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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, 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
<PAGE> 2
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Financial Statements and Schedules
June 30, 1994, 1993 and 1992
(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, 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
<PAGE> 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
<PAGE> 5
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Statements of Net Assets Available for Benefits
June 30, 1994 and 1993
<TABLE>
<CAPTION>
1994 1993
---- ----
<S> <C> <C>
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
============= ==============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 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
<TABLE>
<CAPTION>
1994 1993 1992
---- ---- ----
<S> <C> <C> <C>
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
============== ============== ==============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 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)
<PAGE> 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:
<TABLE>
<CAPTION>
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
-------- -------- -------- ---- ------- ------
<S> <C> <C> <C> <C> <C> <C>
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
===== ===== ==== ==== ==== ====
</TABLE>
<TABLE>
<CAPTION>
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
-------- -------- -------- ---- ------- ------
<S> <C> <C> <C> <C> <C> <C>
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
===== ===== ==== ==== ==== ====
</TABLE>
(Continued)
<PAGE> 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)
<PAGE> 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:
<TABLE>
<CAPTION>
Proceeds Net realized
from sales Cost gains (losses)
---------- ---- -------------
<S> <C> <C> <C>
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
============== ============= ============
</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, 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
============ ============
</TABLE>
(Continued)
<PAGE> 11
5
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Notes to Financial Statements
(3), Continued
<TABLE>
<CAPTION>
Participants' Employers'
contributions contributions
------------- -------------
<S> <C> <C>
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
============ ============
</TABLE>
(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:
<TABLE>
<CAPTION>
1994 1993 1992
---- ---- ----
<S> <C> <C> <C>
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
======== ========= ========
</TABLE>
(Continued)
<PAGE> 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:
<TABLE>
<CAPTION>
1994 1993 1992
---- ---- ----
<S> <C> <C> <C>
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
============ ======== =======
</TABLE>
(6) Investment Option Allocation
The allocation of net assets available for benefits to investment
option as of June 30, 1994 and 1993 follows:
<TABLE>
<CAPTION>
First
Short-term Mid-term Long-term Mississippi FirstMiss
Stability Balanced Growth Corporation Gold Inc.
Fund Fund Fund common stock common stock Combined
-------- -------- -------- ------------ ------------ --------
<S> <C> <C> <C> <C> <C> <C>
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
============ ========= ========= ========= ======= ==========
</TABLE>
(Continued)
<PAGE> 13
7
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Notes to Financial Statements
(6), Continued
<TABLE>
<CAPTION>
First
Cash and Mississippi FirstMiss
other Corporation Gold Inc.
investments common stock common stock Combined
----------- ------------ ------------ --------
<S> <C> <C> <C> <C>
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
============== ============ ========== ==============
</TABLE>
(Continued)
<PAGE> 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:
<TABLE>
<CAPTION>
First
Short-term Mid-term Long-term Cash and Mississippi
Stability Balanced Growth other Corporation
Fund Fund Fund investments common stock
-------- -------- -------- ----------- ------------
<S> <C> <C> <C> <C> <C>
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
============ ========= ========= =========== ==========
</TABLE>
<TABLE>
<CAPTION>
FirstMiss
Gold Inc.
common stock Combined
------------ --------
<S> <C> <C>
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
======= ==========
</TABLE>
<PAGE> 15
Schedule I
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Investments
June 30, 1994 and 1993
<TABLE>
<CAPTION>
June 30, 1994
-----------------------------------------------
Shares
or face Carrying
amount Cost value
------ ---- ------
<S> <C> <C> <C>
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
============== ==============
</TABLE>
<TABLE>
<CAPTION>
June 30, 1993
-----------------------------------------------
Shares
or face Carrying
amount Cost value
------ ---- ------
<S> <C> <C> <C>
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
</TABLE>
(Continued)
<PAGE> 16
2 Schedule I, Cont.
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Investments
<TABLE>
<CAPTION>
June 30, 1993
-----------------------------------------------
Shares
or face Carrying
amount Cost value
------ ---- ------
<S> <C> <C> <C>
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
============== ==============
</TABLE>
Note - Percentages are determined by dividing the carrying value of
individual investments by net assets available for benefits.
<PAGE> 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)
<TABLE>
<CAPTION>
Expenses
Purchase Selling Lease incurred at
Identity of party involved Description of assets price price rental transaction
- -------------------------- --------------------- ------- ------- ------ -----------
<S> <C> <C> <C> <C> <C>
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 - - -
</TABLE>
<TABLE>
<CAPTION>
Current value
Cost of on trans- Net gain
Identity of party involved Description of assets assets action date (loss)
- -------------------------- --------------------- ------- ------------ --------
<S> <C> <C> <C> <C>
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 -
</TABLE>
(Continued)
<PAGE> 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)
<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
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
</TABLE>
<TABLE>
<CAPTION>
Sales
----------------------------------------------
Shares Selling Net gain
Identity of party involved Description of assets Number or units price or (loss)
- -------------------------- --------------------- ------ -------- ------ ---------
<S> <C> <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
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 -
</TABLE>
<PAGE> 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
<PAGE> 20
FIRST MISSISSIPPI CORPORATION
401(k) SAVINGS PLAN
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER PAGE
------ ----
<S> <C> <C>
23 Auditors' Consent 21
</TABLE>
<PAGE> 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
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