13F-HR/A 1 cannell13f-1qtr2006v2.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, 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 5/15/2006 ------------------------ ------------------------- ---------- [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 86 Total: -------------- Form 13F Information Table value $ 944,086 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 --------------------------------------------------------------------------------------------------------------------- ACUITY BRANDS INC CMN COMMON 00508y102 31,254 781,343 SH SOLE 613,643 167,700 AGERE SYS INC CMN COMMON 00845v308 9,024 600,000 SH SOLE 446,500 153,500 BADGER METER INC CMN COMMON 056525108 1,795 31,500 SH SOLE 31,500 - BALLY TOTAL FITNESS HLDG CORP COMMON 05873k108 1,903 203,079 SH SOLE 167,531 35,548 BKF CAP GROUP INC CMN COMMON 05548g102 10,131 779,300 SH SOLE 632,900 146,400 BOFI HOLDING, INC. CMN COMMON 05566u108 132 17,601 SH SOLE 17,601 - CANTEL MEDICAL CORP. CMN COMMON 138098108 1,475 90,000 SH SOLE 90,000 - CARDIAC SCIENCE CORPORATION CMCOMMON 14141a108 18,939 2,074,332 SH SOLE 1,528,815 545,517 CARREKER CORPORATION CMN COMMON 144433109 3,215 500,000 SH SOLE 398,400 101,600 CARRIAGE SERVICES, INC. CMN COMMON 143905107 451 94,000 SH SOLE 94,000 - CHANNELL COMMERCIAL CORP CMN COMMON 159186105 2,096 419,182 SH SOLE 419,182 - CITIZENS FIRST BANCORP INC DELCOMMON 17461r106 1,131 40,024 SH SOLE 40,024 - COMFORT SYSTEMS USA INC COMMONCOMMON 199908104 33,285 2,465,529 SH SOLE 1,964,729 500,800 COMMSCOPE INC CMN COMMON 203372107 10,278 360,000 SH SOLE 265,300 94,700 COOPER CAMERON CORP CMN COMMON 216640102 34,162 775,000 SH SOLE 615,440 159,560 COST-U-LESS INC CMN COMMON 221492101 593 75,500 SH SOLE 75,500 - CROWN HOLDINGS INC CMN COMMON 228368106 45,397 2,559,000 SH SOLE 2,021,100 537,900 DOVER SADDLERY, INC. CMN COMMON 260412101 782 99,002 SH SOLE 75,302 23,700 DRUGSTORE.COM INC CMN COMMON 262241102 17,520 5,670,000 SH SOLE 4,171,400 1,498,600 ENNIS INC CMN COMMON 293389102 31,877 1,634,700 SH SOLE 1,292,100 342,600 FROZEN FOOD EXPRESS INDS INC CCOMMON 359360104 4,000 382,759 SH SOLE 316,944 65,815 FUNDTECH LTD CMN COMMON m47095100 26,699 2,335,849 SH SOLE 1,874,527 461,322 GENERAL CABLE CORP CMN COMMON 369300108 33,363 1,100,000 SH SOLE 866,300 233,700 GERBER SCIENTIFIC INC CMN COMMON 373730100 6,764 654,193 SH SOLE 482,344 171,849 GLOBAL INDS LTD CMN COMMON 379336100 11,592 800,000 SH SOLE 589,100 210,900 GLOBAL POWER EQUIPMENT INC CMNCOMMON 37941p108 5,302 1,377,200 SH SOLE 1,014,503 362,697 GMX RESOURCES INC CMN COMMON 38011m108 2,026 54,095 SH SOLE 39,695 14,400 GORMAN-RUPP CO CMN COMMON 383082104 2,562 105,000 SH SOLE 105,000 - GRAFTECH INTERNATIONAL LTD CMNCOMMON 384313102 31,099 5,098,220 SH SOLE 4,018,471 1,079,749 GREENFIELD ONLINE, INC. CMN COMMON 395150105 13,652 2,279,142 SH SOLE 1,690,942 588,200 GRIFFON CORPORATION CMN COMMON 398433102 11,302 455,000 SH SOLE 337,700 117,300 HERCULES INC. CMN COMMON 427056106 2,517 182,402 SH SOLE 182,402 - ICO INC (NEW) CMN COMMON 449293109 970 193,960 SH SOLE 193,960 - ICO INC DEP SHS REPSTG 1/4 PFDCOMMON 449293307 1,764 90,390 SH SOLE 82,990 7,400 ICONIX BRAND GROUP INC CMN COMMON 451055107 4,805 330,209 SH SOLE 246,500 83,709 IHS, INC. CMN CLASS A COMMON 451734107 8,437 308,500 SH SOLE 227,400 81,100 IKON OFFICE SOLUTIONS INC CMN COMMON 451713101 35,625 2,500,000 SH SOLE 1,968,317 531,683 JACUZZI BRANDS INC ORD CMN COMMON 469865109 1,425 145,000 SH SOLE 145,000 - LAIDLAW INTERNATIONAL, INC. CMCOMMON 50730r102 29,583 1,087,600 SH SOLE 854,300 233,300 LAYNE CHRISTENSEN COMPANY (NAMCOMMON 521050104 838 25,000 SH SOLE 25,000 - LENNOX INTERNATIONAL INC CMN COMMON 526107107 12,216 409,111 SH SOLE 304,211 104,900 MAIDENFORM BRANDS, INC. CMN COMMON 560305104 12,372 1,123,719 SH SOLE 829,719 294,000 MAPINFO CORP CMN COMMON 565105103 20,585 1,468,292 SH SOLE 1,180,384 287,908 MARKETAXESS HOLDINGS INC. CMN COMMON 57060d108 14,974 1,244,729 SH SOLE 989,529 255,200 MASTEC INC CMN COMMON 576323109 20,376 1,438,000 SH SOLE 1,110,500 327,500 MDC PARTNERS INC CMN CLASS A SCOMMON 552697104 877 102,678 SH SOLE 76,478 26,200 MERCER INS GROUP INC CMN COMMON 587902107 536 28,300 SH SOLE 28,300 - MET-PRO CORPORATION CMN COMMON 590876306 3,199 241,632 SH SOLE 241,632 - MFRI INC CMN COMMON 552721102 722 70,439 SH SOLE 70,439 - MILACRON INC CMN COMMON 598709103 9,045 5,617,793 SH SOLE 4,589,716 1,028,077 MISSION WEST PROPERTIES INC (MCOMMON 605203108 1,502 127,800 SH SOLE 94,900 32,900 MITY ENTERPRISES INC CMN COMMON 606850105 390 20,000 SH SOLE 20,000 - MOCON INC CMN COMMON 607494101 670 74,243 SH SOLE 74,243 - MRV COMMUNICATIONS INC CMN COMMON 553477100 426 104,000 SH SOLE 104,000 - NAPCO SECURITY SYSTEMS INC CMNCOMMON 630402105 6,504 392,063 SH SOLE 308,176 83,887 NATCO GROUP INC CMN CLASS A COMMON 63227w203 40,926 1,510,200 SH SOLE 1,207,671 302,529 NEVADA CHEMICALS INC CMN COMMON 64127c107 696 85,500 SH SOLE 85,500 - NORTHWEST PIPE COMPANY CMN COMMON 667746101 2,276 75,000 SH SOLE 75,000 - OMNICELL INC CMN COMMON 68213n109 17,800 1,562,810 SH SOLE 1,230,310 332,500 OPINION RESEARCH CORP CMN COMMON 683755102 3,462 579,900 SH SOLE 484,218 95,682 OWENS & MINOR INC (NEW) CMN COMMON 690732102 8,845 269,903 SH SOLE 200,303 69,600 PERMA-FIX ENVIRONMENTAL SERVICCOMMON 714157104 2,388 1,250,000 SH SOLE 1,250,000 - PHASE FORWARD INCORPORATED CMNCOMMON 71721r406 24,066 2,160,297 SH SOLE 1,696,197 464,100 PICO HOLDINGS INC CMN COMMON 693366205 1,908 58,000 SH SOLE 58,000 - PORTEC RAIL PRODUCTS, INC. CMNCOMMON 736212101 5,745 365,671 SH SOLE 286,571 79,100 POWERSHARES WATER RES PORTF EXCOMMON 73935x575 3,616 200,000 SH SOLE 200,000 - PRIDE INTERNATIONAL INC CMN COMMON 74153q102 31,180 1,000,000 SH SOLE 796,697 203,303 QUADRAMED CORPORATION CMN COMMON 74730w101 982 450,400 SH SOLE 450,400 - QUALITY DISTRIBUTION INC CMN COMMON 74756m102 19,684 1,510,700 SH SOLE 1,210,449 300,251 SCHMITT INDS INC ORE CMN COMMON 806870200 123 18,471 SH SOLE 18,471 - SEABRIGHT INSURANCE HLDG INC CCOMMON 811656107 22,081 1,267,586 SH SOLE 1,013,401 254,185 SERVICEMASTER COMPANY CMN COMMON 81760n109 14,457 1,101,900 SH SOLE 812,900 289,000 SIRVA, INC. CMN COMMON 82967y104 2,183 255,900 SH SOLE 188,500 67,400 SPECTRUM CONTROL INC CMN COMMON 847615101 6,192 757,000 SH SOLE 557,017 199,983 STERLING CONSTRUCTION CO INC CCOMMON 859241101 2,169 100,000 SH SOLE 100,000 - SUPERIOR ESSEX INC CMN COMMON 86815v105 31,110 1,222,890 SH SOLE 965,779 257,111 SYNAGRO TECHNOLOGIES INC (NEW)COMMON 871562203 1,450 290,000 SH SOLE 290,000 - TECHNITROL INC CMN COMMON 878555101 20,591 858,666 SH SOLE 659,956 198,710 TELULAR CORP (NEW) CMN COMMON 87970t208 4,507 1,391,000 SH SOLE 1,157,302 233,698 TERADYNE INC CMN COMMON 880770102 11,710 755,000 SH SOLE 589,000 166,000 TNS, INC. CMN COMMON 872960109 14,614 690,000 SH SOLE 534,300 155,700 UNITED FINANCIAL CORP CMN COMMON 909919102 372 16,545 SH SOLE 16,545 - ZIPREALTY, INC. CMN COMMON 98974v107 10,536 1,200,000 SH SOLE 936,800 263,200 MVC CAPITAL INC MUTUAL FUND COMMON 553829102 32,940 2,700,000 SH SOLE 2,288,500 411,500 I2 TECHNOLOGIES INC 5.25% 12/1CV 465754af6 1,655 1,678,000 SH SOLE 1,290,577 387,423 QUANTA SERVICES INC 4% 07/01/2CV 74762eaa0 9,663 10,000,000 SH SOLE 7,418,200 2,581,800