FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal 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 number: 0-24900
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
INTERACTIVE TECHNOLOGIES, INC. 401(K) INVESTMENT PLAN
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
ITI TECHNOLOGIES, INC.
2266 Second Street North
North St. Paul, Minnesota 55109
<PAGE>
INTERACTIVE TECHNOLOGIES, INC. 401(K) INVESTMENT PLAN
----------------------------------------------------------------
REPORT ON AUDITS OF FINANCIAL STATEMENTS
as of December 31, 1998 and 1997
and for the year ended December 31, 1998
AND SUPPLEMENTAL SCHEDULES
as of December 31, 1998
and for the year then ended
<PAGE>
INDEX
---------
Page(s)
-------
Report of Independent Accountants 2
Financial Statements:
Statement of Net Assets Available for
Benefits as of December 31, 1998 and 1997 3
Statement of Changes in Net Assets
Available for Benefits, With Fund
Information, for the year ended
December 31, 1998 4
Notes to Financial Statements 5 - 8
Supplemental Schedules:
Line 27a - Schedule of Assets Held for
Investment Purposes as of December 31, 1998 10 - 11
Line 27d - Schedule of Reportable Transactions
for the year ended December 31, 1998 12
Line 27e - Schedule of Nonexempt Transactions
for year ended December 31, 1998 13
Exhibits 14
Signatures 14
1
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator of
Interactive Technologies, Inc. 401(K) Investment Plan
In our opinion, the accompanying statement of net assets available for benefits
and the related statement of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the Interactive Technologies, Inc. 401(k) Investment Plan (the "Plan") as of
December 31, 1998 and 1997, and the changes in net assets available for benefits
for the year ended December 31, 1998 in conformity with generally accepted
accounting principles. 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 of these
statements in accordance with generally accepted auditing standards which
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, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.
Our audits were conducted 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 and
Nonexempt 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 fund information in
the statement of changes in net assets available for benefits is presented for
purposes of additional analysis rather than to present the changes in net assets
available for benefits of each fund. These supplemental schedules and fund
information are the responsibility of the Plan's management. The supplemental
schedules and fund information have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ PricewaterhouseCoopers LLP
PRICEWATERHOUSECOOPERS LLP
Minneapolis, Minnesota
June 28, 1999
2
<PAGE>
INTERACTIVE TECHNOLOGIES, INC. 401(K) INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
as of December 31, 1998 and 1997
1998 1997
ASSETS
Investments (at fair value):
Prudential funds:
Active Balanced Fund $ 383,076 $ 391,719
Stock Index Fund 1,695,085 1,199,947
World International Stock Fund 680,997 749,923
Jennison Growth Fund 2,242,003 1,681,530
Moneymart Fund 215,868 208,040
Balanced Fund 592,221 566,494
Government Income Fund 184,606 138,405
Guaranteed Interest Account 470,676 421,143
ITI Stock Fund 2,063,802 783,245
Guaranteed Insurance Contracts 1,273,077 1,217,299
Money Market Fund 14,766 28,202
----------- -----------
Total investments 9,816,177 7,385,947
Participants' contributions receivable 36,362
Employer contributions receivable 6,000
----------- -----------
Total assets 9,858,539 7,385,947
LIABILITIES
Other liabilities 938
----------- -----------
Net assets available for plan benefits $ 9,857,601 $ 7,385,947
=========== ===========
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
INTERACTIVE TECHNOLOGIES, INC. 401(k) INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR
BENEFITS, WITH FUND INFORMATION
for the year ended December 31, 1998
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
--------------------------------------------------------
PRUDENTIAL
PRUDENTIAL PRUDENTIAL WORLD PRUDENTIAL
ACTIVE STOCK INTERNATIONAL JENNISON
BALANCED INDEX STOCK GROWTH
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
Additions:
Investment Income:
Interest
Dividends $ 8,244 $ 14,631 $ 6,760
Net appreciation in fair value of investments 47,273 325,131 82,376 $ 636,464
Contributions:
Employee 56,857 242,715 98,731 235,243
Employer 9,621 40,592 17,939 41,969
-------- ---------- --------- ----------
Total additions 121,995 623,069 205,806 913,676
Deductions:
Benefits paid to participants (14,071) (32,204) (15,927) (26,568)
Rollover to qualified plans (18,484) (49,130) (140,951) (204,820)
-------- ---------- --------- ----------
Total deductions (32,555) (81,334) (156,878) (231,388)
Increase (decrease) prior to interfund transfers 89,440 541,735 48,928 682,288
Interfund transfers (98,083) (46,597) (117,854) (121,815)
-------- ---------- --------- ----------
Net (decrease) increase (8,643) 495,138 (68,926) 560,473
Net assets available for plan benefits:
Beginning of year 391,719 1,199,947 749,923 1,681,530
-------- ---------- --------- ----------
End of year $383,076 $1,695,085 $ 680,997 $2,242,003
======== ========== ========= ==========
</TABLE>
[WIDE TABLE CONTINUED]
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
--------------------------------------------------------
PRUDENTIAL PRUDENTIAL
PRUDENTIAL PRUDENTIAL GOVERNMENT GUARANTEED
MONEYMART BALANCED INCOME INTEREST
FUND FUND FUND ACCOUNT
<S> <C> <C> <C> <C>
Additions:
Investment Income:
Interest $ 24,897
Dividends $ 11,256 $ 15,076 $ 10,103
Net appreciation in fair value of investments 29,072 3,590
Contributions:
Employee 55,684 77,461 32,857 73,643
Employer 10,863 16,450 5,451 14,751
-------- -------- -------- --------
Total additions 77,803 138,059 52,001 113,291
Deductions:
Benefits paid to participants (10,182) (11,688) (2,867) (4,317)
Rollover to qualified plans (47,191) (5,327) (3,065)
-------- -------- -------- --------
Total deductions (10,182) (58,879) (8,194) (7,382)
Increase (decrease) prior to interfund transfers 67,621 79,180 43,807 105,909
Interfund transfers (59,793) (53,453) 2,394 (56,376)
-------- -------- -------- --------
Net (decrease) increase 7,828 25,727 46,201 49,533
Net assets available for plan benefits:
Beginning of year 208,040 566,494 138,405 421,143
-------- -------- -------- --------
End of year $215,868 $592,221 $184,606 $470,676
======== ======== ======== ========
</TABLE>
[WIDE TABLE CONTINUED]
<TABLE>
<CAPTION>
NON-PARTICIPANT
PARTICIPANT DIRECTED DIRECTED
-------------------- -------------------------
ITI GUARANTEED MONEY
STOCK INSURANCE MARKET
FUND CONTRACTS FUND OTHER TOTAL
<S> <C> <C> <C> <C> <C>
Additions:
Investment Income:
Interest $ 55,778 $ 80,675
Dividends $ 1,049 67,119
Net appreciation in fair value of investments $ 602,614 1,726,520
Contributions:
Employee 137,507 $36,362 1,047,060
Employer 24,296 6,000 187,932
---------- ---------- -------- ------- ----------
Total additions 764,417 55,778 1,049 42,362 3,109,306
Deductions:
Benefits paid to participants (2,256) (14,485) (938) (135,503)
Rollover to qualified plans (33,181) (502,149)
---------- ---------- -------- ------- ----------
Total deductions (35,437) 0 (14,485) (938) (637,652)
Increase (decrease) prior to interfund transfers 728,980 55,778 (13,436) 41,424 2,471,654
Interfund transfers 551,577
---------- ---------- -------- ------- ----------
Net (decrease) increase 1,280,557 55,778 (13,436) 41,424 2,471,654
Net assets available for plan benefits:
Beginning of year 783,245 1,217,299 28,202 7,385,947
---------- ---------- -------- ------- ----------
End of year $2,063,802 $1,273,077 $ 14,766 $41,424 $9,857,601
========== ========== ======== ======= ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
INTERACTIVE TECHNOLOGIES, INC. 401(K) INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF PLAN
The following description of the Interactive Technologies, Inc. 401(k)
Investment Plan (the Plan) is provided for general information purposes only.
Participants should refer to the Plan document for complete information
regarding the Plan's definitions, benefits, eligibility and other matters.
GENERAL
The Plan is a contributory defined contribution plan available to all eligible
employees of Interactive Technologies, Inc. (the Company), a wholly owned
subsidiary of ITI Technologies, Inc. (ITI). The Company is the plan sponsor and
administrator. Three employees of the Company have been appointed trustees of
the Plan. The Prudential Insurance Company of America (Prudential) is the
custodian of the Plan's assets, except for the guaranteed insurance contracts,
for which the custodians are the respective insurance companies, and the money
market fund, for which The Vanguard Group is the custodian. Employee
participation is voluntary. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974, as amended (ERISA).
CONTRIBUTIONS
Participants may contribute up to a maximum of 18% of their compensation.
Matching contributions by the Company for the benefit of participants are
discretionary and are determined annually by the Board of Directors. For 1998,
Company matching contributions were equal to 50% of each participant's
contributions to a maximum of 1.5% of each participant's compensation. The
Company also has the option to make a discretionary profit sharing contribution
to the Plan which would be allocated to participants based on the participants'
relative compensation as defined by the Plan. During 1998, the Company did not
make a discretionary profit sharing contribution to the Plan.
PARTICIPANT ACCOUNTS
As of December 31, 1998, contributions are invested, at the participant's
direction, in the following investment funds:
Prudential Active Balanced Fund: Consists of investments in equity securities,
fixed-income securities and money market instruments.
Prudential Stock Index Fund: Consists of investments in equity securities that
are as a group, designed to duplicate the price and yield performance of the S&P
500.
Prudential World International Stock Fund: Consists of investments of at least
65% in common stock and preferred stock of foreign issuers, and up to 35% in
other equity-related securities of foreign issuers; common stock, preferred
stock and other equity-related securities of U.S. issuers; investment grade debt
securities of domestic and foreign corporations, governments, governmental
entities and international entities; and high-quality domestic money market
instruments and short-term fixed income securities.
Prudential Jennison Growth Fund: Consists primarily of investments in common
stock, preferred stock and securities convertible into common stock of
established companies which Prudential has stated as having above average growth
prospects.
5
<PAGE>
INTERACTIVE TECHNOLOGIES, INC. 401(K) INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF PLAN (CONTINUED)
Prudential Moneymart Fund: Consists of investments in money market instruments
with maturities of thirteen months or less.
Prudential Balanced Fund: Consists of investments in a diversified portfolio of
equity securities (including securities convertible into equity securities),
debt obligations and money market instruments.
Prudential Government Income Fund: Consists of investments in U.S. Government
securities, including U.S. treasury bills, notes, bonds and other debt
securities issued by the U.S. Treasury, and obligations issued or guaranteed by
U.S. Government agencies or instrumentalities, and investments in various
derivative transactions such as the purchase and sale of put and call options.
The use of derivative transactions is not believed to increase the credit or
market risk of the Plan's investments.
Prudential Guaranteed Interest Account: Consists of investments in fixed income
securities with short to intermediate maturities.
ITI Stock Fund: Consists of investments in common stock of ITI.
The allocation of the participant's contributions to these investment funds is
selected by the participant and may be changed daily. Each participant's account
is credited with the participant's contributions and his or her share of
employer matching contributions, if any. Allocation of investment income is
based on the value of participant's account at the close of each day.
Non-participant directed investments consist of investments in guaranteed
insurance contracts and money market instruments and represent investments of
the Plan prior to the adoption of participant directed investment options. The
Plan is in the process of liquidating these investments. However, amounts which
may be withdrawn from the insurance contracts without penalty are restricted as
defined by the terms of the contracts. Amounts withdrawn from the insurance
contracts are allocated to each participant's account based on the participant's
relative investment percentage in such contracts.
As of December 31, 1998, approximately 441 employees were participating in the
Plan and the approximate number of participants in each investment fund was as
follows:
Prudential Active Balanced Fund 134
Prudential Stock Index Fund 247
Prudential World International Stock Fund 172
Prudential Jennison Growth Fund 272
Prudential Moneymart Fund 94
Prudential Balanced Fund 155
Prudential Government Income Fund 87
Guaranteed Interest Account 145
ITI Stock Fund 139
6
<PAGE>
INTERACTIVE TECHNOLOGIES, INC. 401(K) INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF PLAN (CONTINUED)
ELIGIBILITY Employees are eligible to participate in the Plan and to receive
employer contributions upon reaching 19 years of age and completing one year of
service during which the employee must earn at least 1,000 hours.
VESTING
Participants are immediately fully vested in the value of their accounts,
including participant and employer contributions and related net investment
earnings.
BENEFITS
Vested interests are distributed to participants upon death, retirement or
termination of employment. Participants may elect payment in a lump sum or in
the form of an annuity as described in the Plan document. Distributions are also
permitted for reasons of proven financial hardship as outlined in the Plan
document. Participant benefit payments may be subject to federal income tax.
PLAN TERMINATION
While the Company has not expressed any intent to discontinue the Plan, it is
free to do so at any time. In the event the Company terminates the Plan, the net
assets of the Plan will be allocated among the participants or beneficiaries
based on the participants' account balances.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statements have been prepared on the accrual basis.
The following significant accounting policies were used to prepare the financial
statements in accordance with generally accepted accounting principles.
VALUATION OF INVESTMENTS
Investments in money market funds are recorded at the underlying net asset value
per unit, which approximates fair value based on the quoted market price of
these funds. Investments in Prudential mutual funds are recorded at fair value
based on the quoted market price of these funds. The Guaranteed Interest Account
is stated at fair value, which approximates contract value. Fair value
represents contributions made under the contract plus interest at the guaranteed
rate, less funds used to pay benefits. Investments in the ITI Stock Fund are
recorded at the underlying fair value of ITI's common stock based on the quoted
market price.
Investments in guaranteed insurance contracts are valued at fair value as
determined by the insurance company which approximates contract value,
representing cost of contributions plus interest earned, less funds used to pay
benefits. The viability and return of each of the guaranteed insurance contracts
is dependent on, among other factors, the financial results of the underlying
issuers.
7
<PAGE>
INTERACTIVE TECHNOLOGIES, INC. 401(K) INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
INTEREST AND DIVIDEND INCOME
Interest income is recorded as earned on an accrual basis and dividend income is
recorded on the ex dividend date.
NET APPRECIATION (DEPRECIATION) IN FAIR VALUE OF INVESTMENTS
The Plan presents in the Statement of Changes in Net Assets Available for Plan
Benefits, With Fund Information, the net appreciation (depreciation) in the fair
value of its investments which consists of realized gains or losses and the
unrealized appreciation (depreciation) on those investments.
PLAN EXPENSES
Administrative expenses of the Plan are paid by the Company.
PAYMENT OF BENEFITS
Benefit payments are recorded when paid.
USE OF ESTIMATES
The preparation of the Plan's financial statements in conformity with generally
accepted accounting principles requires the Plan Administrator to make
significant estimates and assumptions that affect the reported amounts of net
assets available for Plan benefits at the date of the financial statements and
the changes in net assets available for Plan benefits during the reporting
period and, when applicable, disclosures of contingent assets and liabilities at
the date of the financial statements. Actual results could differ from those
estimates.
RISKS AND UNCERTAINTIES
The Plan provides for various investment options in various combinations of
investment securities. Investment securities are exposed to various risks
including, but not limited to, interest rate, market and credit risks. Due to
the level of risk associated with certain investment securities, it is at least
reasonably possible that changes in the values of investment securities will
occur in the near term and that such changes could materially affect
participants' account balances and the amounts reported in the Statement of Net
Assets Available for Benefits in future periods.
3. TAX STATUS
The Plan received a favorable determination letter from the Internal Revenue
Service, dated September 22, 1995, indicating that the Plan constitutes a
qualified trust under Section 401(a) of the Internal Revenue Code (IRC) and is
therefore generally exempt from federal income taxes under provisions of Section
501(a). The Plan Administrator believes that the Plan is currently designed and
being operated in compliance with the applicable requirements of the IRC.
Therefore, no provision for income taxes has been recorded in the Statement of
Changes in Net Assets Available for Benefits, With Fund Information.
4. PARTY-IN-INTEREST TRANSACTIONS
In 1998, at the participants' election, participant and employer matching
contributions were invested in the ITI Stock Fund. In 1998, purchases and sales
of ITI common stock were $4,312,843 and $3,634,900, respectively.
In 1998, at the participants' election, participant and employer matching
contributions were invested in funds under the control of Prudential. In 1998,
purchases and sales of these investments were $5,443,241 and $5,331,953,
respectively.
8
<PAGE>
SUPPLEMENTAL SCHEDULES
9
<PAGE>
INTERACTIVE TECHNOLOGIES, INC. 401(K) INVESTMENT PLAN
LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
as of December 31, 1998
EIN 41-1387419
Plan Number 001
<TABLE>
<CAPTION>
(c)
(a) (b) DESCRIPTION OF INVESTMENT INCLUDING MATURITY DATE, (e)
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, COLLATERAL (d) CURRENT
LESSOR OR SIMILAR PARTY PAR OR MATURITY DATE COST VALUE
<S> <C> <C> <C> <C>
The Vanguard Group Money Market Fund 14,766 units $ 14,766 $ 14,766
* ITI Technologies, Inc. (ITI)/The Prudential Investment in the common stock of ITI, 66,574 shares 1,634,695 2,063,802
Insurance Company of America (Prudential)
ITI Stock Fund
Guaranteed insurance contracts:
American Life Guaranteed Insurance Contract, #ON890313, 4.5%, 125,871 125,871
maturing April 1, 2019
Bradford National Life Guaranteed Insurance Contract, #2990002645, 5.0%, 175,220 175,220
maturing January 28, 2000
Massachusetts General Life Guaranteed Insurance Contract, #10GA001586, 5.8%, 224,530 224,530
maturing January 29, 2015
Massachusetts General Life Guaranteed Insurance Contract, #10GA009835, 4.0%, 137,486 137,486
maturing March 23, 2022
Massachusetts General Life Guaranteed Insurance Contract, #10GA006548, 4.2%, 220,095 220,095
maturing January 29, 2014
USG Life Guaranteed Insurance Contract, #US097474, 4.7%, 389,875 389,875
maturing June 5, 2021
* Prudential Guaranteed Interest Account Portfolio of investments in fixed income securities 470,676 470,676
with short to intermediate maturities, 6.3%
Mutual funds:
* Prudential Jennison Balanced Fund Portfolio of equity securities, fixed-income 373,422 383,076
securities and money market instruments,
29,536 units
* Prudential Stock Index Fund Portfolio of equity securities that are as a group, 1,189,658 1,695,085
designed to duplicate the price and yield
performance of the S&P 500, 61,461 units
</TABLE>
10
<PAGE>
INTERACTIVE TECHNOLOGIES, INC. 401(K) INVESTMENT PLAN
LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (continued)
as of December 31, 1998
EIN 41-1387419
Plan Number 001
<TABLE>
<S> <C> <C> <C> <C>
* Prudential World International Stock Fund Portfolio of common stock and preferred stock of 599,194 680,997
foreign issuers, and up to 35% in other
equity-related securities of foreign issuers;
common stock, preferred stock and other
equity-related securities of U.S. issuers;
investment grade debt securities of domestic and
foreign corporations, governments, governmental
entities and supranational entities; and
high-quality domestic money market instruments
and short-term fixed income securities, 35,031
units
* Prudential Jennison Growth Fund Portfolio of common stock, preferred stock and 1,565,857 2,242,003
securities convertible into common stock of
established companies which Prudential has
stated as having above average growth prospects,
122,380 units
* Prudential Moneymart Fund Portfolio of money market instruments with 215,868 215,868
maturities of thirteen months or less, 215,868
units
* Prudential Balanced Fund Portfolio of equity securities (including 617,007 592,221
securities convertible into equity securities),
debt obligations and money market instruments,
49,106 units
* Prudential Government Income Fund Portfolio of U.S. government securities, 176,607 184,606
including U.S. treasury bills, notes, bonds and
other debt securities listed by the U.S.
Treasury, and obligations issued or guaranteed
by U.S. government agencies or
instrumentalities, and investments in various
derivative transactions such as the purchase and
sale of put and call options, 19,957 units
Total Mutual Funds
---------- ----------
Total investments $8,130,827 $9,816,177
========== ==========
</TABLE>
*Denotes party-in-interest.
11
<PAGE>
INTERACTIVE TECHNOLOGIES, INC. 401(K) INVESTMENT PLAN
LINE 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
for the year ended December 31, 1998
EIN 41-1387419
Plan Number 001
<TABLE>
<CAPTION>
(h)
CURRENT VALUE
(a) (c) (d) (g) OF ASSET ON (i)
IDENTITY OF (b) PURCHASE SELLING COST OF TRANSACTION NET GAIN
PARTY INVOLVED DESCRIPTION OF ASSET PRICE PRICE ASSET DATE (LOSS)
<S> <C> <C> <C> <C> <C> <C>
Series of transactions
- ---------------------------
Prudential Guaranteed Interest Account 459,745 459,745 459,745
410,212 410,212 410,212
Prudential Moneymart Fund 3,064,599 3,064,599 3,064,599
3,056,771 3,056,771 3,056,771
ITI / Prudential Balanced Fund 354,806 354,806 354,806
321,323 321,323 321,323 (6,590)
Prudential Stock Index Fund 570,257 570,257 570,257
390,402 390,402 390,402 68,810
Prudential Jennison Growth Fund 438,341 438,341 438,341
450,944 450,944 450,944 65,063
Prudential World International Stock Fund 152,881 152,881 152,881
304,182 304,182 304,182 40,428
Prudential ITI Stock Fund 4,312,843 4,312,843 4,312,843
3,634,900 3,634,900 3,634,900 240,955
</TABLE>
Note (1): Columns (e) and (f) were not included as they are not applicable.
Note (2): Series of transactions are inclusive of single transactions for each
respective fund.
12
<PAGE>
INTERACTIVE TECHNOLOGIES, INC. 401(K) INVESTMENT PLAN
LINE 27e - SCHEDULE OF NONEXEMPT TRANSACTIONS
for the year ended December 31, 1998
EIN 41-1387419
Plan Number 001
<TABLE>
<CAPTION>
(a) (b) (c) (e) (h) (i)
Current Value of
Asset on
Selling Cost of Transaction
Identity of Party Involved Relationship to Plan Description of transactions Price Asset Date
<S> <C> <C> <C> <C> <C>
ITI / The Vanguard Group Employer / Non-participant Advance on withdrawal to $1,800 $1,800 $1,800
Money Market Fund Directed Investment terminating employee
</TABLE>
Note(1): Columns (d), (f), (g) and (j) were not included as they are not
applicable.
13
<PAGE>
INTERACTIVE TECHNOLOGIES, INC. 401(K) INVESTMENT PLAN
EXHIBITS
The following documents are filed as exhibits to this Report:
Exhibit No. Document
- ----------- --------
23 Consent of Independent Accountants
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned hereunto
duly authorized.
INTERACTIVE TECHNOLOGIES, INC. 401(K)
INVESTMENT PLAN
DATE June 30, 1999 By: /s/ Charles A. Durant
--------------------------------------
Charles A. Durant
Vice President and General Counsel
14
<PAGE>
EXHIBIT INDEX
Exhibit No. Document Method of Filing
- ----------- -------- ----------------
23 Consent of Independent Accountants Filed herewith electronically
Exhibit 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statements on Form S-8 (Registration Nos. 33-89826, 333-08943, 333-08945,
333-23751, and 333-58257) of ITI Technologies, Inc. of our report dated June 28,
1999 relating to the financial statements of the Interactive Technologies, Inc.
401(k) Investment Plan, which appears in this Form 11-K.
/s/ PricewaterhouseCoopers LLP
---------------------------------------------
PRICEWATERHOUSECOOPERS LLP
Minneapolis, Minnesota
June 30, 1999
