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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 [FEE REQUIRED]
For the fiscal year ended December 31, 1994
----------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to
---------------------- ------------
Commission file number 33-56678
--------------------------------------------------
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
APPLIED BIOSCIENCE INTERNATIONAL INC. U.S. RETIREMENT SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
APPLIED BIOSCIENCE INTERNATIONAL INC.
4350 North Fairfax Drive
Arlington, VA 22203
<PAGE>
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Index
Page
----
Report of Independent Public Accountants F-1
Statements of Net Assets Available for Plan Benefits -
As of December 31, 1994 and 1993 F-3
Statement of Changes in Net Assets Available for Plan Benefits -
For the Year Ended December 31, 1994 F-4
Notes to Financial Statements -
As of December 31, 1994 and 1993 F-5
Schedule I - Item 27a - Schedule of Assets Held for Investment Purposes -
As of December 31, 1994 F-8
Schedule II - Item 27b - Schedule of Loans or Fixed Income Obligations -
For the Year Ended December 31, 1994 F-9
Schedule III - Item 27d - Schedule of Reportable Transactions -
For the Year Ended December 31, 1994 F-20
Schedules Omitted Because There Were No Such Items
For the Year Ended December 31, 1994:
Nonexempt Transactions
Leases in Default or Classified as Uncollectible
<PAGE>
Report of Independent Public Accountants
To the Administrative Committee of the
Applied Bioscience International Inc.
U.S. Retirement Savings Plan:
We have audited the accompanying statements of net assets
available for plan benefits of the Applied Bioscience
International Inc. U.S. Retirement Savings Plan (the "Plan") as
of December 31, 1994 and 1993, and the related statement of
changes in net assets available for plan benefits for the year
ended December 31, 1994. These financial statements and the
schedules referred to below are the responsibility of the plan
administrator. Our responsibility is to express an opinion on
these financial statements and the schedules referred to below
based on our audits.
Except as explained in the following paragraph, 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.
As permitted by 29 CFR 2520.103-8 of the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974, investment
assets held by Smith Barney Corporate Trust Company, the
custodian of the Plan, and transactions in those assets were
excluded from the scope of our audit of the Plan's 1993 financial
statements, except for comparing the information provided by the
custodian, which is summarized in Note 1, with the related
information included in the financial statements.
Because of the significance of the information that we did not
audit, we are unable to, and do not, express an opinion on the
Plan's financial statements as of December 31, 1993. The form
and content of the information included in the 1993 financial
statements, other than that derived from the information
certified by the custodian, have been audited by us and, in our
opinion, are presented in compliance with the Department of
Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974.
In our opinion, the financial statements, referred to above, of
the Applied Bioscience International Inc. U.S. Retirement
Savings Plan as of December 31, 1994, and for the year then ended
present fairly, in all material respects, the net assets
available for plan benefits of the Applied Bioscience
International Inc. U.S. Retirement Savings Plan as of December
31, 1994, and the changes in net assets available for plan
benefits for the year then ended in conformity with generally
accepted accounting principles.
Our audit of the Plan's financial statements as of and for the
year ended December 31, 1994, was made for the purpose of forming
an opinion on the financial statements taken as a whole. The
supplemental schedules of assets held for investment purposes,
loans or fixed income obligations, and reportable transactions
are presented for purposes of additional analysis and are not a
required part of the basic financial statements but are
supplementary information required by the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The Fund
Information in the statement of changes in net assets available
for plan benefits is presented for purposes of additional
analysis rather than to present the changes in net assets
available for plan benefits of each fund. The supplemental
schedules and Fund Information have been subjected to the
auditing procedures applied in the audit of the basic financial
statements for the year ended December 31, 1994, and, in our
opinion, are fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
/s/ ARTHUR ANDERSEN LLP
F-1
<PAGE>
Washington, D.C.,
July 14, 1995
F-2
<PAGE>
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Statements of Net Assets Available for Plan Benefits
As of December 31, 1994 and 1993
1994 1993
------------ ------------
Assets:
Investments, at market value-
Participant directed:
Domestic Equity Fund $ 4,317,007 $ 3,915,777
Domestic Balanced Fund 4,869,582 4,217,534
International Fund 2,297,003 1,979,301
Fixed Income Fund 2,905,074 2,837,320
APBI Stock Fund 926,112 816,091
Participant loans 759,372 456,825
Accrued income 14,352 78,453
Contributions receivable-
Employer 176,918 102,789
Employee 479,385 275,107
------------ ------------
Total assets 16,744,805 14,679,197
------------ ------------
Liabilities:
Accrued expenses 7,000 6,065
Refunds payable to participants 28,538 -
------------ ------------
Total liabilities 35,538 6,065
------------ ------------
Net assets available for plan benefits $16,709,267 $14,673,132
============ ============
The accompanying notes are an integral part of these financial statements.
F-3
<PAGE>
<TABLE><CAPTION>
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Statement of Changes in Net Assets Available for Plan Benefits
For the Year Ended December 31, 1994
Participant Directed
-------------------------------------------------------------------
Domestic
Domestic Balanced International Fixed
Equity Fund Fund Fund Income Fund
----------- ---------- ------------- -----------
<S> <C> <C> <C> <C>
Net assets available for plan benefits.
beginning of year $3,915,777 $4,217,534 $1,979,301 $2,837,320
---------- ---------- ---------- ----------
Additions:
Contributions-
Employer 315,560 342,899 223,555 201,604
Employee 786,984 845,388 558,676 494,561
Transfers from outside plans 287,850 192,689 176,563 195,063
Earnings from investments 52,264 202,451 39,062 179,367
Interest from participant loans 9,232 9,944 8,041 8,988
Net realized and unrealized (depreciation)
appreciation on investments (157,309) (67,812) (132,741) (96,577)
---------- ---------- ---------- ----------
Total additions 1,294,581 1,525,559 873,156 983,006
---------- ---------- ---------- ----------
Deductions:
Benefits paid to participants (768,829) (859,404) (541,373) (913,390)
Refunds payable to participants - - - -
Administrative expenses (55,689) (60,102) (30,716) (34,846)
---------- ---------- ---------- ----------
Total deductions (824,518) (919,506) (572,089) (948,236)
---------- ---------- ---------- ----------
Interfund transfers (68,833) 45,995 16,635 32,984
---------- ---------- ---------- ----------
Net assets available for plan benefits, end of year $4,317,007 $4,869,582 $2,297,003 $2,905,074
========== ========== ========== ==========
<CAPTION>
Participant Directed
-------------------------------------------
APBI Stock Participant 1994
Fund Loans Other Total
---------- ----------- --------- -----------
<S> <C> <C> <C> <C>
Net assets available for plan benefits.
beginning of year $ 816,091 $456,825 $ 450,284 $14,673,132
--------- -------- --------- -----------
Additions:
Contributions-
Employer 55,139 - 176,918 1,315,675
Employee 126,956 - 479,385 3,291,950
Transfers from outside plans 32,471 - - 884,636
Earnings from investments 2,028 - - 475,172
Interest from participant loans 2,438 - - 38,643
Net realized and unrealized (depreciation)
appreciation on investments 40,860 - 14,352 (399,227)
--------- -------- --------- -----------
Total additions 259,892 - 670,655 5,606,849
--------- -------- --------- -----------
Deductions:
Benefits paid to participants (205,230) (60,032) - (3,348,258)
Refunds payable to participants - - (28,538) (28,538)
Administrative expenses (5,565) - (7,000) (193,918)
--------- -------- --------- -----------
Total deductions (210,795) (60,032) (35,538) (3,570,714)
--------- -------- --------- -----------
Interfund transfers 60,924 362,579 (450,284) -
--------- -------- --------- -----------
Net assets available for plan benefits, end of year $ 926,112 $759,372 $ 635,117 $16,709,267
========= ======== ========= ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
F-4
<PAGE>
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Notes to Financial Statements
As of December 31, 1994 and 1993
1. Description of the Plan and Summary
of Significant Accounting Policies:
Description of the Plan
The following brief description of the Applied Bioscience
International Inc. U.S. Retirement Savings Plan (the "Plan") is
provided for general information purposes only. Participants
should refer to the Plan document for more complete information.
The Plan is a qualified cash or deferred plan organized under
section 401(k) of the Internal Revenue Code and is subject to the
provisions of the Employee Retirement Income Security Act of 1974
("ERISA"). The Plan covers all employees of Applied Bioscience
International Inc. (the "Company" or "APBI").
Contributions and Participant Accounts
Under the terms of the Plan, the Company contributes to the Plan
an amount equal to the payroll reduction contribution made to the
trust by each participant who has at least one hour of service
during the plan year, provided, however, that Company
contributions cannot exceed 3.0 percent of each participant's
compensation, as defined, for the period. Compensation, as
defined, will not exceed the limits imposed by the Internal
Revenue Service ("IRS"). The Company, at its sole discretion,
may make an additional contribution. Participants' voluntary
contributions are limited by the Plan.
All employee and employer contributions are fully vested and
nonforfeitable and are subject to losses on trust asset
investments.
Individual accounts are maintained for each participant and
include the participant's contributions, a share of the Company's
contributions, gains and losses on investment activities, and a
share of the Plan's administrative expenses. Participants who
receive a distribution during any quarter of the plan year do not
share in the current quarter's gains and losses on investment
activities and administrative expenses. Payments are generally
made at the beginning of the quarter.
Distributions to Participants
Amounts credited to an individual participant's account are
distributed at termination of employment, generally as a lump sum
or in installments. Distributions may be deferred until the
participant reaches the age of 65 if the value of the
distribution exceeds $3,500. However, the Plan stipulates that
distributions must commence no later than April 1 of the calendar
year in which the participant reaches the age of 70 1/2 or the
year the participant separates from service, if later. In
certain hardship situations, as described in the Plan,
participants may withdraw part of their account balances while
actively employed.
Refunds to Participants
During 1994, the Plan did not meet the Average Deferral
Percentage and Average Contribution Percentage tests. Refunds of
$28,538 will be paid out to participants during 1995.
Participant Loans
The Plan allows the participants to borrow against their account
balances, subject to limitations. Only one outstanding loan per
participant is allowed.
Investments
Consistent with Section 2520.103-8 of the Department of Labor's
Rules and Regulations for Reporting and Disclosure under ERISA,
the plan administrator instructed the independent public
accountants not to audit the
F-5
<PAGE>
information certified as complete and accurate by Smith Barney
Corporate Trust Company as of December 31, 1993. This certification
applies to substantially all plan assets and transactions as of
December 31, 1993. The plan administrator did not instruct the
independent public accountants to limit their testing scope as of
December 31, 1994.
At December 31, 1994, the investments were allocated among five
Smith Barney Corporate Trust Company trust funds as follows.
Cost Market
------------ ------------
Domestic Equity Fund $ 4,322,127 $ 4,317,007
Domestic Balanced Fund 4,869,582 4,869,582
International Fund 2,297,003 2,297,003
Fixed Income Fund 2,905,074 2,905,074
APBI Stock 768,266 926,112
------------ ------------
Total investments $15,162,052 $15,314,778
============ ============
Participants may allocate their contributions among the following
investment funds.
1. Domestic Equity Fund - The fund is managed by IDS Growth
--------------------
Spectrum Advisors. The objective of the fund is to
outperform the Standard and Poor's 500 Index over a
complete market cycle by investing in large and mid-
capitalization growth companies which the advisor
believes to be fundamentally sound. Growth is defined as
sales and earnings growth of at least 20 percent per year
over the next three to five years.
2. Domestic Balanced Fund - The fund is managed by INVESCO
----------------------
MIM, Inc. ("INVESCO"). INVESCO seeks to achieve
consistently superior rates of return while trying to
minimize risk. INVESCO seeks to outperform a weighted
index of 50 percent Standard and Poor's stocks and 50
percent Shearson Lehman Brothers Corporate Bond Index.
INVESCO portfolios include a mix of stocks, bonds and
cash. INVESCO's maximum equity exposure is 80 percent,
but generally equities will represent 50 to 60 percent of
the portfolio.
3. International Fund - The fund is managed by Murray
------------------
Johnstone International ("MJI"). MJI seeks to achieve
results over a full market cycle which are superior to
the Morgan Stanley European and Far East Index. Stock
selection is based on an economic analysis of
industrialized countries, their economic industry sectors
and the fundamentals of individual companies.
4. Fixed Income Fund - The fund is managed by Shearson
-----------------
Lehman Advisors Government Securities Management. The
fund invests only in U.S. Treasury securities and/or cash
equivalents. The objective is to outperform treasury
bills by 0.75 to 1.5 percent over a market cycle.
5. APBI Stock Fund - Participants are given the option of
---------------
allocating a portion of their contributions to APBI
common stock.
Market values are determined using the last reported sales price
on the last business day of the Plan year.
In accordance with the Company's policy of stating investments at
current market value, net unrealized appreciation and
depreciation is reflected in the accompanying statement of
changes in net assets available for plan benefits. Earnings from
investments are recorded as earned using the accrual method of
accounting.
On January 1, 1995, the Plan converted from privately managed
investment funds to mutual funds. In preparation of the
conversion, investments held in the Smith Barney Corporate Trust
Company trust funds consisted of the following at December 31,
1994.
Cost Market
------------- -------------
Cash $ 173,459 $ 173,459
Smith Barney Corporate Reserve
Deposit Account 14,144,078 14,144,078
Stocks 844,515 997,241
------------- -------------
Total $15,162,052 $15,314,778
============= =============
F-6
<PAGE>
Trustee
In July 1992, the Company entered into a written agreement
whereby Smith Barney Shearson was designated as plan trustee.
Smith Barney Corporate Trust Company is the plan custodian.
Employee Contributions Receivable
Employee contributions receivable includes payments which were in
transit to the trustee at December 31, 1994, and thus, were not
reflected as investments.
Plan Termination
While the Company has no present intention of doing so, it has
the right to terminate the Plan at any time.
Form 5500 Reconciliation
The following adjustment reconciles the Plan's financial statements to the
1994 Form 5500.
Net assets available for plan benefits $16,709,267
Benefits payable accrued on Form 5500 1,716,254
-----------
Net assets available for plan benefits per Form 5500 $14,993,013
===========
Benefits payable represent amounts due to participants at
December 31, 1994, that were paid subsequent to year-end and are
accrued for Form 5500 purposes but recorded when paid for
financial reporting purposes.
2.Reportable Transactions:
The items listed in the schedule of reportable transactions
represent all transactions or series of transactions which
individually or in the aggregate are in excess of 5 percent of
the market value of the Plan's assets at the beginning of the
plan year and are reportable under Section 2520.103-6 of the
Department of Labor's Rules and Regulations for Reporting and
Disclosure under ERISA.
3.Tax Status:
The trust established under the Plan to hold the Plan's assets is
designed to qualify as tax-exempt under the Internal Revenue
Code, and accordingly, the trust's investment income is exempt
from income taxes. The Plan has obtained a favorable tax
determination letter dated May 26, 1992, from the IRS. The Plan
was restated effective January 1, 1993, to comply with final
regulations of the Tax Reform Act of 1986. In March 1995, the
Plan's sponsor requested favorable determination of the continued
qualification of the Plan as restated. The Plan's sponsor
believes that the Plan continues to qualify and to operate as
designed.
4.Related-Party Transactions:
The Company may, at its discretion, pay administrative expenses
of the Plan. Any administrative expenses not paid by the Company
will be paid from the Plan's assets. During 1994 and 1993, the
Company paid the accounting and legal expenses of the Plan.
F-7
<PAGE>
<TABLE><CAPTION>
Schedule I
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Item 27a - Schedule of Assets Held for Investment Purposes
As of December 31, 1994
Description of Investment Including
Maturity Date, Rate of Interest,
Identity of Issuer, Borrower, Lessor Collateral, Par or Maturity Value Current Value
--------------------------------------- -------------
or Similar Party Cost
------------------------------------- --------------
<S> <C> <C> <C>
Domestic Equity Fund:
Cash $ 78,713 $ 78,713
Reserve Deposit Account (RDA VI) Money Market fund, 4,152,018 units 4,152,018 4,152,018
Carnival Corporation Common Stock, 4,060 shares 91,396 86,276
-------------- ------------
Total Domestic Equity Fund 4,322,127 4,317,007
-------------- ------------
Domestic Balanced Fund:
Cash 44,139 44,139
Reserve Deposit Account (RDA VI) Money Market fund, 4,825,443 units 4,825,443 4,825,443
-------------- ------------
Total Domestic Balanced Fund 4,869,582 4,869,582
-------------- ------------
International Fund:
Cash 433 433
Reserve Deposit Account (RDA VI) Money Market fund, 2,296,570 units 2,296,570 2,296,570
-------------- ------------
Total International Fund 2,297,003 2,297,003
-------------- ------------
Fixed Income Fund:
Cash 49,926 49,926
Reserve Deposit Account (RDA VI) Money Market fund, 2,855,148 units 2,855,148 2,855,148
-------------- ------------
Total Fixed Income Fund 2,905,074 2,905,074
-------------- ------------
APBI Stock Fund:
Cash 248 248
Reserve Deposit Account (RDA VI) Money Market fund, 14,899 units 14,899 14,899
Applied Bioscience International Inc. Common Stock, 165,630 shares 753,119 910,965
-------------- ------------
Total APBI Stock Fund 768,266 926,112
-------------- ------------
Participant Loans Participant loans with interest rates
from 6.5% to 12.25% 759,372 759,372
-------------- ------------
Total assets held for investment purposes $15,921,424 $16,074,150
============== ============
</TABLE>
The accompanying notes are an integral part of this schedule.
F-8
<PAGE>
<TABLE><CAPTION>
Schedule II
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Item 27b - Schedule of Loans or Fixed Income Obligations
For the Year Ended December 31, 1994
Unpaid
Original Principal
Identity of Amount of Amount Received in 1994 Balance
-------------------------
Obligor Loan Principal Interest at 12/31/94
----------------------- ------------- -------------- ------------ --------------
<S> <C> <C> <C> <C>
Clemons, II, Eddie $2,700.00 $1,127.34 $37.69 $1,572.66
Dierssen, Heidi 1,400.00 - - 402.33
Kennedy, David 947.00 504.69 27.14 442.31
Londono, Rodrigo 4,142.81 1,419.49 128.80 2,227.52
<CAPTION>
Amount Overdue
Identity of at 12/31/94
---------------------------
Obligor Description of Loan Principal Interest
----------------------- -------------------------------------------------------------------- ------------- ------------
<S> <C> <C> <C>
Clemons, II, Eddie - 401(k) loan. $1,572.66 $45.87
- 7% interest rate.
- Original maturity date on loan is May 31, 1996.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Dierssen, Heidi - 401(k) loan. 402.33 8.21
- 7% interest rate.
- Original maturity date on loan is December 31, 1993.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Kennedy, David - 401(k) loan. 442.31 2.58
- 7% interest rate.
- Original maturity date on loan is December 15, 1994.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Londono, Rodrigo - 401(k) loan. 2,227.52 6.50
- 7% interest rate.
- Original maturity date on loan is October 31, 1996.
- Total outstanding balances due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
</TABLE>
The accompanying notes are an integral part of this schedule.
F-9
<PAGE>
<TABLE><CAPTION>
Schedule II (Cont'd)
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Item 27b - Schedule of Loans or Fixed Income Obligations
For the Year Ended December 31, 1994
Unpaid
Original Principal
Identity of Amount of Amount Received in 1994 Balance
-------------------------
Obligor Loan Principal Interest at 12/31/94
----------------------- ------------- -------------- ------------ --------------
<S> <C> <C> <C> <C>
Ransom, Christine 1,500.00 336.88 21.98 1,163.12
Shinn, Noel 1,200.00 188.55 26.09 1,011.45
Vajda, Ivan 4,000.00 338.10 60.34 3,009.20
Wagner, Albert 4,240.00 0.00 0.00 4,240.00
Coates, Dora 6,900.00 649.57 100.22 3,201.06
<CAPTION>
Amount Overdue
Identity of at 12/31/94
---------------------------
Obligor Description of Loan Principal Interest
----------------------- -------------------------------------------------------------------- ------------- ------------
<S> <C> <C> <C>
Ransom, Christine - 401(k) loan. 1,163.12 33.92
- 7% interest rate.
- Original maturity date on loan is March 24, 1995.
- Total outstanding balances due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Shinn, Noel - 401(k) loan. 1,011.45 11.80
- 7% interest rate.
- Original maturity date on loan is July 15, 1996.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Vajda, Ivan - 401(k) loan. 3,009.20 201.87
- 7% interest rate.
- Original maturity date on loan is October 20, 1995.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Wagner, Albert - 401(k) loan. 4,240.00 74.20
- 7% interest rate.
- Original maturity date on loan is April 15, 1997.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Coates, Dora - 401(k) loan. 3,201.06 0.00
- 7.5% interest rate.
- Original maturity date on loan is January 1, 1996.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
</TABLE>
The accompanying notes are an integral part of this schedule.
F-10
<PAGE>
<TABLE><CAPTION>
Schedule II (Cont'd)
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Item 27b - Schedule of Loans or Fixed Income Obligations
For the Year Ended December 31, 1994
Unpaid
Original Principal
Identity of Amount of Amount Received in 1994 Balance
-------------------------
Obligor Loan Principal Interest at 12/31/94
----------------------- ------------- -------------- ------------ --------------
<S> <C> <C> <C> <C>
Stein, Tamara 1,000.00 0.00 0.00 36.69
Nugent, Justin 2,124.36 0.00 0.00 2,124.36
Cox, Deneen 1,826.50 48.47 14.71 0.00
<CAPTION>
Amount Overdue
Identity of at 12/31/94
---------------------------
Obligor Description of Loan Principal Interest
----------------------- -------------------------------------------------------------------- ------------- ------------
<S> <C> <C> <C>
Stein, Tamara - 401(k) loan. 36.69 0.00
- 7% interest rate.
- Original maturity date on loan is August 31, 1993.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Nugent, Justin - 401(k) loan. 2,124.36 148.71
- 7% interest rate.
- Original maturity date on loan is August 15, 1994.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Cox, Deneen - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is October 15, 1997.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
</TABLE>
The accompanying notes are an integral part of this schedule.
F-11
<PAGE>
<TABLE><CAPTION>
Schedule II (Cont'd)
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Item 27b - Schedule of Loans or Fixed Income Obligations
For the Year Ended December 31, 1994
Unpaid
Original Principal
Identity of Amount of Amount Received in 1994 Balance
-------------------------
Obligor Loan Principal Interest at 12/31/94
----------------------- ------------- -------------- ------------ --------------
<S> <C> <C> <C> <C>
Colleton, Moses D. 2,100.00 330.19 68.12 0.00
Cummings, Timothy 1,800.00 25.14 10.46 0.00
Dorrian, Richard 3,175.00 576.57 78.53 0.00
Edmundson, Wanda 1,300.00 97.33 6.35 0.00
<CAPTION>
Amount Overdue
Identity of at 12/31/94
---------------------------
Obligor Description of Loan Principal Interest
----------------------- -------------------------------------------------------------------- ------------- ------------
<S> <C> <C> <C>
Colleton, Moses D. - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is February 21, 1997.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Cummings, Timothy - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is July 31, 1999.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Dorrian, Richard - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is March 22, 1996.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Edmundson, Wanda - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is December 16, 1994.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
</TABLE>
The accompanying notes are an integral part of this schedule.
F-12
<PAGE>
<TABLE><CAPTION>
Schedule II (Cont'd)
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Item 27b - Schedule of Loans or Fixed Income Obligations
For the Year Ended December 31, 1994
Unpaid
Original Principal
Identity of Amount of Amount Received in 1994 Balance
-------------------------
Obligor Loan Principal Interest at 12/31/94
----------------------- ------------- -------------- ------------ --------------
<S> <C> <C> <C> <C>
Evans, Shirley 2,100.00 370.33 77.87 0.00
Honohan, Susan 1,100.00 79.27 11.53 0.00
Joffrion, James 1,780.00 104.10 15.27 0.00
Joffrion, Kathryn 946.00 92.49 13.26 0.00
<CAPTION>
Amount Overdue
Identity of at 12/31/94
---------------------------
Obligor Description of Loan Principal Interest
----------------------- -------------------------------------------------------------------- ------------- ------------
<S> <C> <C> <C>
Evans, Shirley - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is January 10, 1997.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Honohan, Susan - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is May 31, 1996.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Joffrion, James - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is December 15, 1995.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Joffrion, Kathryn - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is November 30, 1995.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
</TABLE>
The accompanying notes are an integral part of this schedule.
F-13
<PAGE>
<TABLE><CAPTION>
Schedule II (Cont'd)
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Item 27b - Schedule of Loans or Fixed Income Obligations
For the Year Ended December 31, 1994
Unpaid
Original Principal
Identity of Amount of Amount Received in 1994 Balance
-------------------------
Obligor Loan Principal Interest at 12/31/94
----------------------- ------------- -------------- ------------ --------------
<S> <C> <C> <C> <C>
Jones, Pamela 2,000.00 905.74 51.27 0.00
Lemon, Alan 1,208.01 366.99 38.16 0.00
May, Donald 1,500.00 58.61 10.78 0.00
Moore, Patricia 2,018.47 0.00 0.00 0.00
<CAPTION>
Amount Overdue
Identity of at 12/31/94
---------------------------
Obligor Description of Loan Principal Interest
----------------------- -------------------------------------------------------------------- ------------- ------------
<S> <C> <C> <C>
Jones, Pamela - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is February 24, 1995.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Lemon, Alan - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is September 15, 1995.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
May, Donald - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is May 31, 1996.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Moore, Patricia - 401(k) loan. 0.00 0.00
- 7.0% interest rate on loan.
- Original maturity date on loan is December 15, 1996.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
</TABLE>
The accompanying notes are an integral part of this schedule.
F-14
<PAGE>
<TABLE><CAPTION>
Schedule II (Cont'd)
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Item 27b - Schedule of Loans or Fixed Income Obligations
For the Year Ended December 31, 1994
Unpaid
Original Principal
Identity of Amount of Amount Received in 1994 Balance
-------------------------
Obligor Loan Principal Interest at 12/31/94
----------------------- ------------- -------------- ------------ --------------
<S> <C> <C> <C> <C>
Morrison, George 2,100.00 278.10 69.60 0.00
Oboh, Oke 4,158.93 1,817.16 96.84 0.00
Orkusz, Stanislaw 1,550.00 902,56 24.59 0.00
Perenyi, Teresa 1,300.00 91.43 23.37 0.00
<CAPTION>
Amount Overdue
Identity of at 12/31/94
---------------------------
Obligor Description of Loan Principal Interest
----------------------- -------------------------------------------------------------------- ------------- ------------
<S> <C> <C> <C>
Morrison, George - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is June 13, 1997.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Oboh, Oke - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is February 24, 1995.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Orkusz, Stanislaw - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is August 15, 1993.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Perenyi, Teresa - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is May 15, 1993.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
</TABLE>
The accompanying notes are an integral part of this schedule.
F-15
<PAGE>
<TABLE><CAPTION>
Schedule II (Cont'd)
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Item 27b - Schedule of Loans or Fixed Income Obligations
For the Year Ended December 31, 1994
Unpaid
Original Principal
Identity of Amount of Amount Received in 1994 Balance
-------------------------
Obligor Loan Principal Interest at 12/31/94
----------------------- ------------- -------------- ------------ --------------
<S> <C> <C> <C> <C>
Roseberry, Jennifer 5,300.00 865.10 119.14 0.00
Rue, Susan 2,000.00 433.94 57.87 0.00
Sandoval, Michael 3,500.00 965.12 118.18 0.00
Slattery, Richard 1,150.00 77.78 27.22 0.00
<CAPTION>
Amount Overdue
Identity of at 12/31/94
---------------------------
Obligor Description of Loan Principal Interest
----------------------- -------------------------------------------------------------------- ------------- ------------
<S> <C> <C> <C>
Roseberry, Jennifer - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is April 19, 1996.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Rue, Susan - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is February 29, 1996.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Sandoval, Michael - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is December 1, 1995.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Slattery, Richard - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is June 12, 1998.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
</TABLE>
The accompanying notes are an integral part of this schedule.
F-16
<PAGE>
<TABLE><CAPTION>
Schedule II (Cont'd)
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Item 27b - Schedule of Loans or Fixed Income Obligations
For the Year Ended December 31, 1994
Unpaid
Original Principal
Identity of Amount of Amount Received in 1994 Balance
-------------------------
Obligor Loan Principal Interest at 12/31/94
----------------------- ------------- -------------- ------------ --------------
<S> <C> <C> <C> <C>
Soliz, Blanca 1,000.00 277.95 31.50 0.00
Sperry, Kenneth 5,000.00 587.45 83.23 0.00
Szymczak, Linda 1,500.00 0.00 0.00 0.00
Trimble, Evelyn 2,840.00 852.83 53.17 0.00
<CAPTION>
Amount Overdue
Identity of at 12/31/94
---------------------------
Obligor Description of Loan Principal Interest
----------------------- -------------------------------------------------------------------- ------------- ------------
<S> <C> <C> <C>
Soliz, Blanca - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is November 3, 1995.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Sperry, Kenneth - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is April 30, 1996.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Szymczak, Linda - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is June 30, 1995.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Trimble, Evelyn - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is April 7, 1995.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
</TABLE>
The accompanying notes are an integral part of this schedule.
F-17
<PAGE>
<TABLE><CAPTION>
Schedule II (Cont'd)
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Item 27b - Schedule of Loans or Fixed Income Obligations
For the Year Ended December 31, 1994
Unpaid
Original Principal
Identity of Amount of Amount Received in 1994 Balance
-------------------------
Obligor Loan Principal Interest at 12/31/94
----------------------- ------------- -------------- ------------ --------------
<S> <C> <C> <C> <C>
Weathers, Elizabeth 1,700.00 33.24 4.77 0.00
Williams, Lori 1,300.00 361.30 41.00 0.00
Burtis, Diann 12,932.00 451.84 298.46 0.00
Boykin, Kenneth 3,420.00 318.69 70.67 0.00
<CAPTION>
Amount Overdue
Identity of at 12/31/94
---------------------------
Obligor Description of Loan Principal Interest
----------------------- -------------------------------------------------------------------- ------------- ------------
<S> <C> <C> <C>
Weathers, Elizabeth - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is December 15, 1995.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Williams, Lori - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is November 3, 1995.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Burtis, Diann - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is December 15, 2003.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
Boykin, Kenneth - 401(k) loan. 0.00 0.00
- 7% interest rate.
- Original maturity date on loan is April 4, 1997.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
</TABLE>
The accompanying notes are an integral part of this schedule.
F-18
<PAGE>
<TABLE><CAPTION>
Schedule II (Cont'd)
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Item 27b - Schedule of Loans or Fixed Income Obligations
For the Year Ended December 31, 1994
Unpaid
Original Principal
Identity of Amount of Amount Received in 1994 Balance
-------------------------
Obligor Loan Principal Interest at 12/31/94
----------------------- ------------- -------------- ------------ --------------
<S> <C> <C> <C> <C>
Roy, Jr., James 3,470.00 97.18 40.06 3,372.82
<CAPTION>
Amount Overdue
Identity of at 12/31/94
---------------------------
Obligor Description of Loan Principal Interest
----------------------- -------------------------------------------------------------------- ------------- ------------
<S> <C> <C> <C>
Roy, Jr., James - 401(k) loan. 3,372.82 29.51
- 7% interest rate.
- Original maturity date on loan is September 30, 1999.
- Total outstanding balance due upon termination of employment.
- Trustee has first priority security interest in borrower's 401(k)
accounts under the Plan.
</TABLE>
The accompanying notes are an integral part of this schedule.
F-19
<PAGE>
<TABLE><CAPTION>
Schedule III
Applied Bioscience International Inc. U.S. Retirement Savings Plan
Item 27d - Schedule of Reportable Transactions
For the Year Ended December 31, 1994
Description of Asset
Identity of Party (Include Interest Purchase
Involved Rate and Maturity) Price Number
-------------------------------- ------------------------------------------------------- ------------- ------
<S> <C> <C> <C>
Aggregated Transactions:
Smith Barney Corporate Trust
Company All Funds' Reserve Deposit Accounts (RDA VI) $23,005,980 484
Smith Barney Corporate Trust
Company Federal Farm Systemwide Bonds, 3.83%, maturing 3/1/95 587,096 1
Smith Barney Corporate Trust
Company U.S. Treasury Notes, 8.75%, maturing 5/15/17 608,163 3
Smith Barney Corporate Trust
Company U.S. Treasury Notes, 7.88%, maturing 7/31/96 1,042,954 1
Smith Barney Corporate Trust
Company U.S. Treasury Notes, 6.88%, maturing 8/15/94 1,099,834 1
Smith Barney Corporate Trust
Company U.S. Treasury Notes, 6.00%, maturing 11/15/94 832,029 5
Smith Barney Corporate Trust
Company U.S. Treasury Notes, 5.50%, maturing 2/15/95 1,143,371 2
Smith Barney Corporate Trust
Company U.S. Treasury Notes, 3.88%, maturing 3/31/95 869,005 2
Smith Barney Corporate Trust
Company U.S. Treasury Notes, 3.88%, maturing 4/30/95 827,433 1
Smith Barney Corporate Trust
Company U.S. Treasury Notes, 4.25%, maturing 7/31/95 1,097,699 2
Smith Barney Corporate Trust
Company U.S. Treasury Notes, 6.13%, maturing 7/31/96 1,267,555 4
Smith Barney Corporate Trust
Company U.S. Treasury Notes, 8.50%, maturing 5/15/95 185,706 7
Smith Barney Corporate Trust
Company U.S. Treasury Notes, 8.50%, maturing, 8/15/95 1,175,084 2
Single Transaction-
Smith Barney Corporate Trust
Company U.S. Treasury Notes, 7.88%, maturing 7/31/96 - -
<PAGE>
<CAPTION>
Current Value of Net
Identity of Party Selling Cost of Transaction Appreciation
Involved Price Number Assets Sold Date (Depreciation)
-------------------------------- ----------- ------ ------------ ---------------- --------------
<S> <C> <C> <C> <C> <C>
Aggregated Transactions:
Smith Barney Corporate Trust
Company $10,339,073 415 $10,339,073 $10,339,073 $ -
Smith Barney Corporate Trust
Company 586,958 1 587,096 586,958 (138)
Smith Barney Corporate Trust
Company 609,473 1 608,163 609,473 1,310
Smith Barney Corporate Trust
Company 1,059,219 1 1,042,954 1,059,219 16,265
Smith Barney Corporate Trust
Company 1,091,264 3 1,099,834 1,091,264 (8,570)
Smith Barney Corporate Trust
Company 820,159 2 832,029 820,159 (11,870)
Smith Barney Corporate Trust
Company 1,839,699 3 1,844,672 1,839,699 (4,973)
Smith Barney Corporate Trust
Company 870,010 1 869,005 870,010 1,005
Smith Barney Corporate Trust
Company 827,563 1 827,432 827,563 131
Smith Barney Corporate Trust
Company 1,090,380 1 1,097,699 1,090,380 (7,319)
Smith Barney Corporate Trust
Company 1,247,773 2 1,267,555 1,247,773 (19,782)
Smith Barney Corporate Trust
Company 594,333 1 621,267 594,333 (26,934)
Smith Barney Corporate Trust
Company 1,161,170 1 1,175,184 1,161,170 (14,014)
Single Transaction-
Smith Barney Corporate Trust
Company 1,042,954 1 1,059,219 1,042,954 (16,265)
</TABLE>
The accompanying notes are an integral part of this schedule.
F-20
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf
by the undersigned hereunto duly authorized.
APPLIED BIOSCIENCE INTERNATIONAL INC. U.S. RETIREMENT SAVINGS PLAN
Date September 21, 1995 By /s/ Jamie G. Donelan
--------------------- -------------------------------------
Controller
(Chief Accounting Officer)
<PAGE>
INDEX TO EXHIBITS
Sequential
Exhibit Description Page Number
------------------- -----------
Consent of Arthur Andersen LLP
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation of
our report dated July 14, 1995, included in this Form 11-K, into Applied
Bioscience International Inc.'s previously filed Registration Statement on
Form S-8, File No. 33-56678.
/s/ ARTHUR ANDERSEN LLP
Washington, D.C.
September 19, 1995
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