13F-HR 1 cannell13f-3qtr2006.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter September 30, 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 11/15/2006 ------------------------ ------------------------- ---------- [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 88 Total: -------------- Form 13F Information Table value $ 877,873 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 1,025 69,500 SH SOLE 69,500 - ACUITY BRANDS INC CMN COMMON 00508y102 36,320 800,000 SH SOLE 614,732 185,268 AETHER HOLDINGS INC CMN COMMON 00809c106 3,594 605,000 SH SOLE 442,600 162,400 AMERON INTERNATIONAL CORP CMN COMMON 030710107 1,561 23,500 SH SOLE 23,500 - AZZ INC CMN COMMON 002474104 1,470 40,270 SH SOLE 40,270 - BADGER METER INC CMN COMMON 056525108 877 34,816 SH SOLE 34,816 - BALLY TOTAL FITNESS HLDG CORP COMMON 05873k108 367 243,079 SH SOLE 200,529 42,550 CARDIAC SCIENCE CORPORATION CMCOMMON 14141a108 16,487 2,225,000 SH SOLE 1,639,460 585,540 CARRIAGE SERVICES, INC. CMN COMMON 143905107 1,081 232,000 SH SOLE 232,000 - CHANNELL COMMERCIAL CORP CMN COMMON 159186105 1,571 505,278 SH SOLE 505,278 - CHEROKEE INTERNATIONAL CORP CMCOMMON 164450108 88 25,744 SH SOLE 25,744 - CITIZENS FIRST BANCORP INC DELCOMMON 17461r106 1,095 43,024 SH SOLE 43,024 - COMFORT SYSTEMS USA INC COMMONCOMMON 199908104 28,661 2,501,000 SH SOLE 1,887,900 613,100 COMMSCOPE INC CMN COMMON 203372107 23,988 730,000 SH SOLE 534,500 195,500 CONNECTICUT WATER SVC CMN COMMON 207797101 396 17,950 SH SOLE 17,950 - COST-U-LESS INC CMN COMMON 221492101 731 84,368 SH SOLE 84,368 - CROWN HOLDINGS INC CMN COMMON 228368106 44,528 2,394,000 SH SOLE 1,865,000 529,000 DRUGSTORE.COM INC CMN COMMON 262241102 20,700 6,000,000 SH SOLE 4,407,700 1,592,300 EASTERN INS HLDGS INC CMN COMMON 276534104 3,097 207,268 SH SOLE 207,268 - ENNIS INC CMN COMMON 293389102 35,073 1,620,000 SH SOLE 1,277,400 342,600 ENPRO INDUSTRIES, INC. CMN COMMON 29355x107 8,567 285,000 SH SOLE 207,800 77,200 FLOW INTERNATIONAL CORP CMN COMMON 343468104 519 40,000 SH SOLE 40,000 - FUNDTECH LTD CMN COMMON m47095100 27,436 2,780,000 SH SOLE 2,178,117 601,883 GENERAL CABLE CORP CMN COMMON 369300108 35,153 920,000 SH SOLE 714,484 205,516 GERBER SCIENTIFIC INC CMN COMMON 373730100 10,861 725,000 SH SOLE 530,551 194,449 GLOBAL INDS LTD CMN COMMON 379336100 2,123 136,431 SH SOLE 100,187 36,244 GOODMAN GLOBAL, INC. CMN COMMON 38239a100 17,366 1,300,810 SH SOLE 952,722 348,088 GOODRICH PETROLEUM CORP (NEW) COMMON 382410405 1,967 65,300 SH SOLE 47,900 17,400 GORMAN-RUPP CO CMN COMMON 383082104 3,025 92,500 SH SOLE 92,500 - GRAFTECH INTERNATIONAL LTD CMNCOMMON 384313102 29,212 5,002,000 SH SOLE 3,921,351 1,080,649 GREENFIELD ONLINE, INC. CMN COMMON 395150105 25,975 2,500,000 SH SOLE 1,853,500 646,500 GRIFFON CORPORATION CMN COMMON 398433102 15,516 650,000 SH SOLE 476,300 173,700 HOOPER HOLMES INC CMN COMMON 439104100 10,236 3,037,500 SH SOLE 2,225,200 812,300 HUDSON CITY BANCORP INC CMN COMMON 443683107 16,828 1,270,000 SH SOLE 977,500 292,500 ICO INC (NEW) CMN COMMON 449293109 1,318 199,142 SH SOLE 199,142 - ICO INC DEP SHS REPSTG 1/4 PFDCOMMON 449293307 1,740 69,590 SH SOLE 62,190 7,400 IHS, INC. CMN CLASS A COMMON 451734107 15,437 481,207 SH SOLE 353,207 128,000 IKON OFFICE SOLUTIONS INC CMN COMMON 451713101 32,256 2,400,000 SH SOLE 1,871,017 528,983 JACUZZI BRANDS INC ORD CMN COMMON 469865109 1,848 185,000 SH SOLE 185,000 - JANUS CAP GROUP INC CMN COMMON 47102X105 828 42,290 SH SOLE 42,290 - KODIAK OIL & GAS CORP CMN COMMON 50015q100 1,827 523,470 SH SOLE 383,770 139,700 LAIDLAW INTERNATIONAL, INC. CMCOMMON 50730r102 27,330 1,000,000 SH SOLE 735,000 265,000 LAYNE CHRISTENSEN COMPANY (NAMCOMMON 521050104 1,857 65,000 SH SOLE 65,000 - LENNOX INTERNATIONAL INC CMN COMMON 526107107 27,480 1,200,000 SH SOLE 878,600 321,400 LINDSAY MFG CO CMN COMMON 535555106 2,013 70,000 SH SOLE 70,000 - MAIDENFORM BRANDS, INC. CMN COMMON 560305104 19,300 1,000,000 SH SOLE 733,000 267,000 MAPINFO CORP CMN COMMON 565105103 17,072 1,330,647 SH SOLE 1,058,139 272,508 MARKETAXESS HOLDINGS INC. CMN COMMON 57060d108 10,418 995,000 SH SOLE 739,800 255,200 MASTEC INC CMN COMMON 576323109 17,635 1,593,000 SH SOLE 1,168,300 424,700 MERCER INS GROUP INC CMN COMMON 587902107 1,372 53,000 SH SOLE 53,000 - MET-PRO CORPORATION CMN COMMON 590876306 4,281 326,065 SH SOLE 326,065 - MFRI INC CMN COMMON 552721102 1,190 80,439 SH SOLE 80,439 - MIDDLESEX WATER CO CMN COMMON 596680108 526 27,340 SH SOLE 27,340 - MILACRON INC CMN COMMON 598709103 4,321 4,854,864 SH SOLE 3,560,987 1,293,877 MIRANT CORPORATION CMN COMMON 60467r100 13,655 500,000 SH SOLE 367,900 132,100 MOCON INC CMN COMMON 607494101 767 79,438 SH SOLE 79,438 - MOD PAC CORP CMN COMMON 607495108 280 25,000 SH SOLE 25,000 - MRV COMMUNICATIONS INC CMN COMMON 553477100 712 258,000 SH SOLE 258,000 - MVC CAPITAL INC CLOSED END FUNCOMMON 553829102 33,719 2,601,800 SH SOLE 2,119,500 482,300 NATCO GROUP INC CMN CLASS A COMMON 63227w203 29,816 1,035,270 SH SOLE 814,650 220,620 NETOPIA INC. CMN COMMON 64114k104 10,882 1,939,766 SH SOLE 1,534,066 405,700 NEVADA CHEMICALS INC CMN COMMON 64127c107 708 86,737 SH SOLE 86,737 - NN INC CMN COMMON 629337106 7,599 642,340 SH SOLE 470,572 171,768 NORTHWEST PIPE COMPANY CMN COMMON 667746101 1,950 65,000 SH SOLE 65,000 - OMNICELL INC CMN COMMON 68213n109 7,156 400,000 SH SOLE 293,010 106,990 OPINION RESEARCH CORP CMN COMMON 683755102 116 10,000 SH SOLE 10,000 - PERMA-FIX ENVIRONMENTAL SERVICCOMMON 714157104 2,308 1,115,000 SH SOLE 1,115,000 - PHASE FORWARD INCORPORATED CMNCOMMON 71721r406 16,720 1,400,297 SH SOLE 1,116,597 283,700 PLANETOUT INC. CMN COMMON 727058109 4,659 1,012,764 SH SOLE 742,164 270,600 PLAYBOY ENTERPRISES INC CL-B (COMMONG CO)728117300 376 40,000 SH SOLE 40,000 - QUADRAMED CORPORATION CMN COMMON 74730w101 2,280 1,031,600 SH SOLE 898,000 133,600 QUALITY DISTRIBUTION INC CMN COMMON 74756m102 19,283 1,310,000 SH SOLE 1,026,049 283,951 ROBBINS & MYERS INC CMN COMMON 770196103 928 30,000 SH SOLE 30,000 - SCHMITT INDS INC ORE CMN COMMON 806870200 1,064 156,909 SH SOLE 156,909 - SPECTRUM CONTROL INC CMN COMMON 847615101 5,405 575,000 SH SOLE 423,209 151,791 SUPERIOR ESSEX INC CMN COMMON 86815v105 38,189 1,115,000 SH SOLE 869,689 245,311 TECHNITROL INC CMN COMMON 878555101 20,895 700,000 SH SOLE 513,031 186,969 TERADYNE INC CMN COMMON 880770102 17,234 1,309,600 SH SOLE 958,879 350,721 THE TOPPS COMPANY INC CMN COMMON 890786106 635 70,842 SH SOLE 52,042 18,800 TITAN INTERNATIONAL INC (NEW) COMMON 88830m102 11,300 625,000 SH SOLE 458,500 166,500 TRAFFIC COM INC CMN COMMON 892717109 7,575 1,500,000 SH SOLE 1,102,800 397,200 TWIN DISC INCORPORATED CMN COMMON 901476101 255 7,800 SH SOLE 7,800 - U S PHYSICAL THERAPY INC CMN COMMON 90337L108 238 20,000 SH SOLE 20,000 - UNITED FINANCIAL CORP CMN COMMON 909919102 396 18,745 SH SOLE 18,745 - VALMONT INDUSTRIES INC CMN COMMON 920253101 1,829 35,000 SH SOLE 35,000 - WATTS WATER TECHNOLOGIES INC CCOMMON 942749102 1,115 35,110 SH SOLE 35,110 - WESTAFF INC CMN COMMON 957070105 94 23,100 SH SOLE 23,100 - I2 TECHNOLOGIES INC 5.25% 12/1CV 465754f6 195 196,000 PRN SOLE 196,000 -