13F-HR 1 cannell13f-4qtr2006.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, 2006 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 02/05/2007 ------------------------ ------------------------- ---------- [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 79 Total: -------------- Form 13F Information Table value $ 701,511 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 1,556 108,000 SH SOLE 108,000 - ACUITY BRANDS INC CMN COMMON 00508y102 25,500 490,000 SH SOLE 381,132 108,868 ALTRA HOLDINGS, INC. CMN COMMON 02208r106 11,240 800,000 SH SOLE 582,600 217,400 AMERON INTERNATIONAL CORP CMN COMMON 030710107 1,527 20,000 SH SOLE 20,000 - BALLY TOTAL FITNESS HLDG CORP COMMON 05873k108 98 40,000 SH SOLE 40,000 - CANTEL MEDICAL CORP. CMN COMMON 138098108 1,294 79,900 SH SOLE 79,900 - CARDIAC SCIENCE CORPORATION CMCOMMON 14141a108 18,110 2,244,119 SH SOLE 1,645,460 598,659 CARRIAGE SERVICES, INC. CMN COMMON 143905107 1,559 306,300 SH SOLE 306,300 - CHANNELL COMMERCIAL CORP CMN COMMON 159186105 1,501 505,278 SH SOLE 505,278 - CHEROKEE INTERNATIONAL CORP CMCOMMON 164450108 101 25,000 SH SOLE 25,000 - CITIZENS FIRST BANCORP INC DELCOMMON 17461r106 1,323 43,024 SH SOLE 43,024 - COMFORT SYSTEMS USA INC COMMONCOMMON 199908104 33,457 2,646,900 SH SOLE 1,932,000 714,900 COMMSCOPE INC CMN COMMON 203372107 14,630 480,000 SH SOLE 349,000 131,000 CONNECTICUT WATER SVC CMN COMMON 207797101 408 17,950 SH SOLE 17,950 - COST-U-LESS INC CMN COMMON 221492101 725 90,000 SH SOLE 90,000 - CRM HOLDINGS, LTD. CMN COMMON g2554p103 223 25,000 SH SOLE 25,000 - CROWN HOLDINGS INC CMN COMMON 228368106 44,769 2,140,000 SH SOLE 1,653,200 486,800 DRUGSTORE.COM INC CMN COMMON 262241102 21,960 6,000,000 SH SOLE 4,407,700 1,592,300 EASTERN INS HLDGS INC CMN COMMON 276534104 3,156 216,768 SH SOLE 216,768 - ENNIS INC CMN COMMON 293389102 24,460 1,000,000 SH SOLE 727,700 272,300 ENPRO INDUSTRIES, INC. CMN COMMON 29355x107 16,605 500,000 SH SOLE 364,500 135,500 FUNDTECH LTD CMN COMMON m47095100 30,632 2,800,000 SH SOLE 2,180,617 619,383 GENERAL CABLE CORP CMN COMMON 369300108 34,968 800,000 SH SOLE 608,084 191,916 GERBER SCIENTIFIC INC CMN COMMON 373730100 5,980 476,100 SH SOLE 348,551 127,549 GOODMAN GLOBAL, INC. CMN COMMON 38239a100 15,652 910,000 SH SOLE 662,712 247,288 GORMAN-RUPP CO CMN COMMON 383082104 2,357 63,750 SH SOLE 63,750 - GREENFIELD ONLINE, INC. CMN COMMON 395150105 23,095 1,615,000 SH SOLE 1,176,600 438,400 GRIFFON CORPORATION CMN COMMON 398433102 12,699 498,000 SH SOLE 344,700 153,300 HERCULES INC. CMN COMMON 427056106 869 45,000 SH SOLE 45,000 - HOOPER HOLMES INC CMN COMMON 439104100 11,089 3,350,000 SH SOLE 2,454,200 895,800 ICO INC (NEW) CMN COMMON 449293109 3,384 600,000 SH SOLE 600,000 - ICO INC DEP SHS REPSTG 1/4 PFDCOMMON 449293307 1,827 69,590 SH SOLE 69,590 - IHS, INC. CMN CLASS A COMMON 451734107 15,792 400,000 SH SOLE 289,700 110,300 IKON OFFICE SOLUTIONS INC CMN COMMON 451713101 31,103 1,900,000 SH SOLE 1,438,517 461,483 INSWEB CORPORATION CMN COMMON 45809K202 236 74,000 SH SOLE 74,000 - INTERLINE BRANDS, INC. CMN COMMON 458743101 1,043 46,400 SH SOLE 46,400 - INTEROIL CORPORATION CMN COMMON 460951106 1,515 50,000 SH SOLE 36,400 13,600 JANUS CAP GROUP INC CMN COMMON 47102X105 907 42,000 SH SOLE 42,000 - KODIAK OIL & GAS CORP CMN COMMON 50015q100 2,293 584,700 SH SOLE 424,200 160,500 LAIDLAW INTERNATIONAL, INC. CMCOMMON 50730r102 28,148 925,000 SH SOLE 673,400 251,600 LAYNE CHRISTENSEN COMPANY (NAMCOMMON 521050104 1,970 60,000 SH SOLE 60,000 - LENNOX INTERNATIONAL INC CMN COMMON 526107107 30,610 1,000,000 SH SOLE 728,600 271,400 MAIDENFORM BRANDS, INC. CMN COMMON 560305104 3,358 185,300 SH SOLE 134,700 50,600 MAPINFO CORP CMN COMMON 565105103 11,833 906,734 SH SOLE 707,926 198,808 MARKETAXESS HOLDINGS INC. CMN COMMON 57060d108 3,130 230,641 SH SOLE 168,741 61,900 MERCER INS GROUP INC CMN COMMON 587902107 1,647 81,500 SH SOLE 81,500 - MET-PRO CORPORATION CMN COMMON 590876306 4,922 331,666 SH SOLE 331,666 - MFRI INC CMN COMMON 552721102 1,604 81,439 SH SOLE 81,439 - MIDDLESEX WATER CO CMN COMMON 596680108 512 27,340 SH SOLE 27,340 - MILACRON INC CMN COMMON 598709103 4,000 5,000,000 SH SOLE 3,666,723 1,333,277 MOCON INC CMN COMMON 607494101 1,011 79,438 SH SOLE 79,438 - MOD PAC CORP CMN COMMON 607495108 275 25,000 SH SOLE 25,000 - MRV COMMUNICATIONS INC CMN COMMON 553477100 984 278,000 SH SOLE 278,000 - MVC CAPITAL INC CLOSED END FUNCOMMON 553829102 34,760 2,601,800 SH SOLE 1,823,000 778,800 NATCO GROUP INC CMN CLASS A COMMON 63227w203 31,880 1,000,000 SH SOLE 782,580 217,420 NATIONAL DENTEX CORP CMN COMMON 63563h109 2,048 117,000 SH SOLE 117,000 - NEVADA CHEMICALS INC CMN COMMON 64127c107 794 86,737 SH SOLE 86,737 - NN INC CMN COMMON 629337106 529 42,552 SH SOLE 42,552 - NORTHWEST PIPE COMPANY CMN COMMON 667746101 3,049 90,692 SH SOLE 90,692 - PERMA-FIX ENVIRONMENTAL SERVICCOMMON 714157104 1,856 800,000 SH SOLE 800,000 - PHASE FORWARD INCORPORATED CMNCOMMON 71721r406 6,704 447,552 SH SOLE 326,552 121,000 PLAYBOY ENTERPRISES INC CL-B COMMON 728117300 458 40,000 SH SOLE 40,000 - PRIDE INTERNATIONAL INC CMN COMMON 74153q102 10,783 359,300 SH SOLE 261,600 97,700 QUADRAMED CORPORATION CMN COMMON 74730w101 2,933 1,062,600 SH SOLE 929,000 133,600 QUALITY DISTRIBUTION INC CMN COMMON 74756m102 15,984 1,200,000 SH SOLE 873,249 326,751 ROBBINS & MYERS INC CMN COMMON 770196103 689 15,000 SH SOLE 15,000 - SCHMITT INDS INC ORE CMN COMMON 806870200 1,175 159,609 SH SOLE 159,609 - SL INDS INC CMN COMMON 784413106 275 16,900 SH SOLE 16,900 - SPECTRUM CONTROL INC CMN COMMON 847615101 4,589 475,000 SH SOLE 350,409 124,591 SUPERIOR ESSEX INC CMN COMMON 86815v105 34,081 1,025,000 SH SOLE 787,189 237,811 T-3 ENERGY SERVICES INC CMN COMMON 87306e107 22,050 1,000,000 SH SOLE 728,300 271,700 TECHNITROL INC CMN COMMON 878555101 6,500 272,100 SH SOLE 197,831 74,269 TWIN DISC INCORPORATED CMN COMMON 901476101 277 7,800 SH SOLE 7,800 - U S PHYSICAL THERAPY INC CMN COMMON 90337L108 245 20,000 SH SOLE 20,000 - VALMONT INDUSTRIES INC CMN COMMON 920253101 1,221 22,000 SH SOLE 22,000 - WATTS WATER TECHNOLOGIES INC CCOMMON 942749102 1,978 48,110 SH SOLE 48,110 - WESTAFF INC CMN COMMON 957070105 99 18,100 SH SOLE 18,100 - WILLDAN GROUP INC CMN COMMON 96924n100 1,740 174,000 SH SOLE 174,000 - WILLIAMS CONTROLS INC. CMN COMMON 969465608 1,173 80,900 SH SOLE 80,900 -