13F-HR 1 q4-2002f13.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2002 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: Kestrel Investment Management Corporation Address: 411 Borel Avenue Suite 403 San Mateo, CA 94402 13F File Number: 28-4060 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: David J. Steirman Title: President Phone: 650-572-9450 Signature, Place, and Date of Signing: David J. Steirman San Mateo CA February 3, 2003 Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 65 Form 13F Information Table Value Total: $621,859 List of Other Included Managers: FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETNMANAGERS SOLE SHARED NONE Advanced Medical Opt COM 00763M108 7575 632800 SH SOLE 588200 0 44600 Applebees Intl COM 037899101 17766 766075 SH SOLE 723700 0 42375 Bank of Hawaii Corp COM 062540109 22783 749700 SH SOLE 706100 0 43600 Bedford Property Inv COM 076446301 858 33400 SH SOLE 33400 0 0 Castle Energy COM PAR$0.50N 148449309 3091 798600 SH SOLE 738200 0 60400 Convergys Corp COM 212485106 5000 330000 SH SOLE 330000 0 0 Cooper Industries Ltd COM G24182100 7698 211200 SH SOLE 211200 0 0 CorVel Corp COM 221006109 24678 690300 SH SOLE 643200 0 47100 El Paso Electric COM NEW 283677854 10603 963900 SH SOLE 907300 0 56600 EnPro Industries COM 29355X107 7003 1750800 SH SOLE 1645720 0 105080 First Bancorp P R COM 318672102 8667 383500 SH SOLE 359800 0 23700 First Horizon Pharm COM 32051K106 12216 1633550 SH SOLE 1536550 0 97000 Fluor Corp COM 343412102 13051 466100 SH SOLE 437800 0 28300 Granite State Bancsh COM 387472103 909 20800 SH SOLE 20800 0 0 Haemonetics Corp COM 405024100 10779 502300 SH SOLE 470700 0 31600 Halliburton Company COM 406216101 7297 390000 SH SOLE 390000 0 0 Highwoods Properties COM 431284108 14255 645000 SH SOLE 608900 0 36100 Huntington Bancshare COM 446150104 14575 779000 SH SOLE 779000 0 0 IKON Office Solution COM 451713101 7946 1111300 SH SOLE 1067000 0 44300 IMS Health Inc COM 449934108 5680 355000 SH SOLE 355000 0 0 Intermagnetics Genl COM 458771102 10973 558700 SH SOLE 527300 0 31400 Interstate Bakeries COM 46072H108 16150 1059000 SH SOLE 1001000 0 58000 Itron Inc COM 465741106 15997 834500 SH SOLE 784200 0 50300 Koger Equity COM 500228101 2738 175500 SH SOLE 157200 0 18300 Lancaster Colony COM 513847103 15734 402600 SH SOLE 380500 0 22100 LandAmerica Finl Grp COM 514936103 16272 459000 SH SOLE 430300 0 28700 Landstar System Inc COM 515098101 28246 484000 SH SOLE 456500 0 27500 Lawson Products COM 520776105 10951 353500 SH SOLE 334300 0 19200 Lincoln National COM 534187109 5432 172000 SH SOLE 172000 0 0 MTR Gaming Group COM 553769100 6194 778100 SH SOLE 728300 0 49800 Macrovision Corp COM 555904101 29122 1815600 SH SOLE 1706400 0 109200 Maritrans Inc COM 570363101 4329 320700 SH SOLE 291000 0 29700 Massey Energy COM 576206106 9460 973200 SH SOLE 911100 0 62100 Mens Wearhouse COM 587118100 12103 705700 SH SOLE 662700 0 43000 National Service Ind COM 637657206 3729 519400 SH SOLE 468100 0 51300 Nuevo Energy COM 670509108 2519 226900 SH SOLE 211000 0 15900 OceanFirst Financial COM 675234108 31 1400 SH SOLE 1400 0 0 Oceaneering Intl COM 675232102 6470 261500 SH SOLE 233900 0 27600 Octel Corp COM 675727101 13618 861900 SH SOLE 808300 0 53600 Oxford Health Plans COM 691471106 16366 449000 SH SOLE 449000 0 0 PFF Bancorp COM 69331W104 17747 567900 SH SOLE 531700 0 36200 PICO Holdings Inc COM 693366205 875 66100 SH SOLE 62000 0 4100 Presidential Life Cor COM 740884101 3301 332400 SH SOLE 313400 0 19000 RadioShack Corp COM 750438103 4554 243000 SH SOLE 243000 0 0 RehabCare Group COM 759148109 10895 571000 SH SOLE 542400 0 28600 Royal Appliance Mfg COM 780076105 5154 709000 SH SOLE 702600 0 6400 SCS Transportation COM 81111T102 4307 434600 SH SOLE 394400 0 40200 Safeway Inc COM 786514208 5163 221000 SH SOLE 221000 0 0 Sensient Tech Corp COM 81725T100 13671 608400 SH SOLE 572700 0 35700 Serologicals Corp COM 817523103 63 5700 SH SOLE 5700 0 0 Stage Stores COM 85254C305 99 4700 SH SOLE 4700 0 0 Stein Mart Inc COM 858375108 8946 1466600 SH SOLE 1379600 0 87000 Sterling Bancorp COM 859158107 7605 288962 SH SOLE 261915 0 27047 Strattec Security COM 863111100 9391 195900 SH SOLE 183000 0 12900 Tenneco Automotive COM 880349105 6060 1500000 SH SOLE 1411800 0 88200 US Industries COM 912080108 2954 1123200 SH SOLE 1061600 0 61600 United Stationers COM 913004107 18876 655400 SH SOLE 619600 0 35800 Universal Electronic COM 913483103 2996 307600 SH SOLE 278900 0 28700 Universal Forest Prd COM 913543104 5017 235300 SH SOLE 210800 0 24500 Valassis Commun COM 918866104 14274 485000 SH SOLE 453900 0 31100 Wabtec Corp COM 929740108 12731 906800 SH SOLE 852100 0 54700 Waste Management COM 94106L109 5203 227000 SH SOLE 227000 0 0 Whitehall Jewellers COM 965063100 3415 359500 SH SOLE 325300 0 34200 Wolverine World Wide COM 978097103 14549 962900 SH SOLE 902500 0 60400 Zale Corp COM 988858106 15149 474900 SH SOLE 447600 0 27300