SC 13D/A 1 heii13da13.txt OMB APPROVAL OMB Number:3235-0145 Expires: August 31, 1999 Estimated average burden hours per response 14.90 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 12) HEI, Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 404160103 (CUSIP Number) July 28, 2003 (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(a) * 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). Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1745 (3-98) Page 1 of 11 CUSIP No. 404160103 13D Page 2 of 11 ---------------------------------------------------------------- 1 NAME OF REPORTING PERSONS IRS IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) RS Investment Management Co. LLC ---------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)/ / (b)/ / ---------------------------------------------------------------- 3 SEC USE ONLY ---------------------------------------------------------------- 4 SOURCE OF FUNDS WC ---------------------------------------------------------------- 5 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ---------------------------------------------------------------- NUMBER OF 6 SOLE VOTING POWER SHARES -0- BENEFICIALLY --------------------------------------- OWNED BY 7 SHARED VOTING POWER EACH -1,903,100- REPORTING --------------------------------------- PERSON 8 SOLE DISPOSITIVE POWER WITH -0- --------------------------------------- 9 SHARED DISPOSITIVE POWER -1,903,100- ---------------------------------------------------------------- 10 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON -1,903,100- ---------------------------------------------------------------- 11 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) ---------------------------------------------------------------- 12 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 27.1% ---------------------------------------------------------------- 13 TYPE OF REPORTING PERSON (See Instructions) OO, HC ---------------------------------------------------------------- CUSIP No. 404160103 13D Page 3 of 11 ---------------------------------------------------------------- 1 NAME OF REPORTING PERSONS IRS IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) RS Investment Management, L.P. ---------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)/ / (b)/ / ---------------------------------------------------------------- 3 SEC USE ONLY ---------------------------------------------------------------- 4 SOURCE OF FUNDS WC ---------------------------------------------------------------- 5 CITIZENSHIP OR PLACE OF ORGANIZATION California ---------------------------------------------------------------- NUMBER OF 6 SOLE VOTING POWER SHARES -0- BENEFICIALLY --------------------------------------- OWNED BY 7 SHARED VOTING POWER EACH -1,903,100- REPORTING --------------------------------------- PERSON 8 SOLE DISPOSITIVE POWER WITH -0- --------------------------------------- 9 SHARED DISPOSITIVE POWER -1,903,100- ---------------------------------------------------------------- 10 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON -1,903,100- ---------------------------------------------------------------- 11 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) ---------------------------------------------------------------- 12 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 27.1% ---------------------------------------------------------------- 13 TYPE OF REPORTING PERSON (See Instructions) IA, PN ---------------------------------------------------------------- CUSIP No. 404160103 13D Page 4 of 11 ---------------------------------------------------------------- 1 NAME OF REPORTING PERSONS IRS IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) RS Growth Group LLC ---------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)/ / (b)/ / ---------------------------------------------------------------- 3 SEC USE ONLY ---------------------------------------------------------------- 4 SOURCE OF FUNDS WC ---------------------------------------------------------------- 5 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ---------------------------------------------------------------- NUMBER OF 6 SOLE VOTING POWER SHARES -0- BENEFICIALLY --------------------------------------- OWNED BY 7 SHARED VOTING POWER EACH -366,800- REPORTING --------------------------------------- PERSON 8 SOLE DISPOSITIVE POWER WITH -0- --------------------------------------- 9 SHARED DISPOSITIVE POWER -366,800- ---------------------------------------------------------------- 10 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON -366,800- ---------------------------------------------------------------- 11 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) ---------------------------------------------------------------- 12 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 5.2% ---------------------------------------------------------------- 13 TYPE OF REPORTING PERSON (See Instructions) IA, OO ---------------------------------------------------------------- CUSIP No. 404160103 13D Page 5 of 11 ---------------------------------------------------------------- 1 NAME OF REPORTING PERSONS IRS IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) G. Randall Hecht ---------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)/ / (b)/ / ---------------------------------------------------------------- 3 SEC USE ONLY ---------------------------------------------------------------- 4 SOURCE OF FUNDS WC ---------------------------------------------------------------- 5 CITIZENSHIP OR PLACE OF ORGANIZATION USA ---------------------------------------------------------------- NUMBER OF 6 SOLE VOTING POWER SHARES -0- BENEFICIALLY --------------------------------------- OWNED BY 7 SHARED VOTING POWER EACH -1,903,100- REPORTING --------------------------------------- PERSON 8 SOLE DISPOSITIVE POWER WITH -0- --------------------------------------- 9 SHARED DISPOSITIVE POWER -1,903,100- ---------------------------------------------------------------- 10 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON -1,903,100- ---------------------------------------------------------------- 11 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) ---------------------------------------------------------------- 12 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 27.1% ---------------------------------------------------------------- 13 TYPE OF REPORTING PERSON (See Instructions) HC, IN ---------------------------------------------------------------- CUSIP No. 404160103 13D Page 6 of 11 ---------------------------------------------------------------- 1 NAME OF REPORTING PERSONS IRS IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) RS Diversified Growth Fund ---------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)/ / (b)/ / ---------------------------------------------------------------- 3 SEC USE ONLY ---------------------------------------------------------------- 4 SOURCE OF FUNDS WC ---------------------------------------------------------------- 5 CITIZENSHIP OR PLACE OF ORGANIZATION Massachusetts ---------------------------------------------------------------- NUMBER OF 6 SOLE VOTING POWER SHARES -0- BENEFICIALLY --------------------------------------- OWNED BY 7 SHARED VOTING POWER EACH -1,194,000- REPORTING --------------------------------------- PERSON 8 SOLE DISPOSITIVE POWER WITH -0- --------------------------------------- 9 SHARED DISPOSITIVE POWER -1,194,000- ---------------------------------------------------------------- 10 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON -1,194,000- ---------------------------------------------------------------- 11 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) ---------------------------------------------------------------- 12 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 17.0% ---------------------------------------------------------------- 13 TYPE OF REPORTING PERSON (See Instructions) IV ---------------------------------------------------------------- CUSIP No. 404160103 13D Page 7 of 11 ITEM 1. This Schedule 13D is filed with respect to the Common Stock of HEI, Inc. ITEM 2. This Schedule 13D is filed on behalf of the following: I. (a)RS Investment Management Co. LLC is a Delaware Limited Liability Company. (b) 388 Market Street, San Francisco, CA 94111 (c) holding company (d) no convictions in criminal proceedings (e) no civil or administrative proceedings II. (a)RS Investment Management, L.P. is a California Limited Partnership. (b) 388 Market Street, San Francisco, CA 94111 (c) registered investment adviser (d) no convictions in criminal proceedings (e) no civil or administrative proceedings III. (a)RS Growth Group LLC is a Delaware Limited Liability Company. (b) 388 Market Street, San Francisco, CA 94111 (c) registered investment adviser (d) no convictions in criminal proceedings (e) no civil or administrative proceedings IV. (a)G. Randall Hecht is a control person of RS Investment Management Co. LLC, RS Investment Management, L.P., and RS Growth Group LLC. (b) RS Investments, 388 Market Street, San Francisco, CA 94111 (c) Chief Executive Officer of RS Investment Management Co. LLC, RS Investment Management, L.P., and RS Growth Group LLC. (d) no convictions in criminal proceedings (e) no civil or administrative proceedings V. (a)RS Diversified Growth Fund is a series of a Massachusetts Business Trust. (b) 388 Market Street, San Francisco, CA 94111 (c) investment company (d) no convictions in criminal proceedings (e) no civil or administrative proceedings RS Growth Group LLC is a registered investment adviser. RS Investment Management, L.P. is the Managing Member of RS Growth Group LLC. RS Investment Management, L.P. is a registered investment adviser and the investment adviser to RS Diversified Growth Fund. RS Investment Management Co. LLC is the General Partner of RS Investment Management, L.P. G. Randall Hecht is a control person of RS Investment Management Co. LLC, RS Investment Management, L.P., and RS Growth Group LLC. CUSIP No. 404160103 13D Page 8 of 11 ITEM 3 The securities with respect to which this Schedule 13D is filed were purchased by Funds managed by RSIM, L.P. and RS Growth Group LLC using working capital contributed by the Funds' respective partners and shareholders. ITEM 4 This schedule is being filed based on a change in the ownership position of Funds managed by RSIM, L.P. and RS Growth Group LLC due to sales. All shares are held for investment purposes only. The reporting persons may sell all or part or acquire additional securities of the Issuer depending on market conditions and other economic factors. ITEM 5 The aggregate number and percentage of the class of securities identified pursuant to Item 1 of this Schedule 13D that are beneficially owned by the persons listed in Item 2 are as follows: RS Investment Mgmt Co. LLC 1,903,100 27.1% RS Investment Mgmt, L.P. 1,903,100 27.1% RS Growth Group LLC 366,800 5.2% G. Randall Hecht 1,903,100 27.1% RS Diversified Growth Fund 1,194,000 17.0% All percentages in this table are based, pursuant to 13D-1(e) of the Securities Exchange Act of 1934, as amended, on 7,011,756 shares of Common Stock of the Issuer outstanding as of April 18, 2003. RS Investment Mgmt Co. LLC is a Delaware Limited Liability Company that is deemed to have shared dispositive power over 1,903,100 shares of the Issuer. RS Investment Mgmt, L.P. is a California Limited Partnership that is deemed to have shared dispositive power over 1,903,100 shares of the Issuer. RS Growth Group LLC is a Delaware Limited Liability Company that is deemed to have shared dispositive power over 366,800 shares of the Issuer. G. Randall Hecht is a control person of RS Investment Management Co. LLC, RS Investment Management, L.P., and RS Growth Group LLC that is deemed to have shared dispositive power over 1,903,100 shares of the Issuer. RS Diversified Growth Fund is an investment company that is a Series of a Massachusetts Business Trust with shared dispositive power over 1,194,000 shares of the Issuer. CUSIP No. 404160103 13D Page 9 of 11 The following is a list of transactions by the filing parties on behalf of Funds managed by RS Growth Group LLC and RS Investment Management, L.P in the last 60 days: DATE SHARES PRICE/ TYPE SHARE 05/28/2003 400 2.72 open mkt sale 05/28/2003 1700 2.72 open mkt sale 05/28/2003 3900 2.72 open mkt sale 05/28/2003 400 2.72 open mkt sale 05/28/2003 3300 2.72 open mkt sale 05/28/2003 1400 2.72 open mkt sale 05/28/2003 100 2.72 open mkt sale 05/28/2003 400 2.72 open mkt sale 05/28/2003 100 2.72 open mkt sale 05/28/2003 100 2.72 open mkt sale 05/28/2003 100 2.72 open mkt sale 05/29/2003 600 2.56 open mkt sale 05/29/2003 2500 2.56 open mkt sale 05/29/2003 5850 2.56 open mkt sale 05/29/2003 3900 2.56 open mkt sale 05/29/2003 200 2.56 open mkt sale 05/29/2003 1200 2.56 open mkt sale 05/29/2003 150 2.56 open mkt sale 05/29/2003 1300 2.56 open mkt sale 05/29/2003 700 2.56 open mkt sale 05/29/2003 100 2.56 open mkt sale 05/29/2003 100 2.56 open mkt sale 05/29/2003 100 2.56 open mkt sale 05/29/2003 200 2.56 open mkt sale 05/29/2003 100 2.56 open mkt sale 05/29/2003 300 2.56 open mkt sale 05/29/2003 100 2.56 open mkt sale 05/29/2003 100 2.56 open mkt sale 05/30/2003 300 2.47 open mkt sale 05/30/2003 1050 2.47 open mkt sale 05/30/2003 350 2.47 open mkt sale 05/30/2003 200 2.47 open mkt sale 05/30/2003 100 2.47 open mkt sale 06/04/2003 2300 2.72 open mkt sale 06/04/2003 200 2.72 open mkt sale 06/05/2003 2300 2.72 open mkt sale 06/05/2003 5800 2.72 open mkt sale 06/05/2003 300 2.72 open mkt sale 06/05/2003 300 2.72 open mkt sale 06/05/2003 4000 2.72 open mkt sale 06/05/2003 700 2.72 open mkt sale 06/05/2003 100 2.72 open mkt sale 06/05/2003 150 2.72 open mkt sale 06/05/2003 350 2.72 open mkt sale 06/10/2003 6000 3.02 open mkt sale 06/10/2003 1200 3.02 open mkt sale 06/10/2003 700 3.02 open mkt sale 06/10/2003 2500 3.02 open mkt sale 06/19/2003 500 3.24 open mkt sale 06/20/2003 1200 3.28 open mkt sale 07/28/2003 5000 4.03 open mkt sale 07/28/2003 100 4.03 open mkt sale 07/28/2003 4900 4.03 open mkt sale 07/28/2003 1450 4.03 open mkt sale 07/28/2003 100 4.03 open mkt sale 07/28/2003 200 4.03 open mkt sale 07/28/2003 4500 4.03 open mkt sale 07/28/2003 2550 4.03 open mkt sale 07/28/2003 200 4.03 open mkt sale 07/28/2003 500 4.03 open mkt sale 07/28/2003 1700 4.03 open mkt sale 07/28/2003 3300 4.03 open mkt sale 07/28/2003 250 4.03 open mkt sale 07/28/2003 100 4.03 open mkt sale 07/28/2003 150 4.03 open mkt sale
CUSIP No. 404160103 13D Page 10 of 11 ITEM 6 Please refer to Item 5. ITEM 7 The following exhibits are filed herewith: Exhibit A - Joint Filing Agreement ITEM 8 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. Dated: July 29, 2003 RS INVESTMENT MANAGEMENT CO. LLC By: /s/ G. Randall Hecht G. Randall Hecht Chief Executive Officer RS INVESTMENT MANAGEMENT, L.P. By: /s/ G. Randall Hecht G. Randall Hecht Chief Executive Officer RS GROWTH GROUP LLC By: /s/ G. Randall Hecht G. Randall Hecht Chief Executive Officer RS DIVERSIFIED GROWTH FUND By: RS Investment Management, L.P. Investment Adviser By: /s/ G. Randall Hecht G. Randall Hecht Chief Executive Officer /s/ G. Randall Hecht G. Randall Hecht CUSIP No. 404160103 13D Page 11 of 11 EXHIBIT A JOINT FILING AGREEMENT The undersigned hereby agree that they are filing this statement jointly pursuant to Rule 13d-1(f)(1). Each of them is responsible for the timely filing of the Schedule 13D and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is accurate. Dated: July 29, 2003 RS INVESTMENT MANAGEMENT CO. LLC By: /s/ G. Randall Hecht G. Randall Hecht Chief Executive Officer RS INVESTMENT MANAGEMENT, L.P. By: /s/ G. Randall Hecht G. Randall Hecht Chief Executive Officer RS GROWTH GROUP LLC By: /s/ G. Randall Hecht G. Randall Hecht Chief Executive Officer RS DIVERSIFIED GROWTH FUND By: RS Investment Management, L.P. Investment Adviser By: /s/ G. Randall Hecht G. Randall Hecht Chief Executive Officer /s/ G. Randall Hecht G. Randall Hecht