-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, P7V1yfb4eUg/yuA3Q+UhijsSixpDzLkTylzKBdNfBHdQwYj2N5BF08otmwtCtQzP kwV2F9CJbZvAIbWrKhKh2w== 0000909012-07-000057.txt : 20070112 0000909012-07-000057.hdr.sgml : 20070112 20070112084710 ACCESSION NUMBER: 0000909012-07-000057 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20070112 DATE AS OF CHANGE: 20070112 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ULTRATECH INC CENTRAL INDEX KEY: 0000909791 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 943169580 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-44773 FILM NUMBER: 07527156 BUSINESS ADDRESS: STREET 1: 3050 ZANKER RD CITY: SAN JOSE STATE: CA ZIP: 95134 BUSINESS PHONE: 4083218835 MAIL ADDRESS: STREET 1: 3050 ZANKER RD CITY: SAN JOSE STATE: CA ZIP: 95134 FORMER COMPANY: FORMER CONFORMED NAME: ULTRATECH STEPPER INC DATE OF NAME CHANGE: 19930727 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: THALES FUND MANAGEMENT LLC CENTRAL INDEX KEY: 0001106726 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 140 BROADWAY 45TH FL CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 2125093111 MAIL ADDRESS: STREET 1: 140 BROADWAY 45TH FL CITY: NEW YORK STATE: NY ZIP: 10005 SC 13D 1 t303037.txt ULTRATECH, INC. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13D (RULE 13D-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)(1) ULTRATECH, INC - -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK - -------------------------------------------------------------------------------- (TITLE OF CLASS OF SECURITIES) 010807158 - -------------------------------------------------------------------------------- (CUSIP NUMBER) Avi Dreyfuss, 140 Broadway, 45th Floor, New York, NY 10005, (212)509-3111 - -------------------------------------------------------------------------------- (NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICE AND COMMUNICATIONS) JANUARY 12, 2007 - -------------------------------------------------------------------------------- (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 that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. |X| Note: Schedules filed in paper format shall include a signed original and five copies of the Schedule, including all exhibits. SEE Rule 13d-7(b) for other parties to whom copies are to be sent.
CUSIP No. 010807158 13D Page 2 of 7 Pages - --------- ------------------------------------------------------------------------------------------------------------ 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) THALES FUND MANAGEMENT, LLC - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 2. CHECK THE APPROPRIATE BOX IF A GROUP* (a) (b) |X| - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 3. SEC USE ONLY - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 4. SOURCES OF FUNDS OO (Funds from Investment Advisory Clients). - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 6. CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - --------- ------------------------------------------------------------------------------------------------------------ - ------------------- ----- -------------------------------------------------------------------------------------------- NUMBER OF 7. SHARES SOLE VOTING POWER ----- -------------------------------------------------------------------------------------------- ----- -------------------------------------------------------------------------------------------- BENEFICIALLY 8. OWNED BY SHARED VOTING POWER 2,548,277 ----- -------------------------------------------------------------------------------------------- ----- -------------------------------------------------------------------------------------------- EACH 9. REPORTING SOLE DISPOSITIVE POWER ----- -------------------------------------------------------------------------------------------- ----- -------------------------------------------------------------------------------------------- PERSON WITH 10. SHARED DISPOSITIVE POWER 2,548,277 ----- -------------------------------------------------------------------------------------------- - --------- ------------------------------------------------------------------------------------------------------------ 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,548,277 - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 11.0% - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 14. TYPE OF REPORTING PERSON* IA - --------- ------------------------------------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 010807158 13D Page 3 of 7 Pages - --------- ------------------------------------------------------------------------------------------------------------ 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) MAREK T. FLUDZINSKI - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 2. CHECK THE APPROPRIATE BOX IF A GROUP* (a) (b) |X| - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 3. SEC USE ONLY - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 4. SOURCES OF FUNDS OO - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 6. CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES OF AMERICA - --------- ------------------------------------------------------------------------------------------------------------ - ------------------- ----- -------------------------------------------------------------------------------------------- NUMBER OF 7. SHARES SOLE VOTING POWER ----- -------------------------------------------------------------------------------------------- ----- -------------------------------------------------------------------------------------------- BENEFICIALLY 8. OWNED BY SHARED VOTING POWER 2,548,277 ----- -------------------------------------------------------------------------------------------- ----- -------------------------------------------------------------------------------------------- EACH 9. REPORTING SOLE DISPOSITIVE POWER ----- -------------------------------------------------------------------------------------------- ----- -------------------------------------------------------------------------------------------- PERSON WITH 10. SHARED DISPOSITIVE POWER 2,548,277 ----- -------------------------------------------------------------------------------------------- - --------- ------------------------------------------------------------------------------------------------------------ 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,548,277 - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 11.0% - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 14. TYPE OF REPORTING PERSON* IN - --------- ------------------------------------------------------------------------------------------------------------ * SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 010807158 13D Page 4 of 7 Pages ITEM 1 SECURITY AND ISSUER This Schedule 13D relates to the common stock, par value $.001 per share ("Common Stock"), of Ultratech, Inc., a Delaware corporation (the "Issuer"). The address of the principal executive offices of the Issuer is 3050 Zanker Road, San Jose, CA 95134. ITEM 2 IDENTITY AND BACKGROUND (a) The names of the persons filing this Schedule 13D (the "Schedule") are Thales Fund Management, LLC (the "Investment Manager") and Marek T. Fludzinski, a principal of the Investment Manager. Such reporting persons are collectively referred to herein as the "Reporting Persons." The Investment Manager, in its capacity as investment manager of Temujin Holdings Ltd. (the "Fund"), has sole power to vote and dispose of the shares of Common Stock owned by the Fund. The Investment Manager disclaims any economic interest in or beneficial ownership of the Common Stock covered by this Schedule. (b) The business address of the Reporting Persons is 140 Broadway, 45th Floor, New York, NY 10005. (c) This Schedule is filed on behalf of the Investment Manager, Mr. Fludzinski and the Fund. The Fund is the record and direct beneficial owner of the shares of Common Stock reported herein. The Investment Manager is the investment manager to the Fund and Mr. Fludzinski is a principal of the Investment Manager. The principal business of the Investment Manager is purchasing, holding and selling securities for investment purposes. The principal business of the Fund is to invest in securities. (d) During the past five years none of the Reporting Persons has been convicted in a criminal proceeding. (e) During the past five years none of the Reporting Persons has been a party to a civil proceeding as a result of which it is subject to a judgment, decree or final order enjoining it from or mandating activities subject to federal or state securities laws, or finding it in violation of such laws. (f) Thales Fund Management, LLC is organized under the laws of Delaware, USA. Marek T. Fludzinski is a citizen of the United States of America. ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION The Fund acquired the shares of Common Stock in open market transactions using working capital. ITEM 4 PURPOSE OF TRANSACTION With respect to Items 4(a) - 4(j) please see Exh. 2. CUSIP No. 010807158 13D Page 5 of 7 Pages ITEM 5 INTEREST IN SECURITIES OF THE ISSUER (a)-(b) The Reporting Persons may be deemed, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, to be the beneficial owner of an aggregate of 2,548,277 shares of Common Stock, which represent 11.0% of the Issuer's outstanding shares of Common Stock. The percentage calculation was based on the number of shares of Common Stock the Issuer reported as outstanding as of October 27, 2006 on its Quarterly Report on Form 10-Q for the period ended September 30, 2006 as filed with the Commission on November 6, 2006. The amount of outstanding shares of Common Stock on such Quarterly Report was 23,191,472.
Sole Voting Power Shared Voting Sole Shared Power Dispositive Dispositive Power Power ------------------- ------------------- --------------- ------------------ Thales Fund Management, LLC 2,548,277 2,548,277 Marek T. Fludzinski 2,548,277 2,548,277
The aggregate amount of shares owned by the Reporting Persons is 2,548,277. (c) Except as set forth below, there have been no transactions in the Common Stock by any of the Reporting Persons during the past sixty days. During the past sixty days, the Reporting Persons effected the following purchases of shares of Common Stock in open market transactions: Date Shares Price 12/22/06 43,302 $11.16 12/26/06 12,700 $11.49 12/27/06 10,000 $11.63 12/28/06 19,921 $11.83 12/29/06 2,500 $12.21 1/5/07 90,700 $12.74 1/8/07 9,300 $12.57 (d) - (e): Not applicable. ITEM 6 CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER None. CUSIP No. 010807158 13D Page 6 of 7 Pages ITEM 7 MATERIAL TO BE FILED AS EXHIBITS Joint Filing Agreement, dated as of January 12, 2007, by and among Thales Fund Management, LLC and Marek T. Fludzinski. Letter to Board of Directors of Ultratech, Inc. dated January 12, 2007. CUSIP No. 010807158 13D Page 7 of 7 Pages 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. January 12, 2007 Date THALES FUND MANAGEMENT, LLC /s/ Marek T. Fludzinski - ----------------------- Signature Marek T. Fludzinski, Chief Executive Officer Name/Title January 12, 2007 Date MAREK T. FLUDZINSKI /s/ Marek T. Fludzinski - ----------------------- Signature The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative other than an executive officer or general partner of the filing person, evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature. NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. SEE ss.240.13d-7 for other parties for whom copies are to be sent. INDEX TO EXHIBITS Exhibit 1 Joint Filing Agreement dated as of January 12, 2007, by and among Thales Fund Management, LLC and Marek T. Fludzinski. Exhibit 2 Letter to Board of Directors of Ultratech, Inc. dated January 12, 2007. EX-99.1 2 exh99-1.txt JOINT FILING AGREEMENT EXHIBIT 1 JOINT FILING AGREEMENT In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them a Statement on Schedule 13D (including amendments thereto) with regard to the common stock of Ultratech, Inc., and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filings. In evidence thereof, the undersigned, being duly authorized, hereby execute this Agreement as of January 12, 2007. January 12, 2007 Date THALES FUND MANAGEMENT, LLC /s/ Marek T. Fludzinski - ----------------------- Signature Marek T. Fludzinski, Chief Executive Officer Name/Title January 12, 2007 Date MAREK T. FLUDZINSKI /s/ Marek T. Fludzinski - ----------------------- Signature EX-99.2 3 exh99-2.txt LETTER TO BOARD EXHIBIT 2 LETTER TO BOARD OF DIRECTORS OF ULTRATECH, INC. January 12, 2007 Board of Directors Ultratech, Inc. 3050 Zanker Road San Jose, CA 95134 Dear Board Members, We are the largest shareholder in your company with over 2.5m shares (representing 11.0% of the shares outstanding, per our 13D-filing of today to which a copy of this letter is attached). We believe that Ultratech has unique, market leading technologies that are severely undervalued at its current stock price. In our judgment this undervaluation is mostly due to chronic underperformance of the business relative to management expectations. For example, on a public conference call that took place October 20, 2005, Chairman and CEO Arthur Zafiropoulo was questioned why 2006 earnings forecasts had been reduced. At the time he said: "We are getting tired...of not doing our job. And so, we're going to be very, very conservative in our guidance with you, and we're going to work to improve the performance of this company". Subsequent to that guidance reduction, Ultratech has lowered forward guidance below analyst consensus expectations on seven separate occasions. The last two reductions have come since Mr. Zafiropoulo said during the Sep 19th 2006 analyst day that he was being "ultra-conservative" in 2007 guidance because he was "tired of getting beat up" and is "going to start exceeding analyst estimates." This unusually high frequency of operational disappointments lends credence to Mr. Zafiropoulo's assessment from the February 2, 2006 public conference call that "the biggest problem that we have in our company is not our technology but our size. And so that may provide [customers with] a risk factor. If we were a larger company, maybe we would be getting the successes faster." We also believe the disappointments have been exacerbated by poor disclosure regarding current operating trends. For example, on the conference call discussing second quarter 2006 results, CFO Bruce Wright said "This increase [in gross margin] was due primarily to cost savings programs undertaken in manufacturing and product mix." In a subsequent conversation with Mr. Wright after third quarter 2006 results showed surprisingly weak gross margins, we were disappointed to learn that the second quarter of 2006 gross margins reflected over-earning in Advanced Packaging due to over-building of systems that led to greater than usual absorption of overhead costs. These repeated operating disappointments have led to a disconnect between the high strategic value of Ultratech's technology and the price of Ultratech stock. Both Advanced Packaging and Laser Spike Annealing have significant growth prospects, and if the current underperformance continues into 2007 we will have to conclude that these opportunities can be better monetized as part of a larger organization. To that end, we hope that the board as well as senior management will be open-minded and proactive in contemplating a sale of the company as a way to maximize shareholder value. Sincerely, Marco A. Battaglia, Senior Portfolio Manager, Thales Fund Management, LLC; CEO of Temujin Holdings Ltd. Kenneth J. Ruskin, Portfolio Manager, Thales Fund Management, LLC; Portfolio Manager, Temujin Holdings Ltd. (1) 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 the disclosures provided in a prior cover page. The information required in 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 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). -----END PRIVACY-ENHANCED MESSAGE-----