UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE PERIOD ENDED JUNE 30, 1995
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER 1-5005
SELAS CORPORATION OF AMERICA
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
PENNSYLVANIA 23-1069060 (STATE OR
OTHER JURISDICTION OF (IRS EMPLOYER IDENTIFICATION NO.) INCORPORATION OR
ORGANIZATION)
DRESHER, PENNSYLVANIA 19025
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(215) 646-6600
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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.
(X) YES ( ) NO
INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF
COMMON STOCK, AS OF THE LATEST PRACTICABLE DATE.
CLASS OUTSTANDING AT AUGUST 3, 1995
COMMON SHARES, $1.00 PAR VALUE 3,460,050 (exclusive of 242,376
treasury shares)
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SELAS CORPORATION OF AMERICA
I N D E X
Page
Number
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets as of
June 30, 1995 and December 31, 1994 . . . . . . . . 3, 4
Consolidated Statements of Operations for
the Three Months Ended June 30, 1995
and 1994. . . . . . . . . . . . . . . . . . . . . . 5
Consolidated Statements of Operations for the
Six Months Ended June 30, 1995 and 1994 . . . . . . 6
Consolidated Statements of Cash Flows
for the Six Months Ended June 30,
1995 and 1994 . . . . . . . . . . . . . . . . . . . 7
Consolidated Statement of Shareholders' Equity
for the Six Months Ended June 30, 1995 . . . . . 8
Notes to Consolidated Financial Statements . . . . 9,10,11
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations . . . . . . . . . . . . . . . . . 12,13,14
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of
Security Holders . . . . . . . . . . . . . . 15
Item 6. Exhibits and Reports on Form 8-K . . . . . . 15
-3-
SELAS CORPORATION OF AMERICA
Consolidated Balance Sheets
Assets
June 30, December 31,
1995 1994
(Unaudited) (Audited)
Current assets
Cash, including cash equivalents of
$2,310,000 in 1995 and $4,497,000 in
1994 . . . . . . . . . . . . . . . . . . $ 5,899,622 $ 5,812,508
Accounts receivable (including unbilled
receivables of $6,636,000 in 1995 and
$1,695,000 in 1994 less allowance for
doubtful accounts of $554,000 in 1995
and $513,000 in 1994) . . . . . . . . . 28,051,153 21,480,083
Inventories . . . . . . . . . . . . . . 8,810,140 8,210,027
Deferred income taxes . . . . . . . . . . 1,625,641 1,414,952
Other current assets . . . . . . . . . . . 909,602 1,189,942
Total current assets . . . . . . . . . 45,296,158 38,107,512
Investment in unconsolidated affiliates . . 1,041,031 1,705,080
Property, plant and equipment
Land . . . . . . . . . . . . . . . . . . . 1,159,576 1,102,963
Buildings . . . . . . . . . . . . . . . . 11,874,454 11,332,798
Machinery and equipment . . . . . . . . . 16,198,665 15,162,425
29,232,695 27,598,186
Less: Accumulated depreciation . . . . . 12,501,630 11,291,064
Net property, plant and equipment . . . 16,731,065 16,307,122
Deferred pension cost. . . . . . . . . . . . 351,620 379,178
Note receivable . . . . . . . . . . . . . . 377,452 376,996
Excess of cost over net assets of acquired
subsidiary, less accumulated amortization
of $642,000 and $476,000 . . . . . . . . . 12,624,193 12,790,019
Other assets including patents, less
amortization . . . . . . . . . . . . . . . 475,154 454,416
$76,896,673 $70,120,323
=========== ===========
(See accompanying notes to the consolidated financial statements)
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SELAS CORPORATION OF AMERICA
Consolidated Balance Sheets
Liabilities and Shareholders' Equity
June 30, December 31,
1995 1994
(Unaudited) (Audited)
Current liabilities
Notes payable . . . . . . . . . . . . . . $ 4,288,646 $ --
Current maturities of long-term debt . . . 1,914,050 2,389,664
Accounts payable . . . . . . . . . . . . . 11,888,203 10,563,966
Federal, state and foreign income taxes . . 514,746 446,624
Customers' advance payments on contracts . 1,359,035 761,792
Guarantee obligations and estimated future
costs of service . . . . . . . . . . . . 1,471,877 1,156,296
Other accrued liabilities . . . . . . . . . 5,168,345 4,853,978
Total current liabilities . . . . . . . 26,604,902 20,172,320
Long-term debt . . . . . . . . . . . . . 10,436,935 11,136,028
Pension plan obligation . . . . . . . . . . . 464,242 491,800
Other postretirement benefit obligations . . 3,998,502 3,939,303
Deferred income taxes . . . . . . . . . . . . 1,252,045 1,282,959
Contingencies and commitments
Shareholders' equity
Common shares, $1 par; 10,000,000 shares
authorized; 3,702,426 and 3,697,426
shares issued, respectively . . . . . . . 3,702,426 3,697,426
Additional paid-in capital . . . . . . . . 13,512,005 13,484,640
Retained earnings . . . . . . . . . . . . . 15,605,510 14,886,035
Foreign currency translation adjustment . . 1,814,666 1,524,372
Minimum pension liability adjustment . . . (112,623) (112,623)
Less: 242,376 common shares held in
treasury, at cost . . . . . . . . . . . . (381,937) (381,937)
Total shareholders' equity . . . . . . 34,140,047 33,097,913
$76,896,673 $70,120,323
=========== ===========
(See accompanying notes to the consolidated financial statements)
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SELAS CORPORATION OF AMERICA
Consolidated Statements of Operations
(Unaudited)
Three Months Ended
June 30, June 30,
1995 1994
Sales, net $16,974,176 $18,314,280
Operating costs and expenses
Cost of sales 12,370,918 12,417,146
Selling, general and
administrative expenses 3,867,743 3,621,466
Operating income 735,515 2,275,668
Interest (expense) (340,053) (294,711)
Interest income 77,284 62,169
Other income (expense), net (201,080) (141,354)
Income before income taxes 271,666 1,901,772
Income taxes 335,209 806,729
Net income (loss) $ (63,543) $ 1,095,043
=========== ===========
Earnings (loss) per common and
common equivalent share $(0.02) $ 0.32
=========== ===========
Weighted average common shares
outstanding 3,460,000 3,453,000
(See accompanying notes to the consolidated financial statements)
-6-
SELAS CORPORATION OF AMERICA
Consolidated Statements of Operations
(Unaudited)
Six Months Ended
June 30, June 30,
1995 1994
Sales, net $38,445,681 $40,400,318
Operating costs and expenses
Cost of sales 28,313,597 29,313,459
Selling, general and
administrative expenses 7,595,662 7,181,355
Operating income 2,536,422 3,905,504
Interest (expense) (621,373) (642,480)
Interest income 153,168 115,239
Other income (expense), net (61,620) (78,323)
Income before income taxes 2,006,597 3,299,940
Income taxes 906,517 1,313,991
Net income $ 1,100,080 $ 1,985,949
=========== ===========
Earnings per common and common
equivalent share $ 0.32 $ 0.58
=========== ===========
Weighted average common shares
outstanding 3,459,000 3,453,000
(See accompanying notes to the consolidated financial statements)
-7-
SELAS CORPORATION OF AMERICA
Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30, June 30,
1995 1994
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . $ 1,100,080 $ 1,985,949
Adjustments to reconcile net income to net
cash provided (used) by operating activities:
Depreciation and amortization . . . . . . . . 1,369,151 1,441,278
Equity in (income) of unconsolidated
affiliates . . . . . . . . . . . . . . . . . (1,964) (14,238)
(Gain) on sale of equity in unconsolidated
affiliate . . . . . . . . . . . . . . . . . (147,878) --
(Gain) loss on sale of property and equipment. (2,698) 9,506
Deferred taxes . . . . . . . . . . . . . . . . (218,307) (139,019)
Changes in operating assets and liabilities:
(Increase) in accounts receivable . . . . . (4,091,375) (2,661,242)
(Increase) in inventories . . . . . . . . . (610,691) (375,941)
(Increase) decrease in other assets . . . . 222,464 (573,287)
Increase (decrease) in accounts payable. . (396,275) 4,035,245
Increase in accrued expenses . . . . . . . 487,010 955,016
Increase in customer advances . . . . . . 548,930 61,551
Increase in other liabilities . . . . . . 22,898 26,125
Net cash provided (used) by operating
activities . . . . . . . . . . . . . (1,718,655) 4,750,943
Cash flows from investing activities:
Purchases of property, plant and equipment . . . . (1,031,196) (1,081,336)
Proceeds from sale of property and equipment . . . 35,465 24,032
Investment in subsidiary . . . . . . . . . . . . . -- (12,832)
Proceeds from sale of equity in affiliate . . . . 269,048 --
Receipt of dividend from unconsolidated affiliate. -- 34,538
Net cash (used) by investing
activities. . . . . . . . . . . . . . . (726,683) (1,035,598)
Cash flows from financing activities:
Proceeds from short-term bank borrowings . . . . . 4,140,448 59,059
Repayments of short-term bank borrowings . . . . . -- (3,027,636)
Proceeds from long-term debt . . . . . . . . . . . -- 1,100,000
Repayments of long-term debt . . . . . . . . . . . (1,447,268) (932,810)
Proceeds from exercise of stock options . . . . . 28,281 113,125
Payment of dividends . . . . . . . . . . . . . . . (380,605) (345,305)
Net cash provided (used) by financing
activities . . . . . . . . . . . . . . 2,340,856 (3,033,567)
Effect of exchange rate changes on cash . . . . . . 191,596 107,754
Net increase in cash and cash equivalents . . . . . 87,114 789,532
Cash and cash equivalents beginning of period . . . 5,812,508 7,147,358
Cash and cash equivalents end of period . . . . . . $ 5,899,622 $ 7,936,890
=========== ===========
(See accompanying notes to the consolidated financial statements)
-8-
SELAS CORPORATION OF AMERICA
Consolidated Statement of Shareholders' Equity
Six Months Ended June 30, 1995
(Unaudited)
Common Stock Additional
Number of Paid-In
Shares Amount Capital
Balance, January 1, 1995 3,697,426 $3,697,426 $13,484,640
Net income
Exercise of 5,000 stock
options 5,000 5,000 27,365
Cash dividends paid
($.055 per share)
Translation gain
Balance, June 30, 1995 3,702,426 $3,702,426 $13,512,005
========= ========== ===========
Foreign Minimum
Currency Pension
Retained Translation Liability
Earnings Adjustment Adjustment
Balance, January 1, 1995 $14,886,035 $ 1,524,372 $(112,623)
Net income 1,100,080
Exercise of 5,000 stock
options
Cash dividends paid
($.055 per share) (380,605)
Translation gain 290,294
Balance, June 30, 1995 $15,605,510 $1,814,666 $(112,623)
=========== ========== =========
Total
Treasury Shareholders'
Stock Equity
Balance, January 1, 1995 $(381,937) $33,097,913
Net income 1,100,080
Exercise of 5,000 stock
options 32,365
Cash dividends paid
($.055 per share) (380,605)
Translation gain 290,294
Balance, June 30, 1995 $(381,937) $34,140,047
========= ===========
(See accompanying notes to the consolidated financial statements)
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SELAS CORPORATION OF AMERICA
PART I - FINANCIAL INFORMATION
ITEM 1. Notes to Consolidated Financial Statements (Unaudited)
1. In the opinion of management, the accompanying unaudited consolidated
condensed financial statements contain all adjustments (consisting of
normal recurring adjustments) necessary to present fairly Selas Corporation
of America's consolidated financial position as of June 30, 1995 and
December 31, 1994, and the consolidated results of its operations for the
three and six months ended June 30, 1995 and 1994 and consolidated cash
flows and shareholders' equity for the six months then ended.
2. The accounting policies followed by the Company are set forth in Note 1 to
the Company's financial statements in the 1994 Selas Corporation of America
Annual Report.
3. Restructuring Costs
In June 1995, the Company recorded the financial impact of a restructuring
plan designed to increase the profitability of the heat processing segment
in the future by scaling back certain operations in France and Germany.
Restructuring costs of $365,000 ($285,000 after taxes) represent payments
already made of $125,000 and provisions for severance related costs of
$240,000 for the elimination of 11 employees. This represents a reduction
of approximately 10% of the heat processing segment's European workforce.
4. Inventories consist of the following:
June 30, December 31,
1995 1994
Raw material $2,573,208 $2,281,342
Work-in-process 2,205,706 2,200,579
Finished products and
components 4,031,226 3,728,106
Total $8,810,140 $8,210,027
========== ==========
5. Income Taxes
Consolidated income taxes for the six month periods ended June 30, 1995 and
1994 are $907,000 and $1,314,000, which result in effective tax rates of
45.2% and 39.8%, respectively. The rate of tax in relation to pre-tax
income in 1995 has been impacted by the settlement of a tax issue at one of
the Company's European subsidiaries in the amount of approximately
$139,000.
-10-
SELAS CORPORATION OF AMERICA
PART I - FINANCIAL INFORMATION
ITEM 1. Notes to Consolidated Financial Statements (Unaudited)-
(Continued)
6. Legal Proceedings
The Company is a defendant along with a number of other parties in
approximately 210 lawsuits as of December 31, 1994 (650 as of December 31,
1993) alleging that plaintiffs have or may have contracted asbestos-related
diseases as a result of exposure to asbestos products or equipment
containing asbestos sold by one or more named defendants. Due to the
noninformative nature of the complaints, the Company does not know whether
any of the complaints state valid claims against the Company. The Company
is also one of approximately 500 defendants in a class action on behalf of
approximately 2700 present or former employees of a Texas steel mill
alleging that products supplied by the defendants created a poisoned
atmosphere that caused unspecified physical harm. These cases are being
defended by one or more of the Company's insurance carriers presently known
to be "at risk". Through October 1993, the legal costs of defense of the
asbestos and steel mill cases were shared among the insurance carriers
(92%) and the Company (8%). The lead insurance carrier settled a number of
the cases in 1993 and requested that the Company pay a portion of the
settlement amount. The Company declined to do so because no such payment
is required by the express terms of the policies. The lead carrier then
purported in October 1993 to abrogate the arrangement under which the
defense costs had been shared, and the Company responded by tendering all
of the cases to the lead carrier and demanding that the lead carrier honor
its obligations under its policies to pay 100% of the costs of defense and
100% of all settlements and judgments up to the policy limits. The lead
carrier has settled approximately 450 claims in 1994 with no request for
the Company to participate in any settlement. Management is of the opinion
that the disposition of these lawsuits will not materially affect the
Company's consolidated financial position or results of operations.
The Company is also involved in other lawsuits arising in the normal course
of business. While it is not possible to predict with certainty the
outcome of these matters, management is of the opinion that the disposition
of these lawsuits will not materially affect the Company's consolidated
financial position or results of operation.
-11-
SELAS CORPORATION OF AMERICA
Part I - FINANCIAL INFORMATION
ITEM 1. Notes to Consolidated Financial Statements (Unaudited)-
(Continued)
7. Statements of Cash Flows
Supplemental disclosures of cash flow information:
Six Months Ended
June 30, June 30,
1995 1994
Interest received . . . . . . . $ 131,342 $ 111,867
Interest paid . . . . . . . . . $ 514,091 $ 735,424
Income taxes paid . . . . . . . $1,086,801 $ 459,302
8. Accounts Receivable
At June 30, 1995, the Company had $1,611,863 of trade accounts receivable
due from the major U.S. automotive manufacturers and $2,481,778 of trade
accounts receivable due from hearing aid manufacturers. The Company also
had $14,654,332 in receivables from long-term contracts for customers in
the steel industry in North America, Europe and Asia.
9. Earnings Per Common and Common Equivalent Share
Earnings per common and common equivalent share are computed based on the
weighted average number of shares outstanding each quarter, giving effect
to the exercise of outstanding stock options, where dilutive.
-12-
SELAS CORPORATION OF AMERICA
PART I - FINANCIAL INFORMATION
ITEM 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Consolidated net sales decreased to $17 million and $38.4 million for the three
and six months ended June 30, 1995 compared to $18.3 million and $40.4 million
for the three and six months ended June 30, 1994. Net sales of the Company's
heat processing segment for the three and six months ended June 30, 1995 were
$7.2 million and $18.2 million compared to $8.2 million and $20.8 million for
the same periods in 1994. The lower sales of this business segment is due to a
decline in orders for large engineered systems contracts. Sales and earnings of
large engineered systems contracts are recognized on the percentage-of-
completion method. Such contracts generally require more than twelve months to
complete. Due to two recent large engineered systems orders, consolidated
backlog at June 30, 1995 for the heat processing segment increased to $26
million compared to $17.2 million at June 30, 1994. Net sales for the precision
electromechanical and plastic components segment increased to $6.3 million and
$12.2 million for the three and six month periods ended June 30, 1995 compared
to $6.0 million and $11.4 million for the same periods in 1994. The improved
sales are due to higher sales to the hearing aid industry. Net sales for the
tire holders, lifts and related products segment decreased to $3.5 million and
$8 million for the three and six months ended June 30, 1995 compared to $4.2
million and $8.2 million for the three and six month periods ended June 30,
1994. Lower sales for the three and six month periods were due to the loss of
the contract to provide tire lifts for the Chrysler mini-van line.
The Company's consolidated gross profit margin decreased to 27.1% and 26.4% for
the three and six month periods ended June 30, 1995 compared to 32.2% and 27.4%
for the same periods in 1994. Gross profit margins for the Company's heat
processing segment were 24.3% and 23.9% for the three and six months ended June
30, 1995 compared to 35% and 26.4% for the same periods in 1994. The lower
gross profit for the three and six months of 1995 compared to 1994 is due to the
strong gross profit for the three months ended June 30, 1994 which was impacted
by improved profitability of two large engineered contracts, along with changes
in product mix. Heat processing gross profit margins vary markedly from
contract to contract depending on customer specifications and other conditions
related to the contract. Gross profit margins for the precision
electromechanical and plastic components segment were 37.4% and 35.4% for the
three and six months ended June 30, 1995 compared to 36.4% and 35% for the same
periods in 1994. The higher profit margins are due to lower production costs
due to productivity improvements. The gross profit margins of the Company's
tire holders, lifts and related products segment declined to 14.4% and 18.1% for
the three and six month periods ended June 30, 1995 compared to 20.6% and 19.7%
for the same periods in 1994. The lower gross profit margins are the result of
higher costs which the Company was unable to pass on to its automotive customers
along with the loss of the Chrysler mini-van contract.
-13-
SELAS CORPORATION OF AMERICA
PART I - FINANCIAL INFORMATION
ITEM 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations (Continued)
Selling, general and administrative expenses increased to $3,868,000 and
$7,595,000 for the three and six months ended June 30, 1995 compared to
$3,621,000 and $7,181,000 for the same periods in 1994. The principal cause for
the increase in the quarter and year-to-date was a restructuring charge of
$365,000 in Europe for the severance costs associated with the reduction of
staff in France and Germany.
Interest income for the three and six months ended June 30, 1995 increased to
$77,000 and $153,000, compared to $62,000 and $115,000 for the same periods last
year due to higher interest rates and additional funds available for short-term
investment. Interest expense for the three and six month periods ended June 30,
1995 was $340,000 and $621,000 compared to $295,000 and $642,000 for the same
periods ended last year. The increase in interest expense for the current
quarter is due to additional short-term borrowings in Europe.
Other income (expense) includes losses on foreign exchange of $154,000 and
$139,000 for the three and six months ended June 30, 1995 compared to a loss of
$70,000 for the three months ended June 30, 1994 and a gain of 10,000 for the
six months ended June 30, 1994.
Consolidated income taxes for the six month periods ended June 30, 1995 and 1994
are $907,000 and $1,314,000, which result in effective tax rates of 45.2% and
39.8%, respectively. The rate of tax in relation to pre-tax income in 1995 has
been impacted by the settlement of a tax issue at one of the Company's European
subsidiaries in the amount of approximately $139,000.
Consolidated net income (loss) for the three and six month period ended June 30,
1995 was $(64,000) and $1,100,000 compared to $1,095,000 and $1,986,000 for the
same periods in 1994. The current year and quarter were unfavorably impacted by
a restructuring charge of $365,000 ($285,000 net of tax), an unfavorable tax
settlement in Germany of $139,000 and foreign exchange loss of $154,000. Also
impacting the current quarter and year-to-date were lower sales and earnings in
the heat processing segment due to a decline in orders and lower tire holders,
lifts and related product segment sales and earnings due to the loss of the
Chrysler mini-van contract.
Liquidity and Capital Resources
Consolidated net working capital increased to $18.7 million at June 30, 1995
from $17.9 million at December 31, 1994. The improvement in working capital is
due primarily to the six month net earnings of $1.1 million partially offset by
dividend payments. The largest changes in the components of working
-14-
SELAS CORPORATION OF AMERICA
PART I - FINANCIAL INFORMATION
ITEM 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations (Continued)
capital were increase in receivables of $6 million, increase in current
liabilities of $6.4 million and $.6 million increase in inventories for the six
month period ended June 30, 1995 compared to December 31, 1994. These increases
are consistent with the billing terms on the large engineered systems contracts.
The Company believes that its present working capital position, combined with
funds expected to be generated from operations and the available borrowing
capacity through its revolving credit loan facilities, will be sufficient to
meet its anticipated cash requirements for operating needs and capital
expenditures for 1995.
In March 1995, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 121 "Accounting for the Impairment of Long-
Lived Assets and for Long-Lived Assets to be Disposed Of" (Statement No. 121).
The provisions of Statement No. 121 is effective for the Company for years
beginning after December 15, 1995. Management believes that Statement 121 will
have no impact on the Consolidated Financial Statements of the Company.
-15-
SELAS CORPORATION OF AMERICA
PART II - OTHER INFORMATION
ITEM 4. Submission of Matters to a Vote of Security Holders
The 1995 Annual Meeting of Shareholders of the Company was held on April 18,
1995.
At the 1995 Annual Meeting:
(i) Messrs. Francis J. Dunleavy and Stephen F. Ryan were re-elected to
the Board of Directors of the Company for terms expiring at the 1998 Annual
Meeting. In such election, 2,794,280 votes were cast for Mr. Dunleavy and
2,877,030 votes were cast for Mr. Ryan. Under Pennsylvania law, votes cannot be
cast against a candidate. Proxies filed at the 1995 Annual Meeting by the
holders of 214,630 shares withheld authority to vote for Mr. Dunleavy and those
filed by the holders of 214,630 shares withheld authority to vote for Mr. Ryan.
No "broker nonvotes" were received at the 1995 Annual Meeting with respect to
the election of directors;
(ii) 3,058,172 shares were voted in favor of ratifying the appointment
of KPMG Peat Marwick as the Company's auditors for 1995 and 25,628 shares were
voted against such proposal. Proxies filed at the 1995 Annual Meeting by the
holders of 8,310 shares instructed the proxy holders to abstain from voting on
such proposal. No "broker nonvotes" were received at the 1995 Annual Meeting
with respect to this proposal.
ITEM 6. Exhibits and Reports on Form 8-K
(a) Reports on Form 8-K - There were no reports on Form 8-K filed
for the six months ended June 30, 1995.
-16-
SELAS CORPORATION OF AMERICA
SIGNATURE
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.
SELAS CORPORATION OF AMERICA
(Registrant)
Date: August 11, 1995
Robert W. Ross
Vice President and
Chief Financial Officer
-17-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements of Selas Corporation of America for the six months
ended JUNE 30, 1995 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<EXCHANGE-RATE> 1.
<CASH> 5,899,622
<SECURITIES> 0
<RECEIVABLES> 28,605,547
<ALLOWANCES> 554,394
<INVENTORY> 8,810,140
<CURRENT-ASSETS> 45,296,158
<PP&E> 29,232,695
<DEPRECIATION> 12,501,630
<TOTAL-ASSETS> 76,896,673
<CURRENT-LIABILITIES> 26,604,902
<BONDS> 10,436,935
<COMMON> 3,702,426
0
0
<OTHER-SE> 30,437,621
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<INCOME-TAX> 906,517
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<NET-INCOME> 1,100,080
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</TABLE>
