13F-HR 1 pcm13f1q11-finalwithcover.txt 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, 2011 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: Paradigm Capital Management, Inc. Address: 9 Elk Street Albany, NY 12207 13F File Number: 028-06298 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: John V. Gulick Title: Vice President, Chief Compliance Officer Phone: (518) 431-3500 Signature, Place, and Date of Signing: /s/ John V. Gulick Albany, NY May 10, 2011 Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE [ ] 13F COMBINATION REPORT FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 336 Form 13F Information Table Value Total: 2,323,064 (x1000) List of Other Included Managers: No. 13F File Number Name - --- --------------- ----------------------------------- 01 028-00000 Paradigm Funds Advisor LLC 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 DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- A.C. Moore Arts & Crafts, Inc. 00086T103 3805 1388800 SH Sole 1388800 Abb Ltd 000375204 383 15850 SH Sole 15850 Acacia Research Corp 003881307 488 14275 SH Sole 14275 Adirondack Trust co Saratoga S 007014103 365 280 SH Sole 280 Advanced Cell Technology Inc 00752k105 11 60000 SH Sole 60000 AerCap Holdings N.V. n00985106 220 17500 SH Sole 17500 Alaska Communications Systems 01167P101 337 31700 SH Sole 31700 Albany International Corp. 'A' 012348108 3735 150000 SH Sole 150000 Alleghany Corporation 017175100 7508 22684 SH Sole 22684 86 259 SH Defined 01 259 Alliant Techsystems 018804104 6962 98515 SH Sole 98515 92 1300 SH Defined 01 1300 Alphatec Hldgs Inc 02081g102 10214 3783000 SH Sole 3783000 Amer Eagle Outfitters 02553e106 17300 1088704 SH Sole 1088704 6316 397475 SH Defined 01 397475 American Financial Group 025932104 5741 163940 SH Sole 163940 70 2000 SH Defined 01 2000 American Woodmark Corporation 030506109 1003 48032 SH Sole 48032 Amerigroup Corp 03073T102 15985 248790 SH Sole 248790 6117 95200 SH Defined 01 95200 Anaren Microwave 032744104 28259 1405925 SH Sole 1405925 Anworth Mortgage Asset Corp 037347101 14326 2020640 SH Sole 2020640 5178 730310 SH Defined 01 730310 Aptargroup, Inc. 038336103 7722 154045 SH Sole 154045 95 1900 SH Defined 01 1900 Arch Chemical Inc 03937r102 7488 180050 SH Sole 180050 4392 105600 SH Defined 01 105600 Arkansas Best Corp 040790107 5026 193900 SH Sole 193900 2875 110900 SH Defined 01 110900 Atwood Oceanics Inc 050095108 7576 163175 SH Sole 163175 4007 86300 SH Defined 01 86300 Avatar Holdings Inc 053494100 4 200 SH Sole 200 2187 110500 SH Defined 01 110500 Avis Budget Group Inc. 053774105 433 24200 SH Sole 24200 Avnet Inc 053807103 701 20570 SH Sole 20570 54 1590 SH Defined 01 1590 Baxter International 071813109 581 10800 SH Sole 10800 Bebe Stores, Inc. 075571109 9285 1587108 SH Sole 1587108 Beckman Instruments 075811109 274 3300 SH Sole 3300 Benchmark Electronics Inc. 08160H101 3898 205500 SH Sole 205500 Berkshire Hathaway Cl B 084670702 251 3005 SH Sole 3005 59 700 SH Defined 01 700 Big Lots Inc 089302103 7524 173240 SH Sole 173240 4330 99700 SH Defined 01 99700 Black Diamond Inc 09202g101 311 45300 SH Sole 45300 Brightpoint, Inc. 109473405 32135 2963830 SH Sole 2963830 3765 347290 SH Defined 01 347290 Build-A-Bear Workshop, Inc. 120076104 8852 1463100 SH Sole 1463100 Cache, Inc. 127150308 1820 396600 SH Sole 396600 Canadian National Railway 136375102 623 8275 SH Sole 8275 92 1220 SH Defined 01 1220 Capitol Federal Financial Inc 14057J101 13180 1169502 SH Sole 1169502 92 8200 SH Defined 01 8200 Career Education Corporation 141665109 12694 558712 SH Sole 558712 4589 202000 SH Defined 01 202000 Carrizo Oil & Gas Inc. 144577103 13199 357400 SH Sole 357400 4785 129575 SH Defined 01 129575 Cenveo, Inc. 15670S105 20811 3187000 SH Sole 3187000 Chemtura Corp 163893209 18643 1083900 SH Sole 1083900 7187 417830 SH Defined 01 417830 CKX Inc 12562m106 9443 2237688 SH Sole 2237688 2434 576765 SH Defined 01 576765 Cohu Inc. 192576106 17615 1146800 SH Sole 1146800 Coldwater Creek Inc. 193068103 4001 1515600 SH Sole 1515600 Colgate-Palmolive 194162103 3751 46450 SH Sole 46450 Collective Brands 19421w100 27614 1279600 SH Sole 1279600 Commercial Metals Company 201723103 318 18400 SH Sole 18400 Compass Minerals International 20451N101 13735 146850 SH Sole 146850 3455 36945 SH Defined 01 36945 Compuware Corp 205638109 14154 1225475 SH Sole 1225475 5318 460400 SH Defined 01 460400 Comtech Communications 205826209 23216 854148 SH Sole 854148 Consolidated Graphics Inc. 209341106 13568 248360 SH Sole 248360 Convergys Corporation 212485106 15283 1064300 SH Sole 1064300 5194 361700 SH Defined 01 361700 Cray Computer 225223304 16405 2543411 SH Sole 2543411 CTS Corp 126501105 5060 468500 SH Sole 468500 CVS Corporation 126650100 1209 35225 SH Sole 35225 95 2775 SH Defined 01 2775 Cymer Inc. 232572107 12151 214750 SH Sole 214750 5862 103600 SH Defined 01 103600 Deltek Inc 24784l105 1793 235891 SH Sole 235891 Diodes Inc 254543101 11936 350427 SH Sole 350427 4169 122400 SH Defined 01 122400 Dole Food Company Inc 256603101 11003 807300 SH Sole 807300 4307 316000 SH Defined 01 316000 EMCOR Group, Inc. 29084Q100 12041 388800 SH Sole 388800 4432 143100 SH Defined 01 143100 Emulex Corporation 292475209 359 33600 SH Sole 33600 Endo Pharmaceuticals Hldgs Inc 29264f205 20845 546255 SH Sole 546255 7933 207900 SH Defined 01 207900 Energy Transfer Partners L P 29273r109 202 3897 SH Sole 3897 EnerSys 29275y102 24724 622000 SH Sole 622000 Epicor Software Corporation 29426L108 19035 1719477 SH Sole 1719477 Ethan Allen Interiors 297602104 2416 110300 SH Sole 110300 Exactech Inc. 30064e109 439 25000 SH Sole 25000 Exco Resources 269279402 13254 641553 SH Sole 641553 290 14030 SH Defined 01 14030 Exide Technologies 302051206 30299 2710100 SH Sole 2710100 Extreme Networks 30226d106 515 147033 SH Sole 147033 Ezcorp Inc 302301106 16405 522610 SH Sole 522610 6187 197100 SH Defined 01 197100 Finisar Corp 31787a507 594 24137 SH Sole 24137 Finish Line, Inc. 317923100 31990 1611600 SH Sole 1611600 Fly Leasign Limited Sponsored 34407d109 427 30850 SH Sole 30850 Foot Locker, Inc. 344849104 12676 642775 SH Sole 642775 4689 237800 SH Defined 01 237800 Force Protection Inc 345203202 5287 1079000 SH Sole 1079000 5311 1083825 SH Defined 01 1083825 Fossil, Inc. 349882100 936 10000 SH Sole 10000 FTI Consulting 302941109 10530 274725 SH Sole 274725 2047 53400 SH Defined 01 53400 Furniture Brands International 360921100 934 205300 SH Sole 205300 Gannett Co Inc 364730101 219 14400 SH Sole 14400 GATX Corp 361448103 5433 140525 SH Sole 140525 3418 88400 SH Defined 01 88400 General Cable Corp 369300108 301 6950 SH Sole 6950 General Dynamics Corp 369550108 724 9455 SH Sole 9455 108 1415 SH Defined 01 1415 General Electric 369604103 239 11932 SH Sole 11932 Global PWR Equip Group Inc 37941p306 7920 288000 SH Sole 288000 6088 221373 SH Defined 01 221373 Golfsmith International Holdin 38168y103 5013 1190764 SH Sole 1190764 GSI Technology 36241u106 6722 739537 SH Sole 739537 5886 647512 SH Defined 01 647512 Halozyme Therapeutics, Inc. 40637H109 67 10000 SH Sole 10000 Hancock Holding Co 410120109 435 13250 SH Sole 13250 Harleysville Group Inc 412824104 8888 268285 SH Sole 268285 961 29000 SH Defined 01 29000 Harmonic Inc 413160102 16938 1805800 SH Sole 1805800 Harris Interactive Inc. 414549105 3890 3945600 SH Sole 3945600 Haverty Furniture Companies In 419596101 9048 682316 SH Sole 682316 Hertz Global Hldgs 42805t105 495 31700 SH Sole 31700 Hewlett-Packard 428236103 402 9800 SH Sole 9800 Hot Topic Inc 441339108 2285 401420 SH Sole 401420 Hughes Communications 444398101 2387 40000 SH Sole 40000 Huttig Building 448451104 2230 2275311 SH Sole 2275311 IAC/Interactive Corp 44919p508 10635 344095 SH Sole 344095 6407 207310 SH Defined 01 207310 Immucor Inc 452526106 7380 373100 SH Sole 373100 Innophos Holdings Inc. 45774N108 5853 126945 SH Sole 126945 5221 113220 SH Defined 01 113220 Innospec Inc 45768s105 14029 439218 SH Sole 439218 3977 124500 SH Defined 01 124500 Insight Enterprises 45765U103 32779 1924774 SH Sole 1924774 Insteel Industries Inc 45774w108 7739 547344 SH Sole 547344 Integral Systems Inc-Md 45810h107 7349 603900 SH Sole 603900 Integrated Silicon Solution 45812P107 217 23450 SH Sole 23450 Interline Brands, Inc. 458743101 435 21300 SH Sole 21300 Intermec Inc 458786100 425 39400 SH Sole 39400 Intl Business Machines 459200101 766 4700 SH Sole 4700 Intuitive Surgical Inc New 46120e602 333 1000 SH Sole 1000 Iridium Communications, Inc. 46269c102 5319 666500 SH Sole 666500 J.M. Smucker Company 832696405 4560 63878 SH Sole 63878 50 700 SH Defined 01 700 Jabil Circuit 466313103 26268 1285772 SH Sole 1285772 JDA Software 46612K108 7459 246495 SH Sole 246495 Jefferies Group Inc New 472319102 8460 339214 SH Sole 339214 183 7325 SH Defined 01 7325 Johnson & Johnson 478160104 4601 77660 SH Sole 77660 Kadant Inc. 48282T104 262 10000 SH Sole 10000 Kapstone Paper 48562p103 22194 1292600 SH Sole 1292600 Kearny Financial 487169104 396 39503 SH Sole 39503 21 2075 SH Defined 01 2075 KHD Humboldt Wedag Int d4024h102 14009 1387017 SH Sole 1387017 Kinder Morgan Energy Partners 494550106 650 8775 SH Sole 8775 Kirkland's Inc. 497498105 5018 325000 SH Sole 325000 Knight Capital Group Inc. 499005106 18515 1381750 SH Sole 1381750 6794 507000 SH Defined 01 507000 Kopin Corp 500600101 939 205000 SH Sole 205000 La Z Boy Inc 505336107 5999 628200 SH Sole 628200 Lawson Software Inc 52078p102 11504 950710 SH Sole 950710 4695 388000 SH Defined 01 388000 Lenders Processing Svcs 52602e102 15512 481900 SH Sole 481900 4846 150539 SH Defined 01 150539 Libbey Inc 529898108 313 19000 SH Sole 19000 Life Technologies Corporation 53217v109 10405 198485 SH Sole 198485 5698 108700 SH Defined 01 108700 Lionbridge Technologies Inc. 536252109 680 198300 SH Sole 198300 Magellan Health Services, Inc. 559079207 21276 433494 SH Sole 433494 7182 146325 SH Defined 01 146325 MarineMax, Inc. 567908108 432 43794 SH Sole 43794 Markel Corp 570535104 4469 10782 SH Sole 10782 62 150 SH Defined 01 150 Matrix Service Co. 576853105 10080 725176 SH Sole 725176 3840 276232 SH Defined 01 276232 MBT Finl Corp 578877102 155 102100 SH Sole 102100 McMoran Exploration Co 582411104 5617 317150 SH Sole 317150 4636 261800 SH Defined 01 261800 Mednax Inc 58502b106 15709 235835 SH Sole 235835 5695 85500 SH Defined 01 85500 Mens Wearhouse Inc 587118100 15849 585700 SH Sole 585700 5569 205800 SH Defined 01 205800 Merck & Co 58933y105 612 18528 SH Sole 18528 Metalico Inc. 591176102 7759 1247505 SH Sole 1247505 6138 986885 SH Defined 01 986885 Metals USA, Inc. 59132a104 589 35950 SH Sole 35950 MFA Financial Inc. 55272x102 12233 1491775 SH Sole 1491775 3473 423485 SH Defined 01 423485 Microsemi Corp 595137100 16121 778400 SH Sole 778400 5998 289600 SH Defined 01 289600 Mid America Apartment Communit 59522j103 15737 245125 SH Sole 245125 5566 86700 SH Defined 01 86700 Mobile Mini, Inc. 60740f105 259 10800 SH Sole 10800 Myriad Genetics Inc. 62855j104 14896 739280 SH Sole 739280 6232 309280 SH Defined 01 309280 National Western Life Insuranc 638522102 4596 28325 SH Sole 28325 3833 23625 SH Defined 01 23625 Nature's Sunshine Products, In 639027101 11017 1229608 SH Sole 1229608 Navistar International Corp. 63934e108 517 7450 SH Sole 7450 Ness Technologies 64104x108 15083 2356641 SH Sole 2356641 NetScout Systems Inc. 64115t104 7221 264300 SH Sole 264300 Newcastle Investment Corp 65105m108 591 97900 SH Sole 97900 Noble Romans Inc. 655107100 43 40000 SH Sole 40000 North American Energy Partners 656844107 1034 83900 SH Sole 83900 926 75100 SH Defined 01 75100 Obagi Medical Products 67423r108 18756 1483871 SH Sole 1483871 Olin Corp 680665205 15618 681420 SH Sole 681420 7243 316000 SH Defined 01 316000 Olympic Steel, Inc. 68162K106 691 21075 SH Sole 21075 Oplink Communications, Inc. 68375Q403 26439 1356525 SH Sole 1356525 Opnext Inc 68375v105 3369 1386400 SH Sole 1386400 Oritani Financial Corp 68633d103 6324 498720 SH Sole 498720 5185 408900 SH Defined 01 408900 Orthovita, Inc. 68750u102 11656 5472228 SH Sole 5472228 Oshkosh Truck Corporation 688239201 8994 254200 SH Sole 254200 2632 74400 SH Defined 01 74400 Parametric Technology New 699173209 15906 707230 SH Sole 707230 PC Mall, Inc. 69323K100 7819 754031 SH Sole 754031 Pennantpark Investment Corp. 708062104 230 19300 SH Sole 19300 PepsiCo Inc 713448108 5090 79018 SH Sole 79018 Perficient Inc. 71375u101 374 31150 SH Sole 31150 PerkinElmer, Inc. 714046109 14501 551995 SH Sole 551995 5118 194825 SH Defined 01 194825 Petroquest Energy Inc 716748108 7884 842300 SH Sole 842300 2762 295100 SH Defined 01 295100 Phillips-Van Heusen Corporatio 718592108 11503 176892 SH Sole 176892 6418 98700 SH Defined 01 98700 Phontronics Inc 719405102 10023 1117434 SH Sole 1117434 Pioneer Drilling Co 723655106 175 12700 SH Sole 12700 Plains Exploration and Product 726505100 14546 401490 SH Sole 401490 318 8780 SH Defined 01 8780 Powerwave Technologies, Inc. 739363109 27122 6013678 SH Sole 6013678 Precision Castparts 740189105 6421 43625 SH Sole 43625 131 890 SH Defined 01 890 Premiere Global Services, Inc. 740585104 10910 1431798 SH Sole 1431798 4796 629422 SH Defined 01 629422 Privatebancorp Inc. 742962103 575 37600 SH Sole 37600 Procter & Gamble 742718109 503 8166 SH Sole 8166 Qlogic Corp 747277101 23877 1287175 SH Sole 1287175 8003 431435 SH Defined 01 431435 Radiant Systems 75025n102 282 15950 SH Sole 15950 RAIT Investment Trust 749227104 152 61900 SH Sole 61900 Rand Logistics Inc. 752182105 474 64700 SH Sole 64700 Reddy Ice Holdings Inc 75734r105 250 83200 SH Sole 83200 Regal Entertainment Group 758766109 12345 914430 SH Sole 914430 4522 334950 SH Defined 01 334950 Resolute Energy Corp 76116a108 10150 559535 SH Sole 559535 3363 185370 SH Defined 01 185370 Richardson Electronics, Ltd. 763165107 9325 707500 SH Sole 707500 Royal Gold, Inc. 780287108 16548 315795 SH Sole 315795 5860 111830 SH Defined 01 111830 RSC Holdings Inc. 74972l102 495 34400 SH Sole 34400 RTI Biologics 74975n105 3296 1152300 SH Sole 1152300 Ruby Tuesday 781182100 6111 466100 SH Sole 466100 4838 369050 SH Defined 01 369050 Saba Software, Inc. 784932600 737 75000 SH Sole 75000 Sally Beuty Holdings 79546e104 441 31500 SH Sole 31500 Schnitzer Steel Industries, In 806882106 17084 262795 SH Sole 262795 5686 87470 SH Defined 01 87470 Sensient Technologies Corp 81725T100 22169 618555 SH Sole 618555 7834 218577 SH Defined 01 218577 SFN Group, Inc. 784153108 338 24000 SH Sole 24000 SI Finl Group Inc MD 78425v104 3233 327206 SH Sole 327206 3934 398220 SH Defined 01 398220 Sierra Wireless 826516106 406 37100 SH Sole 37100 Sigmatron International Inc. 82661l101 54 10000 SH Sole 10000 SM Energy Company 78454l100 11245 151575 SH Sole 151575 4451 60000 SH Defined 01 60000 Smurfit-Stone Container Corp 83272a104 14007 362415 SH Sole 362415 3714 96089 SH Defined 01 96089 Solta Medical Inc 83438k103 9903 3001000 SH Sole 3001000 Spartan Stores Inc 846822104 327 22125 SH Sole 22125 Stage Stores, Inc. 85254C305 11384 592300 SH Sole 592300 Steelcase Inc. 858155203 3778 332000 SH Sole 332000 Stein Mart Inc 858375108 36931 3646640 SH Sole 3646640 Steiner Leisure Limited p8744y102 24846 537100 SH Sole 537100 Sunoco Inc. 86764P109 251 5500 SH Sole 5500 Superior Indus Intl 868168105 7968 310750 SH Sole 310750 4174 162800 SH Defined 01 162800 Support.com, Inc. 86858w101 304 58650 SH Sole 58650 Sykes Enterprises Inc 871237103 11317 572443 SH Sole 572443 Symantec Corp. 871503108 2465 132950 SH Sole 132950 Symmetricom Inc 871543104 15649 2552900 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6491 SH Sole 6491 Viasystems Group Inc 92553h803 1975 72383 SH Sole 72383 Viewpoint Financial Group Inc 92672a101 8356 642735 SH Sole 642735 6793 522520 SH Defined 01 522520 Vishay Intertechnology 928298108 23590 1329760 SH Sole 1329760 6562 369905 SH Defined 01 369905 Wabash National 929566107 279 24100 SH Sole 24100 West Marine, Inc. 954235107 6580 630900 SH Sole 630900 Westfield Financial Inc 96008p104 4106 453200 SH Sole 453200 3375 372500 SH Defined 01 372500 Westlake Chemical Corp 960413102 5397 96025 SH Sole 96025 67 1200 SH Defined 01 1200 Wet Seal, Inc. 961840105 41714 9746350 SH Sole 9746350 Whiting Petroleum Corp 966387102 7927 107930 SH Sole 107930 81 1100 SH Defined 01 1100 Wintrust Financial Corp 97650w108 459 12500 SH Sole 12500 Felcor Lodging Trust Inc - $1. 31430f200 521 19250 SH Sole 19250 Huntington Bancshares Inc. 446150401 288 250 SH Sole 250 Synovus Finl Corp TMEDS PFD 87161c204 259 11200 SH Sole 11200 IShares Barclays TIPS Bond ETF 464287176 2488 22790 SH Sole 22790 IShares Comex Gold Tr 464285105 2815 200805 SH Sole 200805 163 11650 SH Defined 01 11650 SPDR GOLD TR 78463v107 276 1970 SH Sole 1970