<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Quarter Ended: March 31, 1999
Check Here if Amendment: [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement
[ ] adds new holding entries.
Institutional Investment Manager Filing This Report:
Name: Emerald Advisers, Inc.
Address: 1857 William Penn Way
Suite 203
Lancaster, PA 17601
13F File Number: 28-561A
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 sign 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: Scott Lambert Rehr
Title: Senior Vice President
Phone: 717-396-1116
Signature, Place, and Date of Signing:
Scott Lambert Rehr Lancaster, Pennsylvania May 12, 1999
Report Type (Check only one.):
[ x ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
None.
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
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SEC13F.LNS EMERALD ADVISERS
FORM 13F SUMMARY PAGE
AS OF DATE: 03/31/99
REPORT SUMMARY:
NUMBER OF OTHER INCLUDED MANAGERS: 0
FORM 13F INFORMATION TABLE ENTRY TOTAL: 179
FORM 13F INFORMATION TABLE VALUE TOTAL: $389,096,000
LIST OF OTHER INCLUDED MANAGERS:
NO. 13F FILE NUMBER NAME
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PORTVUE-SEC13F.LNP EMERALD ADVISERS PAGE 1
RUN DATE: 05/13/99 1:59 P.M.
FORM 13F INFORMATION TABLE
AS OF DATE: 03/31/99
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
4 KIDS ENTMT INC COM COM 350865101 8491 444968 SH SOLE 352950 0 92018
A C MOORE ARTS & CRAFTS INC CO COM 00086T103 1949 371150 SH SOLE 284750 0 86400
ABOVENET COMMUNICATIONS INC CO COM 003743101 11372 173785 SH SOLE 143755 0 30030
ADELPHIA COMMUNICATIONS CORPCL COM 006848105 252 4000 SH SOLE 0 0 4000
ALLEN ORGAN CO COM 017753104 1240 32629 SH SOLE 12964 0 19665
AMERISOURCE HEALTH CORP CL A COM 03071P102 1709 50000 SH SOLE 10000 0 40000
AMKOR TECHNOLOGY INC COM COM 031652100 3906 495960 SH SOLE 348625 0 147335
AMSOUTH BANCORPORATION COM COM 032165102 205 4500 SH SOLE 4500 0 0
ANDRX CORP COM COM 034551101 257 2825 SH SOLE 2825 0 0
ANSOFT CORP COM COM 036384105 1793 224155 SH SOLE 127355 0 96800
APPLE COMPUTER INC COM 037833100 216 6000 SH SOLE 6000 0 0
ARNOLD INDS INC COM COM 042595108 1131 76000 SH SOLE 46250 0 29750
ARTHROCARE CORP COM COM 043136100 793 48050 SH SOLE 38050 0 10000
ASHTON TECHNOLOGY GROUP INC CO COM 045084100 44 12000 SH SOLE 0 0 12000
ASPECT DEV INC COM COM 045234101 4575 196755 SH SOLE 129755 0 67000
ASSOCIATED GROUP INC CL A COM 045651106 6726 135700 SH SOLE 87600 0 48100
BALANCED CARE CORP COM COM 057630105 131 47800 SH SOLE 0 0 47800
BEL FUSE INC CL A COM 077347201 4695 114510 SH SOLE 89185 0 25325
BERGER HLDGS LTD COM NEW COM 084037407 636 254425 SH SOLE 181085 0 73340
BEST SOFTWARE INC COM COM 086579109 858 63540 SH SOLE 63490 0 50
BORDERS GROUP INC COM COM 099709107 761 54140 SH SOLE 42620 0 11520
BOYDS COLLECTION LTD COM 103354106 1656 92000 SH SOLE 62000 0 30000
BRANDYWINE RLTY TR SH BEN INT COM 105368203 4636 285300 SH SOLE 200440 0 84860
BROADVISION INC COM COM 111412102 953 15950 SH SOLE 12950 0 3000
BROOKSTONE INC COM COM 114537103 2853 225970 SH SOLE 143070 0 82900
BT FINANCIAL CORP COM COM 055763106 2629 99213 SH SOLE 63080 0 36133
BUCKEYE PARTNERS L P COM 118230101 899 33000 SH SOLE 0 0 33000
C COR ELECTRS INC COM COM 125010108 3426 198590 SH SOLE 132990 0 65600
CAMBRIDGE TECH PTNRS MA INC CO COM 132524109 1457 105015 SH SOLE 89305 0 15710
CATALYST INTL INC COM COM 14887T105 459 44200 SH SOLE 38200 0 6000
CELESTIAL SEASONINGS INC COM COM 151016102 1299 60050 SH SOLE 54800 0 5250
CELGENE CORP COM COM 151020104 428 26730 SH SOLE 19880 0 6850
CHARMING SHOPPES INC COM COM 161133103 1285 331500 SH SOLE 205500 0 126000
CHICOS FAS INC COM COM 168615102 1077 50110 SH SOLE 40825 0 9285
CHROMAVISION MED SYS INC COM COM 17111P104 2603 408280 SH SOLE 316750 0 91530
CISCO SYS INC COM COM 17275R102 329 3000 SH SOLE 3000 0 0
CMG INFORMATION SVCS INC COM COM 125750109 1043 5700 SH SOLE 5700 0 0
CNF TRANSN INC COM COM 12612W104 2413 63815 SH SOLE 50470 0 13345
COACH USA INC COM COM 18975L106 681 24770 SH SOLE 18305 0 6465
COLLAGENEX PHARMACEUTCLS INCCO COM 19419B100 773 93700 SH SOLE 63100 0 30600
COMCAST CORP CL A SPL COM 200300200 7016 222950 SH SOLE 117150 0 105800
COMMERCE BANCORP INC N J COM COM 200519106 2189 53067 SH SOLE 45113 0 7954
COMPLETE BUSINESS SLTNSINC COM COM 20452F107 334 17000 SH SOLE 17000 0 0
CONCENTRIC NETWORK CORP DEL CO COM 20589R107 9760 130570 SH SOLE 95815 0 34755
CORECARE SYS INC COM COM 218908101 180 360000 SH SOLE 164000 0 196000
COULTER PHARMACEUTICAL INC COM COM 222116105 1172 53890 SH SOLE 53890 0 0
CREATIVE MASTER INTL INC COM COM 22528Y201 891 148500 SH SOLE 120000 0 28500
CROWN AMERICAN RLTY TR COM COM 228186102 3145 483915 SH SOLE 334915 0 149000
CSG SYS INTL INC COM COM 126349109 1406 35646 SH SOLE 24426 0 11220
CV THERAPEUTICS INC COM COM 126667104 329 67435 SH SOLE 67435 0 0
CYTRX CORP COM NEW COM 232828301 586 213157 SH SOLE 174222 0 38935
</TABLE>
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<TABLE>
<CAPTION>
PORTVUE-SEC13F.LNP EMERALD ADVISERS PAGE 2
RUN DATE: 05/13/99 1:59 P.M.
FORM 13F INFORMATION TABLE
AS OF DATE: 03/31/99
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
C&D TECHNOLOGIES INC COM COM 124661109 7011 281850 SH SOLE 178015 0 103835
D & E COMMUNICATIONS INC COM COM 232860106 287 15610 SH SOLE 6505 0 9105
DIAMOND TECHNOLGY PRTNRS INCCL COM 252762109 4908 212800 SH SOLE 167180 0 45620
DII GROUP INC COM COM 232949107 1609 55000 SH SOLE 45000 0 10000
DOCUCORP INC COM COM 255911109 2519 479825 SH SOLE 385400 0 94425
DONEGAL GROUP INC J COM COM 257701102 4128 336950 SH SOLE 196774 0 140176
DROVERS BANCSHARES CORP PA COM COM 262120108 409 18667 SH SOLE 11025 0 7642
DUKE RLTY INVTS INC COM NEW COM 264411505 253 11780 SH SOLE 8180 0 3600
E M C CORP MASS COM COM 268648102 434 3400 SH SOLE 3400 0 0
E4L INC COM COM 268452109 966 115305 SH SOLE 100305 0 15000
EARTHWEB INC COM COM 27032C108 697 12710 SH SOLE 12710 0 0
EDUCATION MGMT CORP COM COM 28139T101 1178 38300 SH SOLE 27100 0 11200
ELECTRONICS BOUTIQUE HLDGS CCO COM 286045109 5165 372240 SH SOLE 251325 0 120915
EMISPHERE TECHNOLOGIES INC COM COM 291345106 2396 266245 SH SOLE 203385 0 62860
ENTERCOM COMMUNICATIONS CORP COM 293639100 301 8500 SH SOLE 0 0 8500
ENVIRONMENTAL TECTONICS CORPCO COM 294092101 6295 310845 SH SOLE 217830 0 93015
ERIE INDTY CO CL A COM 29530P102 528 19203 SH SOLE 0 0 19203
EXODUS COMMUNICATIONS INC COM COM 302088109 2882 42860 SH SOLE 35860 0 7000
FCNB CORP COM COM 302920103 268 14000 SH SOLE 14000 0 0
FEDERATED INVS INC PA CL B COM 314211103 182 10000 SH SOLE 10000 0 0
FIRST COLONIAL GROUP INC COM COM 319734109 2111 91773 SH SOLE 47310 0 44463
FIRST SIERRA FINL INC COM COM 335944104 585 65045 SH SOLE 55055 0 9990
FLASHNET COMMUNICATIONS INC CO COM 338527104 823 20000 SH SOLE 16000 0 4000
FULTON FINL CORP PA COM COM 360271100 1192 57167 SH SOLE 56678 0 490
GENESYS TLCM LABRTS INC COM COM 371931106 810 53800 SH SOLE 43800 0 10000
GLATFELTER P H CO COM COM 377316104 1320 118000 SH SOLE 50000 0 68000
GREATER BAY BANCORP COM COM 391648102 247 8500 SH SOLE 8500 0 0
HARKEN ENERGY CORP COM COM 412552101 578 355525 SH SOLE 310525 0 45000
HERLEY INDS COM 427398102 3641 303445 SH SOLE 193045 0 110400
HERLEY INDS INC WT EXP 01-11-9 WARRANT AND RIGH 427398110 24 20000 SH SOLE 10000 0 10000
HNC SOFTWARE INC COM COM 40425P107 1638 50000 SH SOLE 50000 0 0
HOT TOPIC INC COM COM 441339108 3292 181615 SH SOLE 142150 0 39465
HUBCO INC COM COM 404382103 275 8200 SH SOLE 8200 0 0
HYPERION TELECOMMUNICATIONS CL COM 44914K306 2044 168600 SH SOLE 74600 0 94000
I B M COM 459200101 372 2100 SH SOLE 2100 0 0
IGEN INTL INC DEL COM COM 449536101 6557 273205 SH SOLE 194740 0 78465
INFOSEEK CORP COM COM 45678M107 2264 30600 SH SOLE 25125 0 5475
INFOSPACE COM INC COM COM 45678T102 2856 64460 SH SOLE 52670 0 11790
INNOVEX INC COM COM 457647105 268 20000 SH SOLE 20000 0 0
INTEGRATED CIRCUIT SYS INC COM COM 45811K109 2489 137800 SH SOLE 101700 0 36100
INTEL CORP COM COM 458140100 276 4640 SH SOLE 4640 0 0
INTERDIGITAL COMMUNICATION COM COM 45866A105 166 38600 SH SOLE 5000 0 33600
INTERNATIONAL NETWORK SVCS COM COM 460053101 415 8910 SH SOLE 8850 0 60
JAVELIN SYS INC COM COM 471896100 2019 166500 SH SOLE 146500 0 20000
JEFFBANKS INC COM COM 472317106 5376 257538 SH SOLE 183712 0 73826
JLG INDS INC COM COM 466210101 2651 194590 SH SOLE 120490 0 74100
JPM CO COM COM 465933109 1653 152000 SH SOLE 80800 0 71200
KING PHARMACEUTICALS INC COM COM 495582108 1635 58920 SH SOLE 31620 0 27300
KULICKE & SOFFA INDS INC COM COM 501242101 784 31060 SH SOLE 10060 0 21000
LANDS END INC COM COM 515086106 1918 55400 SH SOLE 36400 0 19000
LASER VISION CTRS INC COM COM 51807H100 9067 237835 SH SOLE 181000 0 56835
</TABLE>
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<TABLE>
<CAPTION>
PORTVUE-SEC13F.LNP EMERALD ADVISERS PAGE 3
RUN DATE: 05/13/99 1:59 P.M.
FORM 13F INFORMATION TABLE
AS OF DATE: 03/31/99
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LEGATO SYS INC COM COM 524651106 2358 45670 SH SOLE 37365 0 8305
LIBERTY PPTY TR SH BEN INT COM 531172104 5060 243875 SH SOLE 158590 0 85285
MAGAININ PHARMACEUTICALS INCCO COM 559036108 124 79400 SH SOLE 0 0 79400
MAIN STR BANCORP INC COM COM 559906102 3657 229488 SH SOLE 155005 0 74483
MARLTON TECHNOLOGIES INC COM COM 571263102 257 52700 SH SOLE 24200 0 28500
MASTECH CORP COM COM 57632N105 4302 330940 SH SOLE 212745 0 118195
MATTHEWS INTL CORP CL A COM 577128101 1843 67310 SH SOLE 49710 0 17600
MEDIA ARTS GROUP INC COM COM 58439C102 3860 428870 SH SOLE 312910 0 115960
MEDICAL TECHN & INNOV INC COM COM 58462M100 271 1807789 SH SOLE 1510789 0 297000
MERCANTILE BANKSHARES CORP COM COM 587405101 370 10000 SH SOLE 10000 0 0
MET PRO CORP COM COM 590876306 4527 411534 SH SOLE 242249 0 169285
MICROLEAGUE MULTIMEDIA INC WT WARRANT AND RIGH 59507T118 0 22000 SH SOLE 2000 0 20000
MICROSOFT CORP COM COM 594918104 359 4000 SH SOLE 4000 0 0
MIPS TECHNOLOGIES INC COM COM 604567107 488 8000 SH SOLE 8000 0 0
NATIONAL RECORD MART INC COM COM 637355108 525 118345 SH SOLE 78745 0 39600
NEOMAGIC CORP COM COM 640497103 609 61255 SH SOLE 61255 0 0
NEOSE TECHNOLOGIES INC COM COM 640522108 6060 442720 SH SOLE 291165 0 151555
NETBANK INC COM COM 640933107 10322 151795 SH SOLE 118230 0 33565
NOVELL INC COM COM 670006105 202 8000 SH SOLE 8000 0 0
OM GROUP INC COM COM 670872100 4155 125900 SH SOLE 81600 0 44300
OROAMERICA INC COM COM 687027102 2339 252835 SH SOLE 195230 0 57605
PACIFIC SUNWEAR CALIF INC COM COM 694873100 3694 106300 SH SOLE 79600 0 26700
PACIFICHEALTH LABORATORIES ICO COM 695113100 80 41500 SH SOLE 41500 0 0
PAUL HARRIS STORES INC COM NEW COM 703555201 1011 137025 SH SOLE 109800 0 27225
PENN TREATY AMERN CORP COM COM 707874103 6484 261300 SH SOLE 171700 0 89600
PENN-AMER GROUP INC COM COM 707247102 3861 350985 SH SOLE 211585 0 139400
PHARMAPRINT INC COM COM 716950100 2191 243430 SH SOLE 197630 0 45800
PHILADELPHIA CONS HLDG CORP CO COM 717528103 867 43100 SH SOLE 12100 0 31000
PHILADELPHIA SUBN CORP COM PAR COM 718009608 5633 248289 SH SOLE 158261 0 90028
PIER 1 IMPORTS INC SHS BEN INT COM 720279108 765 94105 SH SOLE 75025 0 19080
PIERCE LEAHY CORP COM COM 720722107 249 10000 SH SOLE 0 0 10000
PIERCING PAGODA INC COM COM 720773100 4117 460669 SH SOLE 292318 0 168351
PINNACLE HLDGS INC COM COM 72346N101 454 30000 SH SOLE 30000 0 0
PJ AMER INC COM COM 72585Q104 1213 52740 SH SOLE 40340 0 12400
PNC FINANCIAL CORP COM 693475105 231 4150 SH SOLE 4150 0 0
PRI AUTOMATION INC COM COM 69357H106 384 18300 SH SOLE 7300 0 11000
PRIME BANCORP INC COM COM 741914105 7109 285056 SH SOLE 181465 0 103591
PROGRESS FINL CORP COM COM 743266108 4849 334388 SH SOLE 231080 0 103308
PROPHET 21 INC COM COM 743459109 576 53600 SH SOLE 20000 0 33600
PROVIDENT AMERICAN CORP COM COM 743832107 864 69800 SH SOLE 44800 0 25000
PSB BANCORP INC COM COM 693604100 523 80500 SH SOLE 15500 0 65000
QUIXOTE CORP COM COM 749056107 241 21170 SH SOLE 15195 0 5975
RCM TECHNOLOGIES INC COM NEW COM 749360400 434 39410 SH SOLE 31380 0 8030
REGIONS FINL CORP COM COM 758940100 208 6000 SH SOLE 6000 0 0
REPUBLIC FIRST BANCORP INC COM COM 760416107 295 32290 SH SOLE 32290 0 0
RESOURCE AMER INC CL A COM 761195205 178 20610 SH SOLE 110 0 20500
RESOURCE ASSET INVT TR COM COM 761196104 4573 389220 SH SOLE 260805 0 128415
RIGHT MGMT CONSULTANTS INC COM COM 766573109 1952 123450 SH SOLE 80950 0 42500
RITE AID CORP COM COM 767754104 1354 54155 SH SOLE 32155 0 22000
ROYAL BANCSHARES PA INC CL A COM 780081105 1050 63630 SH SOLE 53330 0 10300
SAFEGUARD SCIENTIFICS INC COM COM 786449108 10979 162650 SH SOLE 110960 0 51690
</TABLE>
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<TABLE>
<CAPTION>
PORTVUE-SEC13F.LNP EMERALD ADVISERS PAGE 4
RUN DATE: 05/13/99 1:59 P.M.
FORM 13F INFORMATION TABLE
AS OF DATE: 03/31/99
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
SANCHEZ COMPUTER ASSOCS INC CO COM 799702105 9363 402720 SH SOLE 286285 0 116435
SANGSTAT MED CORP COM COM 801003104 502 40550 SH SOLE 32920 0 7630
SECURE COMPUTING CORP COM COM 813705100 916 87255 SH SOLE 73530 0 13725
SECURITY FIRST TECHNOLOGIES CO COM 814279105 568 15460 SH SOLE 15460 0 0
SEI INVTS CO COM COM 784117103 853 9220 SH SOLE 4020 0 5200
SI HANDLING SYS INC COM COM 784255101 7908 608331 SH SOLE 385247 0 223084
SOVEREIGN BANCORP INC COM COM 845905108 3081 251526 SH SOLE 160108 0 91418
SUN BANCORP INC COM COM 866634108 2376 95059 SH SOLE 58533 0 36526
SUN BANCORP INC N J COM COM 86663B102 738 39365 SH SOLE 39145 0 220
SUNGARD DATA SYS INC COM COM 867363103 5771 144280 SH SOLE 87165 0 57115
SUSQUEHANNA BANCSHARES INC COM COM 869099101 1184 64454 SH SOLE 21284 0 43170
TANGRAM ENTERPRISE SOLUTIONSCO COM 875924102 977 372245 SH SOLE 300147 0 72098
TAVA TECHNOLOGIES INC COM COM 872169107 145 29000 SH SOLE 29000 0 0
TB WOODS CORP COM COM 872226105 430 38410 SH SOLE 15910 0 22500
TELEBANC FINL CORP COM COM 87925R109 4450 55800 SH SOLE 41020 0 14780
TELEFLEX INC COM COM 879369106 4774 140145 SH SOLE 86525 0 53620
THEGLOBE COM INC COM COM 88335R101 1345 25800 SH SOLE 21800 0 4000
TOOTSIE ROLL INDS INC COM COM 890516107 2111 45897 SH SOLE 31316 0 14581
TRIUMPH GROUP INC NEW COM COM 896818101 1222 52000 SH SOLE 27000 0 25000
UNISYS CORP COM 909214108 305 11000 SH SOLE 11000 0 0
VALUEVISION INTL INC CL A COM 92047K107 1158 94035 SH SOLE 81750 0 12285
VIGNETTE CORP COM COM 926734104 735 9765 SH SOLE 7505 0 2260
VIROPHARMA INC COM COM 928241108 1318 208720 SH SOLE 121420 0 87300
VISHAY INTERTECHNOLOGY INC COM COM 928298108 1769 122000 SH SOLE 70500 0 51500
VITESSE SEMICONDUCTOR CORP COM COM 928497106 5013 99030 SH SOLE 80595 0 18435
YORK FINL CORP COM COM 986630101 568 39166 SH SOLE 18993 0 20173
</TABLE>
LINE COUNT: 179
