SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13D/A
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO
FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. 5)
First Aviation Services Inc.
----------------------------
(Name of Issuer)
Common Stock, Par Value $0.01 per share
---------------------------------------
(Title of Class of Securities)
31865W108
---------
(CUSIP Number of Class of Securities)
Wynnefield Partners Small Cap Value, L.P.
One Penn Plaza - Suite 4720
New York, New York 10119
(212) 760-0814
Attention: Mr. Nelson Obus
--------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
Copy to:
Shahe Sinanian, Esq.
Greenberg Traurig, LLP
200 Park Avenue
New York, New York 10166
(212) 801-9200
September 9, 1999
-----------------
January 31, 2000
----------------
(Dates of Events which Require Filing of this Statement)
If the filing person has previously filed a Statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D and if filing this
Schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[_]
(continued on following pages)
(Page 1 of 14 Pages)
<PAGE>
SCHEDULE 13D/A
--------------------------------------------------------------------------------
CUSIP No. 31865W108 Page 2 of 14 Pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON: Wynnefield Partners Small Cap Value, L.P.
S.S. OR I.R.S. IDENTIFICATION N0. 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 600,239 shares on September 9, 1999
638,246 shares on January 31, 2000
-----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY None
EACH REPORTING -----------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH 600,239 shares on September 9, 1999
638,246 shares on January 31, 2000
----------------------------------------------------
10. SHARED DISPOSITIVE POWER
None
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
600,239 shares on September 9, 1999
638,246 shares on January 31, 2000
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.7% of Common Stock on September 9, 1999
8.3% of Common Stock on January 31, 2000
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(Page 2 of 14 Pages)
<PAGE>
SCHEDULE 13D/A
--------------------------------------------------------------------------------
CUSIP No. 31865W108 Page 3 of 14 Pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON: Wynnefield Partners Small Cap Value Offshore
Fund, Ltd.
S.S. OR I.R.S. IDENTIFICATION N0. 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 350,200 shares on September 9, 1999
368,500 shares on January 31, 2000
-----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY None
EACH REPORTING -----------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH 350,200 shares on September 9, 1999
368,500 shares on January 31, 2000
----------------------------------------------------
10. SHARED DISPOSITIVE POWER
None
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
350,200 shares on September 9, 1999
368,500 shares on January 31, 2000
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.9% of Common Stock on September 9, 1999
4.8% of Common Stock on January 31, 2000
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
(Page 3 of 14 Pages)
<PAGE>
SCHEDULE 13D/A
--------------------------------------------------------------------------------
CUSIP NO. 31865W108 Page 4 of 14 Pages
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON Wynnefield Partners Small Cap Value, L.P. I
S.S. OR I.R.S. IDENTIFICATION N0. OF ABOVE PERSON: 13-3953291
--------------------------------------------------------------------------------
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 752,454 shares on September 9, 1999
803,447 shares on January 31, 2000
-----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY None
EACH REPORTING ------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH 752,454 shares on September 9, 1999
803,447 shares on January 31, 2000
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
None
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
752,454 shares on September 9, 1999
803,447 shares on January 31, 2000
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3% of Common Stock on September 9, 1999
10.5% of Common Stock on January 31, 2000
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(Page 4 of 14 Pages)
<PAGE>
SCHEDULE 13D/A
--------------------------------------------------------------------------------
CUSIP NO. 31865W108 Page 5 of 14 Pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON Nelson Obus
S.S. OR I.R.S. IDENTIFICATION N0. OF ABOVE PERSON: ###-##-####
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)[X]
(b)[_]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
PF (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
UNITED STATES OF AMERICA
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES 100,000 shares
-----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY None
EACH REPORTING ------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH 100,000 shares
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
None
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100,000 shares
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.3% of Common Stock
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(Page 5 of 14 Pages)
<PAGE>
SCHEDULE 13D/A
--------------------------------------------------------------------------------
CUSIP NO. 31865W108 Page 6 of 14 Pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON Channel Partnership II, L.P.
S.S. OR I.R.S. IDENTIFICATION N0. OF ABOVE PERSON: 22-3215653
--------------------------------------------------------------------------------
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
NEW YORK
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES 23,000 shares
-----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY None
EACH REPORTING ------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH 23,000
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
None
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
23,000 shares
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3% of Common Stock
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(Page 6 of 14 Pages)
<PAGE>
Item 1. Security and Issuer.
This Statement relates to shares of Common Stock, $0.01 par value per
share (the "Shares"), of First Aviation Services, Inc., a Delaware corporation
(the "Issuer"). The principal executive offices of the Issuer are located at 15
Riverside Avenue, Westport, Connecticut 06880-4214.
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"), Channel Partnership II, L.P.
("Channel"), Wynnefield Small Cap Value Offshore Fund, Ltd. (the "Fund"),
Wynnefield Partners Small Cap Value, L.P. I (the "Partnership-I") and Nelson
Obus ("Mr. Obus"). Although Partnership, Channel, the Fund and Partnership-I are
each separate and distinct entities with different beneficial owners (whether
designated as limited partners or stockholders), for the convenience of
reporting their holdings, in this Statement, they, along with Mr. Obus, 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 Partnership-I, private
investment companies organized as limited partnerships under the laws of the
State of Delaware. Mr. Obus and Joshua Landes 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 is also the general partner of Channel, a private
investment company organized as a limited partnership under the laws of the
State of New York. Mr. Obus and Mr. Landes are citizens of the United States of
America.
The business address of Mr. Obus, Mr. Landes, WCM, and each of the
entities in the Wynnefield Group is One Penn Plaza, Suite 4720, New York, New
York 10119.
(d) and (e). During the last five years, and the five years prior to the
date of the first event which required the filing of this Statement, neither Mr.
Obus, Mr. Landes, 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.
The Wynnefield Group entities purchased their Shares, separately from each
other, for the consideration shown in the following table:
(Page 7 of 14 Pages)
<PAGE>
<TABLE>
<CAPTION>
Name Date of Purchase Number of Shares Consideration Paid
---- ---------------- ---------------- ------------------
<S> <C> <C> <C>
Partnership September 9, 1999* 1,400 $8,137.50
Partnership-I September 9, 1999* 1,900 $11,043.75
Channel May 26, 1999** 23,000 $176,900.00
Fund September 9, 1999* 700 $4,068.75
Mr. Obus April 23, 1999** 100,000 $579,868.00
</TABLE>
Such shares were paid for from the working capital of each member of the
Wynnefield Group (other than Mr. Obus, who used personal funds). Each member of
the Wynnefield Group maintains a separate 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.
Item 4. Purposes of Transaction.
Each member of the Wynnefield Group originally acquired the Shares
reported in Item 5 below for their own account, and for investment purposes.
Subsequently, they determined that they could play a useful role in recommending
to the Issuer's management various strategies for maintaining shareholders'
value and through their representatives, they have suggested certain programs
for this purpose. The Wynnefield Group and the Issuer's management have
continued their dialogue on this and related subjects.
Except as set forth above, no member of the Wynnefield Group has any
present plans or intentions that 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 Wynnefield Group
beneficially owned a total of 1,979,392 Shares after giving effect to the
transactions set forth in Item 3 of this Statement. Mr. Obus and Mr. Landes, by
virtue of their status as managing members of WCM, the general partner of the
Partnership and Partnership-I, as officers of the Fund's investment manager, Mr.
Obus as a general partner of Channel, and Mr. Obus personally, may be deemed to
--------
* The purchase dates listed represent the last date of purchase of any
securities of the Issuer by Partnership, Partnership-I or the Fund. On January
31, 2000, the aggregate number of shares of the Issuer outstanding reported on
the Issuer's Form 10-Q had decreased, thereby materially increasing the
Wynnefield Group's ownership percentage of the Issuer in an amount equal to one
percent or more of the Common Stock of the Issuer.
** These dates represent the last date of purchase of any securities of the
Issuer by Channel and Mr. Obus. The Number of Shares reflect the total number of
shares held by Channel and Mr. Obus on those dates.
(Page 8 of 14 Pages)
<PAGE>
have indirect beneficial ownership of the Shares owned by the entities referred
to as the Wynnefield Group.
However, Mr. Obus and Mr. Landes, as stated below, disclaim any
beneficial ownership of such Shares. The Shares owned by the Wynnefield Group
represent approximately 25.75% of the outstanding Shares of Common Stock of the
Issuer, based on the 7,686,210 Shares of Common Stock reported as outstanding on
July 31, 2000 in the Issuer's latest Quarterly Report on Form 10-Q.
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
and Mr. Landes disclaim beneficial ownership of any Shares owned by 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 and Mr. Landes, by virtue of their status as the managing
members of WCM, the general partner of the Partnership and Partnership-I, Mr.
Obus as general partner of Channel, 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 Shares owned by each of the entities
comprising the Wynnefield Group.
(c) The Wynnefield Group has made purchases and sales in the shares since
their most recent filing on Schedule 13D as follows:
<TABLE>
<CAPTION>
Name Transaction Date Number of Shares Price Per Share
---- ----------- ---- ---------------- ---------------
<S> <C> <C> <C> <C>
Partnership Purchase June 1, 1999 450 $5.6875
Partnership Purchase July 2, 1999 1,300 $6.05
Partnership Purchase July 7, 1999 1,800 $6.375
Partnership Purchase July 8, 1999 1,750 $5.945
Partnership Sell July 13, 1999 61,000 $5.625
Partnership Purchase July 20, 1999 1,750 $6.375
Partnership Purchase July 28, 1999 6,800 $5.7829
Partnership Purchase July 28, 1999 7,100 $5.72
Partnership Purchase August 5, 1999 5,400 $5.60
Partnership Purchase August 16, 1999 1,800 $5.625
Partnership Purchase August 17, 1999 2,400 $5.625
Partnership Purchase August 19, 1999 900 $5.625
Partnership Purchase September 2, 1999 350 $5.9375
</TABLE>
(Page 9 of 14 Pages)
<PAGE>
<TABLE>
<CAPTION>
(Table continued)
Name Transaction Date Number of Shares Price Per Share
---- ----------- ---- ---------------- ---------------
<S> <C> <C> <C> <C>
Partnership Purchase September 9, 1999* 1,400 $5.8125
Partnership Purchase September 29, 1999 1,800 $5.34
Partnership Purchase September 30, 1999 6,800 $5.57
Partnership Purchase October 6, 1999 1,200 $5.185
Partnership Purchase October 15, 1999 7,100 $5.33
Partnership Sell November 3, 1999 3,600 $5.40
Partnership Purchase November 3, 1999 17,800 $5.375
Partnership Sell November 17, 1999 242,093 $5.375
Partnership Purchase November 30, 1999 1,800 $5.375
Partnership Purchase December 21, 1999 242,000 $5.71875
Partnership Purchase December 23, 1999 3,600 $4.82
Partnership Purchase January 21, 2000 1,600 $5.125
Partnership Purchase February 9, 2000 3,600 $4.96875
Partnership Purchase February 9, 2000 5,000 $4.875
Partnership Purchase May 31, 2000 1,900 $7.00
Partnership Purchase July 7, 2000 1,900 $5.1287
Partnership Purchase July 10, 2000 1,900 $4.9375
Partnership Purchase July 11, 2000 2,700 $4.84
Partnership - I Purchase June 1, 1999 500 $5.6875
Partnership - I Purchase July 2, 1999 1,700 $6.05
Partnership - I Purchase July 7, 1999 2,200 $6.375
Partnership - I Purchase July 8, 1999 2,400 $5.945
Partnership - I Purchase July 13, 1999 61,000 $5.625
Partnership - I Purchase July 20, 1999 2,400 $6.375
Partnership - I Purchase July 28, 1999 9,000 $5.7829
</TABLE>
(Page 10 of 14 Pages)
<PAGE>
<TABLE>
<CAPTION>
(Table continued)
Name Transaction Date Number of Shares Price Per Share
---- ----------- ---- ---------------- ---------------
<S> <C> <C> <C> <C>
Partnership - I Purchase July 28, 1999 9,500 $5.72
Partnership - I Purchase August 5, 1999 7,100 $5.60
Partnership - I Purchase August 16, 1999 2,300 $5.625
Partnership - I Purchase August 17, 1999 3,000 $5.625
Partnership - I Purchase August 19, 1999 1,200 $5.625
Partnership - I Purchase September 2, 1999 450 $5.9375
Partnership - I Purchase September 9, 1999* 1,900 $5.8125
Partnership - I Purchase September 29, 1999 2,400 $5.34
Partnership - I Purchase September 30, 1999 8,900 $5.57
Partnership - I Purchase October 6, 1999 1,800 $5.185
Partnership - I Purchase October 15, 1999 9,500 $5.33
Partnership - I Sell November 3, 1999 4,700 $5.40
Partnership - I Purchase November 3, 1999 23,700 $5.375
Partnership - I Purchase November 17, 1999 242,093 $5.375
Partnership - I Purchase November 30, 1999 2,300 $5.375
Partnership - I Sell December 21, 1999 242,000 $5.71875
Partnership - I Purchase December 23, 1999 4,800 $4.82
Partnership - I Purchase January 21, 2000 2,200 $5.125
Partnership - I Purchase February 9, 2000 4,700 $4.96875
Partnership - I Purchase February 9, 2000 6,600 $4.875
Partnership - I Purchase May 31, 2000 2,300 $7.00
Partnership - I Purchase July 7, 2000 2,200 $5.1287
Partnership - I Purchase July 10, 2000 2,200 $4.9375
Partnership - I Purchase July 11, 2000 3,200 $4.84
Fund Purchase June 1, 1999 250 $5.6875
</TABLE>
(Page 11 of 14 Pages)
<PAGE>
<TABLE>
<CAPTION>
(Table continued)
Name Transaction Date Number of Shares Price Per Share
---- ----------- ---- ---------------- ---------------
<S> <C> <C> <C> <C>
Fund Purchase July 2, 1999 900 $6.05
Fund Purchase July 7, 1999 1,000 $6.375
Fund Purchase July 8, 1999 850 $5.945
Fund Purchase July 20, 1999 850 $6.375
Fund Purchase July 28, 1999 3,200 $5.7829
Fund Purchase July 28, 1999 3,400 $5.72
Fund Purchase August 5, 1999 2,500 $5.60
Fund Purchase August 16, 1999 900 $5.625
Fund Purchase August 17, 1999 1,100 $5.625
Fund Purchase August 19, 1999 400 $5.625
Fund Purchase September 2, 1999 200 $5.9375
Fund Purchase September 9, 1999* 700 $5.8125
Fund Purchase September 29, 1999 900 $5.34
Fund Purchase September 30, 1999 3,200 $5.57
Fund Purchase October 6, 1999 600 $5.185
Fund Purchase October 15, 1999 3,400 $5.33
Fund Sell November 3, 1999 1,700 $5.40
Fund Purchase November 3, 1999 8,500 $5.375
Fund Purchase November 30, 1999 900 $5.375
Fund Purchase December 23, 1999 1,700 $4.82
Fund Purchase January 21, 2000 800 $5.125
Fund Purchase February 9, 2000 1,700 $4.96875
Fund Purchase February 9, 2000 2,400 $4.875
Fund Purchase May 31, 2000 800 $7.00
Fund Purchase July 7, 2000 900 $5.1287
Fund Purchase July 10, 2000 900 $4.9375
Fund Purchase July 11, 2000 1,300 $4.84
</TABLE>
(Page 12 of 14 Pages)
<PAGE>
*Each of these dates is an event date which requires the filing of this
Schedule, as each of these caused the Wynnefield Group's beneficial ownership of
the Common Stock of the Issuer to increase by more than one percent. On January
31, 2000, the other event date which requires the filing of this Schedule 13D,
the Issuer reported on its Form 10-Q that there were less shares outstanding
than previously disclosed, thereby causing the percentage of the Wynnefield
Group's ownership of the Common Stock of the Issuer to increase by more than one
percent.
(d) The entities comprising the Wynnefield Group, as owners of an
aggregate of 1,979,392 Shares (representing 25.75% of the outstanding Shares),
have the right to receive or the power to direct the receipt of dividends from,
or the proceeds from the sale of the Shares, but only from such Shares.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Neither Mr. Obus, Mr. Landes, 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.
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 Statement is
true, complete and correct.
Dated: October 12, 2000
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P.
WYNNEFIELD PARTNERS 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.
(Page 13 of 14 Pages)
<PAGE>
By: Wynnefield Capital, Inc.
By: /s/ Nelson Obus
----------------------
Nelson Obus, President
CHANNEL PARTNERSHIP II, L.P.
By: /s/ Nelson Obus
---------------------------
Nelson Obus, General Partner
/s/ Nelson Obus
---------------------------
Nelson Obus, Individually
