UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 4) PANHANDLE ROYALTY COMPANY (Name of Issuer) CLASS A COMMON STOCK (VOTING) - $0.0333 PAR VALUE (Title of Class of Securities) 698477 10 6 (CUSIP Number) DECEMBER 31, 2002 (Date of Event Which Requires Filing of This Statement) (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) SCHEDULE 13G CUSIP NO. 698477 10 6 PAGE 2 OF 9 PAGES - - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON Robert E. Robotti I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] -------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION United States -------------------------------------------------------------------------------- 5. SOLE VOTING POWER -0- NUMBER OF ------------------------------------------------------------------ SHARES 6. SHARED VOTING POWER BENEFICIALLY 119,763 OWNED BY ------------------------------------------------------------------ EACH 7. SOLE DISPOSITIVE POWER REPORTING -0- PERSON WITH ------------------------------------------------------------------ 8. SHARED DISPOSITIVE POWER 119,763 -------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON 119,763 -------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] -------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 5.8% -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON* IN -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. SCHEDULE 13G CUSIP NO. 698477 10 6 PAGE 3 OF 9 PAGES - - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON Robotti & Company, Incorporated I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 11-2627501 -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] -------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION New York -------------------------------------------------------------------------------- 5. SOLE VOTING POWER -0- NUMBER OF ------------------------------------------------------------------ SHARES 6. SHARED VOTING POWER BENEFICIALLY 27,951 OWNED BY ------------------------------------------------------------------ EACH 7. SOLE DISPOSITIVE POWER REPORTING -0- PERSON WITH ------------------------------------------------------------------ 8. SHARED DISPOSITIVE POWER 27,951 -------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON 27,951 -------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] -------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 1.3% -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON* CO, BD, IA -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. SCHEDULE 13G CUSIP NO. 698477 10 6 PAGE 4 OF 9 PAGES - - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON Ravenswood Investment Company, L.P. I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 11-2474002 -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] -------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION New York -------------------------------------------------------------------------------- 5. SOLE VOTING POWER -0- NUMBER OF ------------------------------------------------------------------ SHARES 6. SHARED VOTING POWER BENEFICIALLY 91,812 OWNED BY ------------------------------------------------------------------ EACH 7. SOLE DISPOSITIVE POWER REPORTING -0- PERSON WITH ------------------------------------------------------------------ 8. SHARED DISPOSITIVE POWER 91,812 -------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON 91,812 -------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] -------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 4.4% -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON* PN -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. SCHEDULE 13G ITEM 1(A). NAME OF ISSUER. Panhandle Royalty Company ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: Grand Centre Suite 210 5400 N. Grand Boulevard Oklahoma City, OK 73112 ITEM 2(A). NAME OF PERSONS FILING: This statement is filed by: (i) Robert E. Robotti, a United States citizen ("Robotti"); and (ii) Robotti & Company, Incorporated, a New York corporation ("Robotti & Company"); and (iii) The Ravenswood Investment Company, L.P., a New York limited partnership ("Ravenswood") ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: c/o Robotti & Company, Incorporated 52 Vanderbilt Avenue, Suite 503 New York, New York 10017 ITEM 2(C). CITIZENSHIP: See Item 2(a) ITEM 2(D). TITLE OF CLASS OF SECURITIES: Class A Common Stock (voting) - $0.0333 par value ITEM 2(E). CUSIP NUMBER: 698477 10 6 Page 5 of 9 Pages SCHEDULE 13G ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A: (a) [X] Broker or dealer registered under Section 15 of the Exchange Act. (b) [ ] Bank as defined in Section 3 (a)(6) of the Exchange Act. (c) [ ] Insurance company as defined in Section 3(a)(19) of the Exchange Act. (d) [ ] Investment company registered under Section 8 of the Investment Company Act. (e) [X] An investment adviser in accordance with Rule 13d-1 (b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with Rule 13d-1 (b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with Rule 13d-1 (b)(1)(ii)(G); (h) [ ] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act; (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act; (j) [ ] Group, in accordance with Rule 13d-1 (b) (1)(ii)(J) ITEM 4. OWNERSHIP: (a) Robert E. Robotti shares beneficial ownership of 119,763 shares of the Security through the following: - his ownership of Robotti & Company, a broker-dealer registered under Section 15 of the Securities Exchange Act of 1934 and an investment advisor in accordance with Rule 13d-1 (b)(1)(ii)(E), by virtue of the investment discretion Robotti & Company has over the accounts of its brokerage customers and advisory clients, which hold an aggregate of 12,611 shares of the Security; and - his ownership of Robotti & Company, which directly owns 8,740 shares of the Security; and Page 6 of 9 Pages SCHEDULE 13G - the IRA of his wife, Suzanne Robotti, which holds 4,500 shares of the Security with Robotti & Company; and - the IRA of his father, Edward Robotti, which holds 2,100 shares of he Security with Robotti & Company; and - his position as General Partner of Ravenswood, which owns 91,812 shares of the Security. (b) The amount of shares of the Security beneficially owned by Robert E. Robotti is 5.8% of the total outstanding shares of 2,082,190 Class A common stock as per the Issuer's 10-Q dated February 13, 2003. (c) (i) Mr. Robotti does not have the sole power to vote or direct the vote of any of the shares of the Security. (ii) Mr. Robotti shares the power to vote or direct the vote of the shares of the Security as follows: - he shares with Robotti & Company and its brokerage customers and advisory clients the power to vote or direct the vote of 21,351 shares of the Security; and - he shares with Suzanne Robotti the power to vote or direct the vote of 4,500 shares of the Security; and - he shares with Edward Robotti the power to vote or direct the vote of 2,100 shares of the Security; and - he shares with the other Managing Member of Ravenswood Management Company, L.L.C., which serves as the General Partner of Ravenswood the power to vote or direct the vote of 91,812 shares of the Security. (iii) Mr. Robotti does not have the sole power to dispose or to direct the disposition of any of the shares of the Security. (iv) Mr. Robotti shares the power to dispose or to direct the disposition of the shares of the Security as follows: - he shares with Robotti & Company and its brokerage customers and advisory clients the power to dispose or to direct the disposition of 21,351 shares of the Security; and - he shares with Suzanne Robotti the power to dispose or to direct the disposition of 4,500 shares of the Security; and - he shares with Edward Robotti the power to dispose or to direct the disposition of 2,100 shares of the Security; and Page 7 of 9 Pages SCHEDULE 13G - he shares with the other Managing Member of Ravenswood Management Company, L.L.C., which serves as the General Partner of Ravenswood the power to dispose or to direct the disposition of 91,812 shares of the Security. ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS. Not applicable. ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. Not applicable. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON. Not applicable. ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP. Not applicable. ITEM 9. NOTICE OF DISSOLUTION OF GROUP. Not applicable. ITEM 10. CERTIFICATIONS. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Page 8 of 9 Pages SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: February 14, 2003 By: /s/ Robert E. Robotti ---------------------- Robert E. Robotti Robotti & Company, Incorporated By: /s/ Robert E. Robotti ------------------------ Name: Robert E. Robotti Title: President and Treasurer The Ravenswood Investment Company, L.P. By: Ravenswood Management Company, L.L.C. ------------------------------------- General Partner of Ravenswood Investment Company, L.P. By: /s/ Robert E. Robotti ---------------------- Name: Robert E. Robotti Title: Managing Member of Ravenswood Management Company, L.L.C Page 9 of 9 Pages