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Previous: LEXINGTON HEALTHCARE GROUP INC, 10-Q, 1997-06-27 |
Next: AIR SOUTH AIRLINES INC, 8-K, 1997-06-27 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
[ ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
OR
[X] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from July 1, 1996 to December 31, 1996
-------------- ------------------
ChemFirst Inc. Commission file number 333-15789
CHEMFIRST INC.
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
CHEMFIRST INC.
401(k) SAVINGS PLAN
Index to Financial Statements and Schedules
Independent Auditors' Report
Statements of Net Assets Available for Benefits as of December 31, 1996 and
June 30, 1996
Statements of Changes in Net Assets Available for Benefits for the six month
period ended December 31, 1996 and 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 December
31, 1996
II. Item 27d - Schedule of Reportable Transactions for the six month period
ended December 31, 1996
<PAGE> 3
[PEAT MARWICK LLP LETTERHEAD]
Independent Auditors' Report
The Employee Benefits Committee
ChemFirst Inc.:
We have audited the financial statements of ChemFirst Inc. 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 ChemFirst Inc.
401(k) Savings Plan as of December 31, 1996 and June 30, 1996 and the changes
in net assets available for benefits for the six-month period ended December
31, 1996 and 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 audit of the December 31,
1996 basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the December 31, 1996 basic financial
statements taken as a whole.
/s/ KPMG PEAT MARWICK LLP
June 20, 1997
<PAGE> 4
CHEMFIRST INC.
401(k) SAVINGS PLAN
Statements of Net Assets Available for Benefits
December 31,1996 and June 30, 1996
<TABLE>
<CAPTION>
December 31, June 30,
1996 1996
------------ ----------
<S> <C> <C>
Investments:
Cash $ - 2,525
Mutual funds, at fair value (cost $26,627,157
and $23,652,042, respectively) 28,015,051 25,535,407
Participant loans, at cost which approximates
fair value 1,811,942 1,290,853
ChemFirst Inc. common stock, at fair value
(cost $2,987,903 and $3,247,123, respectively)
(note 1(a)) 6,641,672 5,962,422
Getchell Gold Corporation common stock,
at fair value (cost $809,816 and $957,537,
respectively) (note 1(a)) 4,299,266 4,240,420
Mississippi Chemical Corporation common stock,
at fair value (cost $2,254,308) (note 1(a)) 2,302,273 -
----------- -----------
Total investments 43,070,204 37,031,627
=========== ===========
Receivables:
Employers' and participants' contributions 316,110 298,328
Interest - 10,562
Dividends 158,383 161,458
Due from participants 3,000 22,210
----------- -----------
Total receivables 477,493 492,558
----------- -----------
Total assets 43,547,697 37,524,185
Advisory fees payable - (27,080)
----------- -----------
Net assets available for benefits $43,547,697 37,497,105
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 5
CHEMFIRST INC.
401(k) SAVINGS PLAN
Statements of Changes in Net Assets Available for Benefits
Six months ended December 31, 1996 and years ended June 30, 1996, 1995 and 1994
<TABLE>
<CAPTION>
Six months ended Year ended June 30,
December 31, --------------------------------------------
1996 1996 1995 1994
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Contributions (note 3):
Participants $ 1,261,378 2,411,273 2,435,199 2,103,851
Employers 698,150 1,366,279 1,449,582 1,249,535
------------ ------------ ------------ ------------
Total contributions 1,959,528 3,777,552 3,884,781 3,353,386
------------ ------------ ------------ ------------
Interest income 86,126 125,679 117,506 580,236
Dividend income:
ChemFirst Inc. common stock (note 1(a)) 56,836 102,070 89,244 112,492
Mutual funds 1,743,620 1,664,078 1,148,652 -
Realized gains (losses) on investments, net (note 2):
Government securities - - - 38,956
Mutual funds 789,885 578,166 26,673 4,748
ChemFirst Inc. common stock (note 1(a)) 1,441,326 861,525 599,385 998,562
Getchell Gold Corporation
common stock (note 1(a)) 510,129 1,384,241 130,327 (6,466)
Unrealized appreciation of investments,
net (note 5) 696,374 969,120 6,170,323 1,038,613
Advisory fees (21,489) (109,095) (148,168) (27,777)
------------ ------------ ------------ ------------
Net investment income 5,302,807 5,575,784 8,133,942 2,739,364
------------ ------------ ------------ ------------
Rollovers (note 4) 351,534 240,514 65,847 41,224
Transfers from PCS Phosphates, Inc.
Employee Savings Plan (note 4) - 133,944 - -
Withdrawals and terminations, net
of forfeitures (1,563,277) (1,870,551) (1,596,682) (1,324,686)
Transfer of Getchell Gold Corporation
participant account balances (note 1(a)) - (3,084,813) - -
------------ ------------ ------------ ------------
Net increase in assets
available for benefits 6,050,592 4,772,430 10,487,888 4,809,288
Net assets available for benefits:
Beginning of year 37,497,105 32,724,675 22,236,787 17,427,499
------------ ------------ ------------ ------------
End of year $ 43,547,697 37,497,105 32,724,675 22,236,787
============ ============ ============ ============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 6
CHEMFIRST INC.
401(k) SAVINGS PLAN
Notes to Financial Statements
December 31, 1996 and June 30, 1996
(1) Plan Provisions and Significant Accounting Policies
The following brief description of ChemFirst Inc. 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) Change in Organization of Plan's Sponsor
In December 1996, First Mississippi Corporation contributed all of
its assets and subsidiaries, other than those relating to its
fertilizer business, to ChemFirst Inc. (the Company), which at the
time was a wholly-owned subsidiary of First Mississippi Corporation
and had engaged in no business activities during the previous five
years. First Mississippi Corporation then spun off ChemFirst Inc.
in a tax-free distribution of ChemFirst's common stock to First
Mississippi Corporation's shareholders. This distribution occurred
immediately before and in connection with the merger of First
Mississippi Corporation with a wholly-owned subsidiary of
Mississippi Chemical Corporation (MCC) on December 24, 1996. The
merger consideration consisted of 0.3340026 shares of MCC stock in
exchange for each share of First Mississippi Corporation stock.
Cash was paid in settlement of fractional shares. These
transactions were accounted for as a disposal of the fertilizer
business of First Mississippi Corporation. Accordingly, receipt of
the MCC shares resulted in a realized gain on $1,208,864 based on
the excess of the fair value of the shares on the date of the
exchange over their apportioned cost.
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.
(b) 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
the Company and its subsidiaries.
(Continued)
<PAGE> 7
2
CHEMFIRST INC.
401(k) SAVINGS PLAN
Notes to Financial Statements
The provisions of the Plan allow deferral of tax by the
participants on their contributions and earnings thereon. An
employee is eligible to participate in the Plan after being
employed for six months of eligibility service. The Plan is
available to all employee classifications except Leased
Employees, Temporary Employees and members of a legally
recognized collective bargaining unit not expressly granted
permission to participate. Temporary Employees include co-op
students and persons hired for a specific period of time, a
specific project or group of assignments. 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
Company matches contributions up to 4% of monthly base pay. At
December 31, 1996 and at June 30, 1996, 1995 and 1994, 925,
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.
(4) Long-term Growth Fund - Consists primarily of investments
in equity mutual funds.
(5) Aggressive Growth Fund - This fund was established in
1996 and consists primarily of investments in small cap
and emerging market mutual funds.
(6) ChemFirst Inc. common stock. (includes Mississippi
Chemical Corporation common stock subsequent to December
23, 1996 - see note 1(a)).
(7) 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 1(a)).
Prior to April 1, 1994, participants could only elect to invest in
programs (6) and (7) 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.
<PAGE> 8
3
CHEMFIRST INC.
401(k) SAVINGS PLAN
Notes to Financial Statements
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 per loan, and three loans
per participant may be outstanding at any time. 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 Employee
Benefits 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:
<TABLE>
<CAPTION>
Participants' contributions
------------------------------------------------------------------------------------------------
Capital Short-term Mid-term Long-term Aggressive Getchell Gold
Preservation Stability Balanced Growth Growth ChemFirst Inc. Corporation
Fund Fund Fund Fund Fund common stock common stock
----------- ------------ -------- --------- ------------ ------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
Number of participants:
December 31, 1996 30 596 507 657 44 401 260
========= ========= ========= ========= ========= ========= =========
June 30, 1996 27 684 500 635 - 384 293
========= ========= ========= ========= ========= ========= =========
June 30, 1995 11 725 577 618 - 352 169
========= ========= ========= ========= ========= ========= =========
June 30, 1994 - 699 528 556 - 343 144
========= ========= ========= ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
Employers' contributions
------------------------------------------------------------------------------------------------
Capital Short-term Mid-term Long-term Aggressive Getchell Gold
Preservation Stability Balanced Growth Growth ChemFirst Inc. Corporation
Fund Fund Fund Fund Fund common stock common stock
----------- ------------ -------- --------- ------------ ------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
Number of participants:
December 31, 1996 31 622 510 666 44 414 286
========= ========= ========= ========= ========= ========= =========
June 30, 1996 27 695 502 640 - 411 321
========= ========= ========= ========= ========= ========= =========
June 30, 1995 11 741 575 619 - 392 191
========= ========= ========= ========= ========= ========= =========
June 30, 1994 - 714 528 556 - 386 163
========= ========= ========= ========= ========= ========= =========
</TABLE>
(Continued)
<PAGE> 9
CHEMFIRST INC.
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 years of
service or upon a participant's indefinite economic or
industrial layoff, retirement, death or disability, whichever
occurs first. Forfeitures from a participant's Company matching
account may be used to pay plan expenses and/or to reduce
Company match contributions in the Plan year in which the
forfeitures are determined to occur.
Amounts forfeited from a participant's Company matching account
prior to July 1, 1996 were added to the forfeitures fund and
allocated along with Company matching contributions on the last
day of the Plan year in which the forfeitures were determined
to occur.
(c) 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.
(d) Administrative Expenses
Administrative expenses, with the exception of advisory fees, are
paid by ChemFirst Inc. and are not charged to the Plan.
Advisory fees are for the management of the mutual funds in
which plan assets are invested.
(e) Investments
Investments in cash and participant loans are stated at cost, which
approximates fair value. Investments in ChemFirst Inc.,
Getchell Gold Corporation and Mississippi Chemical Corporation
common stocks 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.
(Continued)
<PAGE> 10
5
CHEMFIRST INC.
401(k) SAVINGS PLAN
Notes to Financial Statements
(f) 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.
(g) 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.
(h) 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.
(2) Investment Sales
A summary follows of net realized gains on sales of investments for
the six months ended December 31, 1996 and for the years ended
June 30, 1996, 1995 and 1994:
<TABLE>
<CAPTION>
Proceeds Carrying Net realized
from sales value gains
----------- ----------- -------------
<S> <C> <C> <C>
December 31, 1996
Common stock $ 1,199,418 456,827 742,591
Mutual funds 18,779,705 17,989,820 789,885
----------- ----------- -----------
$19,979,123 18,446,647 1,532,476
=========== =========== ===========
Gain recognized on receipt
of MCC shares (note 1) 1,208,864
-----------
$ 2,741,340
===========
</TABLE>
(Continued)
<PAGE> 11
6
CHEMFIRST INC.
401(k) SAVINGS PLAN
Notes to Financial Statements
(2), Continued
<TABLE>
<CAPTION>
Proceeds Carrying Net realized
from sales value gains
---------- -------- ------------
<S> <C> <C> <C>
June 30, 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
=========== ========== =========
June 30, 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
=========== ========== =========
June 30, 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 December 31, 1996:
ChemFirst Inc. $ 162,212 95,460
First Chemical Corporation 328,446 177,827
Plasma Energy Corporation 41,900 21,893
Quality Chemicals, Inc. 171,448 102,812
FirstMiss Steel Inc. 70,359 41,972
AMPRO Fertilizer, Inc. 99,177 44,871
EKC Technology, Inc. 82,908 35,873
Plasma Processing Corporation 41,056 23,678
Callidus Technologies, Inc. 263,872 153,764
---------- -------
$1,261,378 698,150
========== =======
</TABLE>
(Continued)
<PAGE> 12
7
CHEMFIRST INC.
401(k) SAVINGS PLAN
Notes to Financial Statements
(3), Continued
<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
========== =========
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)
<PAGE> 13
8
CHEMFIRST INC.
401(k) SAVINGS PLAN
Notes to Financial Statements
(4) Rollovers and Transfers
During the six months ended December 31, 1996 and the years ended June
30, 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 note 1 (a)), were transferred
from other qualified employee benefit plans to the Plan as
follows:
<TABLE>
<CAPTION>
Six months ended Year ended June 30,
December 31, ---------------------------------------
1996 1996 1995 1994
----------------- ---- ---- ----
<S> <C> <C> <C> <C>
ChemFirst Inc. (note 1 (a)) $ 4,529 76,919 -- --
First Chemical Corporation 91,626 18,926 805 27,753
Callidus Technologies, Inc. 193,535 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. 61,844 3,006 3,895 --
Plasma Processing Corporation -- 77 -- --
-------- ------- ------ ------
$351,534 240,514 65,847 41,224
======== ======= ====== ======
</TABLE>
In April 1996, ChemFirst Inc. 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.
(Continued)
<PAGE> 14
9
CHEMFIRST INC.
401(k) SAVINGS PLAN
Notes to Financial Statements
(5) Unrealized Appreciation (Depreciation) of Investments
During the six months ended December 31, 1996 and the years ended June
30, 1996, 1995 and 1994, unrealized appreciation (depreciation) of
the Plan's investments was as follows:
<TABLE>
<CAPTION>
Six months ended Year ended June 30,
December 31, -------------------------------------------
1996 1996 1995 1994
---------------- ---- ---- ----
<S> <C> <C> <C> <C>
Government securities $ -- -- -- (452,894)
Mutual funds (496,629) 768,018 1,164,775 (11,775)
ChemFirst Inc. common stock
(note 1(a)) 542,862 (1,328,202) 4,206,502 1,454,571
Getchell Gold Corporation
common stock 602,177 1,529,304 799,046 48,711
Mississippi Chemical Corporation
common stock 47,965 -- -- --
--------- ---------- --------- ----------
$ 696,374 969,120 6,170,323 1,038,613
========= ========== ========= ==========
</TABLE>
(Continued)
<PAGE> 15
10
CHEMFIRST INC.
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 December 31, 1996 and June 30, 1996 follows:
<TABLE>
<CAPTION>
Capital Short-term Mid-term Long-term
Preservation Stability Balanced Growth
Fund Fund Fund Fund
---- ---- ---- ----
<S> <C> <C> <C> <C>
December 31, 1996:
Mutual funds $ 1,180,793 5,521,730 7,416,505 13,460,200
Participant loans 86,270 802,993 635,374 298,744
ChemFirst Inc. common stock -- -- -- --
Getchell Gold Corporation common stock -- -- -- --
Mississippi Chemical Corporation common stock -- -- -- --
----------- ---------- ---------- -----------
Total investments 1,267,063 6,324,723 8,051,879 13,758,944
----------- ---------- ---------- -----------
Receivables:
Employers' and participants' contributions 2,803 41,776 75,712 150,033
Dividends -- 9,294 42,699 109,581
Due from participants 3,000 -- -- --
----------- ---------- ---------- -----------
Total receivables 5,803 51,070 118,411 259,614
----------- ---------- ---------- -----------
Net assets available for benefits $ 1,272,866 6,375,793 8,170,290 14,018,558
=========== ========== ========== ===========
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 participants -- -- -- 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
=========== ========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
Aggressive Getchell Gold
Growth ChemFirst Inc. Corporation
Fund common stock common stock Combined
---- ------------ ------------ --------
<S> <C> <C> <C> <C>
December 31, 1996:
Mutual funds 435,823 -- -- 28,015,051
Participant loans (3,537) (7,902) -- 1,811,942
ChemFirst Inc. common stock -- 6,641,672 -- 6,641,672
Getchell Gold Corporation common stock -- -- 4,299,266 4,299,266
Mississippi Chemical Corporation common stock -- 2,302,273 -- 2,302,273
-------- ---------- --------- -----------
Total investments 432,286 8,936,043 4,299,266 43,070,204
-------- ---------- --------- -----------
Receivables:
Employers' and participants' contributions 10,735 35,051 -- 316,110
Dividends (3,191) -- -- 158,383
Due from participants -- -- -- 3,000
-------- ---------- --------- -----------
Total receivables 7,544 35,051 -- 477,493
-------- ---------- --------- -----------
Net assets available for benefits 439,830 8,971,094 4,299,266 43,547,697
======== ========== ========= ===========
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 participants -- -- -- 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
======== ========== ========= ===========
</TABLE>
<PAGE> 16
11
CHEMFIRST INC.
401(k) SAVINGS PLAN
(6), continued
The allocation of changes in net assets available for benefits to
investment option for the six months ended December 31, 1996 and
the twelve months 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
Participants' contributions 10,557 171,313 311,837 632,574
Employers' contributions 6,173 94,420 183,599 341,214
Net investment income 30,853 156,405 524,367 1,389,452
Rollovers 176,850 21,163 23,598 125,013
Withdrawals and terminations (201,484) (546,085) (323,320) (293,484)
Transfers due to participants'
selection of investment option 297,476 (132,834) (163,185) 269,790
----------- ---------- ---------- -----------
Net assets available for benefits
at December 31, 1996 $ 1,272,866 6,375,793 8,170,290 14,018,558
=========== ========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
Aggressive Cash and Getchell Gold
Growth other ChemFirst Inc. Corporation
Fund investments common stock common stock Combined
---- ----------- ------------ ------------ --------
<S> <C> <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
Participants' contributions 13,795 -- 121,302 -- 1,261,378
Employers' contributions 6,150 -- 66,594 -- 698,150
Net investment income 1,634 -- 2,484,282 715,814 5,302,807
Rollovers -- -- 4,841 69 351,534
Withdrawals and terminations -- -- (130,623) (68,281) (1,563,277)
Transfers due to participants'
selection of investment option 418,251 -- 244,261 (933,759) --
------- ----------- ---------- ---------- -----------
Net assets available for benefits
at December 31, 1996 439,830 -- 8,971,094 4,299,266 43,547,697
======= =========== ========== ========== ===========
</TABLE>
(Continued)
<PAGE> 17
12
CHEMFIRST INC.
401(k) SAVINGS PLAN
Notes to Financial Statements
(7) Plan Investments
The following investments exceeded 5% of net assets available for
benefits at December 31, 1996 and June 30, 1996:
<TABLE>
<CAPTION>
December 31, 1996
-----------------
Shares
or face Carrying
amount Cost value
------ ---- -----
<S> <C> <C> <C>
Mutual funds:
Morley Stable Fund 207,873 $2,439,086 2,491,086
Frank Russell Income III 324,975 3,179,821 3,304,998
Frank Russell Equity I 99,291 2,770,706 3,012,501
Frank Russell Equity II 67,159 1,914,209 2,018,140
Frank Russell Equity Q 275,650 8,417,440 9,079,908
ChemFirst Inc. common stock 287,207 2,987,903 6,641,672
Getchell Gold Corporation common stock 112,033 809,816 4,299,266
Mississippi Chemical Corporation common stock 95,928 2,254,308 2,302,273
</TABLE>
<TABLE>
<CAPTION>
June 30, 1996
-------------
Shares
or face Carrying
amount Cost value
------ ---- -----
<S> <C> <C> <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 common stock 267,974 3,247,123 5,962,422
Getchell Gold Corporation common stock 128,498 957,537 4,240,420
</TABLE>
<PAGE> 18
Schedule I
CHEMFIRST INC.
401(k) SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
<TABLE>
<CAPTION>
December 31, 1996
-----------------
Shares
or face Carrying
amount Cost value
------ ---- --------
<S> <C> <C> <C> <C>
Mutual funds:
Baron Asset 0.3% 3,071 $ 108,364 111,271
Managers Special Equity 0.3% 2,170 113,503 110,549
Morley Stable Value 5.7% 207,873 2,439,086 2,491,086
PBHG Growth 0.4% 6,462 173,130 169,748
Schwab Retirement Money 2.7% 1,180,793 1,180,793 1,180,793
Warburg Pincus Emerging Markets 0.1% 3,515 43,601 44,254
Frank Russell Fixed Income I 3.5% 73,383 1,516,256 1,540,307
Frank Russell Fixed Income II 3.4% 81,173 1,489,480 1,490,337
Frank Russell Fixed Income III 7.6% 324,975 3,179,821 3,304,998
Frank Russell Equity I 6.9% 99,291 2,770,706 3,012,501
Frank Russell Equity II 4.6% 67,159 1,914,209 2,018,140
Frank Russell International 2.5% 29,393 1,084,592 1,099,006
Frank Russell Emerging Markets 3.7% 131,805 1,592,860 1,627,788
Frank Russell Real Estate Securities 1.7% 25,158 603,316 734,365
Frank Russell Equity Q 20.9% 275,650 8,417,440 9,079,908
----------- ----------
26,627,157 28,015,051
---------- ----------
Participant loans, interest rates from 7.25%
to 10.0%; maturities from 1 to 10 years 4.2% 1,811,942 1,811,942 1,811,942
ChemFirst Inc. common stock 15.3% 287,207 2,987,903 6,641,672
Getchell Gold Corporation common stock 9.9% 112,033 809,816 4,299,266
Mississippi Chemical Corporation common stock 5.3% 95,928 2,254,308 2,302,273
----------- ----------
$34,491,126 43,070,204
=========== ==========
</TABLE>
<PAGE> 19
Schedule II
CHEMFIRST INC.
401(k) SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions
Six months ended December 31, 1996
<TABLE>
<CAPTION>
Purchases Sales
---------------------------- ----------------------------
Shares Shares Selling Net gain
Identity of party involved Description of assets Number or units Cost Number or units price or (loss)
- -------------------------- --------------------- ------ -------- ---- ------ -------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
December 31, 1996:
Deposit Guaranty
National Bank or
Charles Schwab Frank Russell U. S. Government
Trust Company Money Market Fund 6 2,796,333 $3,555,831 11 163,808 $ 353,424 --
" Frank Russell Investment Contract 4 1,053 18,834 8 199,327 3,283,587 281,350
" Frank Russell Fixed Income I 49 37,643 779,749 111 91,108 1,890,337 (253)
" Frank Russell Fixed Income III 63 221,614 2,217,178 115 152,709 1,575,795 (47,952)
" Frank Russell Equity I 43 81,518 2,340,987 107 101,888 2,727,301 199,479
" Frank Russell Equity Q 76 33,149 7,290,145 113 71,789 2,059,959 250,435
Charles Schwab Trust
Company Morley Stable Value Fund 50 255,971 3,002,699 92 48,099 563,613 4,279
</TABLE>
<PAGE> 20
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.
CHEMFIRST INC.
EMPLOYEE 401(k) SAVINGS PLAN
Date: June 26, 1997 /s/ J. Steve Chustz
------------------------------------------
J. Steve Chustz
Member, Employee Benefits Committee
Date: June 26, 1997 /s/ Charles R. Gibson
------------------------------------------
Charles R. Gibson
Member, Employee Benefits Committee
Date: June 26, 1997 /s/ R. Michael Summerford
------------------------------------------
R. Michael Summerford
Member, Employee Benefits Committee
Date: June 26, 1997 /s/ Tom Tepas
------------------------------------------
Tom Tepas
Member, Employee Benefits Committee
<PAGE> 21
INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
23.1 Independent Auditors' Consent
<PAGE> 22
EXHIBIT 23.1
Independent Auditors' Consent
The Board of Directors
ChemFirst Inc.:
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 ChemFirst Inc. of our
report dated June 20, 1997 relating to the financial statements and financial
statement schedules of ChemFirst Inc. 401(k) Savings Plan as of December 31,
1996 and June 30, 1996 and for the six month period ended December 31, 1996 and
for each of the years in the three-year period ended June 30, 1996, which
report appears in the December 31, 1996 annual report on Form 11-K of ChemFirst
Inc. 401(k) Savings Plan.
/s/ KPMG PEAT MARWICK LLP
----------------------------------
June 27, 1997 KPMG Peat Marwick LLP
Jackson, Mississippi
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