SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 33)
Under the Securities Exchange Act of 1934
HI-SHEAR INDUSTRIES, INC.
(Name of Issuer)
Common Stock Par Value $0.10 Per Share
(Title of Class and Securities)
428399109
(CUSIP Number of Class of Securities)
J. Hamilton Crawford, Jr., Gabelli Funds, Inc.,
One Corporate Center Rye, NY 10580-1434 (914) 921-5128
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
June 20, 1995
(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 State-
ment because of Rule 13D-1(b)(3) or (4), check the following
box: ____
/___/
Check the following box if a fee is being paid with this Statement:
____
/ /
<PAGE>
CUSIP No. 428399109 13D
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Gabelli Funds, Inc. I.D. No. 13-3056041
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(b) /___/
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) SOURCE OF FUNDS*
WC
_________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) _____
/ x /
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_________________________________________________________________
: (7) SOLE VOTING POWER
: 253,500 (Item 5)
:________________________
: (8) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None (Item 5)
OWNED BY EACH REPORTING :________________________
PERSON WITH : (9) SOLE DISPOSITIVE
: POWER
: 253,500 (Item 5)
:________________________
:(10) SHARED DISPOSITIVE
: POWER
: None (Item 5)
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
253,500 (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES* _____
/ x /
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.32%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
HC
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
______________________________________
CUSIP No. 428399109 13D
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
GAMCO Investors, Inc. I.D. No. 13-2951242
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(b) /___/
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) SOURCE OF FUNDS*
OO: Funds of investment advisory clients
_________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ____
/x___/
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_________________________________________________________________
: (7) SOLE VOTING POWER
: 1,669,340 (Item 5)
:________________________
: (8) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None
OWNED BY EACH REPORTING :________________________
PERSON WITH : (9) SOLE DISPOSITIVE
: POWER
: 1,923,740 (Item 5)
:________________________
:(10) SHARED DISPOSITIVE
: POWER
: None
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,923,740 (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES* ____
/___/
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
32.86%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
IA
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 428399109 13D
_________________________________________________________________ (1)
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Mario J. Gabelli I.D. No. ###-##-####
_________________________________________________________________ (2)
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(b) /___/
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) SOURCE OF FUNDS*
WC
_________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ____
/ x /
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
USA
_________________________________________________________________
: (7) SOLE VOTING POWER
: 9,750 (Item 5)
:________________________
: (8) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None
OWNED BY EACH REPORTING :________________________
PERSON WITH : (9) SOLE DISPOSITIVE
: POWER
: 9,750 (Item 5)
:________________________
: (10) SHARED DISPOSITIVE
: POWER
: None
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,750 (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES* _____
/ x /
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.17%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
IN
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
_________________________________________________________________
CUSIP No. 428399109 13D
_________________________________________________________________ (1)
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Gabelli International Limited I.D. No. Foreign Corporation
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(b) /___/
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) SOURCE OF FUNDS*
WC
_________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ____
/___/
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
_________________________________________________________________
: (7) SOLE VOTING POWER
: 7,000 (Item 5)
:________________________
: (8) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None
OWNED BY EACH REPORTING :________________________
PERSON WITH : (9) SOLE DISPOSITIVE
: POWER
: 7,000 (Item 5)
:________________________
:(10) SHARED DISPOSITIVE
: POWER
: None
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,000 (Item 5)
_________________________________________________________________ (12)
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES* ____
/___/
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.12%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
CO
_________________________________________________________________
Item 1. Security and Issuer
Item to Schedule 13D is amended, in pertinent part, as
follows:
This Amendment No. 33 to Schedule 13D on Hi-Shear Industries,
Inc. (the "Issuer") is being filed on behalf of the undersigned to
amend the Schedule 13D, as amended (the "Schedule 13D") which was
originally filed on May 21, 1987. This is Reporting Persons' latest
Amendment to Schedule 13D on the Issuer. Unless otherwise indicated,
all capitalized terms used herein but not defined shall have the same
meaning as set forth in the Schedule 13D.
Item 2. Identity and Background
This statement is being filed by Mario J. Gabelli ("Mr.
Gabelli") and various entities which he directly or indirectly controls
and for which he acts as chief investment officer. These entities,
except for Lynch Corporation ("Lynch"), Spinnaker Industries,
Incorporated ("Spinnaker", formerly known as Safety Railway Services
Corporation), Western New Mexico Telephone Company ("Western New
Mexico") and Inter-Community Telephone Company ("Inter-Community")
engage in various aspects of the securities business, primarily as
investment advisor to various institutional and individual clients,
including registered investment companies and pension plans, as
broker/dealer and as managing general partner of various private
investment partnerships. Certain of these entities may also make
investments for their own account.
The foregoing persons in the aggregate often own beneficially
more than 5% of a class of equity securities of a particular Issuer.
Although several of the foregoing persons are treated as institutional
investors for purposes of reporting their beneficial ownership on the
short-form Schedule 13G, the holdings of those who do not qualify as
institutional investors may exceed the 1% threshold presented for
filing on Schedule 13D or implementation of their investment philosophy
may from time to time require action which could be viewed as not
completely passive. In order to avoid any question as to whether their
beneficial ownership is being reported on the proper form and in order
to provide greater investment flexibility and administrative
uniformity, these persons have decided to file their beneficial
ownership reports on the more detailed Schedule 13D form rather than on
the short-form Schedule 13G and thereby to provide more expansive
disclosure than may be necessary.
(a), (b) and (c) - This statement is being filed by one or
more of the following persons: Gabelli Funds, Inc. ("GFI"), GAMCO
Investors, Inc. ("GAMCO"), Gabelli Securities, Inc. ("GSI"), Gabelli &
Company, Inc. ("Gabelli & Company"), Gabelli Performance Partnership
("GPP"), GLI, Inc. ("GLI"), The Gabelli Associates Fund ("Gabelli As-
sociates"), Gabelli Associates Limited ("GAL"), The Gabelli & Company,
Inc. Profit Sharing Plan (the "Plan"); Gabelli International Limited
("GIL"), Gabelli International II Limited ("GIL II"), ALCE Partners,
L.P. ("ALCE"), Gabelli Multimedia Partners, L.P. ("Multimedia
Partners"), Mario J. Gabelli ("Mr. Gabelli"), Lynch, Spinnaker, Western
New Mexico and Inter-Community. Those of the foregoing persons signing
this Schedule 13D are hereafter referred to as the "Reporting Persons".
GAMCO, a majority owned subsidiary of GFI, is an investment
adviser registered under the Investment Advisers Act of 1940, as
amended. GAMCO is a money manager providing discretionary managed
account services in the equity area for employee benefit plans, private
investors, endowments and foundations.
Gabelli & Company, a wholly-owned subsidiary of GSI, is a
broker-dealer registered under the l934 Act, which as a part of its
business regularly purchases and sells securities for its own account.
In addition, shares are held for clients who have granted Gabelli &
Company trading authorization over their investment accounts.
GLI, a wholly-owned subsidiary of GSI, is a general partner
of G&R Partners, a Delaware partnership ("G&R"), which, in turn ,is the
general partner of Gabelli-Rosenthal & Partners, L.P., a Delaware
limited partnership ("G-R"), whose primary business purpose is to do
friendly leveraged buyouts. At the present time, G-R's sole business
purpose is to monitor the existing portfolio investments.
Gabelli Associates, a New York limited partnership, is a
limited partnership whose primary business purpose is risk arbitrage
investments. GSI and Mr. Gabelli are the general partners of Gabelli
Associates.
GAL is a corporation whose primary business purpose is risk
arbitrage investments. Shares of GAL's Common Stock will be offered
only to persons who are neither citizens nor residents of the United
States and may be offered to a limited number of U.S. investors
consisting primarily of pension and profit sharing trusts, charities
and other tax-exempt entities. The investments of GAL are managed by
Gabelli Securities, Inc. (the "Investment Manager") with Mr. Gabelli as
the Chief Investment Officer.
GSI, a majority owned subsidiary of GFI, is a holding company
which as a part of its business regularly purchases and sells
securities for its own account. It is the immediate parent of Gabelli
& Company. In addition, GSI and Mr. Gabelli are the general partners
of Gabelli Associates.
On August 31, 1990, Gabelli Funds, Inc., formerly a wholly-
owned subsidiary of The Gabelli Group, Inc. ("TGGI") was merged into
TGGI. Subsequent to the merger on September 18, 1990, TGGI's name was
changed to Gabelli Funds, Inc. ("GFI"). GFI is the ultimate parent
company for a variety of companies engaged in the securities business,
each of which is named above. In addition, GFI is an investment
adviser registered under the Investment Advisers Act of 1940, as
amended. GFI is an investment adviser which presently provides
discretionary managed account services for The Gabelli Equity Trust,
Inc., The Gabelli Asset Fund, The Gabelli Growth Fund, The Gabelli
Convertible Securities Fund, Inc., The Gabelli Value Fund Inc., The
Gabelli Small Cap Growth Fund, The Gabelli Equity Income Fund, The
Gabelli Capital Asset Fund, The Gabelli ABC Fund, The Gabelli Global
Telecommunications Fund, Gabelli Gold Fund, Inc., The Gabelli Global
Multimedia Trust Inc., The Gabelli Global Convertible Securities Fund,
The Gabelli Global Multimedia Trust Inc., and the Gabelli Global
Interactive Couch Potato Fund which are registered management
investment companies.
The Plan, a qualified employee profit sharing plan, covers
substantially all employees of GFI and its affiliates.
GPP, a Delaware limited partnership, is a limited partnership
whose primary business purpose is investments in securities. Mr.
Gabelli is the general partner and chief investment officer of GPP.
GIL is a corporation whose primary business purpose is
investing primarily in a portfolio of equity securities and securities
convertible into, or exchangeable for equity securities in order to
achieve its investment objective of significant long-term growth of
capital. Shares of GIL's Common Stock are offered only to persons who
are neither citizens nor residents of the United States and may be
offered to a limited number of U.S. investors consisting primarily of
pension and profit sharing trusts, charities and other tax-exempt
entities. The investments of GIL are managed by Mr. Gabelli (the
"Investment Manager") who is also a director and Chairman of the Board
of Directors of GIL.
GIL II is a corporation whose primary business purpose is
investing primarily in a portfolio of equity securities and securities
convertible into, or exchangeable for equity securities in order to
achieve its investment objective of significant long-term growth of
capital. Shares of GIL's II Common Stock are offered only to persons
who are neither citizens nor residents of the United States and may be
offered to a limited number of U.S. investors consisting primarily of
pension and profit sharing trusts, charities and other tax-exempt
entities. The investments of GIL II are managed by Mr. Gabelli (the
"Investment Manager") who is also a director and Chairman of the Board
of Directors of GIL II.
ALCE is a Delaware private investment limited partnership that
seeks long-term capital appreciation primarily through investment in
public equity securities. GSI is a General Partner of ALCE.
Multimedia Partners is a Delaware private investment limited
partnership whose objective is to provide long-term capital
appreciation by investing primarily in both public and private
multimedia communications companies. GSI is a general partner of
Multimedia Partners.
Lynch, an Indiana corporation, is a diversified public company
traded on the American Stock Exchange. Its subsidiaries are engaged in
communications, services, securities brokerage and manufactured pro-
ducts. Spinnaker, a Delaware subsidiary of Lynch, is also a public
company and its stock is traded through the NASDAQ System. Spinnaker
manufactures and sells industrial-process and air pollution control
equipment. Another of Lynch's subsidiaries, Western New Mexico,
provides telephone services in a service area in Southwestern New
Mexico. Inter-Community, which is also a subsidiary of Lynch, provides
local telephone services in an area 40 miles west of Fargo, North
Dakota. Lynch and Spinnaker actively pursue new business ventures and
acquisitions. Lynch, Spinnaker, Western New Mexico and Inter-Community
make investments in marketable securities to preserve capital and
maintain liquidity for financing their business activities and
acquisitions (not in the case of Western New Mexico) and are not
engaged in the business of investing, reinvesting, or trading in
securities. Mr. Gabelli is Chairman of Lynch and owns beneficially
24.39% of the shares of Common stock of Lynch, including shares
obtainable upon the conversion of the Convertible Debentures of Lynch.
Mr. Gabelli is the majority stockholder and Chairman of the
Board of Directors and Chief Executive Officer of GFI and the Chief
Investment Officer for each of the Reporting Persons. GFI, in turn, is
the majority stockholder of GAMCO. GFI is the majority stockholder of
GSI. Gabelli & Company is a wholly-owned subsidiary of GSI. GLI is a
wholly-owned subsidiary of GSI.
The Reporting Persons do not admit that they constitute a
group.
GFI, GAMCO, Gabelli & Company and GLI are New York
corporations and GSI are Delaware corporations, each having its
principal business office at One Corporate Center, Rye, New York 10580-
1434. GPP is a Delaware limited partnership having its principal
business office at 8 Sound Shore Drive, Greenwich, Connecticut, 06830.
Gabelli Associates is a New York limited partnership having its
principal business office at One Corporate Center, Rye, New York 10580-
1434. GAL, GIL, and GIL II are corporations organized under the laws of
the British Virgin Islands having their principal business office at
c/o MeesPierson (Cayman) Limited, British American Centre, Dr. Roy's
Drive-Phase 3, George Town, Grand Cayman, British West Indies. Lynch
is an Indiana corporation having its principal business office at 8
Sound Shore Drive, Greenwich, CT 06830. Spinnaker is a Delaware
corporation having its principal business office at 251 Welton Street,
Hamden, CT 06511.
For information required by instruction C to Schedule 13D
with respect to the executive officers and directors of the foregoing
entities and other related persons (collectively, "Covered Persons"),
reference is made to Schedule I annexed hereto and incorporated herein
by reference.
(d) and (e) On December 8, 1994, the SEC instituted and
simultaneously accepted offers for the settlement of an administrative
proceeding againts Gabelli & Company, Inc. The order instituting the
proceeding included a finding, which Gabelli & Company and GAMCO
neither admitted nor denied, that they failed to impliment and maintain
policies and procedures reasonably designed to prevent the misuse of
material, nonpublic information by not sepecifically addressing the
special circumstances that arose from their affiliation with Lynch
Corporation, a public company. To resolve this matter, Gabelli &
Company and GAMCO agreed to cease and desist from violating Section
15(f) of the Securities Exchange Act of 1934 (the "Exchange Act") and
Section 204A of the Investment Advisers Act of 1940 (the "1940 Act"),
respectively. They further agreed to each pay a civil penalty in the
amount of $50,000, and to retain, and adopt the recommendations of, an
independant consultant regarding their Section 15(f) and Section 204A
policies and procedures.
On December 13, 1991, the Virginia State Corporation
Commission entered an order of settlement in final disposition of
matters arising from an allegation that GAMCO had transacted business
in Virginia as an investment adviser without having been registered as
such under Virginia Code Section 13.1-504A or an exemption therefrom.
GAMCO consented to the entry of the order without admitting or denying
the allegation and without a hearing. The terms of the order provide
that GAMCO would pay a fine and cots totalling fifty-five thousand
dollars and would not transact business in Virginia as an investment
adviser unless it was registered as such under section 13.1-504A or was
exempt from registration.
(f) - Reference is made to Schedule I hereto.
Item 3. Source and Amount of Funds or Other Consideration
Item to Schedule 13D is amended, in pertinent part, as
follows:
All Reporting Persons used an aggregate of approximately
$463,175 to purchase its Securities. GAMCO and GFI used approximately
$378,675 and $35,000, respectively, of funds that were provided through
the accounts of certain of their investment advisory clients (and, in
the case of some of such accounts at GAMCO, may be through borrowings
from client margin accounts) in order to purchase the Securities for
such clients. GIL used approximately $49,500 to purchase the
Securities reported by it.
Item 5. Interest In Securities Of The Issuer
Items 5 (a) and (b) to Schedule 13 D are amended, in
pertinent part, as follows:
(a) The aggregate number and percentage of Securities to
which this Schedule 13D relates is 2,193,990 shares, representing
37.47% of the 5,854,618 shares outstanding in the Issuer's most
recently filed Form 10-Q dated February 28, 1995. The Reporting
persons beneficially own those Securities as follows:
Shares of % of
Common Class of
Name Stock Common
Gabelli Funds:
As Principal 0 0.00%
As Agent 253,500 4.32%
GAMCO
As Principal 0 0.00%
As Agent 1,923,740 32.86%
Mario J. Gabelli 9,750 0.17%
GIL 7,000 0.12%
Mr. Gabelli is deemed to have beneficial ownership of the
Securities beneficially owned by each of the foregoing persons and GFI is
deemed to have beneficial ownership of the securities owned beneficially
by each of the foregoing persons other than Mr. Gabelli.
(b) Each of the Reporting Persons and Covered Persons has the
sole power to vote or direct the vote and sole power to dispose or to
direct the disposition of the Securities reported for it, either for its
own benefit or for the benefit of its investment clients or its partners,
as the case may be, except that: (i) GAMCO Investors, Inc. does not have
authority to vote 254,400 of the reported shares; (ii) since the aggregate
voting interest of all joint filers exceeds 25% of the total voting
interest in the Issuer, with respect to the 70,000 shares (1.20%) of
Common Stock held by The Gabelli Asset Fund, the 6,000 shares (0.10%) of
Common Stock held by The Gabelli ABC Fund, the 145,000 shares (2.48%) held
by the Gabelli Equity Trust Inc., the 6,000 shares (0.10%) held by the
Gabelli Capital Asset Fund, and the 26,500 shares (0.45%) held by The
Gabelli Small Cap Growth Fund, the proxy voting committee of each such
Fund has taken and exercises in its sole discretion the entire voting
power with respect to the shares held by each such Fund, until its proxy
committee determines otherwise and, accordingly, GFI has no voting
authority with regard to the shares held by such Funds; and, (iii) the
power of Mr. Gabelli and GFI is indirect with respect to Securities
beneficially owned directly by other Reporting Persons.
<PAGE>
Signature
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is
true, complete and correct.
Dated: June 21, 1995
GAMCO INVESTORS, INC.
By:________________________
Douglas R. Jamieson
Chief Operating Officer
and Executive Vice President
Gabelli Funds, Inc.
By:________________________________
J. Hamilton Crawford, Jr.
Senior Vice President
and General Counsel
Mario J. Gabelli
By:______________________________
J. Hamilton Crawford, Jr.
Attorney-in-Fact
GABELLI INTERNATIONAL LIMITED
By:_______________________________
Mario J. Gabelli, Chairman
and Investment Manager
by: J. Hamilton Crawford, Jr.
Attorney-in-Fact
Schedule I
Information with Respect to Executive
Officers and Directors of the Undersigned
Schedule I to Schedule 13D is amended, in pertinent part,
as follows:
The following sets forth as to each of the executive
officers and directors of the undersigned: his name; his business
address; and his present principal occupation or employment and the
name, principal business and address of any corporation or other
organization in which such employment is conducted. Unless other-
wise specified, the principal employer of each such individual is
Gabelli Funds, Inc., Gabelli & Company, Inc., or GAMCO Investors,
Inc., the business address of each of which is One Corporate
Center, Rye, New York 10580, and each such individual identified
below is a citizen of the United States. To the knowledge of the
undersigned, during the last five years, no such person has been
convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors), and no such person was a party to a civil
proceeding of a judicial or administrative body of competent
jurisdiction as a result of which he 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 law or finding any violation with respect to such laws
except as reported in Item 2(d) of this Schedule 13D.
Gabelli Funds, Inc.
Directors:
Mario J. Gabelli
Richard B. Black Chairman of Raster Image
Processing Systems; Chairman
ECRM; Director of Archetype
and Oak Technology; Director
of The Morgan Group, Inc.;
General Partner of KBA Part-
ners, Parker Plaza
400 Kelby Street,
Fort Lee, NJ 07029
Charles C. Baum Chairman, Director and Chief
Executive Officer of The
Morgan Group, Inc.;
Secretary & Treasurer
United Holdings
2545 Wilkens Avenue
Baltimore, MD 21223
Dr. Eamon M. Kelly President
Tulane University
218 Gibson Hall
6823 St. Charles Avenue
New Orleans, LA 70118
Officers:
Mario J. Gabelli Chairman, Chief Executive
Officer and Chief Investment
Officer
J. Hamilton Crawford, Jr. Senior Vice President
and General Counsel
Stephen G. Bondi Vice President - Finance
James E McKee Vice President, Co-General
Counsel and Assistant
Secretary
Joseph J. Frazzitta Assistant Secretary
GAMCO Investors, Inc.
Directors:
Douglas R. Jamieson
Joseph R. Rindler, Jr.
Regina Pitaro
Joseph J. Frazzitta
F. William Scholz, II
Officers:
Mario J. Gabelli Chief Investment Officer
Douglas R. Jamieson Chief Operating Officer and
Executive Vice President
Joseph J. Frazzitta Vice President and Chief
Financial Officer
James E. McKee Vice President
and General Counsel
J. Hamilton Crawford, Jr. Assistant Secretary
Gabelli Securities, Inc.
Directors:
Charles C. Baum See above-Gabelli Funds, Inc.
Joseph R. Rindler Managing Director
GAMCO Investors, Inc.
One Corporate Center
Rye, NY 10580
David Perlmutter Perlmutter & Associates
200 Park Avenue, Suite 4515
New York, N.Y. 10166
Stephen G. Bondi Acting Chief Operating Officer
and Vice President
Advisors:
Vincent J. Amabile
Robert Blake
Officers:
Stephen G. Bondi Acting Chief Operating Officer
and Vice President
J. Hamilton Crawford, Jr. Senior Vice President,
Assistant Secretary, and
General Counsel
Joseph J. Frazzitta Vice President - Finance
Gabelli & Company, Inc.
Directors:
James G. Webster, III Chairman
Joseph J. Frazzitta Vice President and
Chief Financial Officer
Officers:
James G. Webster, III Chairman
Joseph J. Frazzitta Vice President/Finance and
Chief Financial Officer
Stephen G. Bondi Vice President
J. Hamilton Crawford, Jr. Senior Vice President,
Secretary and
General Counsel
Walter K. Walsh Operations and Compliance
Officer
GLI, Inc.
Directors:
Mario J. Gabelli See above-Gabelli Funds, Inc.
Officers:
Mario J. Gabelli Chairman and Chief Investment
Officer
Stephen G. Bondi Vice President
J. Hamilton Crawford, Jr. Assistant Secretary
Gabelli Associates Limited
Directors:
Mario J. Gabelli See above-Gabelli Funds, Inc.
MeesPierson (Cayman) British American Centre
Limited Dr. Roy's Drive- Phase 3
Georgetown, Grand Cayman
Cayman Islands, British
WestIndies
MeesPierson (Cayman) British American Centre
Limited Dr. Roy's Drive- Phase 3
Georgetown, Grand Cayman
Cayman Islands, British
WestIndies
Officers:
Mario J. Gabelli Chief Investment Officer
Kevin Bromley Vice President, Treasurer and
Assistant Secretary
Sandra Wight Secretary and Assistant Treasurer
Gabelli International Limited
Directors:
Mario J. Gabelli See above-Gabelli Funds, Inc.
MeesPierson (Cayman) British American Centre
Limited Dr. Roy's Drive- Phase 3
Georgetown, Grand Cayman
Cayman Islands, British West Indies
Officers:
Kevin Bromley Vice President, Treasurer, and
Assistant Secretary
MeesPierson (Cayman) Limited
British American Centre
Dr. Roy's Drive- Phase 3
Georgetown, Grand Cayman
Cayman Islands, British West Indies
Sandra Wight Secretary and Assistant Treasurer
Assistant Secretary
MeesPierson (Cayman) Limited
British American Centre
Dr. Roy's Drive- Phase 3
Georgetown, Grand Cayman
Cayman Islands, British West Indies
Lynch Corporation
8 Sound Shore Drive
Greenwich, CT 06830
Directors:
Paul J. Evanson Chief Financial Officer
FPL Group, Inc.
P.O Box 14000
700 Universe Blvd.
Juno Beach, Fl 33408
Bradley J. Bell Vice President & Treasurer
Whirlpool Corp.
2000 M. 63 North
Administrative Center
Benton Harbor, MI 49022
Morris Berkowitz Business Consultant
163-43 Willets Point Blvd.
Whitestone, NY 11357
Richard J. Boyle Chairman, The Boyle Group
6110 Blue Circle Drive
Suite 250
Minnetonka, MN 55343
Mario J. Gabelli See above-Gabelli Funds, Inc.
Paul Woolard Business Consultant
116 East 68th Street
New York, NY 10021
E. Val Cerutti Business Consultant
Cerutti Consultants
227 McLain Street
Mount Kisco, NY 10549
Officers:
Mario J. Gabelli Chairman and Chief Executive
Officer
Michael J. Small Office of the President
Joseph H. Epel Treasurer
Robert E. Dolan Chief Financial Officer
Carmine Ceraolo Assistant Controller
Robert A. Hurwich Vice President-Administration,
Secretary and General Counsel
Spinnaker Industries, Inc.
One Galleria Tower
13355 Noel Road
Suite 1100
Dallas, TX 75240
Directors:
Joseph P. Rhein Chairman
241 McClenaghan Mill Road
Wynnewood, PA 19096
Richard J. Boyle The Boyle Group, Inc.
6110 Blue Circle Drive
Suite 250
Minnetonka, MN 55343
Ned N. Fleming, III Boyle, Fleming,
George & Co., Inc.
One Galleria Tower
13355 Noel Road
Suite 1100
Dallas, TX 75240
Officers:
Robert E. Dolan Controller
Joseph H. Epel Treasurer
James W. Toman Assistant Secretary
Ned N. Fleming, III President
Richard J. Boyle Chairman and
Chief Executive Officer
Robert A. Hurwich Secretary
Entoleter, Inc.
251 Welton Street
Hamden, CT 06517
Directors:
Joseph P. Rhein See above-Spinnaker
William F. Bullis See above-Spinnaker
Officers:
James W. Toman Chief Financial Officer
Joseph H. Epel Treasurer and Secretary
Robert E. Dolan Controller
Western New Mexico Telephone Company
314 Yankee Street
Silver City, NM 88062
Directors:
Jack C. Keen Chairman
Jack W. Keen President
Dr. Brian E. Gordon Vice President
Mary Beth Baxter Secretary & Treasurer
Robert E. Dolan See above-Lynch Corporation
Joseph H. Epel See above-Lynch Corporation
Carmine Ceraolo See above-Lynch Corporation
Officers:
Jack C. Keen Chairman of the Board
Jack W. Keen President
Jack L. Bentley Executive Vice President
Dr. Brian E. Gordon Vice President
Charles M. Baxter Sr. Vice President-Operations
Mary Beth Baxter Secretary & Treasurer
Joseph H. Epel Assistant Treasurer
Inter-Community Telephone Company
P.O. Box A
Nome, ND 58062
Directors:
Mary J. Carroll See above-Lynch Corporation
Carmine P. Ceraolo See above-Lynch Corporation
Robert E. Dolan See above-Lynch Corporation
Joseph H. Epel See above-Lynch Corporation
Leone A. Nilsen President
Roger J. Nilsen P.O. Box 146
Hannaford, ND 58448
Duane A. Plecity Secretary
Harry B. Snyder P.O. Box 131
Buffalo, ND 58011
Robert Snyder 200 Broadway South
Buffalo, ND 58011
Officers:
Leone A. Nilsen President
Robert Snyder Vice President
Duane A. Plecity Secretary
Harry B. Snyder Treasurer
Joseph H. Epel Assistant Treasurer
Lynch Telecommunications Corporation
8 Sound Shore Drive
Greenwich, CT 06830
Directors:
Robert E. Dolan Controller
Jack C. Keen Chairman
Michael J. Small Vice President
Officers:
Jack C. Keen Chairman
Jack W. Keen President
Michael J. Small Vice President
Robert A. Hurwhich Secretary
Mary Beth Baxter Treasurer and
Assistant Secretary
Robert E. Dolan Controller
Lynch Telephone Corporation
8 Sound Shore Drive
Greenwich, CT 06830
Directors:
Robert E. Dolan Controller
Jack C. Keen Chairman
Michael J. Small Vice President
Officers:
Jack C. Keen Chairman
Jack W. Keen President
Michael J. Small Vice President
Robert A. Hurwhich Secretary
Mary Beth Baxter Treasurer and
Assistant Secretary
Robert E. Dolan Controller
SCHEDULE II
INFORMATION WITH RESPECT TO
TRANSACTIONS EFFECTED DURING THE PAST SIXTY DAYS OR
SINCE THE MOST RECENT FILING ON SCHEDULE 13D (1)
SHARES
PURCHASED AVERAGE
DATE SOLD(-) PRICE(2)
COMMON STOCK-HI-SHEAR INDUSTRIES
GABELLI INTERNATIONAL LTD
6/20/95 3,000 7.0000
6/13/95 4,000 7.1250
GABELLI FUNDS, INC.
GABELLI CAPITAL ASSET MANAGEMENT
6/14/95 5,000 7.0000
GAMCO INVESTORS, INC.
6/20/95 7,000 7.0714
6/20/95 2,000 7.1250
6/19/95 2,500 7.0000
6/16/95 5,000 7.0000
6/15/95 8,500 7.0000
6/14/95 2,000 7.0000
6/13/95 6,000- 7.1250
6/13/95 5,500 7.0000
6/13/95 5,000 7.1250
6/09/95 6,000- 7.3750
6/09/95 6,000 7.1250
6/09/95 6,000 7.3750
6/08/95 6,000- 7.3750
6/08/95 6,000 7.3750
6/06/95 6,700 6.5000
6/06/95 5,000 6.7500
6/06/95 5,500 6.8182
(1) UNLESS OTHERWISE INDICATED, ALL TRANSACTIONS WERE EFFECTED
ON THE NY STOCK EXCHANGE.
(2) PRICE EXCLUDES COMMISSION.
PAGE 28 OF 28
