[NOTIFY] 74741,1326
[RETURN-COPY] E-MAIL
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 June 30, 1995
--------------------------------
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 June 30, 1995 there were 21,304,691 shares of the issuer's
Common Stock outstanding and 7,676,355 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>
June 30, December 31,
1995 1994
----------- ------------
(UNAUDITED)
<S> <C> <C>
ASSETS
- ------
CURRENT ASSETS:
Cash and cash equivalents $ 118,621 $ 226,183
Marketable securities (substantially
all U.S. Government securities) 1,383,077 1,294,278
Accounts receivable, net 95,413 99,775
Film contract and prepaid broadcast rights 69,454 89,245
Prepaid expenses and other current assets 42,184 59,478
----------- -----------
Total current assets 1,708,749 1,768,959
----------- -----------
FILM CONTRACT AND PREPAID BROADCAST RIGHTS,
less current portion 49,424 59,228
----------- -----------
PROPERTY, PLANT AND EQUIPMENT, net 48,340 51,624
----------- -----------
INTANGIBLE ASSETS 325,062 329,517
----------- -----------
OTHER ASSETS 43,988 22,889
----------- -----------
$ 2,175,563 $ 2,232,217
=========== ===========
<PAGE>
LIABILITIES AND SHAREHOLDERS' INVESTMENT
- ----------------------------------------
CURRENT LIABILITIES:
Film contracts payable within one year $ 70,813 $ 81,696
Accounts payable and other liabilities 86,092 100,984
Income taxes payable 55,994 60,877
----------- -----------
Total current liabilities 212,899 243,557
----------- -----------
FILM CONTRACTS PAYABLE AFTER ONE YEAR 78,857 89,048
----------- -----------
OTHER LIABILITIES 9,097 9,192
----------- -----------
MINORITY INTEREST 569,113 584,202
----------- -----------
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 281,366 shares;
outstanding 281,366 and 282,826 shares 4,924 4,949
Class B common stock - par value $.50 per share;
authorized 50,000,000 shares; outstanding
7,676,355 and 7,567,821 shares 3,838 3,784
Common stock - par value $.50 per share; authorized
100,000,000 shares; outstanding 21,784,491 and
20,979,174 shares 11,683 11,280
Capital surplus 323,486 298,090
Retained earnings 973,903 996,331
Treasury stock, at cost (16,564) -
Adjustment to reflect marketable
securities at market value 2,749 (9,794)
----------- -----------
1,305,597 1,306,218
----------- -----------
$ 2,175,563 $ 2,232,217
=========== ===========
<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 Six Months
Ended June 30, Ended June 30,
---------------------- ----------------------
1995 1994 1995 1994
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
OPERATING REVENUES $ 125,234 $ 126,130 $ 233,943 $ 227,905
---------- ---------- ---------- ----------
OPERATING EXPENSES:
Expenses directly associated with revenues 55,397 63,563 109,386 119,951
Selling, general and administrative 32,633 28,919 63,573 56,927
---------- ---------- ---------- ----------
88,030 92,482 172,959 176,878
---------- ---------- ---------- ----------
Operating income 37,204 33,648 60,984 51,027
---------- ---------- ---------- ----------
OTHER INCOME (EXPENSE):
Interest and other income, net 18,933 15,403 39,753 29,302
Equity in United Paramount Network loss (28,709) - (67,112) -
---------- ---------- ---------- ----------
(9,776) 15,403 (27,359) 29,302
---------- ---------- ---------- ----------
Income before income taxes
and minority interest 27,428 49,051 33,625 80,329
INCOME TAX PROVISION 13,100 21,000 15,600 34,300
---------- ---------- ---------- ----------
Income before minority interest 14,328 28,051 18,025 46,029
MINORITY INTEREST (7,972) (10,929) (11,355) (17,731)
---------- ---------- ---------- ----------
Net income $ 6,356 $ 17,122 $ 6,670 $ 28,298
========== ========== ========== ==========
Net income per share:
Primary $ .21 $ .57 $ .22 $ .95
========== ========== ========== ==========
Fully diluted $ .17 $ .44 $ .17 $ .73
========== ========== ========== ==========
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>
Six Months
Ended June 30,
----------------------
1995 1994
---------- ----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 6,670 $ 28,298
Adjustments to reconcile net income to net cash
provided from operating activities:
Film contract payments (45,323) (66,453)
Film contract amortization 40,778 48,249
Depreciation and other amortization 10,110 10,472
Equity in United Paramount Network loss 67,112 -
Minority interest 11,355 17,731
Other 4,957 (418)
Changes in assets and liabilities:
Accounts receivable 4,362 (4,088)
Other assets (3,631) (2,897)
Accounts payable and other liabilities (2,709) 1,616
Income taxes (3,021) 13,866
---------- ----------
Net cash provided from operating activities 90,660 46,376
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Dispositions (purchases) of marketable securities, net (58,866) 158,875
Investment in and advances to United Paramount Network (83,445) -
Capital expenditures, net (2,165) (5,589)
Other (869) (178)
---------- ----------
Net cash provided from (used in) investing activities (145,345) 153,108
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital transactions of subsidiaries (36,422) (59,197)
Purchase of treasury stock (16,888) (5,855)
Proceeds from option exercises 667 7,633
Other (234) (238)
---------- ----------
Net cash used in financing activities (52,877) (57,657)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (107,562) 141,827
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 226,183 40,497
---------- ----------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 118,621 $ 182,324
========== ==========
<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 (73% at June
30, 1995) television broadcasting subsidiary, BHC Communications,
Inc., and BHC's majority owned (56% at June 30, 1995) 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 consolidated 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 1994 have been reclassified
to conform to the 1995 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. MARKETABLE SECURITIES:
In accordance with Statement of Financial Accounting
Standards (SFAS) No. 115, "Accounting for Certain Investments in
Debt and Equity Securities", Chris-Craft classifies its
marketable securities as available-for-sale.
At June 30, 1995, Chris-Craft's marketable securities, which
consisted substantially of U.S. Government securities, had a
carrying value of $1,378,014,000 and a fair value of
$1,383,077,000. The difference of $5,063,000 ($2,749,000 net of
income taxes and minority interests) is reflected as an
adjustment to shareholders' investment in the accompanying
condensed consolidated balance sheet. Of the investments in U.S.
Government securities, 80% mature within one year, 92% within two
years and all within five years.
At December 31, 1994, Chris-Craft's marketable securities,
which consisted substantially of U.S. Government securities, had
a carrying value of $1,319,763,000 and a fair value of
$1,294,278,000. The difference of $25,485,000 ($9,794,000 net of
income taxes and minority interests) is reflected as an
adjustment to shareholders' investment in the accompanying
condensed consolidated balance sheet.
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, 1995. During the six months ended June 30, 1995, 120,657
shares of Class B common stock were converted into 120,657 shares
of common stock, and 1,460 shares of $1.40 convertible preferred
stock were converted into 41,058 shares of common stock and 3,677
shares of Class B common stock. In addition, 23,051 shares of
common stock were issued upon exercise of stock options. During
the six month period, 479,800 shares of common stock were
purchased by Chris-Craft, all of which were held in treasury at
June 30, 1995. As of June 30, 1995, 1,226,502 shares of common
stock and 12,899 shares of $1.00 prior preferred stock remained
authorized for purchase.
As of June 30, 1995, shares of Chris-Craft's authorized but
unissued common stock were reserved for issuance as follows:
Shares
----------
Conversion of Class B common stock 7,676,355
Conversion of $1.40 convertible
preferred stock 8,720,353*
Stock options (including options
outstanding for 1,829,593 shares) 3,560,323
----------
19,957,031
==========
*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 June 30, 1995
aggregated approximately $180.2 million, including $46.1 million
applicable to UTV.
In July 1994, BHC and Viacom Inc.'s Paramount Television
Group formed the United Paramount Network, a fifth broadcast
television network which premiered January 1995. BHC currently
owns 100% of UPN, and Paramount has an option exercisable through
January 15, 1997 to acquire an interest in UPN equal to that of
BHC. The option price is equivalent to approximately one-half of
BHC's aggregate cash contributions to UPN through the exercise
date, plus interest; payment may be deferred through the option
expiration date. The cost of developing UPN will be significant,
and BHC has agreed to make minimum UPN expenditures of at least
$150,000,000 through 1996. Network expenditures and related
operating losses are expected to significantly exceed such amount
for that period, and to remain substantial thereafter.
As set forth in Item 1 herein and Note 9 of Notes to
Consolidated Financial Statements in Chris-Craft's 1994 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 does
not presently consider liability to be "probable" in any of the
Montrose-related matters, and no amount has been reserved in
Chris-Craft's financial statements.
5. INCOME PER SHARE:
Computations of income per share, all of which give
retroactive effect to the April 1995 3% stock dividend, are as
follows (in thousands of dollars except per share amounts):
<TABLE>
<CAPTION>
Three Months Six Months
Ended June 30, Ended June 30,
------------------------- ------------------------
1995 1994 1995 1994
----------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
PRIMARY:
- --------
Average outstanding common
and Class B common shares 29,000,405 29,554,107 29,137,157 29,359,785
Assumed exercise of stock options 125,655 191,252 144,296 233,472
----------- ----------- ----------- -----------
Total shares used in computation 29,126,060 29,745,359 29,281,453 29,593,257
=========== =========== =========== ===========
Net income $ 6,356 $ 17,122 6,670 $ 28,298
Preferred stock dividend requirements (117) (118) (234) (237)
----------- ----------- ----------- -----------
$ 6,239 $ 17,004 6,436 28,061
=========== =========== =========== ===========
Primary income per share $ .21 $ .57 $ .22 $ .95
=========== =========== =========== ===========
FULLY DILUTED:
- --------------
Average outstanding common
and Class B common shares 29,000,405 29,554,107 29,137,157 29,359,785
Assumed conversion of
$1.40 preferred stock 8,737,307 8,813,272 8,744,095 8,964,053
Assumed exercise of stock options 179,688 230,399 180,624 255,008
----------- ----------- ----------- -----------
Total shares used in computation 37,917,400 38,597,778 38,061,876 38,578,846
=========== =========== =========== ===========
Net income $ 6,356 $ 17,122 $ 6,670 $ 28,298
Preferred stock dividend requirements (19) (19) (37) (37)
----------- ----------- ----------- -----------
$ 6,337 $ 17,103 $ 6,633 $ 28,261
=========== =========== =========== ===========
Fully diluted income per share $ .17 $ .44 $ .17 $ .73
=========== =========== =========== ===========
</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 $4.5 million
and $18.2 million, respectively, in the first six months of 1995
and 1994), and is dependent upon the mix of programs aired and
payment terms of the stations' contracts. Station earnings rose
16% in the first six months of 1995, and station cash flow
increased 45% from the corresponding 1994 amount.
Chris-Craft's cash flow additionally reflects earnings associated
with its cash and marketable securities, most of which are held
by 73% owned television broadcasting subsidiary, BHC
Communications, Inc. Consolidated cash and marketable securities
totalled $1.50 billion at June 30, 1995 and $1.52 billion at
December 31, 1994. First six months operating cash flow of $90.7
million was offset by United Paramount Network funding of $83.4
million, BHC and UTV treasury stock purchases totalling $28.8
million and Chris-Craft treasury stock purchases of $16.9
million.
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 special cash dividend of $2.00
per share, and were augmented in April 1995 upon the receipt of
$18 million in dividends from BHC, which paid a special cash
dividend of $1.00 per share. BHC has no plan to pay dividends on
a regular basis. Chris-Craft parent company cash balances are
substantially in excess of normal operating requirements.
Since April 1990, BHC's Board of Directors has authorized the
purchase of up to 5,500,000 Class A common shares. Through June
30, 1995, 4,730,787 shares had been purchased for a total cost of
$280.1 million, including $14.9 million applicable to shares
purchased in the first six months of 1995. Chris-Craft ownership
in BHC accordingly increased to 73% at June 30, 1995 from 60% at
December 31, 1989.
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 financial resources, if desired, to fund such
additional expansion.
In July 1994, BHC and Viacom Inc.'s Paramount Television Group
formed the United Paramount Network, a fifth broadcast television
network which premiered January 1995. BHC currently owns 100% of
UPN, and Paramount has an option through January 15, 1997 to
acquire an interest in UPN equal to that of BHC. The option
price is equivalent to approximately one-half of BHC's aggregate
cash contributions to UPN through the exercise date, plus
interest; payment may be deferred through the option expiration
date. BHC expenditures related to UPN totalled $83.4 million in
the first six months of 1995. The cost of developing UPN will be
significant, and BHC has agreed to make minimum UPN expenditures
of at least $150 million through 1996. UPN expenditures and
related operating losses are expected to significantly exceed
such amount for that period, and to remain substantial
thereafter.
Chris-Craft's television stations make commitments for
programming that will not be available for telecasting until
future dates. At June 30, 1995, commitments for such programming
totalled approximately $180.2 million, including $46.1 million
applicable to UTV. Chris-Craft capital expenditures generally
have not been material in relation to its financial position, and
the related capital expenditure commitments at June 30, 1995
(including any related to UPN) were not material. Chris-Craft
expects that its expenditures for UPN, future film contract
commitments and capital requirements for its present business
will be satisfied primarily from operations, marketable
securities or cash balances.
Results of Operations
- ---------------------
Chris-Craft second quarter operating results reflect record
television station earnings and a substantial increase in
interest income. However, UPN start-up losses resulted in a
decline in net income, to $6,356,000, or $.21 per share, compared
to $17,122,000, or $.57 per share, in last year's period.
Excluding UPN, net income increased 11% to $19,051,000, or $.65
per share.
Chris-Craft achieved substantial increases in station earnings
and interest income for the first six months of 1995. However,
due to UPN start-up losses, Chris-Craft net income for the period
declined to $6,670,000, or $.22 per share, from $28,298,000, or
$.95 per share, last year. Excluding UPN, Chris-Craft net income
for the six months increased 28%, to $36,186,000, or $1.23 per
share.
Operating revenues and operating income for the second quarter
and six month periods ended June 30, 1995 and 1994 are as follows
(in thousands):
Operating Revenues Operating Income
------------------ ------------------
1995 1994 1995 1994
-------- -------- -------- --------
Second Quarter
Television Division $120,953 $119,832 $ 41,331 $ 36,790
Industrial Division 4,281 6,298 515 430
Corporate and other - - (4,642) (3,572)
-------- -------- -------- --------
$125,234 $126,130 $ 37,204 $ 33,648
======== ======== ======== ========
Six Months
Television Division $225,428 $215,800 $ 67,578 $ 57,066
Industrial Division 8,515 12,105 870 882
Corporate and other - - (7,464) (6,921)
-------- -------- -------- --------
$233,943 $227,905 $ 60,984 $ 51,027
======== ======== ======== ========
Television station earnings increased 7% in the second quarter to
$45,683,000 from $42,863,000 last year, as operating revenues
rose less than 1% and programming expenses declined 8%. The
moderate increase in revenues reflects varying demand for
television advertising in our local markets, as well as
disappointing major league baseball telecasts. Station earnings
for the first six months of 1995 increased 16%, to $78,386,000
from $67,501,000, reflecting a 4% increase in operating revenues
and a 7% decline in programming expenses. After program
development expenses, goodwill amortization and corporate office
expenses of BHC and UTV, Television Division operating income
rose 12% in the second quarter, to $41,331,000 from $36,790,000,
and 18% in the six month period, to $67,578,000 from $57,066,000.
Industrial Division earnings rose modestly in the second quarter
and were about even in the six month periods as revenue declines
of 32% and 30% in the respective periods reflect the closing of
an unprofitable facility. After Chris-Craft corporate office
expenses, consolidated operating income rose 11% in the second
quarter, to $37,204,000 from $33,648,000, and 20% in the six
months, to $60,984,000 from $51,027,000.
UPN's pretax losses of $28,709,000 in the second quarter and
$67,112,000 in the six month period are reflected in Chris-
Craft's financial statements under the equity method. UPN is in
its infancy, and will incur substantial start-up losses for
several years.
Interest and other income increased to $18,933,000 from
$15,403,000 in the second quarter, and to $39,753,000 from
$29,302,000 in the six month period, primarily reflecting higher
interest rates on Chris-Craft's substantial money market
holdings.
<PAGE>
CHRIS-CRAFT INDUSTRIES, INC.
----------------------------
PART II. OTHER INFORMATION
--------------------------
Item 1. Legal Proceedings.
------------------
As previously reported, on March 22, 1995, the U.S.
District Court in United States of America, et al. v. Montrose
Chemical Corporation of California, et al. granted the
defendants' motion for summary judgment on the first cause of
action in the case, ruling that the government's claim for
natural resource damages was barred by the applicable statute of
limitations. The effect of this ruling is to dismiss the natural
resource damages claim in the action, while the second claim,
seeking recovery for alleged contamination at the former Montrose
plant site in Torrance, California, will continue to be
litigated. In addition, the Court ruled on other motions that
the Comprehensive Environmental Response, Compensation and
Liability Act ("CERCLA") would limit the collective maximum
liability of Montrose, Chris-Craft and the Zeneca Affiliates for
natural resource damages to $50 million and further that the
government would bear the burden of proving that any damages that
occurred before CERCLA's enactment in 1980 are indivisible from
post-enactment damages. The District Court certified its rulings
for appeal, and on May 22, 1995 the U.S. Court of Appeals for the
Ninth Circuit accepted the appeal. Although the Ninth Circuit
indicated it would hear the appeal on an expedited basis, no
briefing schedule has yet been established. Montrose, Chris-
Craft and the Zeneca Affiliates will vigorously defend the
District Court's rulings in the appeal, but the timing or outcome
of the appeal cannot be predicted at this time.
Item 4. Submission of Matters to a Vote of Security Holders.
----------------------------------------------------
The following matters were submitted to a vote of security
holders at the Registrant's annual meeting of stockholders which
was held on April 27, 1995.
The following were elected directors, each receiving the
numbers of votes set opposite his name:
Broker
For Withheld Non-votes
--- -------- ---------
T. Chandler Hardwick, III 118,714,422.9 801,193.3 -0-
David F. Linowes 118,712,193.0 803,423.2 -0-
Alvin R. Rozelle 118,061,364.1 1,454,252.1 -0-
Herbert J. Siegel 118,729,386.0 786,230.2 -0-
A stockholder's proposal relating to inclusion of women and
minorities on the Board of Directors was disapproved by the
following vote:
Broker
For Against Abstain Non-votes
--- ------- ------- ---------
3,138,365.7 109,704,550.8 2,479,763.6 4,192,936.1
The selection of Price Waterhouse LLP as Chris-Craft's
auditors for the current year was ratified by the following vote:
Broker
For Against Abstain Non-votes
--- ------- ------- ---------
118,869,866.2 426,418.5 219,331.5 -0-
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.
<PAGE>
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: July 27, 1995
<PAGE>
EXHIBIT INDEX
Incorporated by
Reference to: Exhibit No. Exhibit
- ------------- ----------- -------
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 118621
<SECURITIES> 1383077
<RECEIVABLES> 102898
<ALLOWANCES> 7485
<INVENTORY> 2564
<CURRENT-ASSETS> 1708749
<PP&E> 134113
<DEPRECIATION> 85773
<TOTAL-ASSETS> 2175563
<CURRENT-LIABILITIES> 212899
<BONDS> 0
0
6502
<COMMON> 15521
<OTHER-SE> 1283574
<TOTAL-LIABILITY-AND-EQUITY> 2175563
<SALES> 8515
<TOTAL-REVENUES> 233943
<CGS> 5767
<TOTAL-COSTS> 172959
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 33625
<INCOME-TAX> 15600
<INCOME-CONTINUING> 6670
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6670
<EPS-PRIMARY> .22
<EPS-DILUTED> .17
</TABLE>
