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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, 1995
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.
5460 S. Quebec Street, Suite 240
Englewood, CO 80111
<PAGE> 2
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Financial Statements and Schedules
June 30, 1995, 1994 and 1993
(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, 1995 and 1994
Statements of Changes in Net Assets Available for Benefits for the years
ended June 30, 1995, 1994 and 1993
Notes to Financial Statements
Supplemental Schedules:
I. Investments as of June 30, 1995 and 1994
II. Reportable Transactions for the years ended June 30, 1995,
1994 and 1993
<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 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, 1995 and 1994 and
the changes in net assets available for benefits for each of the years in the
three-year period ended June 30, 1995, 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.
KPMG Peat Marwick LLP
December 18, 1995
<PAGE> 5
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Statements of Net Assets Available for Benefits
June 30, 1995 and 1994
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Investments:
Cash, including certificate of deposit of $500,000
in 1994, at cost which approximates fair value $ 2,525 744,489
Mutual funds, at fair value (cost $20,405,199 and
$15,619,345, respectively) 21,520,546 15,607,570
Participant loans, at cost which approximates fair value 1,263,268 534,673
First Mississippi Corporation common stock, at fair value
(cost $3,052,278 and $2,936,627, respectively) 8,038,826 4,233,888
FirstMiss Gold Inc. common stock, at fair value
(cost $592,688 and $544,825, respectively) 1,403,220 592,424
----------- -----------
Total investments 32,228,385 21,713,044
----------- -----------
Receivables:
Employers' and participants' contributions 325,974 313,601
Interest 26,535 204,410
Dividends 162,218 20,620
----------- -----------
Total receivables 514,727 538,631
----------- -----------
Total assets 32,743,112 22,251,675
Advisory fees payable 18,437 14,888
----------- -----------
Net assets available for benefits $32,724,675 22,236,787
=========== ===========
</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, 1995, 1994 and 1993
<TABLE>
<CAPTION>
1995 1994 1993
---- ---- ----
<S> <C> <C> <C>
Contributions (note 3):
Participants $ 2,435,199 2,103,851 1,831,630
Employers 1,449,582 1,249,535 1,150,231
------------ ---------- ----------
Total contributions 3,884,781 3,353,386 2,981,861
------------ ---------- ----------
Interest income 117,506 580,236 684,668
Dividend income:
First Mississippi Corporation common stock 89,244 112,492 138,453
Mutual funds 1,148,652 -- --
Realized gains (losses) on investments, net (note 2):
Government securities -- 38,956 --
Mutual funds 26,673 4,748 --
First Mississippi Corporation common stock 599,385 998,562 (72,249)
FirstMiss Gold Inc. common stock 130,327 (6,466) 45,741
Unrealized appreciation of investments, net (note 5) 6,170,323 1,038,613 150,579
Advisory fees (148,168) (27,777) --
------------ ---------- ----------
Net investment income 8,133,942 2,739,364 947,192
------------ ---------- ----------
Rollovers (note 4) 65,847 41,224 38,729
Withdrawals and terminations, net of forfeitures (1,596,682) (1,324,686) (1,151,778)
------------ ---------- ----------
Net increase in assets available
for benefits 10,487,888 4,809,288 2,816,004
Net assets available for benefits:
Beginning of year 22,236,787 17,427,499 14,611,495
------------ ---------- ----------
End of year $ 32,724,675 22,236,787 17,427,499
============ ========== ==========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 7
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Notes to Financial Statements
June 30, 1995, 1994 and 1993
(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. (see note 7) (the Companies
or the Employers).
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, 1995, 1994 and 1993, 990, 958 and 852 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) First Mississippi common stock.
(6) FirstMiss Gold, Inc. common stock.
Prior to April 1, 1994, participants could 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 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.
(Continued)
<PAGE> 8
2
FIRST MISSISSIPPI CORPORATION
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, 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:
<TABLE>
<CAPTION>
Participants' contributions
-----------------------------------------------------------------------------------------------
First
Mississippi FirstMiss
Capital Short-term Mid-term Long-term Corporation Gold Inc.
Preservation Stability Balanced Growth common common
Fund Fund Fund Fund Cash stock stock
------------ ---------- -------- --------- ---- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Number of participants:
At June 30, 1995 11 725 577 618 -- 352 169
== === === === === === ===
At June 30, 1994 -- 699 528 556 -- 343 144
== === === === === === ===
At June 30, 1993 -- -- -- -- 819 155 161
== === === === === === ===
</TABLE>
<TABLE>
<CAPTION>
Employers' contributions
-----------------------------------------------------------------------------------------------
First
Mississippi FirstMiss
Capital Short-term Mid-term Long-term Corporation Gold Inc.
Preservation Stability Balanced Growth common common
Fund Fund Fund Fund Cash stock stock
------------ ---------- -------- --------- ---- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Number of participants:
At June 30, 1995 11 741 575 619 -- 392 191
== === === === === === ===
At June 30, 1994 -- 714 528 556 -- 386 163
== === === === === === ===
At June 30, 1993 -- -- -- -- 782 192 78
== === === === === === ===
</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.
(Continued)
<PAGE> 9
3
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Notes to Financial Statements
(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 and certificates of deposit are stated at cost,
which approximates fair value. Investments in First Mississippi
common stock, FirstMiss Gold Inc. 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 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 subsequent to the
effective date of the April 14, 1986 determination letter. The
amended Plan documents have been submitted to the Internal
Revenue Service for a letter of determination that the Plan
continues to qualify as exempt from income taxes, however, no
letter has yet been received. 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.
(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.
(Continued)
<PAGE> 10
4
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Notes to Financial Statements
(2) Investment Sales
A summary follows of net realized gains (losses) on sales of investments
for the years ended June 30, 1995, 1994 and 1993:
<TABLE>
<CAPTION>
Proceeds Carrying Net realized
from sales value gains (losses)
---------- ------ -------------
<S> <C> <C> <C>
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
============ ========== =========
1993
----
Common stock $ 507,354 533,862 (26,508)
============ ========== =========
</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, 1995:
First Mississippi Corporation $ 231,904 152,847
First Chemical Corporation 603,924 375,042
FirstMiss Gold Inc. and FMG, Inc. 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
============ ==========
</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, 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
============ ===========
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
============ ===========
</TABLE>
(Continued)
<PAGE> 12
6
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Notes to Financial Statements
(4) Rollovers
During 1995, 1994 and 1993, 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. (see note 7), were transferred to the Plan as
follows:
<TABLE>
<CAPTION>
1995 1994 1993
---- ---- ----
<S> <C> <C> <C>
First Chemical Corporation $ 805 27,753 --
Callidus Technologies, Inc. 14,974 -- 1,330
Plasma Energy Corp. -- -- 12,489
FirstMiss Gold Inc. 41,957 -- 20,000
EKC Technology, Inc. 4,216 7,695 4,910
Quality Chemical, Inc. -- 5,776 --
FirstMiss Steel, Inc. 3,895 -- --
--------- -------- --------
$ 65,847 41,224 38,729
========= ======== ========
</TABLE>
(5) Unrealized Appreciation (Depreciation) of Investments
During the years ended June 30, 1995, 1994 and 1993, unrealized
appreciation (depreciation) of the Plan's investments was as
follows:
<TABLE>
<CAPTION>
1995 1994 1993
---- ---- ----
<S> <C> <C> <C>
Government securities $ -- (452,894) 196,217
Mutual funds 1,164,775 (11,775) --
First Mississippi Corporation common stock 4,206,502 1,454,571 (323,330)
FirstMiss Gold Inc. common stock 799,046 48,711 277,692
------------ --------- ---------
$ 6,170,323 1,038,613 150,579
============ ========= =========
</TABLE>
(Continued)
<PAGE> 13
7
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, 1995 and 1994 follows:
<TABLE>
<CAPTION>
Capital Short-term Mid-term
Preservation Stability Balanced
Fund Fund Fund
-------- -------- --------
<S> <C> <C> <C>
June 30, 1995:
Cash $ -- 2,525 --
Mutual funds 48,571 7,377,084 6,169,827
Participant loans -- 625,278 429,283
First Mississippi Corporation common stock -- -- --
FirstMiss Gold Inc. common stock -- -- --
--------- ---------- -----------
Total investments 48,571 8,004,887 6,599,110
--------- ---------- -----------
Receivables:
Employers' and participants' contributions 1,704 73,893 94,842
Interest -- 12,368 8,491
Dividends 4 67,483 60,351
--------- ---------- -----------
Total receivables 1,708 153,744 163,684
--------- ---------- -----------
Total assets 50,279 8,158,631 6,762,794
Advisory fees payable (43) (6,455) (5,399)
--------- ---------- -----------
Net assets available for benefits $ 50,236 8,152,176 6,757,395
========= ========== ===========
June 30, 1994:
Cash and certificate of deposit $ -- 501,425 --
Mutual funds -- 6,776,668 5,112,392
Participant loans -- 252,932 194,585
First Mississippi Corporation common stock -- -- --
FirstMiss Gold Inc. common stock -- -- --
--------- ---------- -----------
Total investments -- 7,531,025 5,306,977
--------- ---------- -----------
Receivables:
Employers' and participants' contributions -- 80,883 94,130
Interest -- 203,042 --
Dividends -- -- --
--------- ---------- -----------
Total receivables -- 283,925 94,130
--------- ---------- -----------
Total assets -- 7,814,950 5,401,107
Advisory fees payable -- (5,523) (4,928)
--------- ---------- -----------
Net assets available for benefits $ -- 7,809,427 5,396,179
========= ========== ===========
<CAPTION>
First
Long-term Mississippi FirstMiss
Growth Corporation Gold
Fund common stock common stock
---------- ------------ ------------
<S> <C> <C> <C>
June 30, 1995:
Cash $ -- -- --
Mutual funds 7,473,893 302,858 148,313
Participant loans 208,707 -- --
First Mississippi Corporation common stock -- 8,038,826 --
FirstMiss Gold Inc. common stock -- -- 1,403,220
---------- ---------- -----------
Total investments 7,682,600 8,341,684 1,551,533
---------- ---------- -----------
Receivables:
Employers' and participants' contributions 130,405 16,509 8,621
Interest 4,128 905 643
Dividends 34,380 -- --
---------- ---------- -----------
Total receivables 168,913 17,414 9,264
---------- ---------- -----------
Total assets 7,851,513 8,359,098 1,560,797
Advisory fees payable (6,540) -- --
---------- ---------- -----------
Net assets available for benefits $7,844,973 8,359,098 1,560,797
========== ========== ===========
June 30, 1994:
Cash and certificate of deposit $ -- 238,378 4,686
Mutual funds 3,718,510 -- --
Participant loans 87,156 -- --
First Mississippi Corporation common stock -- 4,233,888 --
FirstMiss Gold Inc. common stock -- -- 592,424
---------- ---------- -----------
Total investments 3,805,666 4,472,266 597,110
---------- ---------- -----------
Receivables:
Employers' and participants' contributions 121,372 12,751 4,465
Interest -- 1,275 93
Dividends -- 20,620 --
========== ========== ===========
Total assets 3,927,038 4,506,912 601,668
Advisory fees payable (4,437) -- --
---------- ---------- -----------
Net assets available for benefits $3,922,601 4,506,912 601,668
========== ========== ===========
<CAPTION>
Combined
--------
<S> <C>
June 30, 1995:
Cash 2,525
Mutual funds 21,520,546
Participant loans 1,263,268
First Mississippi Corporation common stock 8,038,826
FirstMiss Gold Inc. common stock 1,403,220
------------
Total investments 32,228,385
------------
Receivables:
Employers' and participants' contributions 325,974
Interest 26,535
Dividends 162,218
------------
Total receivables 514,727
------------
Total assets 32,743,112
Advisory fees payable (18,437)
------------
Net assets available for benefits $ 32,724,675
============
June 30, 1994:
Cash and certificate of deposit $ 744,489
Mutual funds 15,607,570
Participant loans 534,673
First Mississippi Corporation common stock 4,233,888
FirstMiss Gold Inc. common stock 592,424
------------
Total investments 21,713,044
------------
Receivables:
Employers' and participants' contributions 313,601
Interest 204,410
Dividends 20,620
------------
Total receivables 538,631
------------
Total assets 22,251,675
Advisory fees payable (14,888)
------------
Net assets available for benefits $ 22,236,787
============
</TABLE>
<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, 1995, 1994 and 1993
follows:
<TABLE>
<CAPTION>
First
Capital Short-term Mid-term Long-term Cash and Mississippi
Preservation Stability Balanced Growth other Corporation
Fund Fund Fund Fund investments common stock
-------- -------- -------- -------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
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
Participants' contributions 1,531 613,583 710,626 959,697 -- 107,400
Employers' contributions 984 334,753 408,253 557,478 -- 76,328
Net investment income 130 610,578 775,668 898,740 -- 4,915,803
Rollovers -- 17,065 7,606 3,968 -- --
Withdrawals and terminations -- (821,887) (160,543) (184,143) -- (410,418)
Transfers due to participants'
selection of investment option 47,591 (411,343) (380,394) 1,686,632 -- (836,927)
------- -------- -------- --------- ----------- ----------
Net assets available for benefits
at June 30, 1995 $50,236 8,152,176 6,757,395 7,844,973 -- 8,359,098
======= ========= ========= ========= =========== ==========
<CAPTION>
First Miss
Gold Inc.
common stock Combined
------------ ----------
<S> <C> <C>
Net assets available for benefits
at June 30, 1992 368,570 14,611,495
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
Participants' contributions 42,362 2,435,199
Employers' contributions 71,786 1,449,582
Net investment income 933,023 8,133,942
Rollovers 37,208 65,847
Withdrawals and terminations (19,691) (1,596,682)
Transfers due to participants'
selection of investment option (105,559) --
--------- -----------
Net assets available for benefits
at June 30, 1995 1,560,797 32,724,675
========= ===========
</TABLE>
(7) Subsequent Event
----------------
Subsequent to June 30, 1995, First Mississippi distributed its shares of
FirstMiss Gold Inc. to the First Mississippi shareholders. In
connection with this "spin-off," the participant accounts of employees
of FirstMiss Gold Inc. and FMG, Inc. were transferred from the Plan.
<PAGE> 15
9
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Notes to Financial Statements
(8) Plan Investments
The following investments exceeded 5% of net assets available for
benefits at June 30, 1995 and 1994:
<TABLE>
<CAPTION>
June 30, 1995
--------------------------------------------------
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
Participant loans, interest rates from 7.25%
to 10.0%; maturities from 1 to 10 years 1,263,268 1,263,268 1,263,268
First Mississippi Corporation common stock 235,570 3,052,278 8,038,826
<CAPTION>
June 30, 1995
--------------------------------------------------
Shares
or face Carrying
amount Cost value
-------- --------- --------
<S> <C> <C> <C>
Mutual funds:
Frank Russell Investment Contract 194,240 3,037,725 3,075,603
Frank Russell Fixed Income I 118,062 2,423,026 2,415,552
Frank Russell Fixed Income II 99,327 1,818,222 1,824,634
Frank Russell Fixed Income III 194,628 1,918,737 1,905,406
Frank Russell Equity I 67,885 1,631,730 1,612,266
Frank Russell Equity Q 67,476 1,683,282 1,670,030
First Mississippi Corporation common stock 277,632 2,936,627 4,233,888
</TABLE>
<PAGE> 16
Schedule I
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Investments
June 30, 1995 and 1994
<TABLE>
June 30, 1995
--------------------------------------------------
Shares
or face Carrying
amount Cost value
-------- --------- --------
<S> <C> <C> <C>
Cash 2,525 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
FirstMiss Gold, Inc. common stock - 4.3% 70,161 592,688 1,403,220
----------- ----------
$25,315,958 32,228,385
=========== ==========
</TABLE>
(Continued)
<PAGE> 17
2 Schedule I, Cont.
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
Investments
<TABLE>
<CAPTION>
June 30, 1995
--------------------------------------------------
Shares
or face Carrying
amount Cost value
-------- --------- --------
<S> <C> <C> <C>
Cash - 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>
Note - Percentages are determined by dividing the carrying value of
individual investments by net assets available for benefits.
<PAGE> 18
Schedule II
FIRST MISSISSIPPI CORPORATION
401(K) THRIFT PLAN
Reportable Transactions
Years ended June 30, 1995 and 1994
Transactions reported pursuant to Department of Labor Regulation
2520.103-6(d)(1)
<TABLE>
<CAPTION>
Expenses
Purchase Selling Lease incurred at Cost of
Identity of party involved Description of assets price price rental transaction assets
- -------------------------- --------------------- ----- ----- ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C>
June 30, 1995:
None
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 -- -- 504,160
" U. S. Treasury notes,
$500,000, 8.00%, due 10-15-96 -- 525,458 -- -- 502,212
" U. S. Treasury notes,
$1,000,000, 8.50%, due 7-15-97 -- 1,071,240 -- -- 1,055,930
" U. S. Treasury notes,
$1,000,000, 6.375%, due 1-15-99 -- 995,302 -- -- 1,013,062
" U. S. Treasury notes,
$1,000,000, 5.750%, due 10-31-97 -- 987,490 -- -- 994,581
" U. S. Treasury notes,
$1,000,000, 5.125%, due 3-31-98 -- 959,365 -- -- 998,520
" 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 -- -- 999,780
<CAPTION>
Current value
on trans- Net gain
Identity of party involved Description of assets action date (loss)
- -------------------------- --------------------- ----------- ------
<S> <C> <C> <C>
June 30, 1995:
None
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 25,908
" U. S. Treasury notes,
$500,000, 8.00%, due 10-15-96 525,458 23,246
" U. S. Treasury notes,
$1,000,000, 8.50%, due 7-15-97 1,071,240 15,310
" U. S. Treasury notes,
$1,000,000, 6.375%, due 1-15-99 995,302 (17,760)
" U. S. Treasury notes,
$1,000,000, 5.750%, due 10-31-97 987,490 (7,091)
" U. S. Treasury notes,
$1,000,000, 5.125%, due 3-31-98 959,365 (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 7-31-98 957,333 (42,447)
</TABLE>
<PAGE> 19
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 Sales
---------------------------------- --------------------
Shares Shares
Identity of party involved Description of assets Number or units Cost Number or units
- -------------------------- --------------------- ------ -------- ---- ------ --------
<S> <C> <C> <C> <C> <C> <C>
June 30, 1995:
Paine Webber First Mississippi Corporation
common stock 84 73,324 $ 1,475,572 108 100,150
Deposit Guaranty Deposit Guaranty U. S. Government
National Bank Money Market Fund 202 4,447,816 4,447,816 121 3,987,803
Ballew/Russell, Inc. Frank Russell
Investment Contract Fund 38 88,170 1,433,782 112 86,120
" Frank Russell
Fixed Income I Fund 117 53,442 1,183,716 233 39,838
" Frank Russell
Equity I Fund 117 51,361 1,260,757 168 18,965
" Frank Russell
Equity Q Fund 129 49,407 1,214,298 168 19,463
June 30, 1994:
Deposit Guaranty First Mississippi Corporation 55 47,547 564,758 247 227,377
National Bank common stock
" Deposit Guaranty National Bank
Daily Invested Fund 123 21,849,818 21,849,818 71 23,343,775
" Frank Russell
Money Market Mutual Fund 4 3,620,678 3,620,678 4 3,620,660
" Frank Russell
Investment Contract Mutual Fund 5 231,599 3,621,728 23 37,359
" Frank Russell
Fixed Income I Mutual Fund 10 133,005 2,729,657 41 14,943
" Frank Russell
Fixed Income II Mutual Fund 4 118,680 2,172,408 32 19,353
" Frank Russell
Fixed Income III Mutual Fund 11 210,822 2,078,409 53 16,194
" Frank Russell
Equity I Mutual Fund 13 70,186 1,686,978 27 2,301
" Frank Russell
Equity II Mutual Fund 16 30,867 791,669 27 961
<CAPTION>
Sales
-----
Selling Net gain
Identity of party involved Description of assets price or (loss)
- -------------------------- --------------------- ----- ---------
<S> <C> <C> <C>
June 30, 1995:
Paine Webber First Mississippi Corporation
common stock $ 2,228,656 $ 599,385
Deposit Guaranty Deposit Guaranty U. S. Government
National Bank Money Market Fund 3,987,803 --
Ballew/Russell, Inc. Frank Russell
Investment Contract Fund 1,399,532 45,635
" Frank Russell
Fixed Income I Fund 908,780 (9,256)
" Frank Russell
Equity I Fund 468,309 12,204
" Frank Russell
Equity Q Fund 488,841 61,108
June 30, 1994:
Deposit Guaranty First Mississippi Corporation 3,187,076 998,562
National Bank common stock
" Deposit Guaranty National Bank
Daily Invested Fund 23,343,775 --
" Frank Russell
Money Market Mutual Fund 3,620,660 --
" Frank Russell
Investment Contract Mutual Fund 587,288 3,285
" Frank Russell
Fixed Income I Mutual Fund 306,347 (285)
" Frank Russell
Fixed Income II Mutual Fund 354,472 286
" Frank Russell
Fixed Income III Mutual Fund 159,275 397
" Frank Russell
Equity I Mutual Fund 55,449 201
" Frank Russell
Equity II Mutual Fund 24,107 (599)
</TABLE>
<PAGE> 20
3
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 Sales
------------------------ --------------------
Shares Shares
Identity of party involved Description of assets Number or units Cost Number or units
- -------------------------- --------------------- ------ -------- ---- ------ --------
<S> <C> <C> <C> <C> <C> <C>
June 30, 1994, continued:
Deposit Guaranty Frank Russell
National Bank Equity III Mutual Fund 15 11,741 308,398 14 314
" Frank Russell
International Mutual Fund 13 28,907 1,102,864 27 958
" Frank Russell
Emerging Markets Mutual
Fund 13 43,292 545,565 27 1,318
" Frank Russell
Equity Q Mutual Fund 13 69,766 1,740,334 27 2,290
June 30, 1993:
Deposit Guaranty First Mississippi Corporation
National Bank common stock 206 236,923 2,059,070 60 39,520
" Deposit Guaranty National Bank
Daily Invested Fund 66 5,115,190 5,115,190 109 5,485,674
Sales
-----
Selling Net gain
Identity of party involved Description of assets price or (loss)
- -------------------------- --------------------- ----- ---------
<S> <C> <C> <C>
June 30, 1994, continued:
Deposit Guaranty Frank Russell
National Bank Equity III Mutual Fund 8,410 194
" Frank Russell
International Mutual Fund 37,631 1,223
" Frank Russell
Emerging Markets Mutual Fund 16,766 145
" Frank Russell
Equity Q Mutual Fund 57,533 481
June 30, 1993:
Deposit Guaranty First Mississippi Corporation
National Bank common stock 377,447 (72,249)
" Deposit Guaranty National Bank
Daily Invested Fund 5,485,674 --
</TABLE>
<PAGE> 21
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 21, 1995 /s/ Troy B. Browning
--------------------------------
Troy B. Browning
Member, Employee 401(k) Savings
Plan Administrative Committee
Date: December 21, 1995 /s/ J. Steve Chustz
--------------------------------
J. Steve Chustz
Member, Employee 401(k) Savings
Plan Administrative Committee
Date: December 21, 1995 /s/ R. Michael Summerford
--------------------------------
R. Michael Summerford
Member, Employee 401(k) Savings
Plan Administrative Committee
<PAGE> 22
FIRST MISSISSIPPI CORPORATION
401(K) SAVINGS PLAN
EXHIBIT INDEX
EXHIBIT
NUMBER PAGE
- ------- ----
23. 1 Auditors' Consent
<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 and 33-43586) on form S- 8 of First Mississippi Corporation
of our report dated December 18, 1995 relating to the financial statements and
financial statement schedules of First Mississippi Corporation 401(K) Savings
Plan as of June 30, 1995 and 1994 and for each of the years in the three-year
period ended June 30, 1995, which report appears in the June 30, 1995 annual
report on Form 11-K of First Mississippi Corporation 401(K) Savings Plan.
December 18, 1995 KPMG Peat Marwick LLP
Jackson, Mississippi
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