan is terminated, all accounts automatically
become 100% vested.
2. SUMMARY OF ACCOUNTING POLICIES
RECLASSIFICATIONS
Certain 1995 balances have been reclassified to conform with the 1996
presentation.
INVESTMENT VALUATION AND INCOME RECOGNITION
The Plan's investments are stated at fair value. Investments in mutual funds are
valued at quoted market prices on the last business day of the Plan. The
participant notes receivable are valued at cost which approximates fair value.
6
<PAGE>
The IT Corporation Retirement Plan
Notes to Financial Statements (continued)
2. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
INVESTMENT TRANSACTIONS GAINS AND LOSSES
Purchases and sales of investments are reflected on the trade dates. Realized
gains and losses from investment transactions represent the difference between
the proceeds received and the weighted average cost of the securities sold.
Unrealized gains and losses on investments are measured by the change in the
difference between the market value of the investments held at the beginning and
end of the Plan year. Cash dividends are recorded on the ex-dividend dates and
interest is recorded as earned on the accrual basis.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates that affect the
amounts reported in the financial statements and accompanying notes. Actual
results could differ from those estimates.
3. INCOME TAX STATUS
The Internal Revenue Service has issued a determination letter dated June 27,
1996, that the Plan qualifies, in form, under Sections 401(a) and 401(k) of the
Internal Revenue Code of 1996, as amended (the Code), and the underlying trust
is, therefore, exempt from federal income taxes under Section 501(a) of the
Code. The Plan is required to operate in accordance with the Code to maintain
its tax qualification. The Plan Administrator is not aware of any course of
actions or series of events that have occurred which might adversely affect the
Plan's qualified status.
4. INVESTMENTS
The fair value of individual investments that represents 5% of more of the
Plan's net assets is as follows:
DECEMBER 31
1996 1995
---------------------------------
Magellan Fund $ 33,417,649 $ 32,913,353
Equity Income Fund 22,868,527 15,574,468
Intermediate Bond Fund 6,021,658 6,573,340
Retirement Money Market Fund 18,141,528 18,639,146
7
<PAGE>
The IT Corporation Retirement Plan
Notes to Financial Statements (continued)
4. INVESTMENTS (CONTINUED)
The net assets available for benefits as of December 31, 1996 and 1995, for each
investment fund are as follows:
<TABLE>
<CAPTION>
DECEMBER 31, 1996 FUND INFORMATION
--------------------------------------------------------------------------------------------------
RETIREMENT
EQUITY INTERMEDIATE MONEY ASSET
MAGELLAN INCOME BOND OVERSEAS MARKET MANAGER
FUND FUND FUND FUND FUND FUND
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair
value $ 33,417,649 $ 22,868,527 $ 6,021,658 $ 4,285,942 $ 18,141,528 $ 290,224
Participant notes
receivable - - - - - -
--------------------------------------------------------------------------------------------------
Total investments,
at fair value 33,417,649 22,868,527 6,021,658 4,285,942 18,141,528 290,224
--------------------------------------------------------------------------------------------------
Receivables:
Employer's
contributions 757,711 296,182 136,856 143,011 217,943 18,275
Employees'
contributions 181,084 125,479 30,976 35,445 109,737 4,621
--------------------------------------------------------------------------------------------------
Total receivables 938,795 421,661 167,832 178,456 327,680 22,896
--------------------------------------------------------------------------------------------------
Net assets available
for benefits $ 34,356,444 $ 23,290,188 $ 6,189,490 $ 4,464,398 $ 18,469,208 $ 313,120
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
DECEMBER 31, 1996 FUND INFORMATION
-----------------------------------------------------------------------------------
ASSET ASSET
MANAGER MANAGER COMMON
GROWTH INCOME STOCK LOAN
FUND FUND FUND FUND TOTAL
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair
value $ 1,299,593 $ 194,772 $ 371,249 $ - $ 86,891,142
Participant notes
receivable - - - 1,371,048 1,371,048
-----------------------------------------------------------------------------------
Total investments,
at fair value 1,299,593 194,772 371,249 1,371,048 88,262,190
-----------------------------------------------------------------------------------
Receivables:
Employer's
contributions 53,837 7,816 12,006 - 1,643,637
Employees'
contributions 15,590 1,930 2,945 - 507,807
-----------------------------------------------------------------------------------
Total receivables 69,427 9,746 14,951 - 2,151,444
-----------------------------------------------------------------------------------
Net assets available
for benefits $ 1,369,020 $ 204,518 $ 386,200 $ 1,371,048 $ 90,413,634
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
The IT Corporation Retirement Plan
Notes to Financial Statements (continued)
4. INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
DECEMBER 31, 1995 FUND INFORMATION
-------------------------------------------------------------------------------------
RETIREMENT
EQUITY INTERMEDIATE MONEY
MAGELLAN INCOME BOND OVERSEAS MARKET
FUND FUND FUND FUND FUND
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value $ 32,913,353 $ 15,574,468 $ 6,573,340 $ 2,991,318 $ 18,639,146
Participant notes receivable - - - - -
-------------------------------------------------------------------------------------
Total investments, at fair
value 32,913,353 15,574,468 6,573,340 2,991,318 18,639,146
-------------------------------------------------------------------------------------
Receivables:
Employer's contributions 1,147,415 423,532 227,369 190,090 (149,800)
Employees' contributions 226,476 113,913 45,323 39,596 107,434
-------------------------------------------------------------------------------------
Total receivables 1,373,891 537,445 272,692 229,686 (42,366)
-------------------------------------------------------------------------------------
Net assets available for
benefits $ 34,287,244 $ 16,111,913 $ 6,846,032 $ 3,221,004 $ 18,596,780
-------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
DECEMBER 31, 1995 FUND INFORMATION
-------------------------------------------------------------------------------------
ASSET ASSET
ASSET MANAGER MANAGER
MANAGER GROWTH INCOME LOAN
FUND FUND FUND FUND TOTAL
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value $ - $ - $ - $ - $ 76,691,625
Participant notes receivable - - - 826,315 826,315
-------------------------------------------------------------------------------------
Total investments, at fair
value - - - 826,315 77,517,940
-------------------------------------------------------------------------------------
Receivables:
Employer's contributions 1,816 1,077 315 - 1,841,814
Employees' contributions - - - - 532,742
-------------------------------------------------------------------------------------
Total receivables 1,816 1,077 315 - 2,374,556
-------------------------------------------------------------------------------------
Net assets available for
benefits $ 1,816 $ 1,077 $ 315 $ 826,315 $ 79,892,496
-------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
The IT Corporation Retirement Plan
Notes to Financial Statements (continued)
4. INVESTMENTS (CONTINUED)
For the years ended December 31, 1996 and 1995, the changes in net assets
available for plan benefits of each investment fund are as follows:
<TABLE>
<CAPTION>
DECEMBER 31, 1996
-------------------------------------------------------------------------------------------
RETIREMENT
EQUITY INTERMEDIATE MONEY ASSET
MAGELLAN INCOME BOND OVERSEAS MARKET MANAGER
FUND FUND FUND FUND FUND FUND
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Interest and dividends $ 5,554,604 $ 1,415,255 $ 440,716 $ 267,210 $ 930,021 $ 19,006
Net appreciation
(depreciation) in
market value of
investments (1,867,263) 2,333,378 (211,654) 213,114 - (831)
Contributions:
Employer 1,023,894 438,171 159,205 185,034 1,684,137 23,349
Employee 2,339,139 1,334,840 399,875 434,732 1,304,772 34,533
Transfers in - 305 - - 10 -
-------------------------------------------------------------------------------------------
Total additions 7,050,374 5,521,949 788,142 1,100,090 3,918,940 76,057
-------------------------------------------------------------------------------------------
Deductions from net assets
attributed to:
Benefit and withdrawal
payments 2,999,928 1,682,896 785,201 319,275 2,266,382 12,125
-------------------------------------------------------------------------------------------
Total deductions 2,999,928 1,682,896 785,201 319,275 2,266,382 12,125
-------------------------------------------------------------------------------------------
Increase (decrease) prior to
interfund transfers 4,050,446 3,839,053 2,941 780,815 1,652,558 63,932
Interfund transfers (net) (3,981,246) 3,339,222 (659,483) 462,579 (1,780,130) 247,372
-------------------------------------------------------------------------------------------
Net increase (decrease) 69,200 7,178,275 (656,542) 1,243,394 (127,572) 311,304
Net assets available for
benefits:
Beginning of year 34,287,244 16,111,913 6,846,032 3,221,004 18,596,780 1,816
-------------------------------------------------------------------------------------------
End of year $ 34,356,444 $ 23,290,188 $ 6,189,490 $ 4,464,398 $ 18,469,208 $ 313,120
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
DECEMBER 31, 1996
-------------------------------------------------------------------------------------------
ASSET ASSET
MANAGER MANAGER COMPANY
GROWTH INCOME STOCK LOAN CONTRIBUTION
FUND FUND FUND FUND RECEIVABLE TOTAL
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Interest and dividends $ 103,271 $ 5,396 $ 438 $ - $ - $ 8,735,917
Net appreciation
(depreciation) in
market value of
investments 6,111 (79) (69,515) - - 403,261
Contributions:
Employer 69,065 9,952 15,858 - - 3,608,665
Employee 109,419 34,097 28,794 - - 6,020,201
Transfers in - - - - - 315
-------------------------------------------------------------------------------------------
Total additions 287,866 49,366 (24,425) - - 18,768,359
-------------------------------------------------------------------------------------------
Deductions from net assets
attributed to:
Benefit and withdrawal
payments 40,729 4,265 2,874 133,546 - 8,247,221
-------------------------------------------------------------------------------------------
Total deductions 40,729 4,265 2,874 133,546 - 8,247,221
-------------------------------------------------------------------------------------------
Increase (decrease) prior to
interfund transfers 247,137 45,101 (27,299) (133,546) - 10,521,138
Interfund transfers (net) 1,120,806 159,102 413,499 678,279 - -
-------------------------------------------------------------------------------------------
Net increase (decrease) 1,367,943 204,203 386,200 544,733 - 10,521,138
Net assets available for
benefits:
Beginning of year 1,077 315 - 826,315 - 79,892,496
-------------------------------------------------------------------------------------------
End of year $ 1,369,020 $ 204,518 $ 386,200 $ 1,371,048 $ - $ 90,413,634
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
The IT Corporation Retirement Plan
Notes to Financial Statements (continued)
4. INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
DECEMBER 31, 1995
-----------------------------------------------------------------------------------------
RETIREMENT
EQUITY INTERMEDIATE MONEY ASSET
MAGELLAN INCOME BOND OVERSEAS MARKET MANAGER
FUND FUND FUND FUND FUND FUND
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Interest and dividends $ 1,908,592 $ 908,916 $ 406,315 $ 71,353 $ 1,006,958 $ -
Net appreciation
(depreciation) in
market value of
investments 6,871,517 2,805,140 364,084 195,609 - -
Contributions:
Employer 1,214,177 775,112 233,914 200,943 1,499,373 1,816
Employee 2,452,099 1,150,181 500,749 462,271 1,173,270 -
Transfers in 1,265 313 37 73 1,198 -
-----------------------------------------------------------------------------------------
Total additions 12,447,650 5,639,662 1,505,099 930,249 3,680,799 1,816
-----------------------------------------------------------------------------------------
Deductions from net assets
attributed to:
Benefit and withdrawal
payments 1,928,802 1,684,944 594,066 154,841 2,683,141 -
-----------------------------------------------------------------------------------------
Total deductions 1,928,802 1,684,944 594,066 154,841 2,683,141 -
-----------------------------------------------------------------------------------------
Increase (decrease) prior to
interfund transfers 10,518,848 3,954,718 911,033 775,408 997,658 1,816
Interfund transfers (net) (832,020) 508,980 (121,671) (527,843) 498,916 -
-----------------------------------------------------------------------------------------
Net increase (decrease) 9,686,828 4,463,698 789,362 247,565 1,496,574 1,816
Net assets available for
benefits:
Beginning of year 24,600,416 11,648,215 6,056,670 2,973,439 17,100,206 -
-----------------------------------------------------------------------------------------
End of year $ 34,287,244 $ 16,111,913 $ 6,846,032 $ 3,221,004 $ 18,596,780 $ 1,816
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
DECEMBER 31, 1995
-----------------------------------------------------------------------------
ASSET ASSET
MANAGER MANAGER
GROWTH INCOME LOAN CONTRIBUTION
FUND FUND FUND RECEIVABLE TOTAL
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Interest and dividends $ - $ - $ - $ - $ 4,302,134
Net appreciation
(depreciation) in
market value of
investments - - - - 10,236,350
Contributions:
Employer 1,077 315 - - 3,926,727
Employee - - - - 5,738,570
Transfers in - - - - 2,886
-----------------------------------------------------------------------------
Total additions 1,077 315 - - 24,206,667
-----------------------------------------------------------------------------
Deductions from net assets
attributed to:
Benefit and withdrawal
payments - - - 72,483 7,118,277
-----------------------------------------------------------------------------
Total deductions - - - 72,483 7,118,277
-----------------------------------------------------------------------------
Increase (decrease) prior to
interfund transfers 1,077 315 - (72,483) 17,088,390
Interfund transfers (net) - - 826,315 (352,677) -
-----------------------------------------------------------------------------
Net increase (decrease) 1,077 315 826,315 (425,160) 17,088,390
Net assets available for
benefits:
Beginning of year - - - 425,160 62,804,106
-----------------------------------------------------------------------------
End of year $ 1,077 $ 315 $ 826,315 $ - $ 79,892,496
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
</TABLE>
11
<PAGE>
SUPPLEMENTAL SCHEDULES
<PAGE>
The IT Corporation Retirement Plan
Schedule of Assets Held for Investment Purposes
December 31, 1996
<TABLE>
<CAPTION>
IDENTITY NUMBERS CURRENT
OF ISSUE DESCRIPTION OF INVESTMENT OF SHARES COST VALUE
- ------------------------------------------------------------------------------------------------------
Fidelity Funds:
---------------
<S> <C> <C> <C> <C>
*Fidelity Fidelity Magellan Fund 414,354 $ 29,865,056 $ 33,417,649
*Fidelity Fidelity Equity Income Fund 533,937 18,297,574 22,868,527
*Fidelity Fidelity Intermediate Bond Fund 597,387 6,128,215 6,021,658
*Fidelity Fidelity Retirement Money Market
Fund 18,141,528 18,141,528 18,141,528
*Fidelity Fidelity Overseas Fund 138,973 3,946,598 4,285,942
*Fidelity Fidelity Asset Manager Fund 17,621 292,912 290,224
*Fidelity Fidelity Asset Manager - Growth
Fund 79,486 1,301,192 1,299,593
*Fidelity Fidelity Asset Manager - Income
Fund 16,776 194,933 194,772
*Fidelity Company Stock Fund 42,650 445,086 371,249
Participant loans 1,371,048 1,371,048
---------------------------------
Total assets held for investment $ 79,984,142 $ 88,262,190
---------------------------------
---------------------------------
</TABLE>
*Party-in-interest
12
<PAGE>
The IT Corporation Retirement Plan
Schedule of Reportable Transactions
Year Ended December 31, 1996
<TABLE>
<CAPTION>
CURRENT
VALUE OF
ASSET ON
IDENTITY OF PARTY DOLLAR VALUE TRANSACTION NET GAIN
AND ASSET DESCRIPTION PURCHASES SALES COST OF ASSET DATE (LOSS)
- -----------------------------------------------------------------------------------------------------------------------
CATEGORY (iii) - SERIES OF TRANSACTIONS IN EXCESS OF 5 PERCENT OF PLAN ASSETS:
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Fidelity Magellan Fund (1) $ 11,703,478 $ 11,703,478 $ 11,703,478 $ -
Fidelity Magellan Fund (1) $ 9,331,919 8,763,365 9,331,919 568,554
Fidelity Equity Income Fund (1) 9,678,997 9,678,997 9,678,997 -
Fidelity Equity Income Fund (1) 4,718,316 4,124,600 4,718,316 593,716
Fidelity Retirement Money Market
Fund (1) 7,749,061 7,749,061 7,749,061 -
Fidelity Retirement Money Market
Fund (1) 8,246,679 8,246,679 8,246,679 -
Fidelity Overseas Fund 2,789,901 2,789,901 2,789,901 -
Fidelity Overseas Fund 1,708,391 1,616,741 1,708,391 91,650
</TABLE>
There were no category (i), (ii) or (iv) reportable transactions during the year
ended 1996.
(1) Party-in-interest
13
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Plan's sponsors have duly caused this annual report to be signed
on their behalf by the undersigned thereunto duly authorized.
The IT Corporation Retirement Plan
/s/ Anthony J. DeLuca
--------------------------------
Date: July 11, 1997 Anthony J. DeLuca, President
and Acting Chief Executive Officer
<PAGE>
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 333-00651) pertaining to the IT Corporation Retirement Plan of
our report dated May 30, 1997, with respect to the financial statements of
the IT Corporation Retirement Plan included in this Annual Report (Form 11-K)
for the period ended December 31, 1996.
Ernst & Young LLP
Los Angeles, California
July 8, 1997
