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, 1999
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 11, 1999
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.
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 54
Form 13F Information Table Value Total: $414,200
List of Other Included Managers:
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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
Advanta Corp A CLA 007942105 9171 829019 SH SOLE 704624 0 124395
Alltrista Corp COM 020040101 6300 323100 SH SOLE 264400 0 58700
Arnold Industries COM 042595108 13016 875000 SH SOLE 749500 0 125500
Cadmus Commun COM 127587103 6996 486700 SH SOLE 398100 0 88600
Castle Energy COM PAR$0.50N 148449309 4502 281400 SH SOLE 227200 0 54200
Coca Cola Bottling COM 191098102 4107 74335 SH SOLE 53990 0 20345
CommScope Inc COM 203372107 21394 1021800 SH SOLE 865900 0 155900
Congoleum Cl A CLA 207195108 1148 173300 SH SOLE 89300 0 84000
CorVel Corp COM 221006109 9138 255600 SH SOLE 208700 0 46900
Costilla Energy Inc COM 22161G103 1608 677100 SH SOLE 514400 0 162700
Diagnostic Products COM 252450101 453 18700 SH SOLE 18700 0 0
Dress Barn COM 261570105 719 51800 SH SOLE 51800 0 0
Echelon Intl COM 278747100 7766 395700 SH SOLE 332400 0 63300
Esco Electronics COM TR RCPT 269030201 4338 482000 SH SOLE 375000 0 107000
Ethyl Corp COM 297659104 8072 1899200 SH SOLE 1589100 0 310100
First Bancorp P R COM 318672102 13109 544800 SH SOLE 411000 0 133800
First Health Group COM 320960107 218 13600 SH SOLE 13600 0 0
Franklin Electric COM 353514102 9659 148600 SH SOLE 117400 0 31200
Fund American Ent COM 360768105 10525 79100 SH SOLE 63200 0 15900
Georgia Gulf COM PAR $0.01 373200203 7078 632700 SH SOLE 559200 0 73500
Guilford Mills COM 401794102 7490 856000 SH SOLE 707200 0 148800
Handleman COM 410252100 15252 1140300 SH SOLE 927100 0 213200
Host Marriott Srvs COM 440914109 8027 1189200 SH SOLE 1001600 0 187600
Illinova Corp COM 452317100 11498 542700 SH SOLE 447600 0 95100
Information Res COM 456905108 3570 554500 SH SOLE 548500 0 6000
Invacare Corp COM 461203101 14240 585700 SH SOLE 483800 0 101900
Jackpot Enterprises COM 466392107 83 10600 SH SOLE 9600 0 1000
Jacobs Engineering COM 469814107 17274 438000 SH SOLE 363000 0 75000
Justin Industries COM 482171105 6501 591000 SH SOLE 482600 0 108400
Landstar System Inc COM 515098101 15877 479300 SH SOLE 382900 0 96400
Lawson Products COM 520776105 7353 358700 SH SOLE 299500 0 59200
Lawter International COM 520786104 4397 628200 SH SOLE 628200 0 0
MagneTek Inc COM 559424106 6183 738300 SH SOLE 601300 0 137000
Midas COM 595626102 25735 771100 SH SOLE 600400 0 170700
Midwest Express COM 597911106 15291 520550 SH SOLE 382750 0 137800
Morrison Health Care COM 61841L108 8396 469700 SH SOLE 378800 0 90900
NCH Corp COM 628850109 9641 201900 SH SOLE 166400 0 35500
Octel Corp COM 675727101 10651 869500 SH SOLE 709000 0 160500
PFF Bancorp COM 69331W104 4118 235300 SH SOLE 188900 0 46400
Penn-America Group COM 707247102 4489 408100 SH SOLE 338900 0 69200
Presidential Life Cor COM 740884101 5597 312000 SH SOLE 303100 0 8900
Queens County Banc COM 748242104 8735 323508 SH SOLE 254552 0 68956
Royal Appliance Mfg COM 780076105 2503 667400 SH SOLE 661000 0 6400
Scientific Games COM 808747109 12658 713100 SH SOLE 575700 0 137400
Seitel COM NEW 816074306 8839 634200 SH SOLE 631000 0 3200
Stimsonite Corp COM 860832104 5039 625000 SH SOLE 500000 0 125000
Strattec Security COM 863111100 4376 155600 SH SOLE 91500 0 64100
SunSource Inc COM 867948101 914 64700 SH SOLE 64700 0 0
TBC Corp COM 872180104 6945 1145500 SH SOLE 978900 0 166600
Tanger Factory Outlt COM 875465106 3303 172700 SH SOLE 172700 0 0
Transport Corp Amer COM 89385P102 1812 157580 SH SOLE 88780 0 68800
Varian Inc (wi) COM 922206107 2840 300900 SH SOLE 262300 0 38600
Varian Medical (wi) COM 92220P105 5247 300900 SH SOLE 262300 0 38600
Wolverine World Wide COM 978097103 10009 1053600 SH SOLE 861800 0 191800
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