13F-HR 1 fw08q1.txt FW08Q113F 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, 2008 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: First Wilshire Securities Management, Inc. Address: 1224 East Green Street, Suite 200 Pasadena, California 91106 13F File Number: 28-00983 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: Mitchell W. Howard Title: V.P., Chief Compliance Officer Phone: (626) 796-6622 x 119 Signature, Place, and Date of Signing: /s/ Mitchell W. Howard Pasadena, California May 14, 2008 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: 0 Form13F Information Table Entry Total: 142 Form13F Information Table Value Total: $427,114 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. NONE 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 21ST CENTY HLDG CO COM 90136Q100 2701 210828 SH SOLE 32376 178452 ABX HOLDINGS INC COM 00080S101 318 108290 SH SOLE 24990 83300 ALCOA INC COM 013817101 865 24000 SH SOLE 5000 19000 ALLIED CAP CORP NEW COM 01903Q108 2983 161841 SH SOLE 27600 134241 ALPHA PRO TECH LTD COM 020772109 12 10000 SH SOLE 8000 2000 AMCOMP INC COM 02342J101 679 55556 SH SOLE 55556 0 AMERICAN CAPITAL STRATEGIES COM 024937104 3602 105430 SH SOLE 52000 53430 AMERICAN INTL GROUP INC COM 026874107 532 12300 SH SOLE 8200 4100 AMERICAN PHYSICIANS SVC GROU COM 028882108 1113 56115 SH SOLE 0 56115 AMERISAFE INC COM 03071H100 1896 150000 SH SOLE 95000 55000 ANDERSONS INC COM 034164103 7811 175086 SH SOLE 11400 163686 APOLLO GROUP INC CL A 037604105 1108 25650 SH SOLE 0 25650 ARCHER DANIELS MIDLAND CO COM 039483102 206 5000 SH SOLE 5000 0 ASTA FDG INC COM 046220109 9142 656272 SH SOLE 62311 593961 AT&T INC COM 00206R102 407 10626 SH SOLE 3565 7061 ATLANTIC TELE NETWORK INC COM NEW 049079205 23469 693737 SH SOLE 93136 600601 BANK OF AMERICA CORPORATION COM 060505104 1700 44850 SH SOLE 1800 43050 BENIHANA INC COM 082047101 273 24334 SH SOLE 0 24334 CARRIAGE SVCS INC COM 143905107 9417 1215066 SH SOLE 98000 1117066 CASH AMER INTL INC COM 14754D100 7354 202038 SH SOLE 25000 177038 CCA INDS INC COM 124867102 1407 153662 SH SOLE 5500 148162 CENTER FINL CORP CALIF COM 15146E102 2726 300889 SH SOLE 34800 266089 CENTRAL GARDEN & PET CO COM 153527106 1065 230936 SH SOLE 0 230936 CHINA ARCHITECTURAL ENGR INC COM 16937S102 572 105001 SH SOLE 105001 0 CHINA BAK BATTERY INC COM 16936Y100 525 139356 SH SOLE 139356 0 CHINA FD INC COM 169373107 2692 84655 SH SOLE 583 84071 CHINA FIRE & SEC GROUP INC COM 16938R103 1766 251912 SH SOLE 6300 245612 CHINA SEC & SURVE TECH INC COM 16942J105 3648 205506 SH SOLE 102856 102650 CHINA YUCHAI INTL LTD COM G21082105 2799 334000 SH SOLE 0 334000 CHINDEX INTERNATIONAL INC COM 169467107 3200 84743 SH SOLE 42563 42180 CLECO CORP NEW COM 12561W105 244 11000 SH SOLE 0 11000 CNA SURETY CORP COM 12612L108 2953 191988 SH SOLE 0 191988 CONOCOPHILLIPS COM 20825C104 2044 26820 SH SOLE 12420 14400 CORINTHIAN COLLEGES INC COM 218868107 324 44850 SH SOLE 0 44850 CRAWFORD & CO CL A 224633206 378 83954 SH SOLE 63329 20625 CRM HOLDINGS LTD COM G2554P103 2167 423265 SH SOLE 13500 409765 DIRECTED ELECTRONICS INC COM 254575103 294 140550 SH SOLE 140550 0 DISCOVER FINL SVCS COM 254709108 3123 190797 SH SOLE 19950 170847 DORMAN PRODUCTS INC COM 258278100 632 58758 SH SOLE 8400 50358 DOW CHEM CO COM 260543103 7222 195986 SH SOLE 9600 186386 DTE ENERGY CO COM 233331107 5684 146153 SH SOLE 14400 131753 DUKE ENERGY CORP NEW COM 26441C105 1326 74300 SH SOLE 19500 54800 EAST WEST BANCORP INC COM 27579R104 8805 496033 SH SOLE 59150 436883 EDISON INTL COM 281020107 245 5000 SH SOLE 5000 0 EFJ INC COM 26843B101 1582 1318308 SH SOLE 4000 1314308 EMBARQ CORP COM 29078E105 884 22050 SH SOLE 0 22050 ENDURANCE SPECIALTY HLDGS LT SHS G30397106 18849 514994 SH SOLE 78475 436519 ENTERPRISE PRODS PARTNERS L COM 293792107 312 10498 SH SOLE 10498 0 EXPRESS 1 EXPEDITED SOLUTION COM 30217Q108 106 90500 SH SOLE 90500 0 EZCORP INC CL A NON VTG 302301106 1789 145302 SH SOLE 600 144702 FIRST CASH FINL SVCS INC COM 31942D107 2271 219812 SH SOLE 1100 218712 FRIEDMAN BILLINGS RAMSEY GRO CL A 358434108 1665 979390 SH SOLE 197200 782190 FUSHI COPPERWELD INC COM 36113E107 8730 581997 SH SOLE 510812 71184 GATX CORP COM 361448103 1292 33063 SH SOLE 0 33063 GREATER CHINA FD INC COM 39167B102 4286 234731 SH SOLE 12832 221899 GRUBB & ELLIS CO COM PAR $0.01 400095204 544 79200 SH SOLE 79200 0 HANMI FINL CORP COM 410495105 1329 179860 SH SOLE 0 179860 HARBIN ELECTRIC INC COM 41145W109 19128 1460146 SH SOLE 638774 821372 HEALTHCARE SVCS GRP INC COM 421906108 323 15635 SH SOLE 430 15205 HEELYS INC COM 42279M107 1157 269802 SH SOLE 0 269802 HELEN OF TROY CORP LTD COM G4388N106 806 48087 SH SOLE 0 48087 HORSEHEAD HLDG CORP COM 440694305 365 31500 SH SOLE 31500 0 HUMANA INC COM 444859102 750 16725 SH SOLE 500 16225 HUNGARIAN TEL & CABLE CORP COM 445542103 7018 404517 SH SOLE 37258 367259 IMAX CORP COM 45245E109 17337 2487313 SH SOLE 259504 2227809 IMPERIAL CAP BANCORP INC COM 452680101 322 14900 SH SOLE 0 14900 INNOSPEC INC COM 45768S105 5365 253050 SH SOLE 19000 234050 INTERNATIONAL ABSORBENTS INC COM NO PAR 45885E203 2426 570792 SH SOLE 18673 552119 JAKKS PAC INC COM 47012E106 739 26798 SH SOLE 20075 6723 JAPAN EQUITY FD INC COM 471057109 195 28200 SH SOLE 1200 27000 JAPAN SMALLER CAPTLZTN FD IN COM 47109U104 159 18498 SH SOLE 7333 11165 JINPAN INTL LTD ORD G5138L100 15975 534453 SH SOLE 86304 448149 KOREA EQUITY FD INC COM 50063B104 384 35460 SH SOLE 2666 32794 KOREA FD COM 500634100 382 17062 SH SOLE 0 17062 LANDEC CORP COM 514766104 478 56673 SH SOLE 12000 44673 LANDRYS RESTAURANTS INC COM 51508L103 226 13900 SH SOLE 0 13900 LANNET INC COM 516012101 50 21100 SH SOLE 21100 0 LO-JACK CORP COM 539451104 487 38532 SH SOLE 3000 35532 MALAYSIA FD INC COM 560905101 246 24600 SH SOLE 2000 22600 MARLIN BUSINESS SVCS CORP COM 571157106 90 11983 SH SOLE 0 11983 MCG CAPITAL CORP COM 58047P107 3885 427418 SH SOLE 86910 340508 MDU RES GROUP INC COM 552690109 6904 281218 SH SOLE 36600 244618 MEDIFAST INC COM 58470H101 63 15000 SH SOLE 15000 0 METHANEX CORP COM 59151K108 3500 133745 SH SOLE 20460 113285 METLIFE INC COM 59156R108 1145 19000 SH SOLE 13000 6000 MFRI INC COM 552721102 533 33142 SH SOLE 0 33142 MICROFINANCIAL INC COM 595072109 1357 259500 SH SOLE 0 259500 MILLER INDS INC TENN COM NEW 600551204 2341 243074 SH SOLE 6600 236474 MITCHAM INDS INC COM 606501104 4540 254786 SH SOLE 29595 225191 MOBILE MINI INC COM 60740F105 1522 80128 SH SOLE 3330 76798 MONTPELIER RE HOLDINGS LTD SHS G62185106 1881 117200 SH SOLE 300 116900 MOTORCAR PTS AMER INC COM 620071100 1844 306300 SH SOLE 110500 195800 NATIONAL ATLANTIC HLDGS CORP COM 63253Y107 178 29900 SH SOLE 0 29900 NATIONAL WESTN LIFE INS CO CL A 638522102 607 2800 SH SOLE 1300 1500 NETSOL TECHNOLOGIES INC COM NEW 64115A204 445 223554 SH SOLE 0 223554 NEW IRELAND FUND INC COM 645673104 269 13952 SH SOLE 0 13952 NEW ORIENTAL ENERGY & CHEM C COM 64758A107 236 50000 SH SOLE 50000 0 NEWMARKET CORP COM 651587107 822 10900 SH SOLE 500 10400 NICHOLAS FINANCIAL INC COM NEW 65373J209 149 24225 SH SOLE 24225 0 NOKIA CORP SPONSORED ADR 654902204 509 16000 SH SOLE 16000 0 NORTHERN TECH INTL CORP COM 665809109 191 26800 SH SOLE 24800 2000 NOVATEL WIRELESS INC COM NEW 66987M604 3069 317031 SH SOLE 5000 312031 ORIENTAL FINL GROUP INC COM 68618W100 361 18300 SH SOLE 0 18300 OVERHILL FARMS INC COM 690212105 1594 318861 SH SOLE 280661 38200 OWENS ILL INC COM NEW 690768403 10284 182242 SH SOLE 15350 166892 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449999 0 SINGAPORE FD INC COM 82929L109 1071 76540 SH SOLE 0 76540 SPECTRA ENERGY CORP COM 847560109 845 37150 SH SOLE 9750 27400 STEWART ENTERPRISES INC CL A 860370105 116 18000 SH SOLE 18000 0 STONEMOR PARTNERS L P COM UNITS 86183Q100 561 30700 SH SOLE 0 30700 SUTOR TECH GROUP LTD COM 869362103 1645 320723 SH SOLE 320723 0 SUTRON CORP COM 869380105 611 87246 SH SOLE 0 87246 TEFRON LTD ORD M87482101 58 13100 SH SOLE 0 13100 TELESTONE TECHNOLOGIES CORP COM 87953J102 301 64635 SH SOLE 64135 500 THAI CAP FD INC COM NEW 882905201 2967 245995 SH SOLE 2000 243995 TRAVELERS COMPANIES INC COM 89417E109 9967 208306 SH SOLE 37843 170463 TUPPERWARE BRANDS CORP COM 899896104 26513 685434 SH SOLE 53700 631734 UCBH HOLDINGS INC COM 90262T308 403 51897 SH SOLE 0 51897 UNIVERSAL POWER GROUP INC COM 913788105 201 62133 SH SOLE 0 62133 VERI TEK INTL CORP COM 92342X101 1751 376500 SH SOLE 376500 0 VOLT INFORMATION SCIENCES IN COM 928703107 334 19700 SH SOLE 4000 15700 W HLDG CO INC COM 929251106 270 226600 SH SOLE 226600 0 WAL MART STORES INC COM 931142103 263 5000 SH SOLE 5000 0 WILSHIRE BANCORP INC COM 97186T108 5555 727029 SH SOLE 47100 679929 YRC WORLDWIDE INC COM 984249102 989 75405 SH SOLE 20000 55405 YUCHENG TECHNOLOGIES LTD COM G98777108 2297 138775 SH SOLE 8500 130275 ZHONGPIN INC COM 98952K107 1368 140625 SH SOLE 140625 0