Hedge funds rarely cross the 10% ownership threshold in publicly traded companies because they technically become an insider and will be subject to more regulations. So, they only do this when they are extremely convinced about the prospects of a stock. Well, Stadium Capital Management, already the biggest hedge fund holder of Computer Programs & Systems Inc (NASDAQ:CPSI), disclosed a 10.2% stake in the company. Stadium Capital owned 870K shares, worth $23 million, of CPSI at the end of September.
Ownership Summary Table
Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
---|---|---|---|---|---|---|
Stadium Capital Management GP | 0 | 1,379,151 | 0 | 1,379,151 | 1,379,151 | 10.2% |
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Page 1 of 11 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Computer Programs & Systems, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
205306103
(CUSIP Number)
December 22, 2016
(Date of Event Which Requires Filing of this
Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
[XX] Rule 13d-1(b)
[XX] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* 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 disclosures 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 currently valid OMB control number.
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Page 2 of 11 – SEC Filing
1. | Names of Reporting Persons. Stadium Capital Management, LLC |
2. Check the Appropriate Box if
a Member of a Group (See Instructions)
(a) XXX
(b) ______
3. SEC Use Only
4. Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person With: | 5. Sole Voting Power -0- |
6. Shared Voting Power 1,379,151 | |
7. Sole Dispositive Power -0- | |
8. Shared Dispositive Power 1,379,151 |
9. Aggregate Amount Beneficially
Owned by Each Reporting Person 1,379,151
10. Check if the Aggregate Amount
in Row (9) Excludes Certain Shares (See
Instructions) ______
11. Percent of Class Represented
by Amount in Row (9) 10.2%
12. | Type of Reporting Person (See Instructions) |
OO, IA
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Page 3 of 11 – SEC Filing
1. | Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Stadium Capital Management GP, L.P. |
2. Check the Appropriate Box if
a Member of a Group (See Instructions)
(a) XX
(b) ______
3. SEC Use Only
4. Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person With: | 5. Sole Voting Power -0- |
6. Shared Voting Power 1,379,151 | |
7. Sole Dispositive Power -0- | |
8. Shared Dispositive Power 1,379,151 |
9. Aggregate Amount Beneficially
Owned by Each Reporting Person 1,379,151
10. Check if the Aggregate Amount
in Row (9) Excludes Certain Shares (See
Instructions) ______
11. Percent of Class Represented
by Amount in Row (9) 10.2%
12. | Type of Reporting Person (See Instructions) |
PN
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Page 4 of 11 – SEC Filing
1. | Names of Reporting Persons. Stadium Capital Partners, L.P. |
2. Check the Appropriate Box if
a Member of a Group (See Instructions)
(a) ______
(b) XXX
3. SEC Use Only
4. Citizenship or Place of Organization
California
Number of Shares Beneficially Owned by Each Reporting Person With: | 5. Sole Voting Power -0- |
6. Shared Voting Power 1,254,593 | |
7. Sole Dispositive Power -0- | |
8. Shared Dispositive Power 1,254,593 |
9. Aggregate Amount Beneficially
Owned by Each Reporting Person 1,254,593
10. Check if the Aggregate Amount
in Row (9) Excludes Certain Shares (See
Instructions) ______
11. Percent of Class Represented
by Amount in Row (9) 9.3%
12. | Type of Reporting Person (See Instructions) |
PN
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Page 5 of 11 – SEC Filing
1. | Names of Reporting Persons. Alexander M. Seaver |
2. Check the Appropriate Box if
a Member of a Group (See Instructions)
(a) XXX
(b) ______
3. SEC Use Only
4. Citizenship or Place of Organization
United States
Number of Shares Beneficially Owned by Each Reporting Person With: | 5. Sole Voting Power -0- |
6. Shared Voting Power 1,379,151 | |
7. Sole Dispositive Power -0- | |
8. Shared Dispositive Power 1,379,151 |
9. Aggregate Amount Beneficially
Owned by Each Reporting Person 1,379,151
10. Check if the Aggregate Amount
in Row (9) Excludes Certain Shares (See
Instructions) ______
11. Percent of Class Represented
by Amount in Row (9) 10.2%
12. | Type of Reporting Person (See Instructions) |
IN
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Page 6 of 11 – SEC Filing
1. | Names of Reporting Persons. Bradley R. Kent |
2. Check the Appropriate Box if
a Member of a Group (See Instructions)
(a) XXX
(b) ______
3. SEC Use Only
4. Citizenship or Place of Organization
United States
Number of Shares Beneficially Owned by Each Reporting Person With: | 5. Sole Voting Power -0- |
6. Shared Voting Power 1,379,151 | |
7. Sole Dispositive Power -0- | |
8. Shared Dispositive Power 1,379,151 |
9. Aggregate Amount Beneficially
Owned by Each Reporting Person 1,379,151
10. Check if the Aggregate Amount
in Row (9) Excludes Certain Shares (See
Instructions) ______
11. Percent of Class Represented
by Amount in Row (9) 10.2%
12. | Type of Reporting Person (See Instructions) |
IN
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Page 7 of 11 – SEC Filing
Item 1.
(a) Name of Issuer
Computer Programs & Systems, Inc.
(b) Address of Issuer’s Principal
Executive Offices
6600 Wall Street, Mobile, AL 36695
Item 2.
(a) | The names of the persons filing this statement are: Stadium Capital Management, LLC (“SCM”); Stadium Capital Management GP, L.P. (“SCMGP”);Alexander M. Seaver (“Seaver”); Bradley R. Kent (“Kent”); and Stadium Capital Partners, L.P. (“SCP”)(collectively, the “Filers”). SCP and SCMGP are filing this statement jointly with the other Filers, but not as a member of a group and expressly disclaims membership in a group. |
(b) | The principal business office of the Filers is located at: 199 Elm Street, New Canaan, CT 06840-5321 |
(c) | For citizenship of Filers, see Item 4 of the cover sheet for each Filer. |
(d) | This statement relates to shares of common stock of the Issuer (the “Stock”). |
(e) | The CUSIP number of the Issuer is: 205306103 |
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Page 8 of 11 – SEC Filing
Item 3. If this statement is
filed pursuant to rule 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered
under section 15 of the Act (15 U.S.C. 78o).
(b) [ ] Bank as defined in section
3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as
defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
(d) [ ] Investment company registered
under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e) [XX] An investment
adviser in accordance with section 240.13d-1(b)(1)(ii)(E).
(f) [ ] An employee benefit plan
or endowment fund in accordance with section 240.13d-1(b)(1)(ii)(F).
(g) [XX] A parent holding
company or control person in accordance with 240.13d-1(b)(1)(ii)(G) (as to Seaver and Kent).
(h) [ ] A savings association
as defined in section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(i) [ ] A church plan that is
excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3).
(j) [ ] A non-U.S. institution
in accordance with §240.13d-1(b)(ii)(J).
(k) [ ] Group, in accordance
with Rule 13d-1(b)(1)(ii)(K).
If filing as a non-U.S. institution
in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution _______________________________________________________________.
Item 4. Ownership.
See Items 5-9 and 11 of the cover page for each Filer.
Item 5. Ownership of Five Percent
or Less of a Class
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check
the following [ ].
Item 6. Ownership of More than
Five Percent on Behalf of Another Person.
SCP is an investment limited partnership, the general partner of
which is SCMGP. SCM is the general partner of SCMGP, and an investment adviser whose clients have the right to receive or the power
to direct the receipt of dividends from, or the proceeds from the sale of, the Stock. Seaver and Kent are the Managing Members
of SCM.
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Page 9 of 11 – SEC Filing
Item 7. Identification and Classification
of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of
the Group.
See Item 2(a) of this Schedule.
Item 9. Notice of Dissolution
of Group
Not applicable.
Item 10. Material to Be Filed as Exhibits
Agreement Regarding Joint Filing of Statement on Schedule
13D or 13G.
Item 11. Certification.
The following Certification is made by SCM, Kent and Seaver.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and
are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
The following Certification is made by SCP and SCMGP.
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Page 10 of 11 – SEC Filing
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant
in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and correct.
Dated: January 5, 2017
STADIUM CAPITAL MANAGEMENT, LLC By: /S/ Bradley R. Kent, Manager | /S/ Alexander M. Seaver
/S/ Bradley R. Kent |
STADIUM CAPITAL PARTNERS, L.P. By: Stadium Capital Management GP, L.P. General Partner By: Stadium Capital Management, LLC General Partner By: /S/ Bradley R. Kent, Manager
| STADIUM CAPITAL MANAGEMENT GP, L.P. By: Stadium Capital Management, LLC General Partner By: /S/ Bradley R. Kent, Manager |
10 |
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Page 11 of 11 – SEC Filing
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with
the Securities and Exchange Commission (the “SEC”) any and all statements on Schedule 13D or Schedule 13G (and any amendments
or supplements thereto) required under section 13(d) of the Securities Exchange Act of 1934, as amended, in connection with purchases
by the undersigned of the common stock of Computer Programs & Systems, Inc. For that purpose, the undersigned hereby constitute
and appoint Stadium Capital Management, LLC a Delaware limited liability company, as their true and lawful agent and attorney-in-fact,
with full power and authority for and on behalf of the undersigned to prepare or cause to be prepared, sign, file with the SEC
and furnish to any other person all certificates, instruments, agreements and documents necessary to comply with section 13(d)
and section 16(a) of the Securities Exchange Act of 1934, as amended, in connection with said purchases, and to do and perform
every act necessary and proper to be done incident to the exercise of the foregoing power, as fully as the undersigned might or
could do if personally present.
Dated: September 27, 2016
STADIUM CAPITAL MANAGEMENT, LLC By: /S/ Bradley R. Kent, Manager | /S/ Alexander M. Seaver
/S/ Bradley R. Kent |
STADIUM CAPITAL PARTNERS, L.P. By: Stadium Capital Management GP, L.P. General Partner By: Stadium Capital Management, LLC General Partner By: /S/ Bradley R. Kent, Manager
| STADIUM CAPITAL MANAGEMENT GP, L.P. By: Stadium Capital Management, LLC General Partner By: /S/ Bradley R. Kent, Manager |