CADMUS COMMUNICATIONS CORP/NEW
SC 13G, 1999-02-11
COMMERCIAL PRINTING
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	UNITED STATES
	SECURITIES AND EXCHANGE COMMISSION
	WASHINGTON, D.C.  20549

	SCHEDULE 13G
(Amendment No. ___) 

	Under the Securities Exchange Act of 1934

Cadmus Communications Corp.
	 (Name of Issuer)

Common
	(Title of Class of Securities)

127587103
	(CUSIP Number)



*The remainder of this cover page shall be filled out or a 
reporting person's initial filing on this form with respect to 
the subject class of securities, and for any subsequent 
amendment containing information which would alter the 
disclosures provided in a prior cover page.

The information required in the remainder of this cover page 
shall not be deemed to be "filed" for the purpose of Section 18 
of the Securities Exchange Act of 1934 ("Act") or otherwise 
subject to the liabilities of that section of the Act but shall 
be subject to all other provisions of the Act (however, see the 
Notes).  


CUSIP No. 127587103	SCHEDULE 13G	Page 2 of 7 


1	Name of Reporting Person	
		Kestrel Investment Management Corporation
	IRS Identification No. of Above Person	94-3173193

2	Check the Appropriate Box if a Member of a Group
			(a)	[ ]
			(b)	[ ] 

3	SEC USE ONLY


4	Citizenship or Place of Organization

		California

			5	Sole Voting Power

				414,400

	NUMBER OF	6	Shared Voting Power
	SHARES
	BENEFICIALLY			-0-
	OWNED BY EACH
	REPORTING	7	Sole Dispositive Power
	PERSON WITH
				503,000

		8	Shared Dispositive Power

				-0-

9	Aggregate Amount Beneficially Owned by each Reporting 
Person

503,000
	

10	Check Box if the Aggregate Amount in Row (9) Excludes 
Certain Shares*	      [ ] 

11	Percent of Class Represented by Amount in Row 9

	6.4%

12	Type of Reporting Person*

	CO, IA

CUSIP No. 127587103	SCHEDULE 13G	Page 3 of 7 


1	Name of Reporting Person		David J. Steirman
	IRS Identification No. of Above Person	

2	Check the Appropriate Box if a Member of a Group
			(a)	[ ]
			(b)	[ ] 

3	SEC USE ONLY


4	Citizenship or Place of Organization

		United States

			5	Sole Voting Power

				414,400

	NUMBER OF	6	Shared Voting Power
	SHARES
	BENEFICIALLY			-0-
	OWNED BY EACH
	REPORTING	7	Sole Dispositive Power
	PERSON WITH
				503,000


		8	Shared Dispositive Power

				-0-

9	Aggregate Amount Beneficially Owned by each Reporting 
Person

	503,000


10	Check Box if the Aggregate Amount in Row (9) Excludes 
Certain Shares*	      [ ] 

11	Percent of Class Represented by Amount in Row 9

	6.4%

12	Type of Reporting Person*

	IN

CUSIP No. 127587103	SCHEDULE 13G	Page 4 of 7 


1	Name of Reporting Person		Abbott J. Keller
	IRS Identification No. of Above Person	

2	Check the Appropriate Box if a Member of a Group
			(a)	[ ]
			(b)	[ ] 

3	SEC USE ONLY


4	Citizenship or Place of Organization

		United States

			5	Sole Voting Power

				414,400	

	NUMBER OF	6	Shared Voting Power
	SHARES
	BENEFICIALLY			-0-
	OWNED BY EACH
	REPORTING	7	Sole Dispositive Power
	PERSON WITH
				503,000


		8	Shared Dispositive Power

				-0-

9	Aggregate Amount Beneficially Owned by each Reporting 
Person

	503,000

10	Check Box if the Aggregate Amount in Row (9) Excludes 
Certain Shares*	      [ ] 

11	Percent of Class Represented by Amount in Row 9

	6.4%

12	Type of Reporting Person*

	IN

CUSIP No. 127587103	SCHEDULE 13G	Page 5 of 7


Item 1(a).	Name of Issuer. 

	Cadmus Communications Corp.	

Item 1(b).	Address of Issuer's Principal Executive Offices. 

	6620 W. Broad St., Suite 240, Richmond, VA  23230

Item 2(a).	Names of Persons Filing. 

	Kestrel Investment Management Corporation, David J. 
Steirman and Abbott J. Keller.  

Item 2(b).	Address of Principal Business Office or, if none, 
Residence. 

	The business address of Kestrel Investment Management 
Corporation, David J. Steirman and Abbott J. Keller is 411 
Borel Avenue, Suite 403, San Mateo, CA  94402.  

Item 2(c).	Citizenship. 

	Kestrel Investment Management Corporation is a California 
corporation, David J. Steirman and Abbott J. Keller are 
citizens of the United States of America.  

Item 2(d).	Title of Class of Securities. 

	Common

Item 2(e).	CUSIP Number. 

	127587103

Item 3.	Type of Reporting Person. 

	Kestrel Investment Management Corporation is an investment 
advisor registered under Section 203 of the Investment Advisors 
Act of 1940.  David J. Steirman and Abbott J. Keller are the 
sole shareholders of Kestrel Investment Management Corporation.

Item 4.	Ownership. 

	Reference is hereby made to Items 5-9 and 11 of pages two 
(2), three (3) and four (4) of this Schedule G, which Items are 
incorporated by reference herein.  


CUSIP No. 127587103	SCHEDULE 13G	Page 6 of 7 


Item 5.	Ownership of Five Percent or Less of a Class. 

	Not applicable.

Item 6.	Ownership of More Than Five Percent on Behalf of 
Another Person. 

	Kestrel Investment Management Corporation is deemed to be 
the beneficial owner of the number of securities reflected in 
items 5-9 and 11 of page two (2) of this Schedule G pursuant to 
separate arrangements whereby it acts as investment adviser to 
certain persons, in which it also holds an ownership interest.  
Each person for whom Kestrel Investment Management Corporation 
acts as investment adviser has the right to receive or the 
power to direct the receipt of dividends from, or the proceeds 
from the sale of, the common stock purchased or held pursuant 
to such arrangements.  David J. Steirman and Abbott J. Keller 
are deemed to be the beneficial owners of the number of 
securities reflected in Items 5-9 and 11 of page two (2) of 
this Schedule G pursuant to their ownership interests in 
Kestrel Investment Management Corporation

Item 7.	Identification and Classification of the Subsidiary 
which Acquired the Security Being Reported on by the Parent 
Holding Company. 

	Not applicable. 

Item 8.	Identification and Classification of Members of the 
Group. 

	Not applicable. 

Item 9.	Notice of Dissolution of Group. 

	Not applicable. 

Item 10.	Certification. 

	By signing below, each of the undersigned certifies that, 
to the best of his knowledge and belief, the securities 
referred to above were acquired in the ordinary course of 
business and were not acquired for the purpose of and do not 
have the effect of changing or influencing the control of the 
issuer of such securities and were not acquired in connection 
with or as a participant in any transaction having such 
purposes or effect. 


CUSIP No. 127587103	SCHEDULE 13G	Page 7 of 7 


Signature

	After reasonable inquiry and to the best of my knowledge 
and belief, the undersigned certifies that the information set 
forth in this statement is true, complete and correct. 

DATED:	

	DAVID J. STEIRMAN



	/s/ David J. Steirman
	________________________
	David J. Steirman


DATED:	

	ABBOTT J. KELLER



	/s/ ABBOTT J. KELLER
	________________________
	Abbott J. Keller


DATED:	

	KESTREL INVESTMENT MANAGEMENT CORPORATION



	/s/ David J. Steirman
	________________________
	By:	David J. Steirman
	Its:	President




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