<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(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, 1995
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 0-21602
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
LCI International 401(k) Savings Plan
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
LCI International, Inc.
8180 Greensboro Drive
Suite 800
McLean, Virginia 22102
703-442-0220
<PAGE> 2
REQUIRED INFORMATION
The following financial statements and schedules for the LCI International
401(k) Savings Plan are being filed herewith:
<TABLE>
<CAPTION>
Description Page No.
- ----------- ----------------
<S> <C>
Report of Independent Public Accountants 3
Statements of Net Assets Available for Plan Benefits with
Fund Information as of December 31, 1995 and 1994 4 - 5
Statement of Changes in Net Assets Available for Plan
Benefits with Fund Information for the Year Ended 6
December 31, 1995
Notes to Financial Statements and Schedules 7 - 11
Schedule I - Item 27a - Schedule of Assets Held for Investment
Purposes as of December 31, 1995 12
Schedule II - Item 27d - Schedule of Reportable Transactions
for the Year Ended December 31, 1995 13
Signature 14
</TABLE>
The following exhibit is being filed herewith:
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
------------- -------------------------------- --------
<S> <C> <C>
1 Consent of Independent Public 16
Accountants
</TABLE>
2
<PAGE> 3
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Administrative Committee of the LCI International
401(k) Savings Plan:
We have audited the accompanying statements of net assets available for plan
benefits with fund information of the LCI INTERNATIONAL 401(k) SAVINGS PLAN
(the Plan) as of December 31, 1995 and 1994 and the related statement of
changes in net assets available for plan benefits with fund information for the
year ended December 31, 1995. These financial statements and the schedules
referred to below are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements and
schedules 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, net assets available for plan benefits with fund
information of the Plan as of December 31, 1995 and 1994, and the changes in
net assets available for plan benefits with fund information for the year ended
December 31, 1995, in conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of Assets
Held for Investment Purposes and Reportable Transactions 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. The fund information in
the statements of net assets available for plan benefits and statement of
changes in net assets available for plan benefits is presented for the purpose
of additional analysis rather than to present the net assets available for plan
benefits and 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 audits of the basic financial statements
and, in our opinion, are fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Columbus, Ohio,
June 26, 1996
3
<PAGE> 4
LCI INTERNATIONAL
401(k) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
AS OF DECEMBER 31, 1995
<TABLE>
<CAPTION>
CIGNA CIGNA Warburg Warburg LCI
Guaranteed Guaranteed Capital Emerging Common
Short-Term Long-Term Appreciation Growth Stock
Account Account Account Account Account
------------ ------------ ------------ ----------- -------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments -
Investments, at market value $ - $ - $1,953,232 $1,592,475 $ 1,517,020
Investments, at contract value 445,900 3,453,093 - - -
Participant loans - - - - -
------------ ------------ ------------- ----------- -------------
Total investments 445,900 3,453,093 1,953,232 1,592,475 1,517,020
------------ ------------ ------------- ----------- -------------
Receivables -
Employer contributions 1,398 7,468 4,523 7,253 7,445
Employee contributions 3,758 25,975 15,979 29,150 22,632
Loan interest 15 406 127 157 70
------------ ------------ ------------- ----------- -------------
Total receivables 5,171 33,849 20,629 36,560 30,147
------------ ------------ ------------- ----------- -------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS $ 451,071 $ 3,486,942 $1,973,861 $1,629,035 $ 1,547,167
============ ============ ============= ============ =============
</TABLE>
<TABLE>
<CAPTION>
Loan Fund Total
---------- -----------
<S> <C> <C>
ASSETS:
Investments -
Investments, at market value $ - $5,062,727
Investments, at contract value 3,898,993
Participant loans 256,127 256,127
---------- -----------
Total investments 256,127 9,217,847
---------- -----------
Receivables -
Employer contributions - 28,087
Employee contributions - 97,494
Loan interest - 775
---------- -----------
Total receivables - 126,356
---------- -----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS $ 256,127 $9,344,203
========== ===========
</TABLE>
The accompanying notes and schedules are an integral part of this financial
statement.
4
<PAGE> 5
LCI INTERNATIONAL
401(k) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
AS OF DECEMBER 31, 1994
<TABLE>
<CAPTION>
Principal CIGNA CIGNA Warburg
Guaranteed Guaranteed Guaranteed Capital
Interest Short-Term Long-Term Appreciation
Accounts Account Account Account
----------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
ASSETS:
Investments -
Investments, at market value $ - $ - $ - $ 1,249,955
Investments, at contract value 542,487 320,129 2,427,649
Participant loans - - - -
----------- ------------- ------------- -------------
Total investments 542,487 320,129 2,427,649 1,249,955
----------- ------------- ------------- -------------
Receivables -
Employer contributions - 1,777 11,515 5,480
Employee contributions - 5,524 43,376 17,076
----------- ------------- ------------- -------------
Total receivables - 7,301 54,891 22,556
----------- ------------- ------------- -------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS $ 542,487 $ 327,430 $ 2,482,540 $ 1,272,511
=========== ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
Warburg LCI
Emerging Common
Growth Stock
Account Account Loan Fund Total
------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments -
Investments, at market value $ 686,979 $ 476,241 $ - $ 2,413,175
Investments, at contract value 3,290,265
Participant loans - - 232,205 232,205
------------ ----------- ----------- ------------
Total investments 686,979 476,241 232,205 5,935,645
------------ ----------- ----------- ------------
Receivables -
Employer contributions 7,333 4,031 - 30,136
Employee contributions 21,686 10,208 - 97,870
------------ ----------- ----------- ------------
Total receivables 29,019 14,239 - 128,006
------------ ----------- ----------- ------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS $ 715,998 $ 490,480 $ 232,205 $ 6,063,651
============ =========== =========== ============
</TABLE>
The accompanying notes and schedules are an integral part of this financial
statement.
5
<PAGE> 6
LCI INTERNATIONAL
401(k) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND
INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
Principal CIGNA CIGNA Warburg
Guaranteed Guaranteed Guaranteed Capital
Interest Short-Term Long-Term Appreciation
Accounts Account Account Account
----------- ----------- ---------------- ---------------
<S> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income -
Interest $ 36,247 $ 17,219 $ 156,902 $ -
Net appreciation in fair value of
investments - - - 496,245
----------- ----------- ---------------- ---------------
36,247 17,219 156,902 496,245
----------- ----------- ---------------- ---------------
Contributions -
Employer - 30,427 177,317 92,443
Employee - 98,839 770,807 324,194
----------- ----------- ---------------- ---------------
- 129,266 948,124 416,637
----------- ----------- ---------------- ---------------
Total additions 36,247 146,485 1,105,026 912,882
----------- ----------- ---------------- ---------------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants (including
loans) (122,409) (66,911) (453,332) (196,882)
Loan repayments (including interest) - 4,876 56,157 24,552
----------- ----------- ---------------- ---------------
Total deductions (122,409) (62,035) (397,175) (172,330)
INTERFUND TRANSFERS (456,325) 39,191 296,551 (39,202)
----------- ----------- ---------------- ---------------
Net increase (decrease) (542,487) 123,641 1,004,402 701,350
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year 542,487 327,430 2,482,540 1,272,511
----------- ----------- ---------------- ---------------
End of year $ - $ 451,071 $ 3,486,942 $ 1,973,861
=========== =========== ================ ===============
</TABLE>
<TABLE>
<CAPTION>
Warburg LCI
Emerging Common
Growth Stock
Account Account Loan Fund Total
----------- ----------- ---------------- ----------
<S> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income -
Interest $ - $ - $ 19,148 $ 229,516
Net appreciation in fair value of
investments 420,923 441,288 - 1,358,456
----------- ----------- ---------------- -----------
420,923 441,288 19,148 1,587,972
----------- ----------- ---------------- -----------
Contributions -
Employer 140,777 111,273 - 552,237
Employee 483,275 385,903 - 2,063,018
----------- ----------- ---------------- -----------
624,052 497,176 - 2,615,255
----------- ----------- ---------------- -----------
Total additions 1,044,975 938,464 19,148 4,203,227
----------- ----------- ---------------- -----------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants (including
loans) (162,440) (47,538) 126,837 (922,675)
Loan repayments (including interest) 30,774 5,704 (122,063) -
----------- ----------- ---------------- -----------
Total deductions (131,666) (41,834) 4,774 (922,675)
INTERFUND TRANSFERS (272) 160,057 - -
----------- ----------- ---------------- -----------
Net increase (decrease) 913,037 1,056,687 23,922 3,280,552
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year 715,998 490,480 232,205 6,063,651
----------- ----------- ---------------- -----------
End of year $1,629,035 $1,547,167 $256,127 $9,344,203
=========== =========== ================ ===========
</TABLE>
The accompanying notes and schedules are an integral part of this financial
statement.
6
<PAGE> 7
LCI INTERNATIONAL
401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS AND SCHEDULES
DECEMBER 31, 1995 AND 1994
(1) DESCRIPTION OF THE PLAN
The following description of the LCI International 401(k) Savings Plan
(the Plan) is provided for general information purposes only. More
complete information regarding the Plan's provisions can be found in the
Plan document.
The Plan is a defined contribution plan available to all eligible
employees of LCI International, Inc. and subsidiaries (the Company). The
Plan was established effective September 1, 1984, and amended effective
October 1, 1992, to incorporate changes in the Plan name, custodian,
investments, eligibility and vesting. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974, as
amended (ERISA). Certain employees of the Company have been appointed to
the Administrative Committee of the Plan.
The Plan has a group annuity contract with Connecticut General Life
Insurance Company (CIGNA or the Custodian). The Custodian pools the
Company's funds with those of other pension plans and executes investment
transactions. Effective April 1, 1994, the Plan was amended to include
LCI Common Stock as an investment option. At December 31, 1995,
participants have invested or may invest in one or more of the following
accounts.
o Principal Guaranteed Interest Accounts - Invests in group annuity
insurance contracts which provide a guaranteed rate of return
based upon the amount, timing and interest rate of each
participant's contributions. No further contributions are
permitted in this account. As guaranteed interest accounts
mature, the balance is transferred to other accounts maintained by
the Custodian as directed by the participants. The final balances
in these accounts matured on December 31, 1995 and were
transferred in full to other investment options.
o CIGNA Guaranteed Short-Term Account - Invests in short term,
money-market securities which provide a guaranteed rate of return
based on current investment conditions.
o CIGNA Guaranteed Long-Term Account - Invests primarily in
commercial mortgages and private bond placements which provide a
guaranteed rate of return based on current investment conditions.
o Warburg Capital Appreciation Account - Invests in shares of the
Warburg Pincus Counsellors Capital Appreciation Fund, a no-load
mutual fund. This fund is
7
<PAGE> 8
invested primarily in common stocks of U.S. based companies. Its
investment objective is to generate long-term capital
appreciation.
o Warburg Emerging Growth Account - Invests in shares of Warburg,
Pincus Counsellors Emerging Growth Fund, Inc., a no-load mutual
fund. This fund is primarily invested in small or medium-sized
companies that have passed their start-up phase and show positive
earnings and prospects of achieving significant profit in a
relatively short period of time. Its investment objective is to
maximize capital appreciation.
o LCI Common Stock Account - Invests in shares of LCI International,
Inc. Common Stock. The purpose of this fund is to allow employees
to invest in the Company's common stock.
The employees choose the percentage of their salary to be contributed to
the Plan and how it is to be allocated among the five accounts. As
limited by the Internal Revenue Code of 1986, as amended (IRC), a
participant's pretax deferrals cannot exceed $9,240 in 1995.
All income is allocated to the members of each fund in the same
proportion that the value of their account in the fund bears to the total
value of all accounts in such fund.
The Company provides matching contributions to be allocated to the
accounts as directed by the employees. During fiscal year 1994, the
Company matched $.25 for each $1.00 contributed up to a maximum of 4% of
an employee's salary. Beginning April 1, 1994, the Company changed its
matching contributions to $.50 for each $1.00 contributed up to a maximum
of 4% of an employee's salary. Effective January 1, 1995, the Company
began matching $.50 for each $1.00 contributed up to 6% of an employee's
salary. Participants are immediately vested in their salary deferrals
plus actual earnings thereon. Vesting in Company matching contributions
and earnings thereon, is as follows:
<TABLE>
<CAPTION>
Years of Service Vesting Percent
---------------- ---------------
<S> <C>
5 or less 0%
more than 5 100%
</TABLE>
Employees become eligible as participants in the Plan upon completion of
at least one-thousand (1,000) hours credited in a consecutive
twelve-month period.
All administrative expenses are paid by the Company. As permitted by the
Plan agreement, forfeitures may be used as an offset to adminstrative
expenses or the employer contributions. For the years ended December 31,
1995 and 1994, forfeitures reduced administrative expenses.
The optional forms of benefit distribution are a single lump-sum payment,
installments, or a combination of both. In addition, the Plan includes a
provision for employees to make withdrawals from their accounts under
certain "hardship" circumstances, if
8
<PAGE> 9
approved by the Trustees. Participants are permitted to borrow against
their accounts in accordance with the regulations of the IRC and the Plan
provisions.
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its matching contributions at any
time and to terminate the Plan subject to provisions of ERISA. In the
event of Plan termination, participants will become fully vested in their
account balances.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements have been prepared on an accrual
basis.
Investments
The Principal Guaranteed Interest Contracts, CIGNA Guaranteed Short-Term
Account and CIGNA Guaranteed Long-Term Account are stated at contract
value, which approximates fair value, as reported to the Plan by the
Principal and CIGNA. Contract value represents contributions made under
the contracts, plus earnings, less Plan withdrawals. The remaining
investments are stated at market value as determined by the Custodian
based on the established market prices of the underlying investments.
Purchases and sales of securities are recorded on a trade-date basis.
Participant Loans
Subject to the provisions of the IRC and the Plan, a participant may
borrow against the balance in their account. The participant executes a
promissory note with an interest rate based on prevailing commercial
lending rates. Loan principal and interest are paid over periods ranging
from two, but not more than five years. Participant loans are valued at
cost which approximates fair value.
Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ from those
estimates and assumptions.
Reclassifications
Certain reclassifications have been made to the fiscal year 1994 balances
to conform with the 1995 presentation.
9
<PAGE> 10
(3) TAX STATUS
The Plan obtained its latest determination letter on January 8, 1996, in
which the Internal Revenue Service stated that the Plan as then designed,
was in compliance with the applicable requirements of the IRC. The Plan
has no amendments that were not included in the above mentioned
determination letter. The Company believes that the Plan is currently
designed and operated in compliance with the applicable requirements of
the IRC and is qualified and that the related trust is tax exempt.
(4) INVESTMENTS
The Custodian of the Plan held the Plan's investments and executed the
transactions therein. The fair market values of individual assets that
represent 5% or more of the Plan's net assets as of December 31, 1995 and
1994 are as follows:
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Principal Guaranteed Investment Account $ - $ 542,487
CIGNA Guaranteed Short-Term Account 445,900 320,129
CIGNA Guaranteed Long-Term Account 3,453,093 2,427,649
Warburg Capital Appreciation Account 1,953,232 1,249,955
Warburg Emerging Growth Account 1,592,475 686,979
LCI Common Stock Account 1,517,020 476,241
</TABLE>
(5) RELATED PARTY
The Warburg Capital Appreciation Account and the Warburg Emerging Growth
Account invest in mutual funds managed by Warburg, Pincus Counsellors,
Inc., a wholly-owned subsidiary of E.M. Warburg, Pincus & Co., Inc. E.M.
Warburg Pincus & Co., Inc. through affiliates, is a significant
shareholder of the Company.
(6) REQUIRED SCHEDULE INFORMATION
There is no information to be reported for the following schedules as of
and for the year ended December 31, 1995:
a. Loans or Fixed Income Obligations.
b. Leases in Default or Classified as Uncollectible.
c. Nonexempt Transactions.
d. Assets Held for Investment Purposes Which Were Both Acquired and
Disposed of within the Plan Year.
10
<PAGE> 11
(7) RECONCILIATION TO FORM 5500
As of December 31, 1995 and 1994, the Plan had $131,506 and $164,604,
respectively, of pending distributions to participants who elected to
withdraw from the Plan. These amounts are recorded as a liability in the
Plan's Form 5500; however, these amounts are not recorded as a liability
in the accompanying statements of net assets available for benefits in
accordance with generally accepted accounting principles.
The following table reconciles net assets available for benefits per the
financial statements to Form 5500 as filed by the Company for the years
ended December 31, 1995 and 1994:
<TABLE>
<CAPTION>
Benefits Net Assets Available
Payable to Benefits for Plan Benefits
Participant Paid December 31
------------ ------------- --------------------------------
1995 1994
------------- -------------
<S> <C> <C> <C> <C>
Financial statement balance $ - $922,675 $9,344,203 $6,063,651
Accrued benefit payments 131,506 131,506 (131,506) (164,604)
Less: 1994 accrual for benefit payment - (164,604) - -
------------ ------------- ------------- -------------
Form 5500 balance $131,506 $899,577 $9,212,697 $5,899,047
============ ============= ============= =============
</TABLE>
11
<PAGE> 12
SCHEDULE I
LCI INTERNATIONAL
401(k) SAVINGS PLAN
EMPLOYER IDENTIFICATION NUMBER 31-1115867
PLAN NUMBER 001
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1995
<TABLE>
<CAPTION>
Market
Identity of Party or Fund Description Cost Value
- ---------------------------------- ---------------------------------------------- ----------- -----------
<S> <C> <C> <C>
Connecticut General Life Insurance Guaranteed Short-Term Account $ 445,900 $ 445,900
Connecticut General Life Insurance Guaranteed Long-Term Account 3,453,093 3,453,093
Chase Manhattan Bank LCI Common Stock Account 1,062,042 1,517,020
Connecticut General Life Insurance Warburg Capital Appreciation Account 1,484,567 1,953,232
Connecticut General Life Insurance Warburg Emerging Growth Account 1,172,568 1,592,475
Various Participants Participant Loans (Interest rates 256,127 256,127
ranging from 6.5% to 10.0%)
</TABLE>
12
<PAGE> 13
SCHEDULE II
LCI INTERNATIONAL
401(k) SAVINGS PLAN
EMPLOYER IDENTIFICATION NUMBER 31-1115867
PLAN NUMBER 001
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
Number of Purchase Selling
Identity of Party Involved Description of Asset Transactions Price Price
- ---------------------------- ------------------------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Connecticut General Life Guaranteed Short-Term Account Various $ 238,592 N/A
Insurance
Connecticut General Life Guaranteed Short-Term Account Various N/A 115,745
Insurance
Connecticut General Life Guaranteed Long-Term Account Various 1,736,794 N/A
Insurance
Connecticut General Life Guaranteed Long-Term Account Various N/A 659,365
Insurance
Chase Manhattan Bank LCI Common Stock Account 68 656,509 N/A
Chase Manhattan Bank LCI Common Stock Account 31 N/A 60,751
Connecticut General Life Warburg Capital Appreciation 77 545,690 N/A
Insurance Account
Connecticut General Life Warburg Capital Appreciation 63 N/A 295,128
Insurance Account
Connecticut General Life Warburg Emerging Growth Account 80 773,463 N/A
Insurance
Connecticut General Life Warburg Emerging Growth Account 63 N/A 282,875
Insurance
The Principal Guaranteed Interest Contract 1 N/A 434,661
</TABLE>
<TABLE>
<CAPTION>
Current Value Net
Cost of at Transaction Realized
Identity of Party Involved Description of Asset Asset Date Gain(Loss)
- ---------------------------- ---------------------------------- ------------- --------------- -----------
<S> <C> <C> <C> <C>
Connecticut General Life Guaranteed Short-Term Account $ 238,592 $ 238,592 N/A
Insurance
Connecticut General Life Guaranteed Short-Term Account 115,745 115,745 -
Insurance
Connecticut General Life Guaranteed Long-Term Account 1,736,794 1,736,794 N/A
Insurance
Connecticut General Life Guaranteed Long-Term Account 659,365 659,365 -
Insurance
Chase Manhattan Bank LCI Common Stock Account 656,509 656,509 N/A
Chase Manhattan Bank LCI Common Stock Account 56,057 60,751 4,694
Connecticut General Life Warburg Capital Appreciation 545,690 545,690 N/A
Insurance Account
Connecticut General Life Warburg Capital Appreciation 250,129 295,128 44,999
Insurance Account
Connecticut General Life Warburg Emerging Growth Account 773,463 773,463 N/A
Insurance
Connecticut General Life Warburg Emerging Growth Account 226,972 282,875 55,903
Insurance
The Principal Guaranteed Interest Contract 434,661 434,661 -
</TABLE>
13
<PAGE> 14
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the Administrative Committee has duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly authorized.
LCI INTERNATIONAL 401(k) SAVINGS PLAN
(Name of Plan)
Date: June 27, 1996 By: /s/ JOSEPH A. LAWRENCE
----------------------------------------------
Joseph A. Lawrence
Senior Vice President Finance and
Development and Chief Financial Officer
LCI International, Inc.
14
<PAGE> 15
LCI INTERNATIONAL 401(k) SAVINGS PLAN
ANNUAL REPORT ON FORM 11-K
FOR FISCAL YEAR ENDED DECEMBER 31, 1995
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
------------ ---------------------------------------------- --------
<S> <C> <C>
1 Consent of Independent Public Page 16
Accountants
2 LCI International 401(k) Savings Plan *
</TABLE>
*Incorporated By Reference to Exhibit 99(c) and 99 to the LCI International,
Inc.'s Form S-8 Registration Statements filed on January 19, 1994 and
March 20, 1996, respectively.
15
<PAGE> 16
EXHIBIT 1
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation by
reference of our report dated June 26, 1996, included in this Form 11-K, into
the Company's previously filed Form S-8 Registration Statements File No.
33-74246 and No. 333-2580 of LCI International, Inc. dated January 19, 1994 and
March 20, 1996, respectively.
ARTHUR ANDERSEN LLP
Columbus, Ohio,
June 26, 1996.
16
