-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, Q1hCxjnwbvEB3vfjQ9alQ9rDjf0d1uoaORwIlfTIEw3lsUe1zSo9ZtwId33BPN55 26e1PpGSGU3Hy0tJSMmhMw== 0000950134-94-001534.txt : 19941227 0000950134-94-001534.hdr.sgml : 19941227 ACCESSION NUMBER: 0000950134-94-001534 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940630 FILED AS OF DATE: 19941223 SROS: MSE SROS: NYSE SROS: PHLX SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST MISSISSIPPI CORP CENTRAL INDEX KEY: 0000036537 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 640354930 STATE OF INCORPORATION: MS FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07488 FILM NUMBER: 94565957 BUSINESS ADDRESS: STREET 1: 700 NORTH ST/PO BOX 1249 CITY: JACKSON STATE: MS ZIP: 39215 BUSINESS PHONE: 6019487550 MAIL ADDRESS: STREET 2: 700 NORTH ST PO BOX 1249 CITY: JACKSON STATE: MS ZIP: 39202 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, 1994 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from ________ to ________ First Mississippi Corporation Commission file number 1-7488 FirstMiss Gold Inc. Commission file number 0-16484 FIRST MISSISSIPPI CORPORATION EMPLOYEE 401(K) SAVINGS PLAN 700 North Street Post Office Box 1249 Jackson, Mississippi 39215-1249 FIRST MISSISSIPPI CORPORATION 700 North Street Post Office Box 1249 Jackson, Mississippi 39215-1249 FIRSTMISS GOLD INC. 5190 Neil Road, Suite 310 Reno, Nevada 89502-6503 2 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Financial Statements and Schedules June 30, 1994, 1993 and 1992 (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, 1994 and 1993 Statements of Changes in Net Assets Available for Benefits for the years ended June 30, 1994, 1993 and 1992 Notes to Financial Statements Supplemental Schedules: I. Investments as of June 30, 1994 and 1993 II. Reportable Transactions for the years ended June 30, 1994, 1993 and 1992 4 Independent Auditors' Report The Administrative Committee First Mississippi Corporation 401(K) Savings Plan: We have audited the financial statements and supplemental schedules of First Mississippi Corporation 401(K) Savings Plan (the Plan) as listed in the accompanying index. These financial statements and supplemental schedules are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of First Mississippi Corporation 401(K) Savings Plan as of June 30, 1994 and 1993 and the changes in net assets available for benefits for each of the years in the three-year period ended June 30, 1994, in conformity with generally accepted accounting principles. Our audits were made 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. December 16, 1994 /S/ KPMG PEAT MARWICK LLP 5 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Statements of Net Assets Available for Benefits June 30, 1994 and 1993
1994 1993 ---- ---- Investments: Cash funds and certificate of deposit, at cost which approximates fair value $ 744,489 2,238,446 Government securities, at fair value (amortized cost $8,172,990) - 8,626,004 Mutual funds, at fair value (cost $15,619,345) 15,607,570 - Participant loans, at cost which approximates fair value 534,673 - Guaranteed investment contract, at contract value - 500,000 First Mississippi Corporation common stock, at fair value (cost $2,936,627 and $4,949,955) 4,233,888 4,760,275 FirstMiss Gold Inc. common stock, at fair value (cost $544,825 and $586,722) 592,424 623,088 ------------- -------------- Total investments 21,713,044 16,747,813 ------------- -------------- Receivables: Employers' and participants' contributions 313,601 251,007 Interest 204,410 391,586 Dividends 20,620 37,093 ------------- -------------- Total receivables 538,631 679,686 ------------- -------------- Total assets 22,251,675 17,427,499 Advisory fees payable 14,888 - ------------- -------------- Net assets available for benefits $ 22,236,787 17,427,499 ============= ==============
See accompanying notes to financial statements. 6 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Statements of Changes in Net Assets Available for Benefits Years ended June 30, 1994, 1993 and 1992
1994 1993 1992 ---- ---- ---- Contributions (note 3): Participants $ 2,103,851 1,831,630 1,514,321 Employers 1,249,535 1,150,231 1,013,356 -------------- -------------- -------------- Total contributions 3,353,386 2,981,861 2,527,677 -------------- -------------- -------------- Interest income 580,236 684,668 631,959 Dividend income on First Mississippi Corporation common stock 112,492 138,453 101,318 Realized gains (losses) on investments, net (note 2): Government securities 38,956 - - Mutual funds 4,748 - - First Mississippi Corporation common stock 998,562 (72,249) 104,160 FirstMiss Gold Inc. common stock (6,466) 45,741 (2,005) Unrealized appreciation of investments, net (note 5) 1,038,613 150,579 293,842 Advisory fees (27,777) - - Miscellaneous expense - - (10) -------------- -------------- ------------- Net investment income 2,739,364 947,192 1,129,264 -------------- -------------- -------------- Rollovers (note 4) 41,224 38,729 10,277 Withdrawals and terminations, net of forfeitures of $2,337 in 1994, of $22,229 in 1993 and of $12,633 in 1992 (1,324,686) (1,151,778) (1,158,528) -------------- -------------- -------------- Net increase in assets available for benefits 4,809,288 2,816,004 2,508,690 Net assets available for benefits: Beginning of year 17,427,499 14,611,495 12,102,805 -------------- -------------- -------------- End of year $ 22,236,787 17,427,499 14,611,495 ============== ============== ==============
See accompanying notes to financial statements. 7 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements June 30, 1994, 1993 and 1992 (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. and one majority- owned subsidiary, FirstMiss Gold Inc. and its wholly-owned subsidiary, FMG, Inc. (the Companies or the Employers). The Plan also previously covered substantially all employees of Maxadyne Corporation, Steel Casting Engineering and First Energy Corporation, which were wholly-owned subsidiaries of First Mississippi. 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 16.8% of monthly base pay to the Plan, subject to regulatory limitations. The Companies match contributions up to 4% of monthly base pay. At June 30, 1994, 1993 and 1992, 958, 852 and 874 participants, respectively, were participating in the Plan. Effective April 1, 1994 the Plan, formerly the First Mississippi Corporation 401(k) Thrift Plan, was amended and restated. The most significant amendment was the restructuring of the participant investment options. Participants may elect to have their contributions and allocated earnings thereon invested in any combination of the following investment programs: (1) Short-term Stability Fund - Consists primarily of investments in certificates of deposit and fixed income mutual funds. (2) Mid-term Balanced Fund - Consists primarily of investments in fixed income and equity mutual funds. (3) Long-term Growth Fund - Consists primarily of investments in equity mutual funds. (4) First Mississippi common stock. (5) FirstMiss Gold, Inc. common stock. (Continued) 8 2 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements Prior to April 1, 1994 participants could elect to invest in programs (4) and (5) above, as well as a program that invested in cash deposited in interest-bearing bank accounts, certificates of deposits, corporate or government obligations, or other similar invest-ments. 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 admini-strative 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:
Participants' contributions ---------------------------------------------------------------------------- First Mississippi FirstMiss Short-term Mid-term Long-term Corporation Gold Inc. Stability Balanced Growth common common Fund Fund Fund Cash stock stock -------- -------- -------- ---- ------- ------ Number of participants: At June 30, 1994 699 528 556 - 343 144 ===== ===== ==== ==== ==== ==== At June 30, 1993 - - - 819 155 161 ===== ===== ==== ==== ==== ==== At June 30, 1992 - - - 786 291 106 ===== ===== ==== ==== ==== ====
Employers' contributions ---------------------------------------------------------------------------- First Mississippi FirstMiss Short-term Mid-term Long-term Corporation Gold Inc. Stability Balanced Growth common common Fund Fund Fund Cash stock stock -------- -------- -------- ---- ------- ------ Number of participants: At June 30, 1994 714 528 556 - 386 163 ===== ===== ==== ==== ==== ==== At June 30, 1993 - - - 782 192 78 ===== ===== ==== ==== ==== ==== At June 30, 1992 - - - 779 330 124 ===== ===== ==== ==== ==== ====
(Continued) 9 3 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements 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. (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 funds and certificates of deposit are stated at cost, which approximates fair value. Investments in First Mississippi common stock, FirstMiss Gold Inc. common stock, government securities, and mutual funds are stated at quoted market value. The guaranteed investment contract is stated at contract value, which is cost. 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 14, 1986, the Internal Revenue Service held that the Plan is exempt from income taxes and that participant income taxes on contributions and earnings are deferred until such amounts are received by the participant or a beneficiary. The Plan has been amended, as described above, subsequent to the effective date of the April 14, 1986 determination letter. The amended Plan documents are in the process of being submitted to the Internal Revenue Service for a letter of determination that the Plan continues to qualify as exempt from income taxes. In the opinion of the Plan Administrator, the Plan has operated within the terms of the Plan and is qualified and exempt under the applicable requirements of the Internal Revenue Code. (Continued) 10 4 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements (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. (2) Investment Sales A summary follows of net realized gains (losses) on sales of investments for the years ended June 30, 1994, 1993 and 1992:
Proceeds Net realized from sales Cost gains (losses) ---------- ---- ------------- 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 ============== ============= ============ 1993 ---- Common stock $ 507,354 533,862 (26,508) ============== ============= ============ 1992 ---- Common stock $ 1,102,608 1,000,453 102,155 ============== ============= ============
(3) Participants' and Employers' Contributions A summary follows of contributions by company:
Participants' Employers' contributions contributions ------------- ------------- 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 FirstMiss Gold Inc. and FMG, Inc. 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) 11 5 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements (3), Continued
Participants' Employers' contributions contributions ------------- ------------- Year ended June 30, 1993: First Mississippi Corporation $ 212,820 154,423 First Chemical Corporation 422,519 274,459 First Energy Corporation 56,691 37,596 FirstMiss Gold Inc. and FMG, Inc. 324,113 179,243 Plasma Energy Corporation 71,083 50,907 Quality Chemicals, Inc. 207,149 127,286 FirstMiss Steel Inc. 84,992 61,880 Steel Casting Engineering 13,308 10,999 AMPRO Fertilizer, Inc. 130,972 62,818 Maxadyne Corporation 3,600 3,600 Plasma Processing Corporation 55,674 38,949 EKC Technology, Inc. 105,227 51,651 Callidus Technologies, Inc. 143,482 96,420 ------------ ------------ $ 1,831,630 1,150,231 ============ ============ Year ended June 30, 1992: First Mississippi Corporation $ 213,180 152,917 First Chemical Corporation 388,828 262,965 First Energy Corporation 58,728 40,472 FirstMiss Gold Inc. and FMG, Inc. 241,612 152,972 Plasma Energy Corporation 53,661 39,779 Quality Chemicals, Inc. 80,553 70,709 FirstMiss Steel Inc. 75,862 53,403 Steel Casting Engineering 46,141 36,102 AMPRO Fertilizer, Inc. 121,993 60,091 Maxadyne Corporation 6,525 5,366 EKC Technology, Inc. 105,284 56,320 Plasma Processing Corporation 34,296 24,169 Callidus Technologies, Inc. 87,658 58,091 ------------ ------------ $ 1,514,321 1,013,356 ============ ============
(4) Rollovers During 1994, 1993 and 1992 assets and participant accounts, including those from terminated plans covering employees of EKC Technology, Inc., Callidus Technologies, Inc., Plasma Energy Corp. and FirstMiss Gold Inc., were transferred to the Plan as follows:
1994 1993 1992 ---- ---- ---- First Chemical Corporation $ 27,753 - - Callidus Technologies, Inc. - 1,330 - Plasma Energy Corp. - 12,489 - FirstMiss Gold Inc. - 20,000 - EKC Technology, Inc. 7,695 4,910 10,277 Quality Chemical, Inc. 5,776 - - -------- --------- -------- $ 41,224 38,729 10,277 ======== ========= ========
(Continued) 12 6 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements (5) Unrealized Appreciation (Depreciation) of Investments During the years ended June 30, 1994, 1993 and 1992 unrealized appreciation (depreciation) of the Plan's investments was as follows:
1994 1993 1992 ---- ---- ---- Government securities $ (452,894) 196,217 291,816 Mutual funds (11,775) - - First Mississippi Corporation common stock 1,454,571 (323,330) (28,177) FirstMiss Gold Inc. common stock 48,711 277,692 30,203 ------------ -------- ------- $ 1,038,613 150,579 293,842 ============ ======== =======
(6) Investment Option Allocation The allocation of net assets available for benefits to investment option as of June 30, 1994 and 1993 follows:
First Short-term Mid-term Long-term Mississippi FirstMiss Stability Balanced Growth Corporation Gold Inc. Fund Fund Fund common stock common stock Combined -------- -------- -------- ------------ ------------ -------- June 30, 1994: Cash funds and certificate of deposit $ 501,425 - - 238,378 4,686 744,489 Mutual funds 6,776,668 5,112,392 3,718,510 - - 15,607,570 Participant loans 252,932 194,585 87,156 - - 534,673 First Mississippi Corporation common stock - - - 4,233,888 - 4,233,888 FirstMiss Gold Inc. common stock - - - - 592,424 592,424 ------------ --------- --------- --------- ------- ---------- Total investments 7,531,025 5,306,977 3,805,666 4,472,266 597,110 21,713,044 ------------ --------- --------- --------- ------- ---------- Receivables: Employers' and participants' contributions 80,883 94,130 121,372 12,751 4,465 313,601 Interest 203,042 - - 1,275 93 204,410 Dividends - - - 20,620 - 20,620 ------------ --------- --------- --------- ------- ---------- Total receivables 283,925 94,130 121,372 34,646 4,558 538,631 ------------ --------- --------- --------- ------- ---------- Total assets 7,814,950 5,401,107 3,927,038 4,506,912 601,668 22,251,675 Advisory fees payable (5,523) (4,928) (4,437) - - (14,888) ------------ --------- --------- --------- ------- ---------- Net assets available for benefits $ 7,809,427 5,396,179 3,922,601 4,506,912 601,668 22,236,787 ============ ========= ========= ========= ======= ==========
(Continued) 13 7 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Notes to Financial Statements (6), Continued
First Cash and Mississippi FirstMiss other Corporation Gold Inc. investments common stock common stock Combined ----------- ------------ ------------ -------- June 30, 1993: Cash funds and certificate of deposit $ 2,228,429 8,845 1,172 2,238,446 Government securities 8,626,004 - - 8,626,004 Guaranteed investment contract 500,000 - - 500,000 First Mississippi Corporation common stock 3,706 4,756,569 - 4,760,275 FirstMiss Gold Inc. common stock 2,111 - 620,977 623,088 -------------- ------------ ---------- -------------- Total investments 11,360,250 4,756,414 622,149 16,747,813 -------------- ------------ ---------- -------------- Receivables: Employers' and participants' contributions 218,142 28,181 4,684 251,007 Interest 391,412 153 21 391,586 Dividends 26,223 10,436 434 37,093 -------------- ------------ ---------- -------------- Total receivables 635,777 38,770 5,139 679,686 -------------- ------------ ---------- -------------- Net assets available for benefits $ 11,996,027 4,804,184 627,288 17,427,499 ============== ============ ========== ==============
(Continued) 14 8 FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN (6), continued The allocation of changes in net assets available for benefits to investment option for the years ended June 30, 1994, 1993 and 1992 follows:
First Short-term Mid-term Long-term Cash and Mississippi Stability Balanced Growth other Corporation Fund Fund Fund investments common stock -------- -------- -------- ----------- ------------ Net assets available for benefits at June 30, 1991 $ - - - 7,799,337 4,028,601 Participants' contributions - - - 1,283,031 193,986 Employers' contributions - - - 788,801 190,606 Net investment income - - - 907,945 206,655 Rollovers - - - 10,277 - Withdrawals and terminations - - - (1,073,487) (67,817) Transfers due to participants' selection of investment option - - - 893,853 (918,863) ------------ --------- --------- ----------- ---------- Net assets available for benefits at June 30, 1992 - - - 10,609,757 3,633,168 Participants' contributions - - - 1,577,935 226,642 Employers' contributions - - - 915,833 203,122 Net investment income (loss) - - - 925,546 (267,897) Rollovers - - - 38,330 399 Withdrawals and terminations - - - (915,018) (197,833) Transfers due to participants' selection of investment option - - - (1,156,356) 1,206,583 ------------ --------- --------- ----------- ---------- Net assets available for benefits at June 30, 1993 - - - 11,996,027 4,804,184 Participants' contributions 152,730 175,897 230,736 1,347,568 163,951 Employers' contributions 82,305 97,664 131,512 766,371 140,597 Net investment income (loss) 51,084 (23,414) (38,420) 295,753 2,537,759 Rollovers - - 5,956 35,268 - Withdrawals and terminations (215,390) (10,090) (21,287) (634,395) (443,001) Transfers due to participants' selection of investment option 7,738,698 5,156,122 3,614,104 (13,806,592) (2,696,578) ------------ --------- --------- ----------- ---------- Net assets available for benefits at June 30, 1994 $ 7,809,427 5,396,179 3,922,601 - 4,506,912 ============ ========= ========= =========== ==========
FirstMiss Gold Inc. common stock Combined ------------ -------- Net assets available for benefits at June 30, 1991 274,867 12,102,805 Participants' contributions 37,304 1,514,321 Employers' contributions 33,949 1,013,356 Net investment income 14,664 1,129,264 Rollovers - 10,277 Withdrawals and terminations (17,224) (1,158,528) Transfers due to participants' selection of investment option 25,010 - ------- ---------- Net assets available for benefits at June 30, 1992 368,570 14,611,495 Participants' contributions 27,053 1,831,630 Employers' contributions 31,276 1,150,231 Net investment income (loss) 289,543 947,192 Rollovers - 38,729 Withdrawals and terminations (38,927) (1,151,778) Transfers due to participants' selection of investment option (50,227) - ------- ---------- Net assets available for benefits at June 30, 1993 627,288 17,427,499 Participants' contributions 32,969 2,103,851 Employers' contributions 31,086 1,249,535 Net investment income (loss) (83,398) 2,739,364 Rollovers - 41,224 Withdrawals and terminations (523) (1,324,686) Transfers due to participants' selection of investment option (5,754) - ------- ---------- Net assets available for benefits at June 30, 1994 601,668 22,236,787 ======= ==========
15 Schedule I FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Investments June 30, 1994 and 1993
June 30, 1994 ----------------------------------------------- Shares or face Carrying amount Cost value ------ ---- ------ Cash funds - 1.1% 244,489 $ 244,489 244,489 Certificate of deposit - SouthTrust Bank, 8.25%, due 7-28-94 - 2.3% 500,000 500,000 500,000 -------------- -------------- 744,489 744,489 -------------- -------------- Mutual funds: Frank Russell Money Market - 0.0% 18 18 18 Frank Russell Investment Contract - 13.8% 194,240 3,037,725 3,075,603 Frank Russell Fixed Income I - 10.9% 118,062 2,423,026 2,415,552 Frank Russell Fixed Income II - 8.2% 99,327 1,818,222 1,824,634 Frank Russell Fixed Income III - 8.6% 194,628 1,918,737 1,905,406 Frank Russell Equity I - 7.3% 67,885 1,631,730 1,612,266 Frank Russell Equity II - 3.3% 29,906 766,963 723,720 Frank Russell Equity III - 1.4% 11,427 300,182 303,271 Frank Russell International - 5.0% 27,949 1,066,456 1,103,725 Frank Russell Emerging Markets - 2.4% 41,974 528,944 525,095 Frank Russell Real Estate Securities - 2.0% 18,866 444,060 448,250 Frank Russell Equity Q - 7.5% 67,476 1,683,282 1,670,030 -------------- -------------- 15,619,345 15,607,570 -------------- -------------- Participant loans, interest rates from 7.25% to 8.25%; maturities from 1 to 10 years - 2.4% 534,673 534,673 534,673 First Mississippi Corporation common stock - 19.0% 277,632 2,936,627 4,233,888 FirstMiss Gold Inc. common stock - 2.7% 78,337 544,825 592,424 -------------- -------------- $ 20,379,959 21,713,044 ============== ==============
June 30, 1993 ----------------------------------------------- Shares or face Carrying amount Cost value ------ ---- ------ Cash funds - 10.0% 1,738,446 $ 1,738,446 1,738,446 Certificate of deposit - SouthTrust Bank, 8.25%, due 7-28-94 - 2.9% 500,000 500,000 500,000 -------------- -------------- 2,238,446 2,238,446 -------------- -------------- Government securities: 7.75% U. S. Treasury notes, due 2-15-95 - 3.0% 500,000 497,369 529,690 6.375% U. S. Treasury notes, due 1-15-99 - 6.1% 1,000,000 1,013,062 1,056,250 8.875% U. S. Treasury notes, due 2-15-94 - 3.6% 600,000 599,244 620,064
(Continued) 16 2 Schedule I, Cont. FIRST MISSISSIPPI CORPORATION 401(K) SAVINGS PLAN Investments
June 30, 1993 ----------------------------------------------- Shares or face Carrying amount Cost value ------ ---- ------ Government securities, continued: 5.750% U. S. Treasury notes, due 10-31-97 - 5.9% 1,000,000 994,581 1,033,750 5.125% U. S. Treasury notes, due 3-31-98 - 5.8% 1,000,000 998,520 1,005,000 8.875% U. S. Treasury notes, due 2-15-96 - 3.2% 500,000 504,160 556,095 7.375% U. S. Treasury notes, due 5-15-96 - 3.1% 500,000 494,941 539,065 8.00% U. S. Treasury notes, due 10-15-96 - 3.2% 500,000 502,212 551,405 8.50% U. S. Treasury notes, due 8-15-95 - 3.1% 500,000 503,102 544,065 7.00% U. S. Treasury notes, due 5-15-94 - 3.0% 500,000 503,669 514,530 7.25% U. S. Treasury notes, due 11-15-96 - 3.1% 500,000 506,200 540,780 8.50% U. S. Treasury notes, due 7-15-97 - 6.5% 1,000,000 1,055,930 1,135,310 -------------- -------------- 8,172,990 8,626,004 -------------- -------------- Guaranteed investment contract: John Alden Life Insurance Company contract matured July 5, 1993; interest was at 9.30%. - 2.9% 500,000 500,000 500,000 -------------- -------------- First Mississippi Corporation common stock - 27.3% 494,574 4,949,955 4,760,275 FirstMiss Gold Inc. common stock - 3.6% 90,631 586,722 623,088 -------------- -------------- $ 16,448,113 16,747,813 ============== ==============
Note - Percentages are determined by dividing the carrying value of individual investments by net assets available for benefits. 17 Schedule II FIRST MISSISSIPPI CORPORATION 401(K) THRIFT PLAN Reportable Transactions Years ended June 30, 1994 and 1993 Transactions reported pursuant to Department of Labor Regulation 2520.103-6(d)(1)
Expenses Purchase Selling Lease incurred at Identity of party involved Description of assets price price rental transaction - -------------------------- --------------------- ------- ------- ------ ----------- June 30, 1994: Deposit Guaranty U. S. Government obligations: National Bank U. S. Treasury notes, $500,000, 8.875%, due 2-15-96 $ - 530,068 - - " U. S. Treasury notes, $500,000, 8.00%, due 10-15-96 - 525,458 - - " U. S. Treasury notes, $1,000,000, 8.50%, due 7-15-97 - 1,071,240 - - " U. S. Treasury notes, $1,000,000, 6.375%, due 1-15-99 - 995,302 - - " U. S. Treasury notes, $1,000,000, 5.750%, due 10-31-97 - 987,490 - - " U. S. Treasury notes, $1,000,000, 5.125%, due 3-31-98 - 959,365 - - " U. S. Treasury notes, $1,000,000, 5.250%, due 7-31-98 999,780 - - - " U. S. Treasury notes, $1,000,000, 5.250%, due 7-31-98 - 957,333 - - June 30, 1993: Deposit Guaranty U. S. Government obligations: National Bank U. S. Treasury notes, $600,000, 8.375%, due 11-15-92 - 600,000 - - " U. S. Treasury notes, $1,000,000, 6.375%, due 1-15-99 1,015,000 - - - " U. S. Treasury notes, $1,000,000, 5.750%, due 10-31-97 993,760 - - - " U. S. Treasury notes, $1,000,000, 5.125%, due 3-31-98 998,444 - - -
Current value Cost of on trans- Net gain Identity of party involved Description of assets assets action date (loss) - -------------------------- --------------------- ------- ------------ -------- June 30, 1994: Deposit Guaranty U. S. Government obligations: National Bank U. S. Treasury notes, $500,000, 8.875%, due 2-15-96 504,160 530,068 25,908 " U. S. Treasury notes, $500,000, 8.00%, due 10-15-96 502,212 525,458 23,246 " U. S. Treasury notes, $1,000,000, 8.50%, due 7-15-97 1,055,930 1,071,240 15,310 " U. S. Treasury notes, $1,000,000, 6.375%, due 1-15-99 1,013,062 995,302 (17,760) " U. S. Treasury notes, $1,000,000, 5.750%, due 10-31-97 994,581 987,490 (7,091) " U. S. Treasury notes, $1,000,000, 5.125%, due 3-31-98 998,520 959,365 (39,155) " U. S. Treasury notes, $1,000,000, 5.250%, due 7-31-98 - 999,780 - " U. S. Treasury notes, $1,000,000, 5.250%, due 7-31-98 999,780 957,333 (42,447) June 30, 1993: Deposit Guaranty U. S. Government obligations: National Bank U. S. Treasury notes, $600,000, 8.375%, due 11-15-92 600,000 600,000 - " U. S. Treasury notes, $1,000,000, 6.375%, due 1-15-99 - 1,015,000 - " U. S. Treasury notes, $1,000,000, 5.750%, due 10-31-97 - 993,760 - " U. S. Treasury notes, $1,000,000, 5.125%, due 3-31-98 - 998,444 -
(Continued) 18 2 Schedule II, Cont. FIRST MISSISSIPPI CORPORATION 401(K) THRIFT PLAN Reportable Transactions Transactions reported pursuant to Department of Labor Regulation 2520.103-6(d)(2)
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 June 30, 1993: Deposit Guaranty First Mississippi Corporation National Bank common stock 206 236,923 2,059,070 " Deposit Guaranty National Bank Daily Invested Fund 66 5,115,190 5,115,190 June 30, 1992: Deposit Guaranty First Mississippi Corporation National Bank common stock 63 55,538 571,718 " Deposit Guaranty National Bank Daily Invested Fund 85 6,420,274 6,420,274
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 June 30, 1993: Deposit Guaranty First Mississippi Corporation National Bank common stock 60 39,520 377,447 (72,249) " Deposit Guaranty National Bank Daily Invested Fund 109 5,485,674 5,485,674 - June 30, 1992: Deposit Guaranty First Mississippi Corporation National Bank common stock 112 86,004 1,082,475 104,160 " Deposit Guaranty National Bank Daily Invested Fund 87 5,275,128 5,275,128 -
19 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 22, 1994 /s/ Troy B. Browning Troy B. Browning Member, Employee 401(K) Savings Plan Administrative Committee Date: December 22, 1994 /s/ J. Steve Chustz J. Steve Chustz Member, Employee 401(K) Savings Plan Administrative Committee Date: December 22, 1994 /s/ R. Michael Summerford R. Michael Summerford Member, Employee 401(K) Savings Plan Administrative Committee 20 FIRST MISSISSIPPI CORPORATION 401(k) SAVINGS PLAN EXHIBIT INDEX
EXHIBIT NUMBER PAGE ------ ---- 23 Auditors' Consent 21
EX-23 2 AUDITORS' CONSENT 1 EXHIBIT 23 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 and 33-43586) on form S- 8 of First Mississippi Corporation of our report dated December 16, 1994 relating to the financial statements and financial statement schedules of First Mississippi Corporation 401(K) Savings Plan as of June 30, 1994 and 1993 and for each of the years in the three-year period ended June 30, 1994, which report appears in the June 30, 1994 annual report on Form 11-K of First Mississippi Corporation 401(K) Savings Plan. December 22, 1994 /S/ KPMG PEAT MARWICK LLP Jackson, Mississippi -----END PRIVACY-ENHANCED MESSAGE-----