13F-HR 1 cannell13f-1qtr2007.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter March 31, 2007 Ended: -------------------- Check here if Amendment [|_|]; Amendment Number: ------ This Amendment (Check only one.): [] is a restatement. [] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Cannell Capital LLC ------------------------------------- Address: P.O. Box 3459 ------------------------------------- 240 E. Deloney Ave. ------------------------------------- Jackson, WY 83001 ------------------------------------- Form 13F File Number: 28- 6453 -------- The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: J. Carlo Cannell ------------------------------------- Title: Managing Member ------------------------------------- Phone: 415-835-8300 ------------------------------------- Signature, Place, and Date of Signing: /s/ J. Carlo Cannell Jackson, WY 05/15/2007 ------------------------ ------------------------- ---------- [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 -------------- Form 13F Information Table Entry 76 Total: -------------- Form 13F Information Table value $ 785,832 Total: -------------- (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] NONE

--------------------------------------------------------------------------------------------------------------------- COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 --------------------------------------------------------------------------------------------------------------------- TITLE OF CUSIP VALUE SHS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS (x$1000) PRN AMT PRN CALL DISCRETION MGRS SOLE SHARED NONE --------------------------------------------------------------------------------------------------------------------- ACME UNITED CORP CMN COMMON 004816104 2,342 168,500 SH SOLE 168,500 - ACUITY BRANDS INC CMN COMMON 00508y102 17,230 316,491 SH SOLE 240,932 75,559 ALTRA HOLDINGS, INC. CMN COMMON 02208r106 13,710 1,000,000 SH SOLE 702,600 297,400 AMERON INTERNATIONAL CORP CMN COMMON 030710107 1,765 26,800 SH SOLE 26,800 - BALLY TOTAL FITNESS HOLDING COCOMMON 05873k108 24 40,000 SH SOLE 40,000 - BRONCO DRILLING COMPANY, INC. COMMON 112211107 11,930 720,000 SH SOLE 548,500 171,500 CANTEL MEDICAL CORP. CMN COMMON 138098108 1,782 115,800 SH SOLE 115,800 - CARDIAC SCIENCE CORPORATION CMCOMMON 14141a108 19,627 2,145,062 SH SOLE 1,527,403 617,659 CARRIAGE SERVICES, INC. CMN COMMON 143905107 2,478 306,300 SH SOLE 306,300 - CHANNELL COMMERCIAL CORP CMN COMMON 159186105 2,134 536,137 SH SOLE 536,137 - CHEROKEE INTERNATIONAL CORP CMCOMMON 164450108 145 25,744 SH SOLE 25,744 - CITIZENS FIRST BANCORP INC DELCOMMON 17461r106 1,595 70,000 SH SOLE 70,000 - CLARCOR INC CMN COMMON 179895107 477 15,000 SH SOLE 15,000 - COMFORT SYSTEMS USA INC COMMONCOMMON 199908104 33,544 2,800,000 SH SOLE 1,950,100 849,900 COMMERCIAL METALS CO CMN COMMON 201723103 8,308 265,000 SH SOLE 202,300 62,700 CONNECTICUT WTR SVC CMN COMMON 207797101 432 17,950 SH SOLE 17,950 - COST-U-LESS INC CMN COMMON 221492101 1,121 125,000 SH SOLE 125,000 - CROWN HOLDINGS INC CMN COMMON 228368106 54,057 2,210,000 SH SOLE 1,653,200 556,800 DRUGSTORE.COM INC CMN COMMON 262241102 17,854 6,920,000 SH SOLE 4,798,000 2,122,000 EASTERN INS HLDGS INC CMN COMMON 276534104 3,363 224,500 SH SOLE 224,500 - ENNIS INC CMN COMMON 293389102 16,859 630,000 SH SOLE 437,579 192,421 ENPRO INDUSTRIES, INC. CMN COMMON 29355x107 22,304 618,700 SH SOLE 473,600 145,100 FUNDTECH LTD CMN COMMON m47095100 38,528 2,800,000 SH SOLE 2,180,617 619,383 GENERAL CABLE CORP CMN COMMON 369300108 38,918 728,400 SH SOLE 537,150 191,250 GERBER SCIENTIFIC INC CMN COMMON 373730100 5,836 550,000 SH SOLE 550,000 - GOODMAN GLOBAL, INC. CMN COMMON 38239a100 13,215 750,000 SH SOLE 511,612 238,388 GORMAN-RUPP CO CMN COMMON 383082104 2,242 70,000 SH SOLE 70,000 - GREENFIELD ONLINE, INC. CMN COMMON 395150105 22,748 1,430,719 SH SOLE 1,007,619 423,100 GRIFFON CORPORATION CMN COMMON 398433102 12,499 505,000 SH SOLE 349,600 155,400 H&E EQUIPMENT SERVICES INC CMNCOMMON 404030108 11,658 542,248 SH SOLE 375,448 166,800 HANGER ORTHOPEDIC GROUP CMN COMMON 41043f208 866 74,200 SH SOLE 54,500 19,700 HERCULES INC. CMN COMMON 427056106 977 50,000 SH SOLE 50,000 - HOOPER HOLMES INC CMN COMMON 439104100 15,690 3,510,000 SH SOLE 2,454,200 1,055,800 ICO INC (NEW) CMN COMMON 449293109 4,544 740,000 SH SOLE 740,000 - ICO INC DEP SHS REPSTG 1/4 PFDCOMMON 449293307 1,914 69,590 SH SOLE 69,590 - IHS, INC. CMN CLASS A COMMON 451734107 17,266 420,000 SH SOLE 289,700 130,300 IKON OFFICE SOLUTIONS INC CMN COMMON 451713101 36,312 2,526,900 SH SOLE 2,065,417 461,483 INTERLINE BRANDS, INC. CMN COMMON 458743101 2,411 110,000 SH SOLE 110,000 - JANUS CAP GROUP INC CMN COMMON 47102X105 884 42,290 SH SOLE 42,290 - LAYNE CHRISTENSEN COMPANY (NAMCOMMON 521050104 1,967 54,000 SH SOLE 54,000 - LENNOX INTERNATIONAL INC CMN COMMON 526107107 31,773 890,000 SH SOLE 618,600 271,400 LYDALL INC CMN COMMON 550819106 1,510 95,000 SH SOLE 95,000 - MARKETAXESS HOLDINGS INC. CMN COMMON 57060d108 5,894 352,085 SH SOLE 268,285 83,800 MERCER INS GROUP INC CMN COMMON 587902107 2,140 107,600 SH SOLE 107,600 - MET-PRO CORPORATION CMN COMMON 590876306 5,231 360,000 SH SOLE 360,000 - MFRI INC CMN COMMON 552721102 11,309 610,000 SH SOLE 610,000 - MIDDLESEX WATER CO CMN COMMON 596680108 466 25,340 SH SOLE 25,340 - MILACRON INC CMN COMMON 598709103 3,419 5,180,000 SH SOLE 3,798,823 1,381,177 MOCON INC CMN COMMON 607494101 1,022 79,438 SH SOLE 79,438 - MOVIE STAR INC CMN COMMON 624591103 1,189 504,000 SH SOLE 504,000 - MRV COMMUNICATIONS INC CMN COMMON 553477100 1,065 300,000 SH SOLE 300,000 - MUELLER INDUSTRIES INC CMN COMMON 624756102 253 8,400 SH SOLE 8,400 - MVC CAPITAL INC CLOSED END FUNCOMMON 553829102 48,700 3,111,800 SH SOLE 2,163,100 948,700 NATCO GROUP INC CMN CLASS A COMMON 63227w203 37,703 1,105,000 SH SOLE 838,380 266,620 NATIONAL DENTEX CORP CMN COMMON 63563h109 2,053 145,841 SH SOLE 145,841 - NEVADA CHEMICALS INC CMN COMMON 64127c107 1,194 115,000 SH SOLE 115,000 - NGAS RESOURCES, INC. CMN COMMON 62912t103 11,036 1,624,664 SH SOLE 1,128,364 496,300 NORTHWEST PIPE COMPANY CMN COMMON 667746101 2,071 52,000 SH SOLE 52,000 - PETROHAWK ENERGY CORPORATION CCOMMON 716495106 12,972 985,000 SH SOLE 750,800 234,200 PLAYBOY ENTERPRISES INC CL-B COMMON 728117300 412 40,000 SH SOLE 40,000 - PRIDE INTERNATIONAL INC CMN COMMON 74153q102 24,682 820,000 SH SOLE 625,000 195,000 QUADRAMED CORPORATION CMN COMMON 74730w101 3,602 1,185,000 SH SOLE 1,051,400 133,600 QUALITY DISTRIBUTION INC CMN COMMON 74756m102 12,975 1,500,000 SH SOLE 1,041,396 458,604 SCHMITT INDS INC ORE CMN COMMON 806870200 1,352 177,483 SH SOLE 177,483 - SL INDS INC CMN COMMON 784413106 458 30,500 SH SOLE 30,500 - SPECTRUM CONTROL INC CMN COMMON 847615101 2,768 225,000 SH SOLE 164,010 60,990 SUPERIOR ESSEX INC CMN COMMON 86815v105 38,484 1,110,000 SH SOLE 815,989 294,011 SYMMETRY HOLDINGS INC. 1 UNT=1COMMON 871545208 15,920 2,000,000 SH SOLE 1,388,000 612,000 SYNPLICITY INC CMN COMMON 87160y108 3,984 570,000 SH SOLE 395,600 174,400 T-3 ENERGY SERVICES INC CMN COMMON 87306e107 20,621 1,024,924 SH SOLE 742,624 282,300 THE TOPPS COMPANY INC CMN COMMON 890786106 322 33,100 SH SOLE 23,000 10,100 U.S. CONCRETE INC CMN COMMON 90333l102 11,200 1,432,200 SH SOLE 990,800 441,400 VALMONT INDUSTRIES INC CMN COMMON 920253101 1,966 34,000 SH SOLE 34,000 - WATTS WATER TECHNOLOGIES INC CCOMMON 942749102 1,445 38,000 SH SOLE 38,000 - WILLDAN GROUP INC CMN COMMON 96924n100 1,690 180,000 SH SOLE 180,000 - WILLIAMS CONTROLS INC. CMN COMMON 969465608 1,397 80,900 SH SOLE 80,900 -