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<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, 1998
CIBER, INC. SAVINGS 401(k) PLAN
(Full title of 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 year ended December 31, 1998 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)
Dated: June 25, 1999
By: /s/Christopher L. Loffredo
-------------------------------
Christopher L. Loffredo
V.P./CHIEF ACCOUNTING OFFICER
CIBER, Inc.
PLAN ADMINISTRATOR
<PAGE>
CIBER, INC. SAVINGS 401(k) PLAN
INDEX TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
PAGE
<S> <C>
Independent Auditors' Report F - 2
Statements of Net Assets Available for Benefits,
December 31, 1998 and 1997 F - 3
Statements of Changes in Net Assets Available for Benefits,
Years ended December 31, 1998 and 1997 F - 4
Notes to Financial Statements,
December 31, 1998 and 1997 F - 5
SCHEDULES
1 - Item 27a - Schedule of Assets Held for Investment Purposes F - 13
2 - Item 27a - Schedule of Assets That Were Both Acquired and
Disposed of Within the Plan Year F - 14
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, 1998 and
1997, 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, 1998 and 1997, 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, 1998, 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, 1998 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 LLP
Denver, Colorado
May 28, 1999
F - 2
<PAGE>
CIBER, INC. SAVINGS 401(k) PLAN
Statements of Net Assets Available for Benefits
December 31, 1998 and 1997
<TABLE>
<CAPTION>
ASSETS
1998 1997
-------------------- ------------------
<S> <C> <C>
Investments, at fair value:
CIBER, Inc. common stock $ 28,289,459 21,880,510
Insurance company accounts 82,368,734 43,349,786
Participant loans 1,639,066 1,000,556
-------------------- ------------------
Total investments 112,297,259 66,230,852
-------------------- ------------------
Receivables:
Participant contributions -- 455,218
Employer contribution -- 101,980
-------------------- ------------------
Total receivables -- 557,198
-------------------- ------------------
Total assets 112,297,259 66,788,050
-------------------- ------------------
LIABILITY
Other -- 398
-------------------- ------------------
Net assets available for benefits $ 112,297,259 66,787,652
-------------------- ------------------
-------------------- ------------------
</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, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
-------------------- -------------------
<S> <C> <C>
Additions to net assets attributed to:
Net appreciation in fair value of investments $ 8,236,775 17,336,973
Interest income 105,198 85,479
-------------------- -------------------
Total investment income 8,341,973 17,422,452
-------------------- -------------------
Contributions:
Participants, including rollovers 24,622,136 15,704,606
Employer 3,733,324 2,149,582
-------------------- -------------------
Total contributions 28,355,460 17,854,188
-------------------- -------------------
Transfers of assets from merged plans 17,157,982 10,755,936
-------------------- -------------------
Total additions 53,855,415 46,032,576
-------------------- -------------------
Deductions from net assets attributed to:
Distributions to participants 8,350,293 7,328,594
Administrative expenses (4,485) 3,250
-------------------- -------------------
Total deductions 8,345,808 7,331,844
-------------------- -------------------
Net increase 45,509,607 38,700,732
Net assets available for benefits:
Beginning of year 66,787,652 28,086,920
-------------------- -------------------
End of year $ 112,297,259 66,787,652
-------------------- -------------------
-------------------- -------------------
</TABLE>
See accompanying notes to financial statements.
F - 4
<PAGE>
CIBER, INC. SAVINGS 401(k) PLAN
Notes to Financial Statements
December 31, 1998 and 1997
(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
participant's 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, 1998 and 1997 unallocated forfeited accounts
totaled $177,208 and $94,094, respectively, and are included in
the Short-Term Fund -- MMF. Forfeitures are used to reduce future
employer contributions. In 1998 and 1997, employer contributions
were reduced by $290,119 and $177,086, respectively, from
forfeited accounts.
(c) INVESTMENT OPTIONS
Great-West Life & Annuity Insurance Company (Great-West) is the
custodian and record keeper for the Plan. 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.
F - 5 (Continued)
<PAGE>
(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. For other situations there are various
methods by which benefits may be distributed depending on date of
employment, marital status and participant elections.
Distributions are recorded when paid. 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 1%. 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. For participants with account balances greater than
$50,000, Great-West provides an annual Bonus Addition. Bonus
Additions of $6,135 and $2,250 were added to accounts in 1998 and
1997, respectively. 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
(a) BASIS OF PRESENTATION
The accompanying financial statements have been prepared on the
accrual basis of accounting.
(b) 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).
F - 6 (Continued)
<PAGE>
(c) 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 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, 1998 the Great-West investment funds are as follows:
<TABLE>
<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 Orchard Index 600
AG-IV Maxim Growth Index Portfolio
AG-V Maxim Small-Cap Aggressive Growth Portfolio
AG-VI The Lord Abbett Developing Growth Fund
Growth Funds:
GF-I Fidelity Advisor Growth Opportunities Fund
GF-II Orchard Index 500
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 (Continued)
<PAGE>
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,
1998:
<TABLE>
<CAPTION>
INSURANCE
CIBER, INC. COMPANY NET ASSETS
COMMON POOLED PARTICIPANT DECEMBER 31,
INVESTMENT FUNDS STOCK ACCOUNTS LOANS 1998
- ----------------------------------------------- ------------------- ------------------- ----------------- ------------------
<S> <C> <C> <C> <C>
CIBER stock fund $ 28,289,459 226,736 -- 28,516,195
Great-West accounts:
Profile Series:
PS-I -- 7,725,771 -- 7,725,771
PS-II -- 8,569,468 -- 8,569,468
PS-III -- 3,053,973 -- 3,053,973
PS-IV -- 613,634 -- 613,634
PS-V -- 203,127 -- 203,127
International Funds:
IF-I -- 2,570,812 -- 2,570,812
IF-II -- 105,627 -- 105,627
IF-III -- 600,155 -- 600,155
IF-IV -- 54,986 -- 54,986
IF-V -- 611,748 -- 611,748
Aggressive Growth Funds:
AG-I -- 7,061,288 -- 7,061,288
AG-II -- 3,097,577 -- 3,097,577
AG-III -- 545,464 -- 545,464
AG-IV -- 2,984,193 -- 2,984,193
AG-V -- 1,874,577 -- 1,874,577
AG-VI -- 45,439 -- 45,439
Growth Funds:
GF-I -- 2,867,842 -- 2,867,842
GF-II -- 3,475,581 -- 3,475,581
GF-III -- 2,244,751 -- 2,244,751
GF-IV -- 489,124 -- 489,124
GF-V -- 998,933 -- 998,933
Growth & Income Funds:
GI-I -- 604,441 -- 604,441
GI-II -- 1,193,634 -- 1,193,634
GI-III -- 2,107,762 -- 2,107,762
GI-IV -- 3,990,089 -- 3,990,089
GI-V -- 1,797,474 -- 1,797,474
Bond Funds:
BF-I -- 625,144 -- 625,144
BF-II -- 244,471 -- 244,471
BF-III -- 895,345 -- 895,345
BF-IV -- 105,597 -- 105,597
BF-V -- 101,973 -- 101,973
Short-Term Fund:
MMF -- 20,547,537 -- 20,547,537
Guaranteed Certificate Funds:
GCF 36M -- 68,749 -- 68,749
GCF 60M -- 14,699 -- 14,699
GCF 84M -- 51,013 -- 51,013
Participant Loan Fund -- -- 1,639,066 1,639,066
------------------- ------------------- ----------------- ------------------
Totals $ 28,289,459 82,368,734 1,639,066 112,297,259
------------------- ------------------- ----------------- ------------------
------------------- ------------------- ----------------- ------------------
</TABLE>
F - 8 (Continued)
<PAGE>
Changes in Net Assets Available For Benefits Investment Fund Information - 1998:
<TABLE>
<CAPTION>
NET
APPRECIATION
BALANCE (DEPRECIATION)
DECEMBER 31, IN FAIR VALUE OF INTEREST PARTICIPANTS' EMPLOYER
1997 INVESTMENTS INCOME CONTRIBUTIONS CONTRIBUTIONS
------------------ ---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C>
Investment Funds
CIBER stock fund $ 21,979,754 (786,794) (8) 3,973,737 705,828
Great-West accounts:
Profile Series:
PS-I 5,020,630 1,106,772 -- 2,843,115 407,486
PS-II 6,275,016 1,181,153 -- 2,088,459 367,678
PS-III 2,185,785 351,918 -- 828,086 133,898
PS-IV 411,227 61,640 -- 171,075 26,657
PS-V 127,288 16,251 -- 88,663 12,218
International Funds:
IF-I 1,654,560 501,916 -- 627,538 123,359
IF-II 71,391 5,285 -- 42,239 7,467
IF-III 396,082 42,621 -- 206,382 37,477
IF-IV 2,599 4,082 -- 52,373 4,655
IF-V 25,189 20,938 -- 309,499 41,935
Aggressive Growth Funds:
AG-I 3,607,601 1,480,592 -- 2,208,926 359,403
AG-II 2,322,336 462,093 -- 923,845 167,510
AG-III 370,115 (6,167) -- 253,481 41,880
AG-IV 1,081,746 603,696 -- 1,115,233 152,226
AG-V 1,634,658 (30,954) -- 666,176 130,312
AG-VI -- 5,586 -- 9,629 1,959
Growth Funds:
GF-I 1,799,409 505,610 -- 906,428 154,278
GF-II 1,667,983 592,938 -- 1,058,370 163,871
GF-III 1,031,385 462,487 -- 584,337 100,347
GF-IV 259,865 30,292 -- 151,022 25,237
GF-V 47,288 121,502 -- 485,070 56,689
Growth & Income Funds:
GI-I 219,290 57,725 -- 230,196 35,629
GI-II 838,735 215,938 -- 288,829 52,347
GI-III 1,154,652 199,971 -- 726,904 111,311
GI-IV 2,870,238 453,406 -- 851,380 161,723
GI-V 796,218 187,521 -- 677,328 83,212
Bond Funds:
BF-I 180,303 23,503 -- 191,240 27,879
BF-II 86,661 10,099 -- 76,066 11,439
BF-III 669,786 22,535 -- 245,469 46,959
BF-IV 104,197 3,024 -- 54,076 7,527
BF-V 57,024 4,070 -- 37,833 8,418
Short-Term Fund:
MMF 6,767,993 325,526 -- 1,593,538 (46,312)
Guaranteed Certificate
Funds:
GCF 36M 30,216 -- 2,138 34,195 7,040
GCF 60M 6,907 -- 501 5,907 1,232
GCF 84M 32,969 -- 2,223 15,492 2,550
Participant Loan Fund 1,000,556 -- 100,344 -- --
------------------ ---------------- --------------- ---------------- ---------------
Totals $ 66,787,652 8,236,775 105,198 24,622,136 3,733,324
------------------ ---------------- --------------- ---------------- ---------------
------------------ ---------------- --------------- ---------------- ---------------
TRANSFERS DISTRIBUTIONS BALANCE
FROM OTHER TO ADMINISTRATIVE INTER-FUND DECEMBER 31,
PLANS PARTICIPANTS EXPENSES TRANSFERS 1998
---------------- ---------------- ---------------- ---------------- ------------------
<S> <C> <C> <C> <C> <C>
Investment Funds
CIBER stock fund -- (2,149,304) 1,749 4,791,233 28,516,195
Great-West accounts:
Profile Series:
PS-I -- (527,468) 512 (1,125,276) 7,725,771
PS-II -- (816,171) 491 (527,158) 8,569,468
PS-III -- (134,483) 541 (311,772) 3,053,973
PS-IV -- (67,213) 19 10,229 613,634
PS-V -- (34,625) 9 (6,677) 203,127
International Funds:
IF-I -- (199,404) 163 (137,320) 2,570,812
IF-II -- (9,393) 3 (11,365) 105,627
IF-III -- (48,500) 85 (33,992) 600,155
IF-IV -- (7,239) -- (1,484) 54,986
IF-V -- (14,484) 1 228,670 611,748
Aggressive Growth Funds:
AG-I -- (460,588) 226 (134,872) 7,061,288
AG-II -- (302,947) 206 (475,466) 3,097,577
AG-III -- (43,802) 19 (70,062) 545,464
AG-IV -- (186,340) 30 217,602 2,984,193
AG-V -- (146,199) 107 (379,523) 1,874,577
AG-VI -- -- -- 28,265 45,439
Growth Funds:
GF-I -- (565,941) 228 67,830 2,867,842
GF-II -- (176,857) 84 169,192 3,475,581
GF-III -- (81,170) 136 147,229 2,244,751
GF-IV -- (21,049) 25 43,732 489,124
GF-V -- (31,916) -- 320,300 998,933
Growth & Income Funds:
GI-I -- (31,281) 8 92,874 604,441
GI-II -- (163,829) 78 (38,464) 1,193,634
GI-III -- (121,879) 139 36,664 2,107,762
GI-IV -- (311,814) 443 (35,287) 3,990,089
GI-V -- (121,751) 102 174,844 1,797,474
Bond Funds:
BF-I -- (165,347) 4 367,562 625,144
BF-II -- (14,358) 4 74,560 244,471
BF-III -- (25,352) 98 (64,150) 895,345
BF-IV -- (16,158) 1 (47,070) 105,597
BF-V -- (2,324) 9 (3,057) 101,973
Short-Term Fund:
MMF 16,766,397 (1,156,662) 614 (3,703,557) 20,547,537
Guaranteed Certificate
Funds:
GCF 36M -- (6,097) 1 1,256 68,749
GCF 60M -- (61) -- 213 14,699
GCF 84M -- (2,221) -- -- 51,013
Participant Loan Fund 391,585 (186,066) (1,650) 334,297 1,639,066
---------------- ---------------- ---------------- ---------------- ------------------
Totals 17,157,982 (8,350,293) 4,485 -- 112,297,259
---------------- ---------------- ---------------- ---------------- ------------------
---------------- ---------------- ---------------- ---------------- ------------------
</TABLE>
F - 9 (Continued)
<PAGE>
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
COMMON POOLED PARTICIPANT CONTRIBUTIONS
INVESTMENT FUNDS STOCK ACCOUNTS LOANS RECEIVABLE
- ----------------------------------------------- ------------------- -------------------- ----------------- ---------------
<S> <C> <C> <C> <C>
CIBER stock fund $ 21,880,510 20,146 -- 64,374
Great-West accounts:
Profile Series:
PS-I -- 4,954,936 -- 54,526
PS-II -- 6,224,719 -- 40,535
PS-III -- 2,167,563 -- 14,259
PS-IV -- 406,949 -- 3,568
PS-V -- 124,855 -- 2,106
International Funds:
IF-I -- 1,634,465 -- 16,420
IF-II -- 70,258 -- 931
IF-III -- 389,755 -- 5,165
IF-IV -- 2,391 -- 178
IF-V -- 23,910 -- 1,054
Aggressive Growth Funds:
AG-I -- 3,560,486 -- 38,119
AG-II -- 2,294,481 -- 22,898
AG-III -- 362,784 -- 6,112
AG-IV -- 1,063,287 -- 15,156
AG-V -- 1,613,214 -- 17,023
Growth Funds:
GF-I -- 1,781,215 -- 14,886
GF-II -- 1,648,617 -- 15,867
GF-III -- 1,019,837 -- 9,527
GF-IV -- 257,128 -- 2,300
GF-V -- 44,754 -- 2,129
Growth & Income Funds:
GI-I -- 214,930 -- 3,619
GI-II -- 830,214 -- 6,968
GI-III -- 1,140,834 -- 11,429
GI-IV -- 2,844,509 -- 20,696
GI-V -- 786,087 -- 8,383
Bond Funds:
BF-I -- 176,952 -- 2,735
BF-II -- 85,786 -- 693
BF-III -- 663,622 -- 4,952
BF-IV -- 102,412 -- 1,451
BF-V -- 55,926 -- 919
Short-Term Fund:
MMF -- 6,713,866 -- 44,922
Guaranteed Certificate Funds:
GCF 36M -- 29,098 -- 907
GCF 60M -- 6,712 -- 173
GCF 84M -- 32,690 -- 238
Participant Loan Fund -- -- 1,000,556 --
------------------- -------------------- ----------------- ---------------
Totals $ 21,880,510 43,349,388 1,000,556 455,218
------------------- -------------------- ----------------- ---------------
------------------- -------------------- ----------------- ---------------
EMPLOYER NET ASSETS
CONTRIBUTIONS DECEMBER 31,
INVESTMENT FUNDS RECEIVABLE 1997
- ----------------------------------------------- -------------- ------------------
<S> <C> <C>
CIBER stock fund 14,724 21,979,754
Great-West accounts:
Profile Series:
PS-I 11,168 5,020,630
PS-II 9,762 6,275,016
PS-III 3,963 2,185,785
PS-IV 710 411,227
PS-V 327 127,288
International Funds:
IF-I 3,675 1,654,560
IF-II 202 71,391
IF-III 1,162 396,082
IF-IV 30 2,599
IF-V 225 25,189
Aggressive Growth Funds:
AG-I 8,996 3,607,601
AG-II 4,957 2,322,336
AG-III 1,219 370,115
AG-IV 3,303 1,081,746
AG-V 4,421 1,634,658
Growth Funds:
GF-I 3,308 1,799,409
GF-II 3,499 1,667,983
GF-III 2,021 1,031,385
GF-IV 437 259,865
GF-V 405 47,288
Growth & Income Funds:
GI-I 741 219,290
GI-II 1,553 838,735
GI-III 2,389 1,154,652
GI-IV 5,033 2,870,238
GI-V 1,748 796,218
Bond Funds:
BF-I 616 180,303
BF-II 182 86,661
BF-III 1,212 669,786
BF-IV 334 104,197
BF-V 179 57,024
Short-Term Fund:
MMF 9,205 6,767,993
Guaranteed Certificate Funds:
GCF 36M 211 30,216
GCF 60M 22 6,907
GCF 84M 41 32,969
Participant Loan Fund -- 1,000,556
-------------- ------------------
Totals 101,980 66,787,652
-------------- ------------------
-------------- ------------------
</TABLE>
F - 10 (Continued)
<PAGE>
Changes in Net Assets Available For Benefits Investment Fund Information 0 1997:
<TABLE>
<CAPTION>
NET
APPRECIATION
BALANCE (DEPRECIATION)
DECEMBER 31, IN FAIR VALUE OF INTEREST PARTICIPANTS' EMPLOYER
1996 INVESTMENTS INCOME CONTRIBUTIONS CONTRIBUTIONS
------------------ ------------------- ------------- ------------------ -----------------
<S> <C> <C> <C> <C> <C>
Investment Funds
CIBER stock fund $ 12,605,470 12,611,890 -- 1,729,200 343,145
Great-West accounts:
Profile Series:
PS-I 1,529,426 656,234 -- 1,838,825 233,894
PS-II 2,067,846 729,221 -- 1,568,647 270,777
PS-III 884,418 219,675 -- 677,756 97,905
PS-IV 171,445 31,418 -- 152,846 15,603
PS-V 93,714 12,413 -- 64,555 6,624
International Funds:
IF-I 401,238 107,718 -- 593,153 86,006
IF-II 19,763 (3,782) -- 39,281 4,979
IF-III 100,975 14,719 -- 153,780 23,572
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
AG-II 937,126 196,819 -- 703,264 127,088
AG-III 101,686 48,039 -- 132,366 20,647
AG-IV 195,366 153,018 -- 479,439 61,796
AG-V 312,812 235,848 -- 538,486 87,837
Growth Funds:
GF-I 361,367 289,790 -- 442,609 74,539
GF-II 306,283 240,450 -- 488,548 76,992
GF-III 347,586 158,462 -- 293,604 49,810
GF-IV 36,804 45,812 -- 64,199 11,531
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
GI-III 171,886 167,419 -- 345,890 45,450
GI-IV 672,418 377,055 -- 893,276 123,281
GI-V 287,780 121,423 -- 214,498 34,117
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
BF-IV 24,730 (759) -- 32,326 6,098
BF-V 26,846 2,675 -- 18,757 3,931
Short-Term Fund:
MMF 4,019,378 268,413 5,405 2,458,220 52,444
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 -- --
------------------ ------------------- ------------- ------------------ -----------------
Totals $ 28,086,920 17,336,973 85,479 15,704,606 2,149,582
------------------ ------------------- ------------- ------------------ -----------------
------------------ ------------------- ------------- ------------------ -----------------
TRANSFERS DISTRIBUTIONS BALANCE
FROM OTHER TO ADMINISTRATIVE INTER-FUND DECEMBER 31,
PLANS PARTICIPANTS EXPENSES TRANSFERS 1997
------------------- ------------------- --------------- ------------------ ------------------
<S> <C> <C> <C> <C> <C>
Investment Funds
CIBER stock fund 58,835 (3,102,655) 430 (2,266,561) 21,979,754
Great-West accounts:
Profile Series:
PS-I 167 (409,665) 251 1,171,498 5,020,630
PS-II 261 (286,104) 52 1,924,316 6,275,016
PS-III 45 (83,238) 523 388,701 2,185,785
PS-IV 1 (6,207) 3 46,118 411,227
PS-V 1 (5,193) 3 (44,829) 127,288
International Funds:
IF-I 1,039 (130,729) 17 596,118 1,654,560
IF-II -- (6,151) -- 17,301 71,391
IF-III 1 (28,824) -- 131,859 396,082
IF-IV -- (98) -- 1,001 2,599
IF-V -- -- -- 16,638 25,189
Aggressive Growth Funds:
AG-I 30 (278,568) 32 785,322 3,607,601
AG-II 29 (158,657) 15 516,652 2,322,336
AG-III 656 (33,579) 6 100,294 370,115
AG-IV 681 (121,046) -- 312,492 1,081,746
AG-V 17 (85,813) 3 545,468 1,634,658
Growth Funds:
GF-I 105 (71,387) 7 702,379 1,799,409
GF-II 1,010 (130,727) 3 685,424 1,667,983
GF-III 23 (44,295) 22 226,173 1,031,385
GF-IV 2 (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 11 (51,590) 3 235,943 838,735
GI-III 7 (64,128) 15 488,113 1,154,652
GI-IV 18 (116,288) 70 920,408 2,870,238
GI-V 2 (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 11 (10,103) -- 287,537 669,786
BF-IV -- (5,847) -- 47,649 104,197
BF-V 1 (15,847) 6 20,655 57,024
Short-Term Fund:
MMF 10,273,772 (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 419,211 (52,765) (5,500) 168,228 1,000,556
------------------- ------------------- --------------- ------------------ ------------------
Totals 10,755,936 (7,328,594) (3,250) -- 66,787,652
------------------- ------------------- --------------- ------------------ ------------------
------------------- ------------------- --------------- ------------------ ------------------
</TABLE>
F - 11 (Continued)
<PAGE>
(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 1998 and
1997, certain of these plans were merged with the Plan and their
respective assets were transferred into the Plan totaling $17,157,982 and
$10,755,936, respectively.
(6) RECONCILIATION OF FINANCIAL STATEMENTS OF FORM 5500
The Plan is subject to annual reporting to the Internal Revenue Service
on Form 5500. The Plan uses 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 of contributions
receivable at December 31, 1997, which are not included in total plan
assets on Form 5500. There were no contributions receivable at December
31, 1998. Therefore, total contributions per the financial statements
differ from Form 5500 as follows:
<TABLE>
<CAPTION>
YEAR ENDED
DECEMBER 31,
1998
------------------
<S> <C>
Total contributions per financial statements $ 28,355,460
Contributions receivable at December 31, 1997 557,198
------------------
Total contributions per Form 5500 $ 28,912,658
------------------
------------------
</TABLE>
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, 1998
<TABLE>
<CAPTION>
IDENTITY DESCRIPTION COST CURRENT VALUE
- ------------------------------------------ ----------------------------------------------------- ---------------- -------------
<S> <C> <C> <C>
CIBER, Inc. Common stock $ 17,061,976 28,289,459
Great West separate account:
ER-AWP Cash - employer stock awaiting purchase 226,736 226,736
PS-I Profile Series I 6,414,817 7,725,771
PS-II Profile Series II 7,089,735 8,569,468
PS-III Profile Series III 2,603,693 3,053,973
PS-IV Profile Series IV 541,759 613,634
PS-V Profile Series V 187,768 203,127
IF-I Putnam Global Growth Fund 2,088,378 2,570,812
IF-II Maxim Foreign Equity Portfolio 104,736 105,627
IF-III Fidelity Advisors Overseas Fund 568,168 600,155
IF-IV Orchard Index Pacific Fund 51,680 54,986
IF-V Orchard Index European Fund 573,169 611,748
AG-I Twentieth Century Ultra Fund 5,483,313 7,061,288
AG-II AIM Constellation Fund 2,550,259 3,097,577
AG-III Orchard Index 600 515,605 545,464
AG-IV Maxim Growth Index Portfolio 2,344,712 2,984,193
AG-V Maxim Small-Cap Aggressive Growth Portfolio 1,758,265 1,874,577
AG-VI The Lord Abbett Developing Growth Fund 39,684 45,439
GF-I Fidelity Advisor Growth Opportunities Fund 2,264,793 2,867,842
GF-II Orchard Index 500 2,784,501 3,475,581
GF-III AIM Weingarten Fund 1,684,495 2,244,751
GF-IV Maxim Small-Cap Value Portfolio 423,471 489,124
GF-V Maxim Mid-Cap Growth Portfolio 877,153 998,933
GI-I Maxim Total Return Portfolio 542,767 604,441
GI-II AIM Charter Fund 928,694 1,193,634
GI-III Maxim Value Index Portfolio 1,827,126 2,107,762
GI-IV Putnam Fund for Growth & Income 3,355,671 3,990,089
GI-V Fidelity Advisor Equity Income Fund 1,543,856 1,797,474
BF-I Maxim U.S. Government Mortgage Securities Portfolio 602,766 625,144
BF-II Maxim Investment Grade Corporate Bond Portfolio 233,916 244,471
BF-III Maxim Corporate Bond Portfolio 836,603 895,345
BF-IV Putnam Global Government Income Trust Fund 102,433 105,597
BF-V Maxim Short-Term Maturity Bond Portfolio 98,214 101,973
MMF Maxim Money Market Portfolio 20,033,367 20,370,329
Forfeitures Maxim Money Market Portfolio 177,208 177,208
Great-West guaranteed rate certificates:
GCF36 M Great-West Certificate due March 31, 1999, 4.50% 322 322
GCF36 M Great-West Certificate due June 30, 1999, 5.00% 1,183 1,183
GCF36 M Great-West Certificate due September 30, 1999, 5.25% 826 826
GCF36 M Great-West Certificate due December 31, 1999, 5.25% 3,497 3,497
GCF36 M Great-West Certificate due March 31, 2000, 5.25% 4,093 4,093
GCF36 M Great-West Certificate due June 30, 2000, 5.50% 5,322 5,322
GCF36 M Great-West Certificate due September 30, 2000, 5.10% 5,047 5,047
GCF36 M Great-West Certificate due December 31, 2000, 4.85% 8,436 8,436
GCF36 M Great-West Certificate due March 31, 2001, 4.85% 7,037 7,037
GCF36 M Great-West Certificate due June 30, 2001, 5.25% 7,296 7,296
GCF36 M Great-West Certificate due September 30, 2001, 4.35% 18,989 18,989
GCF36 M Great-West Certificate due December 31, 2001, 4.25% 6,700 6,700
GCF60 M Great-West Certificate due December 31, 2000, 4.75% 2,930 2,930
GCF60 M Great-West Certificate due March 31, 2001, 4.75% 80 80
GCF60 M Great-West Certificate due June 30, 2001, 5.25% 88 88
GCF60 M Great-West Certificate due September 30, 2001, 5.45% 82 82
GCF60 M Great-West Certificate due December 31, 2001, 5.05% 789 789
GCF60 M Great-West Certificate due March 31, 2002, 5.50% 591 591
GCF60 M Great-West Certificate due June 30, 2002, 5.75% 1,081 1,081
GCF60 M Great-West Certificate due September 30, 2002, 5.00% 1,296 1,296
GCF60 M Great-West Certificate due December 31, 2002, 5.05% 1,589 1,589
GCF60 M Great-West Certificate due March 31, 2003, 5.05% 1,685 1,685
GCF60 M Great-West Certificate due June 30, 2003, 4.80% 1,966 1,966
GCF60 M Great-West Certificate due September 30, 2003, 4.60% 2,522 2,522
GCF84 M Great-West Certificate due March 31, 2003, 5.00% 168 168
GCF84 M Great-West Certificate due June 30, 2003, 5.50% 9,562 9,562
GCF84 M Great-West Certificate due September 30, 2003, 5.65% 541 541
GCF84 M Great-West Certificate due December 31, 2003, 5.20% 7,829 7,829
GCF84 M Great-West Certificate due March 31, 2004, 5.75% 8,432 8,432
GCF84 M Great-West Certificate due June 30, 2004, 6.00% 6,415 6,415
GCF84 M Great-West Certificate due September 30, 2004, 5.50% 1,459 1,459
GCF84 M Great-West Certificate due December 31, 2004, 5.10% 3,626 3,626
GCF84 M Great-West Certificate due March 31, 2005, 5.10% 3,102 3,102
GCF84 M Great-West Certificate due June 30, 2005, 4.85% 3,184 3,184
GCF84 M Great-West Certificate due September 30, 2005, 4.75% 6,696 6,696
Participant loans Interest rates of 9.25% to 10.25% 1,639,066 1,639,066
</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, 1998
<TABLE>
<CAPTION>
PURCHASE SALE
IDENTITY DESCRIPTION COST PROCEEDS
- -------------------------------------------- ------------------------------------------------------ ----------- -----------
<S> <C> <C> <C>
Great-West guaranteed rate certificates:
GCF36 M Great-West Certificate due December 31, 2000, 4.85% $ 1,514 1,514
GCF36 M Great-West Certificate due March 31, 2001, 4.85% 1,321 1,321
GCF36 M Great-West Certificate due June 30, 2001, 4.75% 222 222
GCF36 M Great-West Certificate due September 30, 2001, 4.35% 7 7
GCF60 M Great-West Certificate due March 31, 2003, 5.05% 49 49
GCF84 M Great-West Certificate due December 31, 2004, 5.10% 982 982
GCF84 M Great-West Certificate due March 31, 2005, 5.10% 946 946
GCF84 M Great-West Certificate due June 30, 2005, 4.85% 293 293
</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, 1998
<TABLE>
<CAPTION>
NET
TOTAL TOTAL REALIZED
IDENTITY DESCRIPTION PURCHASES SALES GAIN
- ------------------------------------- ------------------------------- ------------------ --------------- -------------
<S> <C> <C> <C> <C>
CIBER, Inc. Common stock $ 12,054,977 4,859,234 141,728
Great-West separate account:
PS-I Profile Series I 3,899,555 2,235,492 91,386
PS-II Profile Series II 3,044,889 1,881,292 99,626
AG-I Twentieth Century Ultra Fund 3,814,760 1,794,550 120,107
MMF Maxim Money Market Portfolio 22,075,483 8,647,117 78,557
</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 statements on Form
S-8 (Nos. 33-81320-3 and 333-61287) of CIBER, Inc. of our report dated May 28,
1999, relating to the statements of net assets available for benefits of the
CIBER, Inc. Savings 401(k) Plan as of December 31, 1998 and 1997, 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, 1998 Annual Report on Form 11-K of the CIBER, Inc. Savings 401(k)
Plan.
KPMG LLP
Denver, Colorado
June 24, 1999
F - 16
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