13F-HR 1 q3-2003f.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: September 30, 2003 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 October 31, 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: 57 Form 13F Information Table Value Total: $679,576 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 15864 883300 SH SOLE 875000 0 8300 Apogent Technologies COM 03760A101 19045 913000 SH SOLE 861800 0 51200 Applebees Intl COM 037899101 21195 673275 SH SOLE 637300 0 35975 Arkansas Best Corp COM 040790107 11878 432400 SH SOLE 408800 0 23600 Bank of Hawaii Corp COM 062540109 23880 711150 SH SOLE 673950 0 37200 Bedford Property Inv COM 076446301 9682 373100 SH SOLE 352600 0 20500 Castle Energy COM PAR$0.50N 148449309 4226 786950 SH SOLE 734150 0 52800 Convergys Corp COM 212485106 6052 330000 SH SOLE 330000 0 0 Cooper Industries Ltd COM G24182100 10144 211200 SH SOLE 211200 0 0 CorVel Corp COM 221006109 23259 655000 SH SOLE 615000 0 40000 D&K Healthcare Res COM 232861104 4000 284500 SH SOLE 259800 0 24700 El Paso Electric COM NEW 283677854 10676 924350 SH SOLE 876450 0 47900 EnPro Industries COM 29355X107 16567 1716800 SH SOLE 1627920 0 88880 First Horizon Pharm COM 32051K106 4406 688400 SH SOLE 646100 0 42300 Fluor Corp COM 343412102 14814 396850 SH SOLE 373350 0 23500 Highwoods Properties COM 431284108 13999 586700 SH SOLE 555800 0 30900 Humana Inc COM 444859102 28705 1590300 SH SOLE 1502400 0 87900 Huntington Bancshare COM 446150104 15463 779000 SH SOLE 779000 0 0 IMS Health Inc COM 449934108 8124 385039 SH SOLE 385039 0 0 Intermagnetics Genl COM 458771102 13407 599600 SH SOLE 567700 0 31900 Itron Inc COM 465741106 15920 793600 SH SOLE 750800 0 42800 J & J Snack Foods COM 466032109 9081 253800 SH SOLE 239600 0 14200 Koger Equity COM 500228101 3197 170050 SH SOLE 154550 0 15500 Lancaster Colony COM 513847103 15579 390450 SH SOLE 371850 0 18600 LandAmerica Finl Grp COM 514936103 20080 438050 SH SOLE 413650 0 24400 Landstar System Inc COM 515098101 28531 464600 SH SOLE 441200 0 23400 Lawson Products COM 520776105 8829 327000 SH SOLE 310600 0 16400 LifePoint Hospitals COM 53219L109 15634 646300 SH SOLE 609800 0 36500 Lincoln National COM 534187109 6085 172000 SH SOLE 172000 0 0 MTR Gaming Group COM 553769100 6607 762100 SH SOLE 719800 0 42300 Macrovision Corp COM 555904101 2675 144600 SH SOLE 135900 0 8700 Maritrans Inc COM 570363101 4637 309100 SH SOLE 284000 0 25100 Mens Wearhouse COM 587118100 17713 690550 SH SOLE 653850 0 36700 OceanFirst Financial COM 675234108 3789 151500 SH SOLE 138200 0 13300 Oceaneering Intl COM 675232102 11840 503400 SH SOLE 478500 0 24900 Octel Corp COM 675727101 14324 823200 SH SOLE 777400 0 45800 Oxford Health Plans COM 691471106 18548 449000 SH SOLE 449000 0 0 PFF Bancorp COM 69331W104 24482 767950 SH SOLE 724550 0 43400 PICO Holdings Inc COM 693366205 3796 287600 SH SOLE 263200 0 24400 Plum Creek Timber COM 729251108 4068 159900 SH SOLE 159900 0 0 RadioShack Corp COM 750438103 7060 248500 SH SOLE 248500 0 0 RehabCare Group COM 759148109 9613 563800 SH SOLE 539600 0 24200 SCS Transportation COM 81111T102 6214 411550 SH SOLE 377450 0 34100 Stage Stores COM 85254C305 11374 447800 SH SOLE 423500 0 24300 Stein Mart Inc COM 858375108 7696 1425150 SH SOLE 1351650 0 73500 Sterling Bancorp COM 859158107 9174 340930 SH SOLE 312122 0 28808 Stewart Enterprises COM 860370105 2126 559600 SH SOLE 526400 0 33200 Strattec Security COM 863111100 8695 183050 SH SOLE 171950 0 11100 United Stationers COM 913004107 23718 629300 SH SOLE 599000 0 30300 Universal Electronic COM 913483103 3399 294050 SH SOLE 269750 0 24300 Universal Forest Prd COM 913543104 5215 212600 SH SOLE 191200 0 21400 Valassis Commun COM 918866104 12292 465600 SH SOLE 438800 0 26800 Wabtec Corp COM 929740108 13770 868750 SH SOLE 822150 0 46600 Waste Management COM 94106L109 5941 227000 SH SOLE 227000 0 0 Whitehall Jewellers COM 965063100 3867 344950 SH SOLE 315750 0 29200 Wolverine World Wide COM 978097103 18188 937550 SH SOLE 886150 0 51400 Zale Corp COM 988858106 20433 460100 SH SOLE 437000 0 23100