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<PAGE> 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
<PAGE> 2
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Financial Statements and Schedules
June 30, 1996, 1995 and 1994
(With Independent Auditors' Report Thereon)
<PAGE> 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
<PAGE> 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
<PAGE> 5
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Statements of Net Assets Available for Benefits
June 30, 1996 and 1995
<TABLE>
<CAPTION>
1996 1995
---- ----
<S> <C> <C>
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
============ ============
</TABLE>
See accompanying notes to financial statements.
F-3
<PAGE> 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
<TABLE>
<CAPTION>
1996 1995 1994
---- ---- ----
<S> <C> <C> <C>
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
============ ============ ============
</TABLE>
See accompanying notes to financial statements.
F-4
<PAGE> 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
<PAGE> 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
<PAGE> 9
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Notes to Financial Statements
(1) Plan Provisions and Significant Accounting Policies, Continued
<TABLE>
<CAPTION>
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
---------- ----------- ------------ ----------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
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
==== ====== ====== ===== ====== ====
</TABLE>
<TABLE>
<CAPTION>
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
---------- ----------- ------------ ----------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
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
==== ====== ====== ===== ====== ====
</TABLE>
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
<PAGE> 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
<PAGE> 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:
<TABLE>
<CAPTION>
Proceeds Carrying Net realized
from sales value gains
--------------- -------------- -------------
<S> <C> <C> <C>
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
=============== ============== =============
</TABLE>
(3) Participants' and Employers' Contributions
A summary follows of contributions by company:
<TABLE>
<CAPTION>
Participants' Employers'
contributions contributions
------------- -------------
<S> <C> <C>
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
============ =============
</TABLE>
(Continued)
F-9
<PAGE> 12
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Notes to Financial Statements
(3) Participants' and Employers' Contributions, Continued
<TABLE>
<CAPTION>
Participants' Employers'
contributions contributions
--------------- -------------
<S> <C> <C>
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
=============== =============
</TABLE>
(Continued)
F-10
<PAGE> 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:
<TABLE>
<CAPTION>
1996 1995 1994
---- ---- ----
<S> <C> <C> <C>
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
========== ======== =========
</TABLE>
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:
<TABLE>
<CAPTION>
1996 1995 1994
---- ---- ----
<S> <C> <C> <C>
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
============ ============ ============
</TABLE>
(Continued)
F-11
<PAGE> 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:
<TABLE>
<CAPTION>
Capital Short-term Mid-term Long-term
Preservation Stability Balanced Growth
Fund Fund Fund Fund
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
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
============ ============ ============ ============
<CAPTION>
First
Mississippi Getchell Gold
Corporation Corporation
common stock common stock Combined
------------ ------------ ------------
<S> <C> <C> <C>
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
============ ============ ============
</TABLE>
(Continued)
F-12
<PAGE> 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:
<TABLE>
<CAPTION>
Capital Short-term Mid-term Long-term
Preservation Stability Balanced Growth
Fund Fund Fund Fund
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
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
=========== =========== =========== ===========
<CAPTION>
First
Cash and Mississippi Getchell Gold
other Corporation Corporation
investments common stock common stock Combined
----------- ------------ ------------ -----------
<S> <C> <C> <C> <C>
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
=========== =========== =========== ===========
</TABLE>
(Continued)
F-13
<PAGE> 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:
<TABLE>
<CAPTION>
June 30, 1996
------------------------------------------
Shares
or face Carrying
amount Cost value
------ ---- --------
<S> <C> <S> <C>
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
</TABLE>
<TABLE>
<CAPTION>
June 30, 1996
------------------------------------------
Shares
or face Carrying
amount Cost value
------ ---- --------
<S> <C> <C> <C>
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
</TABLE>
(Continued)
F-14
<PAGE> 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
<PAGE> 18
Schedule I
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
June 30, 1996 and 1995
<TABLE>
<CAPTION>
June 30, 1996
----------------------------------
Shares
or face Carrying
amount Cost value
------ ---- --------
<S> <S> <C> <C>
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
=========== ==========
</TABLE>
(Continued)
<PAGE> 19
2
Schedule I, Cont.
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
<TABLE>
<CAPTION>
June 30, 1995
-------------------------------------------
Shares
or face Carrying
amount Cost value
------ ---- -----
<S> <C> <C> <C>
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
=============== ===============
</TABLE>
Note - Percentages are determined by dividing the carrying value of
individual investments by net assets available for benefits.
<PAGE> 20
Schedule II
FIRST MISSISSIPPI CORPORATION
401(K) THRIFT PLAN
Item 27d - Schedule of Reportable Transactions
Years ended June 30, 1996, 1995 and 1994
<TABLE>
<CAPTION>
Purchases
---------------------------------
Shares
Identity of party involved Description of assets Number or units Cost
- -------------------------- --------------------- ------ -------- ----
<S> <C> <C> <C> <C>
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
<CAPTION>
Sales
Shares Selling Net gain
Identity of party involved Number or units price or (loss)
- -------------------------- ------ -------- --------- ---------
<S> <C> <C> <C> <C>
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
</TABLE>
(Continued)
2
<PAGE> 21
Schedule II, Cont.
FIRST MISSISSIPPI CORPORATION
401(K) THRIFT PLAN
Item 27d - Schedule of Reportable Transactions
<TABLE>
<CAPTION>
Purchases
-----------------------------------
Shares
Identity of party involved Description of assets Number or units Cost
- -------------------------- --------------------- ------ -------- ----
<S> <C> <C> <C> <C>
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
<CAPTION>
Sales
----------------------------------------
Shares Selling Net gain
Identity of party involved Description of assets Number or units price or (loss)
- -------------------------- --------------------- ------ -------- --------- ---------
<S> <C> <C> <C> <C>
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
</TABLE>
<PAGE> 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
<PAGE> 23
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
23.1 Independent Auditors Consent
</TABLE>
<PAGE> 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
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