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CUSIP NO. 057665200 13G PAGE 1 OF 5
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)*
Balchem Corporation
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(Name of Issuer)
Common Stock, $.0667 Par Value Per Share
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(Title of Class of Securities)
057665200
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(CUSIP Number)
April 21, 2003
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 5 pages
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CUSIP NO. 057665200 13G PAGE 2 OF 5
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Ashford Capital Management, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)
(b)
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
A Delaware Corporation
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5 SOLE VOTING POWER
NUMBER OF 530,500
SHARES ----- ------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING ----- ------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
530,500
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8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
530,500
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11.1%
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12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 5 pages
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CUSIP NO. 057665200 13G PAGE 3 OF 5
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Item 1(a). Name of Issuer:
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Balchem Corporation
Item 1(b). Address of Issuer's Principal Executive Offices:
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P.O. Box 175, Slate Hill, NY 10973
Item 2(a). Name of Person Filing:
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Ashford Capital Management, Inc.
Item 2(b). Address of Principal Business Office or, if None, Residence:
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P.O. Box 4172, Wilmington, DE 19807
Item 2(c). Citizenship:
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A Delaware Corporation
Item 2(d). Title of Class of Securities:
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Common Stock, $.0667 Par Value Per Share
Item 2(e). CUSIP Number:
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057665200
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or
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13d-2(b), check whether the person filing is a:
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(a) [ ] Broker or Dealer registered under Section 15 of the
Securities Exchange Act of 1934 (the "Act").
(b) [ ] Bank as defined in Section 3(a)(6) of the Act.
(c) [ ] Insurance Company as defined in Section 3(a)(19)
of the Act.
(d) [ ] Investment Company registered under Section 8 of
the Investment Company Act.
(e) [X] Investment Advisor registered under Section 203
of the Investment Advisers Act of 1940.
(f) [ ] Employee Benefit Plan, Pension Fund which is
subject to the provisions of the Employee Retirement
Income Security Act of 1974 or Endowment Fund; see
13d-1(b)(1)(ii)(F).
(g) [ ] Parent Holding Company, in accordance with Rule
13d-1(b)(ii)(G); see Item 7.
(h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H).
Item 4. Ownership.
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(a) Amount Beneficially Owned: 530,500 shares.
(b) Percent of Class : 11.1%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the
vote: -530,500-
(ii) shared power to vote or to direct
the vote: -0-
(iii) sole power to dispose or to direct
the disposition of: -530,500-
(iv) shared power to dispose or to direct
the disposition of: -0-
Item 5. Ownership of Five Percent or Less of a Class.
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Not applicable.
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CUSIP NO. 057665200 13G PAGE 4 OF 5
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Item 6. Ownership of More than Five Percent on Behalf of Another Person.
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The shares reported by the Reporting Person, a registered
investment adviser, are held in separate individual client
accounts, two separate limited partnerships and five commingled
funds, the beneficial owners of which have the right to receive
and the power to direct the receipt of dividends from, and the
proceeds from the sale of, such shares. None of the individual
client accounts or the limited partnerships individually hold
5% or more of the Issuer's Common Stock.
Item 7. Identification and Classification of the Subsidiary Which
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Acquired the Security Being Reported on by the Parent Holding
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Company.
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Not applicable.
Item 8. Identification and Classification of Members of the Group.
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Not applicable.
Item 9. Notice of Dissolution of Group.
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Not applicable.
Item 10. Certification.
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By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired and
are held in the ordinary course of business and were not
acquired and are not held for the purpose of or with the effect
of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose
or effect.
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CUSIP NO. 057665200 13G PAGE 5 OF 5
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: June 19, 2003
ASHFORD CAPITAL MANAGEMENT, INC.
By: /s/Theodore H. Ashford, III
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Theodore H. Ashford, III
President
Page 5 of 5 pages