UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10Q


(Mark One)
	 X 	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE 
SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended June 30, 1998

	    	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE 
SECURITIES EXCHANGE ACT OF 1934
		For the transition from 			 to 			

Commission File No. 027222

CFC INTERNATIONAL, INC.

		(Exact name of Registrant as specified in its charter)

		DELAWARE					363434526
	(State or other jurisdiction of			(I.R.S. Employer
	 incorporation or organization)			 Identification No.)

500 State Street, Chicago Heights, Illinois   60411

	Registrants telephone number, including
	area code:						(708) 8913456

						

Indicated 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  (     )

As of July 31, 1998, the Registrant had issued and outstanding 3,952,672
shares of Common Stock, par value $.01 per share, and 518,169 shares of
Class B Common Stock, par value $.01 per share.



		




CFC INTERNATIONAL, INC.

INDEX TO FORM 10Q



	Page

Part I  Financial Information:

	Item 1  Financial Statements

	     Consolidated Balance Sheets  June 30, 1998 and 
	     December 31, 1997		3

	     Consolidated Statements of Income for the three (3) months and for the
      six (6) months ended June 30, 1998 and June 30, 1997		4

	     Consolidated Statements of Cash Flows for the six (6) months ended
	     June 30, 1998 and June 30, 1997		5

	     Notes to Consolidated Financial Statements		6


	Item 2  Managements Discussion and Analysis of Financial Condition and
	              Results of Operations		710


Part II  Other Information:

	Signatures		11

	Item 6  Exhibits and Reports on Form 8K		12

Part I 
Item 1.  Financial Statements

CFC INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEET AT
JUNE 30, 1998 AND DECEMBER 31, 1997


June 30,

 December 31,

1998

1997

(Unaudited)


ASSETS



CURRENT ASSETS:



Cash and cash equivalents	
 $    2,864,281 

 $    1,841,070 
Accounts receivable, less allowance for doubtful accounts of $572,000 and



    $612,000 respectively	
       8,554,311 

       6,631,516 
Employee receivable	
          146,062 

          253,928 
Inventories:



    Raw materials	
       1,644,995 

       1,358,258 
    Work in process	
       1,303,046 

       1,825,356 
    Finished goods	
       5,183,100 

       5,447,990 

       8,131,141 

       8,631,604 
Prepaid expenses and other current assets	
          314,492 

          644,578 
Deferred income taxes	
          641,977 

          641,977 
    Total current assets	
     20,652,264 

     18,644,673 
Property, plant and equipment, net	
     15,198,545 

     15,095,897 
Other assets	
       1,690,157 

       1,758,269 
    Total assets	
 $  37,540,966 

 $  35,498,839 




LIABILITIES AND STOCKHOLDERS EQUITY



CURRENT LIABILITIES:



Current portion of longterm debt 	
 $       791,496 

 $       716,079 
Accounts payable	
       3,000,400 

       3,122,580 
Accrued environmental liability 	
          244,937 

          244,937 
Accrued bonus	
          526,149 

            76,065 
Accrued vacation	
          295,263 

          304,730 
Other accrued expenses and current liabilities	
       1,681,417 

       1,187,390 
   Total current liabilities	
       6,539,662 

       5,651,781 
Deferred income taxes	
       1,974,942 

       1,974,942 
Longterm debt 	
       7,807,038 

       7,869,419 
Minority interest in CFC Applied Holographics	 
       1,526,165 

       1,435,371 
   Total liabilities	
     17,847,807 

     16,931,513 
STOCKHOLDERS EQUITY:



Voting Preferred Stock, par value $.01 per share, 750 shares authorized,



No shares issued and outstanding	
                      

                      
Common stock, $.01 par value, 10,000,000 shares authorized; 4,222,582



and 4,218,226 shares issued at June 30, 1998 and December 31, 1997



    Respectively	
            42,226 

            42,182 
Class B common stock, $.01 par value, 750,000 shares authorized; 518,169



    shares issued and outstanding at June 30, 1998 and December 31, 1997
    respectively	
              5,182 

              5,182 
Additional paidin capital	
     10,511,507 

     10,464,985 
Retained earnings	
     10,349,077 

       8,331,850 
Cumulative translation adjustment	
        (268,782)

          (86,160)

     20,639,210 

     18,758,039 
Less 273,346 and 193,837 treasury shares of common stock, at cost at June 30,
1998 and December 31, 1997 respectivel	
        (946,051)

        (190,713)

     19,693,159 

     18,567,326 
CONTINGENCIES



Total liabilities and stockholders equity	
 $  37,540,966 

 $  35,498,839 
The accompanying notes are an integral part of the financial statements.



CFC INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS AND SIX MONTHS ENDED
 JUNE 30, 1998 AND 1997, RESPECTIVELY




Three Months Ended June 30, 



Six Months Ended June 30, 



1998

1997

1998

1997

(Unaudited)

(Unaudited)








Net sales	
 $  13,111,110 

 $    9,998,497 

 $  25,772,247 

 $  19,808,545 
Cost of goods sold	
8,413,292 

6,236,758 

16,209,427 

12,017,321 
Gross profit	
4,697,818 

3,761,739 

9,562,820 

7,791,224 
Marketing and selling expenses	
1,307,179 

1,052,554 

2,665,376 

2,271,807 
General and administrative expenses	
1,227,867 

1,146,417 

2,341,909 

1,845,909 
Research and development expenses	
396,143 

369,222 

762,390 

679,332 

2,931,189 

2,568,193 

5,769,675 

4,797,048 
Operating income	
1,766,629 

1,193,546 

3,793,145 

2,994,176 








Other (income) expenses:







    Interest	
172,758 

87,906 

337,923 

164,348 
    Miscellaneous	
(94,664)

35,791 

(75,201)

(37,484)

78,094 

123,697 

262,722 

126,864 
Income before income taxes and minority interest	
1,688,535 

1,069,849 

3,530,423 

2,867,312 
Provision for income taxes	
577,712 

393,595 

1,242,104 

1,081,691 

1,110,823 

676,254 

2,288,319 

1,785,621 








Minority interest expense of CFC Applied Holographics	
(131,188)

(9,368)

(271,092)

(87,307)
Net income	
 $       979,635 

 $       666,886 

 $    2,017,227 

 $    1,698,314 
















Basic earnings	
 $             0.21 

 $             0.15 

 $             0.45 

 $             0.38 








Diluted earnings per share	
 $             0.21 

 $             0.15 

 $             0.44 

 $             0.37 


The accompanying notes are an integral part of the financial statements.




CFC INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997 RESPECTIVELY




Six Months Ended June 30, 



1998

1997

(Unaudited)


Cash flow from operating activities:



    Net income	
 $ 2,017,227 

 $ 1,698,314 
          Adjustments to reconcile net income to net cash  provided



          by operating activities:



              Depreciation and amortization	
       964,585 

    1,043,795 
              Minority interest in CFC Applied Holographics	
         90,794 

         87,307 
              Changes in assets and liabilities:



                  Accounts receivable	
  (2,262,834)

     (330,813)
                  Inventories	
       274,318 

  (1,610,297)
                  Other current assets	
       700,105 

     (376,024)
                  Accounts payable	
         71,840 

       677,063 
                  Accrued vacation	
         (9,313)

                    
                  Accrued bonus	
       453,125 

       209,819 
                  Accrued expenses and other current liabilities	
       386,406 

       235,194 
Net cash provided by operating activities	
 $ 2,686,253 

 $ 1,634,358 




Cash flows from investing activities:



    Additions to property, plant and equipment	
  (1,051,183)

  (2,014,412)
    Decrease in restricted cash investment	
                    

    1,344,428 
Net cash used in  (provided by) investing activities	
  (1,051,183)

     (669,984)




Cash flows from financing activities:



    Repayment of term loans	
       (62,381)

       (30,611)
    Repayment of capital lease	
         75,417 

       (47,452)
    Net proceeds/distribution of employee loans	
         (1,706)

                    
    Issuance of stock	
         46,566 

         83,971 
    Distributions to stockholders	
     (645,495)

                    
Net cash provided by (used in) financing activities	
     (587,599)

           5,909 




Effect of exchange rate changes on cash and cash equivalents	
       (24,259)

         (6,683)
Increase (decrease) in cash and cash equivalents	
    1,023,212 

       963,600 




Cash and cash equivalents:



Beginning of period	
    1,841,070 

       927,703 
End of Period	
 $ 2,864,282 

 $ 1,891,303 
				

The accompanying notes are an integral part of the financial statements.




CFC INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1998 AND 1997
(Unaudited)
Note 1.  Basis of Presentation
In the opinion of  management, the accompanying unaudited consolidated
financial statements contain all adjustments (consisting of only normal
recurring adjustments) necessary to present fairly the financial position of
the Company as of June 30, 1998 and December 31, 1997, the results of
operations for the three (3) months and six (6) months ended June 30, 1998
and 1997, and statements of cash flows for the six (6) months ended June 30,
1998 and 1997.  The unaudited interim consolidated financial statements 
included herein have been prepared pursuant to the rules and regulations for 
reporting on Form 10Q.  Accordingly, certain information and footnote 
disclosures normally accompanying the annual consolidated financial 
statements have been omitted.  The interim consolidated financial statements 
should be read in conjunction with the consolidated financial 
statements and notes thereto included in the Companys latest annual report 
on Form 10K.
Results for an interim period are not necessarily indicative of results for 
the entire year and such results are subject to yearend adjustments and an 
independent audit.
Certain prior year amounts have been reclassified to conform to current year 
presentation.
Note 2.  Adoption of New Accounting Standard
Effective January 1, 1998, the Company adopted Statement of Financial 
Accounting Standards No. 130 Reporting Comprehensive Income.  This statement 
requires that all items recognized under accounting standards as components 
of comprehensive income be reported in an annual financial statement that is 
displayed with the same prominence as other annual financial statements.  
This Statement also requires that an entity classify items of other 
comprehensive income by their nature in an annual financial statement.  
For example, other comprehensive income may include foreign currency 
translation adjustments, minimum pension liability adjustments, and 
unrealized gains and losses on marketable securities classified as 
availableforsale.  Annual financial statements for prior periods will be 
reclassified, as required.  The Companys total comprehensive income was as 
follows:

				  Six Months Ended June 30,			
			1998		1997
			
Net earnings			$2,017,227			$1,698,314	
Less:  foreign currency translation adjustment				182,622				35,680	
Total comprehensive income			$	1,834,605			$	1,662,634

Note 3.  Earnings Per Share

June 30, 1998
June 30, 1997


Income

Shares
Per
Share

Income

Shares
Per
Share
Basic Earnings Per Share:






Income available to Common 
  Stockholders	
$2,017,227
4,466,507
$.45
$1,698,314
4,524,355
$.38
Effect of Dilutive Securities:






  Options exercisable	

       8,978


     11,292

  Convertible debt	
       27,000
   214,286




Diluted Earnings per Share	
$2,044,227
4,689,771
$.44
$1,698,314
4,535,647
$.37



Item 2.  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL 
CONDITION AND RESULTS OF OPERATIONS

Overview
The Company formulates, manufactures and sells chemicallycomplex, transferable 
multilayer coatings for use in many diversified markets such as furniture 
and building products, pharmaceutical products, transaction cards (including 
credit cards, debit cards, ATM cards and access cards), and on holographic 
authentication seals.  The Companys net sales increased from $25.3 million 
in 1993 to $42.3 million in 1997. During that period, the Company realized 
sales dollar growth in all of its major product lines.  The Companys 
operating income more than doubled over this fiveyear period, increasing 
from $2.8 million, or 11.2% of net sales in 1993 to $6.1 million, or 14.3% 
of net sales in 1997.

The Company has experienced, and expects to continue experiencing, shifts in 
the relative sales and growth of its various products over time.  The 
Company believes that such shifts are in the ordinary course of business and 
are indicative of its focus on specific niche markets.  During the period from 
1993 to 1997, printed products sales rose from 22.9% to 38.0% of net sales.  
Pharmaceutical products sales declined from 25.6% in 1993 to 19.1% of net 
sales in 1997 due to the growth of other product lines.  Actual 
pharmaceutical product sales increased from $6.5 million in 1993 to $8.1 
million in 1997, or an increase of 24.9% over that fiveyear period.  
Security products sales increased from 6.7% in 1993 to 16.0% of net sales in 
1997.  Holographic products grew from 8.5% in 1993 to 13.4% of net sales in 
1997, primarily due to authentication sales and consumer products packaging.

The Companys gross profit reflects all direct product costs and direct labor, 
quality control, shipping and receiving, maintenance, process engineering, 
plant management, and a substantial portion of the Companys depreciation 
expense.  Selling, general and administrative expenses are primarily composed 
of sales representatives salaries and related expenses, commissions to sales 
representatives, advertising costs, management compensation and corporate 
audit and legal expense.  Research and development expenses include salaries 
of technical personnel, related depreciation and experimental materials.

Results of Operations

The following table sets forth, for the periods indicated, certain items from 
the Companys consolidated financial statements as a percentage of net sales 
for such period.







Quarter ended June 30,



Six Months Ended June 30, 




1998

1997

1998

1997


(Unaudited)



(Unaudited)












Net sales	
100.0 
%
100.0 
%
100.0 
%
100.0 
%
Cost of sales	
64.2 

62.4 

62.9 

60.7 

Gross profit	
35.8 

37.6 

37.1 

39.3 

Selling, general and administrative	
19.3 

22.0 

19.4 

20.8 

Research and development	
3.0 

3.7 

3.0 

3.4 

Operating income	
13.5 

11.9 

14.7 

15.1 

Interest expense and other	
0.6 

1.2 

1.0 

0.6 

Income before taxes and minority interest	
12.9 

10.7 

13.7 

14.5 

Provision for income taxes	
4.4 

3.9 

4.8 

5.5 

Minority interest	
1.0 

0.1 

1.1 

4.4 

Net income	
7.5 
%
6.7 
%
7.8 
%
8.6 
%





Quarter Ended June 30, 1998 Compared to Quarter Ended June 30, 1997

Net sales for the quarter ended June 30, 1998 increased 31.1% to $13.1 million, 
from $10.0 million for the quarter ended June 30, 1997.  Printed products 
sales increased 9.0% to $4.5 million, from $4.2 million primarily due to an 
increase in the Companys market share.  Pharmaceutical products sales 
decreased 1.7% to $2,099,000 million, from $2,135,000 million, primarily due 
to softness in the Asian market.  Security products (magstripe, signature 
panels, and tipping products for credit cards, and intaglio printed products) 
sales increased 139.9% to $2.6 million, from $1.1 million.  This increase 
comes primarily from sales increases in intaglio printed documents as a 
result of the Northern Bank Note acquisition.  Sales of simulated metal and 
other pigmented products decreased 22.1% to $1.1 million, from $1.5 million, 
as CFC exited markets in which it could not derive its historic margins.  
Holographic products sales increased 137.2% to $2.7 million for the quarter 
ended June 30, 1998, compared to $1.1 million for the quarter ended June 30, 
1997, primarily due to the increased demand for eyecatching holographic 
packaging.

Gross profit for the quarter ended June 30, 1998 increased 24.9% to $4.7 
million, from $3.8 million for the quarter ended June 30, 1997.  The increase 
in gross profit was attributable to growth in sales noted above, offset by 
the necessity to subcontract $600,000 of holographic sales, which resulted 
in a 10% gross margin to meet a customers delivery requirements.  To prevent 
this from reoccurring, the Company has ordered another holographic embosser 
and anticipates its installation to be completed in the fourth quarter of 
this year.  The gross profit margin for the quarter ended June 30, 1998 
decreased to 35.8% from 37.6% for the quarter ended June 30, 1997.  Although 
the Company does not fully allocate all costs on a product line basis, the 
Company believes that its gross profit margin typically is not substantially 
different for any of its major product categories except for the above noted 
subcontracted sales. Selling, general and administrative expenses for the 
quarter ended June 30, 1998 increased 15.3% to $2,535,000 from $2,199,000 
for the quarter ended June 30, 1997. This increase in expenses was primarily 
due to the Northern Bank Note acquisition in September 1997.  Selling, 
general, and administrative expenses for the quarter ended June 30, 1998 
decreased as a percentage of net sales to 19.3% from 22.0% for the quarter 
ended June 30, 1997.  Research and development expenses for the quarter 
ended June 30, 1998 increased 7.3% to $396,000 from $369,000 for the quarter 
ended June 30, 1997. This increase in expense was primarily due to an 
increase in R & D holographic staffing.  Research and development expense for 
the quarter ended June 30, 1998 decreased as a percentage of net sales to 
3.0%  from 3.7% for the quarter ended June 30, 1997.

Operating income for the quarter ended June 30, 1998 increased 48.0% to $1.8 
million, from $1.2 million for the quarter ended June 30, 1997.  Operating 
income for the quarter ended June 30, 1998 increased as a percentage of net 
sales to 13.5% from 11.9% for the quarter ended June 30, 1997.  This increase 
is primarily due to the increase in gross profit.

Interest expense for the quarter ended June 30, 1998 increased 96.5% to 
$173,000, from $88,000 for the quarter ended June 30, 1997.  This increase 
was primarily due to the financing of the acquisition of Northern Bank Note.

Income taxes for the quarter ended June 30, 1998 increased to $578,000 from 
$394,000 for the quarter ended June 30, 1997.  This was the result of the 
increase in operating income.

As a result of the foregoing, net income for the quarter ended June 30, 1998 
increased 46.9% to $980,000, from $667,000 for the quarter ended June 30, 1997.


Six months Ended June 30, 1998 Compared to Six months Ended June 30, 1997

Net sales for the six months ended June 30, 1998 increased 30.1% to $25.8 
million, from $19.8 million for the six months ended June 30, 1997.  Printed 
product sales increased 12.1% to $9.0 million, from $8.0 million primarily 
due to an increase in the Companys market share.  Pharmaceutical product sales 
increased 5.1% to $4.4 million from $4.2 million, primarily due to the 
inventory for a substantial Baxter Healthcare acquisition in Italy during the 
first quarter of this year.  Security product (magnetic stripe, signature 
panels and tipping products for transaction cards, and intaglio printed 
documents) sales increased 149.4% to $5.2 million, from $2.1 million.  This 
increase comes primarily from sales of $2.9 million resulting from the 
Northern Bank Note acquisition in September 1997.  Sales of simulated metal 
and other pigmented products decreased 12.0% to $2.6 million, from $2.9 
million, as CFC continues to focus on larger, higher margin accounts in this 
category.  Holographic product sales increased 78.8% to $4.5 million for the 
six months ended June 30, 1998, compared to $2.5 million for the six months 
ended June 30, 1997, primarily due to the increased sales to Graphic 
Packaging for holographic packaging material for a major beverage company, 
and other eyecatching holographic packaging applications.  Gross profit for 
the six months ended June 30, 1998 increased 22.7%  to $9.6 million, from 
$7.8 million for the six months ended June 30, 1997.  The increase in gross 
profit was primarily due to the increase in sales.  The gross profit margin 
for the six months ended June 30, 1998 decreased to 37.1% from 39.3% 
for the six months ended June 30, 1997.  This decrease in gross profit as a 
percentage of net sales was primarily caused by the necessity to subcontract 
$600,000 of holographic sales, which resulted in a 10% gross margin to meet 
the customers delivery requirements.  To prevent this from reoccurring, the 
Company has ordered another holographic embosser and anticipates its 
installation in the fourth quarter of this year.  Although the Company does 
not fully allocate all costs on a product line basis, the Company believes 
that its gross profit margin typically is not substantially different for any 
of its major product categories except for the above noted subcontracted sales.

Selling, general and administrative expenses for the six months ended June 30, 
1998 increased 21.6% to $5.0 million from $4.1 million for the six months 
ended June 30, 1997.  This increase in expense was primarily due to the 
Northern Bank Note acquisition.  Selling, general and administrative expenses 
for the six months ended June 30, 1998 decreased as a percentage of net sales 
to 19.4% from 20.8% for the six months ended June 30, 1997.  

Research and development expenses for the six months ended June 30, 1998 
increased 12.2% to $762,000 from $679,000 for the six months ended June 30, 
1997. This increase in expenses was primarily due to an increase  in R & D 
holographic resources.  Research and development expense for 
the six months ended June 30, 1998 decreased as a percentage of net sales, to 
3.0%  from 3.4% for the six months ended June 30, 1997.  

Operating income for the six months ended June 30, 1998 increased 26.7% to $3.8 
million, from $3.0 million for the six months ended June 30, 1997.  Operating 
income for the six months ended June 30, 1998 decreased as a percentage of net 
sales to 14.7% from 15.1% for the six months ended June 30, 1997.  This 
decrease is primarily due to a decrease in gross profit explained in the 
foregoing.

Interest expense for the six months ended June 30, 1998 increased 105.6% to 
$337,000, from $164,000 for the six months ended June 30, 1997.  This increase 
was primarily due to the financing of the Northern Bank Note acquisition.

Income taxes for the six months ended June 30, 1998 increased 14.8% to $1.2 
million from $1.1 million for the six months ended June 30, 1997.  This was 
primarily the result of the increase in operating income.


As a result of the foregoing, net income for the six months ended June 30, 1998 
increased 18.8% to $2.0 million, from $1.7 million for the six months ended June
30, 1997.  

Liquidity and Capital Resources

Working capital, consisting predominately of inventories and receivables, 
increased from $13.0 million at December 31, 1997 to $14.0 million at June 30, 
1998.  This increase was primarily caused by a $1,900,000 increase in trade 
receivables due to growth in the Companys sales, offset by a decrease in 
inventory of $600,000 primarily due to better utilization.  Cash increased from 
$1.8 million at December 31, 1997 to $2.9 million at June 30, 1998, primarily 
due to strong cash flow from operating activities.
 
During the first six months of 1998, the Company made no borrowings against the 
revolving credit agreement maintained with the Companys primary bank.  This 
agreement, which expires April 1, 1999, provides for unsecured borrowings.  
The Company believes that it has sufficient capital resources from 
funds generated from operations as well as available borrowing facilities to 
support its future capital needs.






SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned, thereunto duly authorized, on August 3, 1998.


	CFC INTERNATIONAL, INC.


			
	Dennis W. Lakomy
	Vice President, Chief Financial Officer,
	Secretary, and Treasurer
	(Principal Financial Officer)




				
	Jeffrey E. Norby
	Controller
	(Principal Accounting Officer)




CFC INTERNATIONAL, INC.
EXHIBITS


Exhibit
Number	Description of Exhibits

10.1a	Amended and Restated Loan Agreement dated April 1, 1998 between the 
Company and LaSalle Bank N.A. (f/k/a LaSalle Bank National Association), as 
amended (the Agreement), and related documents.

10.1b	Replacement Revolving Note dated April 1, 1998 between the Company and 
LaSalle Bank N.A., and related documents.

10.1c	Replacement Term Note dated April 1, 1998 between the Company and LaSalle 
Bank N.A., and related documents.

10.1d	Fifth Amendment to Mortgage and Assignment of Rents and Leases dated 
April 1, 1998 between the Company and LaSalle Bank N.A. (f/k/a LaSalle 
Northwest National Bank), and related documents.

10.1e	Second Amendment to Amended and Restated Security Agreement dated April 
1,1998 between the Company and LaSalle Bank N.A. (f/k/a LaSalle Northwest 
National Bank), and related documents.

10.1f	Replacement Revolving Credit Note dated April 1, 1998 between CFC 
Applied Holographics and LaSalle Bank N.A.

10.1g	Borrowing Base Letter dated April 1, 1998 between CFC CFC Applied 
Holographics and LaSalle Bank N.A.

10.1h	Amended and Restated Loan Agreement dated April 1, 1998 between CFC 
Applied Holographics and LaSalle Bank N.A. (a/k/a LaSalle Bank National 
Association), as amended (the Agreement), and related documents.

10.1i	First Amendment to Security Agreement dated April 1, 1998 between CFC 
Applied Holographics and LaSalle Bank N.A. (f/k/a LaSalle Northwest National 
Bank), as amended (the Amendment), and related documents.

10.1j	Reaffirmation of Guaranty dated April 1, 1998 between CFC Applied 
Holographics and LaSalle Northwest National Bank (n/k/a LaSalle Bank N.A.), 
as amended (the Credit Agreement), and related documents.



12

7