MISSISSIPPI CHEMICAL CORPORATION
P. O. BOX 388
YAZOO CITY, MS 39194
January 24, 1995
Securities and Exchange Commission
Washington, D.C. 20549
Gentlemen:
Pursuant to the requirements of the Securities Exchange Act of 1934, we are
transmitting herewith the attached Form 10-Q.
Sincerely,
MISSISSIPPI CHEMICAL CORPORATION
W. F. Hawkins
W. F. Hawkins
Senior Vice President, Finance and Administration
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d)
Of The Securities Exchange Act of 1934
For Quarter Ended December 31, 1994
OR
[ ] Transition Report Pursuant to Section 13 or 15(d)
Of the Securities Exchange Act of 1934
For Quarter Ended December 31, 1994
Commission File Number 2-7803
MISSISSIPPI CHEMICAL CORPORATION
Organized in the State of Mississippi
Identification No. 64-0292638
P. O. Box 388, Yazoo City, Mississippi 39194
Telephone No. 601+746-4131
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [ x ] No [ ]
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Class Number of Shares
----- ----------------
Common Stock, $0.01 par value 22,897,496
MISSISSIPPI CHEMICAL CORPORATION
AND SUBSIDIARIES
INDEX
PART I. FINANCIAL INFORMATION:
Item 1. Consolidated Financial Statements
Consolidated Statements of Income
Three months ended December 31,
1994 and 1993, and Six months ended
December 31, 1994 and 1993
Consolidated Balance Sheet
December 31, 1994 and
June 30, 1994
Consolidated Statements of Cash Flows
Six months ended December 31,
1994 and 1993
Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis
of Results of Operations and
Financial Condition
PART II. OTHER INFORMATION:
Item 6(b). Reports on Form 8-K
Signatures
MISSISSIPPI CHEMICAL CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Three months ended Six months ended
December 31, December 31,
--------------------- --------------------
1994 1993 1994 1993
--------------------- --------------------
(In thousands, except per share data)
Net sales $ 83,713 $ 61,105 $156,464 $106,325
Operating expenses:
Cost of products
sold 55,055 48,863 106,470 82,864
Selling 6,399 5,233 12,029 11,035
General and
administrative 6,130 3,010 10,960 6,399
- -------- -------- -------- --------
67,584 57,106 129,459 100,298
-------- -------- -------- --------
Operating income 16,129 3,999 27,005 6,027
Other (expense) income:
Interest, net 251 (1,197) (549) (2,323)
Other 467 86 30 166
-------- -------- -------- --------
Income from continuing
operations before income
taxes and cumulative
effect of change in
accounting principle 16,847 2,888 26,486 3,870
Income tax expense 6,408 1,228 10,271 1,411
-------- -------- -------- --------
Income from continuing
operations before
cumulative effect of
change in accounting
principle 10,439 1,660 16,215 2,459
Discontinued operations:
(Loss) income from
discontinued operations
(less applicable income
tax benefit of $5,066
for the six months ended
December 31, 1994, and
$3,143 for the three
months ended December
31, 1994) - (5,299) - 7,866
Cumulative effect to July 1,
1993, of change in
accounting for income
taxes - - - (6,149)
-------- -------- -------- --------
Net income (loss) $ 10,439 $ (3,639) $ 16,215 $ 4,176
======== ======== ======== ========
Earnings per share
(see Note 2) $ 0.46 $ 0.74
======== ========
The accompanying notes are an integral part of these financial statements.
MISSISSIPPI CHEMICAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
December 31, June 30,
1994 1994
------------ --------
(Dollars in thousands)
Current assets:
Cash and cash equivalents $ 19,515 $ 23,219
Accounts receivable 21,315 28,659
Inventories:
Finished products 22,819 7,518
Raw materials and supplies 4,772 2,851
Replacement parts 23,444 23,621
-------- --------
Total inventories 51,035 33,990
Prepaid expenses and other current
assets 5,290 3,981
Deferred income tax benefit 10,992 9,682
-------- --------
Total current assets 108,147 99,531
Investments and other assets:
National Bank for Cooperatives 6,546 7,441
Other 10,280 9,813
-------- --------
Total investments and other assets 16,826 17,254
Properties held for sale 52,919 66,928
Property, plant and equipment, at cost 371,535 366,992
Less accumulated depreciation,
depletion and amortization (258,172) (252,275)
--------- ---------
Net property, plant and equipment 113,363 114,717
--------- ---------
$ 291,255 $ 298,430
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Long-term debt due within one year $ 16,008 $ 2,948
Notes payable - 7,030
Accounts payable 33,428 28,569
Accrued liabilities 11,914 11,297
Patronage refunds payable - 14,756
--------- ---------
Total current liabilities 61,350 64,600
Long-term debt 2,580 57,217
Other long-term liabilities and
deferred credits 13,750 24,704
Deferred income tax payable 14,316 8,953
Stockholders' equity 199,259 142,956
--------- ---------
$ 291,255 $ 298,430
========= ========
The accompanying notes are an integral part of these financial statements.
MISSISSIPPI CHEMICAL CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended
December 31,
-------------------
1994 1993
--------- --------
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 16,215 $ 4,176
Income from discontinued operations - (7,866)
-------- --------
Net income (loss) from continuing
operations 16,215 (3,690)
Reconciliation of net income (loss) from
continuing operations to net cash
provided (used) by operating
activities:
Net change in operating assets
and liabilities 1,500 (12,513)
Depreciation, depletion and
amortization 7,914 7,928
Deferred income tax payable 4,053 7,122
Other (421) (189)
-------- --------
Net cash provided (used) by operating
activities 29,261 (1,342)
Cash flows from investing activities:
Purchase of property, plant and
equipment (6,704) (5,377)
Disposition of Newsprint South, Inc. (8,751) -
Proceeds received from option 3,000 -
Other 756 (1,932)
-------- --------
Net cash used by investing activities (11,699) (7,309)
Cash flows from financing activities:
Debt payments (103,231) (57,556)
Debt proceeds 54,625 62,460
Payment of cash patronage (14,756) (13,405)
Proceeds from issuance of common
stock 47,401 -
Redemption of common stock (5,305) -
-------- --------
Net cash used by financing activities (21,266) (8,501)
-------- --------
Net decrease in cash and cash
equivalents (3,704) (17,152)
Cash and cash equivalents -
beginning of period 23,219 22,014
-------- --------
Cash and cash equivalents -
end of period $ 19,515 $ 4,862
======== ========
The accompanying notes are an integral part of these financial statements.
MISSISSIPPI CHEMICAL CORPORATION
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - INTERIM FINANCIAL STATEMENTS
The accompanying consolidated financial statements of Mississippi Chemical
Corporation and its subsidiaries ("the Company") have been prepared by the
Company, without audit. In the opinion of the Company's management, the
financial statements reflect all adjustments necessary to present fairly the
results of operations for the three-month and the six-month periods ended
December 31, 1994 and 1993, the Company's financial position at December 31,
1994 and June 30, 1994, the cash flows for the six-month periods ended December
31, 1994 and 1993, and the consolidated statements of stockholders' equity as of
December 31, 1994. These adjustments are of a normal recurring nature, which
are, in the opinion of management, necessary for a fair presentation of the
financial position and results of operations for the interim periods.
Certain notes and other information have been condensed or omitted from the
interim financial statements presented in the Quarterly Report on Form 10-Q.
Therefore, these financial statements should be read in conjunction with the
consolidated financial statements and notes thereto included in the Company's
June 30, 1994, audited financial statements.
Due to the seasonal nature of the Company's business, the results of
operations for the period ended December 31, 1994, are not necessarily
indicative of the operating results for the full fiscal year.
NOTE 2 - EARNINGS PER SHARE
The number of shares used in the earnings per share computation are the
weighted average number of common shares outstanding plus dilutive common share
equivalents as follows:
Three months Six months
Ended Ended
December 31, December 31,
1994 1994
----------- ------------
Common shares outstanding 22,897,496 21,898,384
Common stock equivalents for
employee stock options 22,065 20,557
---------- ----------
22,919,561 21,918,941
========== ==========
Earnings per share for the six months ended December 31, 1993, and for the
three months ended December 31, 1993, are not meaningful and are not presented
since the Company operated as a cooperative in the prior fiscal year.
In January 1995, the Company's board of directors declared a regular
quarterly cash dividend of $.08 per common share outstanding. This dividend
will be paid on February 20, 1995, to shareholders of record as of January 31,
1995.
NOTE 3 - COMMITMENTS AND CONTINGENCIES
During 1990, the Company entered into an agreement granting a third party
the exclusive option, for a period of four years, to purchase the Company's
undeveloped phosphate rock property in Hardee County, Florida, of approximately
12,000 acres. As of July 12, 1994, the Company and the option holder entered
into new agreements with respect to this property whereby the Company conveyed a
portion of the property to the third party and granted to the third party the
exclusive option to purchase the remaining portion of the property. In
addition, the Company was granted a put option whereby the Company has the right
and option to sell the remaining portion of the property to the third party if
the third party does not exercise its option to purchase the remaining property
and was granted an exclusive option to repurchase the previously conveyed
portion in the event the third party does not exercise its option and the
Company does not exercise its put option. The third party's option will expire
on January 16, 1998. The Company's put option will expire six months after the
third party's option expires, and its repurchase option will expire on July 16,
1999. These properties are classified as property held for sale at December 31,
1994 and June 30, 1994.
At December 31, 1994, the Company had outstanding commitments to various
customers for the sale of approximately 75,000 tons of nitrogen solutions.
These customers have prepaid for this tonnage, and at December 31, the Company
had recorded on its balance sheet a liability related to these sales.
In September 1994, the Company and Air Products and Chemicals, Inc.
concluded arrangements whereby the Company will purchase all of the ammonium
nitrate fertilizer produced at Air Products' Pace, Florida, facilities. It is
expected that the Company will purchase approximately 240,000 tons of ammonium
nitrate per year for resale during the fifteen-year term of the agreement. The
arrangements also provide that the Company will transfer to Air Products its
proprietary technology relating to the manufacture of its brand name ammonium
nitrate, Amtrater.
In December 1994, the Company signed a letter of intent with Farmland
Industries to enter into a 50-50 joint venture to construct and operate a 1,900
short ton-per-day ammonia plant to be located near LaBrea, Trinidad. The
project is expected to cost $250-$300 million. Startup of the facility is
scheduled for 1997. The Company intends to use the majority of its portion of
the production from the new facility, expected to be in excess of 300,000 tons
per year, primarily as a raw material for upgrading into finished fertilizer
products at its existing facilities.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
The following discussion and analysis should be read in conjunction with
the attached consolidated financial statements and notes thereto, and with the
Company's audited financial statements and notes thereto for the fiscal year
ended June 30, 1994.
The usage of fertilizer in the Company's trade territory is highly
seasonal, and the Company's quarterly results reflect the fact that in the
Company's markets significantly more fertilizer is purchased in the spring.
Significant portions of the Company's net sales and operating income are
generated in the last four months of the Company's fiscal year (March through
June). Since interim period operating results reflect the seasonal nature of
the Company's business, they are not indicative of results expected for the full
fiscal year. In addition, quarterly results can vary significantly from year to
year primarily as a result of weather-related shifts in planting schedules and
purchase patterns. The Company incurs substantial expenditures for fixed costs
throughout the year and substantial expenditures for inventory in advance of the
spring planting season. Sales volumes during the six months ended December 31,
1994, were unusually strong causing a reduction in inventories which may
indicate a shift of a greater portion of annual sales volumes to the first six
months of the current fiscal year.
The Company's results of operations for the six-month period ended December
31, 1994, were favorably influenced by strong world demand and tight supplies
for many of the Company's fertilizer products, excellent weather for fall
fertilizer applications in the Company's primary trade territory and improved
prices for the Company's products. Anhydrous ammonia prices remained high
throughout the period due to a tight supply/demand balance worldwide. The
Company converts substantially all of the ammonia it produces into upgraded
nitrogen products. During the quarter, the increases in prices for upgraded
nitrogen products, which began in the prior quarter, have continued to gain
momentum and the price for upgraded products now more closely reflects the
increased price of anhydrous ammonia, from which those products are produced.
The current favorable supply/demand balance for nitrogen fertilizers is expected
to continue through this fiscal year. Depressed natural gas prices also
contributed to improved margins for nitrogen products. The Company anticipates
gas prices will remain favorable for the balance of the current fiscal year.
Toward the end of the second quarter, diammonium phosphate ("DAP") prices began
to rise in response to increased raw material costs.
RESULTS OF OPERATIONS
- ---------------------
Following are summaries of the Company's sales results by product
categories:
Three months ended Six months ended
December 31, December 31,
--------------------- --------------------
1994 1993 1994 1993
--------------------- --------------------
(in thousands)
Net Sales:
Nitrogen $ 53,028 $ 35,297 $ 92,350 $67,022
DAP 25,636 21,560 52,987 32,156
Potash 4,477 4,373 10,170 6,883
Other 572 (125) 957 264
-------- -------- -------- --------
Net Sales $ 83,713 $ 61,105 $156,464 $106,325
======== ======== ======== ========
Three months ended Six months ended
December 31, December 31,
--------------------- --------------------
1994 1993 1994 1993
--------------------- --------------------
(in thousands)
Tons Sold:
Nitrogen 414 326 754 599
DAP 162 183 345 284
Potash 59 61 136 95
Three months ended Six months ended
December 31, December 31,
--------------------- --------------------
1994 1993 1994 1993
--------------------- --------------------
(in thousands)
Average Price Per Ton:
Nitrogen $ 128 $ 108 $ 122 $ 112
DAP $ 158 $ 118 $ 154 $ 113
Potash $ 76 $ 72 $ 75 $ 72
NET SALES. Net sales increased 37.0% from $61.1 million for the quarter
ended December 31, 1993, to $83.7 million for the quarter ended December 31,
1994, primarily as a result of increased sales volumes for nitrogen fertilizers
and higher sales prices for nitrogen fertilizers and DAP. Nitrogen fertilizer
sales increased 50.2% as a result of a 26.8% increase in tons sold and an 18.4%
increase in the average price per ton. Sales of DAP increased 18.9% as a result
of a 34.0% increase in the average price per ton offset by an 11.3% decrease in
tons sold. Potash sales increased 2.4% as a result of a 5.8% increase in the
average price per ton offset by a 3.2% decrease in tons sold.
For the six months ended December 31, net sales increased from $106.3
million in 1993 to $156.5 million in 1994, primarily as a result of increased
sales volumes for nitrogen, potash and DAP fertilizers and higher sales prices
for nitrogen fertilizers and DAP. Nitrogen fertilizer sales increased 37.8% as
a result of a 26.0% increase in tons sold and a 9.4% increase in the average
price per ton. Sales of DAP increased 64.8% as a result of a 21.3% increase in
tons sold and a 35.8% increase in the average price per ton. Potash sales
increased 47.8% as a result of a 42.8% increase in tons sold and a 3.5% increase
in the average price per ton.
COST OF PRODUCTS SOLD. The cost of products sold increased from $48.9
million for the three months ended December 31, 1993, to $55.1 million for the
three months ended December 31, 1994. As a percentage of net sales, cost of
products sold decreased from 80.0% to 65.8%. For the six months ended December
31, cost of products sold increased from $82.9 million in 1993 to $106.5 million
in 1994. As a percentage of net sales, cost of products sold decreased from
77.9% to 68.1%. The decreases in cost of products sold, as a percentage of net
sales, for both the three month period and the six month period reflect
increases in sales prices for all products and a reduction in the cost per ton
of nitrogen fertilizers and potash offset by an increase in the cost per ton of
DAP. Nitrogen fertilizer cost per ton decreased due to lower prices paid for
natural gas during the current fiscal year. Also during the first three months
of fiscal 1994, the Company incurred lower maintenance and labor cost due to a
scheduled biennial maintenance turnaround at the Company's Yazoo City facility
in the prior fiscal year. DAP costs per ton increased as a result of higher raw
material costs, primarily for ammonia. Potash costs per ton decreased as a
result of increased production volume during the current fiscal year resulting
from an expansion which was completed in May 1994. This expansion increased
potash production capacity from approximately 300,000 tons to approximately
420,000 tons per year.
SELLING EXPENSES. Selling expenses increased from $5.2 million for the
three months ended December 31, 1993, to $6.4 million for the three months ended
December 31, 1994. As a percentage of net sales, selling expenses decreased
from 8.6% for the three months ended December 31, 1993, to 7.6% for the three
months ended December 31, 1994. Factors contributing to this decrease were
increased sales prices partially offset by higher transportation expense due to
the greater use of more expensive methods of transporting nitrogen products and
the sale of larger volumes of nitrogen products on a delivered basis. For the
six months ended December 31, selling expenses increased from $11.0 million in
1993 to $12.0 million in 1994. As a percentage of net sales, selling expenses
decreased from 10.4% in fiscal 1994 to 7.7% in fiscal 1995. Factors
contributing to this decrease were increased sales prices and higher DAP sales
which bear no delivery expense. Also, the Company sold more of its nitrogen
products directly from production facilities, thereby eliminating delivery
expense on those sales.
GENERAL AND ADMINISTRATIVE EXPENSES. General and administrative expenses
increased from $3.0 million for the three months ended December 31, 1993, to
$6.1 million for the three months ended December 31, 1994. As a percentage of
net sales, general and administrative expenses increased from 4.9% to 7.3%. For
the six months ended December 31, general and administrative expenses increased
from $6.4 million in 1993 to $11.0 million in 1994. As a percentage of net
sales, general and administrative expenses increased from 6% to 7%. During the
first six months of the current fiscal year, the Company accrued approximately
$1.8 million for employee incentives related to income levels. These incentives
were accrued in later periods during the prior fiscal year. The Company also
experienced increases in retirement expense and property and use taxes.
Additionally, during the prior fiscal year, the Company transferred
approximately $1.8 million more of payroll overhead costs to cost of products
sold than in the current fiscal year.
OPERATING INCOME. As a result of the above factors, operating income
increased from $4.0 million for the three months ended December 31, 1993, to
$16.1 million for the three months ended December 31, 1994, a 303% increase.
For the six months ended December 31, operating income increased from $6.0
million in 1993 to $27.0 million in 1994, a 348% increase.
INTEREST, NET. For the three months ended December 31, 1993, net interest
expense was $1.2 million compared to net interest income of $.3 million for the
three months ended December 31, 1994. For the six months ended December 31, net
interest decreased from $2.3 million in 1993 to $.5 million in 1994. These
decreases primarily reflect lower levels of borrowings due to the repayment of
debt from the proceeds of a stock offering in August, 1994. The Company also
had higher earnings due to higher levels of investments and higher rates earned
on these investments during the current year which were partially offset by
higher interest rates paid.
INCOME TAX EXPENSE. Income tax expense increased from $1.2 million for the
three months ended December 31, 1993, to $6.4 million for the three months ended
December 31, 1994. For the six months ended, income tax expense increased from
$1.4 million in 1993 to $10.3 million in 1994. The Company's effective tax rate
increased significantly in the current fiscal year as the result of the
conversion from a cooperative to a regular business corporation on July 1, 1994.
INCOME FROM CONTINUING OPERATIONS BEFORE CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE. As a result of the foregoing, income from continuing
operations before the cumulative effect of a change in accounting principle
increased from $1.7 million for the three months ended December 31, 1993, to
$10.4 million for the three months ended December 31, 1994. For the six months
ended December 31, income from continuing operations before the cumulative
effect of change in accounting principle increased from $2.5 million in 1993 to
$16.2 million in 1994.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
At December 31, 1994, the Company had cash and cash equivalents of $19.5
million, compared to $23.2 million at June 30, 1994, a decrease of $3.7 million.
OPERATING ACTIVITIES. For the six months ended December 31, 1994, net cash
provided by operating activities was $29.3 million as compared to net cash used
by operating activities of $1.3 million for the six months ended December 31,
1993. During the current period, the Company's income from continuing
operations, non-cash charges for depreciation and deferred taxes, and the
effects of a reduction in accounts receivable, and an increase in accounts
payable, more than offset the effects of higher inventories and prepaid
expenses.
INVESTING ACTIVITIES. Net cash used by investing activities was $11.7
million for the six months ended December 31, 1994, and $7.3 million for the six
months ended December 31, 1993. This increase is primarily attributable to
final payments of $8.8 million in the current year related to the disposition of
Newsprint South, Inc. These payments were partially offset by the receipt of
option payments relating to the Company's Florida phosphate rock properties.
Capital expenditures were $6.7 million during the six months ended December
31, 1994. These expenditures were for improvements and modifications to the
Company's facilities, including approximately $2.1 million for the purchase of a
new computer system.
FINANCING ACTIVITIES. Net cash used by financing activities was $21.3
million and $8.5 million, respectively, for the six months ended December 31,
1994, and December 31, 1993. During the current year, the amounts provided by
financing activities included $47.4 million proceeds received from a stock
offering in August 1994. These proceeds were subsequently used to prepay a
portion of the Company's long-term debt. Also during the current year, the
Company paid $5.3 million to its stockholders related to the reorganization of
the Company.
The Company and its subsidiaries have commitments for short-term borrowings
up to $20.0 million, which includes $15.0 million from NationsBank. At December
31, 1994, there were no short-term borrowings outstanding on these commitments
as compared to $7.0 million outstanding at June 30, 1994.
In addition to its short-term lines, the Company also has a $50.0 million
long-term revolving credit facility with NationsBank that bears interest at the
prime rate or for fixed periods at interest rates related to the London
Interbank Offered Rates ("LIBOR") or U.S. Treasury notes. At December 31, 1994,
there was no balance outstanding on this facility. The amounts borrowed under
the Company's credit lines vary based on the Company's seasonal requirements.
The maximum combined amount outstanding under the short-term lines and the
revolving credit facility at any month-end for the six months ended December 31,
1994 was $16.2 million.
In December 1994, the Company transferred approximately $13.9 million from
long-term debt to long-term debt due within one year. The Company intends to
prepay this amount during the current fiscal year.
In December 1994, the Company signed a letter of intent with Farmland
Industries to enter into a 50-50 joint venture to construct and operate a 1,900
short-ton-per-day ammonia plant to be located near LaBrea, Trinidad. The
project is expected to cost $250-$300 million. It is anticipated that a
substantial portion of the cost will be financed on a nonrecourse project basis.
The Company's equity contribution will be financed with internally generated
cash flows and available lines of credit.
The Company believes that existing cash, cash generated from operations and
available lines of credit will be sufficient to satisfy its financing needs for
the foreseeable future.
PART II - OTHER INFORMATION
Item 6(b). REPORTS ON FORM 8-K.
No reports on Form 8-K have been filed during the quarter for which this
report is filed.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MISSISSIPPI CHEMICAL CORPORATION
Date: January 24, 1995 /s/ William F. Hawkins
--------------------- --------------------------------
William F. Hawkins
Senior Vice President - Finance
and Administration
Date: January 24, 1995 /s/ Rosalyn B. Glascoe
--------------------- --------------------------------
Rosalyn B. Glascoe
Corporate Secretary
c8ll8x
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
^WPC>^e^^x<LEGEND>
This schedule contains second quarter summary financial informationextracted
from Mississippi Chemical Corporation fiscal 1995 second quarter Form 10-Q and
is qualified in its entirety by reference to such Form 10-Q filing.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> QTR-2
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<PERIOD-END> DEC-31-1994
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