<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the fiscal year ended DECEMBER 31, 1994
-------------------------------------------------
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
Commission File Number 0-14951
-------
BUTLER SERVICE GROUP, INC. 401(K) PLAN A
----------------------------------------
(Full name of plan)
BUTLER INTERNATIONAL, INC.
--------------------------
(Exact name of registrant as specified in its charter)
MARYLAND 06-1154321
------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
110 Summit Avenue, Montvale, New Jersey 07645
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (201) 573-8000
--------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X . No .
----- -----
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN A
- --------------------------
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Page
----
<S> <C>
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits as of December 31, 1994
and 1993 2
Statements of Changes in Net Assets Available for Benefits for the Years
ended December 31, 1994 and 1993 3
Notes to Financial Statements 4-9
SUPPLEMENTAL SCHEDULES FOR THE YEAR ENDED DECEMBER 31, 1994:
Item 27a of Form 5500 - Schedule of Assets Held for Investment Purposes 10-15
Item 27d of Form 5500 - Schedule of Reportable Transactions 16
</TABLE>
<PAGE>
INDEPENDENT AUDITORS' REPORT
Trustees
Butler Service Group, Inc.
401(k) Plan A
Montvale, New Jersey
We have audited the accompanying statements of net assets available for benefits
of Butler Service Group, Inc. 401(k) Plan A as of December 31, 1994 and 1993,
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, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
1994 and 1993, and the changes in net assets available for benefits for the
years then ended in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of (1) assets
held for investment purposes as of December 31, 1994, and (2) reportable
transactions for the year ended December 31, 1994 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 schedules are the responsibility
of the Plan's management. Such schedules have been subjected to the auditing
procedures applied in our audit of the basic 1994 financial statements and, in
our opinion, are fairly stated in all material respects when considered in
relation to the basic financial statements taken as a whole.
June 26, 1995
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN A
- --------------------------
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1994 AND 1993
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1994 1993
---- ----
<S> <C> <C>
ASSETS:
Investments at fair value / contract value (Note B) $15,076,784 $ 9,987,186
Contributions receivable, employees 566,809 540,254
Accrued interest 98,139 100,766
Other - 10,247
----------- -----------
Total Assets 15,741,732 10,638,453
----------- -----------
LIABILITIES:
Accrued expenses 7,082 3,947
----------- -----------
Total Liabilities 7,082 3,947
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $15,734,650 $10,634,506
=========== ===========
</TABLE>
See notes to financial statements
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN A
- --------------------------
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended December 31,
------------------------------
1994 1993
---- ----
<S> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Contributions by participants $ 7,709,190 $ 5,566,398
Investment income 474,692 352,296
Net realized and unrealized appreciation
in investments 47,136 289,831
Other - -
----------- -----------
Total Additions 8,231,018 6,208,525
----------- -----------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants 3,454,375 1,939,971
Investment management fees 116,278 67,413
Other expenses - 27
----------- -----------
Total Deductions 3,570,653 2,007,411
----------- -----------
NET TRANSFERS IN (OUT) WITH BUTLER SERVICE
GROUP, INC. 401(K) PLAN B 439,779 (80,871)
----------- -----------
NET INCREASE IN NET ASSETS AVAILABLE FOR
BENEFITS 5,100,144 4,120,243
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 10,634,506 6,514,263
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $15,734,650 $10,634,506
=========== ===========
</TABLE>
See notes to financial statements
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN A
- --------------------------
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994 AND 1993
- --------------------------------------------------------------------------------
A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. The accompanying financial statements are prepared on the accrual basis
of accounting and are presented in accordance with the Employee
Retirement Insurance Security Act of 1974 ("ERISA").
2. Certificates of deposit are stated at contract value. US Government
obligations and equity investments are stated at fair value as
determined by quoted market prices.
B. INVESTMENTS HELD UNDER MASTER TRUST AGREEMENT
The Butler Service Group, Inc. Master Trust held the assets of the
Butler Service Group, Inc. 401(K) Plan A and 401(K) Plan B at December
31, 1993. The assets of the Master Trust and items of income and expense
have been allocated between the two participating plans at and for the
year ended December 31, 1993 based upon the value of the participants
balances in Plan A and Plan B as a percent of the total Master Trust
value.
Effective January 1, 1994 the Butler Service Group, Inc. 401(K) Plan A
and Plan B were merged (Note C).
At December 31, 1993, the investments of the Master Trust at fair
value/contract value were allocated as follows:
<TABLE>
<CAPTION>
% of Total
----------
<S> <C> <C>
Butler Service Group, Inc 401(K) Plan A $9,987,186 96.0%
Butler Service Group, Inc 401(K) Plan B 412,889 4.0%
-----------
$10,400,075 100.0%
===========
</TABLE>
Plan investments are summarized as follows:
<TABLE>
<CAPTION>
December 31,
--------------------------
1994 1993
---- ----
<S> <C> <C>
Fixed Income Fund:
Fixed Income Fund - Certificates of
deposit at fair value $ 7,371,000 $ 5,965,000
Cash and cash equivalents 54,390 15,408
Loans to participants 101,157 69,041
----------- -----------
Total Fixed Income Fund 7,526,547 6,049,449
----------- -----------
Equity Fund:
Equity Account - US Government
obligations at fair value 81,620 138,160
Equity Account - Stocks
at fair value 3,283,354 1,733,080
Cash and cash equivalents 609,345 1,686,367
Loans to participants 50,570 36,113
----------- -----------
Total Equity Fund 4,024,889 3,593,720
----------- -----------
Butler International ("BI") - Stock Fund:
BI - Stock Account - Common
stocks at fair value 1,367,688 736,889
Cash and cash equivalents 6,838 268
Loans to participants 26,635 16,377
----------- -----------
Total BI - Stock Fund 1,401,161 753,534
----------- -----------
</TABLE>
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN A
- --------------------------
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994 AND 1993
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
December 31,
1994 1993
---- ----
<S> <C> <C>
Balanced Fund:
Equity Account - US Government
obligations at fair value 281,825 -
Equity Account - Stocks
at fair value 477,359 -
Cash and cash equivalents 9,249 -
Loans to participants 8,231 -
----------- -----------
Total Balanced Fund 776,664 -
----------- -----------
International Fund:
Equity Account - Stocks
at fair value 1,211,054 -
Cash and cash equivalents 101,393 -
Loans to participants 6,453 -
----------- -----------
Total International Fund 1,318,900 -
----------- -----------
Distribution Account:
Cash and cash equivalents 28,623 3,372
----------- -----------
Total Investments, at fair value/contract
valuE $15,076,784 $10,400,075
=========== ===========
Net realized and unrealized appreciation in
investments for the year ended
December 31, 1993:
U.S. government obligations ($2,478)
Equity investments 301,874
-----------
Total $ 299,396
===========
Investment income for the year ended December 31, 1993:
Interest $ 303,054
Dividends 61,285
Total -----------
$ 364,339
===========
</TABLE>
<PAGE>
C. PLAN DESCRIPTION
On July 1, 1990, Butler Service Group, Inc. established a 401(K) Plan which
was adopted by its wholly-owned subsidiaries. The 401(K) Plan is a continuation
of the Butler Service Group, Inc. Investment Savings Plan and is designed to
provide an incentive for employees of the company to save regularly through
payroll deductions and possible matching contributions by the Company.
Effective January 1, 1992, all employees are eligible to participate in the
Butler Service Group, Inc. 401(K) Plan. Also effective January 1, 1992, the
Butler Service Group, Inc. 401(K) Plan was divided into two plans, Plan A and
Plan B. The terms and conditions of Plan A and Plan B are substantially similar
except that Plan A and Plan B cover different groups of employees. Generally,
Plan B covers certain non-highly compensated employees of Butler Telecom, Inc.,
Butler Service Group, Inc. Contract Technical Services (U.S.) and Butler Fleet
Services, Inc. Plan A covers the Company's other employees. Effective January
1, 1994 Plan A and Plan B were merged.
Through December 31, 1993 there were three investment funds offered under
the 401(K) Plan - the Fixed Income Fund, the Equity Fund, and the BI Stock Fund
which is a qualified employer security under ERISA. Effective January 1, 1994,
two new investment funds were added - the Balanced Fund, which invests 60 to 65%
in equities and 35 to 40% in government bonds and cash equivalents, and the
International Fund which generally invests in securities of foreign issuers
located in Europe, the Pacific Rim, Canada and Central and South America.
A participant in the 401(K) Plan has the choice of saving on a before-tax
basis, by payroll deduction, any amount from 1% to 20% (in whole percentages) of
total payroll each payroll period, an "elective deferral contribution." By law,
the elective deferral contribution, per participant, under this Plan and all
similar plans is limited to $7,000 during any calendar year, as adjusted for
cost-of-living increase ($9,240 for 1994). In addition, the elective deferral
contribution for a highly compensated employee (an employee earning over $66,000
for 1994), during the year relative to the elective deferral contributions of
other participants of the Plan could exceed the amount permitted by law. Should
this occur, the elective deferral contributions of the highly compensated
employees may be reduced during the Plan year to the extent necessary to satisfy
the legal limitation or any excess deferral contributions may be recharacterized
or refunded after the end of the Plan year.
A participant may allocate a specified percentage of the contribution in
any or all of the five funds in multiples of 10%.
The Company is not required to make any contributions to the Plan, but the
Company may decide, at its sole discretion, to make a matching contribution for
a Plan year. For any Plan year that the Company decides to make a matching
contribution, it will deposit in the BI Stock Fund an amount which will be
allocated in proportion to the elective deferral contributions made by the Plan
participants for that Plan year. There were no Company contributions made in
1994 and 1993.
Each participant may be permitted to change the elective deferral
contribution rate by completing the Change in Status Form and filing it with the
Plan's Administrative Committee. The elective deferral contribution rate will
be adjusted as soon as administratively possible after the Committee receives
and processes the Change in Status Form.
A participant may fully discontinue the elective deferral contribution as
of the first day of any month by written notice to the Plan's Administrative
Committee at least fifteen days before the date on which the discontinuance is
to take effect. A discontinuance of the elective deferral contribution is only
permitted once during any Plan year and will automatically require the
<PAGE>
discontinuance of any Company matching contributions to the Matching
Contribution Account. The elective deferral contribution may be resumed as of
any January, April, July, or October 1 by written notice to the Committee at
least fifteen days before a participant intends for the contributions to be
resumed.
Participants may withdraw funds while employed only from accounts in which
they are fully vested after attaining age 59 1/2. Prior to attaining age 59 1/2
a withdrawal may be made only on account of financial hardship. Only one
withdrawal may be requested during any Plan year for reasons other than
financial hardship. The minimum amount available for a withdrawal is $500. If
the participant has an outstanding loan, the amount of funds available for
withdrawal may be limited. Withdrawals may be made as of any January 1, April
1, July 1, or October 1 from any of the funds in which the participant's
accounts are invested. A participant will have a 100% vested interest in all
accounts upon retirement at or after age 65, in the event of a permanent
disability or in the event of death prior to termination of employment. Upon
termination of employment, the value of the vested accounts will be paid in a
lump sum. After completing three years of service with the Company, a
participant is entitled to the full value of the Matching Contribution Account.
In the event the Plan is terminated, all participants will be 100% vested
in all their accounts and benefits will be payable strictly under the terms of
the Plan. Benefits under defined contribution plans of the 401(K) type are not
insured by the Pension Benefit Guaranty Corporation.
D. BENEFITS PAYABLE
The amounts payable to the Plan participants who have terminated or
withdrawn from the plan were $922,036 and $533,996 at December 31, 1994 and
1993, respectively.
E. TAX STATUS
The Internal Revenue Service has determined that the Plan, prior to
amendment to include the 401(K) feature, is a qualified plan under Section
401(a) of the Code with an associated trust exempt from tax under Section
501(a). The most recent favorable letter of determination on the qualified
status of the Plan was issued by the Internal Revenue Service on January 24,
1991. On May 9, 1995 the sponsor requested a determination letter from the
Internal Revenue Service on the Plan's continued qualified status. The Plan
sponsor and the Plan's tax counsel believe that the Plan is currently designed
and being operated in compliance with the applicable requirements of the
Internal Revenue Code. Therefore, there is no provision for income taxes in the
financial statements.
F. CHANGE OF PLAN TRUSTEE
Effective October 1, 1993, the Plan changed trustees from Dean Witter Trust
Company to Paine Webber Trust Company.
<PAGE>
G. STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS BY FUND
<TABLE>
<CAPTION>
December 31, 1994 Fixed Equity BI- Balanced International Distribution
----------------- Income Fund Stock Fund Fund Account Total
------ ------ ----- -------- ------------ ------------ -----
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments in Master
Trust, at fair
value/contract value $7,526,547 $4,024,889 $1,401,161 $776,664 $ 1,318,900 $28,623 $15,076,784
Contributions receivable, 227,097 151,895 47,586 58,744 81,487 - 566,809
Accrued interest 98,139 - - - - - 98,139
---------- ---------- ---------- -------- ----------- ------- -----------
Total Assets 7,851,783 4,176,784 1,448,747 835,408 1,400,387 28,623 15,741,732
---------- ---------- ---------- -------- ----------- ------- -----------
Liabilities:
Accrued expenses 3,802 2,132 121 363 664 - 7,082
---------- ---------- ---------- -------- ----------- ------- -----------
Total Liabilities 3,802 2,132 121 363 664 - 7,082
---------- ---------- ---------- -------- ----------- ------- -----------
Net assets available
for benefits $7,847,981 $4,174,652 $1,448,626 $835,045 $ 1,399,723 $28,623 $15,734,650
========== ========== ========== ======== =========== ======= ===========
<CAPTION>
December 31, 1993 Fixed Equity BI- Distribution
----------------- Income Fund Stock Account Total
------ ------ ----- ------------ -----
<S> <C> <C> <C> <C> <C>
Assets:
Investments in Master
Trust, at fair
value/contract value $5,795,485 3,463,241 725,230 $ 3,230 $ 9,987,186
Contributions receivable, 279,765 225,685 34,804 - 540,254
Accrued interest 100,766 - - - 100,766
Other - 10,247 - - 10,247
---------- ---------- ---------- -------- -----------
Total Assets 6,176,016 3,699,173 760,034 3,230 10,638,453
---------- ---------- ---------- -------- -----------
Liabilities:
Accrued expenses 3,834 - 113 - 3,947
---------- ---------- ---------- -------- -----------
Total Liabilities 3,834 - 113 - 3,947
---------- ---------- ---------- -------- -----------
Net assets available
for benefits $6,172,182 $3,699,173 $759,921 $ 3,230 $10,634,506
========== ========== ========== ========= ===========
</TABLE>
<PAGE>
H. STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND
<TABLE>
<CAPTION>
Year Ended December 31, 1994 Fixed Equity BI- Balanced International Distribution
---------------------------- Income Fund Stock Fund Fund Account Total
------ ------ ----- -------- ------------- ------------ -----
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions by participants $3,240,600 $2,309,586 $ 627,341 $618,083 $ 909,272 $ 4,308 $7,709,190
Investment income 366,259 82,562 328 11,686 13,101 756 474,692
Net realized and unrealized
appreciation (depreciation)
in investments 52,825 (192,012) 255,664 (18,808) (50,533) - 47,136
---------- ---------- ---------- -------- ---------- ------- -----------
Total Additions 3,659,684 2,200,136 883,333 610,961 871,840 5,064 8,231,018
---------- ---------- ---------- -------- ---------- ------- -----------
Deductions:
Distribution to participants 1,848,520 1,184,644 213,952 91,320 136,276 (20,337) 3,454,375
Investment management fees 16,352 75,019 2,783 8,118 13,856 150 116,278
---------- ---------- ---------- -------- ---------- ------- -----------
Total Deductions 1,864,872 1,259,663 216,735 99,438 150,132 (20,187) 3,570,653
---------- ---------- ---------- -------- ---------- ------- -----------
Net Transfers (119,013) (464,994) 22,107 323,522 678,015 142 439,779
Net increase in assets 1,675,799 475,479 688,705 835,045 1,399,723 25,393 5,100,144
Net assets available for
benefits, beginning of year 6,172,182 3,699,173 759,921 - - 3,230 10,634,506
---------- ---------- ---------- -------- ---------- ------- -----------
Net assets available for
benefits, end of year $7,847,981 $4,174,652 $1,448,626 $835,045 $1,399,723 $28,623 $15,734,650
========== ========== ========== ======== ========== ======= ===========
<CAPTION>
Year Ended December 31, 1993 Fixed Equity BI- Distribution
---------------------------- Income Fund Stock Account Total
------ ------ ----- ------------ -----
<S> <C> <C> <C> <C> <C>
Additions:
Contributions by participants $2,990,955 $2,179,179 $ 396,264 $ - $5,566,398
Investment income 286,018 66,048 96 134 352,296
Net realized and unrealized
appreciation in investments 3,811 143,326 142,694 - 289,831
---------- ---------- ---------- -------- ----------
Total Additions 3,280,784 2,388,553 539,054 134 6,208,525
---------- ---------- ---------- -------- ----------
Deductions:
Distribution to participants 1,090,270 751,204 98,497 - 1,939,971
Investment management fees 14,058 51,433 1,865 57 67,413
Other 27 - - - 27
---------- ---------- ---------- -------- ----------
Total Deductions 1,104,355 802,637 100,362 57 2,007,411
---------- ---------- ---------- -------- ----------
Net Transfers 102,658 (159,773) (26,909) 3,153 (80,871)
Net increase in assets 2,279,087 1,426,143 411,783 3,230 4,120,243
Net assets available for
benefits, beginning of year 3,893,095 2,273,030 348,138 - 6,514,263
---------- ---------- ---------- -------- ----------
Net assets available for
benefits, end of year $6,172,182 $3,699,173 $ 759,921 $ 3,230 $10,634,506
========== ========== =========== ======== ===========
</TABLE>
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN
ITEM 27a of FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fair Value/
Interest Maturity Contract
Description Rate Date Value Cost
----------- -------- -------- ----------- ----
<S> <C> <C> <C> <C>
Cash and Cash Equivalents:
Cash $1,644 $1,644
PW Retirement Money Fund 88,727 88,727
Sansom St. Money Market Portfolio 719,467 719,467
---------- ----------
$ 809,838 $ 809,838
========== ==========
US Government Obligations:
Federal National Mortgage Assoc. $81,620 $87,808
Federal National Mortgage Assoc. 59,688 64,934
U.S. Treasury Note 6.50% 05/97 -
05/01 55,451 56,567
U.S. Treasury Note 7.50% 11/15/01 55,020 57,778
U.S. Treasury Note 7.50% 05/15/02 55,967 58,732
U.S. Treasury Note 7.25% 05/04 -
05/06 55,699 57,313
---------- ----------
$ 363,445 $ 383,133
========== ==========
Certificates of Deposit:
FCC National Bank 5.75% 12/18/95 $6,000 $6,000
FCC National Bank 6.40% 03/04/96 26,000 26,000
Continental Bank 4.70% 09/30/96 5,000 5,000
FCC National Bank 4.80% 10/21/96 30,000 30,000
Continental Bank 5.25% 01/21/97 22,000 22,000
Continental Bank 6.40% 02/12/97 8,000 8,000
Continental Bank 4.55% 03/31/97 3,000 3,000
MBNA America 4.90% 06/30/97 50,000 50,000
MBNA America 4.75% 08/18/97 90,000 90,000
Continental Bank 5.20% 08/19/97 150,000 150,000
MBNA America 4.70% 09/02/97 40,000 40,000
Continental Bank 5.00% 10/07/97 50,000 50,000
Continental Bank 5.65% 11/12/97 90,000 90,000
Continental Bank 5.70% 01/13/98 275,000 275,000
Continental Bank 5.55% 01/27/98 20,000 20,000
Ponce Fed. Bank 5.00% 07/14/98 90,000 90,000
LaSalle National Bank 4.15% 10/28/98 180,000 180,000
Greenwood Trust Co. 4.95% 11/03/98 90,000 90,000
Greenwood Trust Co. 5.00% 11/24/98 360,000 360,000
LaSalle National Bank 4.55% 11/24/98 90,000 90,000
Continental Bank 7.10% 04/29/99 15,000 15,000
Europeon American Bank 6.15% 05/25/99 60,000 60,000
Europeon American Bank 6.10% 06/08/99 20,000 20,000
Europeon American Bank 6.00% 06/22/99 9,000 9,000
Continental Bank 5.80% 08/19/99 45,000 45,000
Continental Bank 5.60% 09/23/99 20,000 20,000
Continental Bank 5.70% 10/07/99 135,000 135,000
Continental Bank 6.30% 12/23/99 3,000 3,000
Continental Bank 6.15% 01/13/00 330,000 330,000
Continental Bank 6.10% 01/20/00 170,000 170,000
</TABLE>
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN
ITEM 27a of FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fair Value/
Interest Maturity Contract
Description Rate Date Value Cost
----------- -------- -------- ----------- ----
<S> <C> <C> <C> <C>
Continental Bank 5.60% 04/07/00 105,000 105,000
Continental Bank 5.65% 04/14/00 126,000 126,000
Continental Bank 5.40% 04/21/00 17,000 17,000
Continental Bank 5.40% 04/28/00 3,000 3,000
Continental Bank 5.50% 05/12/00 275,000 275,000
Continental Bank 5.50% 05/26/00 20,000 20,000
Greenwood Trust Co. 5.10% 10/27/00 90,000 90,000
Greenwood Trust Co. 5.45% 11/17/00 45,000 45,000
Greenwood Trust Co. 5.40% 12/15/00 12,000 12,000
Greenwood Trust Co. 5.40% 12/22/00 270,000 270,000
Greenwood Trust Co. 5.35% 01/19/01 15,000 15,000
Greenwood Trust Co. 5.40% 02/02/01 12,000 12,000
LaSalle National Bank 6.35% 06/08/01 50,000 50,000
Continental Bank 7.20% 05/28/02 40,000 40,000
Continental Bank 7.25% 06/10/02 35,000 35,000
Continental Bank 7.05% 07/01/02 10,000 10,000
Continental Bank 6.75% 07/29/02 55,000 55,000
Continental Bank 6.40% 08/26/02 30,000 30,000
Continental Bank 6.20% 09/23/02 6,000 6,000
Continental Bank 6.75% 11/04/02 35,000 35,000
Continental Bank 6.75% 11/12/02 45,000 45,000
Continental Bank 6.80% 12/02/02 24,000 24,000
Continental Bank 6.70% 12/23/02 33,000 33,000
Continental Bank 6.65% 12/30/02 14,000 14,000
Continental Bank 6.55% 01/13/03 25,000 25,000
Continental Bank 6.55% 01/21/03 18,000 18,000
Continental Bank 6.50% 01/27/03 98,000 98,000
Continental Bank 6.40% 02/03/03 18,000 18,000
Continental Bank 6.30% 02/10/03 10,000 10,000
Continental Bank 6.20% 02/18/03 20,000 20,000
Continental Bank 5.70% 03/17/03 165,000 165,000
Continental Bank 6.00% 06/09/03 220,000 220,000
Greenwood Trust Co. 5.50% 10/27/03 90,000 90,000
Greenwood Trust Co. 5.75% 11/10/03 45,000 45,000
Greenwood Trust Co. 5.90% 11/17/03 48,000 48,000
Greenwood Trust Co. 6.00% 12/22/03 20,000 20,000
Greenwood Trust Co. 6.00% 12/29/03 10,000 10,000
LaSalle National Bank 5.30% 01/05/04 12,000 12,000
Greenwood Trust Co. 5.80% 01/20/04 6,000 6,000
LaSalle National Bank 5.30% 01/26/04 305,000 305,000
Greenwood Trust Co. 5.85% 01/26/04 39,000 39,000
Greenwood Trust Co. 6.00% 02/17/04 230,000 230,000
LaSalle National Bank 6.05% 03/16/04 20,000 20,000
LaSalle National Bank 6.05% 03/23/04 260,000 260,000
LaSalle National Bank 6.05% 03/30/04 9,000 9,000
LaSalle National Bank 6.50% 04/20/04 254,000 254,000
LaSalle National Bank 6.65% 04/27/04 10,000 10,000
LaSalle National Bank 6.45% 05/04/04 35,000 35,000
LaSalle National Bank 6.65% 05/25/04 16,000 16,000
</TABLE>
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN
ITEM 27a of FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fair Value/
Interest Maturity Contract
Description Rate Date Value Cost
----------- -------- -------- ----------- ----
<S> <C> <C> <C> <C>
LaSalle National Bank 6.35% 06/01/04 90,000 90,000
LaSalle National Bank 6.45% 06/22/04 248,000 248,000
LaSalle National Bank 6.55% 06/29/04 10,000 10,000
Greenwood Trust Co. 7.00% 07/20/04 225,000 225,000
LaSalle National Bank 6.50% 07/27/04 15,000 15,000
Greenwood Trust Co. 6.80% 07/27/04 15,000 15,000
Greenwood Trust Co. 7.05% 08/24/04 80,000 80,000
Greenwood Trust Co. 7.05% 08/31/04 8,000 8,000
Greenwood Trust Co. 7.10% 09/21/04 4,000 4,000
Greenwood Trust Co. 7.10% 09/28/04 229,000 229,000
Greenwood Trust Co. 7.20% 10/12/04 4,000 4,000
Greenwood Trust Co. 7.25% 10/19/04 8,000 8,000
Greenwood Trust Co. 7.25% 10/26/04 90,000 90,000
Greenwood Trust Co. 7.40% 11/02/04 25,000 25,000
Greenwood Trust Co. 7.75% 11/23/04 246,000 246,000
LaSalle National Bank 7.35% 11/30/04 5,000 5,000
LaSalle National Bank 7.15% 12/14/04 12,000 12,000
LaSalle National Bank 7.20% 12/21/04 225,000 225,000
---------- ----------
$7,371,000 $7,371,000
========== ==========
Loans to Participants 7.0% - 03/95 -
9.5% 09/04 $ 193,046 $ 193,046
========== ==========
<CAPTION>
Fair Value/
Contract
Common Stocks: Shares Value Cost
------ ----------- ----
<S> <C> <C> <C>
ABT Building Products Corp. 1,610 $ 22,540 $ 41,984
Advanta Corp. 1,140 28,785 39,210
AES Corp. 3,162 61,659 64,283
AKZO Nobel ADR 469 27,261 26,474
Alcan Aluminum Ltd 570 14,464 13,857
Aluminum Co. America 170 14,726 13,192
Amgen Inc. 170 10,030 9,350
Archer Daniels Midland Co. 1,020 21,037 20,710
Astra AB Sponsored ADR 1,016 25,899 25,451
Automotive Ind. 1,690 34,222 43,831
Banco Bilbao Vizcaya 1,549 37,950 36,854
Bank of Boston Corp. 280 7,245 7,251
Barclays PLC ADR 1,291 49,381 46,200
BBC Brown Boveri Ltd 308 26,524 26,225
Bergesen DYA 1,741 42,212 38,881
Brunswick Corp. 665 12,552 15,485
Capital Cities/ABC Inc. 170 14,493 13,999
Caremark Int'l Inc. 4,100 70,212 77,900
Caterpillar Inc. 120 6,615 6,375
Cato Corp. 3,290 23,853 35,368
Chase Manhattan Corp. 250 8,594 9,420
Chemical Bank Corp. 2,300 82,512 89,960
</TABLE>
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN
ITEM 27a of FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fair Value/
Contract
Shares Value Cost
------ ----------- ----
<S> <C> <C> <C>
Chrysler Corp. 70 3,430 4,000
Cigna Corp. 145 9,226 10,349
Cisco Sys Inc. 3,910 137,339 82,765
Citicorp 2,060 83,370 80,814
Compaq Computer Corp. 400 15,800 13,264
Computer Assoc. Int'l Inc. 240 11,640 9,332
Cyprus Amax Minerals Co. 425 11,103 12,622
Dai Nippon Printing Ltd ADR 231 39,361 42,823
Dofasco Inc. 1,891 25,458 26,445
Eastman Chemical Co. 300 15,150 15,643
Elf Aquitaine ADR 1,104 38,916 39,607
EMC Corp. Mass. 235 5,163 5,065
Emphesys Financial Group Inc. 3,480 110,490 77,865
Exel LTD Ord. 2,180 86,110 92,806
Federal Express Corp. 45 2,711 3,399
Fiat Spa Preferred ADR 3,499 40,676 42,252
First Chicago Corp. 195 9,311 10,023
First Union Corp. 340 14,067 14,832
Fletcher Challenge Ltd ADR 1,054 24,901 29,047
Ford Motor Co. 160 4,460 5,152
Foundation Health Corp. 1,660 51,460 56,407
Genentech Inc. 210 9,581 10,411
Greenfield Inds Inc. 2,890 69,360 55,994
Heineken ADR 178 26,854 25,454
Hitachi Ltd ADR 403 39,796 38,981
Hoechst ADR 381 41,418 40,038
Homdeco Group, Inc. 2,050 77,131 63,037
Hoogovens Staal ADR 904 41,051 35,650
Hutchison Whampoa ADR 1,900 38,431 42,329
IBM 195 14,332 11,791
Inco Ltd 950 27,194 28,615
Integrated Device Tech Inc. 1,900 56,288 42,858
Intel Corp. 1,370 87,509 83,853
John Alden Financial Corp. 3,210 92,287 117,829
John Nuveen Co. 1,980 45,293 46,537
Keycorp 3,634 90,850 105,746
KN Energy Inc. 1,790 42,513 41,260
Ladbroke Group Ltd ADR 10,257 27,437 27,890
Lancaster Colony Corp 73 2,144 2,379
Life USA Hldg Inc. 3,650 26,463 46,838
LIN Broadcasting Corp. 105 14,018 14,527
LIN Television Corp. 52 1,183 0
Louisiana Pacific Corp. 2,570 70,033 87,977
Lyondell Petrochemical Co. 540 13,972 13,433
Mac Frugals Bargins 2,530 50,600 42,600
Magna International, Inc. 255 9,786 10,864
Mannesmann Aktiengesell ADR 154 41,927 38,073
Manpower Inc. 535 15,047 14,810
Martin Marietta Corp. 315 13,978 14,248
</TABLE>
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN
ITEM 27a of FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fair Value/
Contract
Shares Value Cost
------ ----------- ----
<S> <C> <C> <C>
Matsushita Elec Ind. ADR 166 27,058 28,505
Micron Technology 352 15,532 11,219
Motorola Inc. 75 4,350 3,641
Music Land Stores 4,510 40,590 81,863
National Gypsum Co. 2,460 100,245 91,485
National Power PLC ADR 521 39,859 36,581
National Semiconductor Corp. 5,200 101,400 85,758
NEC Corp ADR 698 39,786 41,483
Nestle ADR 821 39,116 36,289
Newbridge Networks Corp. 2,120 81,090 69,960
Nippondenso Ltd ADR 313 26,353 25,898
NWNL Companies, Inc. 2,370 68,730 74,596
Old Republic Int'l Corp. 4,460 94,775 100,908
Paragon Trade Brands Inc. 1,890 25,042 56,700
Parker Hannifin Corp. 225 10,238 10,238
Phelps Dodge Corp. 240 14,850 14,194
Phllip Morris Cos 225 12,938 12,329
Pioneer Int'l Ltd ADR 16,115 39,997 36,546
Pohang Iron & Steel ADR 686 20,065 23,636
Premark International Inc. 2,620 117,245 102,425
Price / Costco Inc. 7,620 98,107 139,438
Quanex Corp. 1,930 44,149 38,118
Repola ADR 2,022 36,477 39,732
Reynolds Metals Co. 110 5,390 6,215
Rival Company 3,300 57,750 73,013
Roosevelt Financial Group Inc. 5,390 80,850 81,600
Royal Dutch Petroleum 365 39,329 39,464
Royal Nedlloyd Group ADR 1,639 26,871 29,407
Safeway Inc. 480 15,300 13,179
Scott Paper Co. 225 15,553 14,116
SGS-Thomson Microelectron 3,450 78,488 74,822
Sony Corp. ADR 733 41,140 43,165
Stet Soc Finanz ADR 935 27,550 26,180
Sun Microsystems Inc. 305 10,827 10,522
Tandem Computers 2,200 37,675 27,597
Tele Danmark ADR 1,098 27,999 28,046
Telefonos De Mexico ADR 3,036 124,476 186,809
Trinity Industries Inc. 1,900 59,850 62,793
U.S. Healthcare Inc. 227 9,364 9,527
Union Carbide Corp. 500 14,687 14,558
United Healthcare Corp. 265 11,958 12,506
Vastar Res Inc. 2,850 70,894 81,458
Vesta Insurance Group, Inc. 1,300 37,050 36,400
Vodafone Grp ADR 806 27,102 24,977
Volvo Aktiebolaget ADR 2,147 40,256 38,756
Wallace Computer Services Inc. 2,780 80,620 83,053
Wash Mutual Inc. 6,610 111,544 150,429
Weatherford Int'l Inc. 7,110 69,322 75,443
Wellpoint Health 4,510 131,354 135,265
</TABLE>
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN
ITEM 27a of FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fair Value/
Contract
Common Stocks: Shares Value Cost
------ ----------- ----
<S> <C> <C> <C>
Westvaco Corp. 270 10,598 10,072
Whirlpool Corp. 2,310 116,077 125,214
YPF Sociedad Anonima ADR 1,147 24,517 26,808
Butler International, Inc. 227,948 1,367,688 1,134,572
---------- ----------
$6,339,455 $6,318,302
========== ==========
</TABLE>
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN A
- --------------------------
ITEM 27d of FORM 5500 - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of Number of
Sales Net Gain Purchase
Asset Description Transactions Proceeds (Loss) Transactions Cost
- ----------------- ------------ -------- -------- ------------ ----
<S> <C> <C> <C> <C> <C>
Single transactions in excess of 5% of Plan assets:
PW Retirement Money Fund 1 704,913 - 1 604,396
Series of transactions in excess of 5% of Plan assets:
Common Stock -
Butler Int'l, Inc. - - - 25 $544,158
Continental Bank CD's 11 $970,175 $45,175 - -
LaSalle National Bank - - - 31 1,576,000
Greenwood Trust Co. CD's - - - 28 1,236,000
PW Retirement Money Fund 169 5,725,931 - 246 5,797,975
PWAM Money Market
Portfolio 132 5,330,492 - 187 4,762,474
Sansom Money Market
Portfolio 47 1,413,395 - 70 1,011,958
</TABLE>
<PAGE>
INDEPENDENT AUDITORS' CONSENT
- -----------------------------
We consent to the incorporation by reference in Registration Statement No.
33-40977 on Form S-8 of our report dated June 26, 1995 appearing in the Annual
Report on Form 11-K of Butler Service Group, Inc. 401(k) Plan A for the year
ended December 31, 1994.
Deloitte & Touche LLP
Parsippany, New Jersey
June 28, 1995
<PAGE>
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the plan) have duly caused this annual
report to be signed on its behalf by the undersigned thereunto duly authorized.
BUTLER INTERNATIONAL, INC.
--------------------------
(Registrant)
June 29, 1995 By: /s/ Warren F. Brecht
--------------------------
Warren F. Brecht
Vice President, Secretary,
and Treasurer
