SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
ACTION INDUSTRIES INC.
(Name of Issuer)
Common Stock, $.10 par value
(Title of Class of Securities)
005041108
(CUSIP Number)
JOSEPH GIAMANCO
74 TRINITY PLACE
NEW YORK, NEW YORK 10006
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
September 13, 1996
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box: / /
Page 1 of 8 pages
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SCHEDULE 13D
CUSIP No. 5041108 Page 2 of 8 Pages
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JOSEPH GIAMANCO
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) /__/
(b) SEE ITEM 5
3) SEC USE ONLY
4) SOURCE OF FUNDS
PF
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
/__/
6) CITIZENSHIP OR PLACE OF ORGANIZATION
USA
7) SOLE VOTING POWER
339,500
NUMBER
OF 8) SHARED VOTING POWER
SHARES N/A
BENEFICIALLY
OWNED BY 9) SOLE DISPOSITIVE POWER
EACH 339,500
REPORTING
PERSON 10) SHARED DISPOSITIVE POWER
WITH N/A
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
339,500
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
SEE ITEM 5 /__/
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
14) TYPE OF REPORTING PERSON
IN
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Schedule 13D
Item 1. Security and Issuer.
This Statement on Schedule 13D (the "Statement") relates to the Common
Stock, $.10 par value (the "Common Stock"), of Action Industries Inc., a
Pennsylvania corporation (the "Company"). The principal executive offices of the
Company are located at 460 Nixon Road, Cheswick, PA 15024-1098.
Item 2. Identity and Background.
(a) - (c) This Statement is being filed by Joseph Giamanco (the
"Reporting Person"). Mr. Giamanco is the Chief Executive Officer of GHM Inc., a
specialist member firm of the American Stock Exchange. Mr. Giamanco's business
address is c/o GHM Inc., 74 Trinity Place, New York, New York, 10016.
-3-
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(d) - (e) During the last five years, the Reporting Person, has not
been convicted in a criminal proceeding (excluding traffic violations and
similar misdemeanors) or has not been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, Federal
or state securities laws or finding any violation with respect to such laws.
(f) The Reporting Person is a natural person identified in this Item 2
and is a citizen of the United States.
Item 3. Source and Amount of Funds or Other Consideration.
The cost of the shares of Common Stock reported owned by the Reporting
Person was funded out of personal funds.
Item 4. Purpose of Transaction.
The Reporting Person acquired beneficial ownership of the shares of
Common Stock to which this Statement relates for investment.
-4-
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The Reporting Person may acquire additional shares of Common Stock or
other securities of the Company or sell or otherwise dispose of any or all of
the shares of Common Stock or other securities of the Company owned by him. The
Reporting Person may take any other action with respect to the Company or any of
its debt or equity securities in any manner permitted by law.
Except as disclosed in this Item 4, the Reporting Person has no
current plans or proposals which relate to or would result in any of the events
described in Items (a) through (j) of the instructions to Item 4 of Schedule
13D.
Item 5. Interest in Securities of the Issuer.
(a)-(b) The Reporting Person has sole beneficial ownership of an
aggregate of 339,500 shares of Common Stock, representing approximately 6.1% of
the outstanding shares of Common Stock (based upon 5,539,458 shares of Common
Stock reported outstanding as of 11/11/96 in the Company's Quarterly Report on
Form 10-Q for the quarter ended September 30, 1996). The foregoing does not
include 15,500 shares owned by Mr. Giamanco's adult children, as to which Mr.
Giamanco disclaims beneficial ownership.
-5-
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(c) Except as set forth on Schedule I, the Reporting Person has not
effected any transactions in the Common Stock during the past 60 days. All
transactions reported on Schedule I were effected in the open market.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or relationships with Respect
to Securities of the Issuer.
Not applicable.
Item 7. Material to be Filed as Exhibits.
Not applicable.
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SIGNATURE
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
Statement is true, complete and correct.
Dated: December 4, 1996
/s/ JOSEPH GIAMANCO
-------------------
JOSEPH GIAMANCO
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SCHEDULE I
TRANSACTIONS IN COMMON
STOCK OF ACTION INDUSTRIES, INC.
Shares Purchased by JOSEPH GIAMANCO
Number of
Shares Price per Total
Date Purchased share Cost
---- --------- ----- ----
08/05/96 1,000 $2.0225 $2,022.50
08/05/96 1,000 2.085 2,085.01
09/04/96 5,000 1.6465 8,232.27
09/04/96 7,000 1.7695 12,386.29
09/04/96 3,000 1.77 5,308.40
09/04/96 2,500 2.27 5,681.33
09/04/96 2,500 2.15 5,368.79
09/04/96 2,000 2.0895 4,170.02
09/04/96 5,000 1.83 9,169.88
09/05/96 10,000 1.64 16,444.53
09/05/96 15,000 1.80 27,000.00
09/09/96 1,000 2.085 2,085.01
09/09/96 500 2.0225 1,011.25
09/09/96 2,000 1.96 3,920.00
09/13/96 4,700 1.8342 8,620.89
09/13/96 300 1.835 550.49
09/13/96 2,300 1.8975 4,364.21
09/13/96 1,800 1.8975 3,415.48
09/13/96 48,800 1.7375 84,790.00
09/13/96 1,100 1.8975 2,087.23
09/16/96 100 1.71 171.00
09/16/96 1,000 1.77 1,772.47
09/16/96 1,200 1.15 2,201.97
09/16/96 3,000 1.83 5,317.41
09/16/96 3,600 1.77 6,380.89
10/10/96 1,000 1.71 1,710.62
10/01/96 300 1.835 550.49
10/01/96 2,200 1.835 4,036.95
10/01/96 200 1.835 367.00
10/02/96 100 1.835 183.50
10/03/96 1,000 1.8975 1,897.48
10/04/96 4,000 1.8975 7,589.93
10/08/96 2,500 1.835 4,587.44
10/09/96 1,600 1.7725 2,835.95
10/10/96 2,500 1.6475 4,118.63
10/10/96 500 1.7106 855.32
10/15/96 2,200 1.5224 3,349.36
10/16/96 800 1.5224 1,217.95
10/18/96 2,000 1.3349 2,669.83
10/18/96 30,000 1.05 31,500.00
10/18/96 5,000 1.2349 6,174.50
======== ====== ========
Total _______ ______ $__________
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SCHEDULE I (Cont.)
TRANSACTIONS IN COMMON
STOCK OF ACTION INDUSTRIES, INC.
Shares Sold by JOSEPH GIAMANCO
Number of Price per Total
Date Share Sold share Cost
---- --------- ----- ----
09/06/96 3,000 $1.73 $52186.37
09/06/96 2,500 1.73 4,321.97
09/06/96 2,500 1.73 4,321.97
09/06/96 2,000 1.73 3,457.58
09/06/96 5,000 1.73 8,643.58
09/06/96 10,000 1.73 17,287.91
09/13/96 2,000 1.73 3,434.94
09/13/96 900 1.79 1,610.96
09/30/96 1,100 1.91 2,108.52
09/30/96 100 1.91 191.98
09/30/96 1,000 1.91 1,916.84
09/30/96 1,200 1.91 2,300.21
09/30/96 500 1.91 5,250.52
09/30/96 3,600 1.93 6,900.63
10/14/96 1,000 1.71 1,710.62
======== ====== ========
Total _______ ______ $__________
