<PAGE>
OMB APPROVAL
OMB Number:3235-0145
Expires:December 31, 1997
Estimated average burden
hours per form 14.90
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. *)
Plasma Therm Inc.
(Name of Issuer)
Common Stock
- ---------------------------------------------------------------------------
(Title of Class of Securities)
727900102
(CUSIP Number)
Gruber & McBaine Capital Management
50 Osgood Place, Penthouse
San Francisco, CA 94133
(415) 981-2101
- ---------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
September 9, 1997
(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 / /.
Check the following box if a fee is being paid with the statement / /. (A
fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7.)
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).
SEC 1746 (12-91)
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 727900102 Page 2 of 15 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GRUBER & McBAINE CAPITAL MANAGEMENT, L.L.C.
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 403,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
403,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
403,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.6
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 727900102 Page 3 of 15 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GRUBER & McBAINE CAPITAL MANAGEMENT
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 403,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
403,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
403,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.6
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 727900102 Page 4 of 15 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
JON D. GRUBER
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, PF
- ---------------------------------------------------------------------------
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
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 79,500
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 487,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 79,500
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
487,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
566,500
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.16
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 727900102 Page 5 of 15 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
J. PATTERSON McBAINE
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, PF
- ---------------------------------------------------------------------------
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
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 4,500
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 487,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 4,500
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
487,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
491,500
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 727900102 Page 6 of 15 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
THOMAS O. LLOYD-BUTLER
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
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
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 481,500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
481,500
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
481,500
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.3
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 727900102 Page 7 of 15 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
LAGUNITAS PARTNERS, A California Limited Partnership
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- ---------------------------------------------------------------------------
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
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 246,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
246,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
246,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 727900102 Page 8 of 15 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GMJ INVESTMENTS, L.P.
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- ---------------------------------------------------------------------------
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
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 5,500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,500
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,500
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.05
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 727900102 Page 9 of 15 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GRUBER & McBAINE CAPITAL MANAGEMENT INTERNATIONAL
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 84,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
84,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
84,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.76
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO AND IA
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 727900102 Page 10 of 15 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of Plasma
Therm, Inc. ("PTIS"). The principal executive office of PTIS is located at
9509 International Court, St. Petersburg, FL, 33716.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and the persons enumerated in Instruction
C of Schedule 13D and, where applicable, their respective places of
organization, general partners, directors, executive officers and controlling
persons, and the information regarding them, are as follows:
(a) Gruber and McBaine Capital Management, L.L.C. (LLC); Gruber and McBaine
Capital Management, a California corporation (GMCM); Jon D. Gruber (Gruber);
J. Patterson McBaine (McBaine); Thomas O. Lloyd-Butler (TLB); Lagunitas
Partners, L.P., a California limited partnership (Lag); Gruber and McBaine
Capital Management International (Intl), a California corporation; GMJ
Investments, L.P., a California limited partnership (GMJ).
(b) The business address of LLC, GMCM, Gruber, McBaine, TLB, Lag, Intl and
GMJ is 50 Osgood Place, Penthouse, San Francisco, CA 94133.
(c) Gruber and McBaine are the sole directors and occupy all the executive
offices of GMCM and Intl, which are investment advisers. Gruber, McBaine,
and TLB are the shareholders of GMCM, and Gruber and McBaine are the
shareholders of Intl. Gruber and McBaine are the Managers and Gruber,
McBaine, TLB and GMCM are the members of LLC, an investment adviser. Lag and
GMJ are investment limited partnerships. LLC is the general partner of Lag.
GMCM, Gruber and McBaine are the general partners of GMJ.
(d) During the last five years, none of such persons has been convicted in
a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) During the last five years, none of such persons was 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.
(f) All such persons are citizens of the United States of America.<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 727900102 Page 11 of 15 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as follows:
Purchaser Source of Funds Amount
GMCM Capital Under Management(1) 291,782
LLC Capital Under Management(1) 291,782
Gruber Personal Funds 203,563
McBaine Personal Funds 42,375
Lag Working Capital 245,813
Intl Capital Under Management 69,375
GMJ Working Capital 8,250
(1) Includes funds of Lag and GMJ invested in Stock.
ITEM 4. PURPOSE OF TRANSACTION.
The sole purpose of the purchase of the Stock reported herein was and is for
investment.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock of the persons named in Item 2 of this
statement is as follows at the date hereof:
Aggregate
Beneficially
Owned Voting Power Dispositive Power
Name Number Percent Sole Shared Sole Shared
GMCM 403,000 3.63 0 403,000 0 403,000
Gruber 566,500 5.10 79,500 487,000 79,500 487,000
McBaine 491,500 4.43 4,500 487,000 4,500 487,000
Lag 246,000 2.22 0 246,000 0 246,000
Intl 84,000 .76 0 84,000 0 84,000
GMJ 5,500 .05 0 5,500 0 5,500
TLB 481,500 4.30 0 481,500 0 481,500
LLC 403,000 3.63 0 403,000 0 403,000<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 727900102 Page 12 of 15 Pages
The persons filing this statement effected the following transactions in the
Stock on the dates indicated, and such transactions are the only transactions
in the Stock by the persons filing this statement since July 9, 1997:
Purchase Number Price Broker
Name or Sale Date of Shares Per Share Used
Lag P 7/9/97 6,000 5.69 SASI
GMCM P 7/9/97 1,500 5.69 SASI
Gruber P 7/9/97 2,500 5.69 SASI
Lag P 7/10/97 5,000 6.03 CHAS
GMCM P 7/10/97 8,000 6.03 CHAS
Gruber P 7/10/97 2,000 6.03 CHAS
GMCM P 7/10/97 3,500 6.00 SASI
Gruber P 7/10/97 12,000 6.00 SASI
Lag P 7/15/97 2,500 6.06 SASI
GMCM P 7/15/97 12,000 6.06 SASI
Gruber P 7/15/97 5,500 6.06 SASI
Gruber P 7/15/97 5,000 6.06 CHAS
Lag P 9/3/97 5,000 8.25 SASI
GMCM P 9/3/97 4,000 8.25 SASI
GMJ P 9/3/97 1,000 8.25 SASI
Lag P 9/9/97 13,000 9.63 FAHN
GMCM P 9/9/97 5,000 9.63 FAHN
McBaine P 9/9/97 2,000 9.63 FAHN
Intl P 9/9/97 7,500 9.25 SASI
GMCM P 9/9/97 6,500 9.25 SASI
Gruber P 9/9/97 4,500 9.25 SASI
McBaine P 9/9/97 2,500 9.25 SASI
CHAS Charles Schwab
FAHN Fahnestock & Co.
SASI Seidler Companies
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 727900102 Page 13 of 15 Pages
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Gruber, McBaine and GMCM are the general partners of GMJ, and LLC is the
general partner of Lag, pursuant to limited partnership agreements. These
agreements provide to the general partners the authority, among other things,
to invest the funds of GMJ and Lag in the Stock, to vote and dispose of those
securities and to file this statement on behalf of GMJ and Lag. Also
pursuant to those limited partnership agreements, the general partners of GMJ
and Lag are entitled to fees based on assets under management and realized
and unrealized gain, if certain conditions are met. Pursuant to investment
management agreements, GMCM, LLC and Intl are authorized, among other things,
to invest funds of their various investment advisory clients, and to vote and
dispose of those securities. Such investment management agreements may be
terminated by either party on thirty days' notice, and provide for fees
payable to GMCM, LLC or Intl based on assets under management and realized
and unrealized gains, if certain conditions are met. Pursuant to authority
granted to GMCM orally and under a Power of Attorney, GMCM is authorized,
among other things, to invest funds of various relatives and affiliates of
Gruber and McBaine. Such authority may be terminated at any time on notice
and there are no fees payable to GMCM for those services.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
(previously filed).
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 727900102 Page 14 of 15 Pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify that
the information set forth in this statement is true, complete and correct.
DATED: October 16, 1997.
Jon D. Gruber
J. Patterson McBaine
Thomas O. Lloyd-Butler
Gruber and McBaine Capital Management, by J. Patterson McBaine, President
Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine,
Manager
GMJ Investments, L.P., by J. Patterson McBaine, General Partner
Lagunitas Partners, A California Limited Partnership, by J. Patterson
McBaine, General Partner
Gruber and McBaine Capital Management International, by J. Patterson McBaine,
President<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 727900102 Page 15 of 15 Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and Exchange
Commission (the "SEC") any and all statements on Schedule 13D or Schedule 13G
(and any amendments or supplements thereto) required under section 13(d) of
the Securities Exchange Act of 1934, as amended, in connection with purchases
by the undersigned of securities of PTIS. For that purpose, the undersigned
hereby constitute and appoint Gruber & McBaine Capital Management, a
California corporation, as their true and lawful agent and attorney-in-fact,
with full power and authority for and on behalf of the undersigned to prepare
or cause to be prepared, sign, file with the SEC and furnish to any other
person all certificates, instruments, agreements and documents necessary to
comply with section 13(d) and section 16(a) of the Securities Exchange Act of
1934, as amended, in connection with said purchases, and to do and perform
every act necessary and proper to be done incident to the exercise of the
foregoing power, as fully as the undersigned might or could do if personally
present.
DATED: October 16, 1997.
Jon D. Gruber
J. Patterson McBaine
Thomas O. Lloyd-Butler
Gruber and McBaine Capital Management, by J. Patterson McBaine, President
Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine,
Manager
GMJ Investments, L.P., by J. Patterson McBaine, General Partner
Lagunitas Partners, A California Limited Partnership, by J. Patterson
McBaine, General Partner
Gruber and McBaine Capital Management International, by J. Patterson McBaine,
President
C:\DMS\2217\027\0234715.WP
