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OMB APPROVAL
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. *)
*
ITC Learning Corporation
*
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Common Stock
*
45031S106
*
Elizabeth D. Giorgis
Gruber and McBaine Capital Management
50 Osgood Place, Penthouse
San Francisco, CA 94133
(415) 981-2101
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
*
April 1, 1998
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)
[2]<PAGE>
SCHEDULE 13D
CUSIP No. 45031S106 Page 2 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GRUBER & McBAINE CAPITAL MANAGEMENT, L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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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
CALIFORNIA
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 295,750
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
295,750
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
295,750
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.47
- ---------------------------------------------------------------------------
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.
[3]<PAGE>
SCHEDULE 13D
CUSIP No. 45031S106 Page 3 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
JON D. GRUBER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, PF
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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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NUMBER OF 7 SOLE VOTING POWER
SHARES 43,600
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 295,750
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 43,600
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
295,750
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
339,350
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.57
- ---------------------------------------------------------------------------
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.
[4]<PAGE>
SCHEDULE 13D
CUSIP No. 45031S106 Page 4 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
J. PATTERSON McBAINE
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, PF
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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 32,900
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 295,750
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 32,900
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
295,750
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
328,650
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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)
8.30
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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.
[5]<PAGE>
SCHEDULE 13D
CUSIP No. 45031S106 Page 5 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
LAGUNITAS PARTNERS, A California Limited Partnership
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
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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
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 69,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
69,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
69,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.74
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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.
[6]<PAGE>
SCHEDULE 13D
CUSIP No. 45031S106 Page 6 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
THOMAS O. LLOYD-BUTLER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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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 295,750
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
295,750
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
295,750
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.47
- ---------------------------------------------------------------------------
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.
[7]<PAGE>
SCHEDULE 13D
CUSIP No. 45031S106 Page 7 of 13 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of ITC
Learning Corporation ("ITCC"). The principal executive office of ITCC is
located at 13515 Dulles Technology Drive, Herndon, VA, 22071.
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); Jon D. Gruber
(Gruber); J. Patterson McBaine (McBaine); Thomas O. Lloyd-Butler (TLB);
Lagunitas Partners, L.P., a California limited partnership (Lag); GMJ
Investments, L.P., a California limited partnership (GMJ).
(b) The business address of LLC, Gruber, McBaine, TLB, Lag and GMJ is 50
Osgood Place, Penthouse, San Francisco, CA 94133.
(c) LLC is an investment adviser. Gruber and McBaine are the Managers of
LLC and TLB is a member of LLC. Lag and GMJ are investment limited
partnerships. LLC is the general partner of Lag and 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.
[8]<PAGE>
SCHEDULE 13D
CUSIP No. 45031S106 Page 8 of 13 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
LLC Capital Under Management $1,311,454
Gruber Personal Funds $ 192,526
McBaine Personal Funds $ 131,515
Lag Working Capital $ 262,847
ITEM 4. PURPOSE OF TRANSACTION.
The sole purpose of the purchase of the Stock reported herein was and is for
investment.
[9]<PAGE>
SCHEDULE 13D
CUSIP No. 45031S106 Page 9 of 13 Pages
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
Lag 69,000 1.74 0 69,000 0 69,000
LLC 295,750 7.47 0 295,750 0 295,750
Gruber339,350 8.57 43,600 295,750 43,600 295,750
McBaine328,650 8.30 32,900 295,750 32,900 295,750
TLB 295,750 7.47 0 295,750 0 295,750
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 *:
[10]<PAGE>
SCHEDULE 13D
CUSIP No. 45031S106 Page 10 of 13 Pages
Purchase Number Price Broker
Name or Sale Date of Shares Per Share Used
Lag S 2/12/99 5000 5.69 INCA
LLC S 2/12/99 2000 5.69 INCA
LLC S 2/11/99 1300 5.81 INCA
LLC S 2/9/99 7400 5.82 INCA
Lag S 2/8/99 1100 5.81 INCA
Lag S 2/3/99 4000 5.31 INCA
LLC S 2/3/99 1700 5.31 INCA
McBaine S 2/3/99 300 5.31 INCA
Lag S 2/1/99 1000 5.62 NITE
McBaine S 2/1/99 500 5.62 NITE
Lag S 1/29/99 2000 5.56 INCA
Gruber S 1/29/99 1000 5.56 INCA
McBaine S 1/29/99 1000 5.56 INCA
Lag S 12/31/98 24000 3.49 INCA
LLC S 12/31/98 14000 3.49 INCA
McBaine S 12/31/98 11400 3.49 INCA
Gruber S 12/31/98 3000 3.49 INCA
LLC P 12/31/98 34400 3.51 INCA
McBaine P 12/31/98 11000 3.51 INCA
Gruber P 12/31/98 7000 3.51 INCA
Lag P 12/15/98 4000 2.97 MONT
LLC P 12/15/98 4000 2.97 MONT
LLC P 12/12/98 1100 5.69 INCA
McBaine P 9/16/98 400 2.94 INCA
LLC P 9/16/98 3600 2.94 INCA
Lag P 9/16/98 13000 2.88 SLKC
LLC P 9/16/98 13300 2.88 SLKC
McBaine P 9/16/98 3200 2.88 SLKC
Gruber P 9/16/98 2500 2.88 SLKC
LLC P 9/4/98 1000 3.19 INCA
Lag P 4/3/98 4700 5.13 KOSE
LLC P 4/3/98 1000 5.13 KOSE
Gruber P 4/3/98 3000 5.13 KOSE
McBaine P 4/3/98 1500 5.13 KOSE
Lag P 4/1/98 3500 5.00 FBWA
McBaine P 4/1/98 500 5.00 FBWA
LLC P 4/1/98 1000 5.00 FBWA
LLC P 3/23/98 7000 4.38 KOSE
Gruber P 3/23/98 2000 4.38 KOSE
McBaine P 3/23/98 1000 4.38 KOSE
Lag P 3/20/98 8500 4.19 KOSE
LLC P 3/20/98 6000 4.19 KOSE
Gruber P 3/20/98 1500 4.19 KOSE
McBaine P 3/20/98 4000 4.19 KOSE
Lag P 3/19/98 10000 4.13 KOSE
LLC P 3/19/98 24,500 4.13 KOSE
Gruber P 3/19/98 1500 4.13 KOSE
McBaine P 3/19/98 3000 4.13 KOSE
[11]<PAGE>
SCHEDULE 13D
CUSIP No. 45031S106 Page 11 of 13
Pages
[Key to brokers used:]
INCA Instinet
FBWA Ferris Baker Watts
KOSE Koonce Securities
MONT NationsBanc Montgomery Securities
NITE Knight Securities
SLKC Spear Leeds Kellogg
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
LLC is the general partner of Lag, pursuant to limited partnership
agreements. These agreements provide to the general partner the authority,
among other things, to invest the funds of Lag in the Stock, to vote and
dispose of those securities and to file this statement on behalf of Lag.
Also pursuant to those limited partnership agreements, LLC is entitled to
fees based on assets under management and realized and unrealized gains, if
certain conditions are met. Pursuant to investment management agreements,
LLC is authorized, among other things, to invest funds of its 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 LLC based on assets
under management and realized and unrealized gains, if certain conditions are
met. Pursuant to authority granted to LLC orally and under a Power of
Attorney, LLC 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 LLC for
those services.
[12]<PAGE>
SCHEDULE 13D
CUSIP No. 45031S106 Page 12 of 13 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
(previously filed).
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: February 24, 1999
/s/ Jon D. Gruber
Jon D. Gruber
/s/ J. Patterson McBaine
J. Patterson McBaine
/s/ Thomas O. Lloyd-Butler
Thomas O. Lloyd-Butler
Gruber and McBaine Capital Management, L.L.C., by
/s/ J. Patterson McBaine
J. Patterson McBaine, Manager
Lagunitas Partners, L.P., by
Gruber and McBaine Capital Management, L.L.C., by
/s/ J. Patterson McBaine
J. Patterson McBaine, Manager
[13]<PAGE>
SCHEDULE 13D
CUSIP No. 45031S106 Page 13 of 13 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 Common Stock of ITCC. For that purpose, the
undersigned hereby constitute and appoint Gruber & McBaine Capital
Management, L.L.C., 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: February 24, 1999.
/s/ Jon D. Gruber
Jon D. Gruber
/s/ J. Patterson McBaine
J. Patterson McBaine
/s/ Thomas O. Lloyd-Butler
Thomas O. Lloyd-Butler
Gruber and McBaine Capital Management, L.L.C., by
/s/ J. Patterson McBaine
J. Patterson McBaine, Manager
Lagunitas Partners, L.P., by
Gruber and McBaine Capital Management, L.L.C., by
/s/ J. Patterson McBaine
J. Patterson McBaine, Manager
CSR\2217\006\1031968.01
