0001193125-16-432579.txt : 20160119 0001193125-16-432579.hdr.sgml : 20160118 20160119170036 ACCESSION NUMBER: 0001193125-16-432579 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20160119 DATE AS OF CHANGE: 20160119 GROUP MEMBERS: JOHN H. LEWIS GROUP MEMBERS: OSMIUM CAPITAL II, LP GROUP MEMBERS: OSMIUM CAPITAL, LP GROUP MEMBERS: OSMIUM DIAMOND, LP GROUP MEMBERS: OSMIUM SPARTAN, LP SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CRA INTERNATIONAL, INC. CENTRAL INDEX KEY: 0001053706 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-LEGAL SERVICES [8111] IRS NUMBER: 042372210 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-55087 FILM NUMBER: 161348911 BUSINESS ADDRESS: STREET 1: 200 CLARENDON STREET STREET 2: T-33 CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 6174253000 MAIL ADDRESS: STREET 1: 200 CLARENDON STREET STREET 2: T-33 CITY: BOSTON STATE: MA ZIP: 02116 FORMER COMPANY: FORMER CONFORMED NAME: CHARLES RIVER ASSOCIATES INC DATE OF NAME CHANGE: 19980126 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Osmium Partners, LLC CENTRAL INDEX KEY: 0001316729 IRS NUMBER: 550793716 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 300 DRAKES LANDING ROAD STREET 2: SUITE 172 CITY: GREENBRAE STATE: CA ZIP: 94904 BUSINESS PHONE: (415) 785-4044 MAIL ADDRESS: STREET 1: 300 DRAKES LANDING ROAD STREET 2: SUITE 172 CITY: GREENBRAE STATE: CA ZIP: 94904 SC 13D 1 d111651dsc13d.htm SC 13D SC 13D

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

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.    )*

 

 

CRA International, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

12618T105

(CUSIP Number)

Osmium Partners, LLC

300 Drakes Landing Road, Suite 172

Greenbrae, CA 94904

Attention: John H. Lewis

Telephone: (415) 785-4044

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

January 6, 2016

(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(b) 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 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.)

 

 

 

CUSIP No. 12618T105  

 

  1.   

Names of reporting persons.

I.R.S. Identification Nos. of above persons (entities only).

 

John H. Lewis

  2.  

Check the appropriate box if a member of a group (see instructions)

(a)  ¨        (b)  x

 

  3.  

SEC use only

 

  4.  

Source of funds

 

    AF

  5.  

Check box if disclosure of legal proceeding is required pursuant to Items 2(d) or 2(e)    ¨

 

  6.  

Citizenship or place of organization

 

    United States

Number of

shares

beneficially

owned by

each

reporting

person

with:

 

      7.    

Sole voting power

 

    0

     8.   

Shared voting power

 

    498,129.0

     9.   

Sole dispositive power

 

    0

   10.   

Shared dispositive power

 

    498,129.0

11.  

Aggregate amount beneficially owned by each reporting person

 

    498,129.01

12.  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ¨

 

13.  

Percent of class represented by amount in Row (9)

 

    5.55%

14.  

Type of reporting person (see instructions)

 

    IN

 

1  Includes 7,700 shares of Common Stock issuable upon the exercise of Options exercisable within 60 days

CUSIP No. 12618T105  

 

  1.   

Names of reporting persons.

I.R.S. Identification Nos. of above persons (entities only).

 

Osmium Partners, LLC

  2.  

Check the appropriate box if a member of a group (see instructions)

(a)  ¨        (b)  x

 

  3.  

SEC use only

 

  4.  

Source of funds

 

    AF

  5.  

Check box if disclosure of legal proceeding is required pursuant to Items 2(d) or 2(e)    ¨

 

  6.  

Citizenship or place of organization

 

    Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with:

 

      7.    

Sole voting power

 

    0

     8.   

Shared voting power

 

    498,129.0

     9.   

Sole dispositive power

 

    0

   10.   

Shared dispositive power

 

    498,129.0

11.  

Aggregate amount beneficially owned by each reporting person

 

    498,129.02

12.  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ¨

 

13.  

Percent of class represented by amount in Row (9)

 

    5.55%

14.  

Type of reporting person (see instructions)

 

    IA, OO

 

2  Includes 7,700 shares of Common Stock issuable upon the exercise of Options exercisable within 60 days

CUSIP No. 12618T105  

 

  1.   

Names of reporting persons.

I.R.S. Identification Nos. of above persons (entities only).

 

Osmium Capital, LP

  2.  

Check the appropriate box if a member of a group (see instructions)

(a)  ¨        (b)  x

 

  3.  

SEC use only

 

  4.  

Source of funds

 

    WC

  5.  

Check box if disclosure of legal proceeding is required pursuant to Items 2(d) or 2(e)    ¨

 

  6.  

Citizenship or place of organization

 

    Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with:

 

      7.    

Sole voting power

 

    0

     8.   

Shared voting power

 

    225,361.0

     9.   

Sole dispositive power

 

    0

   10.   

Shared dispositive power

 

    225,361.0

11.  

Aggregate amount beneficially owned by each reporting person

 

    225,361.03

12.  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ¨

 

13.  

Percent of class represented by amount in Row (9)

 

    2.51%

14.  

Type of reporting person (see instructions)

 

    PN

 

3  Includes 3,200 shares of Common Stock issuable upon the exercise of Options exercisable within 60 days

CUSIP No. 12618T105  

 

  1.   

Names of reporting persons.

I.R.S. Identification Nos. of above persons (entities only).

 

Osmium Capital II, LP

  2.  

Check the appropriate box if a member of a group (see instructions)

(a)  ¨        (b)  x

 

  3.  

SEC use only

 

  4.  

Source of funds

 

    WC

  5.  

Check box if disclosure of legal proceeding is required pursuant to Items 2(d) or 2(e)    ¨

 

  6.  

Citizenship or place of organization

 

    Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with:

 

      7.    

Sole voting power

 

    0

     8.   

Shared voting power

 

    127,566.0

     9.   

Sole dispositive power

 

    0

   10.   

Shared dispositive power

 

    127,566.0

11.  

Aggregate amount beneficially owned by each reporting person

 

    127,566.04

12.  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ¨

 

13.  

Percent of class represented by amount in Row (9)

 

    1.42%

14.  

Type of reporting person (see instructions)

 

    PN

 

4  Includes 2,000 shares of Common Stock issuable upon the exercise of Options exercisable within 60 days

CUSIP No. 12618T105  

 

  1.   

Names of reporting persons.

I.R.S. Identification Nos. of above persons (entities only).

 

Osmium Spartan, LP

  2.  

Check the appropriate box if a member of a group (see instructions)

(a)  ¨        (b)  x

 

  3.  

SEC use only

 

  4.  

Source of funds

 

    WC

  5.  

Check box if disclosure of legal proceeding is required pursuant to Items 2(d) or 2(e)    ¨

 

  6.  

Citizenship or place of organization

 

    Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with:

 

      7.    

Sole voting power

 

    0

     8.   

Shared voting power

 

    57,700.0

     9.   

Sole dispositive power

 

    0

   10.   

Shared dispositive power

 

    57,700.0

11.  

Aggregate amount beneficially owned by each reporting person

 

    57,700.05

12.  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ¨

 

13.  

Percent of class represented by amount in Row (9)

 

    0.64%

14.  

Type of reporting person (see instructions)

 

    PN

 

5  Includes 1,500 shares of Common Stock issuable upon the exercise of Options exercisable within 60 days

CUSIP No. 12618T105  

 

  1.   

Names of reporting persons.

I.R.S. Identification Nos. of above persons (entities only).

 

Osmium Diamond, LP

  2.  

Check the appropriate box if a member of a group (see instructions)

(a)  ¨        (b)  x

 

  3.  

SEC use only

 

  4.  

Source of funds

 

    WC

  5.  

Check box if disclosure of legal proceeding is required pursuant to Items 2(d) or 2(e)    ¨

 

  6.  

Citizenship or place of organization

 

    Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with:

 

      7.    

Sole voting power

 

    0

     8.   

Shared voting power

 

    87,502.0

     9.   

Sole dispositive power

 

    0

   10.   

Shared dispositive power

 

    87,502.0

11.  

Aggregate amount beneficially owned by each reporting person

 

    87,502.06

12.  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ¨

 

13.  

Percent of class represented by amount in Row (9)

 

    0.98%

14.  

Type of reporting person (see instructions)

 

    PN

 

6  Includes 1,000 shares of Common Stock issuable upon the exercise of Options exercisable within 60 days

ITEM 1. Security and Issuer

The name of the issuer is CRA International, Inc. (the “Issuer”). The principal executive office of the Issuer is located at 200 Clarendon Street, Boston, MA 02116.

ITEM 2. Identity and Background

(a)-(c) and (f) The names of the persons jointly filing this statement on Schedule 13D (the “Reporting Persons”) are: (1) Osmium Capital, LP, a Delaware limited partnership (“Fund I”); (2) Osmium Capital II, LP, a Delaware limited partnership (“Fund II”); (3) Osmium Spartan, LP, a Delaware limited partnership (“Fund III”) (4) Osmium Diamond, LP (“Fund IV”, and collectively with Fund I, Fund II, and Fund III, the “Funds”); (5) Osmium Partners, LLC, a Delaware limited liability company (“Osmium Partners”); and (6) John H. Lewis, a United States citizen (“Mr. Lewis”). Osmium Partners serves as the general partner of Fund I, Fund II, Fund III and Fund IV. Mr. Lewis is the controlling member of Osmium Partners.

The principal business of each of Fund I, Fund II, Fund III and Fund IV is that of a private investment vehicle engaged in investing and trading in a wide variety of securities and financial instruments for its own account. The principal business of Osmium Partners is providing investment management services and serving as the general partner of Fund I, Fund II, Fund III and Fund IV. Mr. Lewis’ principal occupation is serving as the Managing Member of Osmium Partners.

(d)–(e) During the last five years, none of the Reporting Persons have been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities 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 source and amount of funds (excluding commissions) used by the Funds in making their purchase of the shares of Common Stock, which includes Common Stock issuable upon the exercise of Options exercisable within 60 days (“Options”), owned by each of them in the aggregate was $11,830,017.91 from working capital.

One or more of the Reporting Persons effect purchases of securities through margin accounts which may extend margin credit to the Reporting Persons as and when required to open or carry positions in the margin accounts, subject to applicable federal margin regulations, stock exchange rules and brokers’ credit policies. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the accounts.

ITEM 4. Purpose of Transaction

The Reporting Persons have acquired the Issuer’s Common Stock for investment purposes, and such purchases have been made in the Reporting Persons’ ordinary course of business.

In pursuing such investment purposes, the Reporting Persons may further purchase, hold, vote, trade, dispose or otherwise deal in the Common Stock at times, and in such manner, as they deem advisable to benefit from changes in market prices of such Common Stock, changes in the Issuer’s operations, business strategy or prospects, or from sale or merger of the Issuer. To evaluate such alternatives, the Reporting Persons will routinely monitor the Issuer’s operations, prospects, business development, management, competitive and strategic matters, capital structure, and prevailing market conditions, as well as alternative investment opportunities, liquidity requirements of the Reporting Persons and other investment considerations. Consistent with its investment research methods and evaluation criteria, the Reporting Persons may discuss such matters with management or directors of the Issuer, other shareholders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit and other investors. Such factors and discussions may materially affect, and result in, the Reporting Persons’ modifying their ownership of the Issuer’s Common Stock, exchanging information with the Issuer pursuant to appropriate confidentiality or similar agreements, proposing changes in the Issuer’s operations, governance or capitalization, or in proposing one or more of the other actions described in subsections (a) through (j) of Item 4 of Schedule 13D.

The Reporting Persons reserve the right to formulate other plans and/or make other proposals, and take such actions with respect to their investment in the Issuer, including any or all of the actions set forth in paragraphs (a) through (j) of Item 4 of Schedule 13D, or acquire additional shares or dispose of all the shares beneficially owned by them, in the public market or privately negotiated transactions. The Reporting Persons may at any time reconsider and change their plans or proposals relating to the foregoing.

ITEM 5. Interest in Securities of the Issuer

(a) The Reporting Persons beneficially own:

 

  (i) Fund I directly owns 225,361.00 shares of Common Stock, including 3,200.00 shares of Common Stock issuable upon the exercise of Options exercisable within 60 days, representing 2.51% of all of the outstanding shares of Common Stock of the Issuer.

 

  (ii) Fund II directly owns 127,566.00 shares of Common Stock, including 2,000.00 shares of Common Stock issuable upon the exercise of Options exercisable within 60 days, representing 1.42% of all of the outstanding shares of Common Stock of the Issuer.

 

  (iii) Fund III directly owns 57,700.00 shares of Common Stock, including 1,500.00 shares of Common Stock issuable upon the exercise of Options exercisable within 60 days, representing 0.64% of all of the outstanding shares of Common Stock of the Issuer.

 

  (iv) Fund IV directly owns 87,502.00 shares of Common Stock, including 1,000.00 shares of Common Stock issuable upon the exercise of Options exercisable within 60 days, representing 0.98% of all of the outstanding shares of Common Stock of the Issuer.

 

  (v) Osmium Partners, as the general partner of each of the Funds, may be deemed to beneficially own the 498,129.00 shares of Common Stock held by them, including 7,700.00 shares of Common Stock issuable upon the exercise of Options exercisable within 60 days, representing 5.55% of all of the outstanding shares of Common Stock of the Issuer.

 

  (vi) Mr. Lewis individually does not own any shares of Common Stock or Options. However, Mr. Lewis may be deemed to be the beneficial owner of the shares of Common Stock and Options beneficially owned by Osmium Partners.

 

  (vii) Collectively, the Reporting Persons beneficially own 498,129.00 shares of Common Stock, including 7,700.00 shares of Common Stock issuable upon the exercise of Options exercisable within 60 days, representing 5.55% of all of the outstanding shares of Common Stock.

Each Reporting Person disclaims beneficial ownership with respect to any shares of Common Stock other than the shares owned directly and of record by such Reporting Person.

The percentages set forth in this response are based on the 8,968,298 shares of Common Stock outstanding as of October 29, 2015, as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended October 3, 2015 as filed with the SEC on November 3, 2015.

(b) Osmium Partners and Mr. Lewis may be deemed to share with Fund I, Fund II, Fund III and Fund IV (and not with any third party) the power to vote or direct the vote of and to dispose or direct the disposition of the 225,361.00 shares of Common Stock, 127,566.00 shares of Common Stock, 57,700.00 shares of Common Stock and 87,502.00 shares of Common Stock reported herein, respectively.

(c) The following Reporting Persons engaged in the following open-market transactions with respect to the Issuer’s Common Stock during the last 60 days:

Osmium Capital, LP

 

Transaction Date    Number
of
Shares		      Price
per
Share		      Type of Transaction

11/20/2015

      2         0      

Option Expiration

11/20/2015

      904         22.56      

Sale

11/20/2015

      1000         22.56      

Sale

11/20/2015

      2996         22.56      

Sale

11/20/2015

      800         22.56      

Sale

11/20/2015

      1300         22.56      

Sale

11/20/2015

      2400         25.3377      

Option Exercise

11/20/2015

      24         2.8377      

Option Exercise

11/20/2015

      4600         25.3377      

Option Exercise

11/20/2015

      46         2.8377      

Option Exercise

11/20/2015

      2000         24.9909      

Option Exercise

11/20/2015

      20         2.4909      

Option Exercise

12/15/2015

      1800         18.75      

Purchase

12/18/2015

      12500         18.1495      

Purchase

12/22/2015

      1000         19      

Purchase

12/28/2015

      2000         18.95      

Purchase

12/30/2015

      3000         19.0034      

Purchase

1/5/2016

      9500         19.5857      

Purchase

1/6/2016

      10000         19.4192      

Purchase

1/8/2016

      6500         18.939      

Purchase

1/11/2016

      6000         19.1537      

Purchase

1/13/2016

      6000         19.0833      

Purchase

1/14/2016

      1500         19.36      

Purchase

1/15/2016

      2000         18.5      

Purchase

Osmium Capital II, LP

 

Transaction Date   

Number

of

Shares

     

Price

per

Share

      Type of Transaction

11/20/2015

      1         0      

Option Expiration

11/20/2015

      1000         22.56      

Sale

11/20/2015

      700         22.56      

Sale

11/20/2015

      460         22.56      

Sale

11/20/2015

      840         22.56      

Sale

11/20/2015

      1200         24.9909      

Option Exercise

11/20/2015

      12         2.4909      

Option Exercise

11/20/2015

      2900         25.3377      

Option Exercise

11/20/2015

      29         2.8377      

Option Exercise

11/20/2015

      600         25.3377      

Option Exercise

11/20/2015

      6         2.8377      

Option Exercise

12/15/2015

      200         18.75      

Purchase

12/18/2015

      1500         18.1495      

Purchase

12/30/2015

      3000         19.0034      

Purchase

1/4/2016

      966         18.6      

Purchase

1/4/2016

      5000         19.0087      

Purchase

1/5/2016

      8500         19.5857      

Purchase

1/6/2016

      5000         19.4192      

Purchase

1/8/2016

      3500         18.939      

Purchase

1/11/2016

      2000         19.1537      

Purchase

1/13/2016

      4000         19.0833      

Purchase

1/14/2016

      500         19.36      

Purchase

1/15/2016

      1000         18.5      

Purchase

Osmium Spartan, LP

 

Transaction Date   

Number

of

Shares

     

Price

per

Share

      Type of Transaction

11/20/2015

      35         0.1693      

Option Sale

11/20/2015

      12         0.1693      

Option Sale

1/11/2016

      2500         19.1537      

Purchase

Osmium Diamond, LP

 

Transaction Date   

Number

of

Shares

     

Price

per

Share

      Type of Transaction

11/20/2015

      1200         24.9909      

Option Exercise

11/20/2015

      12         2.4909      

Option Exercise

11/20/2015

      3         0.1693      

Option Sale

11/20/2015

      25         0.1693      

Option Sale

11/20/2015

      2000         22.56      

Sale

12/24/2015

      3000         18.83      

Purchase

12/29/2015

      6000         19.2259      

Purchase

12/31/2015

      6000         18.871      

Purchase

1/8/2016

      3000         18.939      

Purchase

1/12/2016

      2000         19.5      

Purchase

1/14/2016

      3000         19.36      

Purchase

Other than the foregoing, no transactions in the Common Stock have been effected by the Reporting Persons in the last sixty (60) days.

(d) Not applicable.

(e) Not applicable.

ITEM 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

Not applicable.

ITEM 7. Material to be Filed as Exhibits.

 

Exhibit 1    Joint Filing Agreement (filed herewith)

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated: January 19, 2016

 

John H. Lewis
Osmium Partners, LLC
Osmium Capital, LP
Osmium Capital II, LP
Osmium Spartan, LP
Osmium Diamond, LP
By:  

/s/ John H. Lewis

John H. Lewis, for himself and as
Managing Member of Osmium Partners,
LLC, for itself and as General Partner of
Osmium Capital, LP, Osmium Capital II, LP, Osmium Spartan, LP and Osmium Diamond, LP

EXHIBIT INDEX

 

Exhibit

No.

   

Document

1.    Joint Filing Agreement
 EX-99.1 2 d111651dex991.htm EX-99.1 EX-99.1

Exhibit 1

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Common Stock of CRA International, Inc., and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filing. In evidence thereof, the undersigned hereby execute this Agreement.

Dated: January 19, 2016

 

John H. Lewis
Osmium Partners, LLC
Osmium Capital, LP
Osmium Capital II, LP
Osmium Spartan, LP
Osmium Diamond, LP
By:  

/s/ John H. Lewis

John H. Lewis, for himself and as

Managing Member of Osmium Partners,

LLC, for itself and as General Partner of

Osmium Capital, LP, Osmium Capital II, LP, Osmium Spartan, LP and Osmium Diamond, LP