-----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, St9PG+BTEOQiHqOOCETRGvmQ0YwL2vyBd5wcgKHc87QMSIdil2W9PdNOuYYEYySL PacbKw60wIM2LhAqP/qhEw== 0000722487-99-000015.txt : 19990419 0000722487-99-000015.hdr.sgml : 19990419 ACCESSION NUMBER: 0000722487-99-000015 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19990416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMDISCO INC CENTRAL INDEX KEY: 0000722487 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER RENTAL & LEASING [7377] IRS NUMBER: 362687938 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-07725 FILM NUMBER: 99595452 BUSINESS ADDRESS: STREET 1: 6111 N RIVER RD CITY: ROSEMONT STATE: IL ZIP: 60018 BUSINESS PHONE: 8476983000 MAIL ADDRESS: STREET 1: 6111 NOTH RIVER ROAD STREET 2: 6111 NOTH RIVER ROAD CITY: ROSEMONT STATE: IL ZIP: 60018 11-K 1 EMPLOYEES' PROFIT SHARING PLAN FINANCIALS COMDISCO RETIREMENT PLAN FINANCIAL STATEMENTS Years Ended September 30, 1998 and 1997 TABLE OF CONTENTS Page Number INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS Statement of Net Assets Available for Benefits - September 30, 1998 2 Statement of Net Assets Available for Benefits - September 30, 1997 3-4 Statement of Changes in Net Assets Available for Benefits with Fund Information - Year Ended September 30, 1998 5-8 Statement of Changes in Net Assets Available for Benefits with Fund Information - Year Ended September 30, 1997 9 -11 Notes to Financial Statements 12-19 INDEPENDENT AUDITOR'S REPORT ON SUPPLEMENTARY INFORMATION 20 SUPPLEMENTARY INFORMATION Schedule of Assets Held for Investment Purposes - September 30, 1998 21 Schedule of Assets Held for Investment Purposes - September 30, 1997 22-24 Schedule of Assets Held for Investment Purposes Which Were Both Acquired and Disposed Within the Plan Year - Year Ended September 30, 1998 25 Schedule of Assets Held for Investment Purposes Which Were Both Acquired and Disposed Within the Plan Year - Year Ended September 30, 1997 26 INDEPENDENT AUDITOR'S REPORT To the Trustees of the Comdisco Retirement Plan We have audited the accompanying statements of net assets available for benefits of the Comdisco Retirement Plan as of September 30, 1998 and 1997 and the related statements of changes in net assets available for benefits with fund information for the years then ended. These financial statement 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 with fund information of the Plan as of September 30, 1998 and 1997, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Deerfield, Illinois February 2, 1999 COMDISCO RETIREMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS SEPTEMBER 30, 1998
Non Participant Participant Directed Directed Total ------------ ----------- ------------ ASSETS Investments Employer securities ............................... $ 12,235,026 $ -- $ 12,235,026 Registered investment companies Putnam International Growth ....................... 7,291,804 -- 7,291,804 The George Putnam Fund of Boston .................. 4,531,999 -- 4,531,999 The Putnam Fund for Growth and Income ........................................... 11,302,703 -- 11,302,703 Putnam Income ..................................... 5,665,292 -- 5,665,292 Putnam Vista ...................................... 16,392,081 -- 16,392,081 Putnam Stable Value ............................... 13,165,635 -- 13,165,635 T. Rowe Price Small Cap Value ..................... 3,658,496 -- 3,658,496 T. Rowe Price Equity Income ....................... 10,792,465 -- 10,792,465 T. Rowe Price Equity Index ........................ 9,297,475 -- 9,297,475 Loans to participants ............................. 1,373,249 -- 1,373,249 ------------ ------------ ------------ Total Investments ................................. 95,706,225 -- 95,706,225 ------------ ------------ ------------ Receivables Employer's contributions .......................... 5,865,647 -- 5,865,647 Due from brokers .................................. 37,053 -- 37,053 Due from plan sponsor ............................. -- 25,723 25,723 Miscellaneous ..................................... -- 114 114 ------------ ------------ ------------ Total Receivables ................................. 5,902,700 25,837 5,928,537 ------------ ------------ ------------ Total Assets ...................................... 101,608,925 25,837 101,634,762 ------------ ------------ ------------ LIABILITIES Accounts payable ............................... -- 25,433 25,433 Due to related plan ............................ -- 90 90 ------------ ------------ ------------ Total Liabilities ............................. -- 25,523 25,523 ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS ............................................... $101,608,925 $ 314 $101,609,239 ============ ============ ============ The accompanying notes are an integral part of the financial statements.
-2- COMDISCO RETIREMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS SEPTEMBER 30, 1997
Non Participant Participant Directed Directed Total ------------ ------------ ------------ ASSETS Investments Money market funds ......................................... $ -- $ 184,591 $ 184,591 Common stock ............................................... -- 11,323,197 11,323,197 Employer securities ........................................ -- 14,513,282 14,513,282 Registered investment companies Kemper Blue Chip ........................................... 17,343 -- 17,343 Kemper Growth .............................................. 6,080,240 -- 6,080,240 Kemper High Yield .......................................... 2,426,726 -- 2,426,726 Kemper Income Capitalization ............................... 3,826 -- 3,826 Kemper International ....................................... 1,697,792 -- 1,697,792 Kemper Money Market ........................................ 548,235 -- 548,235 Kemper Small Capitalization Equity .................................................... 4,647,905 -- 4,647,905 Kemper Technology .......................................... 673,235 -- 673,235 Kemper Total Return ........................................ 5,836,097 -- 5,836,097 Kemper U.S. Government ..................................... 149,467 -- 149,467 T. Rowe Price Capital Appreciation .............................................. 5,557,026 -- 5,557,026 T. Rowe Price Equity Income ................................ 8,118,239 -- 8,118,239 T. Rowe Price Equity Index ................................. 5,468,241 -- 5,468,241 T. Rowe Price International Stock .......................... 5,506,091 -- 5,506,091 T. Rowe Price New Income ................................... 591,719 -- 591,719 T. Rowe Price U.S. Treasury Money Market .............................................. 931,898 -- 931,898 Other ...................................................... -- 8,647,516 8,647,516 Hartford Life Insurance Companies Investment - Contract #GA-3078 .................. 14,966,882 1,520,013 16,486,895 Loans to participants ...................................... -- 212,576 212,576 ------------ ------------ ------------ Total Investments .......................................... 63,220,962 36,401,175 99,622,137 ------------ ------------ ------------ Receivables Employer's contributions ................................... -- 3,539,664 3,539,664 Due from brokers ........................................... -- 593,454 593,454 ------------ ------------ ------------ Total Receivables .......................................... -- 4,133,118 4,133,118 ------------ ------------ ------------ Cash ....................................................... -- 18,957 18,957 ------------ ------------ ------------ Total Assets ............................................... $ 63,220,962 $ 40,553,250 $103,774,212 ============ ============ ============ The accompanying notes are an integral part of the financial statements.
-3- COMDISCO RETIREMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS SEPTEMBER 30, 1997
Non Participant Participant Directed Directed Total ------------ ------------ ------------ LIABILITIES Due to brokers ................................. $ -- $ 3,467 $ 3,467 Accounts payable ............................... -- 74,956 74,956 Due to related plan ............................ -- 124 124 ------------ ------------ ------------ Total Liabilities .............................. -- 78,547 78,547 ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS ............................................... $ 63,220,962 $ 40,474,703 $103,695,665 ============ ============ ============ The accompanying notes are an integral part of the financial statements.
-4- COMDISCO RETIREMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION YEAR ENDED SEPTEMBER 30, 1998 KEMPER MUTUAL FUNDS
Small Capital- Capital- Blue ization Interna ization Total U.S. Chip Growth Yield tional Market Equity Technology Return Government ---- ------ ----- -------- -------- ------ ----- ---------- ------ ---------- Additions to net assets attributed to: Investment income Net appreciation in fair value of investments ........ $ -- $ 54,843 $ 13,011 $ 14 $ 10,332 $ -- $ -- $ -- $ -- $ 376 Dividends .......... 2,641 710,328 101,852 118 70,180 11,460 426,272 72,678 608,271 4,055 Interest ........... -- -- -- -- -- -- -- -- -- -- Loan repayments ... -- -- -- -- -- -- -- -- -- -- Miscellaneous ..... -- -- -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 2,641 765,171 114,863 132 80,512 11,460 426,272 72,678 608,271 4,431 Less: Investment expenses .......... -- -- -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 2,641 765,171 114,863 132 80,512 11,460 426,272 72,678 608,271 4,431 Contributions Employer .......... -- -- -- -- -- -- -- -- -- -- Participants ...... -- 337,175 126,936 -- 94,615 40,633 210,817 13,977 119,488 5,639 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -- 337,175 126,936 -- 94,615 40,633 210,817 13,977 119,488 5,639 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total additions ......... 2,641 1,102,346 241,799 132 175,127 52,093 637,089 86,655 727,759 10,070 Deductions from net assets attributed to: Net depreciation in fair value of investments ....... 171 -- -- -- -- -- 338,139 82,970 218,652 -- Loan issues ....... -- -- -- -- -- -- -- -- -- -- Benefits paid to participants ...... -- 1,826,325 101,189 -- 114,553 85,205 409,351 150,510 -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total deductions ... 171 1,826,325 101,189 -- 114,553 85,205 747,490 233,480 218,652 -- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net increase(decrease) in net assets prior to interfund transfers ............ 2,470 (723,979) 140,610 132 60,574 (33,112) (110,401) (146,825) 509,107 10,070 Interfund transfers ........... (19,813) (5,356,261) (2,567,336) (3,958) (1,758,366) (515,123) (4,537,504) (526,410) (6,345,204) (159,537) -------- ----------- ----------- ------- ---------- --------- ---------- -------- ---------- -------- Net increase (decrease) in net assets available for benefits ......... (17,343) (6,080,240) (2,426,726) (3,826) (1,697,792) (548,235) (4,647,905) (673,235) (5,836,097) (149,467) Net assets available for benefits Beginning of year ............. 17,343 6,080,240 2,426,726 3,826 1,697,792 548,235 4,647,905 673,235 5,836,097 149,467 -------- ---------- ----------- ------- ----------- ------- ----------- --------- ---------- ------- End of year ....... $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- ======== =========== =========== ======== =========== ======= ========== ========= ========== ========
The accompanying notes are an integral part of the financial statements. -5- COMDISCO RETIREMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION YEAR ENDED SEPTEMBER 30, 1998 T. ROWE PRICE MUTUAL FUNDS
U.S. Treasury Small Capital Equity Equity International New Money Cap App. Income Index Stock Income Market Value -------- ------ ----- ----- ------ ------ ----- Additions to net assets attributed to: Investment income Net appreciation in fair value of investments ..................... $ -- $ -- $ 345,877 $ -- $ 4,298 $ 7 $ -- Dividends ............................ 755,225 950,214 148,232 250,016 26,414 20,202 72 Interest ............................. -- 3,123 2,646 -- -- -- 699 Loan repayments ...................... -- 5,799 7,274 -- -- -- 1,884 Miscellaneous ........................ -- -- -- -- -- -- -- ----------- ----------- ----------- ----------- --------- ----------- ----------- 755,225 959,136 504,029 250,016 30,712 20,209 2,655 Less: Investment expenses ............ -- 170 138 -- -- -- 39 ----------- ----------- ----------- ----------- --------- ----------- ----------- 755,225 958,966 503,891 250,016 30,712 20,209 2,616 Contributions Employer ............................. -- 956,014 940,923 -- -- -- 299,978 Participants ......................... 457,922 1,688,559 1,613,012 362,556 116,328 115,533 327,066 ----------- ----------- ----------- ----------- --------- ----------- ----------- 457,922 2,644,573 2,553,935 362,556 116,328 115,533 627,044 ----------- ----------- ----------- ----------- --------- ----------- ----------- Total additions ...................... 1,213,147 3,603,539 3,057,826 612,572 147,040 135,742 629,660 Deductions from net assets attributed to: Net depreciation in fair value of investments ..................... 233,186 790,382 -- 13,145 -- -- 1,158,675 Loan issues .......................... -- 102,984 97,683 -- -- -- 40,466 Benefits paid to participants ........ 322,679 612,985 671,310 600,697 60,509 4,202 9,223 ----------- ----------- ----------- ----------- --------- ----------- ----------- Total deductions ..................... 555,865 1,506,351 768,993 613,842 60,509 4,202 1,208,364 ----------- ----------- ----------- ----------- --------- ----------- ----------- Net increase (decrease) in net assets prior to interfund transfers .......... 657,282 2,097,188 2,288,833 (1,270) 86,531 131,540 (578,704) Interfund transfers ..................... (6,214,308) 1,540,545 2,493,392 (5,504,821) (678,250) (1,063,438) 4,537,178 ----------- ----------- ----------- ----------- --------- ----------- ----------- Net increase (decrease) in net assets available for benefits .......... (5,557,026) 3,637,733 4,782,225 (5,506,091) (591,719) (931,898) 3,958,474 Net assets available for benefits Beginning of year .............. 5,557,026 8,118,239 5,468,241 5,506,091 591,719 931,898 -- ----------- ----------- ----------- ----------- --------- ----------- ----------- End of year .................... $ -- $11,755,972 $10,250,466 $ -- $ -- $ -- $3,958,474 =========== =========== =========== =========== ========= =========== ===========
The accompanying notes are an integral part of the financial statements. -6- COMDISCO RETIREMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION YEAR ENDED SEPTEMBER 30, 1998 PUTNAM MUTUAL FUNDS
The George Growth Putnam and International Stable Loan Fund Income Income Vista Growth Value Fund --------- ------ ------ ----- ------ ----- ---- Additions to net assets attributed to: Investment income Net appreciation in fair value of investments ..................... $ -- $ -- $ -- $ -- $ -- $ -- $ -- Dividends ............................ 73,231 135,653 183,574 17,092 97 388,210 -- Interest ............................. 136 1,894 567 2,345 1,697 8,882 -- Loan repayments ...................... 3,942 4,862 1,337 4,959 3,216 58,838 1,203,856 Miscellaneous ........................ -- -- -- -- -- -- -- ------------ ---------- ------------ ----------- ----------- ---------- 77,309 142,409 185,478 24,396 5,010 455,930 1,203,856 Less: Investment expenses ............ 23 202 140 428 124 144 -- ----------- ------------ ---------- ------------ ----------- ----------- ---------- 77,286 142,207 185,338 23,968 4,886 455,786 1,203,856 Contributions Employer ............................. 158,123 532,016 252,753 494,858 579,635 1,521,130 -- Participants ......................... 124,857 496,554 213,120 447,251 454,862 549,596 -- ----------- ------------ ---------- ------------ ----------- ----------- ---------- 282,980 1,028,570 465,873 942,109 1,034,497 2,070,726 -- ----------- ------------ ---------- ------------ ----------- ----------- ---------- Total additions ...................... 360,266 1,170,777 651,211 966,077 1,039,383 2,526,512 1,203,856 Deductions from net assets attributed to: Net depreciation in fair value of investments ..................... 387,662 1,555,761 88,662 2,980,434 1,513,672 -- -- Loan issues .......................... 15,563 109,100 99,777 321,367 100,467 131,179 120,839 Benefits paid to participants ........ -- 190,276 96,769 198,958 104,856 640,845 -- ----------- ------------ ---------- ------------ ----------- ----------- ---------- Total deductions ..................... 403,225 1,855,137 285,208 3,500,759 1,718,995 772,024 120,839 ----------- ------------ ---------- ------------ ----------- ----------- ---------- Net increase (decrease) in net assets prior to interfund transfers .......... (42,959) (684,360) 366,003 (2,534,682) (679,612) 1,754,488 1,083,017 Interfund transfers ..................... 4,733,081 12,519,078 5,552,042 19,421,622 8,551,052 12,932,276 290,232 ----------- ------------ ---------- ------------ ----------- ----------- ---------- Net increase (decrease) in net assets available for benefits .......... 4,690,122 11,834,718 5,918,045 16,886,940 7,871,440 14,686,764 1,373,249 Net assets available for benefits Beginning of year .............. -- -- -- -- -- -- -- ----------- ------------ ---------- ------------ ----------- ----------- ---------- End of year .................... $ 4,690,122 $ 11,834,718 $5,918,045 $ 16,886,940 $ 7,871,440 $14,686,764 $1,373,249 =========== ============ ========== ============ =========== =========== ==========
The accompanying notes are an integral part of the financial statements. -7- COMDISCO RETIREMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION YEAR ENDED SEPTEMBER 30, 1998
Hartford Comdisco Total Total Total Life Common Non Kemper T. Rowe Price Putnam Insurance Stock Participant Funds Funds Funds Contract Account Directed Total ----- ----- ----- -------- -------- -------- ----- Additions to net assets attributed to: Investment income Net appreciation in fair value of investments $ 78,576 $ 350,182 $ -- $ -- $ -- $ 6,671,040 $ 7,099,798 Dividends 2,007,855 2,150,375 797,857 -- 22,330 104,932 5,083,349 Interest -- 6,468 15,521 482,365 636 33,515 538,505 Loan repayments -- 14,957 1,281,010 -- 1,248 -- 1,297,215 Miscellaneous -- -- -- -- -- 685 685 ----------- ------------ ----------- ------------ ----------- ----------- ------------ 2,086,431 2,521,982 2,094,388 482,365 24,214 6,810,172 14,019,552 Less: Investment expenses -- 347 1,061 -- 130 93,741 95,279 ----------- ------------ ----------- ------------ ----------- ----------- ------------ 2,086,431 2,521,635 2,093,327 482,365 24,084 6,716,431 13,924,273 Contributions Employer -- 2,196,915 3,538,515 -- 130,217 -- 5,865,647 Participants 949,280 4,680,976 2,286,240 455,724 116,992 -- 8,489,212 ----------- ------------ ----------- ------------ ----------- ----------- ------------ 949,280 6,877,891 5,824,755 455,724 247,209 -- 14,354,859 ----------- ------------ ----------- ------------ ----------- ----------- ------------ Total additions 3,035,711 9,399,526 7,918,082 938,089 271,293 6,716,431 28,279,132 Deductions from net assets attributed to: Net depreciation in fair value of investments 639,932 2,195,388 6,526,191 -- 7,155,910 -- 16,517,421 Loan issues -- 241,133 898,292 -- 162,648 -- 1,302,073 Benefits paid to participants 2,687,133 2,281,605 1,231,704 1,808,717 134,327 4,402,578 12,546,064 ----------- ------------ ----------- ------------ ----------- ----------- ------------ Total deductions 3,327,065 4,718,126 8,656,187 1,808,717 7,452,885 4,402,578 30,365,558 ----------- ------------ ----------- ------------ ----------- ----------- ------------ Net increase (decrease) in net assets prior to interfund transfers (291,354) 4,681,400 (738,105) (870,628) (7,181,592) 2,313,853 (2,086,426) Interfund transfers (21,789,512) (4,889,702) 63,999,383 (14,096,254) 19,564,327 (42,788,242) -- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Net increase (decrease) in net assets available for benefits (22,080,866) (208,302) 63,261,278 (14,966,882) 12,382,735 (40,474,389) (2,086,426) Net assets available for benefits Beginning of year 22,080,866 26,173,214 -- 14,966,882 -- 40,474,703 103,695,665 ----------- ------------ ----------- ------------ ----------- ----------- ------------- End of year $ -- $ 25,964,912 $63,261,278 $ -- $12,382,735 $ 314 $101,609,239 =========== ============ =========== ============ =========== =========== ============
The accompanying notes are an integral part of the financial statements. -8- COMDISCO RETIREMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION YEAR ENDED SEPTEMBER 30, 1997 KEMPER MUTUAL FUNDS
Small Blue High Income Money Cap. Total U.S. Chip Growth Yield Capitalization International Market Equity Tech. Return Government ---- ------ ----- -------------- ------------- ------ ----- ---- ------ ---------- Additions to net assets attributed to: Investment income Net apprecia- tion in fair value of investments $ 3,044 $ -- $ 74,400 $ 659 $ 219,486 $ -- $ 621,108 $ 61,814 $ 402,746 $ 3,016 Dividends 74 1,291,190 205,733 453 87,852 32,686 323,023 90,167 775,218 10,544 Interest -- -- -- -- -- -- -- -- -- -- Miscellaneous -- -- -- -- -- -- -- -- -- -- --------- ---------- ---------- ------ ---------- ---------- ---------- ---------- --------- -------- 3,118 1,291,190 280,133 1,112 307,338 32,686 944,131 151,981 1,177,964 13,560 Less: Invest- ment expenses -- -- -- -- -- -- -- -- --------- ---------- ---------- ------ ---------- ---------- ---------- ---------- --------- -------- 3,118 1,291,190 280,133 1,112 307,338 32,686 944,131 151,981 1,177,964 13,560 Contributions Employer -- -- -- -- -- -- -- -- -- Participants -- 1,091,559 351,661 191 273,282 106,256 647,867 29,056 290,799 13,510 --------- ---------- ---------- ------ ---------- ---------- ---------- ---------- ---------- -------- -- 1,091,559 351,661 191 273,282 106,256 647,867 29,056 290,799 13,510 --------- ---------- ---------- ------ ---------- ---------- ---------- ---------- --------- -------- Total additions 3,118 2,382,749 631,794 1,303 580,620 138,942 1,591,998 181,037 1,468,763 27,070 Deductions from net assets attributed to: Net deprecia- tion in fair value of invest- ments -- 267,347 -- -- -- -- -- -- -- -- Benefits paid to participants -- 330,071 142,834 22,219 104,125 582,374 613,902 44,890 203,336 33,284 --------- ---------- ---------- ------ ---------- ---------- ---------- ---------- --------- -------- Total deductions -- 597,418 142,834 22,219 104,125 582,374 613,902 44,890 203,336 33,284 --------- ---------- ---------- ------ ---------- ---------- ---------- ---------- --------- -------- Net increase (decrease) in net assets prior to interfund transfers 3,118 1,785,331 488,960 (20,916) 476,495 (443,432) 978,096 136,147 1,265,427 (6,214) Interfund transfers 14,225 (490,532) (24,414) 3,167 (42,390) 694,517 (148,588) (99,128) (240,376) (11,424) --------- ---------- ---------- ------ ---------- ---------- ---------- ---------- --------- -------- Net increase (decrease) in net assets available for benefits 17,343 1,294,799 464,546 (17,749) 434,105 251,085 829,508 37,019 1,025,051 (17,638) Net assets available for benefits Beginning of year -- 4,785,441 1,962,180 21,575 1,263,687 297,150 3,818,397 636,216 4,811,046 167,105 --------- ---------- ---------- ------ ---------- ---------- ---------- ---------- ---------- -------- End of year $ 17,343 $6,080,240 $2,426,726 $3,826 $1,697,792 $ 548,235 $4,647,905 $ 673,235 $5,836,097 $149,467 ========= ========== ========== ====== ========== ========== ========== ========== ========== ========
The accompanying notes are an integral part of the financial statements. -9- COMDISCO RETIREMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION YEAR ENDED SEPTEMBER 30, 1997 T. ROWE PRICE MUTUAL FUNDS
U.S. Treasury Capital Equity Equity International New Money Appreciation Income Index Stock Income Market ------------ --------- --------- ----------- -------- -------- Additions to net assets attributed to: Investment income Net appreciation in fair value of investments ..................... $ 474,819 $1,441,371 $1,152,689 $ 619,272 $ 30,663 $ -- Dividends ............................ 435,339 464,631 110,123 136,532 18,163 7,977 Interest ............................. -- -- -- -- -- -- Miscellaneous ........................ -- -- -- -- -- -- ---------- ---------- ---------- ----------- --------- -------- 910,158 1,906,002 1,262,812 755,804 48,826 7,977 Less: Investment expenses ............ -- -- -- -- -- -- ---------- ---------- ---------- ----------- --------- -------- 910,158 1,906,002 1,262,812 755,804 48,826 7,977 Contributions Employer ............................. -- -- 10,731 2,274 -- 712,426 Participants ......................... 799,955 1,219,006 864,145 793,430 117,734 58,620 ---------- ---------- ---------- ----------- --------- -------- 799,955 1,219,006 874,876 795,704 117,734 771,046 ---------- ---------- ---------- ----------- --------- -------- Total additions ...................... 1,710,113 3,125,008 2,137,688 1,551,508 166,560 779,023 Deductions from net assets attributed to: Net depreciation in fair value of investments ..................... -- -- -- -- -- -- Benefits paid to participants ........ 244,697 932,493 214,330 1,131,933 29,666 22,036 ---------- ---------- ---------- ----------- --------- -------- Total deductions ..................... 244,697 932,493 214,330 1,131,933 29,666 22,036 ---------- ---------- ---------- ----------- --------- -------- Net increase (decrease) in net assets prior to interfund transfers .......... 1,465,416 2,192,515 1,923,358 419,575 136,894 756,987 Interfund transfers ..................... 49,439 1,210,748 1,012,549 (303,898) (46,265) 27,780 ---------- ---------- ---------- ----------- --------- -------- Net increase (decrease) in net assets available for benefits .......... 1,514,855 3,403,263 2,935,907 115,677 90,629 784,767 Net assets available for benefits Beginning of year .............. 4,042,171 4,714,976 2,532,334 5,390,414 501,090 147,131 ---------- ---------- ---------- ----------- --------- -------- End of year .................... $5,557,026 $8,118,239 $5,468,241 $ 5,506,091 $ 591,719 $931,898 ========== ========== ========== =========== ========= ========
The accompanying notes are an integral part of the financial statements. -10- COMDISCO RETIREMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION YEAR ENDED SEPTEMBER 30, 1997
Total Hartford Total T. Rowe Life Non Kemper Price Insurance Participant Funds Funds Contract Directed Total ------------ ---------- ------------ ------------ ----------- Additions to net assets attributed to: Investment income Net appreciation in fair value of investments ..................... $ 1,386,273 $ 3,718,814 $ -- $10,984,108 $ 16,089,195 Dividends ............................ 2,816,940 1,172,765 -- 188,216 4,177,921 Interest ............................. -- -- 917,664 147,869 1,065,533 Miscellaneous ........................ -- -- -- 411 411 ------------ ----------- ------------ ----------- ------------ 4,203,213 4,891,579 917,664 11,320,604 21,333,060 Less: Investment expenses ............ -- -- -- 157,428 157,428 ------------ ----------- ------------ ----------- ------------ 4,203,213 4,891,579 917,664 11,163,176 21,175,632 Contributions Employer ............................. -- 725,431 -- 3,539,664 4,265,095 Participants ......................... 2,804,181 3,852,890 1,444,003 -- 8,101,074 ------------ ----------- ------------ ----------- ------------ 2,804,181 4,578,321 1,444,003 3,539,664 12,366,169 ------------ ----------- ------------ ----------- ------------ Total additions ...................... 7,007,394 9,469,900 2,361,667 14,702,840 33,541,801 Deductions from net assets attributed to: Net depreciation in fair value of investments ..................... 267,347 -- -- -- 267,347 Benefits paid to participants ........ 2,077,035 2,575,155 1,409,789 3,084,486 9,146,465 ------------ ----------- ------------ ----------- ------------ Total deductions ..................... 2,344,382 2,575,155 1,409,789 3,084,486 9,413,812 ------------ ----------- ------------ ----------- ------------ Net increase (decrease) in net assets prior to interfund transfers .......... 4,663,012 6,894,745 951,878 11,618,354 24,127,989 Interfund transfers ..................... (344,943) 1,950,353 (1,605,410) -- -- ------------ ----------- ------------ ----------- ------------ Net increase (decrease) in net assets available for benefits .......... 4,318,069 8,845,098 (653,532) 11,618,354 24,127,989 Net assets available for benefits Beginning of year .............. 17,762,797 17,328,116 15,620,414 28,856,349 79,567,676 ------------ ----------- ------------ ----------- ------------ End of year .................... $ 22,080,866 $26,173,214 $ 14,966,882 $40,474,703 $103,695,665 ============ =========== ============ =========== ============ The accompanying notes are an integral part of the financial statements.
-11- COMDISCO RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS September 30, 1998 and 1997 A. Description of Plan The following description of the Comdisco Retirement Plan (previously the Comdisco, Inc. Employees' Profit Sharing Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. The Plan was amended and restated effective as of April 1, 1998. 1. General. The Plan is a defined contribution plan that covers all employees of the Company and related companies who have six months of employment and who are also at least age twenty-one. Prior to April 1, 1998, the Plan covered all full-time employees of the Company who had six months of employment and 500 or more hours of service and who were also at least age twenty-one. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). 2. Contributions. Each year, the Company contributes to the Plan an amount as determined by the board of directors. Additional 401(k) matching amounts are contributed at the rate of fifty percent of the employees' before-tax contributions, not to exceed $1,000 per employee. Prior to April 1, 1998, matching contributions were made at the option of the Company's board of directors. Participants may contribute up to ten percent of their compensation on a before-tax basis subject to certain limitations. Participants may also contribute amounts representing distributions from other qualified plans. 3. Participant Accounts. Each participant's account is credited with the participant's contribution and an allocation of (a) the Company's contribution, (b) Plan earnings, and (c) forfeitures of terminated participants' nonvested accounts. 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 account. 4. Vesting. Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Vesting in the remainder of their accounts is based on years of continuous service. A participant is 100 percent vested after five years of credited service. 5. Investment Options. As of April 1, 1998, a participant in the plan may direct their investments to any of the following investment options. Putnam Stable Value Fund Investment Objective: Seeks stability of principal by investing mainly in investment contracts issued by insurance companies, banks, and other similar -12- COMDISCO RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS September 30, 1998 and 1997 A. Description of Plan (continued) financial institutions. To provide liquidity, a portion of the fund's assets is invested in high-quality money market instruments. Putnam Income Fund Investment Objective: Seeks current income consistent with prudent risk by investing mainly in a variety of bonds, with an emphasis on government bonds and corporate bonds from creditworthy companies. T. Rowe Price Equity Income Fund Investment Objective: Seeks to provide high current income by investing primarily in dividend-paying common stocks with favorable prospects for capital appreciation. The George Putnam Fund of Boston Investment Objective: Seeks a balance of capital growth and current income in a well-diversified portfolio composed mostly of stocks and corporate and U.S. government bonds. The Putnam Fund for Growth and Income Investment Objective: Seeks capital growth and current income by investing mainly in attractively priced stocks of mature companies that offer long-term growth potential while also providing income. Putnam International Growth Fund Investment Objective: Seeks capital appreciation by investing in a diversified portfolio of stocks of companies located mainly outside the United States. Putnam Vista Fund Investment Objective: Seeks capital appreciation by investing mainly in a variety of stocks that have the potential for above-average growth, including those of widely traded larger companies; smaller, less well-known companies; and currently, mostly midsize firms. -13- COMDISCO RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS September 30, 1998 and 1997 A. Description of Plan (continued) T. Rowe Price Equity Index Fund Investment Objective: Seeks to provide long-term growth with investment results equivalent to the total return of the U.S. stock market as represented by the Standard & Poor's 500 Stock Index. T. Rowe Price Small Cap Value Fund Investment Objective: Seeks long-term growth of capital through investment in undervalued small-capitalization stocks with attractive prospects for capital appreciation. Comdisco Common Stock Account Investment Objective: Seeks capital appreciation by investing in Comdisco, Inc. common stock. This investment option allows participants to share in the profits of the Company through direct ownership. Prior to April 1, 1998, a participant was able to direct their contributions to any of the following investment options. Hartford Life Insurance Companies Kemper Mutual Funds Blue Chip - A Growth - A High Yield - A Income Capitalization - A International - A Money Market Small Capitalization Equity - A Technology - A Total Return - A U.S. Government - A T. Rowe Price Mutual Funds Capital Appreciation Equity Income Equity Index International Stock New Income U.S. Treasury Money Market -14- COMDISCO RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS September 30, 1998 and 1997 A. Description of Plan (continued) As of April 1, 1998, participants may change their investment options when they wish. Prior to April 1, 1998, this could only be done semi-annually. 6. Participant Notes Receivable. Participants may borrow from their fund accounts a minimum of $1,000 up to one-half of the current value of the vested balance of their accounts, not to exceed $50,000 minus their highest loan balances in the last twelve months. The loans are secured by the balances in the participants' accounts and bear interest at the prime rates in effect on the first day of the quarter in which the loans are approved, plus two percent. Principal and interest are repaid ratably through payroll deductions over a reasonable period of time (not to extend beyond five years or ten years for a principal residence loan). 7. Payment of Benefits. On termination of service, the benefits to which a participant is entitled are paid in accordance with the Plan agreement. 8. Forfeited Accounts. At September 30, 1998 and 1997, there were no forfeited nonvested accounts. During the years ended September 30, 1998 and 1997, forfeited nonvested accounts totaling $98,708 and $129,290 respectively, were applied to the remaining participants' accounts as additional employer contributions. 9. Plan Amendments. Effective April 1, 1998, the Plan was amended and renamed the Comdisco Retirement Plan. On April 1, 1998, all Plan assets were liquidated and transferred on behalf of the participants to Putnam Investments. B. Summary of Accounting Policies Basis of Accounting The financial statements of the Plan are prepared under the accrual method of accounting. Investments Investments are recorded at fair value, determined by quoted market prices when applicable except for its investment contract which is valued at contract value. Realized Gains and Losses Realized gains and losses are calculated using investment costs for financial statement purposes, in accordance with generally accepted accounting principles. For Form 5500 purposes, however, realized gains and losses are calculated using the values of the -15- COMDISCO RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS September 30, 1998 and 1997 B. Summary of Accounting Policies (continued) investments at the beginning of the Plan's year or at the times of purchase during the Plan's year. Benefits Benefits are recorded when paid for financial statement purposes, in accordance with generally accepted accounting principles for employee benefit plans. For Form 5500 purposes, however, benefits are accrued in order to comply with the requirements of the Department of Labor. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires the plan administrator to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates. C. Investments The following table presents investments that represent five percent or more of the Plan's net assets at September 30:
1998 1997 ----------- ----------- Investments at Fair Value as determined by quoted market price Employer securities ................ $12,235,026 $14,513,282 Registered Investment Companies Putnam International Growth ...... 7,291,804 -- The Putnam Fund for Growth and Income ...................... 11,302,703 -- Putnam Income .................... 5,665,292 -- Putnam Vista ..................... 16,392,081 -- Putnam Stable Value .............. 13,165,635 -- T. Rowe Price Equity Income ...... 10,792,465 8,118,239 T. Rowe Price Equity Index ....... 9,297,475 5,468,241 T. Rowe Price Capital Appreciation -- 5,557,026 T. Rowe Price International Stock -- 5,506,091 Kemper Growth .................... -- 6,080,240 Kemper Total Return .............. -- 5,836,097 ----------- -----------
-16- COMDISCO RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS September 30, 1998 and 1997 C. Investments (continued) $86,142,481 $51,079,216 Investment at Contract Value Hartford Life Insurance Companies Investment - Contract #GA-3078 . -- 16,486,895 ----------- ----------- $86,142,481 $67,566,111 =========== ===========
During the years ended September 30, 1998 and 1997, the Plan's investments (including investments bought, sold, or held during the year) appreciated or depreciated in value as follows:
Net Change in Fair Value Year Ended Year Ended September 30, 1998 September 30, 1997 ------------ ------------ Preferred stock ........................................... $ -- $ (49,262) Common stock .............................................. 936,664 3,120,015 Employer securities ....................................... (2,299,651) 5,966,267 Registered investment companies ................................................ (8,054,636) 6,784,828 ------------ ------------ Total net change in fair value ............................................... $ (9,417,623) $ 15,821,848 ============ ============
D. Investment Contract with Insurance Company The Plan entered into an investment contract with Hartford Insurance Companies (Hartford). Hartford maintained the contributions in a pooled account. The account was credited with earnings on the underlying investments and charged for Plan withdrawals and administrative expenses charged by Hartford. The contract was included in the financial statements at contract value, (which represented contributions made under the contract, plus earnings, less withdrawals and administrative expenses), because it was fully benefit responsive. There were no reserves against contract value for credit risk of the contract issuer or otherwise. The fair value of the investment contract at September 30, 1997 was $16,486,895. The average yield and crediting interest rates were 6% for 1998 and 6.498% for 1997. The crediting interest rate was based on an agreed-upon formula with the issuer, but could not be less than 6% for 1998 and 5.75% for 1997. The interest rates were reset annually. -17- COMDISCO RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS September 30, 1998 and 1997 E. Reconciliation of Financial Statements to Form 5500 The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
September 30, 1998 September 30, 1997 ------------------ ------------------ Net assets available for benefits per financial statements $ 101,609,239 $ 103,695,665 Amounts allocated to withdrawing participants (11,758) (7,998,760) --------------- -------------- Net assets available for benefits per the Form 5500 $ 101,597,481 $ 95,696,905 ============== ==============
As previously stated in the summary of accounting policies, benefits are recorded when paid for financial statement purposes but are accrued for Form 5500 purposes. The following is a reconciliation of benefits between Forms 5500 and the statements of changes in net assets available for benefits with fund information.
Year Ended Year Ended September 30, 1998 September 30, 1997 ------------------ ------------------ Benefits per line 32e(1) of Form 5500 $ 4,559,062 $ 11,713,998 Plus beginning amount allocated to withdrawing participants 7,998,760 5,431,228 Less ending amount allocated to withdrawing participants (11,758) (7,998,760) --------------- ------------- Benefits paid per statements of changes in net assets available for benefits with fund information $ 12,546,064 $ 9,146,466 =============== =============
F. Administrative Expenses Comdisco, Inc. pays for the significant administrative costs of the Plan outside of the investment expenses. -18- COMDISCO RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS September 30, 1998 and 1997 G. Reclassification Certain prior year amounts have been reclassified to conform with the September 30, 1998 presentation. H. Information Certified by Custodians The certified annual statements of the custodian provide year-end market values of each class of investment, net appreciation or depreciation in fair values of each class of investment, interest and dividend income of each class of investment, and are the source for such information included in the financial statements and supplemental schedules. The custodians have certified that the information provided to the plan administrator by the custodians is complete and accurate. I. Plan Termination Although it has not expressed any intent 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 of ERISA. In the event of plan termination, participants will become 100 percent vested in their accounts. J. Tax Status The trust established under the Plan to hold the Plan's assets is qualified pursuant to the appropriate section of the Internal Revenue Code, and, accordingly, the trust's net investment income is exempt from income taxes. The Plan has obtained a favorable tax determination letter from the Internal Revenue Service and the Plan sponsor believes that the Plan continues to qualify and to operate as designed. -19- INDEPENDENT AUDITOR'S REPORT ON SUPPLEMENTARY INFORMATION To the Trustees of the Comdisco Retirement Plan Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes as of September 30, 1998 and 1997 and assets held for investment purposes which were both acquired and disposed within the plan years ended September 30, 1998 and 1997 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules have been subjected to the auditing procedures applied in the 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. February 2, 1999 Deerfield, Illinois SUPPLEMENTARY INFORMATION COMDISCO RETIREMENT PLAN SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES SEPTEMBER 30, 1998
Description of Investment Including Maturity Date, Rate of Identity of Issue, Borrower, Interest, Collateral, Par, Lessor, or Similar Party or Maturity Value Cost Current Value - --------------------------- ------------------------ ----------- ----------- Employer Securities * Comdisco, Inc. ...........................897,983.59 Shares $ 2,354,506 $12,235,026 =========== =========== Registered Investment Companies T. Rowe Price Equity Index ............................336,134.312 Shares $10,110,933 $ 9,297,475 Equity Income ...........................430,321.579 Shares 12,034,841 10,792,465 Small Cap Value .........................190,944.486 Shares 4,758,306 3,658,496 Putnam Investments The George Putnam Fund of Boston ..............................254,749.827 Shares 4,911,808 4,531,999 The Putnam Fund for Growth and Income .............................595,819.867 Shares 12,814,869 11,302,703 Income ..................................807,021.615 Shares 5,749,819 5,665,292 Vista .................................1,430,373.575 Shares 19,326,750 16,392,081 International Growth ....................450,389.383 Shares 8,800,652 7,291,804 Stable Value ..........................13,165,634.78 Shares 13,165,635 13,165,635 ----------- ----------- $91,673,613 $82,097,950 =========== =========== Loans to Participants * Participant Loans ........................8% - 11% various maturities $ 1,373,249 $ 1,373,249 =========== =========== Total Investments ... $95,401,368 $95,706,225 =========== ===========
* party-in-interest See independent auditor's report on supplementary information. -21- COMDISCO RETIREMENT PLAN SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES September 30, 1997
Description of Investment Including Maturity Date, Rate of Identity of Issue, Borrower, Interest, Collateral, Par, Lessor, or Similar Party or Maturity Value Cost Current Value - --------------------------- -------------------------- -------- ------------- Money Market Funds Northern Trust Benchmark Short-term investment, Diversified Asset Portfolio variable rate $ 184,591 $ 184,591 Kemper Money Short-term investment variable rate 548,234 548,234 T. Rowe Price U.S. Treasury Money Short-term investment, variable rate 931,901 931,901 ---------- ---------- $1,664,726 $1,664,726 ========== ========== Common Stock Ace Limited .............................................. 3,800 Shares $ 214,722 $ 357,200 Allmerica Financial Corporation ............................................. 5,400 Shares 163,189 237,262 American International Group ................................................... 2,925 Shares 136,415 301,823 Analog Devices, Inc. ..................................... 8,800 Shares 210,386 298,100 Arden Realty Group, Inc. ................................. 7,500 Shares 160,435 235,312 Beacon Properties Corporation ............................ 6,000 Shares 119,428 274,875 Becton, Dickinson & Company .............................. 6,200 Shares 274,467 296,825 Boeing Company ........................................... 4,400 Shares 178,343 239,525 Boston Properties, Inc. .................................. 8,400 Shares 210,000 275,625 Burlington Resources, Inc. ............................... 4,700 Shares 213,974 241,169 CUC International, Inc. .................................. 10,300 Shares 246,700 319,300 Cali Realty Corporation .................................. 7,000 Shares 161,420 291,375 Cardinal Health, Inc. .................................... 3,600 Shares 172,944 255,600 Centocor ................................................. 6,000 Shares 193,625 285,375 CVS Corporation .......................................... 4,500 Shares 202,060 255,937 EMC Corporation .......................................... 6,900 Shares 204,503 402,787 Eli Lilly & Company ...................................... 1,500 Shares 155,311 181,500 Ericsson L.M. Telelphone Company ................................................. 5,400 Shares 160,441 258,862 Essex International, Inc. ................................ 4,600 Shares 175,244 177,100 Gartner Group, Inc. ...................................... 4,300 Shares 120,792 129,000 See independent auditor's report on supplementary information.
-22- COMDISCO RETIREMENT PLAN SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES September 30, 1997
Description of Investment Including Maturity Date, Rate of Identity of Issue, Borrower, Interest, Collateral, Par, Lessor, or Similar Party or Maturity Value Cost Current Value - --------------------------- ----------------------- ----------- ------------- Common Stock (continued) General Cable Corporation ............................. 9,000 Shares $ 220,122 $ 319,500 General Electric Company .............................. 3,000 Shares 130,639 204,188 Golden State Bancorp, Inc. ............................ 10,000 Shares 265,437 298,750 Halliburton Company ................................... 8,000 Shares 146,280 416,000 Healthsouth Corporation ............................... 13,400 Shares 334,479 357,613 J.C. Penney Company, Inc. ............................. 4,000 Shares 206,192 233,000 Keane, Inc. ........................................... 9,800 Shares 164,929 311,150 Knightsbridge Tank, Ltd. .............................. 10,000 Shares 225,576 283,125 Medtronic, Inc. ....................................... 6,000 Shares 113,282 282,750 Merck & Company, Inc. ................................. 2,000 Shares 168,120 199,875 Microchip Technology, Inc. ............................ 3,800 Shares 114,891 171,593 NGC Corporation ....................................... 9,000 Shares 131,040 159,750 Nokia Corporation ..................................... 4,000 Shares 179,093 375,250 Pennzoil Company ...................................... 3,400 Shares 185,504 270,938 Robert Mondavi Corporation ............................ 7,000 Shares 285,090 383,250 Seacor Smit, Inc. ..................................... 3,800 Shares 251,555 235,600 Service Corporation International ..................... 7,000 Shares 149,210 224,000 Teradyne, Inc. ........................................ 4,800 Shares 186,089 258,300 360 Communications Company ............................ 12,100 Shares 223,343 252,588 Tyco International, Ltd. .............................. 3,600 Shares 181,566 295,425 Vertex Pharmaceuticals, Inc. .......................... 5,500 Shares 203,500 207,625 Wesley Jessen Visioncare .............................. 9,500 Shares 241,045 268,375 ----------- ----------- $ 7,981,381 $11,323,197 =========== ===========
See independent auditor's report on supplementary information. -23- COMDISCO RETIREMENT PLAN SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES September 30, 1997
Description of Investment Including Maturity Date, Rate of Identity of Issue, Borrower, Interest, Collateral, Par, Lessor, or Similar Party or Maturity Value Cost Current Value - --------------------------- -------------------------- ----------- ------------- Employer Securities * Comdisco, Inc. .......... 444,001 Shares common stock $ 1,332,709 $14,513,282 =========== =========== Registered Investment Companies Frank Russell Trust Company: Fixed Income I Fund ..... 168,067.52 Shares $ 2,056,498 $ 2,521,181 Equity I Fund ........... 137,995.817 Shares 1,787,184 3,929,017 Equity II Fund .......... 33,511.014 Shares 455,287 897,090 International Fund ...... 61,149.786 Shares 1,009,535 1,300,228 Kemper Service Company .... 1,945,774.67 Shares various Kemper "A" funds 9,637,334 21,532,632 T. Rowe Price ............. 1,274,599.6993 Shares of various T. Rowe Price funds 19,363,092 25,241,313 ----------- ----------- $34,308,930 $55,421,461 =========== =========== Life Insurance Companies Investment Hartford Life Insurance Co. Investment contract with insurance company $16,486,895 $16,486,895 =========== =========== Loans to Participants * Participant Loans ....... 8% - 12%, various maturities $ 212,576 $ 212,576 =========== =========== Total Investments ............ $61,987,217 $99,622,137 =========== =========== * party-in-interest See independent auditor's report on supplementary information.
-24- COMDISCO RETIREMENT PLAN SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES WHICH WERE BOTH ACQUIRED AND DISPOSED WITHIN THE PLAN YEAR Year Ended September 30, 1998
Description of Investment Including Maturity Date, Rate of Identity of Issue, Borrower, Interest, Collateral, Par, Cost of Proceeds of Lessor, or Similar Party or Maturity Value Acquisitions Dispositions - --------------------------- -------------------------- ------------ ------------ Common Stock Advanced Fibre Communications, Inc. ................................ 8,700 Shares $ 270,414 $ 338,201 Allied Signal, Inc. .................................. 6,000 Shares 230,096 250,382 ASM Lithography Holding .............................. 2,600 Shares 239,184 182,870 Berg Electrs Corporation ............................. 9,000 Shares 225,000 240,294 Cable Design Technologies Corporation ......................................... 12,750 Shares 350,304 337,286 Calenergy, Inc. ...................................... 5,100 Shares 193,163 199,651 CBS Corporation ...................................... 9,300 Shares 253,751 311,751 Ciena Corporation .................................... 4,500 Shares 239,584 181,398 Colgate Palmolive Co. ................................ 2,900 Shares 254,879 250,668 Grey Wolfe, Inc. ..................................... 28,000 Shares 245,570 117,316 Hearst Argyle Television ............................. 9,100 Shares 260,721 332,139 Home Depot, Inc. ..................................... 4,100 Shares 234,202 271,645 Meditrust Paired CTF ................................. 7,800 Shares 293,973 231,786 Microchip Technology, Inc. ........................... 2,200 Shares 84,975 60,550 Monsanto Co. ......................................... 6,900 Shares 302,541 361,824 News Corporation Ltd. ................................ 10,500 Shares 249,072 296,195 PSW Technologies ..................................... 22,800 Shares 266,713 153,201 Sipex Corporation .................................... 7,000 Shares 207,728 251,992 Tellabs, Inc. ........................................ 3,800 Shares 222,491 257,441 ---------- ---------- $4,624,361 $4,626,590 ========== ==========
See independent auditor's report on supplementary information. -25- COMDISCO RETIREMENT PLAN SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES WHICH WERE BOTH ACQUIRED AND DISPOSED WITHIN THE PLAN YEAR Year Ended September 30, 1997
Description of Investment Including Maturity Date, Rate of Identity of Issue, Borrower, Interest, Collateral, Par, Cost of Proceeds of Lessor, or Similar Party or Maturity Value Acquisitions Dispositions - --------------------------- ----------------- ------------ ------------ Common Stock Advanced Health Corporation ............................................. 7,000 Shares $ 91,000 $ 101,500 Ascend Communications, Inc. ............................................. 5,100 Shares 297,793 237,672 Cascade Communications Corporation ............................................................ 2,000 Shares 150,521 114,380 Cincinnati Bell, Inc. ................................................... 9,600 Shares 276,671 241,814 Compaq Computer Corporation ............................................. 2,600 Shares 205,556 275,983 DSP Communications, Inc. ................................................ 3,800 Shares 86,329 60,571 Electronic Data Systems Corporation ............................................................ 5,000 Shares 207,175 176,893 EMC Corporation ......................................................... 1,800 Shares 51,902 70,090 Ericsson L.M. Telephone Company ................................................................ 1,600 Shares 47,783 66,798 First Data Corporation .................................................. 4,095 Shares 118,238 143,162 Footstar, Inc. .......................................................... 1,296 Shares -- 26,018 Galileo International, Inc. ............................................. 2,000 Shares 49,000 55,128 Healthcare Compare Corporation .......................................... 1,500 Shares 64,500 64,873 K.N. Energy, Inc. ....................................................... 6,300 Shares 246,122 249,251 Keane, Inc. ............................................................. 3,100 Shares 101,424 150,172 Lone Star Steakhouse Saloon ............................................. 6,800 Shares 169,882 121,111 Microchip Technology, Inc. .............................................. 4,200 Shares 156,288 194,531 Motorola, Inc. .......................................................... 3,200 Shares 195,415 217,401 National Semiconductor Corporation ............................................................ 8,700 Shares 183,103 232,195 Prime Service, Inc. ..................................................... 9,000 Shares 223,198 284,166 Republic Industries, Inc. ............................................... 5,400 Shares 191,700 123,007 Rubbermaid, Inc. ........................................................ 7,400 Shares 201,079 190,200 Sunbeam Corporation ..................................................... 7,200 Shares 180,432 242,647 Western Digital Corporation ............................................. 2,000 Shares 142,620 131,932 ---------- ---------- $3,637,731 $3,771,495 ========== ==========
See independent auditor's report on supplementary information. -26- EX-23 2 CONSENT OF DAVID J. MILLER & ASSOCIATES, LLP [David J. Miller & Associates, LLP Letterhead] Consent of David J. Miller & Associates, LLP The Board of Directors Comdisco, Inc. We consent to the incorporation by reference in the Registration Statement on Form S-8 of Comdisco, Inc. of our reports dated February 2, 1999, relating to the statements of net assets available for benefits of Comdisco, Inc. Employees' Profit Sharing Plan (the "Plan") as of September 30, 1998 and 1997, and the related statements of changes in net assets available for benefits for the years then ended, which reports appear in this Annual Report on Form 11-K of the Plan filed with the Commission on April 15, 1999. /s/ David J. Miller & Associates, LLP April 15, 1999 Deerfield, Illinois -----END PRIVACY-ENHANCED MESSAGE-----