UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ______)*
Precision Optics Corporation Inc.
______________________________________________________
(Name of Issuer)
Common Stock, $0.01 Par Value
______________________________________________________
(Title of Class of Securities)
740294103
____________________________________
(CUSIP Number)
June 30, 1998
-------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
--x- Rule 13d-1(b)
---- 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 the disclosures 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).
CUSIP No.740294103 13G Page 2 of 12
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Special Situations Private Equity Fund, L.P. F13-3916551
MG Advisers, L.L.C. F13-3916549
- ----------------------------------------------------------------
(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
Delaware/New York
- ----------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER 750,000 (including 375,000
SHARES warrants)
BENEFICIALLY ------------------------------------------------
OWNED BY (6) SHARED VOTING POWER None
EACH REPORTING -------------------------------------------------
PERSON WITH: (7) SOLE DISPOSITIVE POWER 750,000 (including
375,000 warrants
------------------------------------------------
(8) SHARED DISPOSITIVE POWER None
- ----------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
750,000 (including 375,000 warrants)
- ----------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (See Instructions)
- ----------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.7
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(12) TYPE OF REPORTING PERSON (See Instructions)
IV/IA
- ----------------------------------------------------------------
CUSIP No. 740294103 13G Page 3 of 12
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(1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Special Situations Technology Fund, L.P. F13-3937585
SST Advisers, L.L.C. F13-3937583
- ----------------------------------------------------------------
(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
Delaware
- ----------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER 250,000 (including
SHARES 125,000 warrants
BENEFICIALLY -------------------------------------------------
OWNED BY (6) SHARED VOTING POWER None
EACH -------------------------------------------------
REPORTING (7) SOLE DISPOSITIVE POWER 250,000 (including
PERSON WITH: 125,000 warrants)
-------------------------------------------------
(8) SHARED DISPOSITIVE POWER None
- ----------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
250,000 (including 125,000 warrants)
- ----------------------------------------------------------------
(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
3.7
- ----------------------------------------------------------------
(12) TYPE OF REPORTING PERSON*
IV/IA
- ----------------------------------------------------------------
CUSIP No. 740294103 13G Page 4 of 12
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(1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY).
Austin W. Marxe
- ----------------------------------------------------------------
(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 of America
- ----------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER None
SHARES -------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER 1,000,000
OWNED BY (including 500,000 warrants)
EACH -------------------------------------------------
REPORTING (7) SOLE DISPOSITIVE POWER None
PERSON WITH: -------------------------------------------------
(8) SHARED DISPOSITIVE POWER 1,000,000
(including 500,000 warrants)
- ----------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
1,000,000 (including 500,000 warrants)
- ----------------------------------------------------------------
(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
14.0
- ----------------------------------------------------------------
(12) TYPE OF REPORTING PERSON*
IN
- ----------------------------------------------------------------
CUSIP No. 740294103 13G Page 5 of 12
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(1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY).
David M. Greenhouse
- ----------------------------------------------------------------
(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 of America
- ----------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER None
SHARES -------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER 1,000,000
OWNED BY (including 500,000 warrants)
EACH -------------------------------------------------
REPORTING (7) SOLE DISPOSITIVE POWER None
PERSON WITH: -------------------------------------------------
(8) SHARED DISPOSITIVE POWER 1,000,000
(including 500,000 warrants)
- ----------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
1,000,000 (including 500,000 warrants)
- ----------------------------------------------------------------
(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
14.0
- ----------------------------------------------------------------
(12) TYPE OF REPORTING PERSON*
IN
- ----------------------------------------------------------------
Page 6 of 12 Pages
Item 1.
(a) Name of Issuer: Precision Optics Corporation Inc.
(b) Address of Issuer's Principal Executive Offices:
22 East Broadway, Gardner, MA 01440-3338
Item 2.
(a) Name of Person Filing: This statement is filed on behalf
of (i) Special Situations Private Equity Fund, L.P., a
Delaware limited partnership (the "Private Equity Fund"); (ii)
Special Situations Technology Fund, L.P. , a Delaware Limited
Partnership (the "Technology Fund"); (iii) MG Advisers L.L.C.,
a New York limited liability company, ("MG"); (iv) SST
Advisers, L.L.C., a Delaware limited liability company
("SST"); (v) Austin W. Marxe and (vi) David Greenhouse. Each
of the foregoing is hereinafter individually referred to as a
"Reporting Person" and collectively as the "Reporting
Persons."
(b) Address of Principal Business Office or, if none,
Residence: The principal office and business address of the
Reporting Persons is 153 East 53 Street, New York, New York
10022.
(c) Citizenship: The Private Equity Fund and Technology Fund
are Delaware limited partnerships. MG is a New York limited
liability company and SST Advisers L.L.C. is a Delaware
limited partnership. Austin W. Marxe and David M. Greenhouse
are United States citizens. The business of the Private
Equity Fund and the Technology Fund is to acquire, purchase,
Page 7 of 12 Pages
invest in, sell, convey, transfer, exchange and otherwise
trade in principally equity and equity related securities.
The principal business of MG is to act as general partner of
and investment adviser to the Private Equity Fund. The
principal business of SST is to act as general partner of and
investment adviser to the Technology Fund. The principal
occupation of Austin W. Marxe and David Greenhouse is to serve
as officers, directors and members or principal shareholders
of the Advisers.
2(d) Title of Class of Securities: See cover sheets.
2(e) CUSIP Number: See cover sheets.
Item 3. If this statement is filed pursuant to $240.13d-1(b)
or 240.13d-2(b), check whether the person filing is
a:
(a) ( ) Broker or Dealer registered under section 15 of the
Act;
(b) ( ) Bank as defined in section 3(a) (6) of the Act;
(c) ( ) Insurance Company as defined in section 3(a) (19) of
the Act;
(d) (x) Investment Company registered under section 8 of the
Investment Company Act of 1940;
(e) (x) An Investment Adviser in accordance with $240.13d-
1(b)(I)(ii)(E);
(f) ( ) An employee benefit plan or endowment fund in
accordance with $240.13d-1(b)(I)(ii)(F);
Page 8 of 12 Pages
(g) (x) A parent holding company or control person in
accordance with $240.13d-1(b)(1)(ii)(G);
(h) ( ) A savings association as defined in Section 3(b) of
the Federal Deposit Insurance Act;
(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;
(j) ( ) Group, in accordance with $240.13d-1(b)(1)(ii)(J).
See Exhibit A attached hereto.
Item 4. Ownership:
(a) Amount Beneficially Owned: 1,000,000 shares of Common
Stock are beneficially owned by Austin W. Marxe and David
Greenhouse; of which 375,000 shares of common stock and
375,000 warrants are owned by the Private Equity Fund and
125,000 shares of common stock and 125,000 warrants are
owned by the Technology Fund.
(b) Percent of Class: 14.0 percent of the Common Stock are
beneficially owned by Austin Marxe and David Greenhouse.
10.7 percent of the Common Stock are beneficially owned
by the Private Equity Fund and 3.7 percent are
beneficially owned by the Technology Fund.
(c) Number of Shares as to which the person has Rights to
Vote and/or Dispose of Securities: The Private Equity
Fund, MG Adviser L.L.C , the Technolgy Fund and SST
Advisers L.L.C. have sole power to vote or to direct the
vote and to dispose or to direct the disposition of all
Page 9 of 12 Pages
securities reported hereby which are respectively
beneficially owned by each Fund and its Adviser.
Austin Marxe and David Greenhouse have shared power to
vote or to direct the vote of and to dispose or to direct
the disposition of securities reported hereby which are
beneficially owned by Austin Marxe and David Greenhouse
by virtue of being Executive Officers of the Investment
Advisers.
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 person has ceased to be the
beneficial owner of more that five percent of the class
of securities, check the following .
Item 6.Ownership of More than Five Percent on Behalf of
Another Person: The Private Equity Fund and the
Technology Fund as owners of the securities in question,
have the right to receive any dividends from, or proceeds
from the sale of, such securities.
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security being Reported on By the
Parent Holding Company: See Exhibit A attached hereto.
Item 8. Identification and Classification of Members of the
Group: Not applicable
Item 9. Notices of Dissolution of Group: Not applicable.
Page 10 of 12 Pages
Item 10. Certification:
By signing below I certify that, to the best of
my knowledge and belief, the securities referred to above were
acquired and are held in the ordinary course of business and
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.
Page 11 of 12 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.
Dated: July 10, 1998
SPECIAL SITUATIONS PRIVATE EQUITY FUND, L.P.
By:/s/ Austin W. Marxe
Austin W. Marxe
Managing Director
MG ADVISERS L.L.C.
By:/s/ Austin W. Marxe
Austin W. Marxe
President and Chief Executive Officer
SPECIAL SITUATIONS TECHNOLOGY FUND, L.P.
By: /s/ Austin W. Marxe
Austin W. Marxe
Managing Director
SST ADVISERS L.L.C
By: /s/ Austin W. Marxe
Austin W. Marxe
President and CEO
/s/ Austin W. Marxe
AUSTIN W. MARXE
/s/David M Greenhouse
Page 12 of 12 Pages
EXHIBIT A
This Exhibit explains the relationship between the
Reporting Persons. AWM is the sole general partner of MGP, a
registered investment adviser under the Investment Advisers
Act of 1940, as amended. MGP is a general partner of and
investment adviser to the Fund. AWM is a registered
investment adviser under the Investment Advisers Act of 1940
and also serves as the general partner of, and investment
adviser to, the Cayman Fund. Austin W. Marxe is the principal
owner and President of AWM.
