UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
(Mark One)
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the Fiscal Year Ended December 31, 2002
-----------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the Transition Period from ________ to ________
Commission File Number 1-11373
-------
Profit Sharing Plan of Bindley Western Industries, Inc., and Subsidiaries
-------------------------------------------------------------------------
(Full Title of the Plan)
Cardinal Health, Inc.
7000 Cardinal Place
Dublin, Ohio 43017
(Name of Issuer of the Securities Held Pursuant to the Plan and
Address of its Principal Executive Office)
TABLE OF CONTENTS
INDEPENDENT AUDITORS' REPORTS.................................................................3-4
FINANCIAL STATEMENTS:
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION, AT DECEMBER 31, 2002 AND 2001.....................................5-6
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR
PLAN BENEFITS, WITH FUND INFORMATION,
FOR THE YEAR ENDED DECEMBER 31, 2002.......................................................7
NOTES TO FINANCIAL STATEMENTS..............................................................8-14
SCHEDULE:
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT
END OF YEAR...............................................................................15
SIGNATURE......................................................................................16
EXHIBITS:
EXHIBIT 23.01 - CONSENT OF DEWITT & SHRADER, P.C.
EXHIBIT 23.02 - CONSENT OF ENT & IMLER CPA GROUP, P.C.
EXHIBIT 99.01 - CERTIFICATION OF A PLAN COMMITTEE MEMBER
AND THE PLAN COMMITTEE CHAIRPERSON,
PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
2
INDEPENDENT AUDITORS' REPORT
To the Administrator and
Administrative Committee of
The Profit Sharing Plan of Bindley
Western Industries, Inc. and Subsidiaries:
We have audited the accompanying statement of net assets available for
plan benefits, with fund information, of the Profit Sharing Plan of Bindley
Western Industries, Inc. and Subsidiaries as of December 31, 2002 and the
related statement of changes in net assets available for plan benefits, with
fund information, for the year ended December 31, 2002. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on the financial statements based on our audit. The
statement of net assets available for plan benefits, with fund information, of
the Profit Sharing Plan of Bindley Western Industries, Inc. and Subsidiaries as
of December 31, 2001 was audited by other auditors whose report dated June 14,
2002, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audits 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 as of
December 31, 2002 and the changes in net assets available for benefits for the
year ended December 31, 2002 in conformity with accounting principles generally
accepted in the United States of America.
Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedule of assets
held for investment purposes at end of year is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements, but is 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. This supplemental schedule is the
responsibility of the Plan's management. The supplemental schedule has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ DeWitt & Shrader, P.C.
Indianapolis, Indiana
May 22, 2003
3
INDEPENDENT AUDITORS' REPORT
To the Administrator and
Administrative Committee of
The Profit Sharing Plan of Bindley
Western Industries, Inc. and Subsidiaries:
We have audited the accompanying statement of net assets available for
plan benefits, with fund information, of the Profit Sharing Plan of Bindley
Western Industries, Inc. and Subsidiaries as of December 31, 2001. This
financial statement is the responsibility of the Plan's management. Our
responsibility is to express an opinion on the financial statement based on our
audit.
We conducted our audit in accordance with auditing standards generally
accepted in the United States of America. 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 audit provides a
reasonable basis for our opinion.
In our opinion, the financial statement referred to above presents
fairly, in all material respects, the net assets available for benefits as of
December 31, 2001 in conformity with accounting principles generally accepted in
the United States of America.
/s/ ENT & IMLER CPA GROUP, P.C.
Indianapolis, Indiana
June 14, 2002
4
PROFIT SHARING PLAN OF
BINDLEY WESTERN INDUSTRIES, INC.
AND SUBSIDIARIES
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 2002
Fund Information
-----------------------------------------------------------------------------
Cardinal
Health PHC
Common Common Mutual Loan Putnam
Stock Fund Stock Funds Fund Investments Total
---------------- -------------- ------------- ---------- -------------- --------------
ASSETS:
Investments, at fair value $ 12,400,384 $ 3,845,078 $ 18,495,639 $ - $ - $ 34,741,101
Receivables:
Employer contributions - - - - 1,036,064 1,036,064
Employee contributions 62 - 1,083 - - 1,145
Participant loans - - - 104,901 - 104,901
Accrued investment income 12,604 11 - - - 12,615
---------------- -------------- ------------- ---------- -------------- --------------
Net assets available
for plan benefits $ 12,413,050 $ 3,845,089 $ 18,496,722 $ 104,901 $ 1,036,064 $ 35,895,826
================ ============== ============= ========== ============== ==============
5
PROFIT SHARING PLAN OF
BINDLEY WESTERN INDUSTRIES, INC.
AND SUBSIDIARIES
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 2001
Fund Information
----------------------------------------------------------
Cardinal
Health PHC
Common Common Mutual Loan
Stock Fund Stock Funds Fund Total
----------- ------ ------ ----- -----
ASSETS:
Investments, at fair value $ 16,056,341 $ 6,726,244 $ 21,244,343 $ - $ 44,026,928
Receivables:
Employer contributions 1,016,522 - 3,100,615 - 4,117,137
Employee contributions 9,207 - 19,542 - 28,749
Participant loans - - - 161,585 161,585
Accrued investment income 6,330 15 - - 6,345
------------------ -------------- --------------- ---------- -------------
Net assets available for plan benefits $ 17,088,400 $ 6,726,259 $ 24,364,500 $ 161,585 $ 48,340,744
================== ============== =============== ========== =============
6
PROFIT SHARING PLAN OF
BINDLEY WESTERN INDUSTRIES, INC.
AND SUBSIDIARIES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND
INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2002
Fund Information
--------------------------------------------------------------------------
Cardinal
Health PHC
Common Common Mutual Loan Putnam
Stock Fund Stock Funds Fund Investments Total
------------- ------------ ------------- ---------- ----------- -------------
Contributions:
Employer $ 21,360 $ - $ 68,869 $ - $ 1,036,064 $ 1,126,293
Employee 225,287 - 685,734 - - 911,021
Rollover 930 - 8,366 - - 9,296
------------- ------------ ------------- ---------- ----------- -------------
Total contributions 247,577 - 762,969 - 1,036,064 2,046,610
------------- ------------ ------------- ---------- ----------- -------------
Investment Income:
Interest and dividends 23,710 170 263,118 7,274 - 294,272
Realized gains and losses 2,820,286 500,556 (1,198,371) - - 2,122,471
Net appreciation (depreciation) in
fair value of investments (3,853,329) (2,750,527) (1,247,156) - - (7,851,012)
------------- ------------ ------------- ---------- ----------- -------------
Total investment income (1,009,333) (2,249,801) (2,182,409) 7,274 - (5,434,269)
------------- ------------ ------------- ---------- ----------- -------------
Total additions (deductions) (761,756) (2,249,801) (1,419,440) 7,274 1,036,064 (3,387,659)
Distributions to participants (2,116,392) (414,443) (6,269,219) (170,997) - (8,971,051)
Administrative expenses (45,199) (12,083) (28,926) - - (86,208)
Net transfers (to) from other funds (1,752,003) (204,843) 1,849,807 107,039 - -
------------- ------------ ------------- ---------- ----------- -------------
Net increase (decrease) in net assets
available for plan benefits (4,675,350) (2,881,170) (5,867,778) (56,684) 1,036,064 (12,444,918)
Beginning of year 17,088,400 6,726,259 24,364,500 161,585 - 48,340,744
------------- ------------ ------------- ---------- ----------- -------------
End of year $ 12,413,050 $ 3,845,089 $ 18,496,722 $ 104,901 $ 1,036,064 $ 35,895,826
============= ============ ============= ========== =========== =============
7
PROFIT SHARING PLAN OF
BINDLEY WESTERN INDUSTRIES, INC.
AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2002 AND 2001
NOTE 1 - DESCRIPTION OF THE PLAN
The following brief description of the Profit Sharing Plan of Bindley
Western Industries, Inc. and Subsidiaries is provided for general information
purposes only. Participants should refer to the plan agreement for more complete
information.
General
The Profit Sharing Plan of Bindley Western Industries, Inc. and
Subsidiaries (the "Plan") is a combined profit sharing and pre-tax savings plan.
The purpose of the Plan is to provide retirement income and other benefits to
eligible employees of Bindley Western Industries, Inc. and its Subsidiaries
("Bindley").
Effective January 1, 1994, Bindley adopted the Prism Prototype Plan and
Trust (the "Prism Plan"), thereby amending and restating the Plan, which had
originally been established January 1, 1979.
As of February 14, 2001, Bindley Western Industries, Inc. merged with
Cardinal Health, Inc. As a result of the merger, all Bindley Western Industries,
Inc. common stock held in the participant accounts was converted into Cardinal
Health, Inc. common stock at the applicable exchange ratio.
Participation
Prior to July 1, 2002, employees were eligible to participate in the
Plan after completing one year of service and attaining age twenty-one. Plan
entry dates were January 1, April 1, July 1, or October 1, whichever came first.
An employee was considered to have completed one year of service at the end of
the first twelve-month period during which the employee completed not fewer than
1,000 hours of service.
Effective July 1, 2002, the eligibility requirements changed. Each
employee must complete one full calendar month of service to be a participant
for the purposes of receiving allocations of the employer profit sharing and
matching contributions and participating in the salary reduction contributions.
Expenses
Certain administrative expenses of the plan were paid by Bindley which
approximated $8,700 in 2002 and $8,200 in 2001.
8
Administration
At December 31, 2002 and 2001, the Plan was administered by a committee
(the "Committee") appointed by the Human Resources and Compensation Committee of
the Board of Directors of Cardinal Health, Inc ("Cardinal") formerly Bindley
Western Industries, Inc. The Plan has a trust agreement with Key Trust (the
"Trustee") whereby the Trustee receives contributions, invests Plan assets and
distributes amounts for benefit payments as directed by the Committee. All
trustee's fees and other administrative expenses, exclusive of those incurred in
relation to the Committee, are paid by the Plan.
As record keeper and asset custodian of the Plan, Key Trust maintains
certain accounting and other records of the Plan transactions and assets.
Therefore, the Plan and the Plan committee rely on Key Trust to provide the
appropriate information for purposes of preparation of the financial statements
for the Plan. Although certain procedures are designed to obtain reasonable
assurance about whether the information provided by Key Trust is complete and
free of material misstatement, the Plan and Plan committee's ability to verify
the information is somewhat limited. For purposes of disclosures made in these
financial statements and related certifications, the Plan and Plan committee
have no reason to believe that the information provided by Key Trust does not
fairly present, in all material respects, the financial condition and results
of operations of the Plan.
Contributions and Allocations to Participants
Bindley's annual profit sharing contribution to the Plan is a
discretionary amount determined by the Board of Directors of Cardinal. The 2002
and 2001 profit sharing contribution approximated $1,036,000 and $4,117,000,
respectively.
Profit sharing contributions are allocated to participants on the basis
of the ratio that each participant's compensation bears to the total
compensation paid to all Plan participants for the applicable Plan year.
Effective July 1, 2002, the Company will begin to make a discretionary
match of 50% of the money the participant contributes to the 401(k) up to 6% of
the participant's eligible compensation. The 2002 and 2001 employer matching
contribution approximated $90,000 and $0, respectively.
Participants may authorize a pre-tax amount between 1% and 13% of their
annual compensation to be contributed on their behalf to the Plan. However, the
annual contribution per employee cannot exceed $11,000 and $10,500 for 2002 and
2001, respectively. The total maximum amount of contributions for each plan year
is the lesser of $40,000 or 25% of the participant's total compensation.
Participants may also make qualified rollover contributions to the Plan.
Forfeitures (the non-vested portion of those participant's accounts who
have terminated service with the Company) are used to offset future employer
profit sharing contributions. At December 31, 2002 and 2001, forfeited
non-vested accounts totaled $458,273 and $0, respectively.
Income (net of expenses) is allocated on a daily basis based on the
ratio of each participant's adjusted beginning balance to the total of all
participants' adjusted beginning balances for the applicable investment fund.
Vesting and Distributions
A participant's interest in their pre-tax employee contributions and
the earnings thereon are 100% vested at all times.
9
Prior to July 1, 2002, a participant's interest in their profit sharing
account vested as follows:
Number of Years Percentage
of Service Vested
--------------------- -------------
Fewer than 3 0%
3 20%
4 40%
5 60%
6 80%
7 or more 100%
Effective July 1, 2002, the Company has also reduced the vesting
schedule pertaining to the Company match and profit sharing contribution from
seven years to three years of service. The new vesting schedule effective July
1, 2002 is a three year cliff vesting schedule. This change applies to all
active participants employed as of July 1, 2002. Participants who terminated
before July 1, 2002 will remain subject to the vesting schedule in effect prior
to this amendment.
In the event of a participant's retirement on or after his 65th
birthday, total disability or death, his profit sharing account becomes fully
vested.
Distributions consist of benefit payments to eligible participants,
payments of vested amounts to terminated participants and payments to
participants who can demonstrate financial hardship. Participants are also able
to obtain loans from the Plan. Loans issued under the Prism Plan bear a rate of
interest of prime plus 1%. Any loans issued prior to the adoption of the Prism
Plan bear interest at a reasonable rate determined by the Committee. The loan
fund is utilized as the disbursement fund for loans granted by the Plan.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accounts of the Plan are maintained on the accrual basis of
accounting.
Investments and Investment Income
Investments are stated at fair value which equals quoted market value
or unit values based upon quoted market values. Participant loans are valued at
cost, which approximates fair value. Interest and dividends are credited to the
accounts when earned.
Payment of Benefits
Upon termination of service, a participant may elect to receive a lump
sum amount equal to the value of their account. Benefits are recorded when paid.
10
Use of Estimates
The preparation of the financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that effect the reported
amounts of assets, liabilities, and changes therein, and disclosure of
contingent assets and liabilities. Actual results could differ from those
estimates.
NOTE 3 - INVESTMENTS
The Plan's investments are held by a Trustee. The Plan provides that
the contributions will be invested in several different investment programs as
directed by each participant. These investment programs range from money market,
government secured, fixed income, growth, aggressive funds, and the Company's
own stock. For the participants who fail to complete the proper investment
election forms, these participant accounts are automatically invested in the low
risk government secured investment. The net appreciation (depreciation) in fair
value for each significant class of investment is shown in the accompanying
financial statements as investment income.
Investment Options
Under the Prism Plan, participants are able to direct their
contributions among several investment options. The investment funds available
to participants are as follows:
1. Victory Investment Quality Bond Fund - invests primarily in
investment-grade bonds issued by corporations and the U.S. Government
and its agencies or instrumentalities.
2. Victory Balanced Fund - invests in a diversified portfolio of common
stocks and fixed income securities or other collective funds holding
these securities.
3. Cardinal Health, Inc. Common Stock Fund - invests in the common stock
of the parent Company. Refer to Note 5 - Significant Event.
4 Victory U.S. Government Obligations Fund - invests only in short-term
securities issued or guaranteed by the U.S. Treasury and repurchase
agreements collateralized by U.S. Treasury securities with maturities
of thirteen months or less.
5. American EuroPacific Growth Fund - invests in small and large companies
based in industrial nations as well as smaller, developing nations.
6. American Washington Mutual Investors Fund - invests primarily in
companies that consistently pay dividends and earn more than their
dividend payout.
7. Priority Healthcare Corporation Common Stock Fund - one time investment
in the common stock of Priority Healthcare Corporation, resulting from
the Bindley Western Industries, Inc. January 1, 1999 spin-off.
11
8. Franklin Small-Cap Growth Fund - invests primarily in the equity
securities of small capitalization companies in the United States.
9. Victory Stock Index Fund - invests primarily in the common stocks that
comprise the S&P 500 Index.
10. Fidelity Advisor Equity Growth Fund - invests primarily in the common
and preferred stocks of companies with above-average growth
characteristics.
11. Victory Intermediate Income Fund - invests at least 65% of assets in
investment-grade debt securities.
12. Victory Government Reserves Fund - invests only in securities issued by
the U.S. Government, its agencies and/or instrumentalities.
Fund Transfers
Transfers between funds result from participants redirecting their
contributions between the funds listed above.
NOTE 4 - INVESTMENTS REPRESENTING 5% OR MORE OF NET ASSETS
Investments that represent 5% or more of the Plan's net assets are
separately identified below.
December 31, 2002
Victory Balanced Fund $ 2,518,659
American Washington Mutual Investors Fund 3,564,511
Cardinal Health, Inc. Common Stock Fund 12,238,539
Priority Healthcare Corp. Common Stock Fund 3,836,259
Victory Government Reserves Fund 7,645,066
NOTE 5 - SIGNIFICANT EVENT
On February 14, 2001, Bindley Western Industries, Inc. shareholders
voted to approve a merger with Cardinal Health, Inc. This was a stock-for-stock
transaction, where Bindley Western Industries, Inc. shareholders received 0.6413
Cardinal Health, Inc. common shares for each outstanding share of Bindley
Western Industries, Inc. As a result, all Bindley Western Industries, Inc.
common stock held in participant accounts was converted into Cardinal Health,
Inc. common stock at the applicable exchange ratio and the Bindley Western
Industries, Inc. common stock fund was converted to the Cardinal Health, Inc.
common stock fund.
Also in connection with the merger the Cardinal Health, Inc. Employee
Benefits Policy Committee has assumed responsibility for administration of the
plan.
12
NOTE 6 - PARTY-IN-INTEREST
Participants in the Plan may invest their contributions/account
balances in a Cardinal Health, Inc. Common Stock Fund, which primarily holds
shares of Cardinal common stock. At December 31, 2002, this fund held 206,767
Cardinal shares with a historical cost of $11,114,923 and a market value of
$12,238,539. At December 31, 2001, this fund held 244,572 Cardinal shares with a
historical cost of $10,837,081 and a market value of $15,814,026.
NOTE 7 - INCOME TAX STATUS
The Internal Revenue Service issued a determination letter on October
2, 1996 stating that the Plan qualifies for tax-exempt status under the
applicable provisions of the Internal Revenue Code. The Plan has been amended
since receiving the determination letter. However, management believes the Plan
is designed and is currently being administered in accordance with the Internal
Revenue Code and ERISA.
NOTE 8 - DIFFERENCE FROM FORM 5500
At December 31, 2002, there are no differences between the Annual
Return/Report of Employee Benefit Plan (Form 5500) filed with the Internal
Revenue Service and the accompanying financial statements.
NOTE 9 - PLAN TERMINATION
Although it has not expressed any intent to do so, Cardinal has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA. The Plan may terminate if
the Company becomes judicially bankrupt or insolvent and/or if the Company
organization dissolves, merges, consolidates, reorganizes or sells its assets
without a successor company electing to continue the plan. In the event of plan
termination, participants will become 100 percent vested in their accounts.
Since Bindley merged with Cardinal in February 2001, Cardinal has
closed many of the Bindley facilities. The result of this action has caused the
plan to become partially terminated. In this case, the affected participants
have become 100% vested.
NOTE 10 - PLAN ADMENDMENTS
Effective July 1, 2002, the Company amended certain provisions of the
Key Trust Company PRISM Non Standardized Prototype Retirement Plan and Trust
effective January 1, 1996. The Company will make a discretionary match of 50% of
the money the participant contributes in the 401(k) up to 6% of the
participant's eligible compensation. In order to be eligible to receive an
allocation of the employer matching and profit sharing contributions and to
participate in the salary reduction agreement, the employee must complete one
full calendar month of service. The Company has also reduced the vesting
schedule pertaining to the Company match and profit sharing contribution from
seven years of service to three years of service. This change applies to all
active participants employed as of July 1, 2002. Participants who terminated
before July 1, 2002 will remain subject to the vesting schedule in effect prior
to this
13
amendment. Due to these changes, participants were allowed to make an
additional one-time increase or decrease in the amount of salary reduction
contributions effective August 1, 2002. This amendment allows the Plan to match
the provisions of the Cardinal Heath Profit Sharing, Retirement and Savings Plan
in anticipation of the merger in 2003.
NOTE 11 - RECLASSIFICATIONS
Certain amounts in the 2001 financial statements have been reclassified
to conform to the 2002 presentation.
NOTE 12 - SUBSEQUENT EVENT
Effective February 1, 2003, the Company appointed Putnam Fiduciary
Trust Company as a successor trustee for the Bindley Western Industries, Inc.
Profit Sharing Plan in replacement of KeyBank National Association. All 2002
employer profit sharing (receivable as of December 31, 2002) and 2003 employee
and employer contributions will be submitted to the new trustee and third party
administrator, Putnam Fiduciary Trust Company.
Effective February 1, 2003, the Bindley Western Industries, Inc. Profit
Sharing Plan (Bindley Plan) assets merged into the Cardinal Health Profit
Sharing, Retirement and Savings Plan (Cardinal Plan). During the transition to
Putnam, any existing account balance will be transferred, or mapped, from the
funds in which the participant is currently invested to those fund options that
the Cardinal Health Benefits Policy Committee has determined have the most
similar investment objectives. The following is the detail of assets transferred
from the Bindley Plan to the Cardinal Plan:
Amount
BINDLEY FUND/ASSET Transferred CARDINAL FUND/ASSET
------------------ ----------- -------------------
Victory Stock Index Fund $ 521,721 S&P 500 Index Fund
Victory Intermediate Fund 1,684,737 Pimco Total Return Fund Administrative Class
Victory Gradison Government Reserve Fund 7,467,951 Cardinal Health Stable Value Fund
Victory Balanced Fund 2,372,066 Moderate Balanced Fund
Priority Healthcare Stock Fund 3,842,167 Priority Healthcare Stock Fund
Franklin Small Midcap Growth Fund 1,210,555 Liberty Acorn USA Fund Class Z
Fidelity Advisor Equity Growth Fund 556,700 Putnam Investors Fund Class Y
Cardinal Health, Inc. Stock Fund 12,163,488 Cardinal Health, Inc. Stock Fund
American Washington Mutual Investors Fund 3,439,388 Dodge & Cox Stock Fund
American EuroPacific Growth Fund 625,150 International Equity Fund
-----------
$33,883,923
===========
14
PROFIT SHARING PLAN OF
BINDLEY WESTERN INDUSTRIES, INC.
AND SUBSIDIARIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 2002
Current
Identity of Issue Description of Investment Cost** Value
---- --------------------------------------- ------------------------------- -------- -----------
American EuroPacific Growth Fund Registered Investment Company N/A $ 666,764
Fidelity Adv Equity Growth Fund Registered Investment Company 600,683
Franklin Small Cap Growth Fund Registered Investment Company 1,250,383
Victory Stock Index Fund Registered Investment Company 547,407
Victory Balanced Fund Registered Investment Company 2,518,659
American Washington Mutual Investors Fund Registered Investment Company 3,564,511
Victory Intermediate Income Fund Registered Investment Company 1,694,699
* Cardinal Health, Inc. Common Stock Fund Equity Securities of Cardinal Health Inc. 12,238,539
Priority Healthcare Corp Common Stock Fund Equity Securities of Priority Healthcare
Corporation 3,836,259
Victory Government Reserves Fund Registered Investment Company 7,645,066
EB Money Market Funds Money Market Instruments 8,819
Victory Prime Obligations Money Market Instruments 169,312
-------------
Total investments 34,741,101
-------------
* Loans to participants (Interest rates of
8.25% to 9.25%) 104,901
Contribution receivables 1,037,209
Accrued investment income 12,615
-------------
Total plan assets as of December 31, 2002 $ 35,895,826
=============
*Denotes party-in-interest.
** The Schedule of Assets Held for Investment Purposes does not
disclose the historical cost of Investments. Disclosure of this
information is required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974 only if the plan is non-participant
directed. The plan is comprised solely of participant-directed
accounts.
15
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the members
of the Plan committee have duly caused this annual report to be signed on
its behalf by the undersigned thereunto duly authorized.
PROFIT SHARING PLAN OF
BINDLEY WESTERN INDUSTRIES, INC., AND
SUBSIDIARIES
Date: June 30, 2003 /s/ Richard J. Miller
-----------------------------------
Richard J. Miller, Plan Committee Member
16