SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
AMENDMENT NO. 1
TO
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Phoenix Gold International, Inc.
(Name of Issuer)
Common Stock, Par value $0.01 Per Share
(Title of Class of Securities)
719068 10 8
(CUSIP Number of Class of Securities)
Wynnefield Partners Small Cap Value, L.P.
One Penn Plaza - Suite 4720
New York, New York 10119
Attention: Mr. Nelson Obus
(Name, Address and Telephone Number of Person Authorized)
to Receive Notices and Communications)
Copy to:
Jesse R. Meer, Esq.
Berlack, Israels & Liberman LLP
120 West 45th Street
New York, New York 10035
(212)-704-0100
December 11, 1997
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a Statement on 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 this Statement: ( )
(Page 1 of 10 Pages)
<PAGE>
AMENDMENT TO SCHEDULE 13D
- -------------------------- ------------------
CUSIP No. 719068 10 8 Page 2 of 10 Pages
- -------------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: Wynnefield Partners Small Cap Value, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 13-3688497
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC (SEE ITEM 3)
- --------------------------------------------------------------------------------
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
SHARES 140,604
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH --
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 140,604
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
--
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
140,604 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.07%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
(Page 2 of 10 Pages)
<PAGE>
AMENDMENT TO SCHEDULE 13D
- -------------------------- ------------------
CUSIP No. 719068 10 8 Page 3 of 10 Pages
- -------------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: Wynnefield Partners Small Cap Value, L.P. I
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 13-3688497
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC (SEE ITEM 3)
- --------------------------------------------------------------------------------
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
SHARES 80,090
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH --
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 80,090
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
--
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
80,090 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.32%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
(Page 3 of 10 Pages)
<PAGE>
AMENDMENT TO SCHEDULE 13D
- -------------------------- ------------------
CUSIP No. 719068 10 8 Page 4 of 10 Pages
- -------------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: Wynnefield Small Cap Value Offshore Fund, Ltd.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: Not Applicable
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC (SEE ITEM 3)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 47,650
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH --
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 47,650
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
--
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
47,650 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.38%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
(Page 4 of 10 Pages)
<PAGE>
Item 1. Security and Issuer.
This amended Statement relates to shares of the Common Stock, $0.01 par value
per share (the "Shares"), of Phoenix Gold International, Inc., an Oregon
corporation (the "Issuer"). The principal executive offices of the Issuer are
located at 9300 Decatur Street, Portland, Oregon 97283.
Item 2. Identity and Background.
(a), (b), (c) and (f). This Statement is being filed by Wynnefield Partners
Small Cap Value, L.P. (the "Partnership"), Wynnefield Small Cap Value Offshore
Fund, Ltd. (the "Fund"), and Wynnefield Partners Small Cap Value, L.P. I (the
"Partnership-I"). Although the Partnership, the Fund and Partnership-I are each
separate and distinctive entities with different beneficial owners (whether
designated as limited partners or stockholders), for the convenience of
reporting their holdings, in this Statement, they are sometimes referred to
collectively as the "Wynnefield Group".
Wynnefield Capital Management, LLC, a New York limited liability company
("WCM"), is the general partner of the Partnership and the Partnership-I, which
are private investment companies organized as limited partnerships under the
laws of the State of Delaware. Nelson Obus, Joshua Landes and Robert Melnick are
the managing members of WCM and the principal executive officers of Wynnefield
Capital, Inc., the investment manager of the Fund, a private investment company
organized under the laws of the Cayman Islands. Mr. Obus, Mr. Landes and Mr.
Melnick are citizens of the United States of America.
The business address of Mr. Obus, Mr. Landes, and Mr. Melnick, WCM, and
each of the entities in the Wynnefield Group is One Penn Plaza, Suite 4720, New
York, New York 10119.
(Page 5 of 10 Pages)
<PAGE>
(d) and (e). During the last five years, neither Mr. Obus, Mr. Landes, Mr.
Melnick, WCM, nor any of the entities comprising the Wynnefield Group has been
(i) convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) 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. Source and Amount of Funds or Other Consideration.
In addition to the Shares owned by the Wynnefield Group, as reported in
their original statement on Schedule 13D, the Wynnefield Group entities
purchased the Shares shown in the following table:
Name Number of Shares Consideration Paid
---- ---------------- ------------------
Partnership 41,206 $206,733.62
Partnership-I 17,294 137,016.38
Fund 26,500 138,093.75
Such Shares were paid for from the working capital of each of the
Partnership and the Fund, each of which maintains an investment fund, consisting
of capital contributions from their respective partners and investors and
capital appreciation derived therefrom for the principal purpose of buying and
selling securities (including financial and money market instruments) and
interests in domestic and foreign securities, including, without limitation,
convertible securities, stock index features contracts, options, puts and calls
on stock and warrants.
(Page 6 of 10 Pages)
<PAGE>
Item 4. Purposes of Transaction.
Each member of the Wynnefield Group acquired the Shares reported in Item 5
below for investment purposes only. They continue to monitor the turn-around
efforts of the Issuer which through the date of this Amendment they regard as
inconclusive. The members of the Wynnefield Group are alarmed about the recent
resignations of senior managers and one of two independent outside directors of
the Issuer, each of whom had important roles in the turn-around efforts of the
Issuer. Mr. Obus intends to share his concerns with the Chairman of the Issuer
and the remaining independent outside director of the Issuer in the near future.
The Partnerships and the Fund reserve the right to buy additional Shares with
the understanding that neither their purchases nor the exercise of their rights
as stockholders to communicate with the Chairman or the remaining outside
director are intended as "control" devices with respect to the Issuer.
Except as set forth above, neither the Partnerships nor the Fund has any
present plans or intentions which would result in or relate to any of the
transactions described in subparagraphs (a) through (j) of Item 4 of Schedule
13D.
Item 5. Interests in Securities of the Issuer.
(a) As of the close of business on the date hereof, the three entities
referred to as the Wynnefield Group beneficially owned a total of 268,344
Shares, the separate ownership of which is set forth in Item 3 of this
Statement. Mr. Obus, Mr. Landes and Mr. Melnick, by virtue of their status as
managing members of WCM, the general partner of the Partnership and
Partnership-I, and as officers of the Fund's investment manager, may be deemed
to have indirect beneficial ownership of the Shares owned by the three entities
referred to as the Wynnefield Group. However, Mr. Obus, Mr. Landes and Mr.
Melnick, as stated below, disclaim any beneficial ownership of such
(Page 7 of 10 Pages)
<PAGE>
Shares. The Shares owned by the entities comprising the Wynnefield Group
represent approximately 7.77% of the outstanding Shares of the Issuer, based on
the 3,454,605 Shares reported as outstanding on March 31, 1997 in the Issuer's
Quarterly Report on Form 10-Q for the three months then ended.
Pursuant to Rule 13d-4 of the General Rules and Regulations under the
Securities and Exchange Act of 1934, as amended (the "Exchange Act"), Mr. Obus,
Mr. Landes and Mr. Melnick disclaim beneficial ownership of any Shares owned by
the three entities comprising the Wynnefield Group and disclaim membership in
the Wynnefield Group with respect to the Shares for purposes of Sections 13(d)
and 13(g) of the Exchange Act or for any other purpose under any other provision
of the Exchange Act or the rules and regulations promulgated thereunder.
(b) Mr. Obus, Mr. Landes and Mr. Melnick, by virtue of their status as the
managing members of WCM, the general partner of the Partnership and
Partnership-I, and as officers of the Fund's investment manager, have the power
to vote or to direct the vote and the power to dispose and to direct the
disposition of the 268,344 Shares owned by the entities comprising the
Wynnefield Group.
(c) Since June 17, 1997 (the last reported date of purchases as shown in
the original statement on Schedule 13D), the Partnerships and the Fund made the
following purchases:
Identity of No. of Purchase
Date Purchaser Shares Price
---- --------- ------ -----
June 26, 1997 Partnership 1,306 $4.5625
November 4, 1997 Partnership 12,000 5.3750
November 10, 1997 Partnership 24,000 5.0000
December 10, 1997 Partnership 3,000 4.1875
December 11, 1997 Partnership 900 4.1250
June 26, 1997 Partnership-I 694 4.5625
(Page 8 of 10 Pages)
<PAGE>
Identity of No. of Purchase
Date Purchaser Shares Price
---- --------- ------ -----
November 4, 1997 Partnership-I 8,000 5.3750
November 10, 1997 Partnership-I 16,000 5.0000
December 10, 1997 Partnership-I 2,000 4.1875
December 11, 1997 Partnership-I 600 4.1250
July 8, 1997 Fund 7,500 4.6875
September 10, 1997 Fund 5,000 5.7500
September 15, 1997 Fund 3,000 5.6875
September 17, 1997 Fund 2,000 5.6875
November 4, 1997 Fund 2,000 5.3750
November 14, 1997 Fund 7,000 5.0000
(d) Each of the entities comprising the Wynnefield Group, as owners of the
Shares covered by this Statement, has the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, the
Shares covered by this Statement.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Neither Mr. Obus, Mr. Landes, Mr. Melnick, WCM, nor any of the entities
comprising the Wynnefield Group has any contracts, arrangements, understandings
or relationships (legal or otherwise) with any person with respect to any
securities of the Issuer, including but not limited to any contracts,
arrangements, understandings or relationships concerning the transfer or voting
of such securities, finder's fees, joint ventures, loan or option arrangements,
puts or calls, guarantees of profits, division of profits or losses, or the
giving or withholding of proxies.
(Page 9 of 10 Pages)
<PAGE>
Item 7. Material to be Filed as Exhibits.
Not applicable.
SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief, the
undersigned certify that the information set forth in this Amendment is true,
complete and correct.
Dated: December 17, 1997
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P.
WYNNEFIELD PARTNER SMALL CAP VALUE, L.P. I
By Wynnefield Capital Management, LLC,
General Partner
By: S/Nelson Obus
----------------------------------
Nelson Obus, Managing Member
WYNNEFIELD SMALL CAP VALUE OFFSHORE
FUND, LTD.
By: Wynnefield Capital, Inc.
S/Nelson Obus
----------------------------------
Nelson Obus, President
(Page 10 of 10 Pages)
