-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T41v8GhimadjkQAEuOp8L8sdZOddar3unVwZX2lNB7e6vQuEcHLYPt9XkNv8ub6o rec+XKDK5z2v2+Uj593oJQ== 0000088790-95-000015.txt : 19951119 0000088790-95-000015.hdr.sgml : 19951119 ACCESSION NUMBER: 0000088790-95-000015 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: SELAS CORP OF AMERICA CENTRAL INDEX KEY: 0000088790 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL PROCESS FURNACES & OVENS [3567] IRS NUMBER: 231069060 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05005 FILM NUMBER: 95589277 BUSINESS ADDRESS: STREET 1: 2034 LIMEKILN PK CITY: DRESHER STATE: PA ZIP: 19025 BUSINESS PHONE: 2156466600 MAIL ADDRESS: STREET 1: 2034 LIMEKILN PIKE CITY: DRESHER STATE: PA ZIP: 19025 10-Q 1 3RD QTR 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 SEPTEMBER 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 OCTOBER 27, 1995 COMMON SHARES, $1.00 PAR VALUE 3,460,050 (exclusive of 242,376 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 September 30, 1995 and December 31, 1994 . . . . . 3, 4 Consolidated Statements of Operations for the Three Months Ended September 30, 1995 and 1994 . . . . . . . . . . . . . . . . . . . . 5 Consolidated Statements of Operations for the Nine Months Ended September 30, 1995 and 1994. . . 6 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 1995 and 1994 . . . . . . . . . . . . . . . . . . 7 Consolidated Statement of Shareholders' Equity for the Nine Months Ended September 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 6. Exhibits and Reports on Form 8-K . . . . . 15 -3- SELAS CORPORATION OF AMERICA Consolidated Balance Sheets Assets September 30, December 31, 1995 1994 (Unaudited) (Audited) Current assets Cash, including cash equivalents of $1,326,000 in 1995 and $4,497,000 in 1994 . . . . . . . . . . . . . . . . $ 5,550,217 $ 5,812,508 Accounts receivable (including unbilled receivables of $2,844,000 in 1995 and $1,695,000 in 1994, less allowance for doubtful accounts of $551,000 in 1995 and $513,000 in 1994) . . . . . . . 20,190,912 21,480,083 Inventories . . . . . . . . . . . . . . . 9,289,830 8,210,027 Deferred income taxes . . . . . . . . . . 1,551,612 1,414,952 Other current assets . . . . . . . . . . . 1,172,983 1,189,942 Total current assets . . . . . . . . . 37,755,554 38,107,512 Investment in unconsolidated affiliates . . 1,054,705 1,705,080 Property, plant and equipment Land . . . . . . . . . . . . . . . . . . . 1,149,746 1,102,963 Buildings . . . . . . . . . . . . . . . . 11,782,153 11,332,798 Machinery and equipment . . . . . . . . . 16,693,213 15,162,425 29,625,112 27,598,186 Less: Accumulated depreciation . . . . . 13,028,687 11,291,064 Net property, plant and equipment . . . 16,596,425 16,307,122 Deferred pension cost. . . . . . . . . . . . 337,841 379,178 Notes receivable . . . . . . . . . . . . . 379,239 376,996 Excess of cost over net assets of acquired subsidiary, less accumulated amortization of $725,000 and $476,000 . . . . . . . . . 12,541,278 12,790,019 Other assets including patents, less amortization . . . . . . . . . . . . . . . 415,698 454,416 $69,080,740 $70,120,323 =========== =========== See accompanying notes to the consolidated financial statements. -4- SELAS CORPORATION OF AMERICA Consolidated Balance Sheets Liabilities and Shareholders' Equity September 30, December 31, 1995 1994 (Unaudited) (Audited) Current liabilities Notes payable . . . . . . . . . . . . . . $ 3,629,061 $ -- Current maturities of long-term debt . . 1,910,126 2,389,664 Accounts payable . . . . . . . . . . . . 6,412,987 10,563,966 Federal, state and foreign income taxes . 412,319 446,624 Customers' advance payments on contracts 480,679 761,792 Guarantee obligations and estimated future costs of service . . . . . . . . . . . 1,270,252 1,156,296 Other accrued liabilities . . . . . . . . 5,102,686 4,853,978 Total current liabilities . . . . . . 19,218,110 20,172,320 Long-term debt . . . . . . . . . . . . . . 9,919,283 11,136,028 Pension plan obligation . . . . . . . . . . 450,463 491,800 Other postretirement benefit obligations . 4,008,986 3,939,303 Deferred income taxes . . . . . . . . . . . 1,196,328 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 . . . . . . . . . . . . 15,771,525 14,886,035 Foreign currency translation adjustment 1,796,174 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 . . . . . 34,287,570 33,097,913 $69,080,740 $70,120,323 =========== =========== See accompanying notes to the consolidated financial statements. -5- SELAS CORPORATION OF AMERICA Consolidated Statements of Operations (Unaudited) Three Months Ended September 30, September 30, 1995 1994 Sales, net $15,713,794 $15,490,043 Operating costs and expenses Cost of sales 11,360,221 10,454,437 Selling, general and administrative expenses 3,400,626 3,706,519 Operating income 952,947 1,329,087 Interest (expense) (353,835) (335,269) Interest income 101,282 90,978 Other income (expense), net 23,356 10,973 Income before income taxes 723,750 1,095,769 Income taxes 350,132 508,014 Net income $ 373,618 $ 587,755 =========== =========== Earnings per common and common equivalent share $.11 $.17 =========== =========== Weighted average common and common equivalent shares outstanding 3,460,000 3,455,000 See accompanying notes to the consolidated financial statements. -6- SELAS CORPORATION OF AMERICA Consolidated Statements of Operations (Unaudited) Nine Months Ended September 30, September 30, 1995 1994 Sales, net $54,159,475 $55,890,361 Operating costs and expenses Cost of sales 39,673,818 39,767,896 Selling, general and administrative expenses 10,996,288 10,887,874 Operating income 3,489,369 5,234,591 Interest (expense) (975,208) (977,749) Interest income 254,450 206,217 Other income (expense), net (38,264) (67,350) Income before income taxes 2,730,347 4,395,709 Income taxes 1,256,649 1,822,005 Net income $ 1,473,698 $ 2,573,704 =========== =========== Earnings per common and common equivalent share $.43 $.75 =========== =========== Weighted average common and common equivalent 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) Nine Months Ended September 30, September 30, 1995 1994 Cash flows from operating activities: Net income . . . . . . . . . . . . . . . . . $ 1,473,698 $ 2,573,704 Adjustments to reconcile net income to net cash provided (used) by operating activities: Depreciation and amortization . . . . . 2,055,713 1,999,090 Equity in (income) of unconsolidated affiliate . . . . . . . . . . . . . . (15,638) (33,414) (Gain) on sale of equity in unconsoli- dated affiliate . . . . . . . . . . . (148,767) -- (Gain) loss on sale of property and equipment . . . . . . . . . . . . . . (7,789) 9,139 Deferred taxes . . . . . . . . . . . . . (205,405) (181,117) Changes in operating assets and liabilities: Decrease in accounts receivable . . 3,292,491 3,402,607 (Increase) in inventories . . . . . . (1,100,264) (762,644) (Increase) decrease in other assets . 61,190 (1,289,680) (Decrease) in accounts payable . . . . (5,573,321) (1,925,234) Increase in accrued expenses . . . . 243,171 1,595,971 Increase (decrease) in customer advances (305,778) 321,651 Increase in other liabilities . . . 34,347 44,601 Net cash provided (used) by operating activities . . . . . . . . . . . (196,352) 5,754,674 Cash flows from investing activities: Purchases of property, plant and equipment . (1,597,046) (1,482,633) Proceeds from sale of property, plant and equipment . . . . . . . . . . . . . . . 46,024 24,498 Investment in subsidiary . . . . . . . . . . -- (16,601) Proceeds from sale of equity in unconsolidated affiliate . . . . . . . . . . . . . . . . 270,666 -- Receipt of dividend from unconsolidated affiliate -- 34,538 Loan made to unconsolidated affiliate . . . -- (288,064) Net cash provided (used) by investing activities . . . . . . (1,280,356) (1,728,262) Cash flows from financing activities: Proceeds from short-term bank borrowings . . 3,558,894 -- Repayments of short-term bank borrowings . . -- (3,297,501) Proceeds from long-term debt . . . . . . . . -- 1,100,000 Repayments of long-term debt . . . . . . . . (1,922,618) (1,402,340) Proceeds from exercise of stock options . . 28,281 124,437 Payment of dividends . . . . . . . . . . . . (588,209) (518,057) Net cash provided (used) by financing activities . . . . . . . . . . . 1,076,348 (3,993,461) Effect of exchange rate changes on cash . . . 138,069 155,680 Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . (262,291) 188,631 Cash and cash equivalents, beginning of period 5,812,508 7,147,358 Cash and cash equivalents, end of period . . $ 5,550,217 $ 7,335,989 =========== =========== See accompanying notes to the consolidated financial statements. -8- SELAS CORPORATION OF AMERICA Consolidated Statement of Shareholders' Equity Nine Months Ended September 30, 1995 (Unaudited) Common Stock Additional Number of Paid-In Shares Amount Capital Balance, January 1, 1995 3,697,426 $3,697,426 $13,484,640 Net income Exercise of 5,000 stock options 5,000 5,000 27,365 Cash dividends paid ($.06 per share for the third quarter, $.055 per share for each of the first two quarters) Translation gain Balance, September 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 $(112,623) Net income 1,473,698 Exercise of 5,000 stock options Cash dividends paid ($.06 per share for the third quarter, $.055 per share for each of the first two quarters) (588,208) Translation gain 271,802 Balance, September 30, 1995 $15,771,525 $1,796,174 $(112,623) =========== ========== ========= Total Treasury Shareholders' Stock Equity Balance, January 1, 1995 $(381,937) $33,097,913 Net income 1,473,698 Exercise of 5,000 stock options 32,365 Cash dividends paid ($.06 per share for the third quarter, $.055 per share for each of the first two quarters) (588,208) Translation gain 271,802 Balance, September 30, 1995 $(381,937) $34,287,570 ========= =========== (See accompanying notes to the consolidated financial statements) -9- 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 September 30, 1995 and December 31, 1994, and the consolidated results of its operations for the three and nine months ended September 30, 1995 and 1994 and consolidated statements of shareholders' equity and cash flows for the nine 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. Inventories consist of the following: September 30, December 31, 1995 1994 Raw material $2,619,488 $2,281,342 Work-in-process 2,597,804 2,200,579 Finished products and components 4,072,538 3,728,106 Total $9,289,830 $8,210,027 ========== ========== 4. Income Taxes Consolidated income taxes for the nine month periods ended September 30, 1995 and 1994 are $1,256,000 and $1,822,000 which result in effective tax rates of 46.0% and 41.4%, 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. 5. 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 non- informative 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 -10- SELAS CORPORATION OF AMERICA PART I - FINANCIAL INFORMATION ITEM 1. Notes to Consolidated Financial Statements (Continued) 5. Legal Proceedings (Continued) 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 cost of defense and 100% of all settlements and judgments up to the policy limits. The lead carrier settled approximately 450 claims in 1994 with no request for the Company to participate in any settlement and has not requested that the Company participate in any settlement for 1995. 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. 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. 6. Statements of Cash Flows Supplemental disclosures of cash flow information. Nine Months Ended September 30, September 30, 1995 1994 Interest received . . . . . $ 189,795 $ 184,143 Interest paid . . . . . . . $ 867,657 $1,033,925 Income taxes paid . . . . . $1,729,179 $1,383,516 7. Accounts Receivable At September 30, 1995, the Company had $1,387,408 of trade accounts receivable due from the major U.S. automotive manufacturers and $2,662,135 of trade accounts receivable due from hearing aid manufacturers. The Company also had $7,027,354 in receivables from long-term contracts for customers in the steel industry in North America, Europe and Asia. -11- SELAS CORPORATION OF AMERICA PART I - FINANCIAL INFORMATION ITEM 1. Notes to Consolidated Financial Statements (Continued) 8. 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 for the three months ended September 30, 1995 increased to $15.7 million and decreased to $54.2 million for the nine months ended September 30, 1995 compared to $15.5 million and $55.9 million for the three and nine months ended September 30, 1994. Net sales for the Company's heat processing segment were $6.7 million and $24.9 million for the three and nine months ended September 30, 1995 compared to $6.0 million and $26.8 million for the same periods in 1994. The increase in sales in this business segment for the third quarter of 1995 is due to an increase in revenues from engineered contracts. The decrease in sales for the nine months was caused by a lack of engineered contracts at the beginning of 1995. 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. Consolidated backlog for this business segment is $30.4 million at September 30, 1995 compared to $19.4 million at September 30, 1994. Net sales for the precision electromechanical and plastics component segment increased to $6.3 million and $18.5 million for the three and nine months ended September 30, 1995 compared to $5.5 million and $16.8 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 $2.7 million and $10.7 million for the three and nine months ended September 30, 1995 compared to $4.1 million and $12.3 million for the same periods in 1994. Lower sales for the three and nine 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 as a percentage of sales decreased to 27.7% and 26.7% for the three and nine month periods ended September 30, 1995 compared to 32.5% and 28.8% for the same periods in 1994. The Company's heat processing segment's gross profit margins were 27.7% and 24.9% for the three and nine month periods ended September 30, 1995 compared to 31.8% and 27.6% for the same periods in 1994. The lower gross profit margins for the segment are due primarily to lower profit margins on one large engineered steel contract which is near completion and will be completed in the fourth quarter of this year. Gross profit margins for the Company's precision electromechanical and plastic components segment for the three and nine month periods ended September 30, 1995 were 37.1% and 36% compared to 40.7% and 37% for the same periods in 1994. The lower gross profit margins for this segment are due to a change in the mix of products sold. The gross profit margins for the Company's tire holders, lifts and other products segment decreased to 6.5% and 15.1% for the three and nine months ended September 30, 1995 compared to 21.9% and 20.4% for the same periods in 1994. The lower gross profit margins are due to higher labor and material costs which have not been passed on to the automotive customers through selling price increases, along with a drop in units produced and sold due to 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 for the three month and nine month periods ended September 30, 1995 were $3,400,000 and $10,996,000 compared to $3,706,000 and $10,888,000 for the same periods in 1994. The lower costs in the current quarter are due to cost reductions and the slightly higher costs for the current nine months of 1% is due to general increases. Interest income for the three and nine months ended September 30, 1995 increased to $101,000 and $255,000 compared to $90,000 and $206,000 for the same periods in 1994. The increase in interest is due in part to higher investments and higher rates on the investments. Interest expense for the three and nine month periods ended September 30, 1995 was $353,000 and $975,000 compared to $335,000 and $978,000 for the same period in 1994. The small increase in interest expense for the quarter is due to additional short-term borrowings in the current quarter. Other income (expense) includes a foreign currency gain of $10,000 for the three months ended September 30, 1995 and a loss of $129,000 for the nine months ended September 30, 1995 compared to a loss of $8,000 and a gain of $2,000 for the same periods in 1994. Consolidated income taxes for the nine month periods ended September 30, 1995 and 1994 are $1,256,000 and $1,822,000 which result in effective tax rates of 46.0% and 41.4%, 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. Liquidity and Capital Resources Consolidated net working capital increased to $18.5 million at September 30, 1995 from $17.9 million as of December 31, 1994. The increase is primarily due to net income of $1.5 million for the nine months ended September 30, 1995, partially offset by payments of dividends and long-term borrowings. The largest changes in the components of working capital is increased inventory of $1.1 million, reduction of current liabilities of $1 million and lower accounts receivable of $1.3 million. The Company believes that its present working capital position, combined with funds expected to be generated from operations and the available borrowings capacity through its revolving credit loan facilities, will be sufficient to meet its anticipated cash requirements for operating needs and capital expenditures for 1995. -14- SELAS CORPORATION OF AMERICA PART I - FINANCIAL INFORMATION ITEM 2: Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) 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. In October 1995, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 123 "Accounting for Stock-Based Compensation" (Statement No. 123). The provisions of Statement No. 123 is effective for the Company for years beginning after December 15, 1995. Management has not determined the impact, if any, Statement No. 123 will have on the Consolidated Financial Statements of the Company. -15- SELAS CORPORATION OF AMERICA PART II - OTHER INFORMATION ITEM 6. Exhibits and Reports on Form 8-K (b) Reports on Form 8-K - The Company did not file any reports on Form 8- K during the quarter for which this report is filed. 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: November 10, 1995 Robert W. Ross Vice President and CFO EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF SELAS CORPORATION OF AMERICA FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 9-MOS DEC-31-1995 SEP-30-1995 5,550,217 0 20,742,260 551,348 9,289,830 37,755,554 29,625,112 13,028,687 69,080,740 19,218,110 9,919,283 3,702,426 0 0 30,585,144 69,080,740 54,159,475 54,159,475 39,673,818 39,673,818 0 12,146 975,208 2,730,347 1,256,649 1,473,698 0 0 0 1,473,698 0.43 0.00
-----END PRIVACY-ENHANCED MESSAGE-----