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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENT THERETO FILED PURSUANT TO
RULE 13d-2(a)
(AMENDMENT NO. 1)*
Winmark Corporation
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(Name of Issuer)
Common Stock, no par value
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(Title of Class of Securities)
399817 10 5
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(CUSIP Number)
Farnam Street Partners, L.P.
Farnam Street Capital, Inc.
3033 Excelsior Boulevard, Suite 300
Minneapolis, MN 55416
Phone: (612) 253-6058
With a copy to:
Douglas T. Holod, Esq.
Maslon Edelman Borman & Brand, LLP
3300 Wells Fargo Center
90 South Seventh Street
Minneapolis, MN 55402-4140
Phone: (612) 672-8200
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
February 14, 2005
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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
disclosures provided in a prior cover page.
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 that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
PERSONS WHO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM ARE
NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB CONTROL
NUMBER.
SEC 1746 (11-03)
CUSIP No. 399817 10 5 Page 2 of 8
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1. Names Of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Farnam Street Partners, L.P.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
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3. SEC Use Only
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4. Source of Funds (See Instructions)
OO (Investment proceeds)
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5. Check 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
Minnesota
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7. Sole Voting Power
Number of
261,253
Shares -----------------------------------------------------------------
8. Shared Voting Power
Beneficially
0
Owned by Each -----------------------------------------------------------------
9. Sole Dispositive Power
Reporting
261,253
Person -----------------------------------------------------------------
10. Shared Dispositive Power
With
0
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
261,253
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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)
4.4%
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14. Type of Reporting Person (See Instructions)
PN
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CUSIP No. 399817 10 5 Page 3 of 8
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1. Names Of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Farnam Street Capital, Inc.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
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3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions)
OO (Investment proceeds)
--------------------------------------------------------------------------------
5. Check 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
Minnesota
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7. Sole Voting Power
Number of
367,325 (See Explanation in Item 5)
Shares -----------------------------------------------------------------
8. Shared Voting Power
Beneficially
0
Owned by Each -----------------------------------------------------------------
9. Sole Dispositive Power
Reporting
367,325 (See Explanation in Item 5)
Person -----------------------------------------------------------------
10. Shared Dispositive Power
With
0
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
367,325 (See Explanation in Item 5)
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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)
6.2% (See Explanation in Item 5)
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14. Type of Reporting Person (See Instructions)
PN
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CUSIP No. 399817 10 5 Page 4 of 8
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1. Names Of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Raymond E. Cabillot
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
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3. SEC Use Only
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4. Source of Funds (See Instructions)
None
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5. Check 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
Minnesota
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7. Sole Voting Power
Number of
0
Shares -----------------------------------------------------------------
8. Shared Voting Power
Beneficially
367,325
Owned by Each -----------------------------------------------------------------
9. Sole Dispositive Power
Reporting
0
Person -----------------------------------------------------------------
10. Shared Dispositive Power
With
367,325
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
367,325 (See Item 5(b))
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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)
6.2%
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14. Type of Reporting Person (See Instructions)
IN
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CUSIP No. 399817 10 5 Page 5 of 8
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1. Names Of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Peter O. Haeg
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
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3. SEC Use Only
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4. Source of Funds (See Instructions)
None
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5. Check 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
Minnesota
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7. Sole Voting Power
Number of
0
Shares -----------------------------------------------------------------
8. Shared Voting Power
Beneficially
367,325
Owned by Each -----------------------------------------------------------------
9. Sole Dispositive Power
Reporting
0
Person -----------------------------------------------------------------
10. Shared Dispositive Power
With
367,325
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
303,647 (See Item 5(b))
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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)
6.2%
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14. Type of Reporting Person (See Instructions)
IN
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ITEM 1. SECURITY AND ISSUER
This statement relates to the common stock, no par value, of Winmark
Corporation, a Minnesota corporation ("Winmark" or the "Company" or the
"Issuer"). The address of the Company's principal executive offices is 4200
Dahlberg Drive, Suite 100, Golden Valley, MN 55422.
ITEM 2. IDENTITY AND BACKGROUND
(a) This Amendment to Schedule 13D is being filed by Farnam Street
Partners, L.P., a Minnesota Limited Partnership (the "Fund"), and by its General
Partner, Farnam Street Capital, Inc., a Minnesota corporation ("FSC"). Mr.
Raymond E. Cabillot is Chief Executive Officer and Chief Financial Officer and
Mr. Peter O. Haeg is President and Secretary of FSC. The Fund and FSC are making
this filing because they are the beneficial owner, pursuant to Rule 13d-3 under
the Securities Exchange Act of 1934 (the "Exchange Act"), of more than five
percent (5%) of the outstanding shares of Common Stock of the Issuer.
(b) The principal office of the Fund, FSC and Messrs. Cabillot and Haeg
is 3033 Excelsior Boulevard, Suite 300, Minneapolis, Minnesota 55416.
(c) The Fund was organized in January 1998 as a Minnesota Limited
Partnership. FSC is a Minnesota corporation. Its principal business activities
involve investing in equity securities of publicly traded companies, as well as
other types of securities.
(d) - (e) During the last five years, neither the Fund, FSC nor the
principals of its General Partner have been convicted in a criminal proceeding
(excluding traffic violations and similar misdemeanors) nor have the parties
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction as a result of which such individual was or is subject to
a judgment, decree, or final order enjoining future violations of, or
prohibiting, or mandating activity 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 aggregate purchase price of the purchases identified in response to Item
5(c) was $880,252.56. All such purchases were paid for with investment proceeds
from various limited partnership interests. All securities identified in
response to Item 5(c) were acquired by open market purchases.
ITEM 4. PURPOSE OF TRANSACTION
All of the shares of the Company owned by the Reporting Person were, at the time
of their purchase, acquired for investment purposes in the ordinary course of
business. FSC makes investments in companies that it believes are undervalued
and represent an attractive investment opportunity. FSC may from time to time
purchase additional shares of the Company's stock or dispose of all or some of
the shares.
Except as set forth in this Item 4, FSC has no present plans or proposal that
relates to or would result in any of the actions specified in clauses (a)
through (j) of Item 4 of Schedule 13D. FSC intends to review its investment in
the Issuer on a continuing basis and, depending on various factors, including,
without limitation, the Issuer's financial position and investment strategy, the
price levels of the common stock, conditions in the securities markets,
conditions in the industry and general economic conditions, may in the future
take such actions with respect to its investment in the Issuer as it deems
appropriate including, without limitation, purchasing additional shares of
common stock or selling some or all of its shares or to change its intention
with respect to any and all matters to in Item 4.
ITEM 5. INTEREST IN THE SECURITIES OF THE ISSUER
(a) FSC manages the Fund and a separate account which together
beneficially own 367,325 shares of common stock of the Issuer, representing 6.2%
of the shares outstanding. The Fund beneficially owns 261,253 shares of the
outstanding Common Stock of the Issuer, representing approximately 4.4% of the
Common Stock (based upon 5,964,796 shares outstanding on November 3, 2004, as
reported in the Issuer's most recent 10-Q filed on November 9, 2004).
(b) The Fund does not share voting and dispositive power with respect
to any shares. However, Messrs. Cabillot and Haeg, as officers of FSC, may be
deemed to have beneficial ownership of the shares reported in this Schedule 13D
by virtue of their shared voting and dispositive power. However, they disclaim
beneficial ownership and have no direct pecuniary interest in the shares.
(c) TRANSACTIONS WITHIN THE LAST 60 DAYS OR SINCE THE LAST FILING.
Trade No. of Price per
Date Shares share
-----------------------------------------
12/17/2004 300 $26.7300
12/21/2004 200 $26.7850
12/23/2004 200 $26.9500
12/29/2004 100 $26.5000
1/3/2005 2,600 $26.5935
1/4/2005 500 $26.5740
1/5/2005 200 $26.4700
1/7/2005 600 $26.4783
1/10/2005 600 $26.1700
1/11/2005 500 $26.0500
1/12/2005 1,000 $26.0500
1/13/2005 300 $25.9967
1/18/2005 200 $25.3500
1/19/2005 100 $25.7500
1/20/2005 2,000 $25.0000
1/21/2005 2,200 $24.8927
1/24/2005 500 $24.6460
2/1/2005 1,200 $24.9833
2/2/2005 1,000 $24.5000
2/3/2005 1,551 $24.9812
2/4/2005 1,400 $24.2571
2/7/2005 400 $24.8000
2/8/2005 2,500 $24.6536
2/9/2005 4,713 $24.0400
2/10/2005 2,300 $23.9100
2/11/2005 2,800 $23.3311
2/14/2005 5,900 $22.9941
(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS WITH RESPECT TO SECURITIES
OF THE ISSUER
There are no contracts, arrangements, understandings or relationships
between the Fund or FSC, on one hand, and any other person with respect to any
securities of the Issuer on the other hand.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
None
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, we
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 15, 2005 FARNAM STREET PARTNERS, L.P.
BY: FARNAM STREET CAPITAL, INC.,
General Partner
By: /s/ Raymond E. Cabillot
-------------------------------
Raymond E. Cabillot,
Chief Executive Officer
By: /s/ Peter O. Haeg
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Peter O. Haeg,
President
/s/ Raymond E. Cabillot
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RAYMOND E. CABILLOT
/s/ Peter O. Haeg
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PETER O. HAEG