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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendments No. 2)*
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, 2500 18th Street, San Francisco, CA 94110 (415) 229-8117
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications
July 1, 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 Sections 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. See Section 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.
Page 1 of 14 pages
SEC 1746 (2-98)
CUSIP No. 747582104
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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) [X]..................................................................
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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 Shares 7. Sole Voting Power 0....................................
Beneficially -------------------------------------
Owned by Each ------------------------------------------------------------
Reporting Person 8. Shared Voting Power 336,300............................
With: -----------------------------------
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9. Sole Dispositive Power 0..............................
-------------------------------
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10. Shared Dispositive Power 336,300......................
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 336,300....
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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) 5.5%.................
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14. Type of Reporting Person (See Instructions)
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IA............................................................................
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Page 2 of 14 pages
CUSIP No. 747582104
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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) [X]..................................................................
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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 Shares 7. Sole Voting Power 0....................................
Beneficially -------------------------------------
Owned by Each ------------------------------------------------------------
Reporting Person 8. Shared Voting Power 336,300............................
With: -----------------------------------
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9. Sole Dispositive Power 0...............................
-------------------------------
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10. Shared Dispositive Power 336,300......................
-----------------------------
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 336,300....
-----------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) ........................................
---------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 5.5%.................
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14. Type of Reporting Person (See Instructions)
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IN/HC.........................................................................
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Page 3 of 14 pages
CUSIP No. 747582104
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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) [X]..................................................................
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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 Shares 7. Sole Voting Power 0....................................
Beneficially -------------------------------------
Owned by Each ------------------------------------------------------------
Reporting Person 8. Shared Voting Power 45,000.............................
With: -----------------------------------
------------------------------------------------------------
9. Sole Dispositive Power 0..............................
-------------------------------
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10. Shared Dispositive Power 45,000.......................
-----------------------------
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 45,000.....
-----------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) ........................................
---------------------------------------------------
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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Page 4 of 14 pages
CUSIP No. 747582104
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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) [X]..................................................................
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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 Shares 7. Sole Voting Power 0....................................
Beneficially -------------------------------------
Owned by Each ------------------------------------------------------------
Reporting Person 8. Shared Voting Power 43,500.............................
With: -----------------------------------
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9. Sole Dispositive Power 0...............................
-------------------------------
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10. Shared Dispositive Power 43,500.......................
-----------------------------
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 43,500.....
-----------
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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Page 5 of 14 pages
CUSIP No. 747582104
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1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
GS Canell, LLC
98-0232642
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X]..................................................................
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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 Shares 7. Sole Voting Power 0....................................
Beneficially -------------------------------------
Owned by Each ------------------------------------------------------------
Reporting Person 8. Shared Voting Power 53,600.............................
With: -----------------------------------
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9. Sole Dispositive Power 0...............................
-------------------------------
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10. Shared Dispositive Power 53,600.......................
-----------------------------
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 53,600.....
-----------
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) 0.9%.................
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14. Type of Reporting Person (See Instructions)
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OO............................................................................
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Page 6 of 14 pages
CUSIP No. 747582104
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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) [X]
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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 Shares 7. Sole Voting Power 0
Beneficially -------------------------------------
Owned by Each ------------------------------------------------------------
Reporting Person 8. Shared Voting Power 174,400
With: -----------------------------------
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9. Sole Dispositive Power 0
-------------------------------
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10. Shared Dispositive Power 174,400
-----------------------------
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 174,400
-----------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
---------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 2.9%
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14. Type of Reporting Person (See Instructions)
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PN
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Page 7 of 14 pages
CUSIP No. 747582104
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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) [X]
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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 Shares 7. Sole Voting Power 0
Beneficially -------------------------------------
Owned by Each ------------------------------------------------------------
Reporting Person 8. Shared Voting Power 19,800
With: -----------------------------------
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9. Sole Dispositive Power 0
-------------------------------
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10. Shared Dispositive Power 19,800
-----------------------------
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 19,800
-----------
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) 0.3%
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14. Type of Reporting Person (See Instructions)
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PN
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Page 8 of 14 pages
Page 9 of 14
Item 1 Security and Issuer
This statement relates to Common Stock ("Common Stock"), issued by
Quality Systems, Inc., a California Corporation ("QSI"). The
address of the principal executive offices of QSI is 17822 E. 17th
Street, Suite 210, Tustin, CA 92780.
Item 2 Identity and Background
Name: Cannell Capital, LLC ("Adviser")
Place of Organization: California
Principal Business: Investment Adviser
Address: 2500 18th Street, San Francisco, CA 94110
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 Bank of Butterfield International (Cayman) LTD., 68 Fort
Street, PO Box 705, George Town, Grand Cayman, Cayman Islands
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Name: Tonga Partners, L.P. ("Tonga")
Place of Organization: Delaware
Principal Business: Investment
Address: 2500 18th Street, San Francisco, CA 94110
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
Page 10 of 14
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: 2500 18th Street, San Francisco, CA 94110
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 45,000
shares of Common Stock owned by it was approximately $483,772.
Such amount was derived from working capital.
The aggregate amount of funds used by Anegada to purchase 43,500
shares of Common Stock owned by it was approximately $444,652.
Such amount was derived from working capital.
The aggregate amount of funds used by GSC to purchase 53,600
shares of Common Stock owned by it was approximately $482,713.
Such amount was derived from working capital.
The aggregate amount of funds used by Tonga to purchase 174,400
shares of Common Stock owned by it was approximately $1,619,709.
Such amount was derived from working capital.
The aggregate amount of funds used by Pleiades to purchase 19,800
shares of Common Stock owned by it was approximately $180,524.
Such amount was derived from working capital.
Item 4 Purpose of Transaction
While the Adviser is pleased with QSI's strong operating results, the
Adviser believes that QSI would 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
Page 11 of 14
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 QSI 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 QSI 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 July 1, 2002, the Reporting Persons directly or
indirectly beneficially owned 336,300 shares, or 5.5%, of Common
Stock of QSI (the approximate of the shares of Common Stock owned
is based on 6,105,083 shares of common stock outstanding by QSI on
March 31, 2002).
(1) Cuttyhunk owned 45,000 shares (0.7%)
(2) Anegada owned 43,500 shares (0.7%)
(3) GSC owned 53,600 shares (0.9%)
(4) Tonga owned 174,400 shares (2.9%)
(5) Pleiades owned 19,800 shares (0.3%)
(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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Party Date Amount Bought Price per Share Where & How
(Sold) Effected
----------------------------------------------------------------------------------------------------------
Anegada 05/14/02 1,500 $15.81 Open market
----------------------------------------------------------------------------------------------------------
Anegada 05/15/02 500 $16.00 Open market
----------------------------------------------------------------------------------------------------------
Anegada 05/15/02 100 $16.09 Open market
----------------------------------------------------------------------------------------------------------
Anegada 05/23/02 (100) $17.37 Open market
----------------------------------------------------------------------------------------------------------
Anegada 05/23/02 (3,000) $17.37 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 05/02/02 (100) $15.99 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 05/23/02 (1,800) $17.37 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 05/23/02 (700) $17.37 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 05/23/02 (7,000) $17.37 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 05/23/02 (1,500) $17.37 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/07/02 (400) $16.49 Open market
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Page 12 of 14
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Party Date Amount Bought Price per Share Where & How
(Sold) Effected
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Cuttyhunk 06/10/02 (8,500) $16.49 Open market
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Cuttyhunk 06/11/02 (400) $16.61 Open market
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Cuttyhunk 06/13/02 (400) $16.62 Open market
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Cuttyhunk 06/20/02 (1,000) $16.99 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/20/02 (2,400) $16.99 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/21/02 (1,900) $16.99 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/21/02 (3,400) $16.99 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (6,700) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (2,000) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (1,300) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (2,900) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (1,400) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (1,400) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (5,800) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (1,000) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (9,100) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (1,000) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (1,000) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (2,900) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (600) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (1,500) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (800) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (7,100) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (4,400) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (3,200) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (1,000) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (2,900) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (2,800) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (2,900) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (2,000) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (4,800) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (4,800) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (5,200) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (3,000) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/27/02 (1,900) $16.96 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/28/02 (100) $16.95 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/28/02 (3,400) $16.95 Open market
----------------------------------------------------------------------------------------------------------
Cuttyhunk 06/28/02 (1,400) $16.95 Open market
----------------------------------------------------------------------------------------------------------
GS Cannell Portfolio, LLC 05/23/02 (300) $17.38 Open market
----------------------------------------------------------------------------------------------------------
GS Cannell Portfolio, LLC 05/23/02 (700) $17.37 Open market
----------------------------------------------------------------------------------------------------------
GS Cannell Portfolio, LLC 05/23/02 (700) $17.37 Open market
----------------------------------------------------------------------------------------------------------
GS Cannell Portfolio, LLC 05/23/02 (200) $17.37 Open market
----------------------------------------------------------------------------------------------------------
GS Cannell Portfolio, LLC 05/23/02 (200) $17.37 Open market
----------------------------------------------------------------------------------------------------------
GS Cannell Portfolio, LLC 05/23/02 (1,700) $17.37 Open market
----------------------------------------------------------------------------------------------------------
Pleiades 05/23/02 (900) $17.37 Open market
----------------------------------------------------------------------------------------------------------
Pleiades 05/23/02 (500) $17.37 Open market
----------------------------------------------------------------------------------------------------------
Tonga Partners, L.P. 05/02/02 (200) $15.98 Open market
----------------------------------------------------------------------------------------------------------
Tonga Partners, L.P. 05/23/02 (12,400) $17.37 Open market
----------------------------------------------------------------------------------------------------------
(d) Not Applicable
Page 13 of 14
(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 the Cuttyhunk, Anegada, GSC, Tonga, and
Pleiades.
Item 7 Material to Be Filed as Exhibits
Not Applicable
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: July 9, 2002
J. Carlo Cannell
/s/ Carlo Cannell
---------------------------------
J. Carlo Cannell
Cannell Capital, LLC
/s/ Carlo Cannell
---------------------------------
J. Carlo Cannell, Managing Member
Page 14 of 14
The Anegada Fund, Limited
/s/ Carlo Cannell
---------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital, LLC, Investment Adviser
The Cuttyhunk Fund Limited
/s/ Carlo Cannell
---------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital, LLC, Investment Adviser
GS Cannell, LLC
/s/ Carlo Cannell
---------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital, LLC, Investment Adviser
Tonga Partners, L.P.
/s/ Carlo Cannell
---------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital, LLC, General Partner
Pleiades Investment Partners, LP
/s/ Carlo Cannell
---------------------------------
J. Carlo Cannell, Managing Member
Cannell Capital, LLC, Investment Adviser