HI SHEAR INDUSTRIES INC
10-Q/A, 1995-07-11
BOLTS, NUTS, SCREWS, RIVETS & WASHERS
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q/A
                                  AMENDMENT NO. 1 


             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                For the quarterly period ended February 28, 1995
                                               -----------------


                          Commission file number 1-7633
                                                 ------


                            Hi-Shear Industries Inc.                 
           ----------------------------------------------------------
             (Exact name of registrant as specified in its charter)


               A Delaware Corporation              I.R.S. Employer
                                          Identification No. 11-2406878



                 3333 New Hyde Park Road, North Hills, NY 11042


       Registrant's telephone number, including area code: (516) 627-8600


            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    
                                          ---     ---

       5,854,618 Common Shares were outstanding as of April 7, 1995.
 

<PAGE>



                                   SIGNATURES
                                   ----------

     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.



                              HI-SHEAR INDUSTRIES INC.



                              By: s/ David A. Wingate                          
                                  ------------------------------
                                  David A. Wingate, Chairman,
                                  President & Chief Executive




                              By: s/ Victor J. Galgano           
                                  ------------------------------
                                  Victor J. Galgano, Vice
                                  President & Chief Financial
                                     Officer






Date:  July 11, 1995
       -------------























                                 -2-





<TABLE> <S> <C>

<ARTICLE> 5
<CIK> 000047268
<NAME> HI-SHEAR INDUSTRIES INC.
<MULTIPLIER> 1,000
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          MAY-31-1995
<PERIOD-END>                               FEB-28-1995
<CASH>                                             587
<SECURITIES>                                         0
<RECEIVABLES>                                   10,880
<ALLOWANCES>                                         0
<INVENTORY>                                     23,710
<CURRENT-ASSETS>                                36,304
<PP&E>                                          26,750
<DEPRECIATION>                                  15,459
<TOTAL-ASSETS>                                  50,647
<CURRENT-LIABILITIES>                           12,241
<BONDS>                                              0
<COMMON>                                           614
                                0
                                          0
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                    50,647
<SALES>                                         41,703
<TOTAL-REVENUES>                                42,602
<CGS>                                           34,192
<TOTAL-COSTS>                                   42,249
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                 945
<INCOME-PRETAX>                                  (592)
<INCOME-TAX>                                         4
<INCOME-CONTINUING>                              (596)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     (596)
<EPS-PRIMARY>                                   (0.10)
<EPS-DILUTED>                                   (0.10)

</TABLE>


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