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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO
FILED PURSUANT TO RULE 13d-2(a)
QUIPP, INC.
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE PER SHARE
(Title of Class of Securities)
748802-10
(CUSIP Number)
RAYMOND E. CABILLOT, FARNAM STREET PARTNERS, L.P., U.S. BANK PLACE, SUITE 4930,
601 SECOND AVENUE SOUTH, MINNEAPOLIS, MN 55402 -- (612) 677-1966
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
Copy to:
Douglas T. Holod, Esq.
Maslon Edelman Borman & Brand, LLP
3300 Norwest Center
Minneapolis, Minnesota 55402
SEPTEMBER 30, 1998
(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 13-1(e), 13d-1(f) or 13d-1(g), check the
following box |_|.
Note: Schedules filed in paper formats shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
(Continued on following pages)
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SCHEDULE 13D
Cusip No. 748802-10 Page 2 of 7 Pages
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Farnam Street Partners, L.P.
2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [X]
3 SEC Use Only
4 Source of Funds*
OO (Investment proceeds)
5 Check Box If Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [_]
6 Citizenship or Place of Organization
MN
NUMBER OF 7 Sole Voting Power
86,700
SHARES
BENEFICIALLY 8 Shared Voting Power
0
OWNED
9 Sole Dispositive Power
BY EACH 86,700
REPORTING 10 Shared Dispositive Power
0
PERSON WITH:
11 Aggregate Amount Beneficially Owned by Each Reporting Person
86,700
12 Check Box if the Aggregate amount in Row (11) Excludes Certain
Shares* [_]
13 Percent of Class Represented by Amount in Row (11)
5.30%
14 Type of Reporting Person*
PN
* SEE INSTRUCTIONS BEFORE FILLING OUT!
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ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D dated September 30, 1998 (the "Schedule
13D") relates to the Common Stock, $.01 par value per share (the "Common
Stock"), of Quipp, Inc., a Florida corporation (the "Issuer"). The address of
the principal executive offices of the Issuer is 4800 N.W. 157th Street, Miami,
Florida 33014.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This Schedule 13D is being filed by Farnam Street Partners, L.P., a
Minnesota Limited Partnership (the "Fund"), of which the General Partner is
Farnam Street Capital, Inc., a Minnesota corporation. Mr. Raymond E. Cabillot is
Chief Executive Officer and Chief Financial Officer and Mr. Peter O. Haeg is
President and Secretary of Farnam Street Capital, Inc. The Fund is making this
filing because it is the beneficial owner, pursuant to Rule 13d-3 under the
Securities Exchange Act of 1934 (the "Exchange Act"), of more than five percent
(5%) of the outstanding shares of Common Stock of the Issuer.
(b) The principal office of Farnam Street Partners, L.P. is U.S. Bank
Place, Suite 4930, 601 Second Avenue South, Minneapolis, Minnesota 55402.
(c) Farnam Street Partners, L.P. was organized in January 1998 as a
Minnesota Limited Partnership. Its principal business activities involve
investing in equity securities of publicly traded companies, as well as other
types of securities.
(d) - (e) During the last five years, neither the Fund nor the
principals of its General Partner have been convicted in a criminal proceeding
(excluding traffic violations and similar misdemeanors) nor have the parties
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction as a result of which such individual was or is subject to
a judgment, decree, or final order enjoining future violations of, or
prohibiting, or mandating activity 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.
The aggregate purchase price of the purchases identified in response to
Item 5(c) was $1,421,574.35. All such purchases were paid for with investment
proceeds from various limited partnership interests. All securities identified
in response to Item 5(c) were acquired by open market purchases.
ITEM 4. PURPOSE OF TRANSACTION.
The Fund purchased the Securities reported herein as an investment.
Although the Fund may have a present intention to purchase additional securities
from time to time, depending upon market conditions and their evaluation of the
Issuer's business and prospects, they may alternatively determine to decrease or
dispose of their investment in securities of the Issuer, whether now owned or
hereafter acquired, in privately negotiated or open market transactions, on such
terms and at such times as the Fund considers desirable.
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As of the date hereof, the Fund has no plans or proposals regarding:
(i) Any extraordinary corporate transaction such as a merger,
reorganization, or liquidation involving the Issuer or any of its
securities;
(ii) A sale or transfer of material amount of assets of the
Issuer or any of its subsidiaries;
(iii) Any change in the present Board of Directors or
management of the Issuer (including plans or proposals to change the
number or term of Directors or to fill any existing vacancies on the
Board;
(iv) Any material change in the present capitalization or
dividend policy of the Issuer;
(v) Any other material change in the Issuer's business or
corporate structure;
(vi) Changes in the Issuer's charter, bylaws or instruments
corresponding thereto or other acts which may impede the acquisition of
control of the Issuer by any person;
(vii) Causing a class of securities of the Issuer to be
delisted from a national securities exchange or to cease to be
authorized to be quoted in the NASDAQ market;
(viii) A class of the equity securities of the Issuer becoming
eligible for termination of registration pursuant to Section 12(g)(4)
of the Exchange Act; or
(ix) Any action similar to those enumerated above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The Fund beneficially owns 86,700 shares of the outstanding Common
Stock of the Issuer, representing approximately 5.3% of the Common Stock (based
upon 1,636,994 shares outstanding on June 30, 1998, as reported in the Issuer's
most recent 10-Q filed on August 14, 1998).
(b) The Fund does not share voting and dispositive power with respect
to any shares.
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(c) Listed below are all transactions effected in the Issuer's Common
Stock by the Fund during the last 60 days:
Number Price per
Trade Date of Shares Share
------------------------------------------------
8/27/98 1,000 $16.015
8/31/98 4,000 $16.00375
8/31/98 5,000 $15.753
9/1/98 1,000 $15.265
9/11/98 5,000 $15.378
9/15/98 1,500 $15.51
9/16/98 6,000 $15.3775
9/24/98 1,600 $15.94688
9/25/98 1,000 $16.015
9/28/98 3,000 $17.005
9/30/98 6,000 $16.7421
(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIP WITH RESPECT TO
SECURITIES OF THE ISSUER.
There are no contracts, arrangements, understandings or relationships between
the Fund, on one hand, and any other person with respect to any securities of
the Issuer on the other hand.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
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SIGNATURE
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: October 8, 1998 FARNAM STREET PARTNERS, L.P.
BY: FARNAM STREET CAPITAL, INC.,
General Partner
By /s/ Raymond E. Cabillot
---------------------------------
Raymond E. Cabillot,
Chief Executive Officer
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