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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Quipp, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
74880210
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(CUSIP Number)
February 4, 1999
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
*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 disclosure
provided in a prior cover page.
The information required in 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).
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SCHEDULE 13G
CUSIP No. 748802 10
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
John W. Gildea
2 Check the Appropriate Box If a Member of a Group (See Instructions)
a. |_|
b. |X|
3 SEC Use Only
4 Citizenship or Place of Organization
United States
5 Sole Voting Power
Number of 10,000
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 10,000
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
10,000
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
|_|
11 Percent of Class Represented By Amount in Row 9
.6%
12 Type of Reporting Person (See Instructions)
IN
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SCHEDULE 13G
CUSIP No. 748802 10
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Network Fund III, Ltd.
2 Check the Appropriate Box If a Member of a Group (See Instructions)
a. |_|
b. |X|
3 SEC Use Only
4 Citizenship or Place of Organization
Cayman Islands
5 Sole Voting Power
Number of 0
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 0
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
0
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
|_|
11 Percent of Class Represented By Amount in Row 9
0%
12 Type of Reporting Person (See Instructions)
CO
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This Amendment No. 1 to the Schedule 13G (the "Schedule 13G") that was
filed with the Securities and Exchange Commission on March 11, 1998 on behalf of
Mr. John W. Gildea and Network Fund III, Ltd. (the "Fund", and together with Mr.
Gildea, the "Reporting Persons") in respect of their beneficial ownership of
shares of common stock, par value $.01 per share ("Common Stock"), of Quipp,
Inc. (the "Company") represents the final amendment of the Schedule 13G by the
Reporting Persons. On February 4, 1999, the Fund sold all of its shares of
Common Stock of the Company in a series of open market transactions, thus
reducing the Fund's beneficial ownership of Common Stock of the Company to zero.
Mr. Gildea is the direct beneficial owner of 10,000 shares of Common Stock of
the Company.
Item 1.
(a) Name of Issuer
Quipp, Inc.
(b) Address of Issuer's Principal Executive Offices
4800 N.W. 157th Street
Miami, Florida 33014
Item 2.
(a) Name of Persons Filing
John W. Gildea
Network Fund III, Ltd.
(b) Address of Principal Business Office or, if none, Residence
John W. Gildea
115 East Putnam Avenue
Greenwich, Connecticut 06830
Network Fund III, Ltd.
P.O. Box 219
Butterfield House
Grand Cayman, Cayman Islands B.W.I.
(c) Citizenship
John W. Gildea - United States
Network Fund III, Ltd. - Cayman Islands
(d) Title of Class of Securities
Common Stock, par value $.01 per share
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(e) CUSIP Number
748802 10
Item 3. If this statement is filed pursuant to Section 240.13d-1(b) or Section
240.13d-2(b) or (c), check whether the person filing is a:
(a) |_| Broker or dealer registered under section 15 of the Act
(15 U.S.C. 78o);
(b) |_| Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c) |_| Insurance company as defined in section 3(a)(19) of the Act (15
U.S.C. 78c);
(d) |_| Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8);
(e) |_| An investment adviser in accordance with
Section 240.13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in accordance with Section
240.13d-1(b)(1)(ii)(F);
(g) |_| A parent holding company or control person in accordance with
240.13d-1(b)(ii)(G);
(h) |_| A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) |_| A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3);
(j) |_| Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Section 240.13d-1(c), check this box. |X|
Item 4. Ownership (at March 9, 1998)
(a) Amount Beneficially Owned (See note to Item 4(a)).
John W. Gildea - 10,000
Network Fund III, Ltd. - 0
(b) Percent of Class
John W. Gildea - .6%
Network Fund III, Ltd. - 0%
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(c) Number of shares as to which such person has:
i) sole power to vote or to direct the vote
John W. Gildea - 10,000
Network Fund III, Ltd. - 0
ii) shared power to vote or to direct the vote
John W. Gildea - 0
Network Fund III, Ltd. - 0
iii) sole power to dispose or to direct the disposition of
John W. Gildea - 10,000
Network Fund III, Ltd. - 0
iv) shared power to dispose or to direct the disposition of
John W. Gildea - 0
Network Fund III, Ltd. - 0
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date
hereof the reporting persons have ceased to be the beneficial owners of more
than five percent of the class of securities, check the following |X|
Item 6. Ownership of More than Five Percent on Behalf of Another Person
Not applicable.
Item 7. Certification
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
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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.
February 12, 1999
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Date
/s/ John W. Gildea
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John W. Gildea
NETWORK FUND III, LTD.
By: GILDEA MANAGEMENT COMPANY
Investment Advisor
By: /s/ John W. Gildea
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Name: John W. Gildea
Title: President
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