SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) May 31, 1995
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Hi-Shear Industries Inc.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
1-7633 11-2406878
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(Commission File Number) (I.R.S. Employer Identification No)
3333 New Hyde Park Road, North Hills, New York 11042
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(Address of Principal Executive Offices) (Zip Code)
(516) 627-8600
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(Registrant's Telephone Number, Including Area Code)
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Item 5. Other Events
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On May 31, 1995 Registrant announced a favorable decision in appeals
relating to termination of certain contracts with the U.S. Navy.
Exhibit 1, attached, consists of press release reporting the decision.
SIGNATURE
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Pursuant to the requirements of the Securities Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DATED: June 12, 1995
HI-SHEAR INDUSTRIES INC.
By: s/Harold L. Bernstein
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Harold L. Bernstein
Secretary
HLB:dv
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EXHIBIT 1
NORTH HILLS, NY -- May 31, 1995 -- Hi-Shear Industries Inc.
(NYSE:HSI) announced today that it had received a favorable
decision in a series of long-standing appeals before the Armed
Services Board of Contract Appeals.
Today's decision converts the 1991 terminations for default
of two contracts with the U.S. Navy into terminations for the
convenience of the Government.
This decision effectively absolves the company from any
liability with respect to approximately $11 million received as
progress payments on these contracts. In addition, it enables
the company to file a claim seeking reimbursement of costs
incurred in performance of the contracts. Hi-Shear has declined
to comment as to the total amount of the cliam to be filed
pending further study of the decision.
The Navy has 120 days within which to appeal the decision.
Hi-Shear Industries is a leading designer and manufacturer
of aerospace fastening systems.
CONTACT: Hi-Shear Industries Inc.
Victor J. Galgano (516) 627-8600
