UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
----------------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
SOUTHWALL TECHNOLOGIES INC.
--------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $.001 PER SHARE
--------------------------------------------------------------------------------
(Title of Class of Securities)
844909101
--------------------------------------------------------------------------------
(CUSIP Number)
SAUL S. COHEN
PROSKAUER ROSE LLP
1585 BROADWAY
NEW YORK, NEW YORK 10036
212-969-3000
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
FEBRUARY 23, 2004
--------------------------------------------------------------------------------
(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 [_].
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 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).
CUSIP No.844909101 13D Page 1 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Needham & Company, Inc.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(Intentionally Omitted)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
________________________________________________________________________________
7 SOLE VOTING POWER
1,678,182
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
1,678,182
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 0
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,678,182
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.38%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
BD
________________________________________________________________________________
CUSIP No.844909101 13D Page 2 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Needham Management Partners, L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(Intentionally Omitted)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
________________________________________________________________________________
7 SOLE VOTING POWER
0
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 700,000
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 700,000
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
700,000
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.58%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
CUSIP No.844909101 13D Page 3 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Needham Emerging Growth Partners, L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(Intentionally Omitted)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
________________________________________________________________________________
7 SOLE VOTING POWER
0
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 300,000
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 300,000
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
300,000
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.39%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
CUSIP No.844909101 13D Page 4 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Needham Contrarian Fund, L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(Intentionally Omitted)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
________________________________________________________________________________
7 SOLE VOTING POWER
0
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 300,000
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 300,000
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
300,000
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.39%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
CUSIP No.844909101 13D Page 5 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Needham Emerging Growth Partners (Caymans), L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(Intentionally Omitted)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
________________________________________________________________________________
7 SOLE VOTING POWER
0
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 100,000
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 100,000
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100,000
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.80%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
CUSIP No.844909101 13D Page 6 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
George A. Needham
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(Intentionally Omitted)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
PF
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
________________________________________________________________________________
7 SOLE VOTING POWER
30,000
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 5,000
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
30,000
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 5,000
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
35,000
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[X]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.28%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
CUSIP No.844909101 13D Page 7 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Needham Capital Partners II, L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(Intentionally Omitted)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
________________________________________________________________________________
7 SOLE VOTING POWER
0
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 3,312,406
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 3,312,406
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,312,406
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.91%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
CUSIP No.844909101 13D Page 8 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Needham Capital Partners II (Bermuda), L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(Intentionally Omitted)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
________________________________________________________________________________
7 SOLE VOTING POWER
0
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 464,317
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 464,317
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
464,317
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.57%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
CUSIP No.844909101 13D Page 9 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Needham Capital Partners III, L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(Intentionally Omitted)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
________________________________________________________________________________
7 SOLE VOTING POWER
0
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 5,798,843
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 5,798,843
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,798,843
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
31.64%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
CUSIP No.844909101 13D Page 10 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Needham Capital Partners IIIA L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(Intentionally Omitted)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
________________________________________________________________________________
7 SOLE VOTING POWER
0
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 598,878
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 598,878
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
598,878
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.56%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
CUSIP No.844909101 13D Page 11 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Needham Capital Partners III (Bermuda), L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(Intentionally Omitted)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
________________________________________________________________________________
7 SOLE VOTING POWER
0
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 1,155,727
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 1,155,727
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,155,727
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.45%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
CUSIP No.844909101 13D Page 12 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Needham Capital Management L.L.C.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(Intentionally Omitted)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
________________________________________________________________________________
7 SOLE VOTING POWER
0
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 9,710,127
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 9,710,127
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,710,127
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
43.67%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
CUSIP No.844909101 13D Page 13 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Needham Capital Management (Bermuda) L.L.C.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(Intentionally Omitted)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
________________________________________________________________________________
7 SOLE VOTING POWER
0
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 1,620,044
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 1,620,044
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,620,044
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.45%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
STATEMENT ON SCHEDULE 13D
PURSUANT TO RULE 13d-1 UNDER THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D (this "Statement") relates to the common
stock, par value $0.001 per share (the "Common Stock"), of Southwall
Technologies Inc., a Delaware corporation (the "Company"). The principal
executive offices of the Company are located at 1029 Corporation Way, Palo Alto,
California 94303.
ITEM 2. IDENTITY AND BACKGROUND.
(a)-(c) and (f) This Statement is filed by Needham & Company, Inc., a
Delaware corporation ("Needham & Co."), Needham Management Partners, L.P., a
Delaware limited partnership ("NMP"), Needham Emerging Growth Partners, L.P., a
Delaware limited partnership ("NEGP"), Needham Contrarian Fund, L.P., a Delaware
limited partnership ("NCF"), Needham Emerging Growth Partners (Caymans), L.P., a
Cayman Islands limited partnership ("NEGPC"), George A. Needham, a natural
person who is a U.S. citizen, Needham Capital Partners II, L.P., a Delaware
limited partnership ("NCPII"), Needham Capital Partners II (Bermuda), L.P., a
Bermuda limited partnership ("NCPIIB"), Needham Capital Partners III, L.P, a
Delaware limited partnership ("NCPIII"), Needham Capital Partners IIIA, L.P, a
Delaware limited partnership ("NCPIIIA"), Needham Capital Partners III
(Bermuda), L.P., a Bermuda limited partnership ("NCPIIIB"), Needham Capital
Management L.L.C., a Delaware limited liability company ("NCM"), and Needham
Capital Management (Bermuda) L.L.C., a Bermuda limited liability company
("NCMB"). Needham & Co., NMP, NEGP, NCF, NEGPC, George A. Needham, NCPII,
NCPIIB, NCPIII, NCPIIIA, NCPIIIB, NCM and NCMB are collectively referred to in
this Statement as the "Reporting Persons."
The principal business office and mailing address of the Reporting Persons
is c/o Needham & Company, Inc., 445 Park Avenue, New York, New York 10022.
Needham & Co. is an investment banking, securities and asset management firm.
The business of NMP is serving as the general partner of NEGP, NCF and NEGPC,
each of which are private investment partnerships. The business of NCM is
serving as the general partner of NCPII, NCPIII and NCPIIIA, each of which are
private investment partnerships. The business of NCMB is serving as the general
partner of NCPIIB and NCPIIIB, each of which are private investment
partnerships. The present principal occupation of George A. Needham is Chairman
of the Board and Chief Executive Officer of Needham & Co. The name and principal
occupation or employment of the executive officers, directors or general
partners of the Reporting Persons who are corporations, limited partnerships and
limited liability companies are set forth on Schedule I to this Statement.
(d) and (e) During the past five years, none of the Reporting Persons or,
to the best knowledge of the Reporting Persons, any of the persons listed on
Schedule I, (i) has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or (ii) has been a party to a civil
proceeding of a judicial or administrative body of competent
1
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.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
On February 23, 2004, the Company entered into an Amended and Restated
Investment Agreement (the "Amended Investment Agreement") with Needham & Co.,
NCPII, NCPIIB, NCPIII, NCPIIIA, NCPIIIB and Dolphin Direct Equity Partners, LP
("Dolphin"). The Amended Investment Agreement amended and restated an Investment
Agreement, dated as of December 18, 2003 (the "Prior Investment Agreement"), for
a new bank loan guarantee and equity financing package of up to $7,500,000 from
Needham & Co., certain of its affiliates and Dolphin. As more fully described
below, on February 23, 2004, NCPII, NCPIIB, NCPIII, NCPIIIA and NCPIIIB (the
"Note Purchasers") collectively purchased $3,000,000 of Secured Convertible
Promissory Notes (the "Notes") from the Company for an aggregate purchase price
of $3,000,000, and, in connection with the issuance of the Notes and certain
anti-dilution protections, the Company issued warrants to the Note Purchasers
(the "Warrants") for an aggregate of 8,330,171 shares of Common Stock. The
source of funds used to purchase the Notes by each Note Purchaser was the
working capital of such Note Purchaser.
On December 29, 2003, Needham & Co. filed a Schedule 13D with the
Securities and Exchange Commission (the "Commission") reporting the ownership by
the Reporting Persons of the shares of Common Stock reported herein, subject to
the disclaimers therein and herein, and a warrant issued by the Company to
Needham & Co. and the shares of Common Stock issuable upon exercise of that
warrant. The source of funds used to purchase the shares of Common Stock owned
by each of Needham & Co., NEGP, NCF, and NEGPC was the working capital of such
Reporting Person. The source of funds used to purchase the shares of Common
Stock owned by George A. Needham and members of his family held in custodial
accounts for which Mr. Needham is the custodian was the personal funds of Mr.
Needham. The warrant was issued to Needham & Co. pursuant to the terms of the
Prior Investment Agreement in consideration for providing loan guaranties
described in the Schedule 13D filed by Needham & Co. on December 29, 2003.
ITEM 4. PURPOSE OF TRANSACTION.
On February 23, 2004, the Company entered into the Amended Investment
Agreement, which amended the Prior Investment Agreement to provide, among other
things, for the purchase by the Note Purchasers and Dolphin of the Notes in one
traunche rather than shares of Series A 10% Cumulative Preferred Stock, par
value $0.001 per share (the "Series A Preferred Stock"), of the Company in two
traunches. Pursuant to the Amended Investment Agreement, on February 23, 2004,
the Note Purchasers purchased from the Company an aggregate principal amount of
$3,000,000 of Notes for an aggregate purchase price of $3,000,000. The Notes pay
interest at an annual interest rate equal to the lower of 10% or the highest
rate permitted by applicable law, compounded daily.
2
The Notes are convertible, in whole or in part, at the option of the holder
into shares of Preferred Stock at a rate of one share of Series A Preferred
Stock for each $1.00 of debt converted, subject to specified adjustments. The
Notes are secured by a pledge of a portion of the stock of the Company's
subsidiary, Southwall Europe GmBH, pursuant to a Pledge Agreement between the
Company and the Note Purchasers. Upon conversion of a majority of the aggregate
principal outstanding under the Notes, the remaining Notes will automatically
convert. The Notes are due and payable February 20, 2009, or earlier upon the
occurrence of an event of default under the Notes, as specified in the Amended
Investment Agreement. The approval of the holders of the Notes will be required
for the Company to take certain actions, including the consummation of any
merger or sale of the Company or all or substantially all of its assets. The
Series A Preferred Stock into which the Notes are convertible are in turn
convertible on a one-for-one basis into Common Stock, have a preference over the
Common Stock in the event of a liquidation or winding up of the Company, and
carry a cumulative dividend of 10% per annum along with other protective and
anti-dilution provisions. The approval of a majority of the holders of the
outstanding shares of Series A Preferred Stock will be required for the Company
to take certain actions, including the consummation of any merger or sale of the
Company or all or substantially all of its assets.
In connection with the purchase of the Notes and in satisfaction of the
anti-dilution rights of the Note Purchasers relating to the issuance by the
Company of debt and equity to certain creditors, the Company issued the Warrants
to the Note Purchasers for an aggregate of 8,330,171 shares of Common Stock with
an exercise price of $0.01 per share. The Warrants are immediately exercisable
and expire on February 20, 2009.
Pursuant to the Amended Investment Agreement, the Company has granted
Needham & Co. board observer rights. The Company also granted certain
registration rights to the Note Purchasers with respect to the shares of Common
Stock underlying the Notes and the Warrants.
Other than as specified in this Item 4, the Reporting Persons have no plans
or proposals which relate to or which would result in or relate to any of the
actions specified in paragraphs (a) through (j) of Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) (1) Needham & Co. owns of record and beneficially 737,067 shares of
Common Stock and a warrant, which is immediately exercisable for 941,115 shares
of Common Stock. Assuming the full exercise of the warrant, Needham & Co. would
own of record 1,678,182 of Common Stock, which would constitute 13.38% of the
issued and outstanding Common Stock.
(2) NEGP owns of record and beneficially 300,000 shares of Common Stock,
which constitutes 2.39% of the issued and outstanding Common Stock.
(3) NCF owns of record and beneficially 300,000 shares of Common Stock,
which constitutes 2.39% of the issued and outstanding Common Stock.
3
(4) NEGPC owns of record and beneficially 100,000 shares of Common Stock,
which constitutes 0.80% of the issued and outstanding Common Stock.
(5) NMP may be deemed to own beneficially the aggregate amount of 700,000
shares of Common Stock owned by NEGP, NCF and NEGPC by virtue of its position as
general partner of those Reporting Persons, which amount constitutes 5.58% of
the issued and outstanding Common Stock. NMP disclaims beneficial ownership of
all of the reported shares of Common Stock owned by NEGP, NCF and NEGPC, and the
inclusion of these shares of Common Stock in this report shall not be deemed an
admission by it of beneficial ownership of such shares for any purpose.
(6) George A. Needham owns of record and beneficially 30,000 shares of
Common Stock. He also may be deemed to beneficially own (i) the shares of Common
Stock and the warrant owned by Needham & Co. by virtue of his position in and
share ownership of Needham & Co., (ii) the shares of Common Stock owned by NEGP,
NCF and NEGPC by virtue of his position as general partner of NMP, the general
partner of NEGP, NCF and NEGPC, (iii) the Notes and Warrants owned by NCPII,
NCPIII and NCPIIIA by virtue of his position as a manager of NCM, the general
partner of NCPII, NCPIII and NCPIIIA, (iv) the Notes and Warrants owned by
NCPIIB and NCPIIIB by virtue of his position as a manager of NCMB, and (v) 5,000
shares of Common Stock owned by family members of Mr. Needham. The aggregate
amount of shares of Common Stock owned by Mr. Needham and his family members is
35,000, which constitutes 0.28% of the issued and outstanding shares of Common
Stock. Mr. Needham disclaims beneficial ownership of all of the reported shares
of Common Stock and the Warrants, except the shares of Common Stock he owns of
record, and the inclusion of these shares in this report shall not be deemed an
admission by him of beneficial ownership for any purpose.
(7) NCPII owns of record and beneficially (i) a Note in the principal
amount of $877,058, which is convertible to 877,058 shares of Preferred Stock,
which in turn is convertible to 877,058 shares of Common Stock, subject to
adjustments applicable to the Note and Preferred Stock, and (ii) a Warrant which
is exercisable for 2,435,348 shares of Common Stock.
(8) NCPIIB owns of record and beneficially (i) a Note in the principal
amount of $122,942, which is convertible to 122,942 shares of Preferred Stock,
which in turn is convertible to 122,942 shares of Common Stock, subject to
adjustments applicable to the Note and Preferred Stock, and (ii) a Warrant which
is exercisable for 341,375 shares of Common Stock.
(9) NCPIII owns of record and beneficially (i) a Note in the principal
amount of $1,535,416, which is convertible to 1,535,416 shares of Preferred
Stock, which in turn is convertible to 1,535,416 shares of Common Stock, subject
to adjustments applicable to the Note and Preferred Stock, and (ii) a Warrant
which is exercisable for 4,263,427 shares of Common Stock.
(10) NCPIIIA owns of record and beneficially (i) a Note in the principal
amount of $158,571, which is convertible to 158,571 shares of Preferred Stock,
which in turn is
4
convertible to 158,571 shares of Common Stock, subject to adjustments applicable
to the Note and Preferred Stock, and (ii) a Warrant which is exercisable for
440,307 shares of Common Stock.
(11) NCPIIIB owns of record and beneficially (i) a Note in the principal
amount of $306,013, which is convertible to 306,013 shares of Preferred Stock,
which in turn is convertible to 306,013 shares of Common Stock, subject to
adjustments applicable to the Note and Preferred Stock, and (ii) a Warrant which
is exercisable for 849,714 shares of Common Stock.
(12) NCM may be deemed to own beneficially the Notes and Warrants owned by
NCPII, NCPIII and NCPIIIA by virtue of its position as general partner of those
Reporting Persons, and accordingly may be deemed to beneficially own the
9,710,127 shares of Common Stock underlying those convertible securities, which
amount constitute 43.67% of the issued and outstanding Common Stock. NCM
disclaims beneficial ownership of all of the reported shares of Common Stock
underlying the Notes and Warrants owned by NCPII, NCPIII and NCPIIIA, and the
inclusion of these shares of Common Stock in this report shall not be deemed an
admission by it of beneficial ownership of such shares for any purpose.
(13) NCMB may be deemed to own beneficially the Notes and Warrants owned by
NCPIIB and NCPIIIB by virtue of its position as general partner of those
Reporting Persons, and accordingly may be deemed to beneficially own the
1,620,044 shares of Common Stock underlying those convertible securities, which
amount constitute 11.45% of the issued and outstanding Common Stock. NCMB
disclaims beneficial ownership of all of the reported shares of Common Stock
underlying the Notes and Warrants owned by NCPIIB and NCPIIIB, and the inclusion
of these shares of Common Stock in this report shall not be deemed an admission
by it of beneficial ownership of such shares for any purpose.
(b) Needham & Co. has the sole power to direct the vote and disposition of
737,067 shares of Common Stock directly owned by it, and, assuming the exercise
of the Warrant in full, Needham & Co. will have the sole power to direct the
vote and disposition of 941,115 shares of Common Stock issuable upon the
exercise of the Warrant. NMP, the general partner of NEGP, and NEGP have shared
power to direct the vote and disposition of 300,000 shares of Common Stock
directly owned by NEGP. NMP, the general partner of NCF, and NCF have shared
power to direct the vote and disposition of 300,000 shares of Common Stock
directly owned by NCF. NMP, the general partner of NEGPC, and NEGPC have shared
power to direct the vote and disposition of 100,000 shares of Common Stock
directly owned by NEGPC. NCM, the general partner of NCPII, and NCPII have
shared power to direct the vote and disposition of 3,312,406 shares of Common
Stock issuable upon the conversion of the Note (assuming the simultaneous
conversion of the shares of Series A Preferred Stock underlying the Note into
shares of Common Stock) and the exercise of the Warrant owned by NCPII. NCMB,
the general partner of NCPIIB, and NCPIIB have shared power to direct the vote
and disposition of 464,317 shares of Common Stock issuable upon the conversion
of the Note (assuming the simultaneous conversion of the shares of Series A
Preferred Stock underlying the Note into shares of Common Stock) and the
exercise of the Warrant owned by NCPIIB. NCM, the general partner of NCPIII, and
NCPIII have shared power to direct the vote and disposition of 5,798,843 shares
of
5
Common Stock issuable upon the conversion of the Note (assuming the simultaneous
conversion of the shares of Series A Preferred Stock underlying the Note into
shares of Common Stock) and the exercise of the Warrant owned by NCPIII. NCM,
the general partner of NCPIIIA, and NCPIIIA have shared power to direct the vote
and disposition of 598,878 shares of Common Stock issuable upon the conversion
of the Note (assuming the simultaneous conversion of the shares of Series A
Preferred Stock underlying the Note into shares of Common Stock) and the
exercise of the Warrant owned by NCPIIIA. NCMB, the general partner of NCPIIIB,
and NCPIIIB have shared power to direct the vote and disposition of 1,155,727
shares of Common Stock issuable upon the conversion of the Note (assuming the
simultaneous conversion of the shares of Series A Preferred Stock underlying the
Note into shares of Common Stock) and the exercise of the Warrant owned by
NCPIIIB. George A. Needham has the sole power to direct the vote and disposition
of 30,000 shares of Common Stock directly owned by him. Mr. Needham has shared
power to direct the vote of 5,000 shares of Common Stock owned directly by
members of his immediate family. George A. Needham may be deemed to have shared
power to direct the vote and disposition of (i) the shares of Common Stock owned
by Needham & Co., and the shares of Common Stock issuable upon exercise of the
Warrant, by virtue of his position in and share ownership of Needham & Co., (ii)
the shares of Common Stock owned directly by NEGP, NCF and NEGPC because he
serves as managing general partner of NMP, the general partner of NEGP, NCF and
NEGPC, (iii) the shares of Common Stock issuable upon the conversion of the
Notes (assuming the simultaneous conversion of the shares of Series A Preferred
Stock underlying the Notes into shares of Common Stock) and the exercise of the
Warrants owned directly by NCPII, NCPIII and NCPIIIA because he serves as a
manager of NCM, the general partner of NCPII, NCPIII and NCPIIIA, and (iv) the
shares of Common Stock issuable upon the conversion of the Notes (assuming the
simultaneous conversion of the shares of Series A Preferred Stock underlying the
Notes into shares of Common Stock) and the exercise of the Warrants owned
directly by NCPIIB and NCPIIIB because he serves as a manager of NCMB, the
general partner of NCPIIB and NCPIIIB. Mr. Needham disclaims beneficial
ownership of the shares of Common Stock owned by Needham & Co., NEGP, NCF,
NEGPC, NCPII, NCPIIB, NCPIII, NCPIIIA and NCPIIIB.
(c) Except as noted above, the Reporting Persons did not effect any
transactions in the securities of the Company during the past 60 days.
(d) and (e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
Other than as described in Item 4 above, to the knowledge of the Reporting
Persons, there are no contracts, arrangements, understandings or relationships
(legal or otherwise) among the persons named in Item 2 with respect to any
securities of the Company.
6
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT NO. DESCRIPTION
1 Joint Filing Agreement
2 Amended and Restated Investment Agreement, dated February 20,
2003, incorporated herein by reference to Exhibit 99.2 to the
Company's Form 8-K/A filed with the SEC on March 3, 2004.
3 Form of Warrant.
4 Form of Secured Convertible Promissory Note, incorporated
herein by reference to Exhibit 99.2 to the Company's Form
8-K/A filed with the SEC on March 3, 2004.
5 Amended and Restated Registration Rights Agreement, dated
February 20, 2004, incorporated herein by reference to Exhibit
99.2 to the Company's Form 8-K/A filed with the SEC on March
3, 2004.
6 Pledge Agreement, dated February 20, 2004, , incorporated
herein by reference to Exhibit 99.2 to the Company's Form
8-K/A filed with the SEC on March 3, 2004.
7
SIGNATURE
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the information set forth in this statement is true, complete and
correct.
Dated: March 8, 2004
NEEDHAM & COMPANY, INC.
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: Chief Financial Officer
/s/ George A. Needham
--------------------------------------
George A. Needham
NEEDHAM EMERGING GROWTH PARTNERS, L.P.
By: Needham Management Partners, L.P.,
its general partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM CONTRARIAN FUND, L.P.
By: Needham Management Partners, L.P.,
its general partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM EMERGING GROWTH PARTNERS
(CAYMANS), L.P.
By: Needham Management Partners, L.P.,
its general partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM MANAGEMENT PARTNERS, L.P.
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM CAPITAL PARTNERS II, L.P.
By: Needham Capital Management L.L.C.,
its general partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM CAPITAL PARTNERS II
(BERMUDA), L.P.
By: Needham Capital Management
(Bermuda) L.L.C., its general partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM CAPITAL PARTNERS III, L.P.
By: Needham Capital Management L.L.C.,
its general partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM CAPITAL PARTNERS IIIA, L.P.
By: Needham Capital Management L.L.C.,
its general partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM CAPITAL PARTNERS III
(BERMUDA), L.P.
By: Needham Capital Management
(Bermuda) L.L.C., its general
partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM CAPITAL MANAGEMENT, L.L.C.
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM CAPITAL MANAGEMENT
(BERMUDA), L.L.C.
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
SCHEDULE I
EXECUTIVE OFFICERS AND DIRECTORS OF NEEDHAM & COMPANY, INC.
NAME OF OFFICER PRINCIPAL EMPLOYMENT/OFFICE WITH
OR DIRECTOR BUSINESS ADDRESS NEEDHAM & COMPANY, INC.
--------------- ---------------- --------------------------------
c/o Needham & Company, Inc.
George A. Needham 445 Park Avenue Chairman of the Board & Chief
New York, New York 10022 Executive Officer
John C. Michaelson c/o Needham & Company, Inc. President of Needham Funds
445 Park Avenue
New York, New York 10022
John J. Prior, Jr. c/o Needham & Company, Inc. Managing Director, Corporate Finance
445 Park Avenue
New York, New York 10022
Chad W. Keck c/o Needham & Company, Inc. Managing Director, Corporate Finance,
445 Park Avenue West Coast
New York, New York 10022
Warren M. Foss c/o Needham & Company, Inc. Managing Director, Institutional Sales
445 Park Avenue
New York, New York 10022
Vincent J. Keney c/o Needham & Company, Inc. Managing Director, OTC Trading
445 Park Avenue
New York, New York 10022
Theodor J. Kundtz c/o Needham & Company, Inc. Managing Director, Equity Research
445 Park Avenue
New York, New York 10022
Glen W. Albanese c/o Needham & Company, Inc. Managing Director, Chief Financial
445 Park Avenue Officer
New York, New York 10022
Andre R. Horn c/o Needham & Company, Inc. Chairman Emeritus
445 Park Avenue
New York, New York 10022
Edgar F. Heizer, Jr. c/o Needham & Company, Inc. Director
445 Park Avenue Chairman of the Board of Heizer
New York, New York 10022 Corporation
Eugene R. White c/o Needham & Company, Inc. Director
445 Park Avenue
New York, New York 10022
Joseph H. Reich c/o Needham & Company, Inc. Director
445 Park Avenue Managing General Partner of Centennial
New York, New York 10022 Associates
SCHEDULE I
Needham Management Partners, L.P. is the sole general partner of: (a)
Needham Emerging Growth Partners, L.P., (b) Needham Contrarian Fund, L.P., and
(c) Needham Emerging Growth Partners (Caymans), L.P. Needham Capital Management
L.L.C. is the sole general partner of (a) Needham Capital Partners II, L.P., (b)
Needham Capital Partners III, L.P. and (c) Needham Capital Partners IIIA, L.P.
Needham Capital Management (Bermuda) L.L.C. is the sole general partner of (a)
Needham Capital Partners II (Bermuda), L.P. and (b) Needham Capital Partners III
(Bermuda), L.P.
The general partners of Needham Management Partners, L.P. are:
NAME OF OFFICER PRINCIPAL EMPLOYMENT/OFFICE WITH
OR DIRECTOR BUSINESS ADDRESS NEEDHAM & COMPANY, INC.
--------------- ---------------- --------------------------------
George A. Needham c/o Needham & Company, Inc. Chairman of the Board & Chief
445 Park Avenue Executive Officer
New York, New York 10022
John C. Michaelson c/o Needham & Company, Inc. President of Needham Funds
445 Park Avenue
New York, New York 10022
Jane K. Kloppenburg c/o Needham & Company, Inc. Managing Director, Portfolio Manager
445 Park Avenue
New York, New York 10022
Glen W. Albanese c/o Needham & Company, Inc. Managing Director, Chief Financial
445 Park Avenue Officer
New York, New York 10022
The general partners of Needham Capital Management L.L.C. are:
NAME OF OFFICER PRINCIPAL EMPLOYMENT/OFFICE WITH
OR DIRECTOR BUSINESS ADDRESS NEEDHAM & COMPANY, INC.
--------------- ---------------- --------------------------------
George A. Needham c/o Needham & Company, Inc. Chairman of the Board & Chief
445 Park Avenue Executive Officer
New York, New York 10022
John C. Michaelson c/o Needham & Company, Inc. President of Needham Funds
445 Park Avenue
New York, New York 10022
John J. Prior, Jr. c/o Needham & Company, Inc. Managing Director, Corporate Finance
445 Park Avenue
New York, New York 10022
Thomas P. Shanahan c/o Needham & Company, Inc. Managing Director, Needham Asset
445 Park Avenue Management
New York, New York 10022
Glen W. Albanese c/o Needham & Company, Inc. Managing Director, Chief Financial
445 Park Avenue Officer
New York, New York 10022
The general partners of Needham Capital Management (Bermuda) L.L.C. are:
NAME OF OFFICER PRINCIPAL EMPLOYMENT/OFFICE WITH
OR DIRECTOR BUSINESS ADDRESS NEEDHAM & COMPANY, INC.
--------------- ---------------- --------------------------------
George A. Needham c/o Needham & Company, Inc. Chairman of the Board & Chief
445 Park Avenue Executive Officer
New York, New York 10022
John C. Michaelson c/o Needham & Company, Inc. President of Needham Funds
445 Park Avenue
New York, New York 10022
John J. Prior, Jr. c/o Needham & Company, Inc. Managing Director, Corporate Finance
445 Park Avenue
New York, New York 10022
Glen W. Albanese c/o Needham & Company, Inc. Managing Director, Chief Financial
445 Park Avenue Officer
New York, New York 10022
EXHIBIT 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) promulgated under the Securities
Exchange Act of 1934, as amended, the undersigned hereby agree to the joint
filing with all other Reporting Persons (as such term is defined in the Schedule
13D referred to below) on behalf of each of them of a statement on Schedule 13D
(including amendments thereto) with respect to the common shares of beneficial
interest, par value $.001 per share, of Southwall Technologies Inc., a Delaware
corporation, and that this Agreement may be included as an Exhibit to such joint
filing. This Agreement may be executed in any number of counterparts, all of
which taken together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of
the 8th day of March, 2004.
NEEDHAM & COMPANY, INC.
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: Chief Financial Officer
/s/ George A. Needham
--------------------------------------
George A. Needham
NEEDHAM EMERGING GROWTH PARTNERS, L.P.
By: Needham Management Partners, L.P.,
its general partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM CONTRARIAN FUND, L.P.
By: Needham Management Partners, L.P.,
its general partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM EMERGING GROWTH PARTNERS
(CAYMANS), L.P.
By: Needham Management Partners, L.P.,
its general partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM MANAGEMENT PARTNERS, L.P.
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM CAPITAL PARTNERS II, L.P.
By: Needham Capital Management L.L.C.,
its general partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
15
NEEDHAM CAPITAL PARTNERS II
(BERMUDA), L.P.
By: Needham Capital Management
(Bermuda) L.L.C., its general
partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM CAPITAL PARTNERS III, L.P.
By: Needham Capital Management L.L.C.,
its general partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM CAPITAL PARTNERS IIIA, L.P.
By: Needham Capital Management L.L.C.,
its general partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM CAPITAL PARTNERS III
BERMUDA), L.P.
By: Needham Capital Management
(Bermuda) L.L.C., its general
partner
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
16
NEEDHAM CAPITAL MANAGEMENT, L.L.C.
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
NEEDHAM CAPITAL MANAGEMENT
(BERMUDA), L.L.C.
By: /s/Glen W. Albanese
----------------------------------
Name: Glen W. Albanese
Title: General Partner
17