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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[ ] Check this box if no longer subject of Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person
GIPSON ROBERT L.
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(Last) (First) (Middle)
c/o INGALLS & SNYDER LLC
61 BROADWAY
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(Street)
NEW YORK NY 10006
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
JETRONIC INDUSTRIES, INC. JET
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
11/98
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[X ] Director *** [ X ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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7. Individual or Joint/Group Filing (Check applicable line)
[X ] Form filed by one Reporting Person
[ ] Form filed by more than one Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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</TABLE>
* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
Page 1 of 2_
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
of Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AA CONV.PREF.ST.WTS .10 11/04/98 X 17879 06/01/98 01/01/03 AA CVT PR 17879 0 I ISVP***
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AA CVT PREF ST 1/1 11/04/98 X 17879 11/04/98 01/01/03 COMMON ST. 17879 17879 I ISVP***
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</TABLE>
Explanation of Responses:
*** REPRESENTS GIPSON'S ECONOMIC INTEREST IN THE AA CONVERTIBLE PREFERRED STOCK
HODLINGS OF INGALLS & SNYDER VALUE PARTNERS, L. P.("ISVP"). GIPSON IS A
LIMITED AND A GENERAL PARTNER OF ISVP. ISVP OWNS 306493 SHARES OF AA
PREFERRED STOCK. GIPSON AS GENERAL PARTNER OF ISVP SHARES THE RIGHT TO
ELECT THREE DIRECTORS TO THE JETRONIC BOARD, BUT IS NOT HIMSELF A DIRECTOR
OF JETRONIC. THE AA PRFERRED IS CONVERTIBLE INTO JETRONIC INDUSTRIES
COMMON STOCK ON A SHARE FOR SHARE BASIS.
/ROBERT L. GIPSON/ 12/01/98
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**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedures.
Alternatively, this Form is permitted to be submitted to the
Commission in electronic format at the option of the reporting person
pursuant to ruke 101(b)(4) of Regulatiob S-T.
Page 2 of 2_
(122797DTI)
