13F-HR 1 q1-2005f.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: March 31, 2005 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 May 12, 2005 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: 58 Form 13F Information Table Value Total: $887,976 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 Allete Inc COM 018522300 10935 261300 SH SOLE 247600 0 13700 Amer Pwr Conversion COM 029066107 16998 650000 SH SOLE 650000 0 0 Applebees Intl COM 037899101 26106 947225 SH SOLE 911363 0 35862 Apria Healthcare Grp COM 037933108 25057 780600 SH SOLE 753200 0 27400 Arkansas Best Corp COM 040790107 6287 166400 SH SOLE 158800 0 7600 Astoria Financial COM 046265104 12334 487500 SH SOLE 487500 0 0 Bank of Hawaii Corp COM 062540109 28602 631950 SH SOLE 608550 0 23400 Bedford Property Inv COM 076446301 3207 146900 SH SOLE 140100 0 6800 Borders Group Inc COM 099709107 21408 804200 SH SOLE 768000 0 36200 Burlington Resources COM 122014103 14020 280000 SH SOLE 280000 0 0 Castle Energy COM PAR$0.50N 148449309 8489 722450 SH SOLE 682150 0 40300 Christopher and Banks COM 171046105 19758 1122600 SH SOLE 1077500 0 45100 Commonwlth Telephone COM 203349105 23447 497400 SH SOLE 477100 0 20300 CorVel Corp COM 221006109 12362 579850 SH SOLE 557550 0 22300 Craftmade Intl COM 22413E104 1960 88800 SH SOLE 83000 0 5800 Cullen Frost Bankers COM 229899109 11062 245000 SH SOLE 245000 0 0 Direct General COM 25456W204 4336 211100 SH SOLE 203300 0 7800 Dollar Thrifty Auto COM 256743105 15689 478600 SH SOLE 457300 0 21300 El Paso Electric COM NEW 283677854 15839 833650 SH SOLE 802350 0 31300 EnPro Industries COM 29355X107 40856 1485660 SH SOLE 1427780 0 57880 Flushing Financial COM 343873105 2524 138700 SH SOLE 133900 0 4800 Genesis HealthCare COM 37184D101 23414 545900 SH SOLE 523500 0 22400 Hibbett Sporting Good COM 428565105 30 1000 SH SOLE 1000 0 0 Humana Inc COM 444859102 45109 1412300 SH SOLE 1356100 0 56200 J & J Snack Foods COM 466032109 10921 233200 SH SOLE 223500 0 9700 Laboratory Corp COM 50540R409 13737 285000 SH SOLE 285000 0 0 Lancaster Colony COM 513847103 14763 346950 SH SOLE 334650 0 12300 Landstar System Inc COM 515098101 23593 720400 SH SOLE 691300 0 29100 Lawson Products COM 520776105 13703 292800 SH SOLE 282500 0 10300 MacDermid COM 554273102 11317 348200 SH SOLE 333000 0 15200 Movie Gallery Inc COM 624581104 15628 544900 SH SOLE 524100 0 20800 National Oilwell Varc COM 637071101 31242 668997 SH SOLE 652460 0 16537 Neenah Paper COM 640079109 25044 744900 SH SOLE 717000 0 27900 Novelis Inc COM 67000X106 20302 926200 SH SOLE 885900 0 40300 OceanFirst Financial COM 675234108 2986 130000 SH SOLE 121400 0 8600 PFF Bancorp COM 69331W104 27849 1009035 SH SOLE 969585 0 39450 PHH Corp COM 693320202 23165 1059200 SH SOLE 1016500 0 42700 PICO Holdings Inc COM 693366205 6299 243100 SH SOLE 226500 0 16600 Par Pharmaceutical COM 69888P106 20178 603400 SH SOLE 582100 0 21300 Pep Boys COM 713278109 13067 743300 SH SOLE 721400 0 21900 Pepsi Bottling Group COM 713409100 11251 404000 SH SOLE 404000 0 0 Possis Medical COM 737407106 3591 429000 SH SOLE 400600 0 28400 Republic Services COM 760759100 13526 404000 SH SOLE 404000 0 0 SCS Transportation COM 81111T102 6191 333050 SH SOLE 311750 0 21300 SM&A COM 78465D105 4151 502500 SH SOLE 469700 0 32800 Skywest Inc COM 830879102 24992 1344400 SH SOLE 1290800 0 53600 Stage Stores COM 85254C305 15183 395500 SH SOLE 380400 0 15100 Stewart Enterprises COM 860370105 16141 2624500 SH SOLE 2513500 0 111000 Strattec Security COM 863111100 8526 159133 SH SOLE 151733 0 7400 TCF Financial COM 872275102 12896 475000 SH SOLE 475000 0 0 Texas Industries COM 882491103 15647 291100 SH SOLE 280000 0 11100 Trammell Crow COM 89288R106 29 1400 SH SOLE 1400 0 0 United Stationers COM 913004107 25390 561100 SH SOLE 540900 0 20200 Valassis Commun COM 918866104 14376 411200 SH SOLE 394800 0 16400 Viad Corp COM 92552R406 15613 580400 SH SOLE 557300 0 23100 Waste Management COM 94106L109 6549 227000 SH SOLE 227000 0 0 Watson Wyatt COM 942712100 3884 142800 SH SOLE 135400 0 7400 Wolverine World Wide COM 978097103 26417 1232725 SH SOLE 1186525 0 46200