SEC 1746 (2-98)
SF/209418.2
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)*
Quality Systems Inc.
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(Name of Issuer)
Common Stock
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(Title of Class Securities)
747582104
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(CUSIP Number)
Kenneth D. Heller
Cannell Capital, LLC, 150 California Street, 5th Floor, San
Francisco, CA 94111 (415) 395-3330
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications
February 4, 2002
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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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box.
Note: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits.
Seess.240.13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosure provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a current
valid OMB control number.
SF/209418.2
CUSIP No. 747582104
1.Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Cannell Capital, LLC
94-3366999
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2.Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) .........................................................
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(b) .........................................................
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3.SEC Use Only..................................................
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4.Source of Funds (See Instructions) OO.........................
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5.Check if Disclosure of Legal Proceeding Is Required Pursuant to
Items 2(d) or 2(e).................................................
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6.Citizenship or Place of Organization California...........
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Number of 7. Sole Voting Power 0..........................
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Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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8. Shared Voting Power 474,900.................
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9. Sole Dispositive Power 0 ....................
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10. Shared Dispositive Power 474,900.............
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11.Aggregate Amount Beneficially Owned by Each Reporting Person 474,900
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12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) .................................................
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13....Percent of Class Represented by Amount in Row (11) 7.9%
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14...................Type of Reporting Person (See Instructions)
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IA..............................................................
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SF/209418.2
CUSIP No. 747582104
1.Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
J. Carlo Cannell
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2.Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) .........................................................
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(b) .........................................................
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3.SEC Use Only..................................................
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4.Source of Funds (See Instructions) OO.........................
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5.Check if Disclosure of Legal Proceeding Is Required Pursuant to
Items 2(d) or 2(e).................................................
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6.Citizenship or Place of Organization USA..................
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Number of 7. Sole Voting Power 0 ..........................
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Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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8. Shared Voting Power 474,900.................
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9. Sole Dispositive Power 0 ....................
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10. Shared Dispositive Power 474,900.............
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11.Aggregate Amount Beneficially Owned by Each Reporting Person 474,900
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12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) .................................................
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13....Percent of Class Represented by Amount in Row (11) 7.9%
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14...................Type of Reporting Person (See Instructions)
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IN/HC...........................................................
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SF/209418.2
CUSIP No. 747582104
1.Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
The Cuttyhunk Fund Limited
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2.Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) .........................................................
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(b) .........................................................
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3.SEC Use Only..................................................
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4.Source of Funds (See Instructions) WC.........................
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5.Check if Disclosure of Legal Proceeding Is Required Pursuant to
Items 2(d) or 2(e).................................................
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6.Citizenship or Place of Organization Bermuda..............
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Number of 7. Sole Voting Power 0 ..........................
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Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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8. Shared Voting Power 164,800.................
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9. Sole Dispositive Power 0 ....................
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10. Shared Dispositive Power 164,800.............
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11.Aggregate Amount Beneficially Owned by Each Reporting Person 164,800
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12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) .................................................
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13....Percent of Class Represented by Amount in Row (11) 2.7%
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14...................Type of Reporting Person (See Instructions)
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CO..............................................................
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SF/209418.2
CUSIP No. 747582104
1.Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
The Anegada Fund Limited
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2.Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) .........................................................
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(b) .........................................................
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3.SEC Use Only..................................................
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4.Source of Funds (See Instructions) WC.........................
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5.Check if Disclosure of Legal Proceeding Is Required Pursuant to
Items 2(d) or 2(e).................................................
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6.Citizenship or Place of Organization Cayman Islands.......
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Number of 7. Sole Voting Power 0 .........................
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Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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8. Shared Voting Power 44,500..................
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9. Sole Dispositive Power 0 ....................
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10. Shared Dispositive Power 44,500..............
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11.Aggregate Amount Beneficially Owned by Each Reporting Person 44,500
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12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) .................................................
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13....Percent of Class Represented by Amount in Row (11) 0.7%
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14...................Type of Reporting Person (See Instructions)
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CO..............................................................
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SF/209418.2
CUSIP No. 747582104
1.Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
GS Cannell, LLC
98-0232642
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2.Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) .........................................................
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(b) .........................................................
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3.SEC Use Only..................................................
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4.Source of Funds (See Instructions) WC.........................
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5.Check if Disclosure of Legal Proceeding Is Required Pursuant to
Items 2(d) or 2(e).................................................
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6.Citizenship or Place of Organization Delaware.............
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Number of 7. Sole Voting Power 0.........................
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Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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8. Shared Voting Power 57,400....................
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9. Sole Dispositive Power 0 ....................
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10. Shared Dispositive Power 57,400...................
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11.Aggregate Amount Beneficially Owned by Each Reporting Person 57,400
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12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) .................................................
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13....Percent of Class Represented by Amount in Row (11) 1.0%
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14...................Type of Reporting Person (See Instructions)
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OO..............................................................
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SF/209418.2
CUSIP No. 747582104
1.Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Tonga Partners, L.P.
94-3164039
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2.Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) .........................................................
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(b) .........................................................
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3.SEC Use Only..................................................
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4.Source of Funds (See Instructions) WC.........................
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5.Check if Disclosure of Legal Proceeding Is Required Pursuant to
Items 2(d) or 2(e).................................................
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6.Citizenship or Place of Organization Delaware.............
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Number of 7. Sole Voting Power 0 .........................
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Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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8. Shared Voting Power 187,000.................
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9. Sole Dispositive Power 0....................
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10. Shared Dispositive Power 187,000.............
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11.Aggregate Amount Beneficially Owned by Each Reporting Person 187,000
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12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) .................................................
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13....Percent of Class Represented by Amount in Row (11) 3.1%
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14...................Type of Reporting Person (See Instructions)
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PN..............................................................
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CUSIP No. 747582104
1.Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Pleiades Investment Partners, LP
23-2688812
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2.Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) .........................................................
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(b) .........................................................
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3.SEC Use Only..................................................
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4.Source of Funds (See Instructions) WC.........................
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5.Check if Disclosure of Legal Proceeding Is Required Pursuant to
Items 2(d) or 2(e).................................................
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6.Citizenship or Place of Organization Delaware.............
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Number of 7. Sole Voting Power 0 .........................
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Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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8. Shared Voting Power 21,200..................
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9. Sole Dispositive Power 0....................
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10. Shared Dispositive Power 21,200..............
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11.Aggregate Amount Beneficially Owned by Each Reporting Person 21,200
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12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) .................................................
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13....Percent of Class Represented by Amount in Row (11) 0.4%
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14...................Type of Reporting Person (See Instructions)
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PN..............................................................
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SF/209418.2
Item 1 Security and Issuer
This statement relates to Common Stock ("Common Stock"), issued by
Quality Systems Inc.. The address of the principal executive offices of
Quality Systems Inc.17822 E 17th STE 210, Tustin CA 92780
Item 2 Identity and Background
Name: Cannell Capital, LLC ("Adviser")
Place of Organization: California
Principal Business: Investment Adviser
Address: 150 California Street, 5th Floor, San Francisco, CA
94111
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Name: The Cuttyhunk Fund Limited ("Cuttyhunk")
Place of Organization: Bermuda
Principal Business: Investment
Address: 73 Front Street, Hamilton, Bermuda HM 12
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Name: The Anegada Fund Limited ("Anegada")
Place of Organization: Cayman Islands
Principal Business: Investment
Address: c/o Goldman Sachs (Cayman) Trust, Limited, 2nd
Floor, Harbour Centre, George Town, Cayman Islands, BWI
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Name: Tonga Partners, L.P. ("Tonga")
Place of Organization: Delaware
Principal Business: Investment
Address: 150 California Street, 5th Floor, San Francisco, CA
94111
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Name: GS Cannell, LLC ("GSC")
Place of Organization: Delaware
Principal Business: Investment
Address: 701 Mount Lucas Road, CN 850, Princeton, NJ 08542
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Name: Pleiades Investment Partners, LP ("Pleiades")
Place of Organization: Delaware
Principal Business: Investment
Address: 6022 West Chester Pike, Newtown Square, PA 19073
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Name: J. Carlo Cannell
Address: 150 California Street, 5th Floor, San Francisco, CA
94111
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Citizenship: United States
J Carlo Cannell is the controlling and managing member of Adviser.
Adviser serves as investment adviser to Cuttyhunk, Anegada, GSC, and
Pleiades. Adviser is general partner and investment adviser to Tonga.
Item 3 Source and amount of Funds or other Consideration
The aggregate amount of funds used by Cuttyhunk to purchase 164,800
shares of Common Stock owned by it was approximately $1,547,287. Such
amount was derived from working capital.
The aggregate amount of funds used by Anegada to purchase 44,500 shares
of Common Stock owned by it was approximately $436,322. Such amount was
derived from working capital.
The aggregate amount of funds used by GSC to purchase 57,400 shares of
Common Stock owned by it was approximately $512,599. Such amount was
derived from working capital.
The aggregate amount of funds used by Tonga to purchase 187,000 shares of
Common Stock owned by it was approximately $1,718,934. Such amount was
derived from working capital.
The aggregate amount of funds used by Pleiades to purchase 21,200 shares
of Common Stock owned by it was approximately $191,268. Such amount was
derived from working capital.
Item 4 Purpose of Transaction
The Common Stock was originally purchased by the Reporting Persons for
passive investment purposes.
While the Adviser is pleased with QSI's strong operating results, the
Adviser believes that QSI could better utilize its robust cash position
in a manner other than investing in low interest bearing instruments.
Despite the authorization by QSI's Board of Directors of a discretionary
common share repurchase of up to 5% of the common stock outstanding,
announced October 26, 2001, the Adviser continues to believe that QSI
should utilize its excess cash to initiate a "Dutch Auction" tender,
which is a method that the Adviser believes is more likely to lead to the
repurchase of common stock in the open market. The Adviser intends to
closely monitor developments relating to and affecting QSI.
Subject to availability at prices deemed favorable, the Reporting Persons
may acquire additional shares of Common Stock of the Company from time to
time in the open market, in privately negotiated transactions or
otherwise. The Reporting Persons may dispose of shares of Common Stock of
the Company from time to time in the open market, in privately negotiated
transactions or otherwise.
Except as set forth above, the Reporting Persons has no present plans or
intentions that relate to or that would result in any of the transactions
described in clauses (a) through (j) of Item 4 of Schedule 13D.
Item 5 Interest in Securities of the Issuer
(a) As of February 4, 2002, the Reporting Persons directly or indirectly
beneficially owned 474,900 shares, or 7.9%, of Common Stock of Quality
Systems Inc. (the approximate of the shares of Common Stock owned is
based on 6,041,000 shares of common stock outstanding by Cascade
Corporation on December 31, 2001).
(1) Cuttyhunk owned 164,800 shares (2.7%)
(2) Anegada owned 44,500 shares (0.7%)
(3) GSC owned 57,400 shares (1.0%)
(4) Tonga owned 187,000 shares (3.1%)
(5) Pleiades owned 21,200 shares (0.4%)
(b) The responses of the Reporting Persons to Items 7 through 11 of the
portions of the cover page of this Schedule D which relate to beneficial
ownership of shares of the Common Stock are incorporated herein by
reference.
(c) A list of transactions in the past 60 days.
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Amount Price
Bought/ Per Where & How
Party Date (Sold) Share Effected
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Anegada 12/3/2001 (800) 15.000 Open Market
Anegada 12/3/2001 (100) 15.000 Open Market
Anegada 12/5/2001 (1,400) 15.009 Open Market
Anegada 12/6/2001 (100) 15.030 Open Market
Anegada 12/6/2001 (800) 15.030 Open Market
Anegada 12/6/2001 (200) 15.030 Open Market
Anegada 12/6/2001 (2,700) 15.029 Open Market
Anegada 1/8/2002 (100) 16.186 Open Market
Anegada 1/9/2002 (200) 16.186 Open Market
Anegada 1/9/2002 (300) 16.186 Open Market
Anegada 1/10/2002 (200) 16.386 Open Market
Anegada 1/10/2002 (200) 16.386 Open Market
Anegada 1/24/2002 (2,400) 16.634 Open Market
Anegada 1/25/2002 (100) 17.236 Open Market
Anegada 1/28/2002 (700) 17.442 Open Market
Anegada 1/28/2002 (1,000) 17.442 Open Market
Anegada 1/29/2002 (100) 17.506 Open Market
Anegada 2/4/2002 (100) 16.986 Open Market
Cuttyhunk 12/3/2001 (1,500) 15.000 Open Market
Cuttyhunk 12/3/2001 (500) 15.000 Open Market
Cuttyhunk 12/5/2001 (500) 15.010 Open Market
Cuttyhunk 12/5/2001 (2,500) 15.009 Open Market
Cuttyhunk 12/6/2001 (2,500) 15.030 Open Market
Cuttyhunk 12/6/2001 (3,500) 15.029 Open Market
Cuttyhunk 12/6/2001 (2,400) 15.030 Open Market
Cuttyhunk 1/8/2002 (400) 16.186 Open Market
Cuttyhunk 1/9/2002 (2,000) 16.186 Open Market
Cuttyhunk 1/10/2002 (200) 16.386 Open Market
Cuttyhunk 1/10/2002 (1,300) 16.386 Open Market
Cuttyhunk 1/24/2002 (1,200) 16.634 Open Market
Cuttyhunk 1/24/2002 (3,000) 16.634 Open Market
Cuttyhunk 1/24/2002 (4,700) 16.634 Open Market
Cuttyhunk 1/25/2002 (400) 17.236 Open Market
Cuttyhunk 1/28/2002 (900) 17.442 Open Market
Cuttyhunk 1/28/2002 (2,500) 17.442 Open Market
Cuttyhunk 1/28/2002 (3,000) 17.442 Open Market
Cuttyhunk 1/28/2002 (100) 17.442 Open Market
Cuttyhunk 1/29/2002 (200) 17.506 Open Market
Cuttyhunk 2/4/2002 (300) 16.986 Open Market
GS Cannell 12/3/2001 (700) 15.000 Open Market
GS Cannell 12/5/2001 (900) 15.009 Open Market
GS Cannell 12/5/2001 (300) 15.010 Open Market
GS Cannell 12/6/2001 (1,600) 15.030 Open Market
GS Cannell 12/6/2001 (600) 15.030 Open Market
GS Cannell 12/6/2001 (900) 15.029 Open Market
GS Cannell 12/6/2001 (200) 15.030 Open Market
GS Cannell 1/8/2002 (100) 16.186 Open Market
GS Cannell 1/9/2002 (200) 16.186 Open Market
GS Cannell 1/9/2002 (500) 16.186 Open Market
GS Cannell 1/10/2002 (500) 16.386 Open Market
GS Cannell 1/24/2002 (200) 16.634 Open Market
GS Cannell 1/24/2002 (1,400) 16.634 Open Market
GS Cannell 1/24/2002 (700) 16.634 Open Market
GS Cannell 1/24/2002 (800) 16.634 Open Market
GS Cannell 1/25/2002 (100) 17.236 Open Market
GS Cannell 1/28/2002 (1,200) 17.442 Open Market
GS Cannell 1/28/2002 (1,100) 17.442 Open Market
GS Cannell 1/29/2002 (100) 17.506 Open Market
GS Cannell 2/4/2002 (100) 16.986 Open Market
Pleiades 12/3/2001 (300) 15.000 Open Market
Pleiades 12/5/2001 (400) 15.009 Open Market
Pleiades 12/6/2001 (1,200) 15.029 Open Market
Pleiades 1/9/2002 (200) 16.186 Open Market
Pleiades 1/10/2002 (200) 16.386 Open Market
Pleiades 1/24/2002 (1,100) 16.634 Open Market
Pleiades 1/28/2002 (200) 17.442 Open Market
Pleiades 1/28/2002 (500) 17.442 Open Market
Pleiades 1/28/2002 (100) 17.442 Open Market
Sarlo 12/6/2001 (100) 15.029 Open Market
Tonga 12/3/2001 (1,800) 15.000 Open Market
Tonga 12/3/2001 (800) 15.000 Open Market
Tonga 12/5/2001 (4,000) 15.009 Open Market
Tonga 12/6/2001 (2,700) 15.030 Open Market
Tonga 12/6/2001 (5,000) 15.029 Open Market
Tonga 12/6/2001 (3,500) 15.029 Open Market
Tonga 1/8/2002 (400) 16.186 Open Market
Tonga 1/9/2002 (1,100) 16.186 Open Market
Tonga 1/9/2002 (1,100) 16.186 Open Market
Tonga 1/10/2002 (1,600) 16.386 Open Market
Tonga 1/24/2002 (2,300) 16.634 Open Market
Tonga 1/24/2002 (4,000) 16.634 Open Market
Tonga 1/24/2002 (3,700) 16.634 Open Market
Tonga 1/25/2002 (400) 17.236 Open Market
Tonga 1/28/2002 (3,900) 17.442 Open Market
Tonga 1/28/2002 (3,400) 17.442 Open Market
Tonga 1/29/2002 (300) 17.506 Open Market
Tonga 2/4/2002 (300) 16.986 Open Market
(d) Not Applicable
(e) Not Applicable
Item 6 Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
J. Carlo Cannell controls and manages the Adviser who makes
voting and dispositive decisions for Cuttyhunk, Anegada, GSC,
Tonga, and Pleiades.
Item 7 Material to Be Filed as Exhibits
N/A
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.
Date: February 4, 2002
J. Carlo Cannell
/s/ J. Carlo Cannell
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J. Carlo Cannell
Cannell Capital, LLC
/s/ J. Carlo Cannell
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J. Carlo Cannell, Managing Member
The Anegada Fund, Limited
/s/ J. Carlo Cannell
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J. Carlo Cannell, Managing Member
Cannell Capital, LLC, Investment Adviser
The Cuttyhunk Fund Limited
/s/ J. Carlo Cannell
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J. Carlo Cannell, Managing Member
Cannell Capital, LLC, Investment Adviser
GS Cannell, LLC
/s/ J. Carlo Cannell
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J. Carlo Cannell, Managing Member
Cannell Capital, LLC, Investment Adviser
Tonga Partners, L.P.
/s/ J. Carlo Cannell
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J. Carlo Cannell, Managing Member
Cannell Capital, LLC, General Partner
Pleiades Investment Partners, LP
/s/ J. Carlo Cannell
-------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital, LLC, Investment Adviser