15
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 QUARTERLY PERIOD ENDED MARCH 31, 2001
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.
COMMON SHARES, $1.00 PAR VALUE 5,119,214 (exclusive of 515,754
CLASS treasury shares)
OUTSTANDING AT MAY 4, 2001
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, 2001 and December 31, 2000 3, 4
Consolidated Statements of Operations for
the Three Months Ended March 31, 2001 and 2000 5
Consolidated Statements of Cash Flows for
the Three Months Ended March 31, 2001 and 2000 6
Consolidated Statement of Shareholders'Equity
for the Three Months Ended March 31, 2001 7
Notes to Consolidated Financial Statements 8,9,10,11
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations 12, 13
Item 3. Quantitative and Qualitative Disclosures
About Market Risk 13
PART II: OTHER INFORMATION
Item 1. Legal Proceedings 14
Item 6. Exhibits and Reports on Form 8-K 14
SELAS CORPORATION OF AMERICA
Consolidated Balance Sheets
Assets
March 31, December 31
2001 2000
(Unaudited) (Audited)
Current assets
Cash, including cash equivalents of
$3,092,000 in 2001 and $428,000 in 2000 $ 5,618,911 $ 4,055,224
Accounts receivable (including unbilled
receivables of $8,954,000 in 2001
and $13,491,000 in 2000, less allowance
for doubtful accounts of $649,000 in
2001 and $746,000 in 2000) 32,618,593 38,173,397
Inventories 15,580,024 13,808,636
Deferred income taxes 2,946,078 2,811,219
Other current assets 1,397,871 1,465,456
Total current assets 58,161,477 60,313,932
Property, plant and equipment
Land 946,622 975,383
Buildings 10,896,933 11,171,239
Machinery and equipment 32,698,747 31,781,389
44,542,302 43,928,011
Less: Accumulated depreciation 25,798,562 24,819,267
Net property, plant and equipment 18,743,740 19,108,744
Excess of cost over net assets of acquired
subsidiaries, less accumulated amortiza-
tion of $4,079,000 in 2001 and
$3,898,000 in 2000 16,225,331 15,599,884
Deferred income taxes 464,150 451,861
Other assets including patents, less
amortization 1,003,842 856,719
$94,598,540 $96,331,140
(See accompanying notes to the consolidated financial statements)
SELAS CORPORATION OF AMERICA
Consolidated Balance Sheets
Liabilities and Shareholders' Equity
March 31, December 31,
2001 2000
Current liabilities (Unaudited) (Audited)
Notes payable $ 6,412,312 $ 9,153,626
Current maturities of long-term debt 2,270,242 1,755,495
Accounts payable 21,081,619 21,447,745
Federal, state and foreign income taxes 676,995 1,201,720
Customers' advance payments on contracts 3,398,727 3,783,421
Guarantee obligations and estimated costs
of service 843,936 957,740
Other accrued liabilities 6,956,077 6,327,403
Total current liabilities 41,639,908 44,627,150
Long-term debt 4,494,258 3,211,706
Other postretirement benefit obligations 4,416,765 4,058,761
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 28,674,517 28,606,413
Accumulated other comprehensive (loss) (1,009,339) (555,321)
Less: 515,754 common shares held
in treasury, at cost (1,265,078) (1,265,078)
Total shareholders' equity 44,047,609 44,433,523
$94,598,540 $96,331,140
(See accompanying notes to the consolidated financial statements)
SELAS CORPORATION OF AMERICA
Consolidated Statements of Operations
(Unaudited)
Three Months Ended
March 31, March 31,
2001 2000
Sales, net $28,410,873 $30,523,008
Operating costs and expenses
Cost of sales 22,701,765 23,433,621
Selling, general and administrative
expenses 4,960,987 4,783,035
Operating income 748,121 2,306,352
Interest (expense) (301,600) (267,924)
Interest income 10,900 16,280
Other income (expense), net 127,666 (53,980)
Income before income taxes 585,087 2,000,728
Income taxes 286,615 800,135
Net income $ 298,472 $ 1,200,593
Earnings per share
Basic $.06 $.23
Diluted $.06 $.23
Average shares outstanding
Basic 5,119,000 5,125,000
Diluted 5,136,000 5,137,000
Comprehensive income (loss) $ (155,546) $ 888,705
(See accompanying notes to the consolidated financial statements)
SELAS CORPORATION OF AMERICA
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31, March 31,
2001 2000
Cash flows from operating activities:
Net income $ 298,472 $ 1,200,593
Adjustments to reconcile net income
to net cash provided (used) by operating
activities:
Depreciation and amortization 1,071,362 1,020,728
Equity in loss of unconsolidated
affiliate 14,392
(Gain) loss on sale of property and
equipment 164 (150)
Deferred taxes (163,341) 42,126
Changes in operating assets and
liabilities:
(Increase) decrease in accounts
receivable 5,747,291 (4,855,203)
(Increase) in inventories (1,773,989) (385,138)
(Increase) decrease in other assets 446,736 (321,412)
Increase (decrease) in accounts
payable (1,306,505) 3,986,351
Increase (decrease) in accrued expenses (682,763) 319,902
(Decrease) in customer advances (339,055) (445,199)
Increase (decrease) in other
liabilities 374,754 (19,148)
Net cash provided by operating
activities 3,673,126 557,842
Cash flows from investing activities:
Purchases of property, plant and equipment (548,248) (743,740)
Proceeds from sale of property, plant
and equipment 1,422 150
Acquisition of subsidiary companies, net of
cash acquired (77,292) 144,930
Net cash (used) by investing
activities (624,118) (598,660)
Cash flows from financing activities:
Proceeds from short-term bank borrowings 1,113,811 890,763
Proceeds from long-term bank borrowings 2,543,184
Proceeds from borrowings to acquire
subsidiary company 534,223 1,735,645
Repayments of short-term bank borrowings (4,128,671) (312,628)
Repayments of long-term debt (1,003,995) (797,690)
Payment of dividends (230,366) (230,628)
Purchase of treasury stock (46,220)
Net cash provided (used) by
financing activities (1,171,814) 1,239,242
Effect of exchange rate changes on cash (313,507) (195,097)
Net increase in cash and cash equivalents 1,563,687 1,003,327
Cash and cash equivalents, beginning of
period 4,055,224 1,756,008
Cash and cash equivalents, end of period $ 5,618,911 $ 2,759,335
(See accompanying notes to the consolidated financial statements)
SELAS CORPORATION OF AMERICA
Consolidated Statement of Shareholders' Equity
Three Months Ended March 31, 2001
(Unaudited)
Common Stock
Additional
Number of Paid-in
Shares Amount Capital
Balance January 1,
2001 5,634,968 $5,634,968 $12,012,541
Net income
Cash dividends paid
($.045 per share)
Foreign currency
translation (loss)
Derivative financial
instrument gain,
net of taxes
Comprehensive (loss)
Balance March 31,
2001 5,634,968 $5,634,968 $12,012,541
Accumulated
Other
Retained Comprehensive Comprehensive
Earnings (Loss) (Loss)
Balance January 1,
2001 $28,606,413 $(555,321)
Net income 298,472 $ 298,472
Cash dividends paid
($.045 per share) (230,368)
Foreign currency
translation (loss) (498,941) (498,941)
Derivative financial
instrument gain,
net of taxes 44,923 44,923
Comprehensive (loss) $(155,546)
Balance March 31,2001 $28,674,517 $(1,009,339)
Total
Treasury Shareholders
Stock Equity
Balance January 1, 2001 $(1,265,078) $44,433,523
Net income 298,472
Cash dividends paid
($.045 per share) (230,368)
Foreign currency
translation (loss) (498,941)
Derivative financial
instrument gain,
net of taxes 44,923
Comprehensive (loss)
Balance March 31, 2001 $(1,265,078) $44,047,609
(See accompanying notes to the consolidated financial statements)
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, 2001 and
December 31, 2000, and the consolidated results of its operations for
the three months ended March 31, 2001 and 2000 and consolidated
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 2000 Selas Corporation of
America Annual Report.
3. Acquisitions
In January, 2001, the Company acquired the stock of Lectret, a Singapore
manufacturer of microphone capsules. The purchase price was
approximately $1.1 million with provision for contingent consideration
that could increase the total purchase price to approximately $1.7
million. The acquisition was accounted for as a purchase.
4. Inventories consist of the following:
March 31, December 31,
2001 2000
Raw material $ 4,061,053 $ 3,738,194
Work-in-process 6,532,945 5,214,538
Finished products and components 4,986,026 4,855,904
$15,580,024 $13,808,636
5. Income Taxes
Consolidated income taxes for the three months ended March 31, 2001 and
2000 are $287,000 and $800,000 which result in effective tax rates of 49%
and 40%, respectively. The rate of tax in relation to pre-tax income in
2001 is high because tax benefits from certain foreign net operating
losses could not be utilized for income tax purposes.
6. Legal Proceedings
The Company is a defendant along with a number of other parties in
approximately 100 lawsuits as of December 31, 2000 (approximately 200 as
of December 31, 1999) 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 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 Companys 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 Companys 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
Companys consolidated financial position, liquidity, or results of
operations.
7. Statements of Cash Flows
Three Months Ended
March 31, March 31,
2001 2000
Interest received $ 15,178 $ 16,156
Interest paid $ 243,549 $ 236,921
Income taxes paid $ 993,491 $ 163,365
8. Accounts Receivable
At March 31, 2001, the Company had $1,770,048 of trade accounts
receivable due from the major U.S. automotive manufacturers and
$6,123,059 of trade accounts receivable due from hearing health
manufacturers. The Company also had $9,416,426 in receivables from
long-term contracts for customers in the steel industry in North America,
Europe and Asia.
9. Earnings Per Share
The following table sets forth the computation of basic and diluted
earnings per share:
For the Three Months
Ended March 31, 2001
Income Shares Per Share
Numerator Denominator Amount
Basic Earnings Per Share
Income available to
common shareholders $ 298,472 5,119,214 $.06
Effect of Dilutive
Securities
Stock options 16,738
Diluted Earnings Per Share $ 298,472 5,135,952 $.06
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
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, 2001 and 2000 and the
consolidated financial statements included in the 2000 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
For the Holders, Miniature
Three Months Lifts and Medical and General
Ended Heat Related Electronic Corporate
March 31, 2001 Technology Products Products Expenses Total
Sales, net $13,765,950 $3,346,342 $11,298,581 $28,410,873
Net income
(loss) $ 198,534 $ (68,574) $ 401,575 $(233,063) $ 298,472
Depreciation
and amoriza-
tion $ 192,377 $ 50,046 $ 828,939 $ 1,071,362
Property, plant
and equipment
additions $ 74,540 $ 1,741 $ 471,967 $ 548,248
Total assets $44,888,970 $6,276,395 $43,433,175 $94,598,540
.
Segments
Tire Precision
For The Holders, Miniature
Three Months Lifts and Medical and General
Ended Heat Related Electronic Corporate
March 31, 2000 Technology Products Products Expenses Total
Sales, net $15,804,728 $5,252,411 $ 9,465,869 $30,523,008
Net income $ 484,090 $ 459,954 $ 415,794 $(159,245) $ 1,200,593
Depreciation
and amoriza-
tion $ 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
11. Derivative Financial Instruments
The Company is exposed to market risks from changes in interest rates and
fluctuations in foreign exchange rates. The Company has only limited
involvement with derivative financial instruments and does not use them
for trading purposes. They are used to manage well-defined interest rate
and foreign currency risks.
Interest rate swap agreements are used to reduce the potential impact of
increases in interest rates on floating rate long-term debt. At January 1,
2001, the Company's French subsidiary was party to one interest rate swap
agreement. The interest rate swap agreement is with a major European
financial institution and has a total notional amount of $1.2 million at
January 1, 2001. The notional amount will decrease consistent with the
terms of the related long-term debt agreement. The swap agreement requires
fixed interest payments based on an effective rate of 8.55% for the
remaining term through May, 2006. The subsidiary continually monitors its
position and the credit ratings of its counterparties and does not
anticipate nonperformance by the counterparties.
The fair value of the interest rate swap agreement was $1.1 million at
January 1, 2001. The fair value of this financial instrument represents
the aggregate replacement cost based on financial institution quotes.
Effective January 1, 2001, the Company adopted the provisions of Statement
of Financial Accounting Standards (SFAS) No.133 and No.138 "Accounting for
Derivative Instruments and Hedging Activities." Changes in the fair value
of interest rate swaps designated as hedging instruments of the variability
of cash flows associated with floating rate, long-term debt obligations are
reported in Accumulated Other Comprehensive (Loss). These amounts are
subsequently reclassed into interest expense as a yield adjustment in the
same period in which the related interest on the floating-rate debt
obligations affect earnings.
During the three months ended March 31, 2001, approximately $4,220 of gains
related to the interest rate swap have been reclassified into interest
expense as a yield adjustment of the hedged debt obligation. As of March 31,
2001, $44,923 has been included in Accumulated Other Comprehensive (Loss),
net of taxes of $24,190, which represents the fair market value of the
interest rate swap on the long term debt obligation. Management is of the
opinion that the impact of the adoption of the provision is not material
to the Company's consolidated financial position or results of operations.
As of March 31, 2001, the Company has no outstanding foreign currency
exchange contracts.
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, 2001 decreased to
$28.4 million from $30.5 million for the same period in 2000. Net sales for
the heat technology segment decreased to $13.8 million for the three months
ended March 31, 2001 compared to $15.8 million for the same period last
year. The decrease in sales is due to a delay in the receipt of orders to be
booked, partially offset by the inclusion of Nippon Selas revenue in the
current period. The remaining equity investment in Nippon Selas was acquired
in June, 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
decreased to $25.5 million at March 31, 2001 compared to $39.6 million at the
same time last year. Sales for the Company's precision miniature medical and
electronic products segment increased to $11.3 million for the three months
ended March 31, 2001 compared to $9.5 million for the comparable period in
2000. Most of the growth in this segment resulted from increased revenue
from medical infusion and hearing health system part shipments, along with
the inclusion of the sales of Lectret, a Singapore manufacturer of microphone
capsules acquired in January, 2001. Partially offsetting this increase was
reduced sales of hearing health component parts and a downturn in demand for
thermistor and capacitor parts by the Company's electronics industry
customers. Net sales of the tire holders, lifts and related products segment
for the three months ended March 31, 2001 decreased to $3.3 million from $5.2
million for the same period in 2000. The decline in revenue is due to the
drop-off in demand for tire lifts by the Company's automotive customers,
reflecting the slump in that industry and the loss of a contract at the
beginning of the year to supply tire lifts for one of its customer's new
models.
The Company's gross profit margin as a percentage-of-sales decreased to 20.1%
for the three months ended March 31, 2001 compared to 23.2% for the same
period last year. Gross profit margins for the heat technology segment
decreased to 15.3% for the three months ended March 31, 2001 compared to
18.6% for the comparable period in 2000. Heat technology gross profit
margins vary markedly from contract to contract, depending on customer
specifications and other conditions related to the project. The gross profit
margins for the first quarter of 2001 were impacted by revenue recognized on
several large engineered contracts whose margins were not as profitable as
contracts completed in 2000, partially offset by the inclusion in 2001 of
Nippon Selas sales, which typically have higher margins on their products.
Gross profit margins for the precision miniature medical and electronics
products segment decreased to 28.7% for the three months ended March 31, 2001
compared to 31.5% for the same period in 2000. The lower margins in the
current quarter are attributable to the mix of product sales between the
periods as hearing health component parts, whose sales have decreased in
2001, have higher profit margins compared to the segment's other products,
whose revenue have been increasing. Gross profit margins for the tire
holders, lifts and related products segment declined to 10.8% for the first
quarter of 2001 compared to 22.2% for the comparable period in 2000. The
decrease in the current year is due to the loss of efficiencies from lower
production resulting from the weakness in sales of tire lifts.
Selling, general and administrative expenses (SG&A) increased 3.7% to
$4,961,000 for the first quarter 2001 compared to $4,783,000 for the same
period in 2000. The higher SG&A costs are due primarily to the acquisitions
in January, 2001 of Lectret, the Singapore microphone capsule manufacturer
and the inclusion of Nippon Selas results for the current quarter. The
remaining equity investment in Nippon Selas was acquired in June, 2000.
Interest expense for the three months ended March 31, 2001 increased to
$302,000 compared to $268,000 for the same period in 2000. The increase is
due to higher average borrowings during the current quarter. Interest income
for the first three months of 2001 decreased to $11,000 from $16,000 for the
same period in 2000 due to less funds available for investment.
Other income (expense) includes gains on foreign exchange of $118,000 for the
quarter ended March 31, 2001 compared to losses on exchange of $98,000 for
the same period in 2000.
Consolidated income taxes for the three months ended March 31, 2001 and 2000
are $287,000 and $800,000 which result in effective tax rates of 49% and 40%,
respectively. The rate of tax in relation to pre-tax income in 2001 is high
because tax benefits from certain foreign net operating losses could not be
utilized for income tax purposes.
Consolidated net income for the first quarter ended March 31, 2001 decreased
to $298,000 from income of $1,201,000 for the comparable period in 2000. The
decline in profitability is due to lower sales and gross profit margins on
certain contracts and other products and higher SG&A expenses resulting from
the acquisitions of Lectret and Nippon Selas, partially offset by gains on
foreign exchange in the current year.
Liquidity and Capital Resources
Consolidated net working capital increased to $16.5 million at March 31, 2001
compared to $15.7 million at December 31, 2000. The increase is primarily
due to the net income for the quarter and borrowings to acquire subsidiary
companies, 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 equivalents
of $1.6 million, lower accounts receivable of $5.5 million, higher
inventories of $1.8 million and lower notes payable of $2.7 million. These
changes relate mainly to the ongoing operations of the Company, and to a
lesser extent, the acquisition of Lectret in January, 2001.
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,
2001, the Company has repurchased a total of 152,190 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 2001.
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 2000. 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, 2000, 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.
PART II - OTHER INFORMATION
ITEM 1. Legal Proceedings
See note 6 to the Consolidated Financial Statements.
ITEM 6. Exhibits and Reports on Form 8-K
None
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 10, 2001 _____________________________
Francis A. Toczylowski
Vice President and Treasurer