0001103285-12-000002.txt : 20120209 0001103285-12-000002.hdr.sgml : 20120209 20120209140557 ACCESSION NUMBER: 0001103285-12-000002 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20120209 DATE AS OF CHANGE: 20120209 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 SEC ACT: 1934 Act SEC FILE NUMBER: 005-39132 FILM NUMBER: 12586232 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 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 1 NWK13GDec2011.txt CUSIP No. 641208103 SC 13/G ________________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE SC 13G Under the Securities Exchange Act of 1934 NETWORK EQUIPMENT TECHNOLOGIES (Name of Issuer) Common Stock, Par Value $0.01 per Share (Title of Class Securities) 641208103 (CUSIP Number) STAFFORD CAPITAL MANAGEMENT LLC ROBERT M. STAFFORD 275 BATTERY STREET, SUITE 1600 SAN FRANCISCO, CA. 94111 415-362-6120 December 31, 2011 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ X ] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) Cusip No. 641208103 _________________________________________________________________________ 1. NAME OF REPORTING PERSON STAFFORD CAPITAL MANAGEMENT LLC I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 94-3338814 _________________________________________________________________________ 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ] (B) [X] Reporting Person is affiliated with other persons. _________________________________________________________________________ 3. SEC USE ONLY _________________________________________________________________________ 4. CITIZENSHIP OR PLACE OF ORGANIZATION CALIFORNIA _________________________________________________________________________ Number of 5. SOLE VOTING POWER Shares 2,713,920 Beneficially ------------------------------------------------------- Owned by Each 6. SHARED VOTING POWER Reporting 0 Person With ------------------------------------------------------- 7. SOLE DISPOSITIVE POWER 2,713,920 ------------------------------------------------------- 8. SHARED DISPOSITIVE POWER 0 _________________________________________________________________________ 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,713,920 SHARES _________________________________________________________________________ 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES. [ ] _________________________________________________________________________ 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 8.93% _________________________________________________________________________ 12. TYPE OF REPORTING PERSON IA _________________________________________________________________________ CUSIP No. 641208103 _________________________________________________________________________ 1. NAME OF REPORTING PERSON CRAIG A. STEPHENS XXX-XX-XXXX _________________________________________________________________________ 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a. [ ] b. [X] Reporting Person is affiliated with other persons. _________________________________________________________________________ 3. SEC USE ONLY _________________________________________________________________________ 4. CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES _________________________________________________________________________ 5. SOLE VOTING POWER 744,000 SHARES _________________________________________________________________________ Number of 5. SOLE VOTING POWER Shares 744,000 Beneficially ------------------------------------------------------- Owned by Each 6. SHARED VOTING POWER Reporting 0 Person With ------------------------------------------------------- 7. SOLE DISPOSITIVE POWER 744,000 ------------------------------------------------------- 8. SHARED DISPOSITIVE POWER 0 _________________________________________________________________________ 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 744,000 SHARES _________________________________________________________________________ 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] _________________________________________________________________________ 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.4% _________________________________________________________________________ 12. TYPE OF REPORTING PERSON IN _________________________________________________________________________ CUSIP No. 641208103 _________________________________________________________________________ 1. NAME OF REPORTING PERSON PACIFIC MANAGEMENT, LTD I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) 94-3024744 _________________________________________________________________________ 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a. [ ] b. [X] Reporting Person is affiliated with other persons. _________________________________________________________________________ 3. SEC USE ONLY _________________________________________________________________________ 4. CITIZENSHIP OR PLACE OF ORGANIZATION CALIFORNIA _________________________________________________________________________ Number of 5. SOLE VOTING POWER Shares 211,071 Beneficially -------------------------------------------------------- Owned by Each 6. SHARED VOTING POWER Reporting 0 Person With -------------------------------------------------------- 7. SOLE DISPOSITIVE POWER 211,071 -------------------------------------------------------- 8. SHARED DISPOSITIVE POWER 0 ________________________________________________________________________ 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 211,071 SHARES __________________________________________________________________________ 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES. [ ] __________________________________________________________________________ 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) .69% __________________________________________________________________________ 12. TYPE OF REPORTING PERSON IA, PN __________________________________________________________________________ CUSIP No. 641208103 ________________________________________________________________________ 1. NAME OF REPORTING PERSON ROBERT M. STAFFORD xxx-xx-xxxx _________________________________________________________________________ 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a. [ ] b. [X] Reporting Person is affiliated with other persons. _________________________________________________________________________ 3. SEC USE ONLY _________________________________________________________________________ 4. CITIZENSHIP OR PLACE OF ORGANIZATION United States _________________________________________________________________________ Number of 5. SOLE VOTING POWER Shares 56,095 Beneficially ------------------------------------------------------- Owned by Each 6. SHARED VOTING POWER Reporting 0 Person With ------------------------------------------------------- 7. SOLE DISPOSITIVE POWER 56,095 ------------------------------------------------------- 8. SHARED DISPOSITIVE POWER 0 _________________________________________________________________________ 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 56,095 SHARES _________________________________________________________________________ 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] __________________________________________________________________________ 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) .18% __________________________________________________________________________ 12. TYPE OF REPORTING PERSON IN __________________________________________________________________________ CUSIP No. 641208103 ITEM 1 (a) Name of Issuer: NETWORK EQUIPMENT TECHNOLOGIES ITEM 1 (b) Address of Issuers Principal Executive Offices: 6900 Paseo Padre Parkway Fremont, CA. 94555 ITEM 2 (a) Name of Person Filing: Stafford Capital Management, LLC Registered Investment Advisor acting under the Advisors Act of 1940 Robert M. Stafford, CEO, Chairman ITEM 2 (b) Address of Principal Business Office: 275 Battery Street, Suite 1600 San Francisco, CA. 94111 ITEM 2 (c) Citizenship: Stafford Capital Management, LLC California Pacific Management, Ltd California Robert M. Stafford United States Citizen Craig A. Stephens United States Citizen ITEM 2 (d) Title of Class of Securities: Common Stock, Par Value .01c/Share ITEM 2 (e) Cusip Number 641208103 CUSIP No. 641208103 ITEM 3 If this statement is filed pursuant to Rule 13-d-1(b)or (c),check whether the person filing is: (a) [ ] A broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) [ ] A bank as defined in section 3(a)(6) of the Act (15 U.S.C.78c). (c) [ ] An insurance company as defined in section 3(a)(19) of the Act(15 U.S.C.78c). (d) [ ] An investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C.80a-8). (e) [ X ] An investment adviser in accordance with Rule 13-d- 1(b)(1)(ii)(E)* (f) [ ] An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F) (g) [ ] A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); (h) [ ] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C.1813); (i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J). If this statement is filed pursuant to Rule 13d-1(c), check this box [ ] * See exhibit B CUSIP No. 641208103 ITEM 4 Ownership. (a) Amount Beneficially Owned: 3,725,086 Shares (b) Percent of Class 12.25% (c) Number of Shares as to which the person has: (i) Sole Power to vote or to direct the vote: 3,725,086 Shares (ii) Shared Power to vote or to direct the vote: 0 Shares (iii) Sole power to dispose or to direct the 3,725,086 Shares (iv) Shared power to dispose or to direct the 0 disposition of: Shares ITEM 5 Ownership of Five Percent of Less of Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following. ITEM 6 Ownership of More Than Five Percent on Behalf of Another Person. Not Applicable. ITEM 7 Identification and Classification of the Subsidiary Acquired the Security Being Reported on By the Parent Holding Company. Not Applicable. ITEM 8 Identification and Classification of Members of the Group. See Item 2(a)-(c) and Exhibit A ITEM 9 Notice of Dissolution of Group. Not Applicable. CUSIP No. 641208103 SC 13G ITEM 10 Certification By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant of any transaction having that purpose or effect. ____________________________________________________________________ Date: February 8, 2012 SIGNATURE By: Robert M. Stafford ----------------------- Chairman, CEO Stafford Capital Management By: Craig A. Stephens ------------------------ President Stafford Capital Management By: Robert M. Stafford ------------------------ General Partner Pacific Management, Ltd. EXHIBIT A Stafford Capital Management, LLC Network Equipment Technologies Cusip No 641208103 SC 13G Filing for December 31, 2011 STAFFORD CAPITAL MANAGEMENT, LLC Investment Advisory Clients 2,713,920 Shares PACIFIC MANAGEMENT, LTD. Pacific Asset Partners 211,071 Shares COMPANY OFFICERS: Craig A. Stephens Family* 744,000 Shares Craig Stephens IRA 373,000 Shares Craig Stephens 200,000 Shares Sara Stephens 125,000 Shares John Stephens 16,000 Shares Clark Stephens 16,000 Shares Charles Stephens 14,000 Shares Robert M. Stafford 56,095 Shares Stafford Family Trust 56,095 Shares TOTAL SHARES REPORTED 3,725,086 Shares *Craig Stephens has voting control over related family accounts. EXHIBIT B Stafford Capital Management, LLC Network Equipment Technologies Cusip No 641208103 SC 13G Filing for December 31, 2011 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), have 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., Craig Stephens and Robert Stafford are filing jointly with SCM, but not as members of a group, and expressly disclaim membership in a group. To the knowledge and information available to SCM at the date of this filing, the advisor acknowledges that no one client, company officer, or the partnership has an interest in 5% or more of the securities identified hereinabove.