<SEC-DOCUMENT>0001144969-19-000016.txt : 20190510
<SEC-HEADER>0001144969-19-000016.hdr.sgml : 20190510
<ACCEPTANCE-DATETIME>20190510141846
ACCESSION NUMBER:		0001144969-19-000016
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190331
FILED AS OF DATE:		20190510
DATE AS OF CHANGE:		20190510
EFFECTIVENESS DATE:		20190510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RUTABAGA CAPITAL MANAGEMENT LLC/MA
		CENTRAL INDEX KEY:			0001128239
		IRS NUMBER:				043451870
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-06017
		FILM NUMBER:		19814242

	BUSINESS ADDRESS:	
		STREET 1:		64 BROAD STREET
		STREET 2:		3RD FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-204-1160

	MAIL ADDRESS:	
		STREET 1:		64 BROAD STREET
		STREET 2:		3RD FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
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      <filer>
        <credentials>
          <cik>0001128239</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>03-31-2019</periodOfReport>
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  <formData>
    <coverPage>
      <reportCalendarOrQuarter>03-31-2019</reportCalendarOrQuarter>
      <filingManager>
        <name>RUTABAGA CAPITAL MANAGEMENT LLC/MA</name>
        <address>
          <com:street1>64 BROAD STREET</com:street1>
          <com:street2>3RD FLOOR</com:street2>
          <com:city>BOSTON</com:city>
          <com:stateOrCountry>MA</com:stateOrCountry>
          <com:zipCode>02109</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-06017</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Dana Cohen</name>
      <title>Principal</title>
      <phone>6172041160</phone>
      <signature>Dana Cohen</signature>
      <city>Boston</city>
      <stateOrCountry>MA</stateOrCountry>
      <signatureDate>05-10-2019</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>46</tableEntryTotal>
      <tableValueTotal>361852</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
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<DOCUMENT>
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	<n1:infoTable>
		<n1:nameOfIssuer>MISTRAS GROUP INC.</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>60649T107</n1:cusip>
		<n1:value>10062</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>728619</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>623518</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>MOTORCAR PARTS OF AMERICA </n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>620071100</n1:cusip>
		<n1:value>12566</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>665942</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>570150</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>NATUS MEDICAL INCORPORATED</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>639050103</n1:cusip>
		<n1:value>12143</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>478442</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>409205</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>NORTHERN TECHNOLOGIES INTL</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>665809109</n1:cusip>
		<n1:value>4038</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>150970</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>150970</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>PCTEL INC.</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>69325Q105</n1:cusip>
		<n1:value>4719</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>941895</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>941895</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>PEAK RESORTS INC</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>70469L100</n1:cusip>
		<n1:value>5194</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>1141439</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>1141439</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>QAD INC</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>74727D306</n1:cusip>
		<n1:value>4510</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>104716</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>104716</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>RED LION HOTELS CORP</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>756764106</n1:cusip>
		<n1:value>3887</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>481052</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>481052</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>RTI SURGICAL HOLDINGS, INC.</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>74975N105</n1:cusip>
		<n1:value>5478</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>911417</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>911417</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>SPX FLOW INC.</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>78469X107</n1:cusip>
		<n1:value>11495</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>360333</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>308082</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>TEAM INC</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>878155100</n1:cusip>
		<n1:value>4121</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>235509</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>235509</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>TECNOGLASS INC.</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>G87264100</n1:cusip>
		<n1:value>4820</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>662052</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>662052</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>TEXTAINER GROUP HOLDINGS LIMITED</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>G8766E109</n1:cusip>
		<n1:value>9722</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>1007430</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>861265</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>THE ANDERSONS INC</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>034164103</n1:cusip>
		<n1:value>11743</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>364347</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>310844</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>THE BANCORP INC.</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>05969A105</n1:cusip>
		<n1:value>11883</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>1470729</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>1258503</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>THE CONTAINER STORE GROUP INC</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>210751103</n1:cusip>
		<n1:value>7314</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>831103</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>831103</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>THERMON GROUP HOLDINGS, INC.</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>88362T103</n1:cusip>
		<n1:value>12589</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>513638</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>439177</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>TITAN INTERNATIONAL INC.</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>88830M102</n1:cusip>
		<n1:value>5997</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>1004548</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>858841</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>TITAN MACHINERY, INC.</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>88830R101</n1:cusip>
		<n1:value>4486</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>288279</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>288279</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>TRECORA RESOURCES</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>894648104</n1:cusip>
		<n1:value>4801</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>528131</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>528131</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>UMH PROPERTIES INC.</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>903002103</n1:cusip>
		<n1:value>4952</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>351673</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>351673</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>VAREX IMAGING CORPORATION</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>92214X106</n1:cusip>
		<n1:value>12732</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>375806</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>321337</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>WESCO AIRCRAFT HOLDINGS, INC.</n1:nameOfIssuer>
		<n1:titleOfClass>Common</n1:titleOfClass>
		<n1:cusip>950814103</n1:cusip>
		<n1:value>12433</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>1414405</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:votingAuthority>
			<n1:Sole>1209289</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
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</n1:informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>