-----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, BQTcJTGZyUo+XohADhq+6nEzT6DHLJ5yfOJYWCwXGPd6JhKX2C5dNBCfomkJ0Wpx n+INxIpcCTNyNSrPwxuZyw== 0000950134-96-007104.txt : 19961231 0000950134-96-007104.hdr.sgml : 19961231 ACCESSION NUMBER: 0000950134-96-007104 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19961227 SROS: CSX SROS: NYSE SROS: PHLX SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHEMFIRST INC CENTRAL INDEX KEY: 0001026601 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE CHEMICALS [2870] IRS NUMBER: 640679456 STATE OF INCORPORATION: MS FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12547 FILM NUMBER: 96687059 BUSINESS ADDRESS: STREET 1: P O BOX 1249 CITY: JACKSON STATE: MS ZIP: 39215 BUSINESS PHONE: 6019480218 MAIL ADDRESS: STREET 1: P O BOX 1249 CITY: JACKSON STATE: MS ZIP: 39215-1249 11-K 1 FORM 11-K 1 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 [FEE REQUIRED] For the fiscal year ended June 30, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to ------------------- ----------------- ChemFirst Inc. Commission file number 333-15789 CHEMFIRST INC. Employee 401(K) Savings Plan (Formerly First Mississippi Corporation Employee 401(K) Savings Plan) 700 North Street Post Office Box 1249 Jackson, Mississippi 39215-1249 CHEMFIRST INC. 700 North Street Post Office Box 1249 Jackson, Mississippi 39215-1249 2 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Financial Statements and Schedules June 30, 1996, 1995 and 1994 (With Independent Auditors' Report Thereon) 3 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Index to Financial Statements and Schedules Independent Auditors' Report Statements of Net Assets Available for Benefits as of June 30, 1996 and 1995 Statements of Changes in Net Assets Available for Benefits for the years ended June 30, 1996, 1995 and 1994 Notes to Financial Statements Supplemental Schedules: I. Item 27a - Schedule of Assets Held for Investment Purposes as of June 30, 1996 and 1995 II. Item 27d - Schedule of Reportable Transactions for the years ended June 30, 1996, 1995 and 1994 F-1 4 Independent Auditors' Report The Administrative Committee First Mississippi Corporation 401(K) Savings Plan: We have audited the financial statements of First Mississippi Corporation 401(K) Savings Plan (the Plan) as listed in the accompanying index. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. 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 of First Mississippi Corporation 401(K) Savings Plan as of June 30, 1996 and 1995 and the changes in net assets available for benefits for each of the years in the three-year period ended June 30, 1996, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules referred to above are not a required part of the basic financial statements but are supplementary information required by Regulation S-X or 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. November 15, 1996 /s/ KPMG PEAT MARWICK LLP F-2 5 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Statements of Net Assets Available for Benefits June 30, 1996 and 1995
1996 1995 ---- ---- Investments: Cash $ 2,525 2,525 Mutual funds, at fair value (cost $23,652,042 and $20,405,199, respectively) 25,535,407 21,520,546 Participant loans, at cost which approximates fair value 1,290,853 1,263,268 First Mississippi Corporation common stock, at fair value (cost $3,247,123 and $3,052,278, respectively) 5,962,422 8,038,826 Getchell Gold Corporation common stock, at fair value (cost $957,537 and $592,688, respectively) (note 8) 4,240,420 1,403,220 ------------ ---------- Total investments 37,031,627 32,228,385 ------------ ---------- Receivables: Employers' and participants' contributions 298,328 325,974 Interest 10,562 26,535 Dividends 161,458 162,218 Due from participant 22,210 -- ------------ ---------- Total receivables 492,558 514,727 ------------ ---------- Total assets 37,524,185 32,743,112 Advisory fees payable (27,080) (18,437) ------------ ---------- Net assets available for benefits $ 37,497,105 32,724,675 ============ ============
See accompanying notes to financial statements. F-3 6 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Statements of Changes in Net Assets Available for Benefits Years ended June 30, 1996, 1995 and 1994
1996 1995 1994 ---- ---- ---- Contributions (note 3): Participants $ 2,411,273 2,435,199 2,103,851 Employers 1,366,279 1,449,582 1,249,535 ------------ ------------ ------------ Total contributions 3,777,552 3,884,781 3,353,386 ------------ ------------ ------------ Interest income 125,679 117,506 580,236 Dividend income: First Mississippi Corporation common stock 102,070 89,244 112,492 Mutual funds 1,664,078 1,148,652 -- Realized gains (losses) on investments, net (note 2): Government securities -- -- 38,956 Mutual funds 578,166 26,673 4,748 First Mississippi Corporation common stock 861,525 599,385 998,562 Getchell Gold Corporation common stock (note 8) 1,384,241 130,327 (6,466) Unrealized appreciation of investments, net (note 5) 969,120 6,170,323 1,038,613 Advisory fees (109,095) (148,168) (27,777) ------------ ------------ ------------ Net investment income 5,575,784 8,133,942 2,739,364 ------------ ------------ ------------ Rollovers (note 4) 240,514 65,847 41,224 Transfers from PCS Phosphates, Inc. Employee Savings Plan (note 4) 133,944 -- -- Withdrawals and terminations, net of forfeitures (1,870,551) (1,596,682) (1,324,686) Transfer of Getchell Gold Corporation participant account balances (note 8) (3,084,813) -- -- ------------ ------------ ------------ Net increase in assets available for benefits 4,772,430 10,487,888 4,809,288 Net assets available for benefits: Beginning of year 32,724,675 22,236,787 17,427,499 ------------ ------------ ------------ End of year $ 37,497,105 32,724,675 22,236,787 ============ ============ ============
See accompanying notes to financial statements. F-4 7 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements June 30, 1996, 1995 and 1994 (1) Plan Provisions and Significant Accounting Policies The following brief description of First Mississippi Corporation 401(K) Savings Plan (the Plan) is provided for general information purposes only. Participants should refer to the Plan agreement for more complete information. (a) Plan Provisions The Plan is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The Plan currently covers substantially all employees of First Mississippi Corporation (First Mississippi) and eight wholly-owned subsidiaries, First Chemical Corporation, Plasma Energy Corporation, Quality Chemicals, Inc., FirstMiss Steel, Inc., AMPRO Fertilizer, Inc., Plasma Processing Corp., EKC Technology, Inc., and Callidus Technologies Inc. (the Companies or the Employers) (see note 8). The provisions of the Plan allow deferral of tax by the participants on their contributions and earnings thereon. Employees with six months of continuous employment are eligible for membership in the Plan. Plan participants may elect to contribute from 1% to 15% of monthly base pay to the Plan, subject to regulatory limitations. The maximum percentage was decreased from 16.8% to 15% effective January 1, 1995. The Companies match contributions up to 4% of monthly base pay. At June 30, 1996, 1995 and 1994, 924, 990 and 958 participants, respectively, were participating in the Plan. Participants may elect to have their contributions and allocated earnings thereon invested in any combination of the following investment programs: (1) Capital Preservation Fund - This fund was established in 1995 and consists primarily of investments in fixed income mutual funds. (2) Short-term Stability Fund - Consists primarily of investments in fixed income mutual funds. (3) Mid-term Balanced Fund - Consists primarily of investments in fixed income and equity mutual funds. (Continued) F-5 8 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements (4) Long-term Growth Fund - Consists primarily of investments in equity mutual funds. (5) First Mississippi common stock. (6) Getchell Gold Corporation common stock (as of October 20, 1995, participants could no longer elect to allocate new contributions to this investment program) (see note 8). Prior to April 1, 1994, participants could only elect to invest in programs (5) and (6) above, as well as a program that invested in cash deposited in interest-bearing bank accounts, certificates of deposit, corporate or government obligations, or other similar investments. Additionally, prior to April 1, 1994 participants could elect investment options separately with regard to their own contributions and the Employers' contributions. The Plan also provides for participant loans. A participant can borrow up to 50% of the participant's vested account balance, not to exceed $50,000 less the participant's highest outstanding loan balance during the previous twelve months. The minimum loan amount is $1,000, and only one loan for a participant may be outstanding. The interest rate charged on loan balances is equal to the prime rate plus 1%, and the interest charged is credited to the borrowing participant's account. Maturities cannot exceed five years, except for loans made to purchase a primary residence, in which case the maturity cannot exceed 10 years. The participant must pay a $50 set-up fee and a $2.50 monthly administrative fee for each loan. In addition to the investment options listed above, the Administrative Committee may authorize establishing additional investment options consisting of such other securities or professionally managed funds as may be determined by unanimous action of the committee. Notice of any such action must be communicated in writing to each participant. The following is a summary of the number of participants in each investment option: (Continued) F-6 9 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements (1) Plan Provisions and Significant Accounting Policies, Continued
Participants' contributions ---------------------------------------------------------------------------------------- First Getchell Mississippi Gold Capital Short-term Mid-term Long-term Corporation Corporation Preservation Stability Balanced Growth common common Fund Fund Fund Fund stock stock ---------- ----------- ------------ ----------- ---------- ------------ Number of participants: At June 30, 1996 27 684 500 635 384 293 ==== ====== ====== ===== ====== ==== At June 30, 1995 11 725 577 618 352 169 ==== ====== ====== ===== ====== ==== At June 30, 1994 - 699 528 556 343 144 ==== ====== ====== ===== ====== ====
Employers' contributions ---------------------------------------------------------------------------------------- First Getchell Mississippi Gold Capital Short-term Mid-term Long-term Corporation Corporation Preservation Stability Balanced Growth common common Fund Fund Fund Fund stock stock ---------- ----------- ------------ ----------- ---------- ------------ Number of participants: At June 30, 1996 27 695 502 640 411 321 ==== ====== ====== ===== ====== ==== At June 30, 1995 11 741 575 619 392 191 ==== ====== ====== ===== ====== ==== At June 30, 1994 - 714 528 556 386 163 ==== ====== ====== ===== ====== ====
Participants' contributions and allocated earnings thereon are fully vested at all times and are not subject to forfeiture for any reason. Employers' contributions and allocated earnings thereon fully vest after a participant completes three vesting years of membership service in the Plan or upon a participant's indefinite economic or industrial layoff, retirement, death or disability, whichever occurs first. Forfeitures are reallocated to the remaining participants. (b) Participant Accounts Participant accounts are maintained individually and in the aggregate for each investment option. Each participant's account is credited with its investment earnings and the portion of the Employers' contributions allocated to it. Participant benefits are provided solely from each individual participant's account. (Continued) F-7 10 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements (c) Administrative Expenses Administrative expenses, with the exception of advisory fees, are paid by First Mississippi and are not charged to the Plan. Advisory fees are for the management of the mutual funds in which plan assets are invested. (d) Investments Investments in cash and participant loans are stated at cost, which approximates fair value. Investments in First Mississippi common stock, Getchell Gold Corporation common stock and mutual funds are stated at quoted market value. Dividends and interest are recorded on the accrual basis. Investment transactions are accounted for on the trade date. The Plan does not require any collateral or other security from the trustee to support the investments. (e) Income Taxes In a determination letter dated April 24, 1996, the Internal Revenue Service held that the Plan is exempt from income taxes in accordance with section 401(a) of the Internal Revenue Code. It also held that participant income taxes on contributions and earnings are deferred until such amounts are received by the participant or a beneficiary. (f) Sales of Investments The cost of stock and mutual fund shares sold is determined based on the average cost of the shares. The cost of other investments is determined based on the individual cost of each issue. (g) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires the Plan administrator to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (Continued) F-8 11 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements (2) Investment Sales A summary follows of net realized gains on sales of investments for the years ended June 30, 1996, 1995 and 1994:
Proceeds Carrying Net realized from sales value gains --------------- -------------- ------------- 1996 Common stock $ 4,995,315 2,749,549 2,245,766 Mutual funds 10,885,936 10,307,770 578,166 --------------- -------------- ------------- $ 15,881,251 13,057,319 2,823,932 =============== ============== ============= 1995 Common stock $ 2,810,662 2,080,950 729,712 Mutual funds 5,636,596 5,609,923 26,673 --------------- -------------- ------------- $ 8,447,258 7,690,873 756,385 =============== ============== ============= 1994 Common stock $ 3,378,265 2,386,169 992,096 Government securities 8,596,521 8,557,565 38,956 Mutual funds $ 5,243,636 5,238,888 4,748 --------------- -------------- ------------- $ 17,218,422 16,182,622 1,035,800 =============== ============== =============
(3) Participants' and Employers' Contributions A summary follows of contributions by company:
Participants' Employers' contributions contributions ------------- ------------- Year ended June 30, 1996: First Mississippi Corporation $ 307,472 185,292 First Chemical Corporation 603,108 339,862 Getchell Gold Corporation 133,022 68,514 Plasma Energy Corporation 82,786 42,062 Quality Chemicals, Inc. 334,447 198,847 FirstMiss Steel Inc. 137,734 83,246 AMPRO Fertilizer, Inc. 160,017 75,243 EKC Technology, Inc. 161,603 73,043 Plasma Processing Corporation 103,875 63,533 Callidus Technologies, Inc. 387,209 236,637 ------------ ------------- $ 2,411,273 1,366,279 ============ =============
(Continued) F-9 12 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements (3) Participants' and Employers' Contributions, Continued
Participants' Employers' contributions contributions --------------- ------------- Year ended June 30, 1995: First Mississippi Corporation $ 231,904 152,847 First Chemical Corporation 603,924 375,042 Getchell Gold Corporation 402,943 206,238 Plasma Energy Corporation 77,110 45,319 Quality Chemicals, Inc. 328,803 198,853 FirstMiss Steel Inc. 122,452 93,402 AMPRO Fertilizer, Inc. 147,885 72,810 EKC Technology, Inc. 135,972 60,775 Plasma Processing Corporation 94,485 65,492 Callidus Technologies, Inc. 289,721 178,804 --------------- ------------- $ 2,435,199 1,449,582 =============== ============= Year ended June 30, 1994: First Mississippi Corporation $ 210,746 149,638 First Chemical Corporation 511,181 301,932 First Energy Corporation 2,484 1,653 Getchell Gold Corporation 385,530 197,464 Plasma Energy Corporation 60,247 38,909 Quality Chemicals, Inc. 285,581 174,725 FirstMiss Steel Inc. 100,374 70,339 AMPRO Fertilizer, Inc. 140,331 68,353 Maxadyne Corporation 3,580 3,580 Plasma Processing Corporation 69,125 49,441 EKC Technology, Inc. 128,937 57,815 Callidus Technologies, Inc. 205,735 135,686 --------------- ------------- $ 2,103,851 1,249,535 =============== =============
(Continued) F-10 13 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements (4) Rollovers and Transfers During 1996, 1995 and 1994, assets and participant accounts, including those from terminated plans covering employees of EKC Technology, Inc., Callidus Technologies, Inc., Plasma Energy Corp. and Getchell Gold Corporation (see notes 1 and 8), were transferred from other employee benefit plans to the Plan as follows:
1996 1995 1994 ---- ---- ---- First Mississippi Corporation $ 76,919 - - First Chemical Corporation 18,926 805 27,753 Callidus Technologies, Inc. 70,828 14,974 - Plasma Energy Corp. 30,813 - - Getchell Gold Corporation - 41,957 - EKC Technology, Inc. 34,857 4,216 7,695 Quality Chemical, Inc. 5,088 - 5,776 FirstMiss Steel, Inc. 3,006 3,895 - Plasma Processing Corporation 77 - - ---------- -------- --------- $ 240,514 65,847 41,224 ========== ======== =========
In April 1996, First Mississippi Corporation obtained a 50% interest in FirstMiss Fertilizer, LP, an ammonia storage terminal facility. As a part of this acquisition, the Companies hired seven employees from the seller of the facility. A "plan-to-plan" transfer of these employees' account balances, (including loan balances), aggregating $133,944 was completed between the PCS Phosphates, Inc. Employee Savings Plan and the Plan. (5) Unrealized Appreciation (Depreciation) of Investments During the years ended June 30, 1996, 1995 and 1994, unrealized appreciation (depreciation)of the Plan's investments was as follows:
1996 1995 1994 ---- ---- ---- Government securities $ - - (452,894) Mutual funds 768,018 1,164,775 (11,775) First Mississippi Corporation common stock (2,271,249) 4,206,502 1,454,571 Getchell Gold Corporation common stock 2,472,351 799,046 48,711 ------------ ------------ ------------ $ 969,120 6,170,323 1,038,613 ============ ============ ============
(Continued) F-11 14 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements (6) Investment Option Allocation The allocation of net assets available for benefits to investment option as of June 30, 1996 and 1995 follows:
Capital Short-term Mid-term Long-term Preservation Stability Balanced Growth Fund Fund Fund Fund ------------ ------------ ------------ ------------ June 30, 1996: Cash $ -- 2,525 -- -- Mutual funds 901,993 5,873,232 7,028,448 11,199,594 Participant loans 48,540 639,414 450,494 152,405 First Mississippi Corporation common stock -- -- -- -- Getchell Gold Corporation common stock -- -- -- -- ------------ ------------ ------------ ------------ Total investments 950,533 6,515,171 7,478,942 11,351,999 ------------ ------------ ------------ ------------ Receivables: Employers' and participants' contributions 2,649 48,455 74,270 144,714 Interest 304 3,976 2,777 867 Dividends -- 51,497 64,896 45,065 Due from participant -- -- -- 22,210 ------------ ------------ ------------ ------------ Total receivables 2,953 103,928 141,943 212,856 ------------ ------------ ------------ ------------ Total assets 953,486 6,619,099 7,620,885 11,564,855 Advisory fees payable (1,045) (7,688) (7,491) (10,856) ------------ ------------ ------------ ------------ Net assets available for benefits $ 952,441 6,611,411 7,613,394 11,553,999 ============ ============ ============ ============ June 30, 1995: Cash $ -- 2,525 -- -- Mutual funds 48,571 7,377,084 6,169,827 7,473,893 Participant loans -- 625,278 429,283 208,707 First Mississippi Corporation common stock -- -- -- -- Getchell Gold Corporation common stock -- -- -- -- ------------ ------------ ------------ ------------ Total investments 48,571 8,004,887 6,599,110 7,682,600 ------------ ------------ ------------ ------------ Receivables: Employers' and participants' contributions 1,704 73,893 94,842 130,405 Interest -- 12,368 8,491 4,128 Dividends 4 67,483 60,351 34,380 ------------ ------------ ------------ ------------ Total receivables 1,708 153,744 163,684 168,913 ------------ ------------ ------------ ------------ Total assets 50,279 8,158,631 6,762,794 7,851,513 Advisory fees payable (43) (6,455) (5,399) (6,540) ------------ ------------ ------------ ------------ Net assets available for benefits $ 50,236 8,152,176 6,757,395 7,844,973 ============ ============ ============ ============ First Mississippi Getchell Gold Corporation Corporation common stock common stock Combined ------------ ------------ ------------ June 30, 1996: Cash -- -- 2,525 Mutual funds 188,824 343,316 25,535,407 Participant loans -- -- 1,290,853 First Mississippi Corporation common stock 5,962,422 -- 5,962,422 Getchell Gold Corporation common stock -- 4,240,420 4,240,420 ------------ ------------ ------------ Total investments 6,151,246 4,583,736 37,031,627 ------------ ------------ ------------ Receivables: Employers' and participants' contributions 28,240 -- 298,328 Interest 951 1,687 10,562 Dividends -- -- 161,458 Due from participant -- -- 22,210 ------------ ------------ ------------ Total receivables 29,191 1,687 492,558 ------------ ------------ ------------ Total assets 6,180,437 4,585,423 37,524,185 Advisory fees payable -- -- (27,080) ------------ ------------ ------------ Net assets available for benefits 6,180,437 4,585,423 37,497,105 ============ ============ ============ June 30, 1995: Cash -- -- 2,525 Mutual funds 302,858 148,313 21,520,546 Participant loans -- -- 1,263,268 First Mississippi Corporation common stock 8,038,826 -- 8,038,826 Getchell Gold Corporation common stock -- 1,403,220 1,403,220 ------------ ------------ ------------ Total investments 8,341,684 1,551,533 32,228,385 ------------ ------------ ------------ Receivables: Employers' and participants' contributions 16,509 8,621 325,974 Interest 905 643 26,535 Dividends -- ------------ ------------ ------------ -- 162,218 Total receivables 17,414 9,264 514,727 ------------ ------------ ------------ Total assets 8,359,098 1,560,797 32,743,112 Advisory fees payable -- -- (18,437) ------------ ------------ ------------ Net assets available for benefits 8,359,098 1,560,797 32,724,675 ============ ============ ============
(Continued) F-12 15 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN (6) Investment Option Allocation, continued The allocation of changes in net assets available for benefits to investment option for the years ended June 30, 1996, 1995 and 1994 follows:
Capital Short-term Mid-term Long-term Preservation Stability Balanced Growth Fund Fund Fund Fund ----------- ----------- ----------- ----------- Net assets available for benefits at June 30, 1993 $ -- -- -- -- Participants' contributions -- 152,730 175,897 230,736 Employers' contributions -- 82,305 97,664 131,512 Net investment income (loss) -- 51,084 (23,414) (38,420) Rollovers -- -- -- 5,956 Withdrawals and terminations -- (215,390) (10,090) (21,287) Transfers due to participants' selection of investment option -- 7,738,698 5,156,122 3,614,104 ----------- ----------- ----------- ----------- Net assets available for benefits at June 30, 1994 -- 7,809,427 5,396,179 3,922,601 Participants' contributions 1,531 613,583 710,626 959,697 Employers' contributions 984 334,753 408,253 557,478 Net investment income 130 610,578 775,668 898,740 Rollovers -- 17,065 7,606 3,968 Withdrawals and terminations -- (821,887) (160,543) (184,143) Transfers due to participants' selection of investment option 47,591 (411,343) (380,394) 1,686,632 ----------- ----------- ----------- ----------- Net assets available for benefits at June 30, 1995 50,236 8,152,176 6,757,395 7,844,973 Participants' contributions 17,006 449,340 642,829 1,112,762 Employers' contributions 10,107 246,029 376,975 619,602 Net investment income (loss) 24,936 342,115 905,231 1,711,315 Rollovers 22,809 17,038 91,809 75,917 Transfers from PSC Phosphates, Inc. Employee Savings Plan -- 54,483 1,976 76,826 Withdrawals and terminations (38,828) (477,385) (231,066) (972,837) Transfers due to participants' selection of investment option 876,729 (1,271,897) 333,714 1,741,434 Transfer of Getchell Gold Corporation participant account balances (10,554) (900,488) (1,265,469) (655,993) ----------- ----------- ----------- ----------- Net assets available for benefits at June 30, 1996 $ 952,441 6,611,411 7,613,394 11,553,999 =========== =========== =========== =========== First Cash and Mississippi Getchell Gold other Corporation Corporation investments common stock common stock Combined ----------- ------------ ------------ ----------- Net assets available for benefits at June 30, 1993 11,996,027 4,804,184 627,288 17,427,499 Participants' contributions 1,347,568 163,951 32,969 2,103,851 Employers' contributions 766,371 140,597 31,086 1,249,535 Net investment income (loss) 295,753 2,537,759 (83,398) 2,739,364 Rollovers 35,268 -- -- 41,224 Withdrawals and terminations (634,395) (443,001) (523) (1,324,686) Transfers due to participants' selection of investment option (13,806,592) (2,696,578) (5,754) -- ----------- ----------- ----------- ----------- Net assets available for benefits at June 30, 1994 -- 4,506,912 601,668 22,236,787 Participants' contributions -- 107,400 42,362 2,435,199 Employers' contributions -- 76,328 71,786 1,449,582 Net investment income -- 4,915,803 933,023 8,133,942 Rollovers -- -- 37,208 65,847 Withdrawals and terminations -- (410,418) (19,691) (1,596,682) Transfers due to participants' selection of investment option -- (836,927) (105,559) -- ----------- ----------- ----------- ----------- Net assets available for benefits at June 30, 1995 -- 8,359,098 1,560,797 32,724,675 Participants' contributions -- 170,566 18,770 2,411,273 Employers' contributions -- 103,667 9,899 1,366,279 Net investment income (loss) -- (1,282,911) 3,875,098 5,575,784 Rollovers -- 32,941 -- 240,514 Transfers from PSC Phosphates, Inc. Employee Savings Plan -- 659 -- 133,944 Withdrawals and terminations -- (81,791) (68,644) (1,870,551) Transfers due to participants' selection of investment option -- (1,031,066) (648,914) -- Transfer of Getchell Gold Corporation participant account balances -- (90,726) (161,583) (3,084,813) ----------- ----------- ----------- ----------- Net assets available for benefits at June 30, 1996 -- 6,180,437 4,585,423 37,497,105 =========== =========== =========== ===========
(Continued) F-13 16 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements (7) Plan Investments The following investments exceeded 5% of net assets available for benefits at June 30, 1996 and 1995:
June 30, 1996 ------------------------------------------ Shares or face Carrying amount Cost value ------ ---- -------- Mutual funds: Frank Russell Investment Contract 198,273 $ 3,264,753 3,539,577 Frank Russell Fixed Income I 125,035 2,583,327 2,623,235 Frank Russell Fixed Income III 252,087 2,499,223 2,546,078 Frank Russell Equity I 119,233 3,144,035 3,599,641 Frank Russell Equity II 61,786 1,702,881 1,927,711 Frank Russell International 57,116 2,098,500 2,188,688 Frank Russell Equity Q 113,638 3,166,114 3,681,860 First Mississippi Corporation common stock 267,974 3,247,123 5,962,422 Getchell Gold Corporation common stock 128,498 957,537 4,240,420
June 30, 1996 ------------------------------------------ Shares or face Carrying amount Cost value ------ ---- -------- Mutual funds: Frank Russell Investment Contract 196,290 3,117,610 3,296,684 Frank Russell Fixed Income I 131,666 2,688,706 2,808,435 Frank Russell Fixed Income II 106,015 1,939,586 1,978,233 Frank Russell Fixed Income III 231,215 2,262,670 2,342,212 Frank Russell Equity I 100,281 2,436,382 2,747,694 Frank Russell Equity Q 97,420 2,469,847 2,812,501 First Mississippi Corporation common stock 235,570 3,052,278 8,038,826
(Continued) F-14 17 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements (8) Transfer of Getchell Gold Corporation Participant Account Balances On October 20, 1995, First Mississippi distributed its shares of Getchell Gold Corporation (formerly FirstMiss Gold Inc.) to the First Mississippi shareholders in a spin-off transaction. In connection with the spin-off, the participant accounts of employees of Getchell Gold Corporation were transferred from the Plan. (9) Subsequent Event On August 27, 1996, First Mississippi entered into a definitive merger agreement with Mississippi Chemical Corporation (MCC), under which MCC will acquire all the fertilizer interests of First Mississippi. The transaction is subject to approval by the stockholders of both First Mississippi and MCC, however, it is expected that the transaction will be consummated by December 31, 1996. Upon consummation of this merger, the participant accounts of AMPRO Fertilizer, Inc. and certain participant accounts of First Mississippi Corporation will be transferred from the Plan. F-15 18 Schedule I FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Item 27a - Schedule of Assets Held for Investment Purposes June 30, 1996 and 1995
June 30, 1996 ---------------------------------- Shares or face Carrying amount Cost value ------ ---- -------- Cash - 0.0% 2,525 $ 2,525 2,525 Mutual funds: Deposit Guaranty U. S. Government Money Market - 1.4% 519,659 519,659 519,659 Frank Russell U. S. Government Money Market - 0.4% 142,607 142,607 142,607 Frank Russell Investment Contract - 9.4% 198,273 3,264,753 3,539,577 Frank Russell Fixed Income I - 7.0% 125,035 2,583,327 2,623,235 Frank Russell Fixed Income II - 4.4% 88,892 1,630,471 1,642,715 Frank Russell Fixed Income III - 6.8% 252,087 2,499,223 2,546,078 Frank Russell Equity I - 9.6% 119,233 3,144,035 3,599,641 Frank Russell Equity II - 5.1% 61,786 1,702,881 1,927,711 Frank Russell Equity III - 2.3% 28,530 797,487 865,301 Frank Russell International - 5.8% 57,116 2,098,500 2,188,688 Frank Russell Emerging Markets - 3.6% 104,891 1,249,457 1,333,169 Frank Russell Real Estate Securities - 2.5% 37,007 853,528 925,166 Frank Russell Equity Q - 9.8% 113,638 3,166,114 3,681,860 ----------- ---------- 23,652,042 25,535,407 ----------- ---------- Participant loans, interest rates from 7.25% to 10.0%; maturities from 1 to 10 years - 3.4% 1,290,853 1,290,853 1,290,853 First Mississippi Corporation common stock - 15.9% 267,974 3,247,123 5,962,422 Getchell Gold Corporation common stock - 11.3% 128,498 957,537 4,240,420 ----------- ---------- $29,150,080 37,031,627 =========== ==========
(Continued) 19 2 Schedule I, Cont. FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Item 27a - Schedule of Assets Held for Investment Purposes
June 30, 1995 ------------------------------------------- Shares or face Carrying amount Cost value ------ ---- ----- Cash 2,525 $ 2,525 2,525 Mutual funds: Deposit Guaranty U. S. Government Money Market - 1.2% 451,141 451,191 451,141 Frank Russell U. S. Government Money Market - 0.0% 7,536 8,536 7,536 Frank Russell Investment Contract - 10.1% 196,290 3,117,610 3,296,684 Frank Russell Fixed Income I - 8.6% 131,666 2,688,706 2,808,435 Frank Russell Fixed Income II - 6.1% 106,015 1,939,586 1,978,233 Frank Russell Fixed Income III - 7.2% 231,215 2,262,670 2,342,212 Frank Russell Equity I - 8.4% 100,281 2,436,382 2,747,694 Frank Russell Equity II - 4.2% 49,091 1,257,729 1,387,297 Frank Russell Equity III - 1.9% 21,469 562,150 609,926 Frank Russell International - 4.8% 44,635 1,639,431 1,556,865 Frank Russell Emerging Markets - 2.7% 75,201 914,876 872,336 Frank Russell Real Estate Securities - 2.0% 28,734 656,485 649,686 Frank Russell Equity Q - 8.6% 97,420 2,469,847 2,812,501 --------------- --------------- 20,405,199 21,520,546 --------------- --------------- Participant loans, interest rates from 7.25% to 10.0%; maturities from 1 to 10 years - 3.9% 1,263,268 1,263,268 1,263,268 First Mississippi Corporation common stock - 24.6% 235,570 3,052,278 8,038,826 Getchell Gold Corporation common stock - 4.3% 70,161 592,688 1,403,220 --------------- --------------- $ 25,315,958 32,228,385 =============== ===============
Note - Percentages are determined by dividing the carrying value of individual investments by net assets available for benefits. 20 Schedule II FIRST MISSISSIPPI CORPORATION 401(K) THRIFT PLAN Item 27d - Schedule of Reportable Transactions Years ended June 30, 1996, 1995 and 1994
Purchases --------------------------------- Shares Identity of party involved Description of assets Number or units Cost - -------------------------- --------------------- ------ -------- ---- June 30, 1996: Ballew/Russell, Inc. Frank Russell Equity Q Fund 119 57,717 $ 1,795,413 " Frank Russell Equity I Fund 122 61,681 1,787,264 " Frank Russell Investment Contract Fund 106 127,427 2,202,460 Deposit Guaranty Deposit Guaranty U. S. Government National Bank Money Market Fund 258 7,831,780 7,831,780 " First Mississippi Corporation common stock 202 143,589 3,495,393 " Getchell Gold Corporation common stock 20 159,290 1,252,181 June 30, 1995: Paine Webber First Mississippi Corporation common stock 84 73,324 $ 1,475,572 Deposit Guaranty Deposit Guaranty U. S. Government National Bank Money Market Fund 202 4,447,816 4,447,816 Ballew/Russell, Inc. Frank Russell Investment Contract Fund 38 88,170 1,433,782 " Frank Russell Fixed Income I Fund 117 53,442 1,183,716 " Frank Russell Equity I Fund 117 51,361 1,260,757 " Frank Russell Equity Q Fund 129 49,407 1,214,298 Sales Shares Selling Net gain Identity of party involved Number or units price or (loss) - -------------------------- ------ -------- --------- --------- June 30, 1996: Ballew/Russell, Inc. 171 41,499 $ 1,281,165 182,028 " 165 42,729 1,231,193 151,662 " 172 125,443 2,163,826 108,522 Deposit Guaranty National Bank 149 7,389,640 7,389,640 - " 121 102,843 2,884,532 861,525 " 143 83,610 2,110,784 1,384,241 June 30, 1995: Paine Webber 108 100,150 $ 2,228,656 599,385 Deposit Guaranty National Bank 121 3,987,803 3,987,803 - Ballew/Russell, Inc. 112 86,120 1,399,532 45,635 " 233 39,838 908,780 (9,256) " 168 18,965 468,309 12,204 " 168 19,463 488,841 61,108
(Continued) 2 21 Schedule II, Cont. FIRST MISSISSIPPI CORPORATION 401(K) THRIFT PLAN Item 27d - Schedule of Reportable Transactions
Purchases ----------------------------------- Shares Identity of party involved Description of assets Number or units Cost - -------------------------- --------------------- ------ -------- ---- June 30, 1994: Deposit Guaranty First Mississippi Corporation 55 47,547 $ 564,758 National Bank common stock " Deposit Guaranty National Bank Daily Invested Fund 123 21,849,818 21,849,818 " Frank Russell Money Market Mutual Fund 4 3,620,678 3,620,678 " Frank Russell Investment Contract Mutual Fund 5 231,599 3,621,728 " Frank Russell Fixed Income I Mutual Fund 10 133,005 2,729,657 " Frank Russell Fixed Income II Mutual Fund 4 118,680 2,172,408 " Frank Russell Fixed Income III Mutual Fund 11 210,822 2,078,409 " Frank Russell Equity I Mutual Fund 13 70,186 1,686,978 " Frank Russell Equity II Mutual Fund 16 30,867 791,669 " Frank Russell Equity III Mutual Fund 15 11,741 308,398 " Frank Russell International Mutual Fund 13 28,907 1,102,864 " Frank Russell Emerging Markets Mutual Fund 13 43,292 545,565 " Frank Russell Equity Q Mutual Fund 13 69,766 1,740,334 Sales ---------------------------------------- Shares Selling Net gain Identity of party involved Description of assets Number or units price or (loss) - -------------------------- --------------------- ------ -------- --------- --------- June 30, 1994: Deposit Guaranty First Mississippi Corporation 247 227,377 $ 3,187,076 998,562 National Bank common stock " Deposit Guaranty National Bank Daily Invested Fund 71 23,343,775 23,343,775 - " Frank Russell Money Market Mutual Fund 4 3,620,660 3,620,660 - " Frank Russell Investment Contract Mutual Fund 23 37,359 587,288 3,285 " Frank Russell Fixed Income I Mutual Fund 41 14,943 306,347 (285) " Frank Russell Fixed Income II Mutual Fund 32 19,353 354,472 286 " Frank Russell Fixed Income III Mutual Fund 53 16,194 159,275 397 " Frank Russell Equity I Mutual Fund 27 2,301 55,449 201 " Frank Russell Equity II Mutual Fund 27 961 24,107 (599) " Frank Russell Equity III Mutual Fund 14 314 8,410 194 " Frank Russell International Mutual Fund 27 958 37,631 1,223 " Frank Russell Emerging Markets Mutual Fund 27 1,318 16,766 145 " Frank Russell Equity Q Mutual Fund 27 2,290 57,533 481
22 Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. FIRST MISSISSIPPI CORPORATION EMPLOYEE 401(k) SAVINGS PLAN Date: December 27, 1996 J. Steve Chustz ------------------------------------ J. Steve Chustz Member, Employee Benefits Committee Date: December 27, 1996 /s/ Charles R. Gibson ------------------------------------ Charles R. Gibson Member, Employee Benefits Committee Date: December 27, 1996 /s/ R. Michael Summerford ------------------------------------ R. Michael Summerford Member, Employee Benefits Committee Date: December 27, 1996 /s/ Tom Tepas ------------------------------------ Tom Tepas Member, Employee Benefits Committee 23 INDEX TO EXHIBITS
EXHIBIT NUMBER DESCRIPTION - ------- ----------- 23.1 Independent Auditors Consent
EX-23.1 2 CONSENT OF INDEPENDENT AUDITORS 1 EXHIBIT 23.1 Independent Auditors' Consent The Board of Directors First Mississippi Corporation: We consent to incorporation by reference in the registration statements (Nos. 2-93585, 33-24414, 33-43586 and 333-13841) on form S-8 of First Mississippi Corporation of our report dated November 15, 1996 relating to the financial statements and financial statement schedules of First Mississippi Corporation 401(K) Savings Plan as of June 30, 1996 and 1995 and for each of the years in the three-year period ended June 30, 1996, which report appears in the June 30, 1996 annual report on Form 11-K of First Mississippi Corporation 401(K) Savings Plan. December 23, 1996 KPMG Peat Marwick LLP Jackson, Mississippi -----END PRIVACY-ENHANCED MESSAGE-----