UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
REFLECTONE, INC.
(Name of Issuer)
COMMON STOCK, $0.10 PAR VALUE
(Title of Class of Securities)
758657 10 0
(CUSIP Number)
Hollybank Investments, LP
One Financial Center, Suite 1600
Boston, Massachusetts 02111
(617) 526-8963
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
August 16, 1996
(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 o.
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).
<PAGE>
SCHEDULE 13D
CUSIP No. 758657 10 0 Page 2 of 10 Pages
- ---------------------------------- -------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Hollybank Investments, LP
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (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
7 SOLE VOTING POWER
NUMBER OF
SHARES 67,410** **Please refer to Item 5, page 5
BENEFICIALLY for disclaimer of beneficial ownership.
OWNED BY
EACH 8 SHARED VOTING POWER
REPORTING
PERSON None
WITH
9 SOLE DISPOSITIVE POWER
67,410** **Please refer to Item 5, page 5
for disclaimer of beneficial ownership.
10 SHARED DISPOSITIVE POWER
None
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
67,410** **Please refer to Item 5, page 5 for disclaimer of
beneficial ownership.
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.4%** **Please refer to Item 5, page 5 for disclaimer of
beneficial ownership.
14 TYPE OF REPORTING PERSON*
PN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 758657 10 0 Page 3 of 10 Pages
- ---------------------------------- -------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Dorsey R. Gardner
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |X|
3 SEC USE ONLY
4 SOURCE OF FUNDS*
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
7 SOLE VOTING POWER
NUMBER OF
SHARES 11,736
BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING None
PERSON
WITH 9 SOLE DISPOSITIVE POWER
11,736
10 SHARED DISPOSITIVE POWER
None
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,736
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4%
14 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 758657 10 0 Page 4 of 10 Pages
- ---------------------------------- -------------------------------
Item 1. Security and Issuer
The title of the class of equity securities to which this statement
relates is the Common Stock, par value $0.10 per share (the "Shares"), of
Reflectone, Inc., a Florida corporation (the "Company"). The address of the
Company's principal executive office is 4908 Tampa West Boulevard, Tampa,
Florida, 33634-2481.
Item 2. Identity and Background
The persons filing this Statement are Hollybank Investments, LP, a
Delaware limited Partnership ("LP") and Dorsey R. Gardner, the general partner
of LP ("Gardner"). The business address of both Gardner and LP is One Financial
Center, Suite 1600, Boston, Massachusetts 02111. LP was formed on January 14,
1994, and is authorized to conduct any business which may be legally conducted
by a limited partnership under the laws of Delaware. As of the date hereof, LP's
sole business is securities investment. During the last five years, neither
Gardner nor LP has been convicted in a criminal proceeding (excluding traffic
violations and similar misdemeanors), nor has either Gardner or LP been a party
to a civil proceeding of a judicial or administrative body of competent
jurisdiction as a result of which Gardner or LP 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 statement relates specifically to LP's August 16, 1996 sale of
90,000 Shares of Reflectone, Inc. at a per share price of $21.9375 (excluding
the $.05/share commission) on the NASD. This sale, when aggregated with Gardner
and LP's other recent Share sales, gives Gardner deemed beneficial ownership of
79,146 of the 2,816,785 outstanding Shares, thus bringing Gardner below the 5%
ownership threshold and triggering this reporting requirement. LP added these
and all of its other Share sale proceeds to its working capital, while the
proceeds from Gardner's Share sales were returned to his personal funds.
Item 4. Purpose of Transaction
LP and Gardner have sold their respective shares strictly in the course
of equity security investment. Neither Gardner nor LP has any present plans or
proposals which would relate to or result in:
(a) The acquisition by any person of additional securities of the
Company, or the disposition of securities of the Company;
<PAGE>
SCHEDULE 13D
CUSIP No. 758657 10 0 Page 5 of 10 Pages
- ---------------------------------- ------------------------------
(b) An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Company or any of its subsidiaries;
(c) A sale or transfer of a material amount of assets of the Company or
any of its subsidiaries;
(d) Any change in the present board of directors or management of the
Company, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the board;
(e) Any material change in the present capitalization or dividend
policy of the Company;
(f) Any other material change in the Company's business or corporate
structure;
(g) Changes in the Company's charter, bylaws or instruments
corresponding thereto or other actions which may impede the acquisition of
control of the Company by any person;
(h) Causing a class of securities of the Company to be delisted from a
national securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities association;
(i) A class of equity securities of the Company becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Securities
Exchange Act of 1934; or
(j) Any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
(a)(i) As of the date of this Statement, LP is the beneficial owner of
67,410 Shares (approximately 2.4% of the outstanding Shares as of May 7, 1996,
based on information provided in the Company's 10-Q filed May 13, 1996).
Gardner, as general partner of LP, may be deemed to beneficially own Shares
beneficially owned by LP. Except to the extent of his interest as a limited
partner in LP, Gardner expressly disclaims such beneficial ownership and the
filing of this statement shall not be construed as an admission that Gardner is
the beneficial owner of the Shares owned by LP and covered by this Statement.
(ii) As of the date of this Statement, Gardner beneficially owns 11,736
Shares (approximately 0.4% of the outstanding Shares as of May 7, 1996, based on
information provided in the Company's 10-Q filed May 13, 1996). Except to the
extent of his interest as a limited partner in LP, Gardner expressly disclaims
beneficial ownership of any Shares
<PAGE>
SCHEDULE 13D
CUSIP No. 758657 10 0 Page 6 of 10 Pages
- ---------------------------------- -------------------------------
which may be beneficially owned by LP, and the filing of this statement shall
not be construed as an admission that Gardner is the beneficial owner of such
Shares.
(b) LP has sole voting power and sole investment power with respect to
the Shares reported in (a)(i) above. Gardner has sole voting and investment
power with respect to the Shares reported in (a)(ii) above.
(c)(i) LP has, during the past 60 days, effected no Share purchases and
the following Share sales:
DATE SHARES SOLD PRICE PER SHARE
08/15/96 31,390 Shares $22.125
08/16/96 90,000 Shares $21.9375
These sales, accomplished via NASDAQ trades, were effected strictly in the
course of security investment activity. As a result of these sales, LP is the
beneficial owner of the 67,410 Shares referenced in (a)(i) above.
(ii) Gardner has during the past 60 days, effected no Share
purchases and the following Share sales:
DATE SHARES SOLD PRICE PER SHARE
08/15/96 3,610 Shares $22.125
08/16/96 10,000 Shares $21.9375
These sales, accomplished via NASDAQ trades, were effected strictly in the
course of security investment activity. As a result of these sales, Gardner is
the beneficial owner of the 11,736 Shares referenced in (a)(ii) above.
(d) No other person is known to have the right to receive or the power
to direct the receipt of dividends from, or the proceeds from the sale of,
Shares reported on this Statement.
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer
There are no contracts, arrangements, understandings or relationships
(legal or otherwise) between LP or Gardner and any other person with respect to
any securities of the
<PAGE>
SCHEDULE 13D
CUSIP No. 758657 10 0 Page 7 of 10 Pages
- ---------------------------------- -------------------------------
Company, including, but not limited to, transfer or voting of any of the
securities, finder's fees, joint ventures, loan or option arrangements, puts or
calls, guarantees of profits, division of profits or loss, or the giving or
withholding of proxies.
Item 7. Material to Be Filed as Exhibits
A Joint Filing Agreement is filed herewith as an exhibit to
this statement.
<PAGE>
SCHEDULE 13D
CUSIP No. 758657 10 0 Page 8 of 10 Pages
- ---------------------------------- -------------------------------
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.
HOLLYBANK INVESTMENTS, LP
By: /s/ Dorsey R. Gardner
Dorsey R. Gardner
General Partner
/s/ Dorsey R. Gardner
Dorsey R. Gardner
Date: 8/19/96
<PAGE>
SCHEDULE 13D
CUSIP No. 758657 10 0 Page 9 of 10 Pages
- ---------------------------------- -------------------------------
EXHIBIT INDEX
Exhibit Page
1. Joint Filing Agreement 10
EXHIBIT 99.1
AGREEMENT
Pursuant to Rule 13d-1(f)(1) under the Securities Exchange Act of 1934,
the undersigned hereby agree that only one statement containing the information
required by Schedule 13D (or any amendment thereof) need be filed on their
behalf with respect to the beneficial ownership of any equity securities of
Reflectone, Inc. or any subsequent acquisitions or dispositions of equity
securities of Reflectone, Inc. by any of the undersigned.
Date: 8/19/96
HOLLYBANK INVESTMENTS, LP
By: /s/ Dorsey R. Gardner
Dorsey R. Gardner
General Partner
/s/ Dorsey R. Gardner
Dorsey R. Gardner
