<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31 , 1997
CIBER, INC. SAVINGS 401(k) PLAN
(Full title of the plan)
CIBER, INC.
5251 DTC PARKWAY, SUITE 1400, ENGLEWOOD, COLORADO 80111
(Name of issuer of the securities held pursuant to the plan and the address of
its principal executive offices)
<PAGE>
REQUIRED INFORMATION
The financial statements and schedules of the CIBER, Inc. Savings 401(k) Plan
for the years ended December 31, 1997 and 1996 prepared in accordance with the
financial reporting requirements of ERISA along with the independent auditors'
report thereon, is provided beginning on page F-1 attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
Administrator has duly caused this annual report to be signed on its behalf by
the undersigned, thereunto duly authorized.
CIBER, INC. SAVINGS 401(k) PLAN
(Name of Plan)
Date: June 24, 1998 By: /s/ Christopher L. Loffredo
------------------------------------
Christopher L. Loffredo
V.P./CHIEF ACCOUNTING OFFICER
CIBER, Inc.
PLAN ADMINISTRATOR
2
<PAGE>
CIBER, INC. SAVINGS 401(k) PLAN
<TABLE>
<CAPTION>
INDEX TO FINANCIAL STATEMENTS PAGE NO.
--------
<S> <C>
Independent Auditors' Report F - 2
Statements of Net Assets Available for Benefits,
December 31, 1997 and 1996 F - 3
Statements of Changes in Net Assets Available for Benefits,
Years ended December 31, 1997 and 1996 F - 4
Notes to Financial Statements,
December 31, 1997 and 1996 F - 5
Schedule 1 - Item 27a - Schedule of Assets F - 13
Held for Investment Purposes
Schedule 2 - Item 27a - Schedule of Assets F - 14
That were Both Required and Disposed of Within the Plan Year
Schedule 3 - Item 27d - Schedule of Reportable Transactions F - 15
</TABLE>
F - 1
<PAGE>
INDEPENDENT AUDITORS' REPORT
THE PLAN ADMINISTRATOR
CIBER, INC. SAVINGS 401(k) PLAN:
We have audited the accompanying statements of net assets available for benefits
of the CIBER, Inc. Savings 401(k) Plan (the Plan) as of December 31, 1997 and
1996, and the related statements of changes in net assets available for benefits
for the years then ended. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1997 and 1996, and the changes in those net assets for the years
then ended in conformity with generally accepted accounting principles.
Our audits for the year ended December 31, 1997, 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, assets that were
both acquired and disposed of within the Plan year and reportable transactions
as of and for the year ended December 31, 1997 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 supplemental schedules have been
subjected to the auditing procedures applied in the audit 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.
KPMG PEAT MARWICK LLP
Denver, Colorado
June 5, 1998
F - 2
<PAGE>
CIBER, INC. SAVINGS 401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASSETS 1997 1996
---- ----
<S> <C> <C>
Investments, at fair value:
CIBER, Inc. common stock $ 21,880,510 12,550,626
Insurance company accounts 43,349,786 14,868,929
Participant loans 1,000,556 393,591
---------- ----------
Total investments 66,230,852 27,813,146
---------- ----------
Receivables:
Participant contributions 455,218 233,096
Employer contribution 101,980 40,678
---------- ----------
Total receivables 557,198 273,774
---------- ----------
Total assets 66,788,050 28,086,920
---------- ----------
LIABILITY
Other 398 -
---------- ----------
Net assets available for benefits $ 66,787,652 28,086,920
---------- ----------
---------- ----------
</TABLE>
See accompanying notes to financial statements.
F - 3
<PAGE>
CIBER, INC. SAVINGS 401(k) PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1997 1996
---- ----
<S> <C> <C>
Additions to net assets attributed to:
Net appreciation in fair value of investments $ 17,336,973 8,207,017
Interest income 85,479 32,038
---------- ----------
Total investment income 17,422,452 8,239,055
---------- ----------
Contributions:
Participants, including rollovers 15,704,606 6,605,290
Employer 2,149,582 910,776
---------- ----------
Total contributions 17,854,188 7,516,066
---------- ----------
Transfers of assets from merged plans 10,755,936 -
---------- ----------
Total additions 46,032,576 15,755,121
---------- ----------
Deductions from net assets attributed to:
Distributions to participants 7,328,594 1,136,116
Administrative expenses 3,250 19,040
---------- ----------
Total deductions 7,331,844 1,155,156
---------- ----------
Net increase 38,700,732 14,599,965
Net assets available for benefits:
Beginning of year 28,086,920 13,486,955
---------- ----------
End of year $ 66,787,652 28,086,920
---------- ----------
---------- ----------
</TABLE>
See accompanying notes to financial statements.
F - 4
<PAGE>
CIBER, INC. SAVINGS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
(1) DESCRIPTION OF THE PLAN
The following description of the CIBER, Inc. Savings 401(k) Plan (the Plan)
provides only general information. For a more complete description of the
Plan, participants should refer to the Summary Plan Description or the Plan
Agreement, which are available from the plan administrator.
(a) GENERAL
The Plan is a defined contribution plan covering substantially all
employees of CIBER, Inc. and certain of its subsidiaries (the
Company). The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
(b) CONTRIBUTIONS AND VESTING
Participants may contribute up to 15% of pre-tax annual compensation.
Contributions are subject to certain limitations. Participants may
also contribute amounts representing distributions from other
qualified defined contribution or benefit plans (rollovers).
Participants can change their contribution percentage at any time.
Company contributions are based on the participants years of service
and the participant's contribution. Participants are immediately
vested in their contributions plus actual earnings thereon. Vesting
in the Company's matching contribution plus actual earnings thereon is
based on years of service. A participant is 100% vested after five
years of service. At December 31, 1997 and 1996 unallocated forfeited
accounts totaled $94,094 and $29,164, respectively, and are included
in the Short-Term Fund - MMF. Forfeitures are used to reduce future
employer contributions. In 1997 and 1996, employer contributions were
reduced by $177,086 and $44,470, respectively, from forfeited
accounts.
(c) INVESTMENT OPTIONS
Effective January 1, 1996, Great-West Life & Annuity Insurance Company
(Great-West) became the custodian and record keeper for the Plan and
all Plan assets were transferred to Great-West. Thereafter, the
Plan's assets are invested in various investment options offered by
Great-West and in CIBER, Inc. common stock. Under a group fixed and
variable annuity contract, participants invest in the Future Funds
Series Account II of Great West, which is a separate account of Great
West, and the guaranteed certificate funds which invests in the
Great-West general account. The separate account has various
investment divisions that invest in shares of diversified, open-end
management investment companies (the Funds) as described in note 3 to
the financial statements. The Profile Series invests in multiple
underlying Funds. Participants may invest their account in the various
investment options in 1% increments. Participants may change their
investments in the Funds offered by Great-West on a daily basis.
Participants may change their investment in the CIBER stock fund on a
daily basis; however, transactions in CIBER, Inc. common stock are
only processed once a week by the custodian.
Prior to January 1, 1996, the Plan's trustee was the record keeper and
investment manager for the Plan. At this time, the Plan offered four
investment options including a balanced fund, an income fund, a
short-term fund, and the CIBER stock fund.
F - 5
<PAGE>
CIBER, INC. SAVINGS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS, CONTINUED
- --------------------------------------------------------------------------------
(d) DISTRIBUTIONS AND LOANS
Participants are generally entitled to a distribution from the Plan
upon termination of employment, retirement, disability or death.
Terminated participants are entitled to receive only the vested
percentage of their account balance and the remainder of the account
is forfeited. The Plan requires that lump sum distributions be made
to terminated employees with vested account balances of less than
$3,500. For other situations there are various methods by which
benefits may be distributed depending on date of employment, marital
status, and participant elections. Participants may borrow from their
account a minimum of $1,000 up to a maximum equal to the lesser of
$50,000 or 50% of their vested Employee Account balance. Interest on
loans is charged at the prime rate as of the processing date of the
loan, plus 2%. Loans are generally repaid through payroll deductions.
Loans require minimum per paycheck payment amounts. Loans must be
repaid within 5 years, except that the plan administrator may approve
a longer term for loans to acquire a principal residence. Loan
transactions are treated as a transfer to (from) the investment
fund(s) from (to) the participant loan fund. A loan fee of $50 per
loan is charged and paid to Great-West.
(e) EXPENSES
Great-West provides certain recordkeeping and other administrative
services to the Plan. These services are paid for by the Plan through
a daily variable asset charge that reduces the investment income
earned by the Great-West accounts. The annualized variable asset
charge is equal to .25% (.50% prior to May 14, 1997) of the fair value
of Great-West accounts, excluding CIBER, Inc. common stock. Those
Plan expenses not borne by the Plan are paid for by the Company.
(f) PLAN TERMINATION
Although the Company has not expressed any intent to terminate the
Plan, it retains the right under the Plan to terminate the Plan
subject to the provisions of ERISA. In the event of termination,
participants will become 100% vested in their accounts.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying financial statements have been prepared on the accrual
basis of accounting.
INVESTMENTS
Investments are stated at fair value. The fair value of marketable
securities is determined based on quoted market values. The fair value of
insurance company accounts is generally determined based on the market
values of the securities included in the underlying funds. Participant
loans are valued at cost which approximates fair value. Investment
transactions are recorded on the date of purchase or sale (trade-date).
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires the plan administrator to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date
F - 6
<PAGE>
CIBER, INC. SAVINGS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS, CONTINUED
- --------------------------------------------------------------------------------
of the financial statements and the reported amounts of additions and
deductions to net assets during the reporting period. Actual results could
differ from the estimates.
(3) INVESTMENT FUND INFORMATION
At December 31, 1997 the Great-West investment funds are as follows:
<TABLE>
<CAPTION>
<S> <C>
Great-West separate account:
Profile Series:
PS-I Profile Series I
PS-II Profile Series II
PS-III Profile Series III
PS-IV Profile Series IV
PS-V Profile Series V
International Funds:
IF-I Putnam Global Growth Fund
IF-II Maxim Foreign Equity Portfolio
IF-III Fidelity Advisor Overseas Fund
IF-IV Orchard Index Pacific Fund
IF-V Orchard Index European Fund
Aggressive Growth Funds:
AG-I American Century-Twentieth Century Ultra Fund
AG-II AIM Constellation Fund
AG-III Maxim Small-Cap Index Portfolio
AG-IV Maxim Growth Index Portfolio
AG-V Maxim Small-Cap Aggressive Growth Portfolio
Growth Funds:
GF-I Fidelity Advisor Growth Opportunities Fund
GF-II Maxim Stock Index Portfolio
GF-III AIM Weingarten Fund
GF-IV Maxim Small-Cap Value Portfolio
GF-V Maxim Mid-Cap Growth Portfolio
Growth & Income Funds
GI-I Maxim Blue Chip Portfolio
GI-II AIM Charter Fund
GI-III Maxim Value Index Portfolio
GI-IV Putnam Fund for Growth & Income
GI-V Fidelity Advisor Equity Income Fund
Bond Funds:
BF-I Maxim U.S. Government Mortgage Securities Portfolio
BF-II Maxim Investment Grade Corporate Bond Portfolio
BF-III Maxim Corporate Bond Portfolio
BF-IV Putnam Global Governmental Income Fund
BF-V Maxim Short-Term Maturity Bond Portfolio
Short-Term Fund:
MMF Maxim Money Market Portfolio
Great-West general account:
Guaranteed Certificate Funds:
GCF 36M 3 year Great-West guaranteed rate certificates
GCF 60M 5 year Great-West guaranteed rate certificates
GCF 84M 7 year Great-West guaranteed rate certificates
</TABLE>
F - 7
<PAGE>
CIBER, INC. SAVINGS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS, CONTINUED
- --------------------------------------------------------------------------------
(3) INVESTMENT FUND INFORMATION (CONTINUED)
Details of net assets available for benefits and changes in net assets
available for benefits by investment fund is as follows:
Net Assets Available For Benefits Investment Fund Information -
December 31, 1997:
<TABLE>
<CAPTION>
Insurance
CIBER, Inc. Company Participant Employer Net assets
Common Pooled Participant Contributions Contributions December 31,
Investment Funds Stock Accounts Loans Receivable Receivable 1997
---------------- ----- -------- ----- ---------- ---------- ----
<S> <C> <C> <C> <C> <C> <C>
CIBER stock fund $ 21,880,510 20,146 - 64,374 14,724 21,979,754
Great-West accounts:
Profile series:
PS-I - 4,954,936 - 54,526 11,168 5,020,630
PS-II - 6,224,719 - 40,535 9,762 6,275,016
PS-III - 2,167,563 - 14,259 3,963 2,185,785
PS-IV - 406,949 - 3,568 710 411,227
PS-V - 124,855 - 2,106 327 127,288
International funds:
IF-I - 1,634,465 - 16,420 3,675 1,654,560
IF-II - 70,258 - 931 202 71,391
IF-III - 389,755 - 5,165 1,162 396,082
IF-IV - 2,391 - 178 30 2,599
IF-V - 23,910 - 1,054 225 25,189
Aggressive growth funds:
AG-I - 3,560,486 - 38,119 8,996 3,607,601
AG-II - 2,294,481 - 22,898 4,957 2,322,336
AG-III - 362,784 - 6,112 1,219 370,115
AG-IV - 1,063,287 - 15,156 3,303 1,081,746
AG-V - 1,613,214 - 17,023 4,421 1,634,658
Growth funds:
GF-I - 1,781,215 - 14,886 3,308 1,799,409
GF-II - 1,648,617 - 15,867 3,499 1,667,983
GF-III - 1,019,837 - 9,527 2,021 1,031,385
GF-IV - 257,128 - 2,300 437 259,865
GF-V - 44,754 - 2,129 405 47,288
Growth & income funds:
GI-I - 214,930 - 3,619 741 219,290
GI-II - 830,214 - 6,968 1,553 838,735
GI-III - 1,140,834 - 11,429 2,389 1,154,652
GI-IV - 2,844,509 - 20,696 5,033 2,870,238
GI-V - 786,087 - 8,383 1,748 796,218
Bond funds:
BF-I - 176,952 - 2,735 616 180,303
BF-II - 85,786 - 693 182 86,661
BF-III - 663,622 - 4,952 1,212 669,786
BF-IV - 102,412 - 1,451 334 104,197
BF-V - 55,926 - 919 179 57,024
Short-term fund:
MMF - 6,713,866 - 44,922 9,205 6,767,993
Guaranteed Certificate
funds:
GCF 36M - 29,098 - 907 211 30,216
GCF 60M - 6,712 - 173 22 6,907
GCF 84M - 32,690 - 238 41 32,969
Participant loan fund - 1,000,556 - - 1,000,556
---------- ---------- --------- ------- ------- ----------
Totals $ 21,880,510 43,349,388 1,000,556 455,218 101,980 66,787,652
---------- ---------- --------- ------- ------- ----------
---------- ---------- --------- ------- ------- ----------
</TABLE>
F - 8
<PAGE>
CIBER, INC. SAVINGS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS, CONTINUED
- --------------------------------------------------------------------------------
(3) INVESTMENT FUND INFORMATION (CONTINUED)
Net Assets Available For Benefits Investment Fund Information -
December 31, 1996:
<TABLE>
<CAPTION>
Insurance
CIBER, Inc. Company Participant Employer Net assets
Common Pooled Participant Contributions Contributions December 31,
Investment Funds Stock Accounts Loans Receivable Receivable 1996
---------------- ----- -------- ----- ---------- ---------- ----
<S> <C> <C> <C> <C> <C> <C>
CIBER stock fund $ 12,550,626 1,325 - 45,085 8,434 12,605,470
Great-West accounts:
Profile series:
PS-I - 1,504,594 - 21,367 3,465 1,529,426
PS-II - 2,043,745 - 20,150 3,951 2,067,846
PS-III - 873,653 - 9,187 1,578 884,418
PS-IV - 169,420 - 1,719 306 171,445
PS-V - 92,890 - 728 96 93,714
International funds:
IF-I - 391,927 - 8,154 1,157 401,238
IF-II - 19,198 - 509 56 19,763
IF-III - 98,691 - 1,988 296 100,975
Aggressive growth funds:
AG-I - 1,293,987 - 18,442 2,896 1,315,325
AG-II - 922,427 - 12,526 2,173 937,126
AG-III - 99,947 - 1,508 231 101,686
AG-IV - 190,430 - 4,348 588 195,366
AG-V - 304,482 - 7,268 1,062 312,812
Growth funds:
GF-I - 354,902 - 5,630 835 361,367
GF-II - 300,403 - 5,064 816 306,283
GF-III - 342,284 - 4,484 818 347,586
GF-IV - 34,736 - 1,890 178 36,804
Growth & income funds:
GI-I - 77,165 - 1,676 180 79,021
GI-II - 308,878 - 2,639 414 311,931
GI-III - 169,202 - 2,307 377 171,886
GI-IV - 662,633 - 8,433 1,352 672,418
GI-V - 283,876 - 3,293 611 287,780
Bond funds:
BF-I - 42,890 - 1,519 216 44,625
BF-II - 79,125 - 1,449 150 80,724
BF-III - 162,387 - 1,783 260 164,430
BF-IV - 24,303 - 372 55 24,730
BF-V - 26,388 - 395 63 26,846
Short-term fund:
MMF - 3,972,398 - 38,945 8,035 4,019,378
Guaranteed Certificate
funds:
GCF 36M - 8,276 - 137 21 8,434
GCF 60M - 3,138 - 19 2 3,159
GCF 84M - 9,229 - 82 6 9,317
Participant loan fund - - 393,591 - - 393,591
------------ ---------- ------- ------- ------ ----------
Totals $ 12,550,626 14,868,929 393,591 233,096 40,678 28,086,920
------------ ---------- ------- ------- ------ ----------
------------ ---------- ------- ------- ------ ----------
</TABLE>
F - 9
<PAGE>
CIBER, INC. SAVINGS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS, CONTINUED
- --------------------------------------------------------------------------------
(3) INVESTMENT FUND INFORMATION (CONTINUED)
Changes in Net Assets Available For Benefits Investment Fund Information -
1997:
<TABLE>
<CAPTION>
Net
appreciation
Balance (depreciation) Transfers
Investment Funds December 31, in fair value of Interest Participants' Employer from other
---------------- 1996 investments income contributions contributions plans
---- ----------- ------ ------------- ------------- -----
<S> <C> <C> <C> <C> <C> <C>
CIBER stock fund $ 12,605,470 12,611,890 - 1,729,200 343,145 58,835
Great-West accounts:
Profile series:
PS-I 1,529,426 656,234 - 1,838,825 233,894 167
PS-II 2,067,846 729,221 - 1,568,647 270,777 261
PS-III 884,418 219,675 - 677,756 97,905 45
PS-IV 171,445 31,418 - 152,846 15,603 1
PS-V 93,714 12,413 - 64,555 6,624 1
International funds:
IF-I 401,238 107,718 - 593,153 86,006 1,039
IF-II 19,763 (3,782) - 39,281 4,979 -
IF-III 100,975 14,719 - 153,780 23,572 1
IF-IV - (144) - 1,577 263 -
IF-V - 598 6,776 1,177 -
Aggressive growth funds:
AG-I 1,315,325 460,358 - 1,136,361 188,741 30
AG-II 937,126 196,819 - 703,264 127,088 29
AG-III 101,686 48,039 - 132,366 20,647 656
AG-IV 195,366 153,018 - 479,439 61,796 681
AG-V 312,812 235,848 - 538,486 87,837 17
Growth funds:
GF-I 361,367 289,790 - 442,609 74,539 105
GF-II 306,283 240,450 - 488,548 76,992 1,010
GF-III 347,586 158,462 - 293,604 49,810 23
GF-IV 36,804 45,812 - 64,199 11,531 2
GF-V - 2,410 - 15,650 2,249 -
Growth & Income funds:
GI-I 79,021 17,694 - 121,152 `12,131 -
GI-II 311,931 105,787 - 202,712 33,938 11
GI-III 171,886 167,419 - 345,890 45,450 7
GI-IV 672,418 377,055 - 893,276 123,281 18
GI-V 287,780 121,423 - 214,498 34,117 2
Bond funds:
BF-I 44,625 8,040 - 83,482 13,709 -
BF-II 80,724 5,972 - 30,663 5,113 -
BF-III 164,430 52,288 - 148,738 26,885 11
BF-IV 24,730 (759) - 32,326 6,098 -
BF-V 26,846 2,675 - 18,757 3,931 1
Short-term fund:
MMF 4,019,378 268,413 5,405 2,458,220 52,444 10,273,772
Guaranteed certificate
funds:
GCF 36M 8,434 - 838 16,191 3,436 -
GCF 60M 3,159 - 227 3,466 387 -
GCF 84M 9,317 - 1,218 14,313 3,487 -
Participant loan fund 393,591 - 77,791 - - 419,211
------------ ---------- ------ ---------- --------- ----------
Totals $ 28,086,920 17,336,973 85,479 15,704,606 2,149,582 10,755,936
------------ ---------- ------ ---------- --------- ----------
------------ ---------- ------ ---------- --------- ----------
Distributions Balance
Investment Funds to Administrative Inter-fund December 31,
---------------- participants expenses transfers 1997
------------ -------- --------- ----
<S> <C> <C> <C> <C>
CIBER stock fund (3,102,655) 430 (2,266,561) 21,979,754
Great-West accounts:
Profile series:
PS-I (409,665) 251 1,171,498 5,020,630
PS-II (286,104) 52 1,924,316 6,275,016
PS-III (83,238) 523 388,701 2,185,785
PS-IV (6,207) 3 46,118 411,227
PS-V (5,193) 3 (44,829) 127,288
International funds:
IF-I (130,729) 17 596,118 1,654,560
IF-II (6,151) - 17,301 71,391
IF-III (28,824) - 131,859 396,082
IF-IV (98) - 1,001 2,599
IF-V - - 16,638 25,189
Aggressive growth funds:
AG-I (278,568) 32 785,322 3,607,601
AG-II (158,657) 15 516,652 2,322,336
AG-III (33,579) 6 100,294 370,115
AG-IV (121,046) - 312,492 1,081,746
AG-V (85,813) 3 545,468 1,634,658
Growth funds:
GF-I (71,387) 7 702,379 1,799,409
GF-II (130,727) 3 685,424 1,667,983
GF-III (44,295) 22 226,173 1,031,385
GF-IV (6,840) - 108,357 259,865
GF-V - - 26,979 47,288
Growth & Income funds:
GI-I (7,500) 7 (3,215) 219,290
GI-II (51,590) 3 235,943 838,735
GI-III (64,128) 15 488,113 1,154,652
GI-IV (116,288) 70 920,408 2,870,238
GI-V (45,201) 4 183,595 796,218
Bond funds:
BF-I (28,540) 1 58,986 180,303
BF-II (19,545) 2 (16,268) 86,661
BF-III (10,103) - 287,537 669,786
BF-IV (5,847) - 47,649 104,197
BF-V (15,847) 6 20,655 57,024
Short-term fund:
MMF (1,919,829) 774 (8,390,584) 6,767,993
Guaranteed certificate
funds:
GCF 36M (882) 1 2,198 30,216
GCF 60M (339) - 7 6,907
GCF 84M (414) - 5,048 32,969
Participant loan fund (52,765) (5,500) 168,228 1,000,556
---------- ------ ----------- ----------
Totals (7,328,594) (3,250) - 66,787,652
---------- ------ ----------- ----------
---------- ------ ----------- ----------
</TABLE>
F - 10
<PAGE>
CIBER, INC. SAVINGS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS, CONTINUED
- --------------------------------------------------------------------------------
(3) INVESTMENT FUND INFORMATION (CONTINUED)
Changes in Net Assets Available For Benefits Investment Fund Information -
1996:
<TABLE>
<CAPTION>
Net
Balance appreciation Distributions
December 31, in fair value of Interest Participants' Employer to
Investment Funds 1995 investments income contributions contributions participants
---------------- ---- ----------- ------ -------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Balanced fund $ 5,056,040 - 8,587 - - -
Income fund 2,904,616 - 4,411 - - -
Short-term fund 1,464,042 - 2,942 - - -
CIBER stock fund 4,062,257 6,806,000 - 1,088,338 180,526 (186,423)
Great-West accounts:
Profile series:
PS-I - 222,256 - 510,237 73,541 (105,305)
PS-II - 212,484 - 656,311 83,036 (8,504)
PS-III - 65,842 - 197,590 30,862 (3,803)
PS-IV - 12,687 - 26,776 3,271 (25,000)
PS-V - 1,918 - 8,821 1,562 (79)
International funds:
IF-I - 35,921 - 190,799 22,459 (6,442)
IF-II - 1,094 - 7,860 794 (1,111)
IF-III - 7,486 - 39,441 5,432 (1,159)
Aggressive growth funds:
AG-I - 165,286 - 549,304 73,422 (71,556)
AG-II - 82,551 - 346,009 53,533 (24,943)
AG-III - 10,847 - 41,820 5,591 (17,089)
AG-IV - 19,875 - 109,793 12,142 (8,601)
AG-V - 31,763 - 96,370 13,056 (539)
Growth funds:
GF-I - 43,194 - 150,744 19,082 (15,366)
GF-II - 37,592 - 120,200 15,278 (4,343)
GF-III - 46,012 - 114,766 17,876 (9,708)
GF-IV 6,069 - 22,571 2,486 -
Growth & Income funds:
GI-I - 7,265 - 39,474 3,527 (13,254)
GI-II - 47,689 - 102,986 12,891 (6,743)
GI-III - 24,784 - 62,552 7,328 (4,481)
GI-IV - 91,447 - 150,350 23,454 (21,714)
GI-V - 30,260 - 79,913 14,769 (4,122)
Bond funds:
BF-I - 1,191 - 25,793 3,893 (16,083)
BF-II - 1,927 - 42,722 3,098 (965)
BF-III - 14,654 - 47,088 7,543 (419)
BF-IV - 2,029 - 12,203 1,313 (59)
BF-V - 1,328 - 10,505 1,662 -
Short-term fund:
MMF - 175,566 - 1,715,845 216,823 (577,896)
Guaranteed certificate
funds:
GCF 36M - - 285 1,778 372 (6)
GCF 60M - - 100 2,953 38 (6)
GCF 84M - - 133 9,465 116 (397)
Participant loan fund - - 15,580 23,913 - -
------------ --------- ------ --------- ------- ----------
Totals $ 13,486,955 8,207,017 32,038 6,605,290 910,776 (1,136,116)
------------ --------- ------ --------- ------- ----------
------------ --------- ------ --------- ------- ----------
Balance
Administrative Inter-fund December 31,
Investment Funds expenses transfers 1996
---------------- -------- --------- ----
<S> <C> <C> <C>
Balanced fund (8,587) (5,056,040) -
Income fund (4,411) (2,904,616) -
Short-term fund (2,942) (1,464,042) -
CIBER stock fund - 654,772 12,605,470
Great-West accounts:
Profile series:
PS-I - 828,697 1,529,426
PS-II - 1,124,519 2,067,846
PS-III - 593,927 884,418
PS-IV - 153,711 171,445
PS-V - 81,492 93,714
International funds:
IF-I - 158,501 401,238
IF-II - 11,126 19,763
IF-III - 49,775 100,975
Aggressive growth fun
AG-I - 598,869 1,315,325
AG-II - 479,976 937,126
AG-III - 60,517 101,686
AG-IV - 62,157 195,366
AG-V - 172,162 312,812
Growth funds:
GF-I - 163,713 361,367
GF-II - 137,556 306,283
GF-III - 178,640 347,586
GF-IV - 5,678 36,804
Growth & Income funds
GI-I - 42,009 79,021
GI-II - 155,108 311,931
GI-III - 81,703 171,886
GI-IV - 428,881 672,418
GI-V - 166,960 287,780
Bond funds:
BF-I - 29,831 44,625
BF-II - 33,942 80,724
BF-III - 95,564 164,430
BF-IV - 9,244 24,730
BF-V - 13,351 26,846
Short-term fund:
MMF - 2,489,040 4,019,378
Guaranteed certificat
funds:
GCF 36M - 6,005 8,434
GCF 60M - 74 3,159
GCF 84M - - 9,317
Participant loan fund (3,100) 357,198 393,591
------- --------- ----------
Totals (19,040) - 28,086,920
------- --------- ----------
------- --------- ----------
</TABLE>
F - 11
<PAGE>
CIBER, INC. SAVINGS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS, CONTINUED
- --------------------------------------------------------------------------------
(4) TAX STATUS
The Internal Revenue Service has determined and informed the Company that
the Plan and related trust are designed in accordance with applicable
sections of the Internal Revenue Code (IRC) and, accordingly, the trust is
tax exempt under the IRC. The Plan has been amended since receiving the
determination letter; however, the plan administrator believes that the
Plan continues to qualify under the IRC.
(5) TRANSFERS OF ASSETS FROM MERGED PLANS
CIBER has acquired the outstanding common stock of a number of companies
which had their own defined contribution type plans. During 1997, certain
of these plans were merged with the Plan and their respective assets were
transferred into the Plan totaling $10,755,936.
(6) RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The Plan is subject to annual reporting to the Internal Revenue Service on
Form 5500. In 1997, the Plan began using the cash basis method of
accounting for contributions on Form 5500. For financial statement
purposes, the Plan includes in net assets available for benefits $557,198
and $273,774 of contributions receivable at December 31, 1997 and 1996,
respectively, which are not included in total plan assets on Form 5500.
Therefore, total contributions per the financial statements for the years
ended December 31, 1997 and 1996 are $283,424 and $273,774, respectively,
in excess of the amounts reported on Form 5500.
F - 12
<PAGE>
SCHEDULE 1
CIBER, INC. SAVINGS 401(k) PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES - FORM 5500, SCHEDULE
G, PART I
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Identity Description Cost Current value
-------- ----------- ---- -------------
<S> <C> <C> <C>
CIBER, Inc. Common stock $ 5,284,859 21,880,510
Great West separate account:
ER-AWP Cash - employer stock awaiting purchase 20,146 20,146
PS-I Profile Series I 4,562,378 4,954,936
PS-II Profile Series II 5,731,293 6,224,719
PS-III Profile Series III 2,014,878 2,167,563
PS-IV Profile Series IV 383,945 406,949
PS-V Profile Series V 119,195 124,855
IF-I Putnam Global Growth Fund 1,609,189 1,634,465
IF-II Maxim Foreign Equity Portfolio 74,911 70,258
IF-III Fidelity Advisors Overseas Fund 395,557 389,755
IF-IV Orchard Index Pacific Fund 2,842 2,391
IF-V Orchard Index European Fund 23,374 23,910
AG-I Twentieth Century Ultra Fund 3,287,374 3,560,486
AG-II AIM Constellation Fund 2,123,154 2,294,480
AG-III Maxim Small-Cap Index Portfolio 321,446 362,783
AG-IV Maxim Growth Index Portfolio 970,628 1,063,286
AG-V Maxim Small-Cap Aggressive Growth Portfolio 1,430,053 1,613,214
GF-I Fidelity Advisor Growth Opportunities Fund 1,555,783 1,781,215
GF-II Maxim Stock Index Portfolio 1,477,821 1,648,617
GF-III AIM Weingarten Fund 900,354 1,019,837
GF-IV Maxim Small-Cap Value Portfolio 216,389 257,128
GF-V Maxim Mid-Cap Growth Portfolio 43,103 44,754
GI-I Maxim Total Return Portfolio 204,066 214,930
GI-II AIM Charter Fund 763,005 830,214
GI-III Maxim Value Index Portfolio 1,011,388 1,140,834
GI-IV Putnam Fund for Growth & Income 2,601,767 2,844,509
GI-V Fidelity Advisor Equity Income Fund 701,569 786,087
BF-I Maxim U.S. Government Mortgage Securities Portfolio 170,335 176,952
BF-II Maxim Investment Grade Corporate Bond Portfolio 82,025 85,786
BF-III Maxim Corporate Bond Portfolio 619,516 663,622
BF-IV Putnam Global Government Income Trust Fund 103,131 102,412
BF-V Maxim Short-Term Maturity Bond Portfolio 54,043 55,926
MMF Maxim Money Market Portfolio 6,476,893 6,620,170
Forfeitures Maxim Money Market Portfolio 94,094 94,094
Great-West guaranteed rate certificates:
GCF36 M Great-West Certificate due December 31, 1998, 4.5% 6,411 6,411
GCF36 M Great-West Certificate due March 31, 1999, 4.5% 308 309
GCF36 M Great-West Certificate due June 30, 1999, 5.0% 1,127 1,127
GCF36 M Great-West Certificate due September 30, 1999, 5.25% 795 796
GCF36 M Great-West Certificate due December 31, 1999, 4.8% 3,451 3,451
GCF36 M Great-West Certificate due March 31, 2000, 5.25% 4,545 4,545
GCF36 M Great-West Certificate due June 30, 2000, 5.5% 6,171 6,171
GCF36 M Great-West Certificate due September 30, 2000, 5.1% 6,290 6,290
GCF60 M Great-West Certificate due December 31, 2000, 4.75% 2,797 2,797
GCF60 M Great-West Certificate due March 31, 2001, 4.75% 77 77
GCF60 M Great-West Certificate due June 30, 2001, 5.25% 83 83
GCF60 M Great-West Certificate due September 30, 2001, 5.45% 78 78
GCF60 M Great-West Certificate due December 31, 2001, 5.05% 764 764
GCF60 M Great-West Certificate due March 31, 2002, 5.50% 560 560
GCF60 M Great-West Certificate due June 30, 2002, 5.75% 1,022 1,023
GCF60 M Great-West Certificate due September 30, 2002, 5.35% 1,331 1,331
GCF84 M Great-West Certificate due March 31, 2003, 5.0% 160 160
GCF84 M Great-West Certificate due June 30, 2003, 5.5% 9,064 9,064
GCF84 M Great-West Certificate due September 30, 2003, 5.65% 512 512
GCF84 M Great-West Certificate due December 31, 2003, 5.2% 7,442 7,442
GCF84 M Great-West Certificate due March 31, 2004, 5.75% 7,973 7,973
GCF84 M Great-West Certificate due June 30, 2004, 6.0% 6,052 6,052
GCF84 M Great-West Certificate due September 30, 2004, 5. 5% 1,487 1,487
Participant loans Interest rates of 9.25% to 10.25% 1,000,556 1,000,556
</TABLE>
See accompanying independent auditors' report.
F - 13
<PAGE>
SCHEDULE 2
CIBER, INC. SAVINGS 401(k) PLAN
ITEM 27a - SCHEDULE OF ASSETS THAT WERE BOTH ACQUIRED AND DISPOSED OF WITHIN THE
PLAN YEAR - FORM 5500, SCHEDULE G, PART II
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Purchase Sale
Identity Description cost proceeds
-------- ----------- ---- --------
<S> <C> <C> <C>
Great-West guaranteed rate certificates:
GCF36 M Great-West Certificate due March 31, 2000, 5.25% $432 432
GCF36 M Great-West Certificate due June 30, 2000, 5.5% 500 500
GCF36 M Great-West Certificate due September 30, 2000, 5.1% 104 104
GCF60 M Great-West Certificate due December 31, 2001, 5.05% 60 60
GCF60 M Great-West Certificate due March 31, 2002, 5.5% 27 27
GCF84 M Great-West Certificate due December 31, 2003, 5.2% 414 414
</TABLE>
See accompanying independent auditors' report.
F - 14
<PAGE>
SCHEDULE 3
CIBER, INC. SAVINGS 401(k) PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS - FORM 5500, SCHEDULE G, PART V
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net
Total Total realized
Identity Description purchases sales gain
-------- ----------- --------- ----- ----
<S> <C> <C> <C> <C>
CIBER, Inc. Common stock $ 3,002,624 6,577,012 4,750,484
Great-West separate account:
PS-I Profile Series I 7,671,276 4,861,608 2,809,668
PS-II Profile Series II 8,947,564 5,482,266 3,465,298
PS-III Profile Series III 2,785,904 1,708,534 1,077,370
IF-I Putnam Global Growth Fund 2,706,704 1,568,701 1,138,003
AG-I Twentieth Century Ultra Fund 5,174,463 3,361,112 1,813,351
AG-II AIM Constellation Fund 3,267,346 2,087,986 1,179,360
AG-IV Maxim Growth Index Portfolio 1,779,823 1,057,756 722,067
AG-V Maxim Small-Cap Aggressive Growth Portfolio 2,653,250 1,577,065 1,076,185
GF-I Fidelity Advisor Growth Opportunities Fund 2,454,531 1,316,064 1,138,467
GF-II Maxim Stock Index Portfolio 2,428,099 1,316,410 1,111,689
GF-III AIM Weingarten Fund 1,297,317 776,750 520,567
GI-II AIM Charter Fund 1,036,219 618,806 417,413
GI-III Maxim Value Index Portfolio 1,535,977 730,090 805,887
GI-IV Putnam Fund for Growth & Income 4,435,378 2,627,506 1,807,872
GI-V Fidelity Advisor Equity Income Fund 1,036,581 654,253 382,328
BF-III Maxim Corporate Bond Portfolio 971,611 521,289 450,322
MMF Maxim Money Market Portfolio 22,337,099 19,928,200 2,408,899
</TABLE>
See accompanying independent auditors' report.
F - 15
<PAGE>
Exhibit 23.1
CONSENT OF INDEPENDENT AUDITORS
CIBER, INC.
THE PLAN ADMINISTRATOR
CIBER, INC. SAVINGS 401(k) PLAN:
We consent to incorporation by reference in the registration statement of Form
S-8 (No. 33-81320-3) of CIBER, Inc. of our report dated June 5, 1998, relating
to the statements of net assets available for benefits of the CIBER, Inc.
Savings 401(k) Plan as of December 31, 1997 and 1996, and the related statements
of changes in net assets available for benefits for the years then ended and the
related supplemental schedules, which report appears in the December 31, 1997
Annual Report on Form 11-K of the CIBER, Inc. Savings 401(k) Plan.
KPMG PEAT MARWICK LLP
Denver, Colorado
June 24, 1998
