0001103285-11-000001.txt : 20110310
0001103285-11-000001.hdr.sgml : 20110310
20110309204547
ACCESSION NUMBER: 0001103285-11-000001
CONFORMED SUBMISSION TYPE: SC 13G/A
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20110310
DATE AS OF CHANGE: 20110309
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: NETWORK EQUIPMENT TECHNOLOGIES INC
CENTRAL INDEX KEY: 0000752431
STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER COMMUNICATIONS EQUIPMENT [3576]
IRS NUMBER: 942904044
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0328
FILING VALUES:
FORM TYPE: SC 13G/A
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-39132
FILM NUMBER: 11676537
BUSINESS ADDRESS:
STREET 1: 6900 PASEO PADRE PARKWAY
CITY: FREMONT
STATE: CA
ZIP: 94555-3660
BUSINESS PHONE: 5107137300
MAIL ADDRESS:
STREET 1: 6900 PASEO PADRE PARKWAY
CITY: FREMONT
STATE: CA
ZIP: 94555-3660
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: STAFFORD CAPITAL MANAGEMENT LLC
CENTRAL INDEX KEY: 0001103285
IRS NUMBER: 943338814
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13G/A
BUSINESS ADDRESS:
STREET 1: 600 MONTGOMERY STREET
STREET 2: STE 1600
CITY: SAN FRANCISCO
STATE: CA
ZIP: 94111
BUSINESS PHONE: 4153626120
MAIL ADDRESS:
STREET 1: 600 MONTGOMERY STREET
STREET 2: STE 1600
CITY: SAN FRANCISCO
STATE: CA
ZIP: 94111
SC 13G/A
1
scmnwk13g.123110.txt
AMENDMENT TO 13G FILING
1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No. 2)
NETWORK EQUIPMENT TECHNOLOGIES
------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
------------------------------------------------------------------------------
(Title of Class of Securities)
641208103
-------------------------------------------
(CUSIP Number)
STAFFORD CAPITAL MANAGEMENT LLC
GREG BROWNE
TWO EMBARCADERO CENTER
SUITE 1340
SAN FRANCISCO, CA 94111
415-362-6120
------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 31, 2010
-------------------------------------------
(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 13G, and is
filing this schedule because of Rule 13d-1(e), (f) or (g), check the
following box.
*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.
2
CUSIP NO.466096104 13G/A PAGE 2 OF 6 PAGES
--------------------- -----------------
(1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON)
STAFFORD CAPITAL MANGEMENT LLC
94-3338814
---------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ X ]
---------------------------------------------------------------------
(3) SEC USE ONLY
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
00
---------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS [ ]
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
---------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
---------------------------------------------------------------------
(7) SOLE VOTING POWER
4,058,085 shares of Common Stock
SHARES --------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY 0 shares of Common Stock
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH 4,058,085 shares of Common Stock
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
0 Shares of Common Stock
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,058,085 shares of Common Stock
---------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.59% Common Stock
---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IA
---------------------------------------------------------------------
2
CUSIP NO.466096104 13G/A PAGE 2 OF 6 PAGES
--------------------- -----------------
(1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON)
Craig Stephens
XXX-XX-XXXX
---------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ X ]
---------------------------------------------------------------------
(3) SEC USE ONLY
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
00
---------------------------------------------------------------------
(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
---------------------------------------------------------------------
(7) SOLE VOTING POWER
719,000 shares of Common Stock
SHARES --------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY 0 shares of Common Stock
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH 719,000 shares of Common Stock
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
0 Shares of Common Stock
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
719,000 shares of Common Stock
---------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.40% Common Stock
---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
---------------------------------------------------------------------
2
CUSIP NO.466096104 13G/A PAGE 2 OF 6 PAGES
--------------------- -----------------
(1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON)
Pacific Management, Ltd.
94-3024744
---------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ X ]
---------------------------------------------------------------------
(3) SEC USE ONLY
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
00
---------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS [ ]
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
---------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
---------------------------------------------------------------------
(7) SOLE VOTING POWER
241,071 shares of Common Stock
SHARES --------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY 0 shares of Common Stock
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH 241,071 shares of Common Stock
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
0 Shares of Common Stock
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
241,071 shares of Common Stock
---------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.81% of Common Stock
---------------------------------------------------------------------
(14) IA, PN
---------------------------------------------------------------------
3
ITEM 1. SECURITY AND ISSUER.
This Schedule 13G relates to the common stock, par value $0.05 per
share (the "Common Stock") of Network Equipment Technologies, Inc. a Delaware
corporation (the "Issuer"). The principal executive offices of the Issuer are
located at 6900 Paseo Padre Parkway, Freemont CA 94555
ITEM 2. IDENTITY AND BACKGROUND.
Stafford Capital Management LLC, Registered Investor Advisor acting under
the Advisors Act of 1940.
(f) United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Stafford Capital Management, LLC (SCM) is reporting shares cumulatively held
in investment advisory client accounts,accounts of officers of the company,
and shares held in a separately managed (by the officers of SCM)and registered
partnership. This statement is filed pursuant to Rule 13G and the party filing
is an Investment Advisor registered under the section 203 of the Investment
Advisors Act of 1940. SCM disclaims direct beneficial ownership of all such
securities. Each client, company officer, and the separately managed partnership
(Pacific Asset Partners),has the right to receive dividends,and/or proceeds from
the sale of securities. Pacific Management, Ltd., the registered Advisor of
Pacific Asset Partners disclaims any direct beneficial ownership of all such
securities, except to the extent of their respective pecuniary interest
therein. Pacific Management, Ltd. and Craig Stephens
are filing jointly with SCM, but not as members of a group,
and expressley disclaim membership in a group. To the
knowledge and information available to SCM at the date of
this filing,the advisoracknowledges that no one client,
company officer, or the partnership has an
interest in 5% or more of the securities identified hereinabove.
3
4
ITEM 4. PURPOSE OF TRANSACTION.
ITEM 5. INTERESTS IN SECURITIES OF THE ISSUER.
(a) SCM is filing for and on behalf of 4,058,085 shares held
cumulatively in investment advisory client accounts, company officer
accounts, and a separately managed (by the officers of SCM) and
registered partnership.
(b) SCM is filing as indirect owner of the following
number of shares of Common Stock with:
Sole Voting Power: 4,058,085 shares of Common Stock
Shared Voting Power: 0
Sole Dispositive Power: 4,058,085 shares of Common Stock
Shared Dispositive Power: 0
(c) N/A
(d) N/A
(e) N/A
4
5
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS, OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
None
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete, and
correct.
/s/ Robert M. Stafford
-------------------------------------------
President
Stafford Capital Management
/s/ Craig Stephens
-------------------------------------------
Craig Stephens
/s/ Robert M. Stafford
--------------------------------------------
General Partner
Pacific Management, Ltd.
Date: March 9, 2011
----------------
Note: Please refer to attached Exhibit A.
Exhibit A - Breakdown of Shares
Stafford Capital Management, LLC:
Investment Advisory Clients - 3,037,320 shares
Company Officers
Stafford Family Trust - 60,694 shares
Craig Stephens & Family*
Craig Stephens 175,000 shares
Craig Stephens IRA 373,000 shares
Sara Stephens (wife) 125,000 shares
John Stephens (son) 16,000 shares
Charles Stephens 14,000 shares
Clark Stephens (son) 16,000 shares
TOTAL Stephens Family: 719,000 shares
Pacific Management, Ltd.
Pacific Asset Partners 241,071 shares
TOTAL SHARES REPORTED: 4,058,085 shares
* Craig Stephens has voting control over related family accounts.