SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13D
Amendment No. 1
Under the Securities Exchange Act of 1934
RailAmerica, Inc.
(Name of Issuer)
Common Stock, Par Value $.001
(Title of Class of Securities)
750753105
(CUSIP Number)
Arthur Goetchius
300 Park Avenue, 21st Fl., New York, NY 10022 (212) 755-9000
(Name, address and telephone number of person
authorized to receive notices and communications)
December 29, 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 [ ].
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 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 purposes 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 1 of 19 pages
13D
CUSIP No. 750753105
- ---------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
EGS Associates, L.P.
- ---------------------------------------------------------------------
(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
-0-
- ---------------------------------------------------------------------
(8) SHARED VOTING POWER
290,585
- ---------------------------------------------------------------------
(9) SOLE DISPOSITIVE POWER
-0-
- ---------------------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
290,585
- ---------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
290,585
- ---------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
- ---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
3.29%
- ---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
- ---------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 19 pages
13D
CUSIP No. 750753105
- ---------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
EGS Partners, L.L.C.
- ---------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
- ---------------------------------------------------------------------
(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
-0-
- ---------------------------------------------------------------------
(8) SHARED VOTING POWER
556,900
- ---------------------------------------------------------------------
(9) SOLE DISPOSITIVE POWER
-0-
- ---------------------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
564,455
- ---------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
564,455
- ---------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
- ---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.39%
- ---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IA
- ---------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 19 pages
13D
CUSIP No. 750753105
- ---------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Bev 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 **
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
- ---------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES
- ---------------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
117,960
OWNED BY
- ---------------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING
- ---------------------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
117,960
- ---------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 117,960
- ----------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
- ----------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11) 1.34%
- -----------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
- ----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 19 pages
13D
CUSIP No. 750753105
- ------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Jonas 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 **
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
- ------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES
- ------------------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
20,000
OWNED BY
- ------------------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING
- ------------------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
20,000
- ------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
20,000
- ------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
- ------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
.23%
- ------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
- ------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 19 pages
13D
CUSIP No. 750753105
- ------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
William Ehrman
- ------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
- ------------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
AF OO 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
- ------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
15,000
SHARES
- ------------------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
985,445
OWNED BY
- ------------------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
15,000
REPORTING
- ------------------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,008,000
- ------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,023,000
- ------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
- ------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
11.59%
- ------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
- ------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 19 pages
13D
CUSIP No. 750753105
- ------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Frederic Greenberg
- ------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
- ------------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
AF 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
United States
- ------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES
- ------------------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
985,445
OWNED BY
- ------------------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING
- ------------------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
993,000
- ------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
993,000
- ------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
- ------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
11.25%
- ------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
- ------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 19 pages
13D
CUSIP No. 750753105
- ------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Frederick Ketcher
- ------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
- ------------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
AF OO 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
- ------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
10,000
SHARES
- ------------------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
985,445
OWNED BY
- ------------------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
10,000
REPORTING
- ------------------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
993,000
- ------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,003,000
- ------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
- ------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
11.36%
- ------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
- ------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 19 pages
13D
CUSIP No. 750753105
- ------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Jonas Gerstl
- ------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
- ------------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
AF 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
United States
- ------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES
- ------------------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
985,445
OWNED BY
- ------------------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING
- ------------------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
993,000
- ------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
993,000
- ------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
- -----------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
11.25%
- ------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
- ------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!s
Page 9 of 19 pages
13D
CUSIP No. 750753105
- ------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
James McLaren
- ------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
- ------------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
AF 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
United States
- ------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES
- ------------------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
985,445
OWNED BY
- ------------------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING
- ------------------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
993,000
- -----------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
993,000
- ------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
- ------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
11.25%
- ------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
- ------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 19 pages
13D
CUSIP No. 750753105
- ------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
William D. Lautman
- ------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
- ------------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
AF sOO
- ------------------------------------------------------------------------
(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
- ------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES
- ------------------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
985,445
OWNED BY
- ------------------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING
- ------------------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
993,000
- ------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
993,000
- ------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
- ------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
11.25%
- ------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
- ------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 19 pages
The Schedule 13D, initially filed on December 3, 1997, of (i) EGS
Associates, L.P., a Delaware limited partnership (EGS Associates), (ii) EGS
Partners, L.L.C., a Delaware limited liability company (EGS Partners), (iii)
Bev Partners, L.P., a Delaware limited partnership (Bev Partners), (iv)
Jonas Partners, L.P., a Delaware limited partnership (Jonas Partners), (v)
William Ehrman, (vi) Frederic Greenberg, (vii) Frederick Ketcher, (viii) Jonas
Gerstl, (ix) James McLaren and (x) William D. Lautman, relating to the common
stock, $0.001 par value per share (the Common Stock) issued by RailAmerica,
Inc. (the Company), is hereby amended by this Amendment No. 1 to the
Schedule 13D as follows:
Item 3 is hereby amended and restated in its entirety as follows:
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The net investment cost (including commissions, if any) of the
shares of Common Stock beneficially owned by EGS Associates, EGS Partners, Bev
Partners, and Jonas Partners is approximately $1,467,217, $3,053,553,
$609,783, and $92,620, respectively.
The net investment cost (excluding commissions, if any) of the
shares of Common Stock owned directly by Mr. Ketcher is approximately $46,880.
The net investment cost (excluding commissions, if any) of the
shares of Common Stock owned directly by Mr. Ehrman and his immediate family
is approximately $136,890.
Messrs. Gerstl, Greenberg, McLaren and Lautman currently own no
shares of Common Stock.
The shares of Common Stock purchased by each of EGS Associates, Bev
Partners, and Jonas Partners were purchased with the investment capital of the
respective entities. The shares of Common Stock purchased by EGS Partners
were purchased with the investment capital of discretionary accounts under its
management. The shares of Common Stock purchased by Mr. Ketcher and by Mr.
Ehrman and his immediate family were purchased with personal funds.
The shares of Common Stock beneficially owned by EGS Associates, EGS
Partners, Bev Partners, and Jonas Partners are held in their respective
commingled margin accounts, or in the case of EGS Partners, in margin and non-
margin accounts held by each discretionary account under its management. Such
margin accounts are maintained at NationsBank Montgomery, and may from time to
time have debit balances. Since other securities are held in such margin
accounts, it is not possible to determine the amounts, if any, of margin used
with respect to the shares of Common Stock purchased. Non-margin accounts are
maintained at Bankers Trust Company. The shares owned by Mr. Ketcher and by
Mr. Ehrman and his immediate family are held in accounts maintained at
NationsBank Montgomery. Currently, the interest rate charged on such various
margin accounts is approximately 8.25% per annum.
Item 5 is hereby amended and restated in its entirety as follows:
Page 12 of 19 pages
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The approximate aggregate percentage of shares of Common
Stock reported beneficially owned by each person herein is based on 8,829,275
shares outstanding, which is the total number of shares of Common Stock
outstanding as of November 13, 1997, as reflected in the company's quarterly
report on Form 10-Q filed with the Securities and Exchange Commission (the
Commission) for the fiscal quarter ended September 30, 1997 (which is the
most recent Form 10-Q on file).
As of the close of business on January 16, 1998:
(i) EGS Associates owns beneficially 290,585 shares of Common
Stock, constituting approximately 3.29% of the shares outstanding.
(ii) EGS Partners owns directly no shares of Common Stock. By
reason of the provisions of Rule 13D-3 of the Securities Exchange Act of 1934,
as amended (the Act), EGS Partners may be deemed to own beneficially 564,455
shares, constituting approximately 6.39% of the shares outstanding, purchased
for discretionary accounts managed by it.
(iii) Bev Partners owns beneficially 117,960 shares of Common
Stock, constituting approximately 1.34% of the shares outstanding.
(iv) Jonas Partners owns 20,000 shares of Common Stock,
constituting less than 1% of the shares outstanding.
(v) Mr. Ehrman owns beneficially through ownership by himself
and members of his immediate family, 30,000 shares of Common Stock,
constituting less than 1% of the shares outstanding.
(vi) Mr. Ketcher owns beneficially through ownership by himself
10,000 shares of Common Stock, constituting less than 1% of the shares
outstanding.
(vii) Messrs. Gerstl, Greenberg, McLaren and Lautman own
directly no shares of Common Stock.
By reason of the provisions of Rule 13D-3 of the Act, each of the
General Partners may be deemed to own the 290,585 shares beneficially owned by
EGS Associates, the 564,455 shares beneficially owned by EGS Partners, the
117,960 shares beneficially owned by Bev Partners, and the 20,000 shares
beneficially owned by Jonas Partners. When the shares beneficially owned by
EGS Associates, EGS Partners, Bev Partners, and Jonas Partners are
aggregated, they total 993,000 shares of Common Stock, constituting
approximately 11.25% of the shares outstanding.
(viii) In the aggregate, the Reporting Persons beneficially own
a total of 1,033,500 shares of Common Stock, constituting approximately 11.70%
of the shares outstanding.
Page 13 of 19 pages
(b) (i) Each of EGS Associates, EGS Partners, Bev Partners,
and Jonas Partners has the power to vote on all of the shares of Common Stock,
except for 7,555 shares held by one of the discretionary accounts, and to
dispose of all of the shares of Common Stock beneficially owned by it, which
power may be exercised by the General Partners. Each of the discretionary
accounts is a party to an investment management agreement with EGS Partners
pursuant to which EGS Partners has investment authority with respect to
securities held in such account.
(ii) Mr. Ehrman has no power to vote and shared power to
dispose of shares owned by his immediate family and Mr. Ketcher has the sole
power to vote and dispose of the shares owned directly by him.
(c) The trading dates, number of shares of Common Stock
purchased or sold and price per share for all transactions in the Common Stock
from the 60th day prior to December 29, 1997 until January 16, 1998 by EGS
Associates, EGS Partners, Bev Partners, and Jonas Partners are set forth in
Schedules A, B, C, and D, respectively, and were all effected in the over-the-
counter market and in private placements. During such period, Messrs. Ehrman,
Ketcher, Greenberg, Gerstl, McLaren and Lautman did not enter into any
transactions in the Common Stock.
(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 sale of
such shares of Common Stock.
Page 14 of 19 pages
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
DATED: --------------------------- ----------------------------------
William Ehrman, individually and
as general partner of each of EGS
ASSOCIATES, L.P., BEV PARTNERS,
L.P., JONAS PARTNERS, L.P., and as
a member of EGS PARTNERS, L.L.C.
------------------------------------
Frederic Greenberg, individually and
as general partner of each of EGS
ASSOCIATES, L.P., BEV PARTNERS, L.P.,
JONAS PARTNERS, L.P. and as a member
of EGS PARTNERS, L.L.C.
------------------------------------
Frederick Ketcher, individually and
as general partner of each of EGS
ASSOCIATES, L.P., BEV PARTNERS, L.P.,
JONAS PARTNERS, L.P. and as a member
of EGS PARTNERS, L.L.C.
------------------------------------
Jonas Gerstl, individually and as
general partner of each of EGS
ASSOCIATES, L.P., BEV PARTNERS, L.P.,
JONAS PARTNERS, L.P. and as a member
of EGS PARTNERS, L.L.C.
------------------------------------
James McLaren, individually and as
general partner of each of EGS
ASSOCIATES, L.P., BEV PARTNERS, L.P.,
JONAS PARTNERS, L.P. and as a member
of EGS PARTNERS, L.L.C.
------------------------------------
William D. Lautman, individually and
as general partner of each of EGS
ASSOCIATES, L.P., BEV PARTNERS, L.P.,
JONAS PARTNERS, L.P. and as a member
of EGS PARTNERS, L.L.C.
Page 15 of 19 pages
Schedule A
EGS Associates, L.P.
Transactions in the Common Stock
Price Per Share
Date of Number of (including
Transaction Shares Purchased/(Sold) Commissions, if any)
- ------------------------------------------------------------------------
11/21/97 5,000 $5.75
12/15/97 15,000 $6.42
12/17/97 5,000 $6.53
12/29/97 10,000 $6.44
12/30/97 10,000 $6.56
12/31/97 24,000 $6.50
1/5/98 5,000 $6.54
1/16/98 8,925 $6.13
Page 16 of 19 pages
Schedule B
EGS Partners, L.P.
Transactions in the Common Stock
Price Per Share
Date of Number of (including
Transaction Shares Purchased/(Sold) Commissions, if any)
- ------------------------------------------------------------------------
11/5/97 10,000 $5.88
11/13/97 15,000 $5.88
11/17/97 10,000 $6.00
11/21/97 15,000 $5.57
11/24/97 5,000 $5.62
11/26/97 10,000 $5.50
12/12/97 25,000 $6.63
12/15/97 500 $6.42
12/23/97 5,000 $6.38
12/26/97 10,000 $6.38
1/2/98 10,000 $6.63
1/5/98 10,000 $6.54
1/7/98 5,000 $6.25
1/12/98 15,000 $6.25
1/16/98 22,505 $6.13
Page 17 of 19 pages
Schedule C
Bev Partners, L.P.
Transactions in the Common Stock
Price Per Share
Date of Number of (including
Transaction Shares Purchased/(Sold) Commissions, if any)
- ------------------------------------------------------------------------
12/17/97 15,000 $6.53
1/16/98 3,570 $6.13
Page 18 of 19 pages
Schedule D
Jonas Partners, L.P.
Transactions in the Common Stock
Price Per Share
Date of Number of (including
Transaction Shares Purchased/(Sold) Commissions, if any)
- ------------------------------------------------------------------------
1/13/98 2,000 $6.31
Page 19 of 19 pages
