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 MARCH 31, 2000
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 MAY 8, 2000
COMMON SHARES, $1.00 PAR VALUE 5,120,714 (exclusive of 514,254
treasury shares)
-2-
SELAS CORPORATION OF AMERICA
I N D E X
Page
Number
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets as of
March 31, 2000 and December 31, 1999 . . . . . . . 3, 4
Consolidated Statements of Operations for
the Three Months Ended March 31, 2000
and 1999 . . . . . . . . . . . . . . . . . . . . . 5
Consolidated Statements of Cash Flows for the
Three Months Ended March 31, 2000 and 1999 . . . . 6
Consolidated Statement of Shareholders' Equity
for the Three Months Ended March 31, 2000. . . . . 7
Notes to Consolidated Financial Statements . . . . 8,9,10,
11,12
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations . . . . . . . . . . . . . . . . 13,14,15
Item 3. Quantitative and Qualitative Disclosures
About Market Risk . . . . . . . . . . . . . 15
PART II - OTHER INFORMATION
Item 1. Legal Proceedings . . . . . . . . . . . . . 16
Item 6. Exhibits and Reports on Form 8-K . . . . . 16
-3-
SELAS CORPORATION OF AMERICA
Consolidated Balance Sheets
Assets
March 31, December 31,
2000 1999
(Unaudited) (Audited)
Current assets
Cash, including cash equivalents of
$999,000 in 2000 and $151,000 in
1999 $ 2,759,335 $ 1,756,008
Accounts receivable (including unbilled
receivables of $13,843,000 in 2000 and
$6,043,000 in 1999, less allowance for
doubtful accounts of $979,000 in 2000
and $978,000 in 1999) 33,297,782 28,795,466
Inventories 13,249,377 12,769,618
Deferred income taxes 2,351,871 2,428,243
Other current assets 2,236,761 2,181,281
Total current assets 53,895,126 47,930,616
Investment in unconsolidated affiliate 574,573 588,965
Property, plant and equipment
Land 983,228 1,005,537
Buildings 11,222,656 11,435,428
Machinery and equipment 29,468,102 28,794,569
41,673,986 41,235,534
Less: Accumulated depreciation 23,088,136 22,441,750
Net property, plant and
equipment 18,585,850 18,793,784
Excess of cost over net assets of acquired
subsidiaries, less accumulated amortiza-
tion of $3,349,000 in 2000 and
$3,165,000 in 1999 16,621,841 16,214,999
Deferred income taxes 518,262 562,243
Other assets including patents, less
amortization 1,103,581 959,093
$91,299,233 $85,049,700
=========== ===========
(See accompanying notes to the consolidated financial statements)
-4-
SELAS CORPORATION OF AMERICA
Consolidated Balance Sheets
Liabilities and Shareholders' Equity
March 31, December 31,
2000 1999
(Unaudited) (Audited)
Current liabilities
Notes payable $ 9,644,380 $ 9,417,666
Current maturities of long-term debt 1,832,467 1,958,951
Accounts payable 17,522,448 13,191,213
Federal, state and foreign income taxes 1,213,766 679,997
Customers' advance payments on contracts 665,751 1,221,946
Guarantee obligations and estimated
costs of service 1,720,017 1,483,624
Other accrued liabilities 6,406,107 6,247,938
Total current liabilities 39,004,936 34,201,335
Long-term debt 4,572,737 3,695,181
Other postretirement benefit obligations 4,086,780 4,130,261
Contingencies and commitments
Shareholders' equity
Common shares, $1 par; 10,000,000 shares
authorized; 5,634,968 shares issued 5,634,968 5,634,968
Additional paid-in capital 12,012,541 12,012,541
Retained earnings 27,562,645 26,592,680
Accumulated other comprehensive (loss) (326,384) (14,496)
Less: 512,754 and 504,854 common shares,
respectively, held in treasury,
at cost (1,248,990) (1,202,770)
Total shareholders' equity 43,634,780 43,022,923
$91,299,233 $85,049,700
=========== ===========
(See accompanying notes to the consolidated financial statements)
-5-
SELAS CORPORATION OF AMERICA
Consolidated Statements of Operations
(Unaudited)
Three Months Ended
March 31, March 31,
2000 1999
Sales, net $30,523,008 $24,053,159
Operating costs and expenses
Cost of sales 23,433,621 19,532,059
Selling, general and
administrative expenses 4,783,035 4,501,280
Operating income 2,306,352 19,820
Interest (expense) (267,924) (261,779)
Interest income 16,280 22,427
Other income (expense), net (53,980) (164,087)
Income (loss) before income
taxes (benefit) 2,000,728 (383,619)
Income taxes (benefit) 800,135 (29,520)
Net income (loss) $ 1,200,593 $ (354,099)
=========== ===========
Earnings (loss) per share
Basic $.23 ($.07)
Diluted $.23 ($.07)
Average shares outstanding
Basic 5,125,000 5,252,000
Diluted 5,137,000 5,252,000
Comprehensive income (loss) $ 888,705 $ (778,769)
=========== ===========
(See accompanying notes to the consolidated financial statements)
-6-
SELAS CORPORATION OF AMERICA
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31, March 31,
2000 1999
Cash flows from operating activities:
Net income (loss) $ 1,200,593 $(354,099)
Adjustments to reconcile net income (loss)
to net cash provided by operating
activities:
Depreciation and amortization 1,020,728 992,609
Equity in loss of unconsolidated
affiliate 14,392 15,792
(Gain) on sale of property and equipment (150) --
Deferred taxes 42,126 383,616
Changes in operating assets and liabilities:
(Increase) decrease in accounts
receivable (4,855,203) 1,707,662
(Increase) in inventories (385,138) (86,752)
(Increase) in other assets (321,412) (616,981)
Increase (decrease) in accounts payable 3,986,351 (220,731)
Increase (decrease) in accrued expenses 319,902 (1,680,975)
Increase (decrease) in customer
advances (445,199) 779,078
(Decrease) in other liabilities (19,148) (5,877)
Net cash provided by operating
activities 557,842 913,342
Cash flows from investing activities:
Purchases of property, plant and equipment (743,740) (781,969)
Proceeds from sale of property, plant and
equipment 150 --
Acquisition of subsidiary company, net of
cash acquired 144,930 (1,888)
Net cash (used) by investing
activities (598,660) (783,857)
Cash flows from financing activities:
Proceeds from short-term bank borrowings 890,763 1,255,811
Proceeds from long-term bank borrowings to
acquire subsidiary company 1,735,645 --
Repayments of short-term bank borrowings (312,628) (1,111,671)
Repayments of long-term debt (797,690) (787,238)
Proceeds from exercise of stock options -- 32,004
Payment of dividends (230,628) (236,702)
Purchase of treasury stock (46,220) (84,451)
Net cash provided (used) by
financing activities 1,239,242 (932,247)
Effect of exchange rate changes on cash (195,097) (120,375)
Net increase (decrease) in cash and cash
equivalents 1,003,327 (923,137)
Cash and cash equivalents, beginning of
period 1,756,008 2,784,282
Cash and cash equivalents, end of period $ 2,759,335 $ 1,861,145
=========== ===========
(See accompanying notes to the consolidated financial statements)
-7-
SELAS CORPORATION OF AMERICA
Consolidated Statement of Shareholders' Equity
Three Months Ended March 31, 2000
(Unaudited)
Common Stock
Additional
Number of Paid-In
Shares Amount Capital
Balance, January 1, 2000 5,634,968 $ 5,634,968 $12,012,541
Net income
Cash dividends paid
($.045 per share)
Foreign currency translation
(loss)
Comprehensive income
Purchase of 7,900 treasury
shares
Balance, March 31, 2000 5,634,968 $ 5,634,968 $12,012,541
============ =========== ===========
Accumulated
Other
Retained Comprehensive Comprehensive
Earnings (Loss) Income
Balance, January 1, 2000 $26,592,680 $ (14,496)
Net income 1,200,593 $1,200,593
Cash dividends paid
($.045 per share) (230,628)
Foreign currency translation
(loss) (311,888) (311,888)
Comprehensive income $ 888,705
==========
Purchase of 7,900 treasury
shares
Balance, March 31, 2000 $27,562,645 $ (326,384)
=========== ===========
Total
Treasury Shareholders'
Stock Equity
Balance, January 1, 2000 $(1,202,770) $43,022,923
Net income 1,200,593
Cash dividends paid
($.045 per share) (230,628)
Foreign currency
translation (loss) (311,888)
Comprehensive income
Purchase of 7,900 treasury
shares (46,220) (46,220)
Balance, March 31, 2000 $(1,248,990) $43,634,780
=========== ===========
(See accompanying notes to the consolidated financial statements)
-8-
SELAS CORPORATION OF AMERICA
PART I - FINANCIAL INFORMATION
ITEM 1. Notes to Consolidated Financial Statements (Unaudited)
1. In the opinion of management, the accompanying 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 March 31, 2000 and
December 31, 1999, and the consolidated results of its operations,
statements of shareholders' equity and cash flows for the three
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 1999 Selas Corporation
of America Annual Report.
3. Acquisitions
In January, 2000, the Company acquired the stock of Ermat SA, a
French furnace manufacturer. Ermat produces furnaces for heat
treating both ferrous and non-ferrous metals. The purchase price was
11.5 million French francs (FF) or approximately $1.8 million. The
acquisition was accounted for as a purchase and the excess of the
fair value of the assets (goodwill) will be amortized on a straight
line basis over 20 years.
4. Inventories consist of the following:
March 31, December 31,
2000 1999
Raw material $ 3,498,666 $ 2,858,196
Work-in-process 5,105,953 5,520,707
Finished products and components 4,644,758 4,390,715
$13,249,377 $12,769,618
=========== ===========
5. Income Taxes
Consolidated income taxes (benefit) for the three months ended March
31, 2000 and 1999 are $800,000 and ($30,000) which result in
effective tax rates of 40% and (7.7)% respectively. The rate of tax
benefit in relation to pre-tax loss in 1999 is low because tax
benefits from certain foreign net operating losses could not be
utilized.
6. Legal Proceedings
The Company is a defendant along with a number of other parties in
approximately 200 lawsuits as of December 31, 1999 (150 as of
December 31, 1998) 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 lead insurance carrier
-9-
SELAS CORPORATION OF AMERICA
PART I - FINANCIAL INFORMATION
ITEM 1. Notes to Consolidated Financial Statements (Unaudited) -
(Continued)
6. Legal Proceedings (Continued)
has informed the Company that the primary policy for the period July
1, 1972 - July 1, 1975 has been exhausted and that the lead carrier
will no longer provide a defense under that policy. The Company has
requested that the lead carrier substantiate this situation. The
Company has contacted representatives of the Company's excess
insurance carrier for some or all of this period. The Company does
not believe that the asserted exhaustion of the primary insurance
coverage for this period will have a material adverse effect on the
financial condition, liquidity, or results of operations of the
Company. Management is of the opinion that the number of insurance
carriers involved in the defense of the suits and the significant
number of policy years and policy limits to which these insurance
carriers are insuring the Company make the ultimate disposition of
these lawsuits not material to the Company's consolidated financial
position or results of operations.
In 1995, a dispute which was submitted to arbitration, arose under a
contract between a customer and a subsidiary of the Company.
Substantial claims were asserted against the subsidiary Company under
the terms of the contract. The Company recorded revenue of
approximately $1,400,000 in 1994. In June, 1998, the arbitrator
found in favor of the customer. The Company has refused to recognize
the validity of the arbitration proceedings and decision and believes
it is entitled to a new hearing before an international or French
tribunal. The Company believes that the disposition of this claim
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 and claims will not materially
affect the Company's consolidated financial position, liquidity, or
results of operations.
7. Statements of Cash Flows
Three Months Ended
March 31, March 31,
2000 1999
Interest received . . . . . . . $ 16,156 $ 22,426
Interest paid . . . . . . . . . $236,921 $200,402
Income taxes paid . . . . . . . $163,365 $ 47,874
8. Accounts Receivable
At March 31, 2000, the Company had $2,709,725 of trade accounts
receivable due from the major U.S. automotive manufacturers and
$3,943,608 of trade accounts receivable due from hearing aid
manufacturers. The Company also had $13,417,728 in receivables from
long-term contracts for customers in the steel industry in North
America, Europe and Asia.
-10-
SELAS CORPORATION OF AMERICA
PART I - FINANCIAL INFORMATION
ITEM 1. Notes to Consolidated Financial Statements (Unaudited) -
(Continued)
9. Earnings (Loss) Per Share
The following table sets forth the computation of basic and diluted
earnings (loss) per share:
For the Three Months
Ended March 31, 2000
Income Shares Per Share
Numerator Denominator Amount
Basic Earnings Per Share
Income available to
common shareholders $1,200,593 5,125,426 $ .23
=========
Effect Of Dilutive Securities
Stock options 11,204
Diluted Earnings Per Share $1,200,593 5,136,630 $ .23
=====================================
For the Three Months
Ended March 31, 1999
(Loss) Shares Per Share
Numerator Denominator Amount
Basic (Loss) Per Share
(Loss) available to
common shareholders $ (354,099) 5,251,784 $ (.07)
=========
Effect Of Dilutive Securities
Stock options --
Diluted (Loss) Per Share $ (354,099) 5,251,784 $ (.07)
=====================================
-11-
SELAS CORPORATION OF AMERICA
10. Business Segment Information
The company has three operating segments. The Company is engaged in
providing engineered heat technology equipment and services to
industries throughout the world, the manufacture of precision
miniature medical and electronic products and the manufacture of
original equipment for light trucks and vans. The results of
operations and assets of these segments are prepared on the same
basis as the condensed consolidated financial statements for the
three months ended March 31, 2000 and 1999 and the consolidated
financial statements included in the 1999 Form 10-K.
The Company's reportable segments reflect separately managed,
strategic business units that provide different products and
services, and for which financial information is separately prepared
and monitored.
Segments
Tire Precision
Holders, Miniature
Lifts and Medical and
For The Three Months Heat Related Electronic
Ended March 31, 2000 Technology Products Products Total
Sales, net $15,804,728 $5,252,411 $9,465,869 $30,523,008
==================================================
Net income $ 324,845 $ 459,954 $ 415,794 $1,200,593
==================================================
Depreciation and
amortization $ 222,977 $ 51,273 $ 746,478 $1,020,728
==================================================
Property, plant and
equipment additions $ 28,928 $ 39,611 $ 675,201 $ 743,740
==================================================
Total assets $45,909,399 $7,428,913 $37,960,921 $91,299,233
==================================================
-12-
SELAS CORPORATION OF AMERICA
10. Business Segment Information (Continued)
Segments
Tire Precision
Holders, Miniature
Lifts and Medical and
For The Three Months Heat Related Electronic
Ended March 31, 1999 Technology Products Products Total
Sales, net $10,755,990 $4,596,008 $8,701,161 $24,053,159
==================================================
Net income (loss) $ (771,688) $ 235,001 $ 182,588 $ (354,099)
==================================================
Depreciation and
amortization $ 185,316 $ 52,836 $ 754,457 $ 992,609
==================================================
Property, plant and
equipment additions $ 160,808 $ 51,196 $ 569,965 $ 781,969
==================================================
Total assets $37,496,937 $7,035,164 $38,123,524 $82,655,625
==================================================
-13-
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 for the three months ended March 31, 2000
increased to $30.5 million from $24 million for the same period in 1999.
Net sales for the heat processing segment increased to $15.8 million for
the three months ended March 31, 2000 compared to $10.8 million for the
same period last year. The increase in sales is due to increased revenue
recognized on large engineered contracts in backlog at the beginning of
the year, increased sales of CFR, the French subsidiary which produces
smaller heat treating furnaces, and sales from Ermat, the French furnace
manufacturer acquired in January, 2000. Sales and earnings of large
engineered contracts are recognized on the percentage-of-completion
method and generally require more than twelve months to complete.
Consolidated backlog for the heat technology segment increased to $39.6
million at March 31, 2000 compared to $20.9 million at the same time last
year. Sales for the Company's precision miniature medical and electronic
products segment increased to $9.5 million for the three months ended
March 31, 2000 compared to $8.7 million for the comparable period in
1999. Sales to hearing health customers for this segment decreased
slightly due to the continuing flat sales trends in this market, more
than offset by increased revenue from products sold to medical infusion
customers. Sales of RTI Electronics increased by $.5 million for the
three months ended March 31, 2000 compared to 1999 due to the improvement
in the electronics industry market and the Asian economic situation. Net
sales of the tire holders, lifts and related products segment for the
three months ended March 31, 2000 increased to $5.3 million from $4.6
million for the same period in 1999. The increase in revenue is due to
higher tire lift unit sales to the Company's automotive customers.
The Company's gross profit margin as a percentage-of-sales increased to
23.2% for the three months ended March 31, 2000 compared to 18.8% for the
same period last year. Gross profit margins for the heat technology
segment increased to 18.6% for the three months ended March 31, 2000
compared to 10.8% for the comparable period in 1999. Heat technology
gross profit margins vary markedly from contract to contract, depending
on customer specifications and other conditions relating to the project.
The gross profit margins for the first quarter of 2000 were impacted by
revenue recognized on several large engineered contracts whose margins
were more profitable than contracts completed in 1999 and slightly higher
sales of spare and replacement parts, which generally have better profit
margins. Gross profit margins for the precision miniature medical and
electronic products segment increased to 31.5% for the three months ended
March 31, 2000 compared to 29.4% for the same period in 1999. The higher
margins in the current quarter are partially attributable to the mix of
product sales between the periods as precision miniature components,
precision miniature systems, plastic and electronic products have varying
profit margins. Also
-14-
SELAS CORPORATION OF AMERICA
PART I - FINANCIAL INFORMATION
ITEM 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations (Continued)
impacting the margins in 2000 were lower costs resulting from the
consolidation of the production operations of RTI Electronics into one
facility, which was completed during the latter stages of 1999. Gross
profit margins for the tire holders, lifts and related products segment
improved to 22.2% for the first quarter of 2000 compared to 17.6% for the
same periods in 1999. The improvement in the current year is due to
efficiencies from higher production through increased sales of the tire
lifts.
Selling, general and administrative expenses (SG&A) increased 6.3% to
$4,783,000 for the first quarter ended March 31, 2000 compared to
$4,501,000 for the same period in 1999. The higher SG&A costs are due
primarily to the acquisition in January, 2000 of Ermat S.A., a French
furnace manufacturer.
Interest expense for the three months ended March 31, 2000 increased
slightly to $268,000 compared to $262,000 for the same period in 1999.
The increase is due to higher average borrowings during the current
quarter. Interest income for the first three months of 2000 decreased to
$16,000 from $22,000 for the same period in 1999 due to less funds
available for investment.
Other income (expense) includes losses on foreign exchange of $98,000 and
$162,000 for the three months ended March 31, 2000 and 1999,
respectively.
Consolidated income taxes (benefit) for the three months ended March 31,
2000 and 1999 are $800,000 and ($30,000) which result in effective tax
rates of 40% and (7.7)% respectively. The rate of tax benefit in
relation to pre-tax loss in 1999 is low because tax benefits from certain
foreign net operating losses could not be utilized.
Consolidated operations for the first quarter ended March 31, 2000
resulted in net income of $1,201,000 compared to a net loss of $354,000
for the same period in 1999. The improvement is attributable primarily
to increased sales and higher profit margins on certain contracts and
other products and lower losses on foreign currency exchange, partially
offset by higher SG&A expenses.
Liquidity and Capital Resources
Consolidated net working capital increased to $14.9 million at March 31,
2000 from $13.7 million at December 31, 1999. The increase is primarily
due to the net income for the quarter and borrowings to acquire a
subsidiary company, offset by purchases of property and equipment, pay-
down of long-term debt and payment of dividends. The major changes in
components of working capital for the quarter were an increase in cash
and cash equivalent of $1 million, higher
-15-
SELAS CORPORATION OF AMERICA
PART I - FINANCIAL INFORMATION
ITEM 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations (Continued)
accounts receivable of $4.5 million and higher accounts payable of $4.3
million. The increase in cash and cash equivalents partly results from
the January, 2000 acquisition of Ermat S.A., which was financed with
long-term borrowings of approximately $1.7 million. At the time of
acquisition, Ermat had cash and cash equivalent balances of approximately
$1.9 million, exceeding the purchase price of near $1.8 million. The
other changes in working capital relate to the ongoing operations of the
Company during the quarter.
During the first quarter of 1999, the Company implemented a program to
repurchase up to 250,000 shares of its common stock, which at the time
represented approximately 5% of its total shares outstanding. The shares
have been purchased from time to time on the open market. As of March
31, 2000, the Company has repurchased a total of 149,190 shares of its
common stock.
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 2000.
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
For information regarding the Company's exposure to certain market risks,
see Item 7A, Quantitative and Qualitative Disclosures About Market Risk,
in the Annual Report on Form 10-K for 1999. There have been no
significant changes in the Company's portfolio of financial instruments
or market risk exposures which have occurred since year-end.
Forward-Looking and Cautionary Statements
The Company may from time to time make written or oral forward-looking
statements, including those contained in the foregoing Management's
Discussion and Analysis. In order to take advantage of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995, the
Company has identified in its Annual Report on Form 10-K for the year
ending December 31, 1999, certain important factors which could cause the
Company's actual results, performance or achievement to differ materially
from those that may be contained in or implied by any forward-looking
statement made by or on behalf of the Company. All such forward-looking
statements are qualified by reference to the cautionary statements herein
and in such Report on Form 10-K.
-16-
SELAS CORPORATION OF AMERICA
PART II - OTHER INFORMATION
ITEM 1. Legal Proceedings
See Note 5 to the Consolidated Financial Statements.
ITEM 6. Exhibits and Reports on Form 8-K
None
-17-
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: May 11, 2000
Francis A. Toczylowski
Vice President and Treasurer
-18-
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: May 11, 1999 /s/ Francis A. Toczylowski
Francis A. Toczylowski
Vice President and Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary information extracted from the financial
statements of Selas Corporation of America for the three months ended March 31,
2000 and is qualified in its entirety by reference to such financial statements
.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 2,759,335
<SECURITIES> 0
<RECEIVABLES> 34,276,567
<ALLOWANCES> 978,785
<INVENTORY> 13,249,377
<CURRENT-ASSETS> 53,895,126
<PP&E> 41,673,986
<DEPRECIATION> 23,088,136
<TOTAL-ASSETS> 91,299,233
<CURRENT-LIABILITIES> 39,004,936
<BONDS> 4,572,737
0
0
<COMMON> 5,634,968
<OTHER-SE> 37,999,812
<TOTAL-LIABILITY-AND-EQUITY> 91,299,233
<SALES> 30,523,008
<TOTAL-REVENUES> 30,523,008
<CGS> 23,433,621
<TOTAL-COSTS> 23,433,621
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 11,203
<INTEREST-EXPENSE> 267,924
<INCOME-PRETAX> 2,000,728
<INCOME-TAX> 800,135
<INCOME-CONTINUING> 1,200,593
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,200,593
<EPS-BASIC> 0.23
<EPS-DILUTED> 0.23
</TABLE>
