-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hur6RfnZmzKzvTHgvLlricKttGC1G4dN1b/8/2Mhb6PGf6C0cFmp/R8teB23DVLc lM7Yy8zjK2AZzJlsafpSdA== 0000205700-04-000124.txt : 20040712 0000205700-04-000124.hdr.sgml : 20040712 20040712141622 ACCESSION NUMBER: 0000205700-04-000124 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20031231 FILED AS OF DATE: 20040712 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW ENGLAND BUSINESS SERVICE INC CENTRAL INDEX KEY: 0000205700 STANDARD INDUSTRIAL CLASSIFICATION: MANIFOLD BUSINESS FORMS [2761] IRS NUMBER: 042942374 STATE OF INCORPORATION: DE FISCAL YEAR END: 0629 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11427 FILM NUMBER: 04909853 BUSINESS ADDRESS: STREET 1: 500 MAIN ST CITY: GROTON STATE: MA ZIP: 01471 BUSINESS PHONE: 9784486111 11-K 1 form11k.txt NEW ENGLAND BUSINESS SERVICE, INC. FORM 11K SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2003 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ---------- ---------- Commission File No. 001-11427 401K PLAN FOR EMPLOYEES OF NEW ENGLAND BUSINESS SERVICE, INC. (Full Title of Plan) NEW ENGLAND BUSINESS SERVICE, INC. 500 Main Street Groton, Massachusetts 01471 (Name of Issuer of Securities held pursuant to the Plan and address of its principal executive office) (978) 448-6111 (Telephone Number) The following exhibits are being filed as part of this Form 11-K: INDEX TO EXHIBITS Exhibit Number 1 401K Plan for Employees of New England Business Service, Inc. Financial Statements December 31, 2003 and 2002, Supplemental Schedules as of and for the year ended December 31, 2003, and Report of Independent Registered Public Accounting Firm. 2 Consent of Independent Registered Public Accounting Firm. SIGNATURES Pursuant to the requirements of Section 15(d) of the Securities exchange act of 1934, the Committee administering the Plans has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized. 401K Plan for Employees of New England Business Service, Inc. Date: July 12, 2004 ----------------- By: /s/ Richard L. Schulte ----------------------------- Richard L. Schulte EX-1 2 exh1.txt NEW ENGLAND BUSINESS SERVICE, INC. EXH 1 Exhibit 1 401(k) Plan for Employees of New England Business Service, Inc. Financial Statements for the Years Ended December 31, 2003 and 2002, Supplemental Schedules as of and for the Year Ended December 31, 2003, and Report of Independent Registered Public Accounting Firm 401(K) PLAN FOR EMPLOYEES OF NEW ENGLAND BUSINESS SERVICE, INC. TABLE OF CONTENTS Page REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 1 FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002: Statements of Net Assets Available for Benefits 2 Statements of Changes in Net Assets Available for Benefits 3 Notes to Financial Statements 4-10 SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2003: Form 5500 - Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year) 12 Form 5500 - Schedule H, Part IV, Line 4j - Schedule of Reportable Transactions 13 All other schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosures under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable. REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Plan Administrator of and Participants in the 401(k) Plan for Employees of New England Business Service, Inc.: We have audited the accompanying statements of net assets available for benefits of the 401(k) Plan for Employees of New England Business Service, Inc. (the "Plan") as of December 31, 2003 and 2002, 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 standards of the Public Company Accounting Oversight Board (United States). 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, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2003 and 2002, and the changes in its net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed in the Table of Contents 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. These schedules are the responsibility of the Plan's management. Such schedules have been subjected to the auditing procedures applied in our audit of the basic 2003 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic 2003 financial statements taken as a whole. /s/ Deloitte & Touche LLP Boston, Massachusetts June 23, 2004 (July 9, 2004 as to Note 9) 401(k) PLAN FOR EMPLOYEES OF NEW ENGLAND BUSINESS SERVICE, INC. STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 2003 AND 2002 - --------------------------------------------------------------------
2003 2002 ASSETS: Investments: Guaranteed investment account $ 22,713,861 $ 20,447,946 New England Business Service, Inc. Common Stock (1,012,798 shares and 898,224 shares in 2003 and 2002, respectively) 29,877,773 21,127,196 Mutual funds 35,486,108 27,121,376 Pooled separate accounts 69,289,627 50,114,711 Interest bearing cash 834,333 789,470 Loans to participants 3,922,401 3,706,850 -------------- -------------- Total investments 162,124,103 123,307,549 Contributions receivable: Employer 195,310 427,722 Employee 159,871 260,286 -------------- -------------- Total contributions receivable 355,181 688,008 -------------- -------------- Total assets 162,479,284 123,995,557 LIABILITIES - Excess contribution payable 29,971 - -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS $162,449,313 $123,995,557 -------------- -------------- -------------- --------------
See notes to financial statements. 401(k) PLAN FOR EMPLOYEES OF NEW ENGLAND BUSINESS SERVICE, INC. STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEARS ENDED DECEMBER 31, 2003 AND 2002 - --------------------------------------------------------------------
2003 2002 ADDITIONS: Contributions: Employee contributions $ 8,343,540 $ 6,234,353 Rollover contributions 454,459 125,964 Employer contributions 7,067,793 6,427,119 -------------- ------------ Total contributions 15,865,792 12,787,436 -------------- ------------ Investment activity: Net appreciation (depreciation) in fair value of investments 27,527,833 (1,431,612) Interest and dividend income 1,919,188 1,219,440 -------------- ------------ Total investment activity 29,447,021 (212,172) -------------- ------------ Total additions 45,312,813 12,575,264 -------------- ------------ DEDUCTIONS: Benefits paid to participants 6,844,797 5,555,133 Administrative fees 14,260 45,247 -------------- ------------ Total deductions 6,859,057 5,600,380 -------------- ------------ INCREASE IN NET ASSETS 38,453,756 6,974,884 TRANSFERS OF NET ASSETS OF RAPIDFORMS, INC. 401(k) PROFIT SHARING PLAN, MCBEE SYSTEMS, INC. SAVINGS PLAN AND PREMIUMWEAR RETIREMENT SAVINGS PLAN AND TRUST (Note 1) - 32,053,885 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 123,995,557 84,966,788 -------------- ------------ End of year $ 162,449,313 $123,995,557 -------------- ------------ -------------- ------------
See notes to financial statements. 401(K) PLAN FOR EMPLOYEES OF NEW ENGLAND BUSINESS SERVICE, INC. NOTES TO FINANCIAL STATEMENTS 1. DESCRIPTION OF THE PLAN The following brief description of the 401(k) Plan for Employees of New England Business Service, Inc. (the "Plan") provides general information only. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. General Information-On October 26, 1984, the Plan sponsor, New England Business Service, Inc. ("NEBS" or the "Company"), adopted a deferred profit-sharing and stock ownership plan. The Plan became effective as of July 30, 1984. On July 1, 1993, the Plan was amended to incorporate provisions of Section 401(k) of the Internal Revenue Code (the "Code"). The Plan was restated effective January 1, 1997 and September 1, 2002 to comply with applicable legislative and regulatory changes. The Plan is designed to allow eligible employees to accumulate savings for retirement in the Plan without paying income taxes until the monies actually are received. Employees may elect to defer receipt of a portion of their eligible pay by having such amounts paid into the Plan. If an employee chooses to defer payment of this eligible pay, the Company will make an additional contribution to the Plan on the employee's behalf. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). On August 27, 2002, the Company approved the merger of Rapidforms, Inc. 401(k) Profit Sharing Plan ("Rapidforms Plan"), McBee Systems, Inc. Saving Plan ("McBee Plan"), and PremiumWear Retirement Savings Plan and Trust ("PremiumWear Plan") into the Plan. As a result, net assets of $14,771,621, $14,802,715 and $2,479,549 of the Rapidforms Plan, McBee Plan and PremiumWear Plan, respectively, were transferred into the Plan during the year ended December 31, 2002. Eligibility-Regular employees hired prior to September 1, 2002 are eligible to participate in the Plan beginning the first of the month following the date of hire. Regular employees hired on or subsequent to September 1, 2002 are eligible to participate beginning the first of the month after 90 days of service and are subject to automatic enrollment at 3% of pay. For nonregular employees (temporary employees), the employees must complete one year of eligible service (1,000 hours of service). No minimum age requirement applies under the Plan. Officers and directors of the Company who are full-time employees and meet the foregoing eligibility requirements are eligible for participation. Participant Accounts-Individual accounts are maintained for each Plan participant. Each participant's account is credited with the participant's contribution, the Company's matching contribution, and allocations of Company discretionary contributions and Plan earnings and charged with withdrawals and an allocation of Plan losses and administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. Administration of the Plan-The Plan is administered by the NEBS Retirement Committee (the "Plan Committee"), whose members are appointed by the Board of Directors of the Company. Investors Bank & Trust Company ("IBT") has been trustee of the Plan since September 1, 2002. Prior to September 1, 2002, the trustee of the Plan was Wells Fargo Bank, Minnesota, N.A. ("Wells Fargo"). Certain administrative costs of the Plan have been assumed by the Company. Company Contributions-When an employee makes a contribution, the Company will make a matching contribution of shares of its common stock. If the employee has less than five years of service, the matching contribution is equal in value to 50% of the amount of the deferral, but not to exceed 3% of the employee's eligible pay. If the employee has five years or more of service and was hired prior to September 1, 2002, the matching contribution is equal in value to 100% of the amount of the deferral, but not to exceed 6% of the employee's eligible pay. In addition, the Company, at its discretion, made profit- sharing contributions to employees who meet the minimum eligibility requirements for matching contributions. For the year ended December 31, 2003, this percentage was 3.0% of eligible pay for all eligible employees with the exception of employees of McBee and PremiumWear who received 1.5% and 0%, respectively. Employee Contributions-Eligible employees may defer a portion (in multiples of 1%) of their eligible pay as defined by the Plan. The deferral may not exceed 50% of a participant's eligible pay and is subject to certain Code limitations. Effective January 1, 2002, participants who are ages 50 or older are permitted to make catch-up contributions. The catch-up contribution limit was $2,000 and $1,000 for the fiscal years 2003 and 2002, respectively. Loans to Participants-Eligible participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50 percent of their account balance, whichever is less. The loans are secured by the balance in the participant's account and bear interest at rates that range from 5.0 percent to 11.5 percent, which are commensurate with local prevailing rates as determined quarterly by the Plan administrator. Principal and interest is paid ratably through monthly payroll deductions. The loan must be for a nonrenewable term of no more than five years, and only one loan will be allowed to a participant at any given time. Investment of Contributions-Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan offers 8 mutual funds, 1 guaranteed investment contract, 7 pooled separate accounts and Company stock. Employees have the option to move the Company contribution from Company common stock to any of the other investment options at any time subsequent to the initial contributions. Dividends, interest, and other distributions received in any fund with respect to any type of contribution are reinvested in the same fund. Prior to September 1, 2002, employee contributions that had not been designated for a particular investment were invested in the Norwest Stable Return Common Collective Trust. As of September 1, 2002, employee contributions that have not been designated for a particular investment will be invested in the Oakmark Equity & Income Fund. Vesting-Participants are fully vested with respect to employee contributions. With respect to NEBS participant Company contributions made pursuant to the Plan subsequent to July 1, 1997, the vesting period percentage of each NEBS participant who had at least three years of service as of July 1, 1997 shall be 100% at all times. All Company contributions prior to July 1, 1997 are 100% vested. With respect to employer profit-sharing contributions, the vesting period of each McBee Plan participant who was employed by McBee on or before August 31, 2002 shall be 100% at all times. With respect to employer profit-sharing contributions, the vesting period of each Rapidforms Plan participant who was a participant prior to January 1, 2001, shall be 100% at all times. With respect to all employer profit- sharing contributions, the vesting percentage of each PremiumWear Plan participant who was employed by PremiumWear on or before August 31, 2002, shall be 100% at all times. Forfeiture-Participants who withdraw from the Plan due to termination of employment will forfeit unvested Company contributions and related earnings. These forfeitures will be used to reduce current and future Company contributions. If, within five years, the participant is re-employed by the Company, the forfeitures will be reinstated to the participant. At December 31, 2003, forfeited nonvested accounts totaled $111,595. During the year ended December 31, 2003, employer contributions were reduced by $116,350 from forfeited nonvested accounts. Payments of Benefits-Contributions to the Plan from all sources, and earnings thereon, are generally payable at termination of employment due to retirement, disability, death, or any other reason. Distribution payments may be made in cash in a lump sum, in whole shares of Company common stock held in the employee's account in the Plan with the value of fractional shares paid in cash, or in periodic installment payments. The form of distribution is elected in writing by the employee. Withdrawals prior to termination of employment are subject to certain limitations and restrictions. Plan Amendment and Termination-Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event that the Plan is terminated, participants would become 100% vested in their accounts. Reclassification-Certain reclassifications of prior-year amounts have been made to conform to the current-year presentation. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting-The financial statements of the Plan are prepared in accordance with accounting principles generally accepted in the United States of America. Estimates-The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Plan administrator to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates. The Plan invests in various securities including mutual funds, pooled separate accounts, corporate stocks and investment contracts. Investment securities, in general, are exposed to various risks such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits. Investment Valuation and Income Recognition-The Plan's investments are stated at fair value except for its benefit- responsive investment contract, which is valued at contract value (Note 4). Quoted market prices are used to value Company stock. Shares of mutual funds are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year end. Fair values of investments that do not have readily ascertainable market values (such as pooled separate accounts) have been estimated by the trustee based on the underlying publicly traded assets of the portfolio. These investments aggregated $69,289,627, or 43% of the total assets of the Plan, at December 31, 2003 and $50,114,711, or 40% of the total assets of the Plan at December 31, 2002. Investment gain (loss) related to these assets was $16,702,187 and $(7,959) for the years ended December 31, 2003 and 2002, respectively. Participant loans are valued at the outstanding loan balances. Purchases and sales of securities are recorded on the trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Management fees and operating expenses charged to the Plan for investments in mutual funds and pooled separate accounts are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments. Payment of Benefits-Distributions to participants are recorded when paid. Administrative Expenses-Administrative expenses of the Plan are paid by the Plan or the Plan's sponsor as provided in the Plan document. Excess Contribution Payable-The Plan is required to return contributions received during the Plan year in excess of IRS limits. 3. INVESTMENTS Investments that represent 5% or more of the Plan's net assets available for benefits as of December 31 are as follows:
2003 2002 Oakmark Equity & Income Fund -I Shares $ 17,753,898 $ 13,962,647 MassMutual (Wellington) Fundamental Value Fund -L Shares 17,810,215 14,154,123 MassMutual Indexed Equity Fund -Z Shares 16,119,393 12,090,933 Oppenheimer Capital Appreciation Fund -Y Shares 11,658,701 9,296,594 MassMutual Fixed Interest Fund 22,713,861 20,447,946 Mazama Allied Small Company Growth Fund 11,346,425 6,145,060 New England Business Service, Inc. Common Stock 29,877,773 21,127,196
The Plan's investments (including gains and losses on investments bought and sold, as well as held, during the year) appreciated in value by $27,527,833 and depreciated by $1,431,612 for the years ended December 31, 2003 and 2002, respectively, as follows:
2003 2002 New England Business Service, Inc. Common Stock $ 5,087,537 4,998,256 Wells Fargo Strategic Income Fund 316,955 (72,340) PIMCo Total Return Fund 320,870 224,505 Wells Fargo Strategic Growth Allocation Fund 378,250 (167,514) T. Rowe Price Emerging Markets Stock Fund 389,429 (76,087) Oakmark Equity & Income Fund - I Shares 3,266,037 464,742 AMR AIM Real Estate Fund 330,730 4,703 MassMutual (Wellington) Fundamental Value Fund - L Shares 4,028,424 (185,230) MassMutual Indexed Equity Fund - Z Shares 3,472,561 63,559 Oppenheimer Capital Appreciation Fund - Y Shares 2,666,542 136,134 Janus Mid Cap Value Fund 732,327 27,128 T. Rowe Price Mid Cap Value Fund II 492,781 21,290 Babson Small Company Opportunities Fund 894,245 142,680 Mazama Allied Small Company Growth Fund 3,859,743 (101,814) American Century Harris Associates Overseas Fund - L Shares 1,291,402 (84,578) Wells Fargo Stable Return Fund - 441,774 Fidelity Contrafund - (901,476) Vanguard Institutional Index Fund - (2,157,073) Wells Fargo Small-Cap Opportunities Fund - (1,349,944) American Euro-Pacific Growth Fund - (481,772) Wells Fargo Moderate Balanced Fund - (42,130) Wells Fargo Growth Balanced Fund - (1,101,070) Wells Fargo Diversified Equity Fund - (96,891) Wells Fargo Large Company Growth Fund - (275,132) Dreyfus Founders Discovery Fund - (224,777) Federated Stock Fund - (68,357) Berger Small-Cap Value Fund - (570,198) ------------ ----------- Net appreciation (depreciation) of investments $ 27,527,833 $ (1,431,612) ------------ ----------- ------------ -----------
4. INVESTMENT CONTRACT WITH INSURANCE COMPANY In 2002, the Plan entered into a benefit-responsive investment contract with Massachusetts Mutual Life Insurance Company ("MassMutual"). MassMutual maintains the contributions in a general account which is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The contract is included in the financial statements at contract value as reported to the Plan by MassMutual. Contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. There are no reserves against contract value. The crediting interest rates were 4.0% and 4.5% at December 31, 2003 and 2002, respectively. The crediting interest rate is based on a formula agreed upon with the issuer but may not be less that 3%. Such interest rates are reviewed on a semiannual basis for resetting. The average yield for the year ended December 31, 2003 was 4.0%. 5. TAX STATUS OF THE PLAN The Plan obtained its latest determination letter on May 28, 2003 in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with applicable requirements of the Code. The Plan subsequently has been amended; however, the Plan administrator believes that the Plan is currently designed and operated in compliance with applicable requirements of the Code. Accordingly, no provision for income taxes has been included in these financial statements. 6. RELATED-PARTY TRANSACTIONS Certain Plan investments are shares of mutual funds managed by MassMutual and Wells Fargo. MassMutual is the recordkeeper, and ITB is the trustee, as defined by the Plan, and Wells Fargo was the recordkeeper and trustee for a portion of 2002; therefore, these transactions qualify as party-in-interest transactions in the years when MassMutual and Wells Fargo served as the recordkeeper or trustee. Total fees paid to MassMutual for the investment management services amounted to $14,260 for the year ended December 31, 2003. Total fees paid to Wells Fargo and MassMutual amounted to $45,247 for the year ended December 31, 2002. At December 31, 2003 and 2002, the Plan held 1,012,798 and 898,224 shares, respectively, of common stock of New England Business Service, Inc., the sponsoring employer, with a cost basis of $24,818,328 and $20,083,454, respectively. During the years ended December 31, 2003 and 2002, the Plan recorded dividend income of $780,236 and $508,204, respectively. 7. NONPARTICIPANT-DIRECTED INVESTMENTS The Plan requires Company contributions initially to be invested within the Company's common stock. The activity within the Company's common stock investment (including the activity for the money market funds) for the years ended December 31 were as follows:
2003 2002 Balance-beginning of year $ 21,916,666 $ 17,475,198 ------------- ------------ Contributions 7,914,814 6,322,138 Net appreciation in fair value of investments 5,877,286 4,208,508 Interest and dividend income 804,397 678,878 Benefits paid to participants and other disbursements (1,508,682) (1,143,199) Net transfers (4,291,826) (5,624,857) ------------- ------------ Net change 8,795,989 4,441,468 ------------- ------------ Balance-end of year $ 30,712,655 $ 21,916,666 ------------- ------------ ------------- ------------
8. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 The following is a reconciliation of the net assets available for benefits per the financial statements at December 31, 2003 and 2002 to the Form 5500:
2003 2002 Net assets available for benefits per the financial statements $162,449,313 $123,995,557 Plus excess contribution payable 29,971 - Less employer contribution receivable (195,310) (427,722) Less employee contribution receivable (159,871) (260,286) ------------- ------------ Net assets available for benefits per the Form 5500 $162,124,103 $123,307,549 ------------- ------------ ------------- ------------
The following is a reconciliation of employee contributions per the financial statements for the year ended December 31, 2003 to the Form 5500:
Employee contributions per the financial statements $ 8,343,540 Plus excess contribution payable 29,971 Plus employee contribution receivable at December 31, 2002 260,286 Less employee contribution receivable at December 31, 2003 (159,871) ------------ Employee contributions per the Form 5500 $ 8,473,926 ------------ ------------
The following is a reconciliation of employer contributions per the financial statements for the year ended December 31, 2003 to the Form 5500:
Employer contributions per the financial statements $ 7,067,793 Plus employer contribution receivable at December 31, 2002 427,722 Less employer contribution receivable at December 31, 2003 (195,310) ------------ Employer contributions per the Form 5500 $ 7,300,205 ------------ ------------
9. SUBSEQUENT EVENT On June 25, 2004, the Company was acquired by Deluxe Corporation. Under the terms of the purchase, Deluxe paid $44 in cash for each Company share and assumed all of the Company's outstanding debt. * * * * * * SUPPLEMENTAL SCHEDULES 401(k) PLAN FOR EMPLOYEES OF NEW ENGLAND BUSINESS SERVICE, INC. FORM 5500 - SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) DECEMBER 31, 2003 - --------------------------------------------------------------------------------- - ---------
a) b)Identity of Issue c)Description of Investment d)Cost e)Value Participant-Directed Investments Wells Fargo Strategic Income Fund ** $ 3,704,213 PIMCo PIMCo Total Return Fund ** 5,458,247 Wells Fargo Strategic Growth Allocation Fund ** 1,923,634 T. Rowe Price Emerging Markets Stock Fund ** 1,544,260 Oakmark Equity & Income Fund - I Shares ** 17,753,898 AMR AIM Real Estate Fund ** 1,760,935 * MassMutual (Wellington) Fundamental Value Fund - L Shares ** 17,810,215 * MassMutual Indexed Equity Fund - Z Shares ** 16,119,393 * Oppenheimer Capital Appreciation Fund - Y Shares ** 11,658,701 Janus Mid-Cap Value Fund ** 3,340,921 * T. Rowe Price Mid-Cap Growth Fund II ** 2,458,017 * Babson Small Company Opportunities Fund ** 4,268,802 * Mazama Allied Small Company Growth Fund ** 11,346,425 * American Century Harris Associates Overseas Fund - L Shares ** 5,627,525 * MassMutual Fixed Interest Fund ** 22,713,861 * Participant loans Maturity dates ranging from one to five years at varying interest rates ** 3,922,401 ----------- Total participant-directed investments 131,411,448 ----------- Nonparticipant-Directed Investments * New England Business Common Stock, Service, Inc. 1,012,798 shares $24,818,328 29,877,773 * Investors Bank & Trust Company Money market fund 834,333 834,333 * MassMutual Money market fund 549 549 ----------- ----------- Total nonparticipant-directed investments $25,653,210 30,712,655 ----------- ----------- TOTAL INVESTMENTS $162,124,103 =========== * Represents party-in-interest. **Cost information is not required for participant-directed investments and therefore is not included.
401(k) PLAN FOR EMPLOYEES OF NEW ENGLAND BUSINESS SERVICE, INC. FORM 5500 - SCHEDULE H, PART IV, LINE 4j - SCHEDULE REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 2003 - ---------------------------------------------------------------------------------
a)Identity b)Description c)Purchase d)Selling e)Lease (f)Expense (g)Cost (h)Current (i)Net Gain of Party of Asset, Price Price Rental Incurred of Value or Loss Involved (include with Asset of Asset interest Transaction on rate and Transaction maturity Date in case of of a loan) SINGLE TRANSACTIONS No reportable transactions. SERIES IN SAME SECURITY No reportable transactions. SERIES WITH SAME PARTY No reportable transactions.
EX-2 3 exh2.txt NEW ENGLAND BUSINESS SERVICE, INC. EXH 2 Exhibit 2 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the incorporation by reference in Registration Statement Nos. 333-43804 and 333-83196 of New England Business Service, Inc. on Form S-8 of our report dated June 23, 2004, appearing in this Annual Report on Form 11-K of the 401(k) Plan for Employees of New England Business Service, Inc. for the year ended December 31, 2003. /s/ Deloitte & Touche LLP Boston, Massachusetts July 9, 2004 -----END PRIVACY-ENHANCED MESSAGE-----