13F-HR 1 cannell13f-2qtr2006v1.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter June 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 San Francisco, CA 7/15/2006 ------------------------ ------------------------- ---------- [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 87 Total: -------------- Form 13F Information Table value $ 974,191 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 962 65,700 SH SOLE 65,700 - ACUITY BRANDS INC CMN COMMON 00508y102 31,180 801,343 SH SOLE 620,775 180,568 AGERE SYS INC CMN COMMON 00845v308 8,085 550,000 SH SOLE 409,700 140,300 AMERON INTERNATIONAL CORP CMN COMMON 030710107 742 11,077 SH SOLE 11,077 - AZZ INC CMN COMMON 002474104 1,069 40,800 SH SOLE 40,800 - BADGER METER INC CMN COMMON 056525108 940 34,816 SH SOLE 34,816 - BALLY TOTAL FITNESS HLDG CORP COMMON 05873k108 1,648 243,079 SH SOLE 200,529 42,550 BKF CAP GROUP INC CMN COMMON 05548g102 4,871 779,300 SH SOLE 632,900 146,400 CALAMP CORP CMN COMMON 128126109 5,334 600,000 SH SOLE 441,200 158,800 CAMERON INTERNATIONAL CORP CMNCOMMON 13342b105 21,258 445,000 SH SOLE 354,440 90,560 CARDIAC SCIENCE CORPORATION CMCOMMON 14141a108 17,555 2,225,000 SH SOLE 1,639,460 585,540 CARRIAGE SERVICES, INC. CMN COMMON 143905107 1,060 231,000 SH SOLE 231,000 - CHANNELL COMMERCIAL CORP CMN COMMON 159186105 1,575 477,207 SH SOLE 477,207 - CITIZENS FIRST BANCORP INC DELCOMMON 17461r106 1,042 39,024 SH SOLE 39,024 - COMFORT SYSTEMS USA INC COMMONCOMMON 199908104 35,428 2,479,249 SH SOLE 1,938,349 540,900 COMMSCOPE INC CMN COMMON 203372107 12,841 408,676 SH SOLE 301,076 107,600 COST-U-LESS INC CMN COMMON 221492101 666 82,368 SH SOLE 82,368 - CREDENCE SYSTEMS CORP CMN COMMON 225302108 7,700 2,200,000 SH SOLE 1,617,700 582,300 CROWN HOLDINGS INC CMN COMMON 228368106 43,892 2,819,000 SH SOLE 2,193,700 625,300 DRUGSTORE.COM INC CMN COMMON 262241102 16,264 5,608,189 SH SOLE 4,125,989 1,482,200 ENNIS INC CMN COMMON 293389102 32,171 1,634,700 SH SOLE 1,292,100 342,600 FUNDTECH LTD CMN COMMON m47095100 26,978 2,750,000 SH SOLE 2,156,117 593,883 GENERAL CABLE CORP CMN COMMON 369300108 33,558 958,791 SH SOLE 743,475 215,316 GERBER SCIENTIFIC INC CMN COMMON 373730100 10,733 825,000 SH SOLE 607,451 217,549 GLOBAL INDS LTD CMN COMMON 379336100 19,205 1,150,000 SH SOLE 846,300 303,700 GMX RESOURCES INC CMN COMMON 38011m108 2,319 75,000 SH SOLE 55,200 19,800 GOODMAN GLOBAL, INC. CMN COMMON 38239a100 14,269 940,001 SH SOLE 691,901 248,100 GORMAN-RUPP CO CMN COMMON 383082104 2,793 105,000 SH SOLE 105,000 - GRAFTECH INTERNATIONAL LTD CMNCOMMON 384313102 29,319 5,055,000 SH SOLE 3,960,251 1,094,749 GREENFIELD ONLINE, INC. CMN COMMON 395150105 18,525 2,500,000 SH SOLE 1,853,500 646,500 GRIFFON CORPORATION CMN COMMON 398433102 15,660 600,000 SH SOLE 439,600 160,400 HERCULES INC. CMN COMMON 427056106 2,442 160,000 SH SOLE 160,000 - HORIZON OFFSHORE INC CMN COMMON 44043j204 8,384 400,000 SH SOLE 294,300 105,700 HUDSON CITY BANCORP INC CMN COMMON 443683107 14,796 1,110,000 SH SOLE 817,500 292,500 ICO INC (NEW) CMN COMMON 449293109 980 199,142 SH SOLE 199,142 - ICO INC DEP SHS REPSTG 1/4 PFDCOMMON 449293307 1,580 69,590 SH SOLE 62,190 7,400 IHS, INC. CMN CLASS A COMMON 451734107 14,258 481,207 SH SOLE 353,207 128,000 IKON OFFICE SOLUTIONS INC CMN COMMON 451713101 31,500 2,500,000 SH SOLE 1,968,317 531,683 JACUZZI BRANDS INC ORD CMN COMMON 469865109 2,068 235,000 SH SOLE 235,000 - LAIDLAW INTERNATIONAL, INC. CMCOMMON 50730r102 27,991 1,110,759 SH SOLE 818,559 292,200 LENNOX INTERNATIONAL INC CMN COMMON 526107107 21,846 825,000 SH SOLE 606,200 218,800 LINDSAY MFG CO CMN COMMON 535555106 1,898 70,000 SH SOLE 70,000 - MAIDENFORM BRANDS, INC. CMN COMMON 560305104 13,855 1,123,719 SH SOLE 829,719 294,000 MAPINFO CORP CMN COMMON 565105103 18,468 1,415,194 SH SOLE 1,136,786 278,408 MARKETAXESS HOLDINGS INC. CMN COMMON 57060d108 13,662 1,240,900 SH SOLE 985,700 255,200 MASTEC INC CMN COMMON 576323109 22,815 1,727,100 SH SOLE 1,271,700 455,400 MERCER INS GROUP INC CMN COMMON 587902107 937 50,000 SH SOLE 50,000 - MET-PRO CORPORATION CMN COMMON 590876306 4,079 326,065 SH SOLE 326,065 - MFRI INC CMN COMMON 552721102 829 80,439 SH SOLE 80,439 - MILACRON INC CMN COMMON 598709103 5,618 5,617,793 SH SOLE 4,589,716 1,028,077 MIRANT CORPORATION CMN COMMON 60467r100 13,400 500,000 SH SOLE 367,900 132,100 MITY ENTERPRISES INC CMN COMMON 606850105 361 20,000 SH SOLE 20,000 - MOCON INC CMN COMMON 607494101 754 79,438 SH SOLE 79,438 - MRV COMMUNICATIONS INC CMN COMMON 553477100 740 238,000 SH SOLE 238,000 - MVC CAPITAL INC MUTUAL FUND COMMON 553829102 34,968 2,601,800 SH SOLE NATCO GROUP INC CMN CLASS A COMMON 63227w203 54,226 1,348,900 SH SOLE 1,077,871 271,029 NEVADA CHEMICALS INC CMN COMMON 64127c107 767 85,737 SH SOLE 85,737 - NEWPORT CORP CMN COMMON 651824104 7,263 450,579 SH SOLE 331,479 119,100 NORTHWEST PIPE COMPANY CMN COMMON 667746101 1,771 70,000 SH SOLE 70,000 - OMNICELL INC CMN COMMON 68213n109 13,820 1,000,000 SH SOLE 736,210 263,790 OPINION RESEARCH CORP CMN COMMON 683755102 3,410 573,034 SH SOLE 478,452 94,582 OWENS & MINOR INC (NEW) CMN COMMON 690732102 12,398 433,480 SH SOLE 319,080 114,400 PERMA-FIX ENVIRONMENTAL SERVICCOMMON 714157104 2,556 1,200,000 SH SOLE 1,200,000 - PHASE FORWARD INCORPORATED CMNCOMMON 71721r406 17,859 1,550,297 SH SOLE 1,230,997 319,300 PLAYBOY ENTERPRISES INC CL-B (COMMON 728117300 11,677 1,170,000 SH SOLE 860,800 309,200 PLAYTEX PRODUCTS, INC. CMN COMMON 72813p100 6,884 660,000 SH SOLE 485,600 174,400 PORTEC RAIL PRODUCTS, INC. CMNCOMMON 736212101 6,149 438,270 SH SOLE 326,370 111,900 POWERSHARES WATER RES PORTF EXCOMMON 73935x575 3,334 200,000 SH SOLE 200,000 - QUADRAMED CORPORATION CMN COMMON 74730w101 1,007 516,600 SH SOLE 516,600 - QUALITY DISTRIBUTION INC CMN COMMON 74756m102 19,322 1,454,942 SH SOLE 1,153,091 301,851 SCHMITT INDS INC ORE CMN COMMON 806870200 1,139 152,863 SH SOLE 152,863 - SEABRIGHT INSURANCE HLDG INC CCOMMON 811656107 2,742 170,200 SH SOLE 135,215 34,985 SERVICEMASTER COMPANY CMN COMMON 81760n109 13,323 1,289,700 SH SOLE 948,700 341,000 SPECTRUM CONTROL INC CMN COMMON 847615101 6,475 700,000 SH SOLE 514,909 185,091 STERLING CONSTRUCTION CO INC CCOMMON 859241101 2,760 100,000 SH SOLE 100,000 - SUPERIOR ESSEX INC CMN COMMON 86815v105 37,413 1,250,000 SH SOLE 973,189 276,811 TECHNITROL INC CMN COMMON 878555101 17,001 734,400 SH SOLE 556,831 177,569 TELULAR CORP (NEW) CMN COMMON 87970t208 1,632 811,960 SH SOLE 641,770 170,190 TERADYNE INC CMN COMMON 880770102 21,177 1,520,221 SH SOLE 1,118,200 402,021 THERMO ELECTRON CORP. CMN COMMON 883556102 7,067 195,000 SH SOLE 142,200 52,800 TITAN INTERNATIONAL INC (NEW) COMMON 88830m102 7,016 375,000 SH SOLE 275,900 99,100 TRAFFIC COM INC CMN COMMON 892717109 7,407 1,325,000 SH SOLE 974,400 350,600 UNITED FINANCIAL CORP CMN COMMON 909919102 359 16,745 SH SOLE 16,745 - VALMONT INDUSTRIES INC CMN COMMON 920253101 422 9,075 SH SOLE WATTS WATER TECHNOLOGIES INC CCOMMON 942749102 1,107 33,000 SH SOLE 33,000 - ZIPREALTY, INC. CMN COMMON 98974v107 6,445 760,000 SH SOLE 608,100 151,900 I2 TECHNOLOGIES INC 5.25% 12/1CV 465754af6 394 400,000 SH SOLE