UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Cutco Industries
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(Name of Issuer)
Common Stock, $0.10 par value
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(Title of Class of Securities)
232108100
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(CUSIP Number)
Michael Kramer, Treasurer, Cutco Industries, Inc.
125 South Service Road
Jericho, NY 11753
(516) 334-8400
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
August 25, 1998
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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 Rule 13d-1(b)(3) or (4), check the following box |_|.
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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>
CUSIP No. 232108100
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Walter P. Carucci
- ------- ------------------------------------------------------------------------
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 (See Instructions)
PF
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5 CHECK 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
- --------------------- ------ ---------------------------------------------------
7 SOLE VOTING POWER
25,467
------ ---------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 0
BENEFICIALLY ------ ---------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 25,467
REPORTING ------ ---------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 0
------ ---------------------------------------------------
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
25,467
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.26%
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14 TYPE OF REPORTING PERSON (See Instructions)
IN
<PAGE>
CUSIP No. 232108100
- -------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Carucci Family Partners
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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 (See Instructions)
WC
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5 CHECK 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
21,652
------ ---------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 0
BENEFICIALLY ------ ---------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 21,652
REPORTING ------ ---------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 0
------ ---------------------------------------------------
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
21,652
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.77%
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14 TYPE OF REPORTING PERSON (See Instructions)
PN
<PAGE>
Item 5. Interest in Securities of the Issuer.
Responses to (a), (b), (c) and (d) in Item 5 should be deleted and replaced
with the following:
(a) Walter Carucci may be deemed to be the beneficial owner of an aggregate
of 25,467 shares of Common Stock, which amount includes (i) 3,800 shares of
Common Stock owned directly by Walter Carucci; 21,652 shares of Common Stock
owned by CFP over which Walter Carucci has sole voting and investment power
pursuant to a power of attorney granted by the partners of CFP to Mr. Carucci
and (iii) five shares each owned by Mr. Carucci's wife and two children over
which Mr. Carucci has sole voting and dispositive power. CFP beneficially owns
21,652 shares of Common Stock. According to the Issuer's Form 10-QSB dated May
15, 1998, as of May 11, 1998, the Issuer had a total of 780,625 shares of Common
Stock outstanding. Accordingly, (i) Walter Carucci may be deemed to be the
beneficial owner of 3.26% of the total shares of Common Stock outstanding and
(ii) CFP beneficially owns 2.77% of the total shares. Clara Carucci and Mitchell
Carucci are not the beneficial owners of any shares of Common Stock.
(b)
<TABLE>
<CAPTION>
Carucci Family
Walter Carucci Partners Clara Carucci Mitchell Carucci
<S> <C> <C> <C> <C>
Sole Power to vote/direct vote 25,467 21,652 0 0
Shared Power to vote/direct vote 0 0 0 0
Sole Power to dispose/direct 25,467 21,652 0 0
disposition
Shares Power to dispose/direct 0 0 0 0
disposition
</TABLE>
(c) During the past sixty days the following transactions in the shares of
Common Stock were effected:
August 25, 1998: Walter P. Carucci sold 2,000 shares at $1.50 per share on
the open market.
August 25, 1998: CFP sold 4,500 shares at $1.50 per share on the open
market.
In addition, the following transactions were effected:
July 11, 1996: CFP sold 6,000 shares at $1.60 per share on the open market.
November 14, 1997: CFP sold 8,000 shares at 1.136 per share on the open
market.
(e) CFP ceased to be the beneficial owner of 5% or more of the shares on Common
Stock on July 11, 1996, at which point its beneficial ownership decreased
to 4.37% of the outstanding shares.
Carucci ceased to be the beneficial owner of 5% or more of the shares on
Common Stock on November 14, 1997, at which point its beneficial ownership
decreased to 4.10% of the outstanding shares.
<PAGE>
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: September 3, 1998
/s/ Walter P. Carucci
-----------------------------
Name: Walter P. Carucci
Title:
CARUCCI FAMILY PARTNERS
By: /s/ Walter P. Carucci
--------------------------
Walter P. Carucci
General Partner
