SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1994
-----------------------------------
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 1-2999
------------------------------
CHRIS-CRAFT INDUSTRIES, INC.
----------------------------
(Exact name of Registrant as specified in its charter)
Delaware 94-1461226
- ------------------------------- -------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
767 Fifth Avenue, New York, New York 10153
- ------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 421-0200
Indicate 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 October 31, 1994 there were 21,217,960 shares of the issuer's
Common Stock outstanding and 7,523,939 shares of the issuer's Class B
Common Stock outstanding.
<PAGE>
<TABLE>
PART I -- FINANCIAL INFORMATION
CHRIS-CRAFT INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars)
-------------------------------------
<CAPTION>
September 30, December 31,
1994 1993
---------- ----------
(UNAUDITED)
<S> <C> <C>
ASSETS
- ------
CURRENT ASSETS:
Cash and cash equivalents $ 254,850 $ 40,497
Marketable (substantially all U.S.
Government) securities 1,264,734 1,495,610
Accounts receivable, net 77,576 89,869
Film contract and prepaid broadcast rights 103,306 98,882
Prepaid expenses and other current assets 70,167 65,913
----------- -----------
Total current assets 1,770,633 1,790,771
----------- -----------
FILM CONTRACT AND PREPAID BROADCAST RIGHTS,
less current portion 70,010 87,197
----------- -----------
PROPERTY, PLANT AND EQUIPMENT, net 53,519 54,461
----------- -----------
INTANGIBLE ASSETS 330,945 333,925
----------- -----------
OTHER ASSETS 15,609 16,824
----------- -----------
$ 2,240,716 $ 2,283,178
=========== ===========
<PAGE>
LIABILITIES AND SHAREHOLDERS' INVESTMENT
- ----------------------------------------
CURRENT LIABILITIES:
Film contracts payable within one year $ 90,806 $ 112,798
Accounts payable and other liabilities 102,815 107,338
Income taxes payable 60,222 74,764
----------- -----------
Total current liabilities 253,843 294,900
----------- -----------
FILM CONTRACTS PAYABLE AFTER ONE YEAR 91,725 95,699
----------- -----------
OTHER LIABILITIES 9,929 18,737
----------- -----------
MINORITY INTEREST 583,685 615,615
----------- -----------
SHAREHOLDERS' INVESTMENT:
Prior preferred stock - $1.00 dividend; currently
authorized 73,399 shares; outstanding 73,399 shares 1,578 1,578
Convertible preferred stock - $1.40 dividend;
currently authorized 283,622 shares;
outstanding 283,622 and 297,946 shares 4,963 5,214
Class B common stock - par value $.50 per share;
authorized 50,000,000 shares; outstanding
7,672,888 and 7,379,866 shares 3,837 3,690
Common stock - par value $.50 per share; authorized
100,000,000 shares; outstanding 21,390,287 and
19,911,536 shares 11,486 10,747
Capital surplus 314,972 275,443
Retained earnings 982,328 961,555
Treasury stock, at cost (9,206) -
Reduction to reflect marketable
securities at fair value (8,424) -
----------- -----------
1,301,534 1,258,227
----------- -----------
$ 2,240,716 $ 2,283,178
=========== ===========
<FN>
The accompanying notes to condensed consolidated financial statements
are an integral part of these statements.
</TABLE>
<PAGE>
<TABLE>
CHRIS-CRAFT INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands of dollars except per share data)
(UNAUDITED)
-----------------------------------------------
<CAPTION>
Three Months Nine Months
Ended September 30, Ended September 30,
---------------------- ----------------------
1994 1993 1994 1993
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
OPERATING REVENUES $ 112,803 $ 106,725 $ 340,708 $ 323,287
---------- ---------- ---------- ----------
OPERATING EXPENSES:
Expenses directly associated with revenues 62,999 57,583 182,950 187,057
Selling, general and administrative 29,787 28,413 86,714 86,427
---------- ---------- ---------- ----------
92,786 85,996 269,664 273,484
---------- ---------- ---------- ----------
Operating income 20,017 20,729 71,044 49,803
---------- ---------- ---------- ----------
OTHER INCOME:
Interest and other income, net 16,995 10,696 46,297 26,799
Income associated with Time Warner
Inc. securities - 12,340 - 253,739
---------- ---------- ---------- ----------
16,995 23,036 46,297 280,538
---------- ---------- ---------- ----------
Income before income taxes
and minority interest 37,012 43,765 117,341 330,341
INCOME TAX PROVISION 2,200 20,000 36,500 130,500
---------- ---------- ---------- ----------
Income before minority interest 34,812 23,765 80,841 199,841
MINORITY INTEREST (12,390) (10,753) (30,121) (74,854)
---------- ---------- ---------- ----------
Net income $ 22,422 $ 13,012 $ 50,720 $ 124,987
========== ========== ========== ==========
Net income per share:
Primary $ .77 $ .45 $ 1.75 $ 4.42
========== ========== ========== ==========
Fully diluted $ .60 $ .35 $ 1.35 $ 3.33
========== ========== ========== ==========
3% STOCK 3% STOCK
DIVIDENDS PER COMMON SHARE NONE NONE DIVIDEND DIVIDEND
========== ========== ========== ==========
<FN>
The accompanying notes to condensed consolidated financial statements
are an integral part of these statements.
</TABLE>
<PAGE>
<TABLE>
CHRIS-CRAFT INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
(UNAUDITED)
-----------------------------------------------
<CAPTION>
Nine Months
Ended September 30,
----------------------
1994 1993
---------- ----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 50,720 $ 124,987
Adjustments to reconcile net income to net cash provided from
(used in) operating activities:
Film contract payments (92,279) (109,839)
Film contract amortization 72,124 73,150
Prepaid broadcast rights 6,284 (34,426)
Depreciation and other amortization 15,736 15,568
Gain on disposition of marketable securities - (219,349)
Minority interest 30,121 74,854
Other 681 4,444
Changes in assets and liabilities:
Accounts receivable 12,293 7,574
Other assets 1,055 (4,494)
Accounts payable and other liabilities (1,338) 11,061
Income taxes (7,330) 24,306
---------- ----------
Net cash provided from (used in) operating activities 88,067 (32,164)
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Dispositions (purchases) of marketable securities, net 201,077 (32,696)
Capital expenditures, net (8,555) (9,795)
Other (26) (3,624)
---------- ----------
Net cash provided from (used in) investing activities 192,496 (46,115)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital transactions of subsidiaries (69,368) (20,926)
Purchase of treasury stock (9,025) (7,989)
Proceeds from option exercises 12,638 2,423
Repayment of long term debt - (15,625)
BHC dividend to public shareholders - (15,893)
Other (455) (476)
---------- ----------
Net cash used in financing activities (66,210) (58,486)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 214,353 (136,765)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 40,497 177,013
---------- ----------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 254,850 $ 40,248
========== ==========
<FN>
The accompanying notes to condensed consolidated financial statements
are an integral part of these statements.
</TABLE>
<PAGE>
CHRIS-CRAFT INDUSTRIES, INC.
----------------------------
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
----------------------------------------------------
1. PRINCIPLES OF CONSOLIDATION:
The accompanying condensed consolidated financial statements
include the accounts of Chris-Craft Industries, Inc. and its
subsidiaries, including Chris-Craft's majority owned (72% at September
30, 1994) television broadcasting subsidiary, BHC Communications, Inc.,
and BHC's majority owned (55% at September 30, 1994) subsidiary, United
Television, Inc. (UTV). The pro rata interests of BHC and UTV minority
shareholders in the net income of the respective companies are
reflected in minority interest in the accompanying condensed
consolidated statements of income. The minority shareholders'
interests in the net assets of BHC and UTV are reflected as minority
interest in the accompanying condensed consolidated balance sheets.
Intercompany accounts and transactions have been eliminated.
The financial information included herein has been prepared by
Chris-Craft, without audit, pursuant to the rules and regulations of
the Securities and Exchange Commission. Certain information and
footnote disclosures normally included in financial statements prepared
in accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations. However,
Chris-Craft believes that the disclosures herein are adequate to make
the information presented not misleading. It is suggested that these
condensed financial statements be read in conjunction with the
financial statements and the notes thereto included in Chris-Craft's
latest annual report on Form 10-K. The information furnished reflects
all adjustments (consisting only of normal recurring adjustments) which
are, in the opinion of management, necessary to a fair statement of the
results for the interim periods. Certain amounts for 1993 have been
reclassified to conform to the 1994 presentation. The results for
these interim periods are not necessarily indicative of results to be
expected for the full year, due to seasonal factors, among others.
2. NEW ACCOUNTING STANDARD:
Effective January 1, 1994, Chris-Craft adopted Statement of
Financial Accounting Standards (SFAS) No. 115, "Accounting for Certain
Investments in Debt and Equity Securities." In accordance with SFAS
No. 115, prior period financial statements have not been restated to
reflect the change in accounting principle. Chris-Craft classifies its
marketable securities as available-for-sale.
At September 30, 1994, Chris-Craft's marketable securities, which
consisted substantially of U.S. Government securities, had a carrying
value of $1,287,652,000 and a fair value of $1,264,734,000. The
difference of $22,918,000 ($8,424,000 net of income taxes and minority
interest) is reflected as a reduction of shareholders' investment in
the accompanying condensed consolidated balance sheet. Of the
investments in U.S. Government securities, 61% mature within one year,
79% within two years and all within five years.
3. SHAREHOLDERS' INVESTMENT:
Chris-Craft paid 3% stock dividends on its common and Class B
common stock in the respective shares of such classes on April 4, 1994.
During the nine months ended September 30, 1994, 128,793 shares of
Class B common stock were converted into 128,793 shares of common
stock, and 14,324 shares of $1.40 convertible preferred stock were
converted into 226,390 shares of common stock and 195,244 shares of
Class B common stock. In addition, 776,848 shares of common stock,
including 261,698 shares held in treasury, were issued upon exercise of
stock options, and 261,698 shares of common stock were received in
partial payment of option exercises. During the nine month period,
256,600 shares of common stock were purchased by Chris-Craft, all of
which were held in treasury at September 30, 1994. As of September 30,
1994, 511,902 shares of common stock and 12,899 shares of $1.00 prior
preferred stock remained authorized for purchase.
As of September 30, 1994, shares of Chris-Craft's authorized but
unissued common stock were reserved for issuance as follows:
Shares
----------
Conversion of Class B common stock 7,672,888
Conversion of $1.40 convertible
preferred stock 8,534,248*
Stock options (including options
outstanding for 1,285,191 shares) 3,676,409
Stock purchase plan 20,000
----------
19,903,545
==========
*Including Class B common shares.
4. COMMITMENTS AND CONTINGENCIES:
Commitments of BHC's television stations for film contracts
entered into but not available for broadcasting at September 30, 1994
aggregated approximately $152.7 million, including $38.4 million
applicable to UTV.
BHC and the Paramount Television Group of Viacom, Inc. jointly
operate the United Paramount Network, a fifth television network
scheduled to premiere its initial four hours of prime time programming
in January 1995. The cost of launching the Network will be
significant. From July 1994 through January 1997, which includes both
the pre-launch and the first two years of Network operations, BHC has
agreed to make minimum expenditures on behalf of the Network of at
least $150,000,000. However, actual Network expenditures and related
operating losses for that period are anticipated to significantly
exceed that amount. Expenditures after that period are also expected
to be substantial. Network expenditures were not material in the third
quarter or nine month periods.
As set forth in Item 1 herein and Note 10 of Notes to Consolidated
Financial Statements in Chris-Craft's 1993 Annual Report, Chris-Craft
has been named as a defendant in certain actions seeking recovery for
environmental damage allegedly related to the activities (discontinued
since 1983) of 50% owned Montrose Chemical Corporation of California.
Chris-Craft is unable to determine the amount of its liability, if any,
relating to Montrose matters or whether any such liability would have a
material effect on Chris-Craft's future financial position or results
of operations.
5. INCOME PER SHARE:
Computations of income per share, all of which give retroactive
effect to the April 1994 3% stock dividend, are as follows (in
thousands of dollars except per share amounts):
<TABLE>
<CAPTION>
Three Months Nine Months
Ended September 30, Ended September 30,
-------------------------- --------------------------
1994 1993 1994 1993
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
PRIMARY:
- --------
Average outstanding common
and Class B common shares 28,681,268 27,805,069 28,563,520 27,725,797
Assumed exercise of
stock options 273,990 550,953 241,521 458,746
------------ ------------ ------------ ------------
Total shares used in
computation 28,955,258 28,356,022 28,805,041 28,184,543
============ ============ ============ ============
Net income $ 22,422 $ 13,012 $ 50,720 $ 124,987
Preferred stock
dividend requirements (117) (123) (354) (371)
------------ ------------ ------------ ------------
$ 22,305 $ 12,889 $ 50,366 $ 124,616
============ ============ ============ ============
Primary income per share $ .77 $ .45 $ 1.75 $ 4.42
============ ============ ============ ============
FULLY DILUTED:
- --------------
Average outstanding common
and Class B common shares 28,681,268 27,805,069 28,563,520 27,725,797
Assumed conversion of
$1.40 preferred stock 8,539,574 9,052,373 8,648,501 9,089,865
Assumed exercise of
stock options 349,662 653,325 362,535 713,434
------------ ------------ ------------ ------------
Total shares used in
computation 37,570,504 37,510,767 37,574,556 37,529,096
============ ============ ============ ============
Net income $ 22,422 $ 13,012 $ 50,720 $ 124,987
Preferred stock dividend
requirements (18) (18) (55) (55)
------------ ------------ ------------ ------------
$ 22,404 $ 12,994 $ 50,665 $ 124,932
============ ============ ============ ============
Fully diluted income
per share $ .60 $ .35 $ 1.35 $ 3.33
============ ============ ============ ============
</TABLE>
<PAGE>
CHRIS-CRAFT INDUSTRIES, INC.
----------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
------------------------------------
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
------------------------------------------------
Liquidity and Capital Resources
- -------------------------------
Chris-Craft's core operating cash flow is generated primarily by the
Television Division's broadcasting business. Television broadcasting
cash flow generally parallels the earnings of Chris-Craft's television
stations, adjusted to reflect (i) the difference between film contract
payments and related film contract amortization and (ii) the effect of
significant prepayments for other broadcast rights. The relationship
between film contract payments and related amortization may vary
greatly between periods (payments exceeded amortization by $20.2
million and $36.7 million, respectively, in the 1994 and 1993 nine
month periods), and is dependent upon the mix of programs aired and
payment terms of the stations' contracts. In the 1993 third quarter, a
Television Division station made a $34.4 million right prepayment, of
which $6.3 million was amortized in the first nine months of 1994.
Station earnings rose strongly in the first nine months of 1994, and
station cash flow increased 92%.
Chris-Craft's cash flow additionally reflects earnings associated with
its cash and marketable securities, most of which are held by its
majority owned broadcasting subsidiary, BHC Communications, Inc. Prior
to their disposition in 1993, substantial dividend income was realized
on BHC's large holdings of Time Warner Inc. convertible preferred
shares. Proceeds from the Time Warner dispositions were placed mostly
in money market instruments, primarily U.S. Government obligations,
having significantly lower yields than the securities disposed.
Total cash and marketable securities declined slightly to $1.52 billion
at September 30, 1994 from $1.54 billion at December 31, 1993, despite
operating cash flow in the nine month period of $88.1 million. Such
decline primarily reflects BHC treasury stock expenditures totalling
$60.9 million, Chris-Craft treasury stock expenditures of $9 million
and a $22.9 million reduction in the carrying value of marketable
securities to reflect their fair value.
BHC generates most of Chris-Craft's consolidated cash flow. Parent
company obligations consist solely of corporate office expenditures,
current and accrued. Parent company cash balances were augmented in
January 1993 upon the receipt of $36 million in dividends from BHC,
which paid a one-time special cash dividend of $2.00 per share. This
is the only dividend paid by BHC since it became a public company in
January 1990, and BHC has no current plan to pay future cash dividends.
Chris-Craft parent company cash balances are substantially in excess of
normal operating requirements, and Chris-Craft expects that the present
BHC dividend policy will not affect Chris-Craft's ability to meet
parent company current obligations.
Since April 1990, BHC's Board of Directors has authorized the purchase
of up to 5,500,000 Class A common shares. Through September 30, 1994,
4,380,477 shares have been purchased for a total cost of $254.1
million, including $54.7 million applicable to shares purchased in the
first nine months of 1994.
Chris-Craft intends to expand its operations in the media,
entertainment and communications industries and to explore business
opportunities in other industries. Chris-Craft currently has no
outstanding debt, and believes it is capable of raising significant
additional capital to augment its already substantial cash balances, if
desired, to fund such additional expansion.
BHC and the Paramount Television Group of Viacom, Inc. jointly operate
the United Paramount Network, a fifth television network scheduled to
premiere its initial four hours of prime time programming in January
1995. The cost of launching the Network will be significant. From
July 1994 through January 1997, which includes both the pre-launch and
the first two years of Network operations, BHC has agreed to make
minimum expenditures on behalf of the Network of at least $150,000,000.
However, actual Network expenditures and related operating losses for
that period are anticipated to significantly exceed that amount.
Expenditures after that period are also expected to be substantial.
Network expenditures were not material in the third quarter or nine
month periods.
Chris-Craft's television stations make commitments for programming that
will not be available for telecasting until future dates. At September
30, 1994, commitments for such programming totalled approximately
$152.7 million, including $38.4 million applicable to UTV. Chris-Craft
capital expenditures generally have not been material in relation to
its financial position, and the related commitments at September 30,
1994 (including any related to the Network) were not material. Chris-
Craft expects that its expenditures for the Network, future film
contract commitments and capital expenditure requirements for its
present business will be satisfied primarily from operations or from
current marketable securities or cash balances.
As set forth in Note 4 and Item 1, Chris-Craft has been named as a
defendant in certain actions seeking recovery for environmental damage
allegedly related to the activities (discontinued since 1983) of 50%
owned Montrose Chemical Corporation of California. Chris-Craft is
unable to determine the amount of its liability, if any, relating to
Montrose matters or whether any such liability would have a material
effect on Chris-Craft's future financial condition or results of
operations.
Results of Operations
- ---------------------
Chris-Craft third quarter net income increased 72% to $22,422,000, or
$.77 per share, from last year's $13,012,000, or $.45 per share. Net
income for the quarter included a $20,000,000 reversal of income taxes
previously accrued by BHC, and last year's net income included
$12,340,000 of income associated with BHC's former holdings of Time
Warner securities.
Net income for the first nine months of 1994 totalled $50,720,000, or
$1.75 per share, compared to $124,987,000 or $4.42 per share, last
year. Excluding BHC's income tax reversal and Time Warner income, nine
month net income totalled $41,321,000, or $1.42 per share, up 116% from
last year's $19,162,000, or $.67 per share.
Operating revenues and operating income for the third quarter and nine
month periods ended September 30, 1994 and 1993 are as follows (in
thousands):
Operating Revenues Operating Income
------------------ ------------------
1994 1993 1994 1993
-------- -------- -------- --------
Third Quarter
Television Division $107,259 $100,216 $ 25,003 $ 25,862
Industrial Division 5,544 6,509 (645) 24
Corporate and other - - (4,341) (5,157)
-------- -------- -------- --------
$112,803 $106,725 $ 20,017 $ 20,729
======== ======== ======== ========
Nine Months
Television Division $323,059 $302,996 $ 82,069 $ 62,476
Industrial Division 17,649 20,291 237 666
Corporate and other - - (11,262) (13,339)
-------- -------- -------- --------
$340,708 $323,287 $ 71,044 $ 49,803
======== ======== ======== ========
Earnings of the Television Division's core television station group
surpassed the corresponding prior year amount for the tenth consecutive
quarter. Television station revenues grew 7% in both third quarter and
nine month periods, reflecting generally strong demand for television
advertising time. Programming expenses rose modestly in the third
quarter, but declined 5% in the nine month period. Station earnings
accordingly increased 11% and 35% in the respective periods. Third
quarter Television Division operating income declined 3%, to
$25,003,000 from $25,862,000, primarily due to higher program
development expense. While programming development expense increased
$4,125,000 in the first nine months of 1994, Television Division
operating income for the period rose 31% to $82,069,000 from
$62,476,000 last year.
Industrial Division operating revenue declined 15% in the third quarter
and 13% in the nine month period, primarily reflecting the January 1994
sale of an unprofitable subsidiary. However, severe price competition
in key product lines and operating inefficiencies resulted in a third
quarter Industrial Division operating loss of $645,000 compared to
operating income of $24,000 in last year's third quarter. Third
quarter results were primarily responsible for a decline in nine month
Industrial Division operating income to $237,000 from $666,000 last
year.
Interest and other income increased to $16,995,000 from $10,696,000
in the third quarter, and to $46,297,000 from $26,799,000 in the nine
month period, primarily reflecting the placement of BHC's Time Warner
proceeds in money market instruments. In addition, Montrose related
expenses were insignificant during the 1994 periods but totalled
$4,444,000 in the first nine months of 1993.
Income associated with BHC's Time Warner securities reflects related
dividend and interest income, as well as gains on disposition of
$3,718,000 and $218,779,000, respectively, in the third quarter and
nine month periods.
The BHC income tax reversal followed the favorable resolution of
routine audits and reduced Chris-Craft's effective income tax rate to
6% from 46% in the third quarter, and to 31% from 40% in the nine month
period.
<PAGE>
CHRIS-CRAFT INDUSTRIES, INC.
----------------------------
PART II. OTHER INFORMATION AND SIGNATURE
----------------------------------------
Item 1. Legal Proceedings.
-----------------
In October 1994, the plaintiffs in United States of America,
et al. v. Montrose Chemical Corporation of California et al. produced
their expert reports, as ordered by the U.S. District Court. The
reports estimate alleged restoration damages to the coastal waters
surrounding the Palos Verdes Peninsula near Los Angeles ranging between
approximately $464 million and $1.1 billion, depending on which of
various potential restoration alternatives are considered. These
reports also estimate alleged "interim lost use values" of
approximately $575 million and assessment costs of approximately $24
million. Chris-Craft, along with Montrose, Zeneca and other
defendants, will, using their own expert testimony, vigorously
challenge these estimates. Chris-Craft and these defendants continue
to assert numerous other defenses to the plaintiffs' allegations.
In September 1994, Chris-Craft was notified by the U.S.
Environmental Protection Agency ("EPA") that it had designated the
Company as one of several potentially responsible parties in connection
with the Diamond Alkali Superfund Site on the Passaic River in Newark,
New Jersey. The EPA alleges that hazardous substances were released
into the Passaic River from a facility operated by a predecessor
company, to which Chris-Craft is a successor by merger. The facility
was sold by Chris-Craft in 1972. At the request of EPA, Maxus Energy
Corporation, the former owner of the Diamond Alkali property, is
currently performing a feasibility study to determine the extent of
contamination in the area and to evaluate possible corrective actions.
At the present time Chris-Craft is unable to determine whether it has
any liability relating to the site, and EPA has declined to provide
Chris-Craft with any estimate of the cost of the feasibility study
currently underway.
<PAGE>
Item 6. Exhibits and Reports on Form 8-K.
---------------------------------
(a) The following exhibits are filed herewith:
Exhibit No. Description
----------- -----------
27 Financial Data Schedule
(b) No report on Form 8-K was filed during the quarter for
which this report is filed.
SIGNATURE
---------
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.
CHRIS-CRAFT INDUSTRIES, INC.
----------------------------
(Registrant)
By: /s/ JOELEN K. MERKEL
----------------------------
Joelen K. Merkel
Vice President and Treasurer
(Principal Accounting Officer)
Date: November 14, 1994
<PAGE>
EXHIBIT INDEX
Incorporated by
Reference to: Exhibit No. Exhibit
- ------------- ----------- -------
27 Financial Data Schedule
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> 12/31/94
<PERIOD-END> 09/30/94
<CASH> 254850
<SECURITIES> 1264734
<RECEIVABLES> 84641
<ALLOWANCES> 7065
<INVENTORY> 2710
<CURRENT-ASSETS> 1770633
<PP&E> 135730
<DEPRECIATION> 82211
<TOTAL-ASSETS> 2240716
<CURRENT-LIABILITIES> 253843
<BONDS> 0
0
6541
<COMMON> 15323
<OTHER-SE> 1279670
<TOTAL-LIABILITY-AND-EQUITY> 2240716
<SALES> 17649
<TOTAL-REVENUES> 340708
<CGS> 14000
<TOTAL-COSTS> 269664
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 117341
<INCOME-TAX> 36500
<INCOME-CONTINUING> 50720
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 50720
<EPS-PRIMARY> 1.75
<EPS-DILUTED> 1.35
</TABLE>
