Exhibit 1 Financial Statements for American Chemical and Other Selected Large Chemical Companies

American Chemical
Allied Chemical
1974
1975
1976
1977
1978
1974
1975
1976
1977
Sales($mill
4828
4671
4805
5235
5490
2216
2333
2630
2923
Netincome(
323
198
212
251
349
151
116
117
135
Earningspe
$7.60
$4.66
$4.98
$5.91
$8.20
$5.43
$4.17
$4.52
$4.93
Dividendsp
$1.00
$1.25
$1.50
$1.65
$1.80
$1.53
$1.80
$1.80
$1.85
Dividendyi
5.30%
5.70%
4.30%
5.00%
4.10%
6.30%
5.40%
4.50%
4.50%
Common stock
prices
High
$23
$30
$36
$46
$48
$54
$42
$45
$51
Low
10
17
21
30
32
23
27
33
39
Close
19
22
35
33
44
28
33
40
44
ClosingP/E
2.5
4.7
7
5.6
5.4
5.2
7.9
8.8
8.9
Totalcapita
2014
2109
2198
2465
2527
1550
1839
1959
2279
%Debt
44
37
37
29
39
28
34
33
36
% Preferre 20 %Common
56
63
63
71
41
72
66
67
64
Beta
1.2
1.43
Interestco
6.3
3.9
4.1
4.3
6.7
9.2
5.7
5.2
5.4
BondratingBBB/A
A/A
DuPont
1974
1975
Sales($mill
6910
7221
Netincome
404
272
Earningspe
$2.74
$1.81
Dividendsp
$1.83
$1.42
Dividendyi
6.00%
3.20%
Common stock
prices
High
$60
$45
Low
28
29
Close
31
42
ClosingP/E
11.3
23.2
Totalcapita
4874
5085
%Debt
16
17
%Preferred
5
5
%Commons
79
78
Beta
1.22
Interestco
9.5
4.1
BondratingAAA/Aaa

1976
8361
459
$3.10
$1.75
3.70%

1977
9435
545
$3.69
$1.92
4.80%

$54
39
45
14.5
5772
22
4
74

$45
35
40
10.8
6127
21
4
75

6.1

1978
10584
787
$5.39
$2.42
5.80%

Monsanto
1974
3498
323
$9.35
$2.30
5.90%

$46
33
42
7.8
6394
17
4 79

$70
39
41
4.4
2396
25

75
1.43
9.5
11.4
AA/Aa

1975
3625
306
$8.63
$2.55
3.40%

1976
4270
366
$10.05
$2.75
3.20%

1977
4595
276
$7.46
$3.03
5.40%

$81
41
76
8.8
2942
29

$100
76
88
8.8
3349
27

$89
52
58
7.8
3668
28

71

73

72

9.1

8.4

1978
3268
120
$4.25
$2.00
7.10%

Dow Chemical
1974
1975
4938
4888
558
616
$3.18
$3.33
$0.60
$0.75
2.50%
1.70%

$45
28
28
6.6
2467
38
-

$35
25
28
8.8
3498
37
-

62

$48
27
46
13.8
4316
36
-

63
1.25
10.6

1976
5652
613
$3.30
$0.95
2.30%

1977
6234
566
$3.01
$1.15
4.50%

1978
6888
575
$3.16
$1.30
5.60%

$57
38
43
13
5118
37

$44
25
27
9
5889
40

$31
22
25
7.9
6793
43

64

63

60

57

8.2

6.5

4.9

4.4

Union Carbide
1974
1975
5320
5665
530
382
$8.69
$6.23
$2.18
$2.40
5.30%
3.90%

1976
6346
441
$7.15
$2.50
4.00%

1977
7036
385
$6.05
$2.80
6.80%

1978
7870
394
$6.09
$2.80
8.20%

$77
56
62
8.7
5212
32

$62
40
41
6.8
5750
30

$43
34
34
5.6
5997
28

4.9
A/Aa

1978
5019
303
$8.29
$3.18
6.80%
$60
44
47
5.7
4115
30
-

$46
32
41
4.7
3752
26
-

70

74
1.05
14

6.5
A/Aa

$67
40
61
9.8
4485
30
-

70

68

70

72

8.4

4.9

Exhibit 2: Financial Statements for Universal Paper and Other Large Chemical Companies
Universal Paper
Crown Zellerbach
1974
1975
1976
1977
1978
1974
1975
1976
Sales
1867
1902
2136
2248
2525
1172
1767
2136
Net
149
109
154
168
191
125
75
98
Earnings
$3.60
$2.63
$3.72
$4.06
$4.61
$5.06
$3.01
$3.88
Dividends
$0.75
$0.75
$0.75
$0.85
$1.00
$1.75
$1.80
$1.80
Dividend
6.30%
3.90%
2.50%
2.80%
3.60%
7.50%
5.10%
4.00%
Common stock
prices
High
$17
$21
$34
$36
$38
$40
$41
$49
Low
10
12
18
24
26
20
24
36
Close
12
19
30
30
28
24
36
43
Closing P/
3.4
7.1
8.1
7.4
6
4.7
12
11.6
Total capita
1349
1620
1787
1938
2018
1220
1290
1345
% Debt
30
29
32
32
33
33
33
31
% Preferre 1
1
1
% Commo
70
71
68
68
67
66
66
68
Beta
1.52
1.03
Interest c
6.8
5
6.8
7.4
8.2
8.1
4.5
5.3
Bond ratin A/Aa
A/A
Mead Corporation
1974
1975
Sales
1526
1245
Net
82
53
Earnings
$3.27
$2.05
Dividends
$0.60
$0.80
Dividend yi
9.20%
6.60%
Common stock
prices
High
$13
$13
Low
8
9
Close
9
12
Closing P/
2.8
5.9
Total
826
880
% Debt
34
35
% Preferre
6
6
% Commo
60
59
Beta
2.16
Interest c
4.6
2.9
Bond ratin A/A

1976
1599
89
$3.61
$0.89
4.40%

1977
1822
98
$4.10
$0.98
4.70%

$23
12
21
5.8
965
33
5
62

$24
18
22
5.4
1071
38
4
58

4.5

4.7

1978
2322
121
$5.12
$1.21
6.80%

Kimberly Clark
1974
1975
1439
1484
95
103
$4.10
$4.41
$1.48
$1.60
6.50%
4.40%

$34
17
23
4.5
1171
36
1 63

$35
19
25
6.1
1030
24

76
0.99
5.3
9.1
AA/Aa

$37
24
37
8.4
1086
21
-

1977
2318
109
$4.34
$1.83
5.60%
$45
32
34
7.8
1446
30
1
69
5.7

1976
1585
121
$5.21
$1.80
4.10%

1977
1726
131
$5.60
$2.20
5.10%

$47
36
44
8.4
1196
20

$48
37
43
7.7
1347
20

79

80

80

8.3

10

10.1

1978
2467
112
$4.39
$1.90
6.20%

Interntional Paper
1974
1975
3042
3081
263
218
$5.95
$4.93
$1.75
$2.00
5.60%
3.50%

$38
29
31
7.1
1647
34
1 65

$56
32
36
6.1
2207
33

$62
35
58
11.8
2801
41
-

67
1.43
4.7
11.1
AA/Aa

1978
1911
149
$6.36
$2.60
6.40%

Regis Paper
1974
1471
105
$4.76
$1.25
7.30%

$50
39
41
6.4
1435
19
-

$37
18
19
4
1127
33
-

81

67
1.14
10.5
7.6
NR/NR

1976
3541
254
$5.60
$2.00
2.90%

1977
3669
234
$4.98
$2.00
4.60%

1978
4150
234
$4.94
$2.00
5.50%

$80
58
69
12.3
3093
34

$70
39
44
8.8
3303
32

$49
35
37
7.5
3407
28

59

66

68

72

5.4

5.1

4.7

5.3

1975
1395
96
$4.27
$1.43
4.50%

1976
1642
91
$3.82
$1.55
4.20%

1977
1996
107
$3.36
$1.66
5.60%

1978
2300
127
$3.94
$1.74
6.40%

$35
20
34
8
1189
29

$31
34
39
10.2
1296
26

$39
29
31
9.2
1694
31

$35
26
28
7.1
1791
30

71

74

69

70

7.2

6.1

5.6

5.9

Exhibit 3
Year
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979 (est)

Sales and Capacity of Sodium Chlorate in US

Volume (in '000 to Capacity (in '000 tons) Price ($/ton)
220
270
260
300
280
300
300
320
310
335
270
355
345
370
380
385
410
420
435
455

129
136
144
152
188
243
295
367
392
413

Exhibit 4: Domestic Producers of Sodium Chlorate

Producer Capacity Plants
Capacity
Hooker
114000 Columbus,
65,000
Taft, LA
40,000
Niagara, N
9,000
Pennwalt
72000 Calvert Cit
37,000
Portland,
26000
Tacoma,
9000
American
65000 Collinsville
40,000
Wenatchee
25000
Kerr-McGe
63000 Hamilton,
33000
Henderson
30000
Inter. Mine
40,000 Orrington,
40,000
Olin
20000 McIntosh,
20,000
ERCO
20000 Monroe, L
20,000
Universal
20,000 Rome, GA
20,000
Georgia
15,000 Plaquemi,
15,000
Brunswick
11,000 Brunswick
11,000
Southern
10,000 Reigelwoo
6,000
aButler,
4,000 Butler, AL
4,000
Pacific
5,000 Henderson
5,000
U.S.
455,000
Southeaste 311,000

Exhibit 5 Financial Statements of Selected Sodium Chlorate Producers

Pennwalt
1974
1975
Sales ($mil
641
714
Net income
27
33
EPS
$2.81
$3.25
DPS
$1.24
$1.36
Dividend yi
7.40%
4.60%
Common stock
prices
High
$26
$30
Low
15
17
Close
17
28
Closing P/
6
8.6
Total capita
371
441
%Debt
28
34
%Preferred%Common
72
66
Beta
1.33
Interest c
2.9
3.3
Bond rating
A/A
Georgia-Pacific
1974
1975
Sales ($mil
2432
2359
Net income
164
148
EPS
$1.74
$1.54
DPS
0.47
0.49
Dividend yi
3.10%
1.90%
Common stock
prices
High
$27
$30
Low
13
16
Close
15
26
Closing P/
8.6
16.9
Total capita
1935
2150
%Debt
45
42
%Preferred%Common
55
58
Beta
1.5
1.1
Interest c
4.3
4.4
Bond ratin AA/Aa

1976
777
35
$3.56
$1.54
4.90%

1977
835
42
$4.23
$2.25
5.20%

1978
921
45
$4.54
$2.05
6.70%

$38
27
33
9.3
469
33

$39
32
39
9.2
500
34

$43
32
33
7.3
524
31

67

66

3.8

4.1

1976
3038
215
$2.12
0.7
2.10%

1977
3675
262
$2.54
0.83
3.50%

$37
26
37
17.4
2045
22

$37
25
28
11
2541
29
-

78
1.2
8.1

Kerr-McGee
1974
1550
116
$4.64
0.85
1.40%
$93
47
72
15.5
851
19
-

1975
1799
131
$5.15
$1.00
1.40%

1976
1955
134
$5.19
$1.19
1.80%

1977
2165
119
$4.61
$1.25
2.70%

$95
60
70
13.6
1091
20

$83
61
68
13.1
1325
24

$75
45
47
10.2
1433
21

69

81
1.06
4.2
19.4
AA/Aa

76

79

17.1

10.8

8.4

1976
3
0.37
0.74
0.15

1977
4
0.71
1.42
$0.35
2.90%

Brunswick Chemical
1978
1974
1975
4403
1.9
2.1
302
0.2
0.15
$2.93
0.4
0.3
1.03
0.1
0.1
4.50% c
c
c
$33
24
24
8.2
2878
29
-

c
c
c
c

c
c
c
c
1.8
33

71

71

9.9

9.3
NR

80

c
c
c
c
1.9
30

13
72
12
8.5
2.6
19

2.1
25
-

67

70

75

81

6.7

12.3

47

1978
2072
118
$4.57
$1.25
2.60%

International Minerals and Chemicals

1974
1975
1976
1977
859
1303
1260
1280
70
166
135
108
$3.59
$9.91
$7.73
$6.09
0.57
$1.38
$2.10
$2.45
1.90%
5.30%
5.90%
6.40%

$53
40
48
10.5
1533
17

$41
21
39
10.9
577
42
10
48
0.81
5.5

83
6.4

1978
1364
120
$6.61
$2.60
7.40%

$49
31
38
3.8
781
38
4
58

$42
33
41
5.3
990
37
2
61

$44
35
41
6.7
1083
36
1
63

$44
34
35
5.3
1161
32
1
67

11.6

8.4

5.5

6.3

1976
2.7
0.28
$1.38

1977
3.6
0.74
3.69
$0.30
1.20%

1978
3.9
0.73
3.66
$0.30
1.30%

28
11
25
6.7
2.4
28

31
20
23
6.4
3
21

NR/A
Southern Chemicals
1978
1974
1975
4.3
1.7
2
0.79
0.1
-0.05
1.58
0.61
($0.24)
0.4 3.50% c
c
c
143
9
112
7.3
3.2
15
-

c
c
c
c

c
c
c
c
1.6
50

85
53
NR

c
c
c
c
1.5
50

1.8
41
-

50

50

59

72

79

3.5

0.4

22

24

Financial Statements for the Collinsville Plant (000s)

1974
Revenue
Sales (tons)
Average price/ton
Sales

1975

1976

1977

1978 1979 estimated

36,899
30,819
37,464
40,076
39,790
38,507
188
243
295
367
392
413
6,937,012 7,489,017 11,051,880 14,707,892 15,597,680 15,903,391

Manufacturing Costs
Variable Power
Graphite
Salt, etc.
Total Variable

2,935
354
693
3,982

3,395
369
800
4,564

4,631
545
1,047
6,223

5,530
653
1,274
7,457

6,173
689
1,307
8,169

6,759
714
1,385
8,858

Labor
Mainten
Other

Total fixed

590
143
474
1,207

608
201
659
1,468

646
220
902
1,768

739
272
1,063
2,074

924
235
509
1,668

1,072
237
1,107
2,416

Total Manufacturing

5,189

6,032

7,991

9,531

9,837

11,274

Other Charges
Depreciation
Sellling
R&D

433
114
105

394
92
154

402
126
207

391
155
274

384
181
351

399
204
429

Total Other

652

640

735

820

916

1,032

1,096

817

2,326

4,357

4,845

3,597

1974

1975

1976

1977

1978 1979 estimated

701
254
4,066

779.00
544
3,978

1128.00
681
4,003

1456.00
647
3,853

1575.00
639
3,964

1622.00
651
4,014

$5,021

$5,301

$5,812

$5,956

$6,178

$6,287

402
$4,619

472
$4,829

619
$5,193

780
$5,176

795
$5,383

873
$5,414

42.30%
57.4
17.4
74.8
15.8

45.30%
60.9
19.6
80.5
10.9

41.90%
56.3
16
72.3
21

37.60%
50.7
14.1
64.8
29.6

39.60%
52.4
10.7
63.1
31.1

42.50%
55.7
15.2
70.9
22.6

Fixed

Operating Profits

Assets
A/Receivable
Inventories
PP&E
Total
Liabilities
A/Payable
Net Assets
% of sales ratios
Power costs
Variable costs
Fixed costs
Manufacturing cost
Operating profit

Accounts receivabl
Inventories
A/Payable
net assets
Operating profit/Net

10.1
3.7
5.8
66.6
23.7

10.4
7.3
6.3
64.5
16.9

10.2
6.2
5.6
47
44.8

9.9
4.4
5.3
35.2
84.2

10.1
4.1
5.1
34.5
90

10.2
4.1
5.5
34
66.4

1979 estimated

1979 estimated

Exhibit 7: Financials of Dixon Corporation ($'000)

FYE Dec 31 of
1975
1976
1977
1978
Sales
$19,128 $23,830 $28,348 $34,770
COGS
14,085
16,889
19,950 24467.00
SG&A
1,952
2,308
2,824
3,291
R&D
325
388
593
682
Interest
400
320
240
160
Taxes
1,125
1,878
2,285
2,932
EAT
$1,241
$2,047
$2,456
$3,238
EPS
$1.13
$1.86
$2.23
$2.94
DPS
0.2
0.3
0.4
0.4
Cash & mar
385
357
556
1273
Other curr
4,208
5,016
5,939
7,267
PP&E
7,436
7,895
8,354
8,842
Total Asset $12,029 $13,268 $14,849 $17,382
Current Liab
2314
2836
3,402
4138
Debt (inclu
5,000
4,000
3,000
2,000
Stockholde
4,715
6,432
8,447
11,244
Total Liabil $12,029 $13,268 $14,849 $17,382
Stock pric 7-14
8-22
19-30
25-40
Closing sto
9
20
27
38
Beta
1.06 Bond rating
Not rated

1979 est
$42,259
$29,185
4,436
716
80
3,818
$4,024
$3.66
0.5
2996
8,917
8,918
$20,831
5,113
1,000
14,718
$20,831
35-45
40
-

1980

1981

1982

1983

1984

0.8
32000
415
13280

0.875
35000
480
16800

0.95
38000
520
19760

0.95
38000
562
21356

0.95
38000
606
23028

Revenues
Capacity Utilizat
Tons
Price/Ton
Sales, $000

1985
1986
PROJECTED
0.95
0.95
38000
38000
654
707
24870
26860

1987

1988

1989

0.95
38000
763
29009

0.95
38000
824
31329

0.95
38000
890
33836

Manufacturing Costs
Variable Cost/KWH (12% i0.028143 0.031571 0.035286 0.039571 0.044286
0.0496 0.055552 0.062218 0.069684 0.078047
Power Cost
6304
7735
9386
10526
11780
13194
14777
16550
18536
20760
Graphite cost (6
645
791
875
940
992
1041.6
1094
1148
1206
1266
Salt and other
1285
1621
1753
1836
1956 2083.14
2219
2363
2516
2680
Total Variable
8234
10147
12014
13302
14728 16318.34
18089
20061
22258
24706
Fixed
Labor (10% incr
1180
1297
1427
1580
1738
1911.8
2103
2313
2545
2799
Maintenance
256
277
299
322
354
389.4
428
471
518
570
Other
1154
1148
1179
1113
1153 1193.355
1235
1278
1323
1369
Total Fixed
2590
2722
2905
3015
3245 3494.555
3766
4063
4386
4739
Total Manufacturing
10824
12869
14919
16317
17973 19812.9
21855
24124
26644
29445
Other Charges
Selling
R&D
Depreciation
Total
Operating Profits
In $000

112
451
1060
1623

125
478
1110
1713

138
508
1160
1806

152
543
1210
1905

168
591
1270
2029

168
591
1330
2089

168
591
1390
2149

168
591
1450
2209

168
591
1510
2269

168
591
1570
2329

833

2218

3035

3134

3026

2968

2855

2676

2416

2062