UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
AMENDMENT No. 2
(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.
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(Name of Issuer)
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COMMON STOCK, PAR VALUE $.001 PER SHARE
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(Title of Class of Securities)
844909101
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(CUSIP Number)
Saul S. Cohen
Proskauer Rose LLP
1585 Broadway
New York, New York 10036
212-969-3000
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
February 20, 2004
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(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), 13(d)-1(f) or 13(d)-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 ("Act") or otherwise subject to the liabilities of the section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SCHEDULE 13D
--------------------- ------------------------
CUSIP No. 844909101 Page 1 of 13
--------------------- ------------------------
1. NAME OF REPORTING PERSONS
Needham & Company, Inc.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(Intentionally Omitted)
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b) /X/
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC
-------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E) /_/
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
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7. SOLE VOTING POWER 2,023,566
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NUMBER OF SHARES 8. SHARED VOTING POWER 0
BENEFICIALLY
OWNED BY EACH ------------------------------------------------------
REPORTING PERSON 9. SOLE DISPOSITIVE POWER 2,023,566
WITH
------------------------------------------------------
10. SHARED DISPOSITIVE POWER 0
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,023,566
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /_/
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.9%
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14. TYPE OF REPORTING PERSON*
BD
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SCHEDULE 13D
--------------------- ------------------------
CUSIP No. 844909101 Page 2 of 13
--------------------- ------------------------
1. NAME OF REPORTING PERSONS
Needham Management Partners, L.P.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(Intentionally Omitted)
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b) /X/
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC
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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.
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7. SOLE VOTING POWER 0
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER 700,000
BENEFICIALLY
OWNED BY EACH ------------------------------------------------------
REPORTING PERSON 9. SOLE DISPOSITIVE POWER 0
WITH
------------------------------------------------------
10. SHARED DISPOSITIVE POWER 700,000
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
700,000
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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%
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14. TYPE OF REPORTING PERSON*
PN
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SCHEDULE 13D
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CUSIP No. 844909101 Page 3 of 13
--------------------- ------------------------
1. NAME OF REPORTING PERSONS
Needham Emerging Growth Partners, L.P.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(Intentionally Omitted)
-------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b) /X/
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC
-------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E) /_/
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
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7. SOLE VOTING POWER 0
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER 300,000
BENEFICIALLY
OWNED BY EACH ------------------------------------------------------
REPORTING PERSON 9. SOLE DISPOSITIVE POWER 0
WITH
------------------------------------------------------
10. SHARED DISPOSITIVE POWER 300,000
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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%
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14. TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
SCHEDULE 13D
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CUSIP No. 844909101 Page 4 of 13
--------------------- ------------------------
1. NAME OF REPORTING PERSONS
Needham Contrarian Fund, L.P.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(Intentionally Omitted)
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b) /X/
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC
-------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E) /_/
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
-------------------------------------------------------------------------------
7. SOLE VOTING POWER 0
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER 300,000
BENEFICIALLY
OWNED BY EACH ------------------------------------------------------
REPORTING PERSON 9. SOLE DISPOSITIVE POWER 0
WITH
------------------------------------------------------
10. SHARED DISPOSITIVE POWER 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%
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14. TYPE OF REPORTING PERSON*
PN
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SCHEDULE 13D
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CUSIP No. 844909101 Page 5 of 13
--------------------- ------------------------
1. NAME OF REPORTING PERSONS
Needham Emerging Growth Partners (Caymans), L.P.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(Intentionally Omitted)
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b) /X/
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC
-------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E) /_/
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
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7. SOLE VOTING POWER 0
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER 100,000
BENEFICIALLY
OWNED BY EACH ------------------------------------------------------
REPORTING PERSON 9. SOLE DISPOSITIVE POWER 0
WITH
------------------------------------------------------
10. SHARED DISPOSITIVE POWER 100,000
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100,000
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /_/
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.80%
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14. TYPE OF REPORTING PERSON*
PN
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SCHEDULE 13D
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CUSIP No. 844909101 Page 6 of 13
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1. NAME OF REPORTING PERSONS
George A. Needham
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(Intentionally Omitted)
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b) /X/
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
PF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E) /_/
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
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7. SOLE VOTING POWER 30,000
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NUMBER OF SHARES 8. SHARED VOTING POWER 5,000
BENEFICIALLY
OWNED BY EACH ------------------------------------------------------
REPORTING PERSON 9. SOLE DISPOSITIVE POWER 30,000
WITH
------------------------------------------------------
10. SHARED DISPOSITIVE POWER 5,000
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
35,000
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /X/
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.28%
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14. TYPE OF REPORTING PERSON*
IN
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SCHEDULE 13D
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CUSIP No. 844909101 Page 7 of 13
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1. NAME OF REPORTING PERSONS
Needham Capital Partners II, L.P.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(Intentionally Omitted)
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b) /X/
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC
-------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E) /_/
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
-------------------------------------------------------------------------------
7. SOLE VOTING POWER 0
------------------------------------------------------
NUMBER OF SHARES 8. SHARED VOTING POWER 3,206,483
BENEFICIALLY
OWNED BY EACH ------------------------------------------------------
REPORTING PERSON 9. SOLE DISPOSITIVE POWER 0
WITH
------------------------------------------------------
10. SHARED DISPOSITIVE POWER 3,206,483
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,206,483
-------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /_/
-------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.38%
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14. TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
SCHEDULE 13D
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CUSIP No. 844909101 Page 8 of 13
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1. NAME OF REPORTING PERSONS
Needham Capital Partners II (Bermuda), L.P.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(Intentionally Omitted)
-------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b) /X/
-------------------------------------------------------------------------------
3. SEC USE ONLY
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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 449,469
BENEFICIALLY
OWNED BY EACH ------------------------------------------------------
REPORTING PERSON 9. SOLE DISPOSITIVE POWER 0
WITH
------------------------------------------------------
10. SHARED DISPOSITIVE POWER 449,469
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
449,469
-------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /_/
-------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.46%
-------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
SCHEDULE 13D
--------------------- ------------------------
CUSIP No. 844909101 Page 9 of 13
--------------------- ------------------------
1. NAME OF REPORTING PERSONS
Needham Capital Partners III, L.P.
S.S. or I.R.S. IDENTIFICATION NO. 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 5,613,409
BENEFICIALLY
OWNED BY EACH ------------------------------------------------------
REPORTING PERSON 9. SOLE DISPOSITIVE POWER 0
WITH
------------------------------------------------------
10. SHARED DISPOSITIVE POWER 5,613,409
-------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,613,409
-------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /_/
-------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
30.94%
-------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
SCHEDULE 13D
--------------------- ------------------------
CUSIP No. 844909101 Page 10 of 13
--------------------- ------------------------
1. NAME OF REPORTING PERSONS
Needham Capital Partners IIIA L.P.
S.S. or I.R.S. IDENTIFICATION NO. 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 579,727
BENEFICIALLY
OWNED BY EACH ------------------------------------------------------
REPORTING PERSON 9. SOLE DISPOSITIVE POWER 0
WITH
------------------------------------------------------
10. SHARED DISPOSITIVE POWER 579,727
-------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
579,727
-------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /_/
-------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.42%
-------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
SCHEDULE 13D
--------------------- ------------------------
CUSIP No. 844909101 Page 11 of 13
--------------------- ------------------------
1. NAME OF REPORTING PERSONS
Needham Capital Partners III (Bermuda), L.P.
S.S. or I.R.S. IDENTIFICATION NO. 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 1,118,769
BENEFICIALLY
OWNED BY EACH ------------------------------------------------------
REPORTING PERSON 9. SOLE DISPOSITIVE POWER 0
WITH
------------------------------------------------------
10. SHARED DISPOSITIVE POWER 1,118,769
-------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,118,769
-------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /_/
-------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.2%
-------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
PN
-------------------------------------------------------------------------------
SCHEDULE 13D
--------------------- ------------------------
CUSIP No. 844909101 Page 12 of 13
--------------------- ------------------------
1. NAME OF REPORTING PERSONS
Needham Capital Management L.L.C.
S.S. or I.R.S. IDENTIFICATION NO. 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 9,399,619
BENEFICIALLY
OWNED BY EACH ------------------------------------------------------
REPORTING PERSON 9. SOLE DISPOSITIVE POWER 0
WITH
------------------------------------------------------
10. SHARED DISPOSITIVE POWER 9,399,619
-------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,399,619
-------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /_/
-------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
42.87%
-------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
PN
-------------------------------------------------------------------------------
SCHEDULE 13D
--------------------- ------------------------
CUSIP No. 844909101 Page 13 of 13
--------------------- ------------------------
1. NAME OF REPORTING PERSONS
Needham Capital Management (Bermuda) L.L.C.
S.S. or I.R.S. IDENTIFICATION NO. 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 1,568,238
BENEFICIALLY
OWNED BY EACH ------------------------------------------------------
REPORTING PERSON 9. SOLE DISPOSITIVE POWER 0
WITH
------------------------------------------------------
10. SHARED DISPOSITIVE POWER 1,568,238
-------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,568,238
-------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /_/
-------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.13%
-------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
115
PURSUANT TO RULE 13d-1 UNDER THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D/A (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"). This statement
restates and amends the Schedule 13D filed by the Reporting Persons (as
hereinafter defined) on March 8, 2004 and amendment No. 1 thereto filed on April
23, 2004. 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 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.
The Schedule 13D filed by the Reporting Person on March 8, 2004
reported the issuance by the Company to the Reporting Persons of warrants to
purchase shares of Common Stock and Secured Convertible Promissory Notes
("Notes") pursuant to an Investment Agreement by and among the Company, certain
of the Reporting Persons and Dolphin Direct Equity Partners, L.P.,
(collectively, the "Investor Parties"), which agreement was subsequently amended
and restated, as more fully described in the Schedule 13D (the "Investment
Agreement"). The Schedule 13D amendment No. 1 filed by the Reporting Persons on
April 23, 2004 ("Amendment No. 1") reported the issuance of additional warrants
by the Company to Needham & Co. pursuant to Section 4.14 of the Investment
Agreement, which provides anti-dilution protections to the Investor Parties.
This amendment No. 2 to the Schedule 13D of the Reporting Persons discloses that
the Company has reissued and replaced warrants it issued to certain of the
Reporting Persons pursuant to the Investment Agreement, which warrants were
reported in the Schedule 13D filed by the Reporting Persons on March 8, 2004.
The Company reissued and replaced the following warrants, each dated February
20, 2004, to purchase share of Common Stock at an exercise price of $0.01 per
share because the Company determined upon a recalculation of the application of
the anti-dilution protections of Section 4.14 of the Investment Agreement that
such Reported Persons were entitled to warrants for a smaller amount of shares
of Common Stock than set forth in the original warrants: (i) the Company
replaced a warrant issued to NCPII for 2,435,348 shares of Common Stock with a
warrant for 2,329,425 shares of Common Stock, (ii) the Company replaced a
warrant issued to NCPIIB for 341,375 shares of Common Stock with a warrant for
326,527 shares of Common Stock, (iii) the Company replaced a warrant issued to
NCPIII for 4,263,427 shares of Common Stock with a warrant for 4,077,993 shares
of Common Stock, (iv) the Company replaced a warrant issued to NCPIIIA for
440,307 shares of Common Stock with a warrant for 421,156 shares of Common
Stock, and (v) the Company replaced a warrant issued to NCPIIIB for 849,714
shares of Common Stock with a warrant for 812,756 shares of Common Stock. The
Company also documented the issuance of warrants to Needham & Co. disclosed in
Amendment No. 1 by issuing a warrant dated February 20, 2004 to purchase 31,679
shares of Common Stock at an exercise price of $0.01 per share, which share
amount represents the portion of warrants Needham & Co. was entitled to retain
pursuant to its agreement with Dolphin Direct Equity Partners, L.P. relating to
Needham & Co.'s loan guaranty in favor of the Company disclosed in Amendment No.
1.
ITEM 4. PURPOSE OF TRANSACTION.
The Investment Agreement pursuant to which the warrants were issued to
Needham & Co. is described in the Schedule 13D filed by the Reporting Persons on
March 8, 2003.
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 the warrants described in item 3 above, which are immediately
exercisable for an aggregate of 1,286,499 shares of Common Stock. Assuming the
full exercise of the warrants, Needham & Co. would own of record 2,023,566
shares of Common Stock, which would constitute 13.9% 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.
(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 warrants 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 2,329,425 shares of Common Stock. Assuming full conversion of
the Note and full exercise of the warrant, NCPII would own of record 3,206,483
shares of Common Stock, which would constitute 20.38% of the issued and
outstanding 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 326,527 shares of Common Stock. Assuming full conversion of
the Note and full exercise of the warrant, NCPIIB would own of record 449,469
shares of Common Stock, which would constitute 3.46% of the issued and
outstanding 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 4,077,993 shares of Common Stock. Assuming full
conversion of the Note and full exercise of the warrant, NCPIII would own of
record 5,613,409 shares of Common Stock, which would constitute 30.94% of the
issued and outstanding 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 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 421,156 shares of Common Stock. Assuming full
conversion of the Note and full exercise of the warrant, NCPIIIA would own of
record 579,727 shares of Common Stock, which would constitute 4.42% of the
issued and outstanding 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 812,756 shares of Common Stock. Assuming full
conversion of the Note and full exercise of the warrant, NCPIIIB would own of
record 1,118,769 shares of Common Stock, which would constitute 8.2% of the
issued and outstanding 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 9,399,619 shares
of Common Stock underlying those convertible securities, which amount constitute
42.87% 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
1,568,238 shares of Common Stock underlying those convertible securities, which
amount constitute 11.13% 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 warrants in full, Needham & Co. will have the sole power to
direct the vote and disposition of an additional 1,286,499 shares of Common
Stock issuable upon the exercise of the warrants. 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 3,206,483 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 449,469 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 5,613,409
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
NCPIII. NCM, the general partner of NCPIIIA, and NCPIIIA have shared power to
direct the vote and disposition of 579,727 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 NCPIIIA. NCMB, the general partner of
NCPIIIB, and NCPIIIB have shared power to direct the vote and disposition of
1,118,769 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 warrants owned by Needham & Co., 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.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Joint Filing Agreement
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: July 21, 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: Member
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: Member
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: Member
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: Member
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: Member
NEEDHAM CAPITAL MANAGEMENT, L.L.C.
By: /s/ Glen W. Albanese
-------------------------------------------
Name: Glen W. Albanese
Title: Member
NEEDHAM CAPITAL MANAGEMENT (BERMUDA), L.L.C.
By: /s/ Glen W. Albanese
------------------------------------------
Name: Glen W. Albanese
Title: Member
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 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
Chad W. Keck c/o Needham & Company, Inc. Managing Director, Corporate Finance, West Coast
445 Park Avenue
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 Officer
445 Park Avenue
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 Corporation
New York, New York 10022
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 Associates
New York, New York 10022
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 Executive Officer
445 Park Avenue
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 Officer
445 Park Avenue
New York, New York 10022
The managing members 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 Executive Officer
445 Park Avenue
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 Management
445 Park Avenue
New York, New York 10022
The managing members of Needham Capital Management (Bermuda) L.L.C. are:
NAME OF OFFICER PRINCIPAL EMPLOYMENT/OFFICE WITH
OR DIRECTOR BUSINESS ADDRESS NEEDHAM & COMPANY, INC.
------------------ ---------------- ---------------------------------------------------
Glen W. Albanese c/o Needham & Company, Inc. Managing Director, Chief Financial Officer
445 Park Avenue
New York, New York 10022
George A. Needham c/o Needham & Company, Inc. Chairman of the Board & Chief Executive Officer
445 Park Avenue
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 Management
445 Park Avenue
New York, New York 10022
Glen W. Albanese c/o Needham & Company, Inc. Managing Director, Chief Financial Officer
445 Park Avenue
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 21st day of July, 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: Member
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: Member
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: Member
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: Member
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: Member
NEEDHAM CAPITAL MANAGEMENT, L.L.C.
By: /s/ Glen W. Albanese
-----------------------------------------------
Name: Glen W. Albanese
Title: Member
NEEDHAM CAPITAL MANAGEMENT (BERMUDA), L.L.C.
By: /s/ Glen W. Albanese
-----------------------------------------------
Name: Glen W. Albanese
Title: Member