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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. *)
Iridex Corporation
(Name of Issuer)
Common Stock
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(Title of Class of Securities)
462684101
(CUSIP Number)
*
Elizabeth D. Giorgis
Gruber and McBaine Capital Management
50 Osgood Place, Penthouse
San Francisco, CA 94133
(415) 981-2101
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
October 12, 1998
(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 disclosures provided in a prior cover page.
The information required on 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).
SEC 1746 (12-91)
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SCHEDULE 13D
CUSIP No. 462684101 Page 2 of 11 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GRUBER & McBAINE CAPITAL MANAGEMENT, L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)/ /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 470,100
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
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10 SHARED DISPOSITIVE POWER
470,100
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
470,100
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.22
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14 TYPE OF REPORTING PERSON*
OO
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*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.
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SCHEDULE 13D
CUSIP No. 462684101 Page 3 of 11 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
JON D. GRUBER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)/ /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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NUMBER OF 7 SOLE VOTING POWER
SHARES 89,100
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 470,100
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 89,100
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10 SHARED DISPOSITIVE POWER
470,100
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
559,200
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.59
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14 TYPE OF REPORTING PERSON*
IN
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*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.
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SCHEDULE 13D
CUSIP No. 462684101 Page 4 of 11 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
J. PATTERSON McBAINE
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)/ /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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NUMBER OF 7 SOLE VOTING POWER
SHARES 49,500
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 470,100
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 49,500
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10 SHARED DISPOSITIVE POWER
470,100
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
519,600
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.98
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14 TYPE OF REPORTING PERSON*
IN
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*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.
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SCHEDULE 13D
CUSIP No. 462684101 Page 5 of 11 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
THOMAS O. LLOYD-BUTLER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)/ /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 470,100
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
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10 SHARED DISPOSITIVE POWER
470,100
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
470,100
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.22
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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.
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SCHEDULE 13D
CUSIP No. 462684101 Page 6 of 11 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of Iridex
Corporation ("IRIX"). The principal executive office of IRIX is located at
1212 Terra Bella Avenue, Mountain View, California, 95034-1824.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and the persons enumerated in Instruction
C of Schedule 13D and, where applicable, their respective places of
organization, general partners, directors, executive officers and
controlling persons, and the information regarding them, are as follows:
(a) Gruber and McBaine Capital Management, L.L.C. (LLC); Jon D.
Gruber (Gruber); J. Patterson McBaine (McBaine); Thomas O. Lloyd-Butler
(TLB).
(b) The business address of LLC, Gruber, McBaine, TLB is 50 Osgood
Place, Penthouse, San Francisco, CA 94133.
(c) LLC is an investment adviser. Gruber and McBaine are the
Managers of LLC and TLB is a member of LLC.
(d) During the last five years, none of such persons has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, none of such persons was 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.
(f) All such persons are citizens of the United States of America.
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SCHEDULE 13D
CUSIP No. 462684101 Page 7 of 11 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as
follows:
Purchaser Source of Funds Amount
LLC Capital Under Management $2,420,749
Gruber Personal Funds $441,589
McBaine Personal Funds $232,059
ITEM 4. PURPOSE OF TRANSACTION.
The sole purpose of the purchase of the Stock reported herein was and is
for investment.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock of the persons named in Item 2 of
this statement is as follows at the date hereof:
Aggregate
Beneficially
Owned Voting Power Dispositive Power
Name Number Percent Sole Shared Sole Shared
LLC 470,100 7.22 0 470,100 0 470,100
Gruber559,200 8.59 89,100 470,100 89,100 470,100
McBaine519,600 7.98 49,500 470,100 49,500 470,100
TLB 470,100 7.22 0 470,100 0 470,100
The persons filing this statement effected the following transactions in
the Stock on the dates indicated, and such transactions are the only
transactions in the Stock by the persons filing this statement since
8/12/98:
Purchase Number Price
Name or Sale Date of Shares Per Share
LLC P 10/19/99 3700 7.05
LLC P 10/14/99 3500 6.13
Gruber P 10/14/99 1000 6.13
McBaine P 10/14/99 500 6.13
LLC P 10/14/99 2000 6.38
Gruber P 10/14/99 1100 6.38
McBaine P 10/14/99 400 6.38
LLC P 10/13/99 26500 5.56
Gruber P 10/13/99 8500 5.56
McBaine P 10/13/99 5000 5.56
LLC P 10/12/99 30000 5.06
Gruber P 10/12/99 15000 5.06
McBaine P 10/12/99 5000 5.06
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SCHEDULE 13D
CUSIP No. 462684101 Page 8 of 11 Pages
Purchase Number Price
Name or Sale Date of Shares Per Share
LLC P 10/12/99 2000 5.13
Gruber P 10/12/99 3000 5.13
LLC P 10/12/99 3000 5.42
LLC P 10/11/99 8500 5.00
Gruber P 10/11/99 1500 5.00
McBaine P 10/11/99 500 5.00
LLC P 10/8/99 1200 4.94
McBaine P 10/8/99 300 4.94
LLC P 7/27/99 2700 4.11
McBaine P 7/27/99 300 4.11
LLC P 5/13/99 5400 4.25
McBaine P 5/13/99 600 4.25
LLC P 5/7/99 1000 4.25
LLC P 4/9/99 1700 4.25
Gruber P 4/9/99 1000 4.25
McBaine P 4/9/99 300 4.25
LLC P 4/8/99 1500 4.00
Gruber P 4/8/99 500 4.00
McBaine P 4/8/99 500 4.00
LLC P 3/10/99 5000 4.99
Gruber P 3/10/99 1000 4.99
McBaine P 3/10/99 500 4.99
LLC P 3/9/99 5400 4.86
McBaine P 3/9/99 600 4.86
LLC P 3/8/99 1000 5.00
Gruber P 3/8/99 3500 5.00
McBaine P 3/8/99 500 5.00
LLC P 3/8/99 9500 5.12
McBaine P 3/8/99 500 5.12
LLC P 1/8/99 2200 4.06
McBaine P 1/8/99 300 4.06
LLC P 1/5/99 34000 3.63
Gruber P 1/5/99 2000 3.63
McBaine P 1/5/99 4000 3.63
LLC P 1/5/99 8700 4.06
Gruber P 1/5/99 1000 4.06
LLC P 1/4/99 2500 4.06
McBaine P 1/4/99 500 4.06
LLC P 12/24/98 2200 3.38
McBaine P 12/24/98 300 3.38
LLC P 12/11/98 1800 3.37
McBaine P 12/11/98 200 3.37
LLC P 11/23/98 8500 3.94
McBaine P 11/23/98 500 3.94
LLC P 11/20/98 8000 3.89
McBaine P 11/20/98 1000 3.89
LLC P 10/12/98 93400 2.63
McBaine P 10/12/98 13600 2.63
Gruber P 10/12/98 23000 2.63
LLC P 10/6/98 3000 3.50
Gruber P 10/6/98 1000 3.50
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SCHEDULE 13D
CUSIP No. 462684101 Page 9 of 11 Pages
All transactions were executed on the Nasdaq National Market.
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
LLC is the general partner of Lag and GMJ, pursuant to limited partnership
agreements. These agreements provide to the general partner the authority,
among other things, to invest the funds of GMJ and Lag in the Stock, to
vote and dispose of those securities and to file this statement on behalf
of GMJ and Lag. Also pursuant to those limited partnership agreements, LLC
is entitled to fees based on assets under management and realized and
unrealized gains, if certain conditions are met. Pursuant to investment
management agreements, LLC is authorized, among other things, to invest
funds of its various investment advisory clients, and to vote and dispose
of those securities. Such investment management agreements may be
terminated by either party on thirty days' notice, and provide for fees
payable to LLC based on assets under management and realized and unrealized
gains, if certain conditions are met. Pursuant to authority granted to LLC
orally and under a Power of Attorney, LLC is authorized, among other
things, to invest funds of various relatives and affiliates of Gruber and
McBaine. Such authority may be terminated at any time on notice and there
are no fees payable to LLC for those services.
<PAGE>
SCHEDULE 13D
CUSIP No. 462684101 Page 10 of 11 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
(previously filed).
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify
that the information set forth in this statement is true, complete and
correct.
DATED: November 9, 1999
Jon D. Gruber
J. Patterson McBaine
Thomas O. Lloyd-Butler
Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine,
Manager
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SCHEDULE 13D
CUSIP No. 462684101 Page 11 of 11 Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and Exchange
Commission (the "SEC") any and all statements on Schedule 13D or Schedule
13G (and any amendments or supplements thereto) required under section
13(d) of the Securities Exchange Act of 1934, as amended, in connection
with purchases by the undersigned of common stock[type of stock] of IRIX.
For that purpose, the undersigned hereby constitute and appoint Gruber &
McBaine Capital Management, L.L.C., as their true and lawful agent and
attorney-in-fact, with full power and authority for and on behalf of the
undersigned to prepare or cause to be prepared, sign, file with the SEC and
furnish to any other person all certificates, instruments, agreements and
documents necessary to comply with section 13(d) and section 16(a) of the
Securities Exchange Act of 1934, as amended, in connection with said
purchases, and to do and perform every act necessary and proper to be done
incident to the exercise of the foregoing power, as fully as the
undersigned might or could do if personally present.
DATED: November 9, 1999.
Jon D. Gruber
J. Patterson McBaine
Thomas O. Lloyd-Butler
Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine,
Manager
F:\DMS\M-CORP\INV_ADV\0113476.WP
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