<SEC-DOCUMENT>0001085146-13-001615.txt : 20130913 <SEC-HEADER>0001085146-13-001615.hdr.sgml : 20130913 <ACCEPTANCE-DATETIME>20130913123304 ACCESSION NUMBER: 0001085146-13-001615 CONFORMED SUBMISSION TYPE: 13F-HR/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130913 DATE AS OF CHANGE: 20130913 EFFECTIVENESS DATE: 20130913 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NSB Advisors LLC CENTRAL INDEX KEY: 0001476961 IRS NUMBER: 800377379 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR/A SEC ACT: 1934 Act SEC FILE NUMBER: 028-13807 FILM NUMBER: 131095831 BUSINESS ADDRESS: STREET 1: 200 WESTAGE CENTER DRIVE STREET 2: SUITE 228 CITY: FISHKILL STATE: NY ZIP: 12524 BUSINESS PHONE: 845-897-1560 MAIL ADDRESS: STREET 1: 200 WESTAGE CENTER DRIVE STREET 2: SUITE 228 CITY: FISHKILL STATE: NY ZIP: 12524 </SEC-HEADER> <DOCUMENT> <TYPE>13F-HR/A <SEQUENCE>1 <FILENAME>primary_doc.xml <TEXT> <XML> <?xml version="1.0" encoding="UTF-8"?> <edgarSubmission xsi:schemaLocation="http://www.sec.gov/edgar/thirteenffiler eis_13F_Filer.xsd" xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:ns1="http://www.sec.gov/edgar/common" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"> <headerData> <submissionType>13F-HR/A</submissionType> <filerInfo> <liveTestFlag>LIVE</liveTestFlag> <flags> <confirmingCopyFlag>false</confirmingCopyFlag> <returnCopyFlag>true</returnCopyFlag> <overrideInternetFlag>false</overrideInternetFlag> </flags> <filer> <credentials> <cik>0001476961</cik> <ccc>XXXXXXXX</ccc> </credentials> </filer> <periodOfReport>03-31-2013</periodOfReport> </filerInfo> </headerData> <formData> <coverPage> <reportCalendarOrQuarter>03-31-2013</reportCalendarOrQuarter> <isAmendment>true</isAmendment> <amendmentNo>1</amendmentNo> <amendmentInfo> <amendmentType>RESTATEMENT</amendmentType> <confDeniedExpired>false</confDeniedExpired> </amendmentInfo> <filingManager> <name>NSB Advisors LLC</name> <address> <ns1:street1>200 WESTAGE CENTER DRIVE</ns1:street1> <ns1:street2>SUITE 228</ns1:street2> <ns1:city>FISHKILL</ns1:city> <ns1:stateOrCountry>NY</ns1:stateOrCountry> <ns1:zipCode>12524</ns1:zipCode> </address> </filingManager> <reportType>13F HOLDINGS REPORT</reportType> <form13FFileNumber>028-13807</form13FFileNumber> <provideInfoForInstruction5>N</provideInfoForInstruction5> </coverPage> <signatureBlock> <name>Nancy I. Denney</name> <title>Chief Compliance Officer</title> <phone>845-897-1560</phone> <signature>/s/ Nancy I. Denney</signature> <city>Wilmington</city> <stateOrCountry>DE</stateOrCountry> <signatureDate>09-12-2013</signatureDate> </signatureBlock> <summaryPage> <otherIncludedManagersCount>0</otherIncludedManagersCount> <tableEntryTotal>28</tableEntryTotal> <tableValueTotal>211585</tableValueTotal> </summaryPage> </formData> </edgarSubmission> </XML> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>INFORMATION TABLE <SEQUENCE>2 <FILENAME>form13fInfoTable.xml <DESCRIPTION>DESCRIPTION FOR INFORMATION TABLE <TEXT> <XML> <?xml version="1.0" ?> <informationTable xsi:schemaLocation="http://www.sec.gov/edgar/document/thirteenf/informationtable eis_13FDocument.xsd" xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:n1="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"> <infoTable> <nameOfIssuer>APCO OIL &amp; GAS INTERNATIONAL</nameOfIssuer> <titleOfClass>SHS</titleOfClass> <cusip>g0471f109</cusip> <value>32660</value> <shrsOrPrnAmt> <sshPrnamt>2633852</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>2633852</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ASTRONICS CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>046433108</cusip> <value>33427</value> <shrsOrPrnAmt> <sshPrnamt>1120943</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>1120943</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CH ENERGY GROUP INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>12541M102</cusip> <value>370</value> <shrsOrPrnAmt> <sshPrnamt>5658</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>5658</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CHEVRON CORP NEW</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>166764100</cusip> <value>606</value> <shrsOrPrnAmt> <sshPrnamt>5099</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>5099</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EASTERN CO</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>276317104</cusip> <value>22782</value> <shrsOrPrnAmt> <sshPrnamt>1298871</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>1298871</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ECOLOGY &amp; ENVIRONMENT INC</nameOfIssuer> <titleOfClass>CL A</titleOfClass> <cusip>278878103</cusip> <value>1038</value> <shrsOrPrnAmt> <sshPrnamt>76855</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>76855</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>30231G102</cusip> <value>1092</value> <shrsOrPrnAmt> <sshPrnamt>12122</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>12122</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>369604103</cusip> <value>357</value> <shrsOrPrnAmt> <sshPrnamt>15447</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>15447</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GLOBAL POWER EQUIPMENT GRP I</nameOfIssuer> <titleOfClass>COM PAR $0.01</titleOfClass> <cusip>37941P306</cusip> <value>27265</value> <shrsOrPrnAmt> <sshPrnamt>1547396</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>1547396</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GLOBECOMM SYSTEMS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>37956X103</cusip> <value>12369</value> <shrsOrPrnAmt> <sshPrnamt>1029902</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>1029902</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GRAHAM CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>384556106</cusip> <value>8573</value> <shrsOrPrnAmt> <sshPrnamt>346535</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>346535</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>GSE SYS INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>36227k106</cusip> <value>899</value> <shrsOrPrnAmt> <sshPrnamt>449498</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>449498</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>INTERNATIONAL BUSINESS MACHS</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>459200101</cusip> <value>955</value> <shrsOrPrnAmt> <sshPrnamt>4476</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>4476</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>478160104</cusip> <value>395</value> <shrsOrPrnAmt> <sshPrnamt>4840</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>4840</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>LILLY ELI &amp; CO</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>532457108</cusip> <value>250</value> <shrsOrPrnAmt> <sshPrnamt>4394</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>4394</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>M &amp; T BK CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>55261F104</cusip> <value>861</value> <shrsOrPrnAmt> <sshPrnamt>8342</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>8342</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MERCK &amp; CO INC NEW</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>58933y105</cusip> <value>380</value> <shrsOrPrnAmt> <sshPrnamt>8600</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>8600</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MICROSOFT CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>594918104</cusip> <value>215</value> <shrsOrPrnAmt> <sshPrnamt>7522</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>7522</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NANOSPHERE INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>63009F105</cusip> <value>127</value> <shrsOrPrnAmt> <sshPrnamt>57950</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>57950</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PFIZER INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>717081103</cusip> <value>221</value> <shrsOrPrnAmt> <sshPrnamt>7669</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>7669</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PMFG INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>69345P103</cusip> <value>32673</value> <shrsOrPrnAmt> <sshPrnamt>5295420</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>5295420</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PRECISION CASTPARTS CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>740189105</cusip> <value>2018</value> <shrsOrPrnAmt> <sshPrnamt>10642</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>10642</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PROCTER &amp; GAMBLE CO</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>742718109</cusip> <value>854</value> <shrsOrPrnAmt> <sshPrnamt>11084</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>11084</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PROSHARES TR</nameOfIssuer> <titleOfClass>PSHS ULSHT SP500</titleOfClass> <cusip>74347B300</cusip> <value>2327</value> <shrsOrPrnAmt> <sshPrnamt>52969</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>52969</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>RAND CAP CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>752185108</cusip> <value>3157</value> <shrsOrPrnAmt> <sshPrnamt>1044989</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>1044989</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TRANSCAT INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>893529107</cusip> <value>13574</value> <shrsOrPrnAmt> <sshPrnamt>2134249</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>2134249</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UNITED STATES LIME &amp; MINERAL</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>911922102</cusip> <value>11551</value> <shrsOrPrnAmt> <sshPrnamt>217162</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>217162</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UNITIL CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>913259107</cusip> <value>589</value> <shrsOrPrnAmt> <sshPrnamt>20950</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>20950</None> </votingAuthority> </infoTable> </informationTable> </XML> </TEXT> </DOCUMENT> </SEC-DOCUMENT>