UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(AMENDMENT NO. )
Under the Securities Exchange Act of 1934
LAYNE CHRISTENSEN COMPANY
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
521050104
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(CUSIP Number)
Wynnefield Partners Small Cap Value, L.P.
450 Seventh Avenue
New York, New York 10123
Attention: Mr. Nelson Obus
(212) 760-0134
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Telephone Number of Person Authorized to Receive Notices and Communications)
Copy to:
Jeffrey S. Tullman, Esq.
Kane Kessler PC
1350 6th Avenue
New York, New York 10019
(212) 541-6222
August 13, 2003
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(Date of Event which requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box / /.
SCHEDULE 13D
------------------- -----------------------------
CUSIP NO. 871371100 Page 2 of 15 Pages
------- --------
------------------- -----------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Wynnefield Partners Small Cap Value, L.P. 13-3688497
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
318,500
NUMBER OF --------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 318,500
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
318,500
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
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CUSIP NO. 871371100 Page 3 of 15 Pages
------- --------
------------------- -----------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Wynnefield Small Cap Value Offshore Fund, Ltd.
(No IRS Identification No.)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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7 SOLE VOTING POWER
186,800
NUMBER OF --------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 186,800
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
186,800
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.5%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
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CUSIP NO. 871371100 Page 4 of 15 Pages
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------------------- -----------------------------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Wynnefield Partners Small Cap Value L.P. I 13-3953291
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
395,750
NUMBER OF --------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 395,750
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
395,750
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
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CUSIP NO. 871371100 Page 5 of 15 Pages
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------------------- -----------------------------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Channel Partnership II, L.P. 22-3215653
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7 SOLE VOTING POWER
10,000
NUMBER OF --------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 10,000
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
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CUSIP NO. 871371100 Page 6 of 15 Pages
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------------------- -----------------------------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Wynnefield Capital Management, LLC 13-4018186
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7 SOLE VOTING POWER
714,250
NUMBER OF --------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 714,250
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
714,250
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.9%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
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CUSIP NO. 871371100 Page 7 of 15 Pages
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------------------- -----------------------------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Wynnefield Capital, Inc. 13-3688495
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
186,800
NUMBER OF --------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 186,800
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
186,800
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.5%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
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CUSIP NO. 871371100 Page 8 of 15 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Wynnefield Capital, Inc. Profit Sharing & Money Purchase Plan
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
N/A
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7 SOLE VOTING POWER
18,100
NUMBER OF --------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 18,100
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
18,100
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
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14 TYPE OF REPORTING PERSON*
EP
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
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CUSIP NO. 871371100 Page 9 of 15 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Nelson Obus
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
28,100
NUMBER OF --------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 901,050
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 28,100
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
901,050
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
929,150
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.7%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
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CUSIP NO. 871371100 Page 10 of 15 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Joshua Landes
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 901,050
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
901,050
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
901,050
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Information contained in this statement is as of the date hereof,
unless otherwise expressly provided herein.
Item 1. Security and Issuer.
------ -------------------
This Statement relates to shares of the Common Stock, $0.01 par value
per share (the "Shares"), of Layne Christensen Company, a Delaware corporation
(the "Issuer"). The principal executive offices of the Issuer are located at
1900 Shawnee Mission Parkway, Mission Woods, Kansas 66205.
Item 2. Identity and Background
------- -----------------------
This Schedule 13D is filed by Wynnefield Partners Small Cap Value, L.P.
("Partners"), Wynnefield Small Cap Value Offshore Fund, Ltd. ("Fund"),
Wynnefield Partners Small Cap Value L.P. I ("Partners I"), Channel Partnership
II, L.P. ("Channel"), Wynnefield Capital Management, LLC ("WCM"), Wynnefield
Capital, Inc. ("WCI"), Wynnefield Capital, Inc. Profit Sharing & Money Purchase
Plan ("Plan"), Nelson Obus, and Joshua Landes. Partners, Fund, Partners I,
Channel, WCM, WCI, the Plan, Mr. Obus and Mr. Landes are sometimes referred to
collectively as the Reporting Persons.
Partners and Partners I are private investment companies organized as
limited partnerships under the laws of the State of Delaware. Channel is a
private investment company organized as a limited partnership organized under
the laws of the State of New York. WCM, a New York limited liability company, is
the general partner of Partners and Partners I. Fund is a private investment
company organized under the laws of the Cayman Islands. WCI, a Delaware
corporation, is the investment manager of Fund. Nelson Obus and Joshua Landes
are the managing members of WCM and the principal executive officers of WCI. The
Plan is an employee profit sharing plan. Mr. Obus has the power to direct the
vote and the disposition of the Shares held by the Plan. Messrs. Obus and Landes
are citizens of the United States.
The business address of each of the Reporting Persons is 450 Seventh
Avenue, Suite 509, New York, New York 10123.
During the last five years, none of the Reporting Persons has been (i)
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
------ -------------------------------------------------
This Schedule 13D is not being filed to report any additional purchases
of Shares by any of the Reporting Person and is being filed to report a change
in the Reporting Persons' investment intent as described in Item 4 below which
may be deemed to cause the Reporting Persons to become ineligible to continue
reporting their interest in the Shares on a Schedule 13G.
11
Each of the Reporting Persons who directly beneficially owns Shares
purchased such shares from the separate working capital of such entities, each
of which maintains a separate investment fund, consisting of capital
contributions from their respective partners and investors, or, with respect to
the Plan, on behalf of the beneficiaries, and capital appreciation derived
therefrom.
Item 4. Purpose of the Transaction
------- --------------------------
The Reporting Persons have been investors in the issuer for almost a
decade. As a result of the recent departure of two directors from the Issuer's
board of directors who represented large independent stockholders, Mr. Obus has
requested that he be appointed to the Issuer's board of directors in order to
insure that the Issuer's institutional shareholder base has direct board
representation. A copy of the letter dated August 13, 2003 from Mr. Obus to the
Issuer requesting a seat on the Issuer's board of directors is annexed hereto as
Exhibit 2.
The Reporting Persons intends to continually review the Issuer's
business affairs and financial position and future prospects, as well as
conditions in the securities markets and general economic and industry
conditions. Based on such evaluation and review and other factors, the Reporting
Persons may in the future take such actions with respect to their investment in
the Issuer as they deem appropriate in light of the circumstances existing from
time to time. Such actions may involve the purchase of additional Shares, or
alternatively, may involve the sale of all or a portion of the Shares held by
the Reporting Persons in the open market or in privately negotiated transactions
to one or more purchasers.
The Reporting Persons reserve the right to change their intentions with
respect to all matters referred to in this Item 4.
Except as otherwise set forth above, the Reporting Persons have no
plans to effect any of the transactions required to be described in Item 4 of
Schedule 13D.
Item 5. Interest in Securities of the Issuer.
------ ------------------------------------
The following table set forth certain information with respect to the
Shares beneficially owned directly by the Reporting Persons.
Name Number of Shares Approximate Percentage of
---- ---------------- Outstanding Shares
------------------
Partners(1) 318,500 2.6%
Fund(2) 186,800 1.5%
Partners I(3) 395,750 3.3%
Channel(4) 10,000 0.1%
Plan(4) 18,100 0.1%
Total 929,150 7.7%
(1) WCM, Mr. Obus and Mr. Landes have an indirect beneficial interest in these
shares.
12
(2) WCI, Mr. Obus and Mr. Landes have an indirect beneficial interest in these
shares.
(3) WCM, Mr. Obus and Mr. Landes have an indirect beneficial interest in these
shares.
(4) Mr. Obus has an indirect interest in these shares.
WCM is the sole general partner of Partners and Partners I and,
accordingly, may be deemed to be the indirect beneficial owner (as that term is
defined under Rule 13d-3 under the Exchange Act) of the Shares owned by Partners
and Partners I. WCM, as the sole general partner of the Partners and Partners I,
has the power to direct the voting and disposition of the Shares that Partners
and Partners I beneficially own. Messrs. Obus and Landes are the co-managing
members of WCM and, accordingly, each of Messrs. Obus and Landes may be deemed
to be the indirect beneficial owner (as that term is defined under Rule 13d-3
under the Exchange Act) of the Shares that WCM may be deemed to beneficially
own. Each of Messrs. Obus and Landes, as a co-managing member of WCM, shares
with the other the power to direct the voting and disposition of the Shares that
WCM may be deemed to beneficially own.
WCI is the sole investment manager of Fund and, accordingly, may be
deemed to be the indirect beneficial owner (as that term is defined under Rule
13d-3 under the Exchange Act) of the Shares that Fund beneficially owns. WCI ,
as the sole investment manager of Fund, has the power to direct the voting and
disposition of the Shares that Fund beneficially owns. Messrs. Obus and Landes
are the principal executive officers of WCI and, accordingly, each of Messrs.
Obus and Landes may be deemed to be the indirect beneficial owner (as that term
is defined under Rule 13d-3 under the Exchange Act) of the Shares that WCI may
be deemed to beneficially own. Each of Messrs. Obus and Landes, as a principal
executive officer of WCI, shares with the other the power to direct the voting
and disposition of the Shares that WCI may be deemed to beneficially own.
Mr. Obus is the general partner of Channel and, accordingly, may be
deemed to be the indirect beneficial owner (as that term is defined under Rule
13d-3 under the Exchange Act) of the Shares that Channel beneficially owns. Mr.
Obus , as the general partner of Channel, has the power to direct the voting and
disposition of the Shares that Channel beneficially owns.
Mr. Obus has the authority to direct the voting and disposition of the
Shares that the Plan beneficially owns. Accordingly, Mr. Obus may be deemed to
be the indirect beneficial owner (as that term is defined under Rule 13d-3 under
the Exchange Act) of the Shares that the Plan beneficially owns.
In the aggregate, the Reporting Persons may be deemed to own
beneficially (and may be deemed to have voting and dispositive power over)
929,150 Shares, constituting approximately 7.7% of the outstanding Shares. The
percentage of shares owned as reported herein is based upon 12,070,154 Shares
outstanding on May 22, 2003, as set forth in the Issuer's most recent report on
Form 10-Q for the period ended April 30, 2003.
The filing of this Schedule 13D and any future amendment by the
Reporting Persons, and the inclusion of information herein and therein, shall
not be considered an
13
admission that any of such persons, for the purpose of Section 13(d) of the
Exchange Act or otherwise, are the beneficial owners of any shares in which such
persons do not have a pecuniary interest.
The Reporting Persons effected the following transactions in Shares
during the past 60 days.
Transaction # of Shares Date Average Cost
----------- ----------- ---- ------------
(i) Partners:
Purchase 6,100 June 24, 2003 $8.00
(ii) Partners I:
Purchase 8,100 June 24, 2003 $8.00
Purchase 18,150 June 26, 2003 $8.00
Sale 18,100 June 27, 2003 $8.06
(iii) Fund:
Purchase 5,800 June 24, 2003 $8.00
(iv) Plan:
Purchase 18,100 June 27, 2003 $8.06
Item 6. Contracts, Arrangements, Understands or Relationships With
Respect to Securities of the Issuer
------ -----------------------------------------------------------
Each of the Reporting Persons is a party to a Joint Filing Agreement,
dated as of August 22, 2003 (the "13D Joint Filing Agreement"), pursuant to
which the parties agreed to jointly file this Schedule 13D and any and all
amendments and supplements thereto with the Securities and Exchange Commission.
The 13D Joint Filing Agreement is filed herewith as Exhibit 1.
Except for the agreement described above, to the best knowledge of the
Reporting Persons, there are no contracts, arrangements, understandings or
relationships (legal or otherwise) between the Reporting Persons, and any other
person, with respect to any securities of the Issuer, including, but not limited
to, transfer or voting of any of the securities, finder's fees, joint ventures,
loan or option agreements, puts or calls, guarantees of profits, divisions of
profits or loss, or the giving or withholding or proxies.
Item 7. Material to be Filed as Exhibits
Exhibit 1 Joint Filing Agreement, dated as of August 22, 2003
Exhibit 2 Letter to Issuer dated August 13, 2003
14
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Date: August 22, 2003.
----------------------------------- ---------------------------------------
Wynnefield Partners Small Cap Wynnefield Partners Small Cap
Value, L.P. Value, L.P. I
By: Wynnefield Capital Management By: Wynnefield Capital Management LLC,
LLC, its General Partner its General Partner
By: /s/ Nelson Obus By: /s/ Nelson Obus
--------------- ---------------
Co-Managing Member Co-Managing Member
----------------------------------- ---------------------------------------
Wynnefield Small Cap Value Offshore Wynnefield Capital Management LLC
Fund, Ltd.
By: Wynnefield Capital, Inc. By: /s/ Nelson Obus
By: /s/ Nelson Obus ---------------
--------------- Co-Managing Member
President
----------------------------------- ---------------------------------------
Wynnefield Capital, Inc.
By: /s/ Nelson Obus /s/ Nelson Obus
--------------- ---------------
President Nelson Obus
----------------------------------- ---------------------------------------
Channel Partnership II, L.P.
/s/ Joshua Landes By: /s/ Nelson Obus
------------------ ---------------
Joshua Landes General Partner
----------------------------------- ---------------------------------------
Wynnefield Capital, Inc. Profit
Sharing & Money Purchase Plans
By: /s/ Nelson Obus
Authorized Signatory
----------------------------------- ---------------------------------------
15