<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
SYMMETRICOM, INC.
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
871543104
(CUSIP Number)
George Abraham
FBR Ashton, Limited Partnership
1001 19th Street, North
18th Floor
Arlington, Virginia
22209
(703) 312-9707
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
December 26, 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 [ ].
Page 1 of 15
Exhibit Index Appears on Page 13
<PAGE> 2
SCHEDULE 13D
CUSIP NO. 871543104
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FBR Ashton, Limited Partnership
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
329,843
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
831,843
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
329,843
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
831,843
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
831,843
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.23%
- --------------------------------------------------------------------------------
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> 3
SCHEDULE 13D
CUSIP NO. 871543104
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FBR Opportunity Fund, Ltd. Class A
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
62,100
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
831,843
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
62,100
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
831,843
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
831,843
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.23%
- --------------------------------------------------------------------------------
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> 4
SCHEDULE 13D
CUSIP NO. 871543104
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FBR Harness, Limited Partnership
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
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
100,000
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
831,843
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
100,000
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
831,843
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
831,843
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.23%
- --------------------------------------------------------------------------------
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> 5
SCHEDULE 13D
CUSIP NO. 871543104
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Friedman Billings Ramsey Investment Management, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
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
None
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
831,843
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
None
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
831,843
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
831,843
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.23%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, 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> 6
SCHEDULE 13D
CUSIP NO. 871543104
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FBR OFFSHORE MANAGEMENT, INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
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
None
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
831,843
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
None
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
831,843
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
831,843
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.23%
- --------------------------------------------------------------------------------
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> 7
SCHEDULE 13D
CUSIP NO. 871543104
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Emanuel J. Friedman
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
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
339,900
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
831,843
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
339,900
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
831,843
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
831,843
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.23%
- --------------------------------------------------------------------------------
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> 8
Item 1. Security and Issuer
This statement on Schedule 13D (the "Statement") relates to the
Common Stock, no par value per share (the "Common Stock"), of Symmetricom, Inc.,
a California corporation (the "Company"). The principal executive offices of the
Company are located at 2300 Orchard Parkway, San Jose, California 95131-1017.
Item 2. Identity and Background
The Statement is being filed by (1) FBR Ashton, Limited Partnership,
a Maryland limited partnership ("Ashton"), (2) FBR Opportunity Fund, Ltd. Class
A, a Bermuda chartered corporation ("Opportunity Fund"), (3) FBR Harness,
Limited Partnership, a Delaware limited partnership ("Harness") (4) Friedman
Billings Ramsey Investment Management, Inc. ("Investment Management"), a
Delaware corporation (5) FBR Offshore Management, Inc. a Delaware Corporation
("Offshore Management") and (6) Emanuel J. Friedman, a United States citizen
("Mr. Friedman"), (collectively referred to herein as the "Reporting Persons").
Ashton, the Opportunity Fund and Harness are investment entities.
Investment Management, a registered investment advisor serves as a general
partner and as a discretionary investment manager to Ashton. Likewise, Offshore
Management is a registered investment advisor that serves the Opportunity Fund
as discretionary investment manager. Mr. Friedman serves as the portfolio
manager for Ashton and the Opportunity Fund. The principle offices of the
Reporting Persons other than the Opportunity Fund are located at 1001 19th
Street, North, Arlington, Virginia 22209. The principle offices of the
Opportunity Fund are located at 44 Church Street, Hamilton, HM FX Bermuda.
None of the Reporting Persons has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) during the
last five years.
During the last five years, none of the Reporting Persons has been 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.
Item 3. Sources and Amounts of Funds or Other Consideration
Ashton, the Opportunity Fund, Harness and Mr. Friedman expended an
aggregate of approximately $10,635,024 (excluding brokerage commissions, if any)
to purchase 831,843 shares of Common Stock held by them on January 9, 1998. The
source of funds for shares purchased was from the working capital of Ashton, the
Opportunity Fund and Harness, as the case may be. The source of funds for shares
held by Mr. Friedman was personal funds. In addition, Ashton, the Opportunity
Fund, Harness and Mr. Friedman hold these securities through margin accounts
maintained with Bear Stearns & Co., Inc., which extends margin credit to either
Ashton, the Opportunity Fund, Harness or Mr. Friedman, as the case may be, as
and when required to open or carry positions in their accounts, subject to
applicable Federal margin requirements, stock exchange rules and the firm's
credit policies. The positions held in each account are pledged as collateral
security for the repayment of debit balances, if any, in the accounts.
<PAGE> 9
Item 4. Purpose of Transaction
The purpose of the acquisition of the shares of Common Stock by each
of the Reporting Persons is for investment. Each Reporting Person may,
depending on market conditions, make further purchases of Common Stock from
time to time and may dispose of any or all of the shares of Common Stock held
by it at any time or effect other transactions which could result in any of the
actions specified in clauses (a) through (j) of Item 4 of the Instructions to
Schedule 13D.
Except as set forth above, the Reporting Persons do not have any
present plans or proposals that relate to or would result in any of the actions
required to be described in Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer
(a)-(b) On the date of this Statement:
(i) Ashton is the direct beneficial owner of 329,843 shares of Common
Stock, which constituted approximately 2.07% of the issued and outstanding
Common Stock.
(ii) The Opportunity Fund is the direct beneficial owner of 62,100
shares of Common Stock, which constituted approximately 0.39% of the issued and
outstanding Common Stock.
(iii) Harness is the direct beneficial owner of 100,000 shares of
Common Stock, which constituted approximately 0.63% of the issued and
outstanding Common Stock.
(iv) Mr. Friedman is the direct beneficial owner of 339,900 shares
of Common Stock, which constituted approximately 2.14% of the issued and
outstanding Common Stock.
Each of Ashton, the Opportunity Fund, Harness and Mr. Friedman may be
deemed to own beneficially (as defined in Rule 13d-3 promulgated under the
Securities Exchange Act of 1934, as amended) the shares of Common Stock owned
beneficially by each other due to their common control. Each of such persons
disclaims beneficial ownership of such shares of Common Stock for all other
purposes. In addition, each of Ashton, the Opportunity Fund, Harness and Mr.
Friedman may be deemed to share the power to vote or to direct the vote and to
dispose or to direct the disposition
<PAGE> 10
of the shares of Common Stock directly owned beneficially by each other.
Investment Management in its capacity as general partner and
investment manager to Ashton, and Offshore Management in its capacity
as investment manager to the Opportunity Fund, may be deemed to own
beneficially (as defined in Rule 13d-3 promulgated under the Securities
Exchange Act of 1934, as amended) the shares of Common Stock directly owned
beneficially by Ashton and the Opportunity Fund, respectively, as well as the
other Reporting Persons due to their common control. Each of such persons
disclaims beneficial ownership of such shares of Common Stock for all other
purposes. In addition, each of Investment Management and Offshore Management
may be deemed to share the power to vote or to direct the vote and to dispose
or to direct the disposition of the shares of Common Stock directly owned
beneficially by the Reporting Persons.
The percentages used herein are calculated based upon the 15,894,747
shares of Common Stock stated to be issued and outstanding as of September 30,
1997, pursuant to the Company's Form 10-Q for the quarter ended September 30,
1997.
(c) The trading dates, number of shares purchased and price per share
(including commissions, if any) for all transactions by the Reporting Persons
during the past 60 days are set forth in Schedule I hereto.
(d) No person other than each respective record owner of shares of
Common Stock referred to herein is known to have the right to receive or the
power to direct the receipt of dividends from or the proceeds of sales of
shares of Common Stock.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings, or
Relationships with Respect to Securities of the Issuer.
None.
Item 7. Material to be Filed as Exhibits
Exhibit A: Joint Filing Agreement among the Reporting
Persons.
<PAGE> 11
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.
January 12, 1998.
FBR ASHTON, LIMITED PARTNERSHIP
By: /s/ George Abraham
----------------------------------------
Managing Director of General Partner
FBR OPPORTUNITY FUND, LTD. CLASS A
By: /s/ George Abraham
----------------------------------------
Alternate Director
FBR HARNESS, LIMITED PARTNERSHIP
By: /s/ George Abraham
----------------------------------------
Managing Director of General Partner
FRIEDMAN BILLINGS RAMSEY
INVESTMENT MANAGEMENT, INC.
By: /s/ George Abraham
----------------------------------------
Managing Director
FBR OFFSHORE MANAGEMENT, INC.
By: /s/ George Abraham
----------------------------------------
Managing Director
/s/ Emanuel J. Friedman
------------------------------------
Emanuel J. Friedman
<PAGE> 12
Schedule I
<TABLE>
<CAPTION>
Shares Shares Price
Name Date Purchased Sold Per Share
- ---- ---- --------- ------ ---------
<S> <C> <C> <C> <C>
FBR Ashton Limited 11/6/97 20,000 $14.75
Partnership
11/10/97 20,000 14.25
11/12/97 20,000 13.75
12/11/97 12,000 12.23
12/29/97 32,000 10.68
FBR Opportunity Fund, 11/6/97 5,000 14.75
Ltd. Class A
11/10/97 5,000 14.25
12/11/97 3,000 12.23
12/29/97 8,000 10.68
FBR Harness
Limited Partnership 11/12/97 15,000 13.65
Emanuel Friedman 12/26/97 321,900 10.38
</TABLE>
<PAGE> 13
Exhibit Index
<TABLE>
<CAPTION>
Exhibit Page No.
- -------- --------
<S> <C>
Exhibit A: Joint Filing Agreement, dated
January 12, 1998, among
FBR Ashton, Limited Partnership
FBR Opportunity Fund, LTD. Class A
FBR Harness, Limited Partnership
Friedman Billings Ramsey Investment
Management, Inc.
FBR Offshore
Management, Inc.
Emanuel J. Friedman
</TABLE>
<PAGE> 1
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13D dated
January 12, 1998 with respect to the Common Stock of Symmetricom, Inc. is, and
any amendments thereto signed by each of the undersigned shall be, filed on
behalf of each of us pursuant to and in accordance with the provisions of Rule
13d-1(f) under the Securities Exchange Act of 1934.
This Agreement may be executed in counterparts, each of which shall
for all purposes be deemed to be an original and all of which shall constitute
one and the same instrument.
Dated: January 12, 1998
FBR ASHTON, LIMITED PARTNERSHIP
By: /s/ George Abraham
--------------------------------
Managing Director of General Partner
FBR OPPORTUNITY FUND, LTD. CLASS A
By: /s/ George Abraham
--------------------------------
Alternate Director
FBR HARNESS, LIMITED PARTNERSHIP
By: /s/ George Abraham
--------------------------------
Managing Director of General Partner
FRIEDMAN BILLINGS RAMSEY
INVESTMENT MANAGEMENT, INC.
By: /s/ George Abraham
--------------------------------
Managing Director
FBR OFFSHORE MANAGEMENT, INC.
By: /s/ George Abraham
--------------------------------
Managing Director
/s/ Emanuel J. Friedman
------------------------------------
Emanuel J. Friedman
