CURRENT REPORT FOR ISSUERS SUBJECT TO THE
1934 ACT REPORTING REQUIREMENTS
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported) September 17, 1996
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Lifschultz Industries, Inc.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware 33-17286 87-0448118
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(State or other juris- (Primary Standard (I.R.S. Employer
diction of incorporation Industrial Classifi- Identification
or organization) cation Code Number) Number)
641 West 59th Street, New York, NY 10019
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code 212-397-7788
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ITEM 5. OTHER EVENTS
CHANGE IN COMMON STOCK PER SHARE NET WORTH
Lifschultz Industries, Inc. (NASDAQ: LIFF) announced on
September 17, 1996, that since the beginning of 1996, 542,178 shares
of Series E Preferred Stock have been converted by shareholders to
5,421,780 shares of Common Stock pursuant to the existing conversion
rights for the shares. Such conversion eliminated over $5,894,830 in
liquidation preference for the Series E Preferred Stock (at $10.8725
per share), significantly improving the company's common stock per
share net worth when calculated to reflect liquidation value (net
worth per share issued and outstanding adjusted for the remaining
liquidation preference of unconverted preferred stock). For example,
using the company's unaudited figures for its third quarter ended
April 30, 1996, elimination of the preference raises the common stock
per share net worth from $0.020 per share to $0.147 per share. This
increase would be moderated slightly to $0.109, if adjusted to reflect
the conversion of all other Series of convertible preferred stock
(Series A and B), which conversion the company anticipates will occur
during the next year. According to David Lifschultz, Chief Executive
Officer for the company, the substantial increase in common stock per
share net worth may have a very favorable impact on investor
perception of the value of the company's common stock. Only 21,201
shares of Series E Preferred Stock remain outstanding.
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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 hereunto duly authorized.
September 18, 1996
Lifschultz Industries, Inc.
By: DAVID K. LIFSCHULTZ
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Chief Executive Officer
