<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
For the year ended December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
--------- -------------
Commission File No. 0-23426
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
REPTRON ELECTRONICS, INC. 401(K) RETIREMENT SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
REPTRON ELECTRONICS, INC.
14401 MCCORMICK DRIVE
TAMPA, FLORIDA 33626
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<PAGE> 2
FINANCIAL STATEMENTS, SCHEDULES
AND REPORT OF INDEPENDENT
CERTIFIED PUBLIC ACCOUNTANTS
REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
DECEMBER 31, 1998 and 1997
<PAGE> 3
CONTENTS
<TABLE>
<CAPTION>
Page
<S> <C>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 1
FINANCIAL STATEMENTS
Statements of Net Assets Available For Benefits 2
Statements of Changes In Net Assets Available For Benefits 3
Notes to Financial Statements 4
SUPPLEMENTAL SCHEDULES
Schedule I - Line 27a - Assets Held For Investment Purposes 14
Schedule II - Line 27d - Reportable Transactions 15
</TABLE>
<PAGE> 4
Report of Independent Certified Public Accountants
The Participants and Advisory Committee
Reptron Electronics, Inc.
401(k) Retirement Savings Plan
We have audited the accompanying statements of net assets available for benefits
of Reptron Electronics, Inc. 401(k) Retirement Savings 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 net assets available for benefits
for the years then ended in conformity with generally accepted accounting
principles.
Our audit was 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 as of December 31, 1998 and Reportable Transactions 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.
/s/ Grant Thornton LLP
Tampa, Florida
May 21, 1999
<PAGE> 5
REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
December 31,
--------------------------
1998 1997
---------- ----------
ASSETS
<S> <C> <C>
Investments:
Shares of registered investment companies, at fair value $5,414,021 $4,155,675
Insurance contract, at contract value 447,605 340,972
Reptron Electronics, Inc. stock fund, at fair value 2,512,151 56,280
---------- ----------
Total investments 8,373,777 4,552,927
---------- ----------
Receivables:
Participants' contributions 46,637 46,555
Employer contributions 4,661 4,656
Participant loans 167,253 95,248
---------- ----------
Total receivables 218,551 146,459
---------- ----------
Total assets 8,592,328 4,699,386
---------- ----------
LIABILITIES
Due to employer -- 1,862
Due to participants -- 13,235
---------- ----------
Total liabilities -- 15,097
---------- ----------
Net assets available for benefits $8,592,328 $4,684,289
========== ==========
</TABLE>
The accompanying notes are an integral part of these statements.
2
<PAGE> 6
REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
Year Ended December 31,
-------------------------------
1998 1997
---------- ----------
<S> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value of investments
(Note B) $(2,314,655) $ 158,748
Interest and dividends 366,106 422,109
---------- ----------
(1,948,549) 580,857
---------- ----------
Contributions:
Participants' 1,059,420 1,200,709
Rollovers 5,450,924 --
Employer's 121,024 101,278
---------- ----------
6,631,368 1,301,987
---------- ----------
Total additions 4,682,819 1,882,844
Deductions from net assets attributed to:
Benefits paid to participants 774,780 276,599
---------- ----------
Net increase 3,908,039 1,603,735
Net assets available for benefits:
Beginning of year 4,684,289 3,080,554
---------- ----------
End of year $8,592,328 $4,684,289
========== ==========
</TABLE>
The accompanying notes are an integral part of these statements.
3
<PAGE> 7
REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 and 1997
NOTE A - DESCRIPTION OF PLAN
The following description of Reptron Electronics, Inc.'s (the Company) 401(k)
Retirement Savings Plan (the Plan), which was established effective January 1,
1993, provides only general information. Participants should refer to the Plan
agreement for a more complete description of the Plan's provisions.
1. General. The Plan is a defined contribution plan covering all full-time
employees of the Company who have completed six months of service and are
age twenty-one or older. It is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
2. Contributions. Each year participants may contribute up to 15 percent of
pre-tax annual compensation, as defined. Participants may also contribute
amounts representing distributions from other qualified defined benefit or
contribution plans. The Company makes discretionary contributions at the
option of the Company's board of directors. The Company's match is based
on a percentage of the participant's contribution. The Company matching
percentage was 10% for 1998 and 1997.
3. Participant Accounts. Each participant's account is credited with the
participant's contribution and allocations of (a) the Company's
contribution, (b) Plan earnings, and charged with an allocation of
administrative expenses. Allocations are based on participant earnings or
account balances, as defined. Forfeited balances of terminated
participants' non-vested accounts are used to reduce future Company
contributions. The benefit to which a participant is entitled is the
benefit that can be provided from the participant's vested account.
4. Vesting. Participants are immediately vested in their contributions plus
actual earnings thereon. Vesting in the Company's discretionary matching
portion of their accounts plus actual earnings thereon is based on years of
continuous service. Participants are not credited with a year of service
for vesting purposes for the period during which the Company did not
maintain this Plan. A participant is 100 percent vested after five years of
credited service.
<TABLE>
<CAPTION>
Vesting
Years of Service Percentage
---------------- ----------
<S> <C>
Less than 1 0%
1 20%
2 40%
3 60%
4 80%
5 100%
</TABLE>
4
<PAGE> 8
REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1998 and 1997
NOTE A - DESCRIPTION OF PLAN - CONTINUED
5. Investment Options. Upon enrollment in the Plan, a participant may direct
contributions in any of eight investment options.
American Express IDS Selective Fund - Fund is invested in shares of
corporate bonds, government securities, and other short-term securities. It
is intended for investors wanting a reasonable return on investment without
exposure to high risk.
American Express IDS Managed Allocation Fund - Fund is invested in stocks,
fixed-income securities, and money market securities. It is intended for
investors who seek current income as well as long-term growth.
American Express IDS Equity Select Fund - Fund is invested in moderate and
high growth stocks as well as bonds. It is intended for investors willing
to assume some risk in an effort to increase their return on investments.
American Express IDS International Fund - Fund is invested in common stocks
of foreign companies that offer potential for superior growth. It is
intended for investors who want to expand their investment horizon beyond
the U.S. market.
American Express IDS New Dimensions Fund - Fund is invested in companies
with growth potential in new technology, new markets, and new products. It
is intended for aggressive investors who want to maximize their return and
are comfortable with a higher degree of risk.
American Express IDS Blue Chip Advantage Fund - Fund is invested in common
stocks that are included in a broad market index to achieve a long-term
total return exceeding that of the U.S. stock market.
Money Market Fund - A fund seeking the highest current income consistent
with safety and liquidity.
Reptron Stock Fund - Fund is invested in the common stock of the Plan
sponsor, Reptron Electronics, Inc.
Guaranteed Retirement Fund - Backed by general accounts of IDS Life
Insurance Company. Principal is guaranteed at the applicable current
interest rate.
6. Participant Loans. Participants may borrow from their fund accounts up to a
maximum of the lesser of $50,000 or 50 percent of their account balance. A
participant must repay the loan within five (5) years unless the loan is
used to acquire a principal residence. Each loan shall bear interest at a
reasonable rate, as determined by the Company in accordance with the Plan's
written loan procedures.
5
<PAGE> 9
NOTE A - DESCRIPTION OF PLAN - CONTINUED
7. Payment of Benefits
Lifetime benefits (normal retirement age is 65)
On termination of service due to death, disability or retirement, a
participant may elect to receive either a lump sum amount equal to the
value of the participant's vested interest in his or her account, or
installment payments.
Termination prior to retirement
For termination of service due to other reasons, a participant may receive
the value of the vested interest in his or her account as a lump sum
distribution or in installment payments not exceeding the participant's
life expectancy.
For any termination of service, if the participant's vested account balance
does not exceed $3,500 a single lump sum payment is required.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements of the Plan are prepared under the accrual method of
accounting.
Use of 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 disclosures of
contingent assets and liabilities at the date of the financial statements, as
well as the reported amount of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
Investment Valuation and Income Recognition
Shares of registered investment companies are valued at quoted market prices,
which represent the net asset value of shares held by the Plan at year-end.
6
<PAGE> 10
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Insurance contracts are carried at cost, which is guaranteed by the insurance
company. Cost represents amounts contributed plus credited interest as
determined by the insurance company.
Interest income is recorded on the accrual basis. Dividends are recorded on the
ex-dividend date.
Payment of Benefits
Benefits are recorded when paid.
Expenses of the Plan
Substantially all expenses of the Plan have been paid by the Employer.
Tax Status
The Plan complies as to form with Sections 401(a) and 501(a) of the Internal
Revenue Code of 1986 and the applicable regulations to be exempt from federal
income taxes. The Plan received a favorable determination letter from the
Internal Revenue Service on July 20, 1995.
NOTE C - INVESTMENTS
The following table represents the fair value of investments as determined by
quoted market price.
<TABLE>
<CAPTION>
December 31,
--------------------------
1998 1997
---------- ----------
<S> <C> <C>
Shares of registered investment companies:
Selective Fund $ 301,535 $ 258,022
Managed Allocation Fund 753,148 703,969
Equity Select Fund 1,129,825 836,091
International Fund 531,533 437,319
New Dimensions Fund 2,351,679 1,777,055
Blue Chip Advantage Fund 346,301 132,766
Money Market Fund -- 10,453
---------- ----------
5,414,021 4,155,675
---------- ----------
Insurance contract:
Guaranteed Retirement Fund 447,605 340,972
---------- ----------
Reptron stock fund 2,512,151 56,280
---------- ----------
$8,373,777 $4,552,927
========== ==========
</TABLE>
7
<PAGE> 11
REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1998 and 1997
NOTE D - INVESTMENT CONTRACT WITH INSURANCE COMPANY
In 1993, the Plan entered into an investment contract with IDS Life Insurance
Company (IDS Life) referred to as the Guaranteed Retirement Fund Contract. The
contract is included in the financial statements at contract value, which
approximates fair value, as reported to the Plan by IDS Life.
NOTE E - PLAN TERMINATION
Although it has not expressed any intent to do so, the Employer has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100 percent vested in their accounts.
NOTE F - YEAR 2000 ISSUE
The Year 2000 issue relates to limitations in computer systems and applications
that may prevent proper recognition of the Year 2000. The potential effect of
the Year 2000 issue on the Plan's operations will not be fully determinable
until the Year 2000 and thereafter. If the Year 2000 modifications are not
properly completed by the relevant third parties to which the Plan relies upon
their systems for information, the Plan operations could be adversely impacted.
NOTE G - NET ASSETS AVAILABLE FOR BENEFITS
All of the assets are held by American Express Trust Company (American Express
Trust) for the purpose of administration of investments and recordkeeping. The
agreement with American Express Trust provides for the investments and
contributions to be self-directed by the participants and accounted for in
separate funds. The Other fund represents an internal administrative fund
consisting primarily of a clearing account for contributions receivable,
participant loans and forfeitures.
8
<PAGE> 12
REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1998 and 1997
NOTE G - NET ASSETS AVAILABLE FOR BENEFITS - CONTINUED
As of December 31, 1998, the following are the net assets available for
benefits, on a fund basis:
<TABLE>
<CAPTION>
Participant Directed
----------------------------------------------------------------------------------------------
Managed Equity New Blue Reptron Guaranteed
Selective Allocation Select International Dimensions Chip Stock Retirement
Fund Fund Fund Fund Fund Fund Fund Fund
--------- ---------- ---------- ------------- ---------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments $ 301,535 $ 753,148 $1,129,825 $ 531,533 $2,351,679 $346,301 $2,512,151 $ 447,605
Contributions receivable -- -- -- -- -- -- -- --
Participant loans receivable -- -- -- -- -- -- -- --
--------- --------- ---------- ------------- ---------- -------- ---------- ----------
Total assets 301,535 753,148 1,129,825 531,533 2,351,679 346,301 2,512,151 447,605
--------- --------- ---------- ------------- ---------- -------- ---------- ----------
LIABILITIES
Due to employer -- -- -- -- -- -- -- --
Due to participants -- -- -- -- -- -- -- --
--------- --------- ---------- ------------- ---------- -------- ---------- ----------
Total liabilities -- -- -- -- -- -- -- --
--------- --------- ---------- ------------- ---------- -------- ---------- ----------
Net assets available for benefits $ 301,535 $ 753,148 $1,129,825 $ 531,533 $2,351,679 $346,301 $2,512,151 $ 447,605
========= ========= ========== ============= ========== ======== ========== ==========
<CAPTION>
Other Total
-------- ----------
<S> <C> <C>
ASSETS
Investments $ -- $8,373,777
Contributions receivable 51,298 51,298
Participant loans receivable 167,253 167,253
-------- ----------
Total assets 218,551 8,592,328
-------- ----------
LIABILITIES
Due to employer -- --
Due to participants -- --
-------- ----------
Total liabilities -- --
-------- ----------
Net assets available for benefits $218,552 $8,592,328
======== ==========
</TABLE>
9
<PAGE> 13
REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1998 and 1997
NOTE G - NET ASSETS AVAILABLE FOR BENEFITS - CONTINUED
As of December 31, 1997, the following are the net assets available for
benefits, on a fund basis:
<TABLE>
<CAPTION>
Participant Directed
-----------------------------------------------------------------------------------------
Managed Equity New Blue Reptron Guaranteed
Selective Allocation Select International Dimensions Chip Stock Retirement
Fund Fund Fund Fund Fund Fund Fund Fund
--------- ---------- -------- ------------- ---------- -------- ------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments $ 258,022 $ 703,969 $836,091 $ 437,319 $1,777,055 $132,766 $56,280 $ 340,972
Contributions receivable -- -- -- -- -- -- -- --
Participant loans receivable -- -- -- -- -- -- -- --
--------- ---------- -------- ------------- ---------- -------- ------- ----------
Total assets 258,022 703,969 836,091 437,319 1,777,055 132,766 56,280 340,972
--------- ---------- -------- ------------- ---------- -------- ------- ----------
LIABILITIES
Due to employer -- -- -- -- -- -- -- --
Due to participants -- -- -- -- -- -- -- --
--------- ---------- -------- ------------- ---------- -------- ------- ----------
Total liabilities -- -- -- -- -- -- -- --
--------- ---------- -------- ------------- ---------- -------- ------- ----------
Net assets available for benefits $ 258,022 $ 703,969 $836,091 $ 437,319 $1,777,055 $132,766 $56,280 $ 340,972
========= ========== ======== ============= ========== ======== ======= ==========
<CAPTION>
Other Total
-------- ----------
<S> <C> <C>
Investments $ 10,453 $4,552,927
Contributions receivable 51,211 51,211
Participant loans receivable 95,248 95,248
-------- ----------
Total assets 156,912 4,699,386
-------- ----------
LIABILITIES
Due to employer 1,862 1,862
Due to participants 13,235 13,235
-------- ----------
Total liabilities 15,097 15,097
-------- ----------
Net assets available for benefits $141,815 $4,684,289
======== ==========
</TABLE>
10
<PAGE> 14
REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1998 and 1997
NOTE H - NET CHANGES IN ASSETS AVAILABLE FOR BENEFITS
For the year ended December 31, 1998, the following are the changes in net
assets available for benefits, on a fund basis:
<TABLE>
<CAPTION>
Participant Directed
---------------------------------------------------------------------------
Managed Equity New Blue
Selective Allocation Select International Dimensions Chip
Fund Fund Fund Fund Fund Fund
--------- ---------- ---------- ------------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value $ 2,982 $ (30,530) $ 70,405 $ 59,114 $ 386,092 $ 43,812
Interest and dividends 18,657 92,316 106,354 8,498 134,128 6,153
Contributions:
Participants' 44,697 135,329 197,432 104,105 369,583 102,046
Rollover 20,377 20,774 40,576 14,439 29,758 69,293
Employer's, net for forfeitures 4,471 13,524 19,744 10,408 36,957 10,203
--------- ---------- ---------- ------------- ---------- --------
69,545 169,627 257,752 128,952 436,298 181,542
--------- ---------- ---------- ------------- ---------- --------
Total additions 91,184 231,413 434,511 196,564 956,518 231,507
--------- ---------- ---------- ------------- ---------- --------
Deductions from net assets attributed to:
Benefits paid to participants 33,494 142,417 116,553 58,306 325,981 42,133
Loan activity - net 4,609 12,719 16,390 7,598 35,591 4,951
--------- ---------- ---------- ------------- ---------- --------
Total deductions 38,103 155,136 132,943 65,904 361,572 47,084
--------- ---------- ---------- ------------- ---------- --------
Increase prior to interfund transfers and forfeitures 53,081 76,277 301,568 130,660 594,946 184,423
Forfeitures (1,212) (2,252) (3,731) (1,302) (6,815) (790)
Interfund transfers (8,356) (24,846) (4,103) (35,144) (13,507) 29,902
--------- ---------- ---------- ------------- ---------- --------
Net increase 43,513 49,179 293,734 94,214 574,624 213,535
Net assets available for benefits:
Beginning of year 258,022 703,969 836,091 437,319 1,777,055 132,766
--------- ---------- ---------- ------------- ---------- --------
End of year $ 301,535 $ 753,148 $1,129,825 $ 531,533 $2,351,679 $346,301
========= ========== ========== ============= ========== ========
<CAPTION>
Reptron Guaranteed
Stock Retirement
Fund Fund Other Total
------------ ---------- ---------- -----------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value $ (2,870,375) $ 21,242 $ 2,603 $(2,314,655)
Interest and dividends -- -- -- 366,106
Contributions:
Participants' 46,730 59,416 82 1,059,420
Rollover 5,240,498 15,209 -- 5,450,924
Employer's, net for forfeitures 4,673 5,942 15,102 121,024
------------ ---------- ---------- -----------
5,291,901 80,567 15,184 6,631,368
------------ ---------- ---------- -----------
Total additions 2,421,526 101,809 17,787 4,682,819
------------ ---------- ---------- -----------
Deductions from net assets attributed to:
Benefits paid to participants 4,231 29,468 22,197 774,780
Loan activity - net (675) (37) (81,146) --
------------ ---------- ---------- -----------
Total deductions 3,556 29,431 (58,949) 774,780
------------ ---------- ---------- -----------
Increase prior to interfund transfers and forfeitures 2,417,970 72,378 76,736 3,908,039
Forfeitures (172) 16,274 -- --
Interfund transfers 38,073 17,981 -- --
------------ ---------- ---------- -----------
Net increase 2,455,871 106,633 76,736 3,908,039
Net assets available for benefits:
Beginning of year 56,280 340,972 141,185 4,684,289
------------ ---------- ---------- -----------
End of year $ 2,512,151 $ 447,605 $ 218,551 $ 8,592,328
============ ========== ========== ===========
</TABLE>
11
<PAGE> 15
REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1998 and 1997
NOTE H - NET CHANGES IN ASSETS AVAILABLE FOR BENEFITS
For the year ended December 31, 1997, the following are the changes in net
assets available for benefits, on a fund basis:
<TABLE>
<CAPTION>
Participant Directed
-------------------------------------------------------------------------
Managed Equity New Blue
Selective Allocation Select International Dimensions Chip
Fund Fund Fund Fund Fund Fund
--------- ---------- -------- ------------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value $ 1,228 $ (20,728) $ 40,721 $ (11,997) $ 176,307 $(11,594)
Interest and dividends 17,233 104,035 129,756 18,061 131,619 14,924
--------- ---------- -------- ------------- ---------- --------
18,461 83,307 170,477 6,064 307,926 3,330
--------- ---------- -------- ------------- ---------- --------
Contributions:
Participants' 65,593 182,724 234,460 119,510 443,996 47,467
Employer's, net of forfeitures 6,297 16,611 18,150 11,832 36,926 2,244
--------- ---------- -------- ------------- ---------- --------
71,890 199,335 252,610 131,342 480,922 49,711
--------- ---------- -------- ------------- ---------- --------
Total additions 90,351 282,642 423,087 137,406 788,848 53,041
--------- ---------- -------- ------------- ---------- --------
Deductions from net assets attributed to:
Benefits paid to participants 20,328 49,556 58,715 31,423 92,396 --
Loan activity - net (129) 4,911 4,494 6,170 12,227 (1,475)
--------- ---------- -------- ------------- ---------- --------
Total deductions 20,199 54,467 63,209 37,593 104,623 (1,475)
--------- ---------- -------- ------------- ---------- --------
Increase prior to interfund transfers and forfeitures 70,152 228,175 359,878 99,813 684,225 54,516
Forfeitures (785) (1,919) (2,044) (1,449) (3,316) --
Interfund transfers (86,310) (46,439) (3,271) (15,499) (6,277) 78,250
--------- ---------- -------- ------------- ---------- --------
Net increase (16,943) 179,817 354,563 82,865 674,632 132,766
Net assets available for benefits:
Beginning of year 274,965 524,152 481,528 354,454 1,102,423 --
--------- ---------- -------- ------------- ---------- --------
End of year $ 258,022 $ 703,969 $836,091 $ 437,319 $1,777,055 $132,766
========= ========== ======== ============= ========== ========
<CAPTION>
Reptron Guaranteed
Stock Retirement
Fund Fund Other Total
-------- ---------- -------- ----------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value $(31,207) $ 16,018 $ -- $ 158,748
Interest and dividends -- -- 6,481 422,109
-------- ---------- -------- ----------
(31,207) 16,018 6,481 580,857
-------- ---------- -------- ----------
Contributions:
Participants' 14,223 71,088 21,648 1,200,709
Employer's, net of forfeitures 1,373 6,725 (1,390) 101,278
-------- ---------- -------- ----------
15,596 77,813 20,258 1,301,987
-------- ---------- -------- ----------
Total additions (15,611) 93,831 26,739 1,882,844
-------- ---------- -------- ----------
Deductions from net assets attributed to:
Benefits paid to participants 1,066 20,467 2,648 276,599
Loan activity - net (499) 3,073 (28,772) --
-------- ---------- -------- ----------
Total deductions 567 23,540 (26,124) 279,109
-------- ---------- -------- ----------
Increase prior to interfund transfers and forfeitures (16,178) 70,291 52,863 1,603,735
Forfeitures (84) 9,597 -- --
Interfund transfers 72,542 7,170 (166) --
-------- ---------- -------- ----------
Net increase 56,280 87,058 52,697 1,603,735
Net assets available for benefits:
Beginning of year -- 253,914 89,118 3,080,554
-------- ---------- -------- ----------
End of year $ 56,280 $ 340,972 $141,815 $4,684,289
======== ========== ======== ==========
</TABLE>
12
<PAGE> 16
REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1998 and 1997
NOTE I - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of the financial statements to Form 5500:
<TABLE>
<CAPTION>
1998 1997
----------- -----------
<S> <C> <C>
Net assets available for benefits per the financial statements $ 8,592,328 $ 4,684,289
Contributions receivable (51,298) (51,211)
Dividends receivable, included in investments -- 13
Due to employer -- 1,862
Due to participants -- 13,235
Investment income receivable at 12/31/98 (39,884) --
----------- -----------
Net assets available for benefits per Form 5500 $ 8,501,146 $ 4,648,188
=========== ===========
Total additions to net assets available for benefits per the
financial statements $ 4,682,819 $ 1,880,334
Contributions receivable at 12/31/98 (41,234) (12,315)
(Increase) decrease in return of excess deferrals (15,097) 2,510
Other (4,872) 556
----------- -----------
Total additions to net assets available for benefits per Form 5500 $ 4,621,616 $ 1,871,085
=========== ===========
Total deductions to net assets available for benefits per the
financial statements $ 774,780 $ 276,599
--
Other (6,122) --
----------- -----------
Total deductions to net assets available for benefits per Form
5500 $ 768,658 $ 276,599
=========== ===========
</TABLE>
The differences indicated above are the result of the financial statements
prepared on an accrual basis and the Form 5500 prepared on a cash basis.
NOTE J - DUE TO EMPLOYER
Due to employer represents the return of employer matching contributions related
to return of excess participant deferrals.
NOTE K - RELATED PARTY TRANSACTION
During 1999, the chairman of the Company rolled over approximately $5.2 million
of the Company's common stock at market value to the Plan from the Company's
profit sharing plan which is being terminated.
13
<PAGE> 17
SUPPLEMENTAL SCHEDULES
<PAGE> 18
REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
SCHEDULE I
Line 27a - ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1998
<TABLE>
<CAPTION>
Principal
Amount of Current
Shares Description Cost Value
- ----------- ------------------------------------ ----------- -----------
<S> <C> <C> <C>
32,517 IDS Selective Fund $ 295,968 $ 301,535
72,272 IDS Managed Allocation Fund 819,748 753,148
76,916 IDS Equity Select Fund 1,016,663 1,129,825
30,508 IDS Blue Chip Advantage Fund 306,626 346,301
45,933 IDS International Fund 485,394 531,533
81,582 IDS New Dimensions Fund 1,768,827 2,351,679
*1,134,154 Reptron Electronics, Inc. Stock Fund 5,404,174 2,512,151
340,126 Guaranteed Retirement Fund 445,556 447,605
----------- -----------
10,542,956 8,373,777
Participant Loans, at Varying Rates and Maturities 167,253 167,253
----------- -----------
$10,710,209 $ 8,541,030
=========== ===========
</TABLE>
* Represents shares in the Reptron Stock Fund, not the number of Reptron
Electronics, Inc. common shares.
14
<PAGE> 19
REPTRON ELECTRONICS, INC.
401(k) RETIREMENT SAVINGS PLAN
SCHEDULE II
Line 27d - REPORTABLE TRANSACTIONS
December 31, 1998
Single or Series of Transactions in Excess of 5 percent of the Current Value of
Plan Assets from January 1, 1998 through December 31, 1998
<TABLE>
<CAPTION>
Number of Current value
Transactions of asset on
Identity ------------------ Cost of transaction Net gain
Of Party Involved Description of Asset Purchases Sales Asset date or (loss)
- ------------------------ -------------------------------- --------- -------- ----------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
TYPE I - SINGLE TRANSACTIONS IN EXCESS OF 5%
American Express Trust Reptron Electronics Stock Fund* 1 $5,228,874 $5,228,874 $ -
American Express Trust Reptron Electronics Stock Fund* 1 5,229,540 5,229,540 -
TYPE II - SERIES OF TRANSACTIONS IN EXCESS OF 5%
American Express Trust Reptron Electronics Stock Fund 24 6 5,322,131 5,322,131 -
American Express Trust Managed Allocation Fund 40 61 436,663 433,763 (2,900)
American Express Trust Equity Select Fund 40 60 481,917 493,457 11,540
American Express Trust International Fund 34 56 234,343 241,818 7,475
American Express Trust New Dimensions Fund 44 79 1,000,311 1,123,144 122,833
American Express Trust Blue Chip Advantage Fund 60 25 371,352 369,221 (2,131)
American Express Trust Guaranteed Retirement Fund 68 34 623,168 623,168 -
</TABLE>
* Party-in-interest transaction.
15
<PAGE> 20
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
REPTRON ELECTRONICS, INC.
401(K) RETIREMENT SAVINGS PLAN
By: /s/ Paul Plante
------------------------------------------
Paul Plante, Chief Operating Officer of
Reptron Electronics, Inc.
Plan Administrator
Date: June 29, 1999
16
<PAGE> 21
EXHIBIT INDEX
FILED AS PART OF THIS ANNUAL REPORT ON FORM 11-K
EXHIBIT NO. DESCRIPTION
23.1 Consent of Grant Thornton LLP dated June 28, 1999
17
<PAGE> 1
EXHIBIT 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 333-28727) of Reptron Electronics, Inc. of our report
dated May 21, 1999, appearing on page 1 of the Annual Report on Form 11-K of the
Reptron Electronics, Inc. 401(k) Retirement Savings Plan for the fiscal years
ended December 31, 1998 and 1997.
/s/ Grant Thornton LLP
- ------------------------------
Tampa, Florida
June 28, 1999
18
