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Barnett Inc – ‘11-K’ for 6/30/00

On: Wednesday, 12/27/00, at 2:24pm ET · For: 6/30/00 · Accession #: 897069-0-627 · File #: 0-21728

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

12/27/00  Barnett Inc                       11-K        6/30/00    1:19K                                    Foley & Lardner/FA

Annual Report of an Employee Stock Purchase, Savings or Similar Plan — Form 11-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 11-K        Barnett Inc. Profit Sharing & 401(K) Retire. Plan     14     36K 

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 FORM 11-K

[X]    ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT   
OF 1934 for the fiscal year ended June 30, 2000                   

or                                                                

[ ]    TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE  
ACT OF 1934 for the transition period from _____ to _____.        

Commission File Number 0-21728

A.     Full title of the plan and the address of the plan, if different from    
that of the issuer named below:                                   

BARNETT INC.
 Profit Sharing and 401(k) Retirement Plan
 3333 Lenox Avenue
 Jacksonville, Florida 32254
(904) 384-6530

B.     Name of issuer of the securities held pursuant to the plan and the       
address of its principal executive office:                        

BARNETT INC.
 3333 Lenox Avenue
 Jacksonville, Florida 32254
(904) 384-6530

The following financial statements and schedules have been prepared in          
accordance with the financial reporting requirements of the Employee Retirement 
Income Security Act of 1974, as amended:                                        

     1.   Statements of Net Assets Available for Benefits--June 30, 2000 and
1999                                                    

    2.   Statement of Changes in Net Assets Available for Benefits for the
Year Ended June 30, 2000                                

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Barnett Inc.
Profit Sharing and 401(k) Retirement Plan 

Financial Statements and Schedule 
as of June 30, 2000 and 1999
Together With Auditors' Report

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BARNETT INC.

 PROFIT SHARING AND 401(k) RETIREMENT PLAN

 FINANCIAL STATEMENTS AND SCHEDULE

JUNE 30, 2000 AND 1999

 TABLE OF CONTENTS

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS                              

FINANCIAL STATEMENTS                                                            

         Statements of Net Assets Available for Benefits--June 30, 2000 and 1999

        Statement of Changes in Net Assets Available for Benefits for the Year
Ended June 30, 2000                                           

NOTES TO FINANCIAL STATEMENTS AND SCHEDULE                                      

SCHEDULE SUPPORTING FINANCIAL STATEMENTS                                        

 Schedule I:    Schedule H, Line 4i--Schedule of Assets Held for
  Investment Purposes--June 30, 2000

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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS                              

To the Plan Administrator of                                                    
Barnett Inc. Profit Sharing and                                                 
401(k) Retirement Plan:                                                         

We have audited the accompanying statements of net assets available for benefits
of BARNETT INC. PROFIT SHARING AND 401(k) RETIREMENT PLAN as of June 30, 2000   
and 1999 and the related statement of changes in net assets available for       
benefits for the year ended June 30, 2000. These financial statements and the   
schedule referred to below 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 auditing standards generally accepted
in the 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, the financial statements referred to above present fairly, in   
all material respects, the net assets available for benefits of the Plan as of  
June 30, 2000 and 1999 and the changes in its net assets available for benefits 
for the year ended June 30, 2000 in conformity with accounting principles       
generally accepted in the United States.                                        

Our audits were made 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 is presented for purposes of additional analysis and is 
not a required part of the basic financial statements but is supplementary      
information required by the Department of Labor Rules and Regulations for       
Reporting and Disclosure under the Employee Retirement Income Security Act of   
1974. The supplemental schedule has been subjected to the auditing procedures   
applied in the audit 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.                                                    

ARTHUR ANDERSEN LLP                                                             

Jacksonville, Florida                                                           
December 13, 2000                                                               

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BARNETT INC.

 PROFIT SHARING AND 401(k) RETIREMENT PLAN

 STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

JUNE 30, 2000 AND 1999

                                            2000            1999
                                            ----            ----

ASSETS:                                                                         
Investments, at fair value (Note 3)          $4,972,705       $3,791,475
                                              ---------        ---------
RECEIVABLES:                                                                    
Participants                                      6,725            6,072
Employer                                          1,420            1,229
                                              ---------        ---------
          Total receivables                       8,145            7,301
                                              ---------        ---------
NET ASSETS AVAILABLE FOR BENEFITS                $4,980,850       $3,798,776    
                                              =========        =========

The accompanying notes are an integral part of these statements.

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BARNETT INC.

 PROFIT SHARING AND 401(k) RETIREMENT PLAN

 STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEAR ENDED JUNE 30, 2000

ADDITIONS TO NET ASSETS ATTRIBUTED TO:                                          
Contributions:                                                            
Participants                                         $   917,755    
Employer                                                 269,143    
                                                  ----------
  Total contributions                              1,186,898
                                                  ----------
Investment income:                                                        
Net appreciation in fair value                            61,704    
Interest/dividends                                       203,274    
                                                  ----------
  Net investment income                              264,978
                                                  ----------
  Total additions                                  1,451,876
                                                  ----------
BENEFITS PAID TO PARTICIPANTS                                 (256,187)         
                                                  ----------
ADMINISTRATIVE EXPENSES                                        (13,615)         
                                                  ----------
NET INCREASE                                                 1,182,074          

NET ASSETS AVAILABLE FOR BENEFITS:                                              
Beginning of year                                         3,798,776       
                                                  ----------
End of year                                             $ 4,980,850       
                                                  ==========

The accompanying notes are an integral part of this statement.

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BARNETT INC.

 PROFIT SHARING AND 401(k) RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS AND SCHEDULE

JUNE 30, 2000 AND 1999

1.      DESCRIPTION OF THE PLAN                                                 

       The following description of the Barnett Inc. Profit Sharing and 401(k)
     Retirement Plan (the "Plan") of Barnett Inc. (the "Company") provides
        only general information. More complete information regarding the Plan's
provisions can be found in the plan document.                   

General                                                         

       The Plan is a defined contribution plan under the provisions of Section
       401(a) of the Internal Revenue Code ("IRC"), which includes a qualified
       cash or deferred arrangement as described in Section 401(k) of the IRC.
        The Plan provides benefits to all employees of the Company. Employees of
        the Company who are 21 years of age or older, have completed one year of
      service with the Company, and have worked 1,000 hours in that year are
      eligible to participate in the Plan. An employee may enter the Plan as
       of the January 1, April 1, July 1, or October 1 following the date upon
which he/she becomes eligible to participate in the Plan.       

Contributions                                                   

   Each year, participants may elect to contribute up to 15% of pretax
  annual compensation, as defined in the Plan and subject to certain
limitations under the IRC. Employer matching and discretionary  
        contributions, net of forfeitures, may be contributed to the Plan at the
    option of the Company's board of directors. The Company may elect to
   contribute, in the form of matching contributions, up to 50% of the
participant's annual contribution at a maximum of 4% of the     
participant's compensation.                                     

Participant Accounts                                            

Each participant's account is credited with the participant's   
  contribution and allocations of plan earnings. Allocations of plan
        earnings are based on account balances, as defined in the plan document.

Investment Options                                              

Upon enrollment in the Plan, a participant may direct employee  
contributions in any of 13 investment options:                  

Money Market Account                            

           The money market account invests in high-quality commercial
          paper (short-term, unsecured corporate loans). The average
               maturity is usually less than one month. The account is managed
by Principal Life Insurance Company.            

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-2- 

American Century:  20th Century Ultra           

         This mutual fund invests in stocks of some of the fastest
          growing companies that are considered to have better-than-
            average potential for earnings. The fund invests only in the
                stocks of companies that have operated continuously for three or
more years.                                     

U.S. Stock Account                              

             This mutual fund invests money in stocks of U.S. companies of
               all sizes. The strategy is to target stocks that are considered
               to be good values when their prices are compared to their long-
term earnings potential.                        

Vanguard Wellington                             

               This mutual fund invests 60% to 70% of its assets in stocks and
            the remainder in bonds to provide a combination of long-term
             growth and income. The fund may invest up to 10% of assets in
foreign securities.                             

Bond & Mortgage Account                         

        This mutual fund invests primarily in intermediate-term,
          investment-grade fixed income securities, which are mainly
           private placement bonds, commercial mortgages, and publicly
traded bonds.                                   

INVESCO Total Return                            

               This mutual fund invests in stocks and bonds. It owns stocks in
              conservative, well-known companies that have the potential for
               continued strong profit growth and are selling less expensively
             as compared to their prospects and past prices. The fund also
holds short-and intermediate-term bonds.        

Small Company Blend Account                     

       This mutual fund invests in stocks of smaller, seasoned
                companies where potential for long-term growth is expected to be
         above average. The account looks at both growth and value
stocks, resulting in a "blended" portfolio.     

International Stock Account                     

              This mutual fund invests in common stocks of companies located
             outside the United States, mainly in Western Europe and Asia.
          Countries and industries are selected after evaluating the
       economic, social, and political factors of each market.

Stock Index 500 Account                         

                This mutual fund invests in the common stocks of those companies
            listed in the Standard and Poor's 500 Stock Index. Beginning
             April 19, 1999, this fund was replaced by the Large Cap Stock
Index Fund.                                     

Barnett Inc. Common Stock                       

             This investment option invests in the common stock of Barnett
Inc.                                            

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         Guaranteed Interest Account (Maturities at June 30, 2002,
June 30, 2003, or June 30, 2004)                

              The Guaranteed Interest Account investments are private market
            bonds, commercial mortgages, and mortgage-backed securities.
             Money placed in this account earns a guaranteed interest rate
for a specific number of years.                 

Real Estate Account                             

               The real estate fund invest primarily in real estate investment
           trusts ("REITs") of various types. REITs are companies that
develop and manage real estate properties.      

Large Cap Stock Index                           

              This mutual fund invests in stocks of U.S. companies of larger
          sizes with more stable stock prices. The fund targets slow
        growth companies that often come from utilities, energy,
financial, and cyclical sectors.                

Benefits Payments                                               

Participants in service may make hardship withdrawals from their
        voluntary contributions upon demonstrating immediate and heavy financial
need. No withdrawals may be made from company contributions.    

      Upon termination of service due to death, disability, or retirement, a
      participant may elect to receive either a lump-sum amount equal to the
       value of the participant's vested interest in his/her account or annual
      installments over a ten-year period. For termination of service due to
other reasons, a participant may receive the value of the vested
interest in his/her account as a lump-sum distribution.         

Participant Loans                                               

    The Plan permits a participant to borrow up to 50% of his/her vested
  account balance, subject to certain limitations. Interest rates on
outstanding loans at June 30, 2000 range from 8.5% to 11.5%.    

Vesting                                                         

      Participants are immediately vested in their contributions plus actual
     earnings thereon. Vesting in the Company's matching and discretionary
      contribution portion of their accounts plus actual earnings thereon is
based on years of continuous service. Employees vest in Company 
       contributions ratably over five years of service based on the following
schedule:                                                       

                                                               Vesting
                Years of Service                              Percentage
                ------------------------------------           -----------------

           Less than one year                                     0%
          One year but less than two                            20
          Two years but less than three                         40
          Three years but less than four                        60
          Four years but less than five                         80
          Five years or more                                   100

2.      SUMMARY OF ACCOUNTING POLICIES                                          

Basis of Accounting                                             

   The financial statements of the Plan are prepared using the accrual
method of accounting.                                           

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Use of Estimates                                                

     The preparation of financial statements in conformity with accounting
      principles generally accepted in the United States requires management
     to make estimates and assumptions that affect the reported amounts of
assets, liabilities, and changes therein, and the disclosure of 
   contingent assets and liabilities. Actual results could differ from
those estimates.                                                

Investment Valuation and Income Recognition                     

       The Plan's investments are stated at fair value as determined by quoted
market prices on the last day of the plan year.                 

   Purchases and sales of securities are recorded on a settlement date
    basis which does not materially differ from the trade date. Interest
      income is recorded on the accrual basis. Dividends are recorded on the
ex-dividend date.                                               

Plan Expenses                                                   

     Substantially, all administrative plan expenses are paid by the Plan.

Adoption of Statement of Position 99-3                          

    The Plan has adopted the provisions of Statement of Position ("SOP")
        99-3, "Accounting for and Reporting of Certain Defined Contribution Plan
  Investments and Other Disclosure Matters," in these plan financial
      statements. This SOP simplifies disclosures for certain investments of
       the Plan. Certain reclassifications of the prior year amounts have been
       made to conform with the current year presentation under the provisions
of SOP 99-3.                                                    

3.      INVESTMENTS                                                             

       The carrying values of individual investments that represent 5% or more
of the Plan's net assets.                                       

                                                                [Download Table]

Fair value, as determined by quoted market value:                        
                                                                         
    American Century:  20th Century Ultra                      $1,301,209
    U.S. Stock Account                                            700,876
    Guaranteed Interest Account, maturities at June 30, 2002,            
       June 30,2003, or June 30, 2004                             666,998
    Vanguard Wellington                                           433,930
    Bond & Mortgage Account                                       399,423
    Small Company Blend Account                                   384,620
    International Stock Account                                   371,210
    INVESCO Total Return                                          308,170
    Large Cap Stock Index                                         201,789

4.      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 the Employee Retirement
Income Security Act of 1974.                                    

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-5- 

5.      RELATED-PARTY TRANSACTIONS                                              

        Certain plan investments are shares of mutual funds managed by Prinicpal
Life Insurance Company. Principal Life Insurance Company is the 
investment manager as defined by the Plan, and therefore, these 
        transactions qualify as party-in-interest transactions. Fees paid by the
      Plan for investment management services were approximately $14,000 for
the year ended June 30, 2000.                                   

6.      TAX STATUS                                                              

     The Plan obtained its determination letter on April 16, 1998 in which
        the Internal Revenue Service stated that the Plan, as then designed, was
   in compliance with the applicable requirements of the IRC. The plan
       administrator believes that the Plan is currently designed and is being
      operated in compliance with the applicable requirements of the IRC and
     that the trust continues to be tax-exempt under Section 501(a) of the
IRC.                                                            

7.    SUBSEQUENT EVENT                                                      

  On September 29, 2000, Wilmar Industries, Inc. acquired all of the
    outstanding stock of Barnett Inc.  As of September 29, 2000, Barnett
Inc. common stock is no longer an investment option for plan    
 participants. Management has not yet determined the effect of the
merger, if any, on the Plan going forward.                      

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                                                                      SCHEDULE I

BARNETT INC.

 PROFIT SHARING AND 401(k) RETIREMENT PLAN

SCHEDULE H, LINE 4i--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES

 JUNE 30, 2000

                                                        [Enlarge/Download Table]

                                                                                                                        Current 
         Identity of Party Involved                               Description of Investment                              Value  
----------------------------------------------------  -------------------------------------------------------------  -----------

                                                                                                                                
*     PRINCIPAL LIFE INSURANCE COMPANY                U.S. Stock Account                                             $   700,876
                                                      Guaranteed Interest Account (maturities at June 30, 2002,                 
                                                          June 30, 2003, or June 30, 2004)                               666,998
                                                      Bond & Mortgage Account                                            399,423
                                                      Small Company Blend Account                                        384,620
                                                      International Stock Account                                        371,210
                                                      Large Cap Stock Index                                              201,789
                                                      Money Market Account                                                 4,610
                                                      Real Estate Account                                                  4,584

      INVESCO                                         INVESCO Total Return                                               308,170

      AMERICAN CENTURY                                American Century:  20th Century Ultra                            1,301,209

      VANGUARD                                        Vanguard Wellington                                                433,930

*     BARNETT INC.                                    Barnett Inc. common stock                                          137,615

*     PLAN PARTICIPANTS                               Participant loans with varying maturities and interest                    
                                                         rates ranging from 8.5% to 11.5%                                 57,671
                                                                                                                       ---------
                                                                                                                      $4,972,705
                                                                                                                       =========

*Represents a party in interest.

 The accompanying notes are an integral part of this schedule.

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 CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

As independent certified public accountants, we hereby consent to the           
incorporation by reference of our report included in this Form 11-K, into the   
Company's previously filed Registration Statement on Form S-8 File Nos.         
333-23431 and 333-30485.                                                        

ARTHUR ANDERSEN LLP                                                             

Jacksonville, Florida                                                           
December 18, 2000                                                               

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 SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the        
trustees (or other persons who administer the employee benefit plan) have duly  
caused this Annual Report to be signed on its behalf by the undersigned,        
thereunto duly authorized, in the City of Jacksonville, in the State of Florida,
on December 18, 2000.                                                           

          BARNETT INC.
                                       PROFIT SHARING AND 401(k) RETIREMENT PLAN

                 PAUL JANKE, TRUSTEE

                  By:  /s/  Paul Janke
        Paul Janke
            Vice President

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘11-K’ Filing	Date	First	Last	Other Filings

	6/30/04	9	12
	6/30/03	9	12
	6/30/02	9	12
Filed on:	12/27/00
	12/18/00	13	14
	12/13/00	4
	9/29/00	11		15-12G, 8-K
For Period End:	6/30/00	1	12	10-K405
	6/30/99	1	7	10-K405, 11-K
	4/19/99	8
	4/16/98	11
				List all Filings

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Barnett Inc – ‘11-K’ for 6/30/00

On: Wednesday, 12/27/00, at 2:24pm ET · For: 6/30/00 · Accession #: 897069-0-627 · File #: 0-21728

Previous ‘11-K’: ‘11-K’ on 12/23/99 for 6/30/99 · Latest ‘11-K’: This Filing

Annual Report of an Employee Stock Purchase, Savings or Similar Plan — Form 11-KFiling Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Annual Report of an Employee Stock Purchase, Savings or Similar Plan — Form 11-K
Filing Table of Contents