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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. 10)1
PIZZA INN, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01 PER SHARE
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(Title of class of securities)
725848 10 5
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(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
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(Name, address and telephone number of person
authorized to receive notices and communications)
March 8, 2006
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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), 13d-1(f) or 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 Rule 13d-7
for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 10 Pages)
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1 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 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).
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CUSIP No. 725848 10 5 13D Page 2 of 10 pages
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================================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NEWCASTLE PARTNERS, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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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 ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 3,946,125
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,946,125
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,946,125
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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)
38.9%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 725848 10 5 13D Page 3 of 10 pages
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================================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NEWCASTLE CAPITAL MANAGEMENT, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 3,946,125
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,946,125
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,946,125
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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)
38.9%
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14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 725848 10 5 13D Page 4 of 10 pages
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================================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NEWCASTLE CAPITAL GROUP, L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 3,946,125
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,946,125
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,946,125
- --------------------------------------------------------------------------------
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)
38.9%
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14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 725848 10 5 13D Page 5 of 10 pages
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================================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MARK E. SCHWARZ
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO, PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 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
SHARES
BENEFICIALLY 3,966,125
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,966,125
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,966,125
- --------------------------------------------------------------------------------
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)
39.1%
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14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 725848 10 5 13D Page 6 of 10 pages
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================================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
STEVEN J. PULLY
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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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 ITEM 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
SHARES
BENEFICIALLY 8,929
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
8,929
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
8,929
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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)
less than 1%
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14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 725848 10 5 13D Page 7 of 10 pages
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The following statement constitutes Amendment No. 10 to the Schedule 13D
filed by the undersigned (the "Statement"). Except as specifically amended by
this Amendment No. 10, the Statement remains in full force and effect.
Item 3 is hereby amended and restated as follows:
The net investment cost (including commissions, if any) of the shares of
Common Stock held directly by NP was approximately $9,593,157, all of which was
obtained from NP's working capital. The net investment cost (including
commissions, if any) of the shares of Common Stock held directly by Mr. Schwarz
(excludes stock options held by Mr. Schwarz and shares of Common Stock
beneficially owned by NP that Mr. Schwarz may also be deemed to beneficially
own) was approximately $30,875, all of which was obtained from personal funds of
Mr. Schwarz. Neither of NCM or NCG directly owns any shares of Common Stock.
The net investment cost (including commissions, if any) of the shares of
Common Stock held directly by Mr. Pully was approximately $23,952, all of which
was obtained from personal funds of Mr. Pully.
Item 5(a) is hereby amended and restated as follows:
(a) The aggregate percentage of shares of Common Stock reported to be owned
by the Reporting Persons is based upon 10,138,494 shares of Common Stock
outstanding as of January 30, 2006, as reported in the Company's Form 10-Q as
filed with the Securities and Exchange Commission on February 7, 2006.
As of the filing date of this Statement, NP beneficially owned 3,946,125
shares of Common Stock, representing approximately 38.9% of the Company's issued
and outstanding Common Stock.
NCM, as the general partner of NP, may be deemed to beneficially own the
3,946,125 shares of Common Stock beneficially owned by NP, representing
approximately 38.9% of the issued and outstanding Common Stock.
NCG, as the general partner of NCM, which in turn is the general partner of
NP, may also be deemed to beneficially own the 3,946,125 shares of Common Stock
beneficially owned by NP, representing approximately 38.9% of the issued and
outstanding Common Stock.
Mark E. Schwarz, as the managing member of NCG, the general partner of NCM,
which in turn is the general partner of NP, may also be deemed to beneficially
own the 3,946,125 shares of Common Stock beneficially owned by NP, representing
approximately 38.9% of the issued and outstanding Common Stock. In addition, Mr.
Schwarz directly owns 15,000 shares of Common Stock and 5,000 shares of Common
Stock underlying currently exercisable stock options, which, together with the
Common Stock held by NP, represents approximately 39.1% of the issued and
outstanding Common Stock.
As of the filing date of this Statement, Steven J. Pully beneficially owned
8,929 shares of Common Stock, representing in the aggregate less than 1% of the
Company's issued and outstanding Common Stock.
The filing of this Statement and any future amendment by the Reporting
Persons, and the inclusion of information herein and therein, shall not be
considered an admission that any of such persons, for the purpose of Section
13(d) of the Act, or otherwise, are the beneficial owners of any shares of
Common Stock in which such persons do not have a pecuniary interest.
Item 5(b)is hereby amended and restated as follows:
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CUSIP No. 725848 10 5 13D Page 8 of 10 pages
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(b) By virtue of his position with NP, NCM and NCG, Mark Schwarz has the
sole power to vote and to dispose of the 3,946,125 shares of Common Stock, or
38.9% of the issued and outstanding shares of Common Stock, beneficially owned
by the Newcastle Control Persons. Mr. Schwarz has the sole power to vote and to
dispose of the 15,000 shares of Common Stock he holds directly and the 5,000
shares of Common Stock underlying his currently exercisable stock options,
which, together with the Common Stock held by NP, represents approximately 39.1%
of the issued and outstanding Common Stock.
Steven J. Pully has the sole power to vote and to dispose of the 8,929
shares of Common Stock held directly by Mr. Pully, or less than 1% of the issued
and outstanding shares of Common Stock.
Item 5(c) is hereby amended to add the following:
Schedule A annexed hereto lists all transactions by the Reporting Persons
in the Company's Common Stock during the past sixty days. All of such
transactions were effected in the open market.
[Signature Page Follows]
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CUSIP No. 725848 10 5 13D Page 9 of 10 pages
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SIGNATURES
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After due inquiry and to the best of his knowledge and belief, each of
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: March 21, 2006 NEWCASTLE PARTNERS, L.P.
By: Newcastle Capital Management, L.P., its
general partner
By: Newcastle Capital Group, L.L.C., its
general partner
By: /s/ Mark E. Schwarz
---------------------------------------
Mark E. Schwarz, Managing Member
NEWCASTLE CAPITAL MANAGEMENT, L.P.
By: Newcastle Capital Group, L.L.C., its
general partner
By: /s/ Mark E. Schwarz
---------------------------------------
Mark E. Schwarz, Managing Member
NEWCASTLE CAPITAL GROUP, L.L.C.
By: /s/ Mark E. Schwarz
---------------------------------------
Mark E. Schwarz, Managing Member
/s/ Mark E. Schwarz
-------------------------------------------
MARK E. SCHWARZ
/s/ Steven J. Pully
-------------------------------------------
STEVEN J. PULLY
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CUSIP No. 725848 10 5 13D Page 10 of 10 pages
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SCHEDULE A
Transactions in the Shares of Common Stock During the Past Sixty Days
---------------------------------------------------------------------
Shares of Common Stock Price Per Date of
Purchased Share($) Purchase
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NEWCASTLE PARTNERS, L.P.
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2,000 2.65 1/18/06
12,000 2.65 1/23/06
40,000 2.74 2/03/06
2,000 2.76 2/06/06
2,000 2.76 2/08/06
8,000 2.75 3/03/06
9,718 2.75 3/07/06
2,000 2.76 3/08/06
6,853 2.75 3/09/06
6,000 2.75 3/13/06
2,800 2.76 3/17/06
NEWCASTLE CAPITAL MANAGEMENT, L.P.
----------------------------------
None
NEWCASTLE CAPITAL GROUP, L.L.C.
-------------------------------
None
MARK E. SCHWARZ
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None
STEVEN J. PULLY
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None