UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
Panny, William P
2777 Walden Avenue
Buffalo, NY 14225
USA
2. Issuer Name and Ticker or Trading Symbol
American Precision Industries Inc.
APR
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
12/31/97
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common stock, $2/3 par value |3/3/97|P |300 |A |$19.11 | | | |
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Common stock, $2/3 par value |3/3/97|P |200 |A |$19.22 | | | |
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Common stock, $2/3 par value |3/7/97|P |500 |A |$18.34 |11,320 |D | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Directors stock Option |$5.64 |1/1/9|J |483 |A |7/1/9|12/31|Common stock|483 | |483 |D | |
| |7 | | | |7 |/06 | | | | | | |
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Directors Stock Option |$5.10 |4/1/9|J |521 |A |10/1/|3/31/|Common stock|521 | |521 |D | |
| |7 | | | |97 |07 | | | | | | |
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directors Stock Option |$5.84 |7/1/9|J |367 |A |1/1/9|6/30/|Common stock|367 | |367 |D | |
| |7 | | | |8 |07 | | | | | | |
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Directors stock Option |$6.89 |10/1/|J |348 |A |4/1/9|9/30/|Common stock|348 | |348 |D | |
| |97 | | | |8 |07 | | | | | | |
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</TABLE>
Explanation of Responses:
SIGNATURE OF REPORTING PERSON
/s/William P. Panny by John M. Murray
DATE
2/13/98
