BALCHEM CORP — Director's Dealing 2005

Jun 3, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BALCHEM CORP (BCP)
CIK: 0000009326
Period of Report: 2005-05-31

Reporting Person: LUDWIG DAVID F (VP/Gen Manager/ARC Spec Prod)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-31	Common Stock	M	2000	$14.10	Acquired	2000	Direct
2005-05-31	Common Stock	S	2000	$27.72	Disposed	0	Direct
2005-06-01	Common Stock	M	3400	$14.10	Acquired	3400	Direct
2005-06-01	Common Stock	S	3400	$27.70	Disposed	0	Direct
2005-06-02	Common Stock	M	5300	$14.10	Acquired	5300	Direct
2005-06-02	Common Stock	S	5300	$27.50	Disposed	0	Direct
2005-06-02	Common Stock	M	4200	$15.37	Acquired	4200	Direct
2005-06-02	Common Stock	S	4200	$27.50	Disposed	0	Direct
2005-06-02	Common Stock	M	100	$15.37	Acquired	100	Direct
2005-06-02	Common Stock	S	100	$27.55	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-31	1999 ISO Plan	$14.10	M	2000	Acquired	2011-10-25	Common Stock (2000)	Direct
2005-06-01	1999 ISO Plan	$14.10	M	3400	Acquired	2011-10-25	Common Stock (3400)	Direct
2005-06-02	1999 ISO Plan	$14.10	M	5300	Acquired	2011-10-25	Common Stock (5300)	Direct
2005-06-02	1999 ISO Plan	$15.37	M	4300	Acquired	2012-09-12	Common Stock (4300)	Direct