13F-HR 1 cannell13f-4qtr2007.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter December 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: J. Carlo Cannell ------------------------------------- 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 02/14/2008 ------------------------ ------------------------- ---------- [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 58 Total: -------------- Form 13F Information Table value $ 561,725 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 3,514 246,600 SH SOLE 229,200 AECOM TECHNOLOGY CORPORATION C COMMON 00766t100 2,857 100,000 SH SOLE 125,000 ALTRA HOLDINGS, INC. CMN COMMON 02208r106 24,879 1,496,023 SH SOLE 1,276,123 ARCH COAL INC CMN COMMON 039380100 16,849 375,000 SH SOLE 588,400 BRONCO DRILLING COMPANY, INC. COMMON 112211107 8,539 575,000 SH SOLE 180,000 CANTEL MEDICAL CORP. CMN COMMON 138098108 4,301 295,000 SH SOLE 70,000 CARRIAGE SERVICES, INC. CMN COMMON 143905107 2,522 286,600 SH SOLE 409,100 CITIZENS FIRST BANCORP INC DEL COMMON 17461r106 1,400 114,102 SH SOLE 299,738 CLAYTON HLDGS INC CMN COMMON 18418n107 5,855 1,132,490 SH SOLE 40,000 COMFORT SYSTEMS USA INC COMMON COMMON 199908104 27,138 2,123,457 SH SOLE 465,000 CROWN HOLDINGS INC CMN COMMON 228368106 27,830 1,085,000 SH SOLE 270,000 DELTEK INC CMN COMMON 24784l105 3,560 233,765 SH SOLE 290,000 DRUGSTORE.COM INC CMN COMMON 262241102 17,645 5,346,913 SH SOLE 318,300 EASTERN INS HLDGS INC CMN COMMON 276534104 3,902 236,600 SH SOLE 544,600 ESPEED INC CMN CLASS A COMMON 296643109 11,328 1,002,446 SH SOLE 270,000 FUNDTECH LTD CMN COMMON m47095100 27,476 2,056,597 SH SOLE 25,744 442,112 GENERAL CABLE CORP CMN COMMON 369300108 14,656 200,000 SH SOLE 100,393 GREENFIELD ONLINE, INC. CMN COMMON 395150105 16,071 1,100,000 SH SOLE 2,250,100 HANGER ORTHOPEDIC GROUP CMN COMMON 41043f208 4,547 413,015 SH SOLE 398,800 ICO INC (NEW) CMN COMMON 449293109 5,836 454,547 SH SOLE 17,950 INGERSOLL-RAND COMPANY CMN CLA COMMON g4776g101 20,688 445,200 SH SOLE 1,798,200 KEY ENERGY SERVICES INC CMN COMMON 492914106 28,320 1,968,000 SH SOLE 4,576,233 LEE ENTERPRISES INC CMN COMMON 523768109 6,579 449,078 SH SOLE 236,600 LENNOX INTERNATIONAL INC CMN COMMON 526107107 16,568 400,000 SH SOLE 337,668 MERCER INS GROUP INC CMN COMMON 587902107 2,068 115,223 SH SOLE 1,440,800 MET-PRO CORPORATION CMN COMMON 590876306 6,063 504,399 SH SOLE 2,180,617 MFRI INC CMN COMMON 552721102 6,061 568,065 SH SOLE 600,462 MOCON INC CMN COMMON 607494101 1,011 88,938 SH SOLE 413,015 MOVIE STAR INC CMN COMMON 624591103 1,294 808,600 SH SOLE 380,000 MVC CAPITAL INC CLOSED END FUN COMMON 553829102 50,224 3,111,800 SH SOLE 69,590 948,700 NATCO GROUP INC CMN CLASS A COMMON 63227w203 9,476 175,000 SH SOLE 303,100 NATUS MEDICAL INC DEL CMN COMMON 639050103 13,545 700,000 SH SOLE 1,756,617 NEVADA CHEMICALS INC CMN COMMON 64127c107 2,532 297,829 SH SOLE 564,000 NGAS RESOURCES, INC. CMN COMMON 62912t103 12,496 2,219,500 SH SOLE 42,290 NORTHWEST PIPE COMPANY CMN COMMON 667746101 6,067 155,000 SH SOLE 581,822 NOVAMERICAN STEEL INC. CMN COMMON 66986m100 4,309 999,700 SH SOLE 866,580 OWENS-ILLINOIS INC CMN COMMON 690768403 23,803 480,866 SH SOLE 114,100 PETRO RES CORP CMN COMMON 71646k106 6,556 3,311,100 SH SOLE 398,200 QUADRAMED CORPORATION CMN COMMON 74730w101 2,480 1,326,400 SH SOLE 535,965 QUALITY DISTRIBUTION INC CMN COMMON 74756m102 5,685 1,280,349 SH SOLE 25,340 REDHOOK ALE BREWERY INC CMN COMMON 757473103 770 115,737 SH SOLE 269,283 ROBBINS & MYERS INC CMN COMMON 770196103 1,891 25,000 SH SOLE 251,500 SAIC, INC. CMN COMMON 78390x101 13,486 670,259 SH SOLE 84,938 SCHMITT INDS INC ORE CMN COMMON 806870200 1,239 197,615 SH SOLE 788,000 SHORETEL, INC. CMN COMMON 825211105 5,089 364,272 SH SOLE 333,000 SPARTAN MOTORS INC. CMN COMMON 846819100 1,445 189,100 SH SOLE 70,000 SUPERIOR ESSEX INC CMN COMMON 86815v105 21,950 914,589 SH SOLE 2,163,100 SYNPLICITY INC CMN COMMON 87160y108 9,680 1,668,967 SH SOLE 580,880 SYS CMN COMMON 785070103 1,220 610,000 SH SOLE 789,400 T-3 ENERGY SERVICES INC CMN COMMON 87306e107 24,837 528,329 SH SOLE 293,829 TETRA TECH INC (NEW) CMN COMMON 88162g103 3,010 140,000 SH SOLE 300,000 TFS FINANCIAL CORPORATION CMN COMMON 87240r107 597 50,000 SH SOLE 1,469,500 TYCO INTERNATIONAL LTD. CMN COMMON g9143x208 4,362 110,000 SH SOLE 155,000 U.S. CONCRETE INC CMN COMMON 90333l102 7,693 2,310,193 SH SOLE 159,300 VALMONT INDUSTRIES INC CMN COMMON 920253101 3,119 35,000 SH SOLE 480,866 VERI TEK INTL CORP CMN COMMON 92342x101 1,598 263,228 SH SOLE 103,500 WILLDAN GROUP INC CMN COMMON 96924n100 1,720 250,000 SH SOLE 40,000 WILLIAMS CONTROLS INC. CMN COMMON 969465608 1,492 87,200 SH SOLE 898,600