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Previous: ARMATRON INTERNATIONAL INC, PRE13E3/A, 1999-07-06 |
Next: PRINCIPAL GROWTH FUND INC /MD/, 497, 1999-07-06 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K/A
Amendment No. 1
[X] ANNUAL REPORT PURSUANT TO SECTION 15[d] OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended: December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15[d] OF THE SECURITIES EXCHANGE ACT
OF 1934
For transition period from __________ to ___________
Commission file number 1-13648
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
Balchem Corporation 401(k)/Profit Sharing Plan
B. Name of the issuer of the securities held pursuant to the plan and
the address of its principal executive office:
Balchem Corporation
PO Box 175
Slate Hill, NY 10973
<PAGE>
REQUIRED INFORMATION
Financial Statements:
4. In lieu of requirements of Items 1-3, audited statements and schedules
prepared in accordance with the requirements of ERISA for the plan's fiscal year
ended December 31, 1998 are presented herein.
Exhibits:
23. Consent of KPMG LLP, Independent Auditors
<PAGE>
Balchem Corporation
401(k)/Profit Sharing Plan
Financial Statements
and Supplemental Schedules
Year ended December 31, 1998
CONTENTS
Report of Independent Auditors
Financial Statements
Statement of Net Assets Available for Plan Benefits
With Fund Information as of December 31, 1998.
Statement of Net Assets Available for Plan Benefits
with Fund Information as of December 31, 1997.
Statement of Changes in Net Assets Available for Plan
Benefits With Fund Information for the year ended December 31, 1998.
Notes to Financial Statements
Supplemental Schedules
Line 27a - Schedule of Assets Held for Investment Purposes.
Line 27d - Schedule of Reportable Transactions.
<PAGE>
Independent Auditors' Report
Plan Administrator
Balchem Corporation 401(k)/Profit Sharing Plan:
We have audited the accompanying statement of net assets available for plan
benefits with fund information of Balchem Corporation 401(k)/Profit Sharing Plan
(the Plan) as of December 31, 1998, and the related statement of changes in net
assets available for plan benefits with fund information for the year then
ended. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit 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 audit provides 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 the Plan as of
December 31, 1998, and the changes in net assets available for benefits for the
year ended December 31, 1998, in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental schedules of assets held for
investment purposes as of December 31, 1998 and reportable transactions for the
year then ended are presented for the purpose of additional analysis and are not
a required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. These supplemental schedules are the responsibility of the Plan's
management. The fund information in the statement of net assets available for
plan benefits and the statement of changes in net assets available for plan
benefits is presented for purposes of additional analysis rather than to present
the net assets available for plan benefits and changes in net assets available
for plan benefits of each fund. The supplemental schedules and fund information
have been subjected to the auditing procedures applied in our audit 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.
The accompanying unaudited 1997 comparitive financial information of the Plan is
presented for comparison purposes only and was not audited by us and,
accordingly, we express no opinion or any other form of assurance on them.
/s/ KPMG LLP
June 18, 1999
Short Hills, New Jersey
<PAGE>
Balchem Corporation
401(k)/Profit Sharing Plan
Statement of Net Assets Available for Plan Benefits With Fund Information
December 31, 1998
<TABLE>
<CAPTION>
CHASE
VISTA 100%
US
TREASURY
SECURITIES FIDELITY FIDELITY FIDELITY FIDELITY BALCHEM
MONEY ADVISOR ADVISOR ADVISOR ADVISOR CORP.
MARKET HIGH YIELD BALANCED GROWTH OVERSEAS COMMON
FUND FUND FUND FUND FUND STOCK OTHER LOANS TOTAL
---- ---- ---- ---- ---- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at fair value:
Cash equivalents $604,963 $ - $ - $ - $ - $ 1,070 $ - $ - $ 606,033
Mutual funds 421,725 435,281 1,946,553 267,104 3,070,663
Common stock 101,442 101,442
Participant loans 118,017 118,017
Receivables:
Employer's contribution 187,653 187,653
Participants' contributions 31,691 31,691
Interest 627 627
-------- -------- -------- ---------- -------- -------- -------- -------- ----------
TOTAL ASSETS $604,963 $421,725 $435,281 $1,946,553 $267,104 $102,512 $219,971 $118,017 $4,116,126
======== ======== ======== ========== ======== ======== ======== ======== ==========
</TABLE>
<PAGE>
Balchem Corporation
401(k)/Profit Sharing Plan
Statement of Net Assets Available for Plan Benefits With Fund Information
December 31, 1997
(Unaudited)
<TABLE>
<CAPTION>
AMERICAN
LIFE AND
CASUALTY FIDELITY FIDELITY FIDELITY FIDELITY
GUARANTEED ADVISOR ADVISOR ADVISOR ADVISOR
INVESTMENT HIGH YIELD BALANCED GROWTH OVERSEAS
ACCOUNT FUND FUND FUND FUND TOTAL
------------- -------------- --------------- -------------- --------------- -------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Guaranteed investment
contracts $ 527,419 $ - $ - $ - $ - $ 527,419
Mutual funds 495,369 229,247 930,709 246,146 1,901,471
============= ============== =============== ============== =============== =============
TOTAL ASSETS $ 527,419 $ 495,369 $ 229,247 $ 930,709 $ 246,146 $ 2,428,890
============= ============== =============== ============== =============== =============
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
Balchem Corporation
401(k)/Profit Sharing Plan
Statement of Changes in Net Assets Available for
Plan Benefits With Fund Information
Year ended December 31, 1998
<TABLE>
<CAPTION>
CHASE
VISTA 100%
US
TREASURY
SECURITIES FIDELITY FIDELITY FIDELITY FIDELITY
MONEY ADVISOR ADVISOR ADVISOR ADVISOR
MARKET HIGH YIELD BALANCED GROWTH OVERSEAS
FUND FUND FUND FUND FUND
---------- --------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Additions:
Investment income $ 27,870 $ 50,344 $ 43,826 $ 81,933 $ 3,168
Net appreciation (depreciation)
in fair value of investments - (56,743) 8,816 261,526 29,587
Transfers in from former money
purchase plan 211,590 143,920 112,386 429,710 78,799
Contributions:
Participants 37,903 76,059 97,589 230,801 51,668
Employer 746 - - - -
---------- --------- ---------- ---------- ----------
Total contributions 38,649 76,059 97,589 230,801 51,668
---------- --------- ---------- ---------- ----------
Total additions 278,109 213,580 262,617 1,003,970 163,222
Deductions:
Benefits paid to participants (172,179) (244,648) (32,749) (78,597) (74,464)
Fees (180) (131) (131) (333) (84)
Loans (net of repayments) (23,627) (5,518) (12,838) (23,172) (4,816)
Interfund transfers (4,579) (36,927) (10,865) 113,976 (62,900)
---------- --------- ---------- ---------- ----------
Net increase (decrease) in net
assets available for plan benefits 77,544 (73,644) 206,034 1,015,844 20,958
Net assets available for plan
benefits at beginning of year 527,419 495,369 229,247 930,709 246,146
---------- --------- ---------- ---------- ----------
Net assets available for plan
benefits at end of year $ 604,963 $ 421,725 $ 435,281 $1,946,553 $ 267,104
========== ========= ========== ========== ==========
</TABLE>
(continued)
<PAGE>
<TABLE>
<CAPTION>
BALCHEM
CORP.
COMMON
STOCK OTHER LOANS TOTAL
---------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
Additions:
Investment income $ 374 $ 627 $ 5,544 $ 213,686
Net appreciation (depreciation)
in fair value of investments (99,649) - - 143,537
Transfers in from former money
purchase plan 21,463 - 47,331 1,045,199
Contributions:
Participants 20,965 31,691 - 546,676
Employer 161,661 187,653 - 350,060
---------- ------------ ----------- ------------
Total contributions 182,626 219,344 - 896,736
---------- ------------ ----------- ------------
Total additions 104,814 219,971 52,875 2,299,158
Deductions:
Benefits paid to participants (4,264) - (4,121) (611,022)
Fees (41) - - (900)
Loans (net of repayments) 708 - 69,263 -
Interfund transfers 1,295 - - -
---------- ------------ ----------- ------------
Net increase (decrease) in net
assets available for plan benefits 102,512 219,971 118,017 1,687,236
Net assets available for plan
benefits at beginning of year - - - 2,428,890
---------- ------------ ----------- ------------
Net assets available for plan
benefits at end of year $ 102,512 $ 219,971 $ 118,017 $ 4,116,126
========== ============ =========== ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
Balchem Corporation
401(k)/Profit Sharing Plan
Notes to Financial Statements
December 31, 1998
NOTE 1 - DESCRIPTION OF THE PLAN
The following description of the Balchem Corporation 401(k)/Profit Sharing Plan
(the "Plan") provides only general information. Participants should refer to the
plan agreement for a more complete description of the Plan's provisions.
Effective January 1, 1998, Balchem Corporation (the "Company") amended and
restated its Employees 401(k) Savings Plan to provide supplementary retirement
benefits exclusively for employees of the Company. The Balchem Corporation
Employees Money Purchase Pension Plan and the 401(k)Savings Plan were combined
into a single plan named Balchem Corporation 401(k)/Profit Sharing Plan. Assets
of the Employees Money Purchase Pension Plan were merged into the new enhanced
401(k)/profit sharing plan.
GENERAL
The Plan is a defined contribution plan covering all active employees of Balchem
Corporation who have sixty days of service and are 18 years of age or older. The
Plan is subject to the provisions of the Employee Retirement Income Security Act
of 1974 ("ERISA").
The Company pays administrative and record-keeping fees for the Plan. Plan
participants are required to pay fees for participant loans and certain
brokerage fees for transactions pertaining to investments in Balchem Corporation
Common Stock Fund.
CONTRIBUTIONS
Each year, participants may contribute up to 15 percent of pretax annual
compensation. Such amounts may be limited by the maximum amounts allowed under
Internal Revenue Service regulations. Participants may also contribute amounts
representing distributions from other qualified defined benefit or defined
contribution plans. The employer matching contributions equal 35 percent of each
participant's elected contribution up to $3,500 and discretionary Company profit
sharing contributions. Matching contributions are made in Company stock on a
monthly basis based upon the closing price of the stock on the last trading day
of each month and are subject to the vesting schedule described below. There was
a discretionary Company profit sharing employer contribution made in January,
1999 for the 1998 plan year totaling $177,926.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's contribution and
allocations of the Company's matching contributions and plan earnings.
Allocations are based on participant account balances, as defined.
VESTING
Participants are 100% vested in their contributions plus actual earnings
thereon. Vesting in the Company contribution portion of their accounts plus
actual earnings thereon is based on years of continuous service. A participant
becomes 100 percent vested after two years of credited service.
<PAGE>
INVESTMENT OPTIONS
Upon enrollment in the Plan, participants may direct employee contributions to
any of the following options:
Chase Vista U.S. Treasury Securities Money Market Fund - Funds are
invested solely in direct debt securities of the U.S. Treasury,
including Treasury bills, bonds and notes. The fund aims to provide the
highest possible level of current income while still maintaining
liquidity and providing maximum safety of principal.
Fidelity Advisor Growth Opportunities Fund - Seeks long-term growth
through a core investment in traditional growth stocks - companies with
above average growth in sales or earnings - plus other opportunities
such as special situations, debt securities and cyclicals.
Fidelity Advisor Balanced Fund -Seeks income and capital growth
utilizing a balanced approach to provide the best possible total return
from income-producing securities. Investments include U.S. Treasury
issues, corporate bonds, foreign investments, convertible securities
and stocks.
Fidelity Advisor High Yield Fund - Seeks a combination of a high level
of income and the potential for gains. Investments focus on mature
companies that are poised for dramatic growth and "turnaround"
companies that are expected to return to favor in the marketplace.
Bonds are evaluated on the basis of their potential for total return,
including high interest and growth of capital investment.
Fidelity Advisor Overseas Fund - Seeks growth of capital primarily
through investments in foreign securities. The fund normally
diversifies its investments across equity securities of issuers located
in different countries and regions. The fund may also invest up to 35%
of its assets in any type of debt securities.
Balchem Corporation Common Stock (BCP) - Contributions may be invested
in common stock of Balchem Corporation. Investments in this fund are
limited to 10% of a participants contribution.
American Life and Casualty Guaranteed Investment Account - Funds are
invested in deferred annuity contracts. Interest is earned at a
guaranteed rate of 4%. This fund option was discontinued as of 1/1/98.
All policies were surrendered and the proceeds were invested in the
Chase Vista U.S. Treasury Securities Money Market Fund as described
above.
Participants may change their investment options quarterly.
<PAGE>
PARTICIPANT LOANS
Participants may borrow from their fund accounts a minimum of $1,000 up to a
maximum equal to the lesser of $50,000 or 50 percent of their vested account
balances. Loan terms extend up to five years or in excess of five years for the
purchase of a primary residence. The loans are secured by the balance in the
participants' accounts and bear interest at the prime rate plus 2%.
PAYMENT OF BENEFITS
On termination of service, a participant may receive a lump-sum amount equal to
the vested value of his or her account, or upon death, disability, or
retirement, the participant may elect to receive annual installments over a
period not to exceed the participant's lifetime, or the joint lifetime of the
participant and the participant's spouse, or an annuity contract.
FORFEITED ACCOUNTS
Forfeited balances of terminated participants' nonvested accounts are allocated
to all active participant accounts as of the last day of the plan year. At
December 31, 1998, forfeited nonvested accounts totaled $1,294.
NOTE 2 - SUMMARY OF ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements of the Plan are presented on the accrual basis of
accounting.
INVESTMENT VALUATION AND INCOME RECOGNITION
Investment securities held in the Plan's funds are stated at fair value
determined from publicly quoted market prices. Participant loans are valued at
cost, which approximates fair value. Purchases and sales of securities are
recorded on a trade-date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date.
USE OF ESTIMATES
The preparation of the financial statements in conformity with generally
accepted accounting principles requires the plan administrator to make estimates
and assumptions that could affect the reported amounts of assets at the date of
the financial statements and the reported amounts of changes in net assets
available for benefits during the reporting period. Actual results could differ
from those estimates.
<PAGE>
NOTE 3 - PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of plan termination,
participants will become 100 percent vested in their accounts.
NOTE 4 - INCOME TAX STATUS
The Plan has received a favorable determination letter dated March 26, 1999 from
the Internal Revenue Service ruling that it is a qualified plan pursuant to the
appropriate section of the Internal Revenue Code ("IRC") and, accordingly, the
earnings of the underlying trust of the Plan are not subject to tax under
present income tax law. Once qualified, the Plan is required to operate in
conformity with the IRC to maintain its qualification. The Plan's administrator
believes that the Plan is designed and is currently being operated in compliance
with the applicable requirements of the IRC.
NOTE 5 - WITHDRAWN PARTICIPANTS
Amounts allocated to participants who are no longer employed with the Company
but have not elected to withdraw from the Plan were $820,716 at December 31,
1998.
NOTE 6 - YEAR 2000 (unaudited)
The plan administrator has initiated formal communications with its significant
service provider to determine the extent to which the Plan's systems or
operations are vulnerable to this party's failure to remediate their systems
that could be impacted by the so-called Y2K problem (the reliance in computer
technologies on two digits rather than four digits to represent the calendar
year - e.g., "98" for "1998"). It is generally believed that computer
technologies that rely on two-digit dates, if not corrected, may produce
inaccurate or unpredictable results or system failures in connection with the
transition from 1999 to 2000, when dates will begin to have a lower two-digit
number than dates in the prior century.
In addition, the Plan administrator has completed testing for its internal
systems that impact the processing of employee benefits and believes that the
internal systems are currently capable of accurately processing date data
related to the change from 1999 to 2000. The Plan's service provider has
indicated that it is presently taking steps to ensure that the Plan's systems
and operations will also be capable of accurately processing date data related
to that change.
<PAGE>
SIGNATURES
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.
Date: July 6, 1999 BALCHEM CORPORATION 401(k)/Profit Sharing Plan
By: Balchem Corporation
Plan Administrator
By: /s/ Dino A. Rossi
-------------------------
Dino A. Rossi, President,
Chief Executive Officer
<PAGE>
EXHIBIT INDEX
Exhibit No. Exhibit Description
- ----------- -------------------
23 Consent of KPMG LLP
<PAGE>
<TABLE>
<CAPTION>
Balchem Corporation
401(k)/Profit Sharing Plan
December 31, 1998
Line 27(a) - Schedule of Assets Held for Investment Purposes
Cost Market Value
---------- ------------
<S> <C> <C>
CHASE VISTA 100% US TR PREMR MM 604,963 604,963
FIDELITY ADVISOR HIGH YIELD FUND 467,305 421,725
FIDELITY ADVISOR BALANCED FUND 430,636 435,281
FIDELITY ADVISOR GROWTH FUND 1,696,195 1,946,553
FIDELITY ADVISOR OVERSEAS FUND 255,034 267,104
BALCHEM CORP. COMMON STOCK 114,863 102,512
LOANS 118,017 118,017
--------- ---------
Total 3,687,013 3,896,155
========= =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
BEGINNING MARKET VALUE -
COMPARISON VALUE (5%) -
BROKER: MERRILL LYNCH
ISSUE: 057665200 - BALCHEM CORP
02/03/98 B 1,613 15.375 242.00 25,042* 25,042
SUB-TOTAL 242.00 25,042 25,042 -
GRAND TOTAL 242.00 25,042 25,042 -
</TABLE>
FOOTNOTES
* = SINGLE TRANSACTION IS 5% REPORTABLE
B = BUY TRANSACTION
S = SELL TRANSACTION
R = REINVESTMENT TRANSACTION
<PAGE>
<TABLE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
ISSUE: 057665200 - BALCHEM CORP
02/03/98 B 1,613 15.375 242.00 25,042* 25,042
SUB-TOTAL 242.00 25,042 25,042 -
ISSUE: 31S807206 - FIDELITY ADVISOR GROWTH OPPS CL T
2/3/1998 B 8,276 43.380 - 359,033* 359,033
2/17/1998 B 362 44.310 - 16,030* 16,030
2/24/1998 B 898 44.320 - 39,798* 39,798
3/5/1998 S 1 44.454 - 45* 43 2
3/6/1998 B 52 45.440 - 2,344* 2,344
3/6/1998 B 1,589 45.440 - 72,204* 72,204
3/6/1998 S 40 45.440 - 1,836* 1,733 102
3/9/1998 B 257 45.350 - 11,645* 11,645
3/9/1998 B 11 45.350 - 478* 478
3/11/1998 B 204 45.930 - 9,379* 9,379
3/12/1998 B 362 46.150 - 16,705* 16,705
3/12/1998 B 11 46.151 - 506* 506
3/16/1998 B 42 46.330 - 1,964* 1,964
3/16/1998 B 525 46.330 - 24,312* 24,312
3/16/1998 B 119 46.330 - 5,509* 5,509
3/16/1998 S 36 46.330 - 1,651* 1,534 117
3/16/1998 S 36 46.330 - 1,649* 1,532 117
3/16/1998 S 136 46.330 - 6,322* 5,873 449
3/17/1998 B 362 46.300 - 16,776* 16,776
3/17/1998 B 74 46.300 - 3,416* 3,416
3/17/1998 B 42 46.300 - 1,964* 1,964
3/19/1998 S 353 46.410 - 16,399* 15,225 1,174
3/24/1998 B 371 46.830 - 17,355* 17,355
3/24/1998 B 87 46.830 - 4,054* 4,054
3/30/1998 B 3 46.336 - 139* 139
3/31/1998 B 855 46.510 - 39,752* 39,752
4/16/1998 B 754 46.530 - 35,071* 35,071
4/16/1998 S 24 46.529 - 1,125* 1,046 78
4/17/1998 S 27 46.800 - 1,257* 1,163 94
4/20/1998 S 42 46.810 - 1,985* 1,835 149
4/20/1998 S 105 46.810 - 4,926* 4,555 371
4/22/1998 S 33 46.999 - 1,574* 1,449 124
4/30/1998 S 912 46.500 - 42,421* 39,487 2,933
5/1/1998 B 216 46.890 - 10,151* 10,151
5/6/1998 S 80 46.470 - 3,737* 3,483 254
5/6/1998 S 184 46.470 - 8,561* 7,978 583
5/7/1998 S 10 46.130 - 462* 433 28
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
5/13/1998 S 2 46.728 - 99* 92 7
5/14/1998 B 375 46.640 - 17,495* 17,495
5/15/1998 S 216 46.410 - 10,047* 9,383 664
5/15/1998 S 39 46.410 - 1,798* 1,679 119
5/20/1998 B 14 46.580 - 638* 638
5/21/1998B 20 46.599 - 933* 933
5/29/1998 S 24 46.061 - 1,103* 1,038 65
6/2/1998 B 336 46.120 - 15,501* 15,501
6/2/1998 B 185 46.120 - 8,531* 8,531
6/12/1998 B 435 46.020 - 20,005* 20,005
6/15/1998 B 570 45.060 - 25,673* 25,673
6/24/1998 B 42 47.080 - 1,959* 1,959
6/24/1998 S 48 47.080 - 2,251* 2,077 174
6/26/1998 S 2 47.087 - 72* 66 6
7/2/1998 B 15 47.981 - 743* 743
7/8/1998 B 363 48.560 - 17,623* 17,623
7/24/1998 S 8 47.470 - 381* 349 32
7/24/1998 S - 47.453 - 12* 11 1
7/27/1998 B 17 47.620 - 787* 787
7/27/1998 S 11 47.620 - 538* 491 47
7/29/1998 S 1 47.089 - 68* 63 5
8/4/1998 S 1 45.276 - 53* 50 2
8/4/1998 S 1 45.257 - 63* 60 2
8/5/1998 S 16 45.310 - 738* 708 30
8/5/1998 S 68 45.310 - 3,074* 2,951 123
8/6/1998 B 370 45.650 - 16,897* 16,897
8/6/1998 B 19 45.651 - 873* 873
8/6/1998 B 1 45.641 - 32* 32
8/13/1998 S 135 44.930 - 6,057* 5,867 190
8/20/1998 S 290 45.740 - 13,252* 12,609 643
8/27/1998 B 111 43.810 - 4,879* 4,879
9/1/1998 S 23 42.160 - 979* 1,011 (32)
9/1/1998 S 1,775 42.160 - 74,852* 77,268 (2,417)
9/9/1998 B 862 42.900 - 36,959* 36,959
9/10/1998 B 416 42.030 - 17,487* 17,487
9/10/1998 B 22 42.030 - 910* 910
9/15/1998 S 21 44.279 - 919* 902 16
9/21/1998 S 6 44.029 - 282* 279 3
9/25/1998 S 5 44.577 - 242* 236 6
9/29/1998 S 723 44.510 - 32,175* 31,437 738
9/30/1998 S 113 43.470 - 4,894* 4,896 (2)
10/6/1998 B 329 42.240 - 13,878* 13,878
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
10/6/1998 B 21 42.241 - 881* 881
10/6/1998 B 6 42.240 - 237* 237
10/6/1998 S 141 42.240 - 5,962* 6,137 (175)
10/7/1998 B 15 41.441 - 625* 625
10/7/1998 S 11 41.440 - 447* 469 (22)
10/13/1998 B 4 42.191 - 189* 189
10/14/1998 B 62 42.930 - 2,652* 2,652
10/21/1998 B 959 45.340 - 43,487* 43,487
10/21/1998 S 15 45.340 - 677* 650 27
10/21/1998 S 2 45.340 - 69* 67 3
10/23/1998 S 8 45.240 - 365* 351 14
10/23/1998 S 1 45.242 - 51* 49 2
10/26/1998 B 2 45.233 - 87* 87
10/28/1998 S 26 45.381 - 1,192* 1,143 49
10/29/1998 S 370 46.140 - 17,089* 16,120 969
10/30/1998 S 8 46.597 - 395* 369 26
11/5/1998 B 452 47.950 - 21,668* 21,668
11/10/1998 S 6 47.866 - 273* 248 24
11/12/1998 S 85 47.850 - 4,079* 3,714 364
11/20/1998 S 15 49.400 - 741* 653 87
11/23/1998 S 2 50.255 - 118* 102 16
12/9/1998 B 16 50.430 - 817* 817
12/9/1998 B 244 50.430 - 12,307* 12,307
12/9/1998 B 7 50.427 - 328* 328
12/15/1998 R 1,593 47.390 - 75,486* 75,486 411
12/18/1998 S 88 48.440 - 4,269* 3,858
12/31/1998 S 315 50.240 - 15,804* 13,771 2,033
SUB-TOTAL 1,348,582 1,337,745 10,825
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
ISSUE: 31S80730S FIDELITY ADV HIGH YLD FD CL T
2/3/1998 B 12,250 12.870 - 157,651* 157,651
2/10/1998 R 109 12.850 - 1,399* 1,399
2/17/1998 B 504 12.960 - 6,530* 6,530
3/3/1998 R 229 12.940 - 2,967* 2,967
3/6/1998 B 87 12.890 - 1,118* 1,118
3/6/1998 B 992 12.890 - 12,783* 12,783
3/6/1998 S 20 12.890 - 262* 257 5
3/9/1998 B 11 12.900 - 138* 138
3/12/1998 B 531 12.990 - 6,893* 6,893
3/12/1998 B 10 12.991 - 130* 130
3/16/1998 S 139 13.040 - 1,806* 1,754 52
3/16/1998 S 409 13.040 - 5,339* 5,184 155
3/19/1998 S 379 13.110 - 4,972* 4,803 170
3/23/1998 S 728 13.120 - 9,556* 9,223 333
3/23/1998 S 142 13.120 - 1,857* 1,793 65
3/31/1998 B 1,210 13.140 - 15,901* 15,901
4/2/1998 R 277 13.140 - 3,644* 3,644
4/16/1998 B 1,082 13.160 - 14,244* 14,244
4/16/1998 S 33 13.160 - 429* 413 15
4/20/1998 S 76 13.170 - 1,005* 968 37
4/30/1998 S 13,290 13.080 - 173,833* 168,586 5,247
5/6/1998 S 314 13.070 - 4,108* 3,987 121
5/6/1998 S 1,098 13.070 - 14,346* 13,924 422
5/7/1998 S 15 13.030 - 195* 190 5
5/8/1998 R 270 13.080 - 3,528* 3,528 1
5/13/1998 S 3 12.981 - 34* 33
5/13/1998 S 1 12.980 - 13* 12 -
5/14/1998 B 493 12.970 - 6,393* 6,393
5/29/1998 S 50 12.910 - 640* 629 11
6/2/1998 R 217 12.910 - 2,799* 2,799
6/2/1998 B 449 12.910 - 5,798* 5,798
6/2/1998 B 185 12.910 - 2,384* 2,384
6/15/1998 B 732 12.770 - 9,350* 9,350
6/26/1998 S 7 12.819 - 87* 86 1
7/2/1998 B 87 12.880 - 1,121* 1,121
7/6/1998 R 222 12.860 - 2,861* 2,861
7/8/1998 B 474 12.920 - 6,120* 6,120
7/24/1998 S 88 12.960 - 1,144* 1,122 23
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
7/24/1998 S - 12.965 - 3* 3 -
7/27/1998 S 44 12.940 - 575* 564 11
7/29/1998 S 4 12.901 - 48* 47 1
8/3/1998 R 238 12.890 - 3,069* 3,069
8/4/1998 S 2 12.789 - 27* 27 -
8/5/1998 S 4 12.759 - 52* 52 -
8/6/1998 B 495 12.760 - 6,313* 6,313
8/6/1998 B 34 12.760 - 429* 429
8/20/1998 S 14 12.440 - 178* 182 (4)
8/26/1998 S 271 12.100 - 3,280* 3,443 (163)
8/27/1998 S 82 11.770 - 961* 1,037 (76)
9/1/1998 S 1,149 11.350 - 13,037* 14,590 (1,553)
9/4/1998 R 276 11.420 - 3,154* 3,154
9/8/1998 S - 11.392 - 1* 1 -
9/10/1998 B 522 11.290 - 5,890* 5,890
9/10/1998 B 35 11.290 - 395* 395
9/21/1998 S 9 11.280 - 106* 119 (13)
9/21/1998 S 26 11.280 - 297* 334 (37)
9/29/1998 S - 11.304 - - * - -
9/29/1998 S - 10.000 - - * - -
9/30/1998 S - 11.394 - 5* 6 (1)
10/1/1998 R 267 11.400 - 3,048* 3,048
10/6/1998 B 461 11.180 - 5,157* 5,157
10/6/1998 B 35 11.180 - 395* 395
10/6/1998 S 146 11.180 - 1,628* 1,842 (214)
10/6/1998 S 970 11.180 - 10,850* 12,278 (1,428)
10/7/1998 S 29 11.020 - 320* 367 (47)
10/21/1998 S 5,496 10.870 - 59,741* 69,530 (9,789)
10/21/1998 S 6 10.870 - 61* 71 (10)
10/23/1998 S 1,818 10.990 - 19,985* 23,005 (3,021)
10/23/1998 S 269 10.990 - 2,962* 3,409 (448)
10/29/1998 S 292 11.020 - 3,219* 3,696 (477)
10/30/1998 S 66 11.110 - 733* 835 (102)
11/3/1998 R 274 11.110 - 3,041* 3,041
11/5/1998 B 628 11.250 - 7,068* 7,068
11/10/1998 S 21 11.410 - 242* 267 (26)
11/12/1998 S 20 11.490 - 235* 258 (23)
11/19/1998 S 7 11.701 - 87* 93 (7)
11/20/1998 S 56 11.720 - 662* 712 (51)
11/23/1998 S 4 11.761 - 46* 49 (3)
11/23/1998 S 1 11.759 - 13* 13 (1)
12/1/1998 R 220 11.810 - 2,602* 2,602
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
12/8/1998 R 401 11.600 - 4,651* 4,651
12/9/1998 B 21 11.590 - 239* 239
12/9/1998 B 330 11.590 - 3,829* 3,829
12/9/1998 B 12 11.590 - 137* 137
12/18/1998 S 327 11.460 - 3,751* 4,121 (369)
12/31/1998 R 1,006 11.330 - 11,398* 11,398
SUB-TOTAL 667,298 678,482 (11,188)
ISSUE: 31S807404 FIDELITY ADVISOR BALANCED CL T
2/3/1998 B 7,032 18.600 - 130,788* 130,788
2/18/1998 B 382 18.910 - 7,228* 7,228
3/5/1998 S 192 18.940 - 3,635* 3,504 132
3/6/1998 B 33 19.190 - 628* 628
3/6/1998 S 88 19.190 - 1,690* 1,607 82
3/9/1998 B 11 19.230 - 208* 208
3/12/1998 B 381 19.440 - 7,413* 7,413
3/12/1998 B 12 19.440 - 230* 230
3/16/1998 S 80 19.410 - 1,556* 1,465 91
3/17/1998 B 685 19.440 - 13,319* 13,319
3/17/1998 B 106 19.440 - 2,063* 2,063
03/19/98 S 193 19.570 - 3,774* 3,533 240
03/23/98 R 136 19.270 - 2,622* 2,622
03/31/98 B 203 19.580 - 3,975* 3,975
04/16/98 B 812 19.870 - 16,128* 16,128
4/16/1998 S 22 19.870 - 446* 413 33
4/17/1998 S 62 20.000 - 1,243* 1,143 99
4/20/1998 S 204 19.970 - 4,069* 3,749 320
4/22/1998 S 78 19.930 - 1,561* 1,441 120
5/6/1998 S 106 19.660 - 2,086* 1,952 134
5/6/1998 S 49 19.660 - 969* 907 62
5/7/1998 S 6 19.539 - 114* 108 7
5/13/1998 S 3 19.791 - 51* 48 4
05/14/98 B 346 19.790 - 6,841* 6,841
05/20/98 B 27 19.940 - 536* 536
05/20/98 S 56 19.940 - 1,122* 1,036 85
05/21/98 B 14 19.890 - 280* 280
5/29/1998 S 56 19.680 - 1,106* 1,035 71
6/1/1998 S 59 19.690 - 1,154* 1,080 74
06/01/98 S 162 19.690 - 3,196* 2,990 205
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
06/15/98 R 142 19.620 - 2,777* 2,777
06/15/98 B 523 19.350 - 10,124* 10,124
6/24/1998 S 38 19.940 - 749* 693 56
07/02/98 B 44 20.220 - 890* 890
07/08/98 B 371 20.420 - 7,578* 7,578
7/24/1998 S 4 20.190 - 71* 65 6
07/27/98 B 1 20.210 - 15* 15
07/27/98 B 5 20.220 - 104* 104
7/27/1998 S 34 20.220 - 692* 633 59
7/29/1998 S 1 19.993 - 29* 27 2
8/4/1998 S 1 19.388 - 22* 21 1
8/5/1998 S 51 19.430 - 987* 939 48
8/6/1998 B 394 19.470 - 7,676* 7,676
8/6/1998 B 29 19.470 - 572* 572
8/6/1998 B 1 19.468 - 26* 26
8/13/1998 S 318 19.280 - 6,123* 5,878 245
8/26/1998 S 74 19.370 - 1,438* 1,374 64
8/27/1998 B 68 18.850 - 1,290* 1,290
8/27/1998 S 32 18.850 - 605* 594 11
9/1/1998 S 55 18.170 - 995* 1,014 (19)
9/1/1998 S 1,066 18.170 - 19,367* 19,729 (362)
9/10/1998 B 382 18.170 - 6,943* 6,943
9/10/1998 B 30 18.170 - 540* 540
9/15/1998 S 8 18.841 - 146* 144 3
9/21/1998 S 15 18.660 - 281* 279 2
9/21/1998 S 22 18.660 - 404* 401 3
9/22/1998 R 140 18.580 - 2,601* 2,601
9/25/1998 S 6 18.929 - 121* 118 3
9/30/1998 S 139 18.680 - 2,599* 2,574 25
10/6/1998 B 383 18.390 - 7,049* 7,049
10/6/1998 B 28 18.390 - 517* 517
10/6/1998 B 3 18.387 - 53* 53
10/6/1998 S 115 18.390 - 2,115* 2,127 (13)
10/6/1998 S 580 18.390 - 10,669* 10,733 (65)
10/7/1998 S 25 18.130 - 460* 469 (9)
10/13/1998 B 10 18.189 - 189* 189
10/14/1998 B 433 18.370 - 7,956* 7,956
10/21/1998 S 1,337 19.010 - 25,413* 24,729 684
10/21/1998 S 18 19.010 - 345* 336 9
10/23/1998 S 17 18.960 - 314* 306 8
10/26/1998 B 72 18.960 - 1,371* 1,371
10/26/1998 B 17 18.960 - 314* 314
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
10/30/1998 S 19 19.290 - 375* 359 15
10/30/1998 S 55 19.290 - 1,067* 1,023 44
11/5/1998 B 503 19.530 - 9,824* 9,824
11/10/1998 S 14 19.470 - 264* 251 13
11/23/1998 S 3 20.193 - 57* 53 5
12/8/1998 R 2,137 18.190 - 38,866* 38,866
12/9/1998 B 26 18.250 - 476* 476
12/9/1998 B 283 18.250 - 5,172* 5,172
12/9/1998 B 6 18.250 - 108* 108
12/24/1998 S 59 18.520 - 1,085* 1,084 2
SUB-TOTAL 409,855 407,254 2,599
ISSUE: 3.2E+08 FIDELITY ADVISOR OVERSEAS CL T
2/3/1998 B 3,945 16.840 - 66,442* 66,442
2/17/1998 B 166 16.910 - 2,805* 2,805
3/5/1998 S 741 17.180 - 12,730* 12,025 706
3/6/1998 B 32 17.440 - 561* 561
3/6/1998 B 40 17.440 - 697* 697
3/6/1998 S 7 17.440 - 129* 120 9
3/9/1998 B 12 17.580 - 216* 216
3/12/1998 B 162 17.600 - 2,850* 2,850
3/12/1998 B 12 17.601 - 206* 206
3/13/1998 S 1,362 17.850 - 24,312* 22,127 2,185
3/13/1998 S 292 17.850 - 5,207* 4,740 468
3/16/1998 S 5 17.870 - 84* 77 8
3/17/1998 B 535 17.990 - 9,624* 9,624
3/17/1998 B 143 17.990 - 2,566* 2,566
3/23/1998 S 430 18.150 - 7,799* 7,009 790
3/23/1998 S 107 18.150 - 1,947* 1,750 197
3/30/1998 S 172 18.200 - 3,125* 2,801 324
3/31/1998 B 195 18.180 - 3,546* 3,546
4/16/1998 B 270 18.770 - 5,068* 5,068
4/30/1998 S 3,712 18.670 - 69,301* 60,761 8,541
5/1/1998 B 674 18.820 - 12,689* 12,689
5/7/1998 B 1,104 18.810 - 20,765* 20,765
5/7/1998 B 569 18.810 - 10,697* 10,697
5/7/1998 S 5 18.810 - 89* 79 10
5/13/1998 S 2 18.890 - 31* 27 4
5/14/1998 B 175 18.860 - 3,296* 3,296
5/15/1998 S 877 18.790 - 16,473* 14,676 1,797
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
5/15/1998 S 816 18.790 - 15,341* 13,668 1,673
5/20/1998 B 23 18.830 - 425* 425
5/21/1998 B 33 18.950 - 622* 622
5/22/1998 S 233 18.960 - 4,421* 3,905 516
5/29/1998 S 62 18.630 - 1,151* 1,035 116
6/12/1998 B 1,111 18.010 - 20,005* 20,005
6/15/1998 B 277 17.550 - 4,859* 4,859
7/2/1998 B 123 18.730 - 2,311* 2,311
7/8/1998 B 179 18.990 - 3,398* 3,398
7/27/1998 B 102 18.630 - 1,902* 1,902
7/27/1998 B 10 18.630 - 183* 183
7/27/1998 S 11 18.630 - 213* 194 20
8/4/1998 S 1 18.008 - 14* 13 1
8/5/1998 S 26 17.980 - 474* 446 29
8/5/1998 S 337 17.980 - 6,057* 5,693 364
8/6/1998 B 190 17.750 - 3,378* 3,378
8/6/1998 B 12 17.750 - 212* 212
8/13/1998 S 346 17.090 - 5,913* 5,851 62
8/20/1998 S 1,439 17.310 - 24,901* 24,325 576
9/10/1998 B 180 15.870 - 2,854* 2,854
9/10/1998 B 13 15.870 - 202* 202
9/15/1998 S 70 16.130 - 1,135* 1,189 (54)
9/21/1998 S 16 15.030 - 247* 278 (31)
9/25/1998 S 14 15.380 - 217* 239 (21)
10/5/1998 S 10 14.070 - 138* 165 (28)
10/6/1998 B 183 14.590 - 2,673* 2,673
10/6/1998 B 15 14.591 - 214* 214
10/6/1998 S 160 14.590 - 2,332* 2,696 (364)
10/6/1998 S 758 14.590 - 11,065* 12,790 (1,725)
10/7/1998 S 28 14.860 - 414* 470 (56)
10/9/1998 S 26 14.550 - 379* 439 (60)
10/14/1998 B 172 15.390 - 2,652* 2,652
10/21/1998 S 4 16.171 - 63* 66 (3)
10/26/1998 B 854 16.010 - 13,670* 13,670
10/26/1998 B 51 16.010 - 817* 817
10/28/1998 S 88 16.090 - 1,410* 1,472 (62)
10/30/1998 S 32 16.480 - 530* 541 (10)
11/5/1998 B 234 16.970 - 3,966* 3,966
11/10/1998 S 15 16.470 - 243* 248 (5)
11/12/1998 S 20 16.480 - 328* 334 (6)
11/23/1998 S 2 17.593 - 40* 38 2
12/8/1998 R 159 16.950 - 2,696* 2,696
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
12/9/1998 B 13 17.200 - 228* 228
12/9/1998 B 135 17.200 - 2,328* 2,328
12/9/1998 B 8 17.200 - 138* 138
12/18/1998 S 116 17.110 - 1,980* 1,945 35
SUB-TOTAL 431,994 415,993 16,008
ISSUE: 62826N804 - CHASE VISTA 100% US TR PREMR NM
2/4/1998 B 258,107 1.000 - 258,107* 258,107
2/5/1998 S 118,371 1.000 - 118,371* 118,371 -
2/9/1998 B 118,371 1.000 - 118,371* 118,371
2/12/1998 B 527,419 1.000 - 527,419* 527,419
2/17/1998 B 3,404 1.000 - 3,404* 3,404
2/25/1998 S 4,469 1.000 - 4,469* 4,469 -
2/25/1998 S 39,798 1.000 - 39,798* 39,798 -
3/2/1998 B 2,027 1.000 - 2,027* 2,027
3/6/1998 B 549 1.000 - 549* 549
3/6/1998 B 1,231 1.000 - 1,231* 1,231
3/6/1998 S 69,823 1.000 - 69,823* 69,823 -
3/6/1998 S 358 1.000 - 358* 358 -
3/10/1998 B 277 1.000 - 277* 277
3/12/1998 B 3,389 1.000 - 3,389* 3,389
3/12/1998 B 275 1.000 - 275* 275
3/13/1998 B 9,379 1.000 - 9,379* 9,379
3/13/1998 S 18,757 1.000 - 18,757* 18,757 -
3/16/1998 S 2,112 1.000 - 2,112* 2,112 -
3/16/1998 S 1,964 1.000 - 1,964* 1,964 -
3/17/1998 S 5,878 1.000 - 5,878* 5,878 -
3/17/1998 S 27,823 1.000 - 27,823* 27,823 -
3/19/1998 S 6,655 1.000 - 6,655* 6,655 -
3/30/1998 B 139 1.000 - 139* 139
3/30/1998 S 278 1.000 - 278* 278 -
3/30/1998 S 60,049 1.000 - 60,049* 60,049 -
4/2/1998 B 2,790 1.000 - 2,790* 2,790
4/16/1998 B 5,581 1.000 - 5,581* 5,581
4/22/1998 S 365 1.000 - 365* 365 -
5/1/1998 B 2,312 1.000 - 2,312* 2,312
5/6/1998 S 1,754 1.000 - 1,754* 1,754 -
5/7/1998 S 161 1.000 - 161* 161 -
5/13/1998 S 31 1.000 - 31* 31 -
5/14/1998 B 3,350 1.000 - 3,350* 3,350
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
5/18/1998 B 15,570 1.000 - 15,570* 15,570
5/18/1998 B 27,571 1.000 - 27,571* 27,571
5/21/1998 S 1,777 1.000 - 1,777* 1,777 -
5/21/1998 S 533 1.000 - 533* 533 -
5/27/1998 S 14,460 1.000 - 14,460* 14,460 -
6/1/1998 B 2,470 1.000 - 2,470* 2,470
6/2/1998 B 120 1.000 - 120* 120
6/2/1998 S 24,257 1.000 - 24,257* 24,257 -
6/2/1998 S 6,881 1.000 - 6,881* 6,881 -
6/12/1998 S 40,010 1.000 - 40,010* 40,010 -
6/15/1998 B 4,625 1.000 - 4,625* 4,625
7/1/1998 B 2,230 1.000 - 2,230* 2,230
7/1/1998 S 3,431 1.000 - 3,431* 3,431 -
7/8/1998 B 2,977 1.000 - 2,977* 2,977
7/23/1998 B 139 1.000 - 139* 139
7/29/1998 B 122 1.000 - 122* 122
7/29/1998 B 88 1.000 - 88* 88
7/29/1998 S 1,195 1.000 - 1,195* 1,195 -
8/3/1998 B 2,258 1.000 - 2,258* 2,258
8/3/1998 S 385 1.000 - 385* 385 -
8/4/1998 S 63 1.000 - 63* 63 -
8/4/1998 S 19 1.000 - 19* 19 -
8/5/1998 S 1 1.000 - 1* 1 -
8/6/1998 B 2,894 1.000 - 2,894* 2,894
8/6/1998 B 400 1.000 - 400* 400
8/6/1998 B 9,640 1.000 - 9,640* 9,640
8/14/1998 B 20,367 1.000 - 20,367* 20,367
8/17/1998 B 159 1.000 - 159* 159
8/21/1998 B 37,447 1.000 - 37,447* 37,447
8/21/1998 S 50 1.000 - 50* 50 -
8/26/1998 S 1,451 1.000 - 1,451* 1,451 -
8/27/1998 S 420 1.000 - 420* 420 -
9/1/1998 B 2,410 1.000 - 2,410* 2,410
9/2/1998 B 107,255 1.000 - 107,255* 107,255
9/2/1998 B 2,384 1.000 - 2,384* 2,384
9/9/1998 S 37,447 1.000 - 37,447* 37,447 -
9/10/1998 B 3,350 1.000 - 3,350* 3,350
9/10/1998 B 500 1.000 - 500* 500 -
9/10/1998 S 289 1.000 - 289* 289
9/14/1998 S 3,000 1.000 - 3,000* 3,000 -
9/29/1998 B 297 1.000 - 297 297
9/29/1998 S 59 1.000 - 59* 59 -
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
9/30/1998 B 32,071 1.000 - 32,071* 32,071
9/30/1998 B 73 1.000 - 73* 73
9/30/1998 S 2 1.000 - 2* 2 -
10/1/1998 B 2,757 1.000 - 2,757* 2,757
10/7/1998 B 400 1.000 - 400* 400
10/7/1998 B 3,357 1.000 - 3,357* 3,357
10/7/1998 B 7,204 1.000 - 7,204* 7,204
10/7/1998 B 38,546 1.000 - 38,546* 38,546
10/7/1998 S 2 1.000 - 2* 2 -
10/8/1998 B 2,056 1.000 - 2,056* 2,056
10/21/1998 S 43,487 1.000 - 43,487* 43,487 -
10/21/1998 S 71 1.000 - 71* 71 -
10/21/1998 S 34,655 1.000 - 34,655* 34,655 -
10/26/1998 B 5,722 1.000 - 5,722* 5,722
10/26/1998 B 1,766 1.000 - 1,766* 1,766
10/26/1998 S 234 1.000 - 234* 234 -
10/28/1998 S 21,898 1.000 - 21,898* 21,898 -
11/2/1998 B 2,882 1.000 - 2,882* 2,882
11/5/1998 B 4,822 1.000 - 4,822* 4,822
11/10/1998 S 1 1.000 - 1* 1 -
11/12/1998 S 358 1.000 - 358* 358 -
11/17/1998 B 130 1.000 - 130* 130
11/19/1998 S 108,119 1.000 - 108,119* 108,119 -
11/20/1998 S 155 1.000 - 155* 155 -
11/23/1998 S 13 1.000 - 13* 13 -
11/23/1998 S 55 1.000 - 55* 55 -
12/1/1998 B 2,411 1.000 - 2,411* 2,411
12/2/1998 B - 1.000 - - * -
12/4/1998 B 319 1.000 - 319* 319
12/10/1998 B 392 1.000 - 392* 392
12/10/1998 B 2,093 1.000 - 2,093* 2,093
12/10/1998 B 144 1.000 - 144* 144
12/18/1998 B 44 1.000 - 44* 44
12/24/1998 S 688 1.000 - 688* 688 -
SUB-TOTAL 1,995,174 1,995,174 -
628263105 - CHASE VISTA SHORT TERM BOND FD INSTL
1/29/1998 B 26,471 10.120 - 267,886* 267,886
2/3/1998 S 26,471 10.130 - 268,150* 267,886 265
SUB-TOTAL 536,036 535,772 265
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
628263675 - CHASE VISTA SMALL CAP EQ FD CL A
1/29/1998 B 385 22.840 - 8,787* 8,787
2/3/1998 S 385 23.180 _ 8,918* 8,787 131
SUB-TOTAL 17,705 17,574 131
628263709 - CHASE VISTA EQUITY INCOME FD
1/29/1998 B 568 18.920 - 10,740* 10,740
2/3/1998 S 568 19.150 - 10,870* 10,740 131
SUB-TOTAL 21,610 21,480 131
880196209 - TEMPLETON FOREIGN FUND CL A
1/29/1998 B 688 9.940 - 6,834* 6,834
2/3/1998 S 688 10.260 - 7,054* 6,834 220
SUB-TOTAL 13,888 13,668 220
928374743 - CHASE VISTA BOND FUND CL A
1/29/1998 B 49,654 10.790 - 535,771* 535,771 -
2/3/1998 S 49,654 10.790 - 535,771* 535,771 -
2/11/1998 B 22 10.780 - 238* 238 -
2/18/1998 S 22 10.800 - 239* 238 -
SUB-TOTAL 1,072,019 1,072,018 -
928374768 - CHASE VISTA LARGE CAP EQ FD CL A
1/29/1998 B 774 13.870 - 10,740* 10,740 -
2/3/1998 S 774 14.140 - 10,949* 10,740 209
SUB-TOTAL 21,689 21,480 209
928374800 - CHASE VISTA CAP GROWTH FD CL A
1/29/1998 B 270 43.350 - 11,716* 11,716 -
2/3/1998 S 270 44.170 - 11,938* 11,716 222
SUB-TOTAL 23,654 23,432 222
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
928374867 - CHASE VISTA PREMIER US GOVT MM
1/5/1998 B 243,268 1.000 - 243,268* 243,268 -
1/5/1998 S 243,268 1.000 - 243,268* 243,268 -
SUB-TOTAL 486,536 486,536 -
990007395 - TEMP FUND B
1/5/1998 B 243,268 1.000 - 243,268* 243,268 -
1/6/1998 B 754,600 1.000 - 754,600* 754,600 -
2/2/1998 S 853,149 1.000 - 853,149* 853,149 -
2/6/1998 B 238 1.000 - 238* 238 -
2/9/1998 S 118,371 1.000 - 118,371* 118,371 -
2/11/1998 S 238 1.000 - 238* 238 -
2/18/1998 S 25,042 1.000 - 25,042* 25,042 -
3/2/1998 B 342 1.000 - 342* 342 -
3/3/1998 B - 1.000 - - * - -
3/6/1998 B 45 1.000 - 45* 45 -
3/6/1998 S 362 1.000 - 362* 362 -
3/13/1998 S 1,332 1.000 - 1,332* 1,332 -
4/2/1998 B 3 1.000 - 3* 3 -
5/14/1998 S 3 1.000 - 3* 3 -
SUB-TOTAL - 1,996,993 1,996,993 -
ISSUE: 9999005G SEI STABLE ASSET FUND
2/17/1998 B 1,441 1.000 - 1,441* 1,441 -
2/18/1998 B 7,677 1.000 - 7,677* 7,677 -
2/18/1998 S 9,118 1.000 - 9,118* 9,118 -
2/28/1998 B - 1.000 - - * - -
3/3/1998 S - 1.000 - - * - -
SUB-TOTAL - 18,236 18,236 -
GRAND TOTAL 242.00 9,086,311 9,066,879 19,422
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
BEGINNING MARKET VALUE -
COMPARISON VALUE (5%) -
ISSUE: 057665200 - BALCHEM CORP
03/13/98 S 19 16.000 3.00 301* 293 8
ISSUE: 057665200 - BALCHEM CORP
03/16/98 S 32 16.375 5.00 519* 494 26
ISSUE: 057665200 - BALCHEM CORP
03/23/98 S 16 15.750 2.00 250* 247 3
ISSUE: 057665200 - BALCHEM CORP
05/06/98 S 33 23.375 5.00 766* 513 254
ISSUE: 057665200 - BALCHEM CORP
05/15/98 S 47 22.500 7.00 1,050* 748 302
ISSUE: 057665200 - BALCHEM CORP
05/22/98 S 13 22.875 2.00 295* 179 117
ISSUE: 057665200 - BALCHEM CORP
06/01/98 S 46 21.000 7.00 959* 339 621
ISSUE: 057665200 - BALCHEM CORP
06/23/98 S 151 13.125 23.00 1,959* 1,111 848
ISSUE: 057665200 - BALCHEM CORP
06/26/98 S 1 13.000 - 13* 7 6
ISSUE: 057665200 - BALCHEM CORP
07/01/98 S 123 13.000 19.00 1,580* 839 742
ISSUE: 057665200 - BALCHEM CORP
07/24/98 S 35 11.375 5.00 393* 260 133
ISSUE: 057665200 - BALCHEM CORP
07/28/98 S 30 12.125 5.00 359* 223 137
ISSUE: 057665200 - BALCHEM CORP
07/29/98 S 7 12.000 1.00 83* 52 31
ISSUE: 057665200 - BALCHEM CORP
07/31/98 S 7 12.000 1.00 83* 52 31
ISSUE: 057665200 - BALCHEM CORP
08/05/98 S 39 11.875 6.00 457* 289 168
ISSUE: 057665200 - BALCHEM CORP
08/13/98 S 190 11.625 29.00 2,180* 1,312 868
ISSUE: 057665200 - BALCHEM CORP
08/14/98 S 14 11.500 2.00 159* 97 62
ISSUE: 057665200 - BALCHEM CORP
09/01/98 S 47 8.875 7.00 410* 326 84
ISSUE: 057665200 - BALCHEM CORP
09/09/98 B 7 9.626 1.00 68* 68
ISSUE: 057665200 - BALCHEM CORP
09/21/98 S 19 8.875 3.00 166* 121 45
ISSUE: 057665200 - BALCHEM CORP
09/21/98 S 9 8.876 1.00 79* 57 21
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
ISSUE: 057665200 - BALCHEM CORP
09/21/98 S 34 8.875 5.00 297* 216 81
ISSUE: 057665200 - BALCHEM CORP
09/29/98 S 8 9.250 1.00 73* 51 22
ISSUE: 057665200 - BALCHEM CORP
10/05/98 S 20 7.625 3.00 149* 127 22
ISSUE: 057665200 - BALCHEM CORP
10/06/98 S 247 7.250 37.00 1,754* 1,575 179
ISSUE: 057665200 - BALCHEM CORP
10/07/98 S 58 7.063 9.00 401* 370 31
ISSUE: 057665200 - BALCHEM CORP
10/21/98 S 20 6.500 3.00 127* 128 (1)
ISSUE: 057665200 - BALCHEM CORP
10/21/98 S 320 6.500 48.00 2,032* 2,040 (8)
ISSUE: 057665200 - BALCHEM CORP
10/29/98 S 141 7.750 21.00 1,072* 899 172
ISSUE: 057665200 - BALCHEM CORP
11/20/98 S 48 6.750 7.00 317* 295 22
SUB-TOTAL 268.00 18,351 13,328 5,027
BROKER: MERRILL LYNCH
ISSUE: 057665200 - BALCHEM CORP
02/11/98 B 53 14.875 8.00 796* 796
ISSUE: 057665200 - BALCHEM CORP
02/18/98 B 97 14.625 15.00 1,433* 1,433
ISSUE: 057665200 - BALCHEM CORP
03/09/98 B 3 15.750 - 47* 47
ISSUE: 057665200 - BALCHEM CORP
03/12/98 B 95 16.000 14.00 1,534* 1,534
ISSUE: 057665200 - BALCHEM CORP
03/16/98 S 22 16.500 3.00 360* 339 20
ISSUE: 057665200 - BALCHEM CORP
04/29/98 B 203 17.250 12.00 3,514* 3,514
ISSUE: 057665200 - BALCHEM CORP
05/01/98 B 128 19.750 8.00 2,536* 2,536
ISSUE: 057665200 - BALCHEM CORP
05/07/98 B 132 23.375 8.00 3,093* 3,093
ISSUE: 057665200 - BALCHEM CORP CORP
05/14/98 B 63 22.875 4.00 1,445* 1,445
ISSUE: 057665200 - BALCHEM CORP CORP
05/18/98 B 68 23.000 4.00 1,568* 1,568
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
ISSUE: 057665200 - BALCHEM CORP CORP
05/20/98 B 5 22.876 - 115* 115
ISSUE: 057665200 - BALCHEM CORP CORP
05/20/98 S 8 22.500 - 180* 110 69
ISSUE: 057665200 - BALCHEM CORP
05/29/98 B 2 21.250 - 43* 43
ISSUE: 057665200 - BALCHEM CORP CORP
06/02/98 B 190 21.250 11.00 4,049* 4,049
ISSUE: 057665200 - BALCHEM CORP
06/02/98 B 2 21.375 - 43* 43
ISSUE: 057665200 - BALCHEM CORP CORP
06/15/98 B 157 13.750 9.00 2,168* 2,168
ISSUE: 057665200 - BALCHEM CORP CORP
07/08/98 B 122 13.125 18.00 1,620* 1,620
ISSUE: 057665200 - BALCHEM CORP
08/06/98 B 138 11.875 21.00 1,659* 1,659
ISSUE: 057665200 - BALCHEM CORP CORP
08/21/98 B 85 10.750 13.00 927* 927
ISSUE: 057665200 - BALCHEM CORP CORP
09/09/98 B 50 9.625 8.00 489* 489
ISSUE: 057665200 - BALCHEM CORP CORP
09/10/98 B 15 9.625 2.00 147* 147
ISSUE: 057665200 - BALCHEM CORP CORP
09/10/98 B 145 9.625 22.00 1,417* 1,417
ISSUE: 057665200 - BALCHEM CORP
09/30/98 B 11 9.187 2.00 103* 103
ISSUE: 057665200 - BALCHEM CORP CORP
10/06/98 B 168 7.625 25.00 1,306* 1,306
ISSUE: 057665200 - BALCHEM CORP
10/06/98 B 18 7.625 3.00 140* 140
ISSUE: 057665200 - BALCHEM CORP CORP
10/26/98 B 17 6.375 3.00 111* 111
ISSUE: 057665200 - BALCHEM CORP CORP
10/27/98 S 5 7.750 1.00 38* 32 6
ISSUE: 057665200 - BALCHEM CORP
11/05/98 B 274 7.376 36.00 2,057* 2,057
ISSUE: 057665200 - BALCHEM CORP CORP
12/09/98 B 222 5.750 13.00 1,290* 1,290
ISSUE: 057665200 - BALCHEM CORP
12/24/98 B 46 5.250 3.00 239* 280 (41)
ISSUE: 057665200 - BALCHEM CORP
12/30/98 B 14 5.375 1.00 74* 85 (11)
SUB-TOTAL 267.00 34,541 34,496 43
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
BROKER: NOT-APPLICABLE
ISSUE: 057665200 - BALCHEM CORP
06/24/98 S 1 22.760 - 11* 4 8
SUB-TOTAL - 11 4 8
GRAND TOTAL 535.00 52,903 47,828 5,078
FOOTNOTES
* = SINGLE TRANSACTION IS 5% REPORTABLE
B = BUY TRANSACTION
S = SELL TRANSACTION
R = REINVESTMENT TRANSACTION
BEGINNING MARKET VALUE -
COMPARISON VALUE (5%) -
ISSUE: 057665200 - BALCHEM CORP
2/11/1998 B 53 14.875 8.00 796* 796
2/18/1998 B 97 14.625 15.00 1,433* 1,433
3/9/1998 B 3 15.750 - 47* 47
3/12/1998 B 95 16.000 14.00 1,534* 1,534
3/13/1998 S 19 16.000 3.00 301* 293 8
3/16/1998 S 32 16.375 5.00 519* 494 26
3/16/1998 S 22 16.500 3.00 360* 339 20
3/23/1998 S 16 15.750 2.00 250* 247 3
4/29/1998 B 203 17.250 12.00 3,514* 3,514
5/1/1998 B 128 19.750 8.00 2,536* 2,536
5/6/1998 S 33 23.375 5.00 766* 513 254
5/7/1998 B 132 23.375 8.00 3,093* 3,093
5/14/1998 B 63 22.875 4.00 1,445* 1,445
5/15/1998 S 47 22.500 7.00 1,050* 748 302
5/18/1998 B 68 23.000 4.00 1,568* 1,568
5/20/1998 B 5 22.876 - 115* 115 69
5/20/1998 S 8 22.500 - 180* 110
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
5/22/1998 S 13 22.875 2.00 295* 179 117
5/29/1998 B 2 21.250 - 43* 43
6/1/1998 S 46 21.000 7.00 959* 339 621
6/2/1998 B 190 21.250 11.00 4,049* 4,049
6/2/1998 B 2 21.375 - 43* 43
6/15/1998 B 157 13.750 9.00 2,168* 2,168
6/23/1998 S 151 13.125 23.00 1,959* 1,111 848
6/24/1998 S 1 22.760 - 11* 4 8
6/26/1998 S 1 13.000 - 13* 7 6
7/1/1998 S 123 13.000 19.00 1,580* 839 742
7/8/1998 B 122 13.125 18.00 1,620* 1,620
7/24/1998 S 35 11.375 5.00 393* 260 133
7/28/1998 S 30 12.125 5.00 359* 223 137
7/29/1998 S 7 12.000 1.00 83* 52 31
7/31/1998 S 7 12.000 1.00 83* 52 31
8/5/1998 S 39 11.875 6.00 457* 289 168
8/6/1998 B 138 11.875 21.00 1,659* 1,659 868
8/13/1998 S 190 11.625 29.00 2,180* 1,312
8/14/1998 S 14 11.500 2.00 159* 97 62
8/21/1998 B 85 10.750 13.00 927* 927
9/1/1998 S 47 8.875 7.00 410* 326 84
9/9/1998 B 7 9.626 1.00 68* 68
9/9/1998 B 50 9.625 8.00 489* 489
9/10/1998 B 15 9.625 2.00 147* 147
9/10/1998 B 145 9.625 22.00 1,417* 1,417
9/21/1998 S 19 8.875 3.00 166* 121 45
9/21/1998 S 9 8.876 1.00 79* 57 21
9/21/1998 S 34 8.875 5.00 297* 216 81
9/29/1998 S 8 9.250 1.00 73* 51 22
9/30/1998 B 11 9.187 2.00 103* 103
10/5/1998 S 20 7.625 3.00 149* 127 22
10/6/1998 B 168 7.625 25.00 1,306* 1,306
10/6/1998 B 18 7.625 3.00 140* 140
10/6/1998 S 247 7.250 37.00 1,754* 1,575 179
10/7/1998 S 58 7.063 9.00 401* 370 31
10/21/1998 S 20 6.500 3.00 127* 128 (1)
10/21/1998 S 320 6.500 48.00 2,032* 2,040 (8)
10/26/1998 B 17 6.375 3.00 111* 111
10/27/1998 S 5 7.750 1.00 38* 32 6
10/29/1998 S 141 7.750 21.00 1,072* 899 172
11/5/1998 B 274 7.376 36.00 2,057* 2,057
11/20/1998 S 48 6.750 7.00 317* 295 22
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
12/9/1998 B 222 5.750 13.00 1,290* 1,290
12/24/1998 S 46 5.250 3.00 239* 280 (41)
12/30/1998 S 14 5.375 1.00 74* 85 (11)
SUB-TOTAL 535.00 52,903 47,828 5,078
ISSUE: 9.3E+08 - CHASE VISTA PREMIER US GOVT MM
2/19/1998 B 8 1.000 - 8* 8
2/23/1998 S 8 1.000 - 8* 8 -
2/24/1998 B 5 1.000 - 5* 5
2/27/1998 S 5 1.000 - 5* 5 -
3/2/1998 B 5 1.000 - 5* 5
3/2/1998 S 5 1.000 - 5* 5 -
8/7/1998 B 1,768 1.000 - 1,768* 1,768
8/11/1998 B 457 1.000 - 457* 457
8/11/1998 S 2,225 1.000 - 2,225* 2,225 -
8/12/1998 B 26 1.000 - 26* 26
8/17/1998 B 105 1.000 - 105* 105
8/20/1998 B 159 1.000 - 159* 159
8/26/1998 S 289 1.000 - 289* 289
SUB-TOTAL - 5,065 5,065 -
ISSUE: 990007395 - TEMP FUND B
2/4/1998 B 25,046 1.000 - 25,046* 25,046
2/5/1998 S 25,046 1.000 - 25,046* 25,046 -
2/18/1998 B 1,441 1.000 - 1,441* 1,441
2/23/1998 B 8 1.000 - 8* 8
2/23/1998 S 1,433 1.000 - 1,433* 1,433 -
2/27/1998 B 5 1.000 - 5* 5
3/2/1998 B 5 1.000 - 5* 5
3/10/1998 B 61 1.000 - 61* 61
3/12/1998 B 1,549 1.000 - 1,549* 1,549
3/13/1998 S 1,596 1.000 - 1,596* 1,596 -
3/16/1998 B 5 1.000 - 5* 5
3/17/1998 S - 1.000 - - * - -
3/18/1998 S 43 1.000 - 43* 43
4/2/1998 B - 1.000 - - * -
4/3/1998 S - 1.000 - - * - -
4/20/1998 B 3,469 1.000 - 3,469* 3,469
5/1/1998 B 6 1.000 - 6* 6
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
5/1/1998 B 6 1.000 - 6* 6
5/4/1998 B 2,532 1.000 - 2,532* 2,532 -
5/5/1998 S 3,514 1.000 - 3,514* 3,514
5/7/1998 S 2,499 1.000 - 2,499* 2,499 -
5/7/1998 B 3,111 1.000 - 3,111* 3,111
5/8/1998 S 3,111 1.000 - 3,111* 3,111 -
5/12/1998 B 729 1.000 - 729* 729
5/14/1998 B 88 1.000 - 88* 88
5/14/1998 B 1,459 1.000 - 1,459* 1,459
5/18/1998 B 1,570 1.000 - 1,570* 1,570
5/21/1998 B 178 1.000 - 178* 178 -
5/27/1998 S - 1.000 - - * -
5/27/1998 S 2,997 1.000 - 2,997* 2,997 -
6/1/1998 B 11 1.000 - 11* 11
6/2/1998 S 12 1.000 - 12* 12 -
6/15/1998 B 7 1.000 - 7* 7
6/15/1998 B 2,174 1.000 - 2,174* 2,174
6/18/1998 S 2,182 1.000 - 2,182* 2,182 -
6/25/1998 S 948 1.000 - 948* 948 -
6/26/1998 B 948 1.000 - 948* 948
6/26/1998 S 1 1.000 - 1* 1 -
6/30/1998 S 4 1.000 - 4* 4 -
7/1/1998 B 5 1.000 - 5* 5
7/9/1998 B 4 1.000 - 4* 4
7/9/1998 S 53 1.000 - 53* 53 -
7/9/1998 S 1 1.000 - 1* 1 -
7/13/1998 S 1 1.000 - 1* 1 -
7/23/1998 S 139 1.000 - 139* 139 -
7/29/1998 S - 1.000 - - * - -
8/3/1998 B 4 1.000 - 4* 4
8/14/1998 S 94 1.000 - 94* 94 -
8/24/1998 S 252 1.000 - 252* 252 -
9/1/1998 B 5 1.000 - 5* 5 -
9/10/1998 B 1,419 1.000 - 1,419* 1,419 -
9/10/1998 B 147 1.000 - 147* 147 -
9/10/1998 B 289 1.000 - 289* 289 -
9/10/1998 B 3 1.000 - 3* 3 -
9/16/1998 S 1,548 1.000 - 1,548* 1,548 -
9/29/1998 S 5 1.000 - 5* 5 -
9/29/1998 S 1 1.000 - 1* 1 -
9/29/1998 S 1 1.000 - 1* 1 -
9/29/1998 S - 1.000 - - * - -
<PAGE>
<CAPTION>
Balchem Corporation
401 (k) Profit Sharing Plan
December 31, 1998
Line 27(d) - Schedule of Reportable Transactions
SHARES/
DATE PAR UNIT EXPENSE PRINCIPAL TRANSACTION REALIZED
BOUGHT/SOLD VALUE PRICE INCURRED CASH 5% COST GAIN/LOSS
----------- ----- ----- -------- ------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
9/29/1998 S 5 1.000 - 5* 5 -
10/1/1998 B 5 1.000 - 5* 5
10/7/1998 B 2 1.000 - 2* 2
10/7/1998 B 3 1.000 - 3* 3
10/21/1998 S - 1.000 - - * - -
10/21/1998 S - 1.000 - - * - -
10/26/1998 B 117 1.000 - 117* 117
11/2/1998 B 4 1.000 - 4* 4
11/5/1998 B 1 1.000 - 1* 1
11/5/1998 B 2,059 1.000 - 2,059* 2,059
11/5/1998 S 111 1.000 - 111* 111 -
11/17/1998 S 2,057 1.000 - 2,057* 2,057 -
11/20/1998 S - 1.000 - - * - -
12/1/1998 B 7 1.000 - 7* 7
12/4/1998 S 1 1.000 - 1* 1 -
12/4/1998 S 14 1.000 - 14* 14 -
12/10/1998 B 1 1.000 - 1* 1
12/18/1998 B 38 1.000 - 38* 38
12/21/1998 B 4 1.000 - 4* 4
12/28/1998 S 8 1.000 - 8* 8 -
12/30/1998 S 1 1.000 - 1* 1 -
SUB-TOTAL - 96,203 96,203 -
GRAND TOTAL 535 154,171 149,096 5,078
FOOTNOTES
* SINGLE TRANSACTION IS 5% REPORTABLE
B = BUY TRANSACTION
S = SELL TRANSACTION
R = REINVESTMENT TRANSACTION
</TABLE>
Independent Auditors' Consent
Plan Administrator
Balchem Corporation 401(k)/Profit Sharing Plan:
We consent to incorporation by reference in the Registration Statement on Form
S-8 (No. 333-78-355) of Balchem Corporation of our report, dated June 18, 1999,
relating to the statement of net assets available for plan benefits with fund
information of the Balchem Corporation 401(k)/Profit Sharing Plan as of December
31, 1998, and the related statement of changes in net assets available for
benefits with fund information for the year then ended, and all related
schedules, included in this annual report on Form 11-K/A.
/s/ KPMG LLP
July 6, 1999
Short Hills, New Jersey
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