SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b) AND (c) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
(Amendment No. )(1)
PHOTON DYNAMICS, INC.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
0007193641
(CUSIP Number)
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(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 7 Pages
<PAGE>
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CUSIP No. 0007193641 13G Page 2 of 7 Pages
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1. NAME OF REPORTING PERSON(S)
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S)
WECHSLER & CO., INC.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF 5. SOLE VOTING POWER
SHARES 445,683
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH Not Applicable
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 445,683
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8. SHARED DISPOSITIVE POWER
Not Applicable
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
445,683
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.2%
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12. TYPE OF REPORTING PERSON*
BD
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 7 Pages
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CUSIP No. 0007193641 13G Page 3 of 7 Pages
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1. NAME OF REPORTING PERSON(S)
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S)
NORMAN J. WECHSLER
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5. SOLE VOTING POWER
SHARES 450,183
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH Not Applicable
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 450,183
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
Not Applicable
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
450,183
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.3%
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12. TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 7 Pages
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Item 1(a). Name of Issuer:
PHOTON DYNAMICS, INC.
Item 1(b). Address of Issuer's Principal Executive Offices:
6325 San Ignacio
San Jose, CA 95119
Item 2(a). Name of Person Filing:
This Schedule 13G is filed on behalf of (i) Wechsler & Co., Inc.
and (ii) Norman J. Wechsler (each a "Reporting Person" and
collectively, the "Reporting Persons").
Item 2(b). Address of Principal Business Office or, if none, Residence:
105 South Bedford Road
Suite 310
Mount Kisco, NY 10549
Item 2(c). Citizenship:
Wechsler & Co., Inc. is a New York corporation and Norman J.
Wechsler is a United States citizen.
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
0007193641
Item 3. Type of Reporting Person:
(a) Wechsler & Co., Inc. is a Broker-Dealer registered under
Section 15 of the Securities Exchange Act of 1934. Norman J.
Wechsler is the majority stockholder, Chairman of the Board and
President of Wechsler & Co., Inc. and, accordingly, is considered
the beneficial owner of securities beneficially owned by Wechsler
& Co., Inc. Mr. Wechsler's beneficial ownership of the Issuer's
Common Stock does not exceed 1% of such class of securities,
exclusive of the Common Stock of the Issuer beneficially owned by
Wechsler & Co., Inc. All of the equity securities of the Issuer
beneficially owned by the Reporting Persons were acquired in the
ordinary course of business and not with the purpose nor with the
effect of changing or
Page 4 of 7 Pages
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influencing the control of the Issuer, nor in connection with or
as a participant in any transaction having such effect (including
any transaction subject to Rule 13d-3(b) promulgated under the
Securities Exchange Act of 1934).
(b) - (h): Not Applicable
Item 4. Ownership:
(a) Amount Beneficially Owned:
Wechsler & Co., Inc. beneficially owns 445,683 shares of
Common Stock
Mr. Wechsler beneficially owns 450,183 shares of Common
Stock
(b) Percent of Class:
6.2% beneficially owned by Wechsler & Co., Inc.
6.3% beneficially owned by Norman J. Wechsler
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
445,683 by Wechsler & Co., Inc.
450,183 by Norman J. Wechsler
(ii) shared power to vote or to direct the vote:
Not Applicable
(iii) sole power to dispose or to direct the disposition of:
445,683 by Wechsler & Co., Inc.
450,183 by Norman J. Wechsler
(iv) shared power to dispose or to direct the disposition
of:
Not Applicable
Page 5 of 7 Pages
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Items 5-9. Not Applicable
Item 10. By signing below each of the undersigned certifies that, to the best
of its or his knowledge and belief, the securities referred to above
were acquired in the ordinary course of business and were not acquired
for the purpose and do not have the effect of changing or influencing
the control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having such
purposes or effect.
Page 6 of 7 Pages
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SIGNATURE
After reasonable inquiry and to the best of each of the undersigned's
knowledge and belief, each of the undersigned certifies that the information set
forth in this statement is true, complete and correct.
Date: January 9, 1998
WECHSLER & CO., INC.
By:/s/ Norman J. Wechsler
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Norman J. Wechsler, President
/s/ Norman J. Wechsler
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NORMAN J. WECHSLER
Page 7 of 7 Pages
