<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, 1995
-------------------------------------
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
--------------------------------------
(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
TABLE OF CONTENTS
- -------------------------------------------------------------------------------
Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits as of December 31, 1995
and 1994 2
Statement of Changes in Net Assets Available for Benefits for the Year
ended December 31, 1995 3
Notes to Financial Statements 4-10
SUPPLEMENTAL SCHEDULES FOR THE YEAR ENDED DECEMBER 31, 1995:
Item 27a of Form 5500 - Schedule of Assets Held for Investment
Purposes 11-16
Item 27d of Form 5500 - Schedule of Reportable Transactions 17
Supplemental schedules not included herein are omitted due to
the absence of conditions under which they are required.
INDEPENDENT AUDITORS' CONSENT 18
<PAGE>
INDEPENDENT AUDITORS' REPORT
Trustees
Butler Service Group, Inc.
401(k) Plan
Montvale, New Jersey
We have audited the accompanying statements of net assets available for benefits
of the Butler Service Group, Inc. 401(k) Plan as of December 31, 1995 and 1994,
and the related statement of changes in net assets available for benefits for
the year ended December 31, 1995. 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 as of
December 31, 1995 and 1994, and the changes in net assets available for benefits
for the year ended December 31, 1995 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, 1995 and (2) reportable
transactions for the year ended December 31, 1995 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 the basic 1995 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.
/s/ Deloitte & Touche LLP
- -------------------------
Parsippany, New Jersey
June 25, 1996
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995 AND 1994
- ----------------------------------------------------------------------------
1995 1994
ASSETS:
Investments at fair value / face value (Note C) $19,159,882 $15,076,784
Contributions receivable, employees 514,040 566,809
Contributions receivable, employer 567,689 -
Accrued interest 95,302 98,139
-------------- --------------
Total Assets 20,336,913 15,741,732
-------------- --------------
LIABILITIES:
Accrued expenses 7,447 7,082
-------------- --------------
Total Liabilities 7,447 7,082
-------------- --------------
NET ASSETS AVAILABLE FOR BENEFITS $20,329,466 $15,734,650
============== ==============
See notes to financial statements.
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 1995
------------------------------------------------------------
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Contributions from employees $8,183,903
Contributions from employer 567,689
Investment income 630,069
Net realized and unrealized appreciation
in investments 1,136,366
--------------
Total Additions 10,518,027
--------------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants 5,761,310
Investment and administrative management fees 161,901
--------------
Total Deductions 5,923,211
--------------
NET INCREASE IN NET ASSETS AVAILABLE FOR
BENEFITS 4,594,816
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 15,734,650
--------------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $20,329,466
==============
See notes to financial statements.
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
- --------------------------------------------------------------------------------
A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statements are prepared on the accrual basis of
accounting and are presented in accordance with the Employee Retirement Income
Security Act of 1974 ("ERISA").
Certificates of deposit are stated at face value. US Government
obligations and equity investments are stated at fair value as determined by
quoted market prices. Purchases and 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.
B. PLAN DESCRIPTION
The following description provides general information, refer to the plan
document for a more detailed description.
On July 1, 1990, Butler Service Group, Inc. ("the Company") 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.
Through December 31, 1993 there were three investment funds offered under
the 401(K) Plan - the Fixed Income Fund, which invests in FDIC insured
certificates of deposit and US government obligations, the Equity Fund, which
invests in a diversified common stock portfolio, and the Butler International
("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 1995). In addition, the elective deferral
contribution for a highly compensated employee (an employee earning over $66,000
for 1995), 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%.
<PAGE>
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. In 1995, a Company contribution of $567,689 was made in accordance with a
customer contract. This contribution was funded by the customer.
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
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.
Participants may borrow up to 50% of the vested portion of their account
balance, subject to a maximum of $50,000. Only one loan will be granted at a
time and must be repaid in full before another loan can be requested. The
minimum loan amount is $1,000. Loans are subject to an interest rate based on
the rate charged, as of the date the loan is granted, by the Company's principal
banking institution for loans granted under similar circumstances. Loans must
be repaid within such period as agreed to by the participant and the Plan's
administrative committee, up to a maximum of five years. However, if the loan
is made for the purchase or construction of the participants principal place of
residence, the repayment period may be longer than five years. Repayments will
normally be made through payroll deductions.
Although the Company has not expressed any intent to do so, 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.
<PAGE>
C. PLAN INVESTMENTS
Plan investments are summarized as follows:
December 31,
-------------- --------------
Fixed Income Fund: 1995 1994
Fixed Income Fund - Certificates of
deposit at fair value $8,131,000 $7,371,000
PW Retirement Money Fund 92,163 54,390
Loans to participants 155,235 101,157
-------------- --------------
Total Fixed Income Fund 8,378,398 7,526,547
-------------- --------------
Equity Fund:
Equity Account - US Government
obligations at fair value - 81,620
Equity Account - Stocks
at fair value 4,603,900 3,283,354
Sansom Money Market Portfolio 1,246,185 608,825
Cash - 520
Loans to participants 66,729 50,570
-------------- --------------
Total Equity Fund 5,916,814 4,024,889
-------------- --------------
Butler International ("BI") - Stock Fund:
BI Common Stock at fair value,
254,408 shares at December 31, 1995
and 227,948 shares at December 31, 1994 1,367,443 1,367,688
PW Retirement Money Fund 463 5,714
Cash - 1,124
Loans to participants 49,915 26,635
-------------- --------------
Total BI - Stock Fund 1,417,821 1,401,161
-------------- --------------
Balanced Fund:
Equity Account - US Government
obligations at fair value 588,160 281,825
Equity Account - Stocks
at fair value 879,370 477,359
Sansom Money Market Portfolio 170,604 9,249
Loans to participants 7,293 8,231
-------------- --------------
Total Balanced Fund 1,645,427 776,664
-------------- --------------
International Fund:
Equity Account - Stocks
at fair value 1,655,813 1,211,054
Sansom Money Market Portfolio 87,172 101,393
Loans to participants 8,115 6,453
-------------- --------------
Total International Fund 1,751,100 1,318,900
-------------- --------------
Distribution Account:
PW Retirement Money Fund 42,775 28,623
Cash 7,547 -
-------------- --------------
Total Distribution Account 50,322 28,623
-------------- --------------
Total Investments, at fair value/contract
value $19,159,882 $15,076,784
============= =============
<PAGE>
Year Ended
December 31,
Net realized and unrealized appreciation 1995
--------------
(depreciation) in investments:
US government obligations $41,633
Certificates of deposit 11,175
Equity investments 1,083,558
-------------
Total $1,136,366
=============
Investment income:
Interest $483,273
Dividends 146,637
Cash in lieu of fractional shares 159
-------------
Total $630,069
=============
<PAGE>
D. BENEFITS PAYABLE
The amounts payable to the Plan participants who have terminated or
withdrawn from the plan were $1,419,271 and $922,036 at December 31, 1995 and
1994, respectively.
E. TAX STATUS
The Internal Revenue Service has determined that the Plan 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 ("IRS")
on April 22, 1996. The sponsor will, on a timely basis as prescribed by IRS
guidelines, request a determination letter from the IRS on the Plan's continued
qualified status. The Plan sponsor and the Plan's tax counsel believe that the
Plan as currently designed and operated is in compliance with the applicable
requirements of the Internal Revenue Code. Therefore, there is no provision for
income taxes in the financial statements.
F. ADMINISTRATION OF PLAN ASSETS
Contributions are held and managed by PaineWebber, Inc. ("the trustee"),
which invests cash received, interest and dividend income and makes
distributions to participants. The trustee also administers the payment of
interest and principal on the participant loans.
Certain administrative functions are performed by officers or employees of
the Company. No such officer or employee receives compensation from the Plan.
Certain plan administration expenses are borne by the Plan.
<PAGE>
G. STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS BY FUND
<TABLE>
<CAPTION>
December 31, 1995 Fixed Equity BI- Balanced International Distribution
- ----------------- Income Fund Stock Fund Fund Account Total
------ ------ ----- -------- ------------- ------------ -----
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Net investments, at fair
value / face value $8,286,235 $4,670,629 $1,417,358 $1,474,823 $1,663,928 $ - $17,512,973
Cash and cash equivalents 92,163 1,246,185 463 170,604 87,172 50,322 1,646,909
Contributions receivable:
Employees 182,240 156,730 43,601 75,002 56,467 - 514,040
Employer 307,364 126,334 35,857 46,945 51,189 - 567,689
Accrued interest 95,302 - - - - - 95,302
----------- ---------- ---------- ---------- ---------- --------- ------------
Total Assets 8,963,304 6,199,878 1,497,279 1,767,374 1,858,756 50,322 20,336,913
----------- ---------- ---------- ---------- ---------- --------- ------------
Liabilities:
Accrued expenses 3,531 2,505 32 658 721 - 7,447
----------- ---------- ---------- ---------- ---------- --------- ------------
Total Liabilities 3,531 2,505 32 658 721 - 7,447
----------- ---------- ---------- ---------- ---------- --------- ------------
Net assets available
for benefits $8,959,773 $6,197,373 $1,497,247 $1,766,716 $1,858,035 $ 50,322 $20,329,466
========== ========== ========== ========== ========== ========= ===========
<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:
Net investments, at fair
value / face value $7,472,157 $3,415,544 $1,394,323 $767,415 $1,217,507 $ - $14,266,946
Cash and cash equivalents 54,390 609,345 6,838 9,249 101,393 28,623 809,838
Contributions receivable,
employees 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
========== ========== ========== ========== ========== ========= ===========
</TABLE>
<PAGE>
H. STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND
<TABLE>
<CAPTION>
Year Ended
December 31, 1995 Fixed Equity BI- Balanced International Distribution
- ----------------- Income Fund Stock Fund Fund Account Total
------ ------ ----- -------- ------------- ------------ -----
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions from employees $3,099,287 $2,360,139 $717,181 $973,129 $1,021,138 $13,029 $8,183,903
Contributions from employers 307,364 126,334 35,857 46,945 51,189 - 567,689
Investment income 461,873 88,221 388 39,902 37,060 2,625 630,069
Net realized and unrealized
appreciation (depreciation)
in investments 11,175 1,095,610 (254,184) 185,090 98,675 - 1,136,366
---------- ---------- ---------- ---------- ---------- ------- -----------
Total Additions 3,879,699 3,670,304 499,242 1,245,066 1,208,062 15,654 10,518,027
---------- ---------- ---------- ---------- ---------- ------- -----------
Deductions:
Distribution to participants 2,843,309 1,493,347 527,232 396,973 506,719 (6,270) 5,761,310
Investment management and
administrative fees 15,541 87,657 8,935 20,752 28,791 225 161,901
---------- ---------- ---------- ---------- ---------- ------- -----------
Total Deductions 2,858,850 1,581,004 536,167 417,725 535,510 (6,045) 5,923,211
---------- ---------- ---------- ---------- ---------- ------- -----------
Net Transfers 90,943 (66,579) 85,546 104,330 (214,240) - -
Net increase in assets 1,111,792 2,022,721 48,621 931,671 458,312 21,699 4,594,816
Net assets available for
benefits, beginning of year 7,847,981 4,174,652 1,448,626 835,045 1,399,723 28,623 15,734,650
---------- ---------- ---------- ---------- ---------- ------- -----------
Net assets available for
benefits, end of year $8,959,773 $6,197,373 $1,497,247 $1,766,716 $1,858,035 $50,322 $20,329,466
========== ========== ========== ========== ========== ======= ===========
</TABLE>
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN
ITEM 27a of FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1995
- -------------------------------------------------------------------------------
Current Value/
Interest Maturity Par Face
Description Rate Date Value Value Cost
----------- ---- ---- ----- ----- ----
Cash and Cash Equivalents:
PW Retirement Money Fund $142,948 $142,948
Sansom St. Money Market Portfolio 1,503,961 1,503,961
------------ ------------
$1,646,909 $1,646,909
============ ============
US Government Obligations:
US Treasury Note 8.25% 07/15/98 $57,000 $61,026 $60,655
US Treasury Note 7.50% 05/15/02 81,000 89,885 86,376
US Treasury Note 6.25% 02/15/03 76,000 79,349 76,042
US Treasury Note 7.25% 05/15/04 137,000 152,114 137,913
US Treasury Note 7.88% 11/15/04 127,000 132,027 120,281
US Zero Coupons 0.00% 08/15/05 - 73,759 70,228
--------- ------------ ------------
$478,000 $588,160 $551,495
========= ============ ============
Certificates of Deposit:
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
European American Bank 6.15% 05/25/99 60,000 60,000
European American Bank 6.10% 06/08/99 20,000 20,000
European 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
Republic Bank & Trust 5.60% 10/18/99 6,000 6,000
MBNA America Bank NA 5.40% 12/20/99 7,000 7,000
Continental Bank 6.30% 12/23/99 3,000 3,000
<PAGE>
Current Value/
Interest Maturity Face
Description Rate Date Value Cost
----------- ---- ---- ----- ----
Continental Bank 6.15% 01/13/00 330,000 330,000
Continental Bank 6.10% 01/20/00 170,000 170,000
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
Bank America Phoenix 5.50% 05/10/00 275,000 275,000
Continental Bank 5.50% 05/26/00 20,000 20,000
Berkeley Fed Bank & Trust 5.80% 10/11/00 9,000 9,000
Greenwood Trust Co. 5.10% 10/27/00 90,000 90,000
Greenwood Trust Co. 5.45% 11/17/00 45,000 45,000
Berkeley Fed Bank & Trust 5.60% 11/29/00 90,000 90,000
Greenwood Trust Co. 5.40% 12/15/00 12,000 12,000
Greenwood Trust Co. 5.40% 12/22/00 270,000 270,000
Berkeley Fed Bank & Trust 5.50% 12/27/00 175,000 175,000
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 7.05% 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
European American Bank 5.65% 11/22/02 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
<PAGE>
Current Value/
Interest Maturity Face
Description Rate Date Value Cost
----------- ---- ---- ----- ----
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
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
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% 08/31/04 8,000 8,000
Greenwood Trust Co. 7.10% 09/21/04 4,000 4,000
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. 7.40% 11/02/04 25,000 25,000
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 Cragin Bank 7.15% 01/25/05 22,000 22,000
LaSalle National Bank 6.95% 03/01/05 11,000 11,000
LaSalle Cragin Bank 6.75% 04/12/05 20,000 20,000
LaSalle Cragin Bank 6.70% 04/19/05 8,000 8,000
LaSalle National Bank 6.50% 04/26/05 13,000 13,000
LaSalle National Bank 6.60% 05/03/05 14,000 14,000
LaSalle National Bank 6.20% 05/24/05 90,000 90,000
LaSalle National Bank 6.25% 05/31/05 265,000 265,000
LaSalle National Bank 5.90% 06/28/05 265,000 265,000
LaSalle National Bank 5.70% 06/14/05 30,000 30,000
LaSalle National Bank 6.10% 06/21/05 10,000 10,000
LaSalle National Bank 5.95% 07/26/05 30,000 30,000
LaSalle National Bank 6.25% 08/30/05 276,000 276,000
LaSalle National Bank 6.00% 09/20/05 30,000 30,000
LaSalle National Bank 5.95% 09/27/05 205,000 205,000
European American Bank 6.05% 10/04/05 10,000 10,000
European American Bank 5.75% 11/29/05 86,000 86,000
European American Bank 5.70% 12/06/05 35,000 35,000
European American Bank 7.00% 12/06/10 20,000 20,000
LaSalle National Bank 7.00% 12/27/10 190,000 190,000
LaSalle National Bank 7.00% 12/28/10 95,000 95,000
------------ ------------
$8,131,000 $8,131,000
============ ============
Loans to Participants 7.0% - 02/96 -
0.095 35312 $287,287 $287,287
============ ============
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN
ITEM 27a of FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
Current Value/
Face
Common Stocks: Shares Value Cost
------ ----- ----
ABT Building Products Corp. 1,610 $22,943 $22,540
Advanta Corp. Class B 3,650 132,769 122,835
AES Corp. 3,162 75,493 61,659
Aktiebolaget Electrolux 820 33,928 39,555
Alcatel Alsthom Sponsored 2,060 36,050 38,008
Altera Corp 480 23,880 29,682
Amdahl Corp 8,480 72,080 94,843
Amer Natl Insurance Co 215 14,298 12,954
Amgen Inc. 340 20,188 10,030
Amway Japan Ltd Sponsored ADR 1,835 38,306 34,982
Applied Materials Inc 590 23,231 28,075
Apria Healthcare Group Inc 5,050 142,663 100,881
Asia Pulp & Paper Ltd 4,080 33,150 46,865
Astra AB Sponsored ADR 851 33,772 22,312
Augat Inc 3,000 51,375 49,852
Bank of Boston Corp. 280 12,950 7,245
Bay Networks Inc 427 17,560 20,546
BBC Brown Boveri Ltd 273 31,792 25,029
Bear Stearns Cos Inc 1,445 28,719 28,358
Boston Scientific Corp 740 36,445 22,862
BMC Software Inc 3,850 164,588 124,843
Cable & Wireless PLC 1,625 34,328 34,844
Cadbury Schweppes PLC 885 29,426 26,218
Caremark Int'l Inc 9,100 164,938 159,731
Champion Intl Corp 470 19,740 20,926
Chemical Banking Corp 2,900 170,375 117,506
Ciba Geigy Reg Sponsored ADR 715 31,535 25,781
Circuit City Stores Inc 1,690 46,686 56,379
Cisco Sys Inc 1,085 80,968 57,109
Citicorp 3,010 202,423 123,164
Compagnie Generale Des 1,570 31,391 33,108
Conrail 195 13,650 10,944
Cyprus Amax Minerals Co 1,100 28,738 29,555
Darden Restaurants Inc 4,660 55,338 53,008
Dayton Hudson Corp 2,320 174,000 174,892
Den Danske Bank A F ADR 495 34,210 30,870
Digital Equipment Corp 315 20,199 10,946
Dow Chemical 200 14,050 14,550
Eastman Chemical Co 300 18,713 15,150
ECI Telecom Ltd 5,390 122,962 79,080
Elf Aquitaine ADR 1,389 51,046 49,645
EMC Corp. Mass 8,240 126,690 157,951
Empresa Nacional De 605 34,636 32,732
Exel LTD Ord. 2,180 132,708 86,110
Fiat Spa Sponsored ADR 5,304 47,073 58,977
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN
ITEM 27a of FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
Current Value/
Face
Shares Value Cost
------ ----- ----
Fletcher Challenge Ltd ADR 1,149 26,571 27,636
Foundation Health Corp 2,940 127,155 88,526
Goodman Fielder Ltd 8,975 36,053 33,873
Greenfield Inds Inc 2,340 73,125 56,160
Heineken NV ADR 292 51,861 40,277
Hitachi Ltd ADR 533 53,567 53,044
Hoechst AG ADR 371 50,416 40,211
HSBC Hldgs PLC Sponsored ADR 224 33,896 30,008
Integrated Device Tech Inc 8,490 109,309 137,979
Intel Corp 2,330 132,228 78,868
Intl Nederlanden Grp ADR 510 34,106 27,787
Kimberly Clark Corp 351 29,045 15,553
KN Energy Inc 2,240 65,240 53,388
Kyocera Corp ADR 235 35,074 39,167
Lafarge Coppee Sponsored 1,451 30,891 35,417
Lehman Bros Holdings Inc 1,355 28,794 30,969
Linear Technology Corp 575 22,569 22,569
Living Centers of America 1,980 69,300 53,955
LSI Logic Corp 1,680 55,020 55,535
Mac Frugals Bargins 3,230 45,220 62,413
Mannesmann Aktiengesell ADR 159 50,735 45,430
Matsushita Elec Ind. ADR 231 38,000 36,326
McDonnell Douglas Corp 205 18,860 14,786
Mead Corp 205 10,711 11,121
MEMC Electr Materials 1,830 59,704 53,985
Merrill Lynch & Co 435 22,185 22,403
Micron Technology 619 24,528 20,496
Mid Atlantic Med Svcs Inc 5,820 141,135 102,051
Morgan Stanley Group Inc 280 22,575 22,645
Morton Intl Inc Inds 1,800 64,575 57,600
National Power PLC Sponsored ADR 1,672 46,816 50,985
National Semiconductor Corp 7,590 167,929 155,577
Nestle SA Sponsored ADR 896 49,681 43,821
News Corp Ltd Pfd Sponsored 1,965 37,826 35,757
Nike Inc CL B 290 20,191 10,616
Nintendo Ltd ADR 3,380 32,154 28,798
Nippondenso Ltd ADR 433 32,406 35,138
Phelps Dodge Corp 240 14,940 14,850
Phillip Morris Cos Inc 225 20,306 12,938
Premark International Inc 2,690 136,181 121,221
Prudential Reinsurance 4,310 100,746 82,429
Quanex Corp 1,930 37,394 44,149
Rank Organization PLC 2,460 35,978 32,074
Read-Rite Corp 2,200 51,150 51,869
Redland Ltd Sponsored ADR 6,480 39,139 44,083
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN
ITEM 27a of FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
Current Value/
Face
Shares Value Cost
------ ----- ----
Reliastar Fincl Corp 2,370 105,169 68,730
Repola OY S 1 (Bundna) 1,887 35,636 35,433
Reynolds Metals Co 110 6,256 5,390
Rival Company 3,300 73,013 57,750
Roosevelt Financial Group Inc 5,390 104,431 80,850
Royal Dutch Petroleum 380 53,628 43,588
Royal Nedlloyd Group NV ADR 2,739 31,099 42,062
Safeway Inc 480 24,720 15,300
Salomon Bros 650 22,994 22,425
Seagate Technology 425 20,188 19,249
SGS-Thomson Microelectron 3,450 138,863 78,488
Siemens AG ADR 485 53,201 47,173
Sony Corp ADR 993 60,945 53,465
Southern Electric PLC ADR 1,320 37,054 30,216
Sun Microsystems Inc 1,090 49,731 18,928
Tandem Computers 10,820 114,963 171,523
Temple Inland Inc 285 12,504 12,754
Teradyne Inc 925 23,241 29,484
Thorn EMI PLC ADR 1,360 32,032 25,330
Toyota Motor Corp ADR 965 40,771 40,103
UAL Corp 105 18,743 20,844
U.S. Robotics 240 21,060 20,717
Union Carbide Corp 500 18,750 14,687
USX-Marathon Group Inc 1,355 26,423 26,495
Vastar Res Inc 3,450 109,538 84,769
Vesta Insurance Group, Inc 1,300 70,850 37,050
VLSI Technology Inc 3,270 59,269 43,191
Volvo Aktiebolaget ADR 2,592 53,380 47,578
Wash Mutual Inc 4,940 142,643 83,538
Waste Management Intl 3,075 33,056 31,930
Weatherford Int'l Inc 1,895 54,955 36,953
Wellpoint Health 4,510 144,884 131,354
Westvaco Corp 405 11,239 10,598
Weyerhaeuser Co 270 11,678 11,205
Whirlpool Corp 2,000 106,500 104,100
Willamette Indust 245 13,781 16,844
Williams Cos Inc 515 22,596 22,467
Xilinx Inc 645 19,673 22,365
Yasuda Tr & Bkg Ltd ADR 715 42,352 42,184
Butler International, Inc 254,408 1,367,443 1,602,048
------------ ------------
$8,506,526 $7,846,764
============ ============
<PAGE>
BUTLER SERVICE GROUP, INC.
401(K) PLAN
ITEM 27d of FORM 5500 - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1995
- ---------------------------------------------- ------ ----------------------
Number of Number of
Sales Net Gain Purchase
Asset Description Transactions Proceeds (Loss) Transactions Cost
- ----------------- ------------ -------- -------- ------------ ----
Single transactions in excess of 5% of Plan assets:
PW Retirement Money Fund 1 959,534 - 1 1,038,250
PW Retirement Money Fund - - - 1 1,047,732
Series of transactions in excess of 5% of Plan assets:
LaSalle National Bank 3 477,028 - 29 1,744,000
Greenwood Trust Co. CD's 6 888,598 - - -
PW Retirement Money Fund 136 8,307,933 - 243 8,362,163
Sansom Money Market
Portfolio 177 6,672,783 - 312 7,457,269
<PAGE>
INDEPENDENT AUDITORS' CONSENT
- -----------------------------
We consent to the incorporation by reference in Registration Statements No. 33-
58481 and No. 33-87012 on Form S-8, Registration Statement No. 33-59427 on Form
S-3 and Post-Effective Amendment No. 4 to Registration Statement No. 33-58278 on
Form S-2 of our report dated June 25, 1996 appearing in the Annual Report on
Form 11-K of the Butler Service Group, Inc. 401(k) Plan for the year ended
December 31, 1995.
/s/ Deloitte & Touche LLP
- -------------------------
Parsippany, New Jersey
June 25, 1996
<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 28, 1996 By: /s/ Warren F. Brecht
--------------------------
Warren F. Brecht
Senior Vice President
and Secretary
