13F-HR 1 t22958.txt QUARTERLY HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: June 30, 2001 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: Emerald Advisers, Inc. ------------------------- Address: 1703 Oregon Pike ------------------------- Suite 101 ------------------------- Lancaster, PA 17601 ------------------------- Form 13F File Number: 028-04445 ------------------------- 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: Scott Lambert Rehr --------------------------- Title: Executive Vice President --------------------------- Phone: 717-396-1116 --------------------------- Signature, Place, and Date of Signing: Scott Lambert Rehr Lancaster, Pennsylvania July 26, 2001 ------------------ ----------------------- ------------- Report Type (Check only one.): [x] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report. [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: None. Form 13F SUMMARY PAGE --------------------- Report Summary: Number of Other Included Managers: 0 ---------- Form 13F Information Table Entry Total: 207 ---------- Form 13F Information Table Value Total: $895,361 ---------- (thousands) List of other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state NONE and omit the column headings and list entries.] NONE
EMERALD ADVISERS PAGE 1 FORM 13F INFORMATION TABLE AS OF DATE: 06/30/01 TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3-DIMENSIONAL PHARMACEUTICALCO COM 88554W104 445 46300 SH SOLE 0 0 46300 4 KIDS ENTMT INC COM COM 350865101 6224 325036 SH SOLE 283541 0 41495 ABGENIX INC COM COM 00339B107 12361 274685 SH SOLE 208710 0 65975 ACTIVISION INC NEW COM NEW COM 004930202 11605 295680 SH SOLE 217670 0 78010 ADELPHIA COMMUNICATIONS CORPCL COM 006848105 1025 25000 SH SOLE 0 0 25000 ADOLOR CORP COM COM 00724X102 545 25250 SH SOLE 11350 0 13900 ALLEN ORGAN CO COM 017753104 692 20959 SH SOLE 8494 0 12465 ALPHARMA INC CL A COM 020813101 7322 268685 SH SOLE 195475 0 73210 AMERICAN EAGLE OUTFITTERS INC. COM 02553E106 3408 96700 SH SOLE 39000 0 57700 AMERICAN ITALIAN PASTA CO CL A COM 027070101 14001 301750 SH SOLE 228280 0 73470 AMERISOURCE HEALTH CORP CL A COM 03071P102 4535 82000 SH SOLE 44900 0 37100 AMETEK INC NEW COM COM 031100100 1164 38100 SH SOLE 17500 0 20600 AMKOR TECHNOLOGY INC COM COM 031652100 8596 388939 SH SOLE 233049 0 155890 ANNTAYLOR STORES CORP COM COM 036115103 6088 170065 SH SOLE 111075 0 58990 ANSOFT CORP COM COM 036384105 6089 358200 SH SOLE 166100 0 192100 ANSYS INC COM COM 03662Q105 580 31000 SH SOLE 800 0 30200 ARNOLD INDS INC COM COM 042595108 581 30000 SH SOLE 0 0 30000 ATP OIL & GAS CORP COM COM 00208J108 4559 405640 SH SOLE 270450 0 135190 AVICI SYS INC COM COM 05367L109 1184 138100 SH SOLE 80500 0 57600 AVIRON COM COM 053762100 10170 178429 SH SOLE 129474 0 48955 BAKER MICHAEL CORP COM COM 057149106 770 55600 SH SOLE 0 0 55600 BANKNORTH GRP COM 06646R107 310 13687 SH SOLE 13687 0 0 BAY VIEW CAP CORP DEL COM COM 07262L101 654 87420 SH SOLE 31300 0 56120 BEASLEY BROADCAST GROUP INC CL COM 074014101 2049 120500 SH SOLE 58900 0 61600 BENCHMARK ELECTRS INC COM COM 08160H101 4568 187500 SH SOLE 125625 0 61875 BERGER HLDGS LTD COM NEW COM 084037407 838 289091 SH SOLE 181391 0 107700 BIO TECHNOLOGY GEN CORP COM COM 090578105 2152 164300 SH SOLE 98500 0 65800 BIOPURE CORP CL A COM 09065H105 2861 108500 SH SOLE 59700 0 48800 BIOSITE DIAGNOSTICS INC COM COM 090945106 3283 73285 SH SOLE 59990 0 13295 BLACK BOX CORP COM COM 091826107 3490 51810 SH SOLE 20010 0 31800 BOK FINL CORP COM NEW COM 05561Q201 486 18076 SH SOLE 5400 0 12676 BRANDYWINE RLTY TR SH BEN INT COM 105368203 626 27900 SH SOLE 5000 0 22900 BROOKSTONE INC COM COM 114537103 3976 224630 SH SOLE 129330 0 95300 BUCA INC OC-COM COM 117769109 14639 673048 SH SOLE 517426 0 155622 CABLE DESIGN TECHN CORP COM COM 126924109 1236 76501 SH SOLE 1 0 76500 CABOT MICROELECTRONICS CORP CO COM 12709P103 9573 154403 SH SOLE 109523 0 44880 CARPENTER TECHNOLOGY CORP COM COM 144285103 489 16700 SH SOLE 0 0 16700 CCBT FINL COS INC COM COM 12500Q102 258 8600 SH SOLE 8600 0 0 CEC ENTMT INC COM COM 125137109 8772 177753 SH SOLE 134738 0 43015 CELGENE CORP COM COM 151020104 14104 488858 SH SOLE 348614 0 140244 CEPHALON INC COM COM 156708109 14650 207800 SH SOLE 113400 0 94400 CHARMING SHOPPES INC COM COM 161133103 6763 1127152 SH SOLE 536002 0 591150 CHROMAVISION MED SYS INC COM COM 17111P104 2122 422626 SH SOLE 244026 0 178600 COLONIAL BANCGROUP INC COM COM 195493309 4926 342587 SH SOLE 282322 0 60265 COLUMBIA LABS INC COM COM 197779101 4258 526386 SH SOLE 431691 0 94695 COMCAST CORP CL A SPL COM 200300200 1922 44280 SH SOLE 24280 0 20000 COMMERCE BANCORP INC N J COM COM 200519106 3443 49111 SH SOLE 41760 0 7351 COMMONWEALTH BANCORP INC COM COM 20268X102 257 14400 SH SOLE 8850 0 5550 COMMUNITY BANKS INC COM COM 203628102 1786 59846 SH SOLE 38590 0 21256 COMMUNITY FIRST BANKSHARES COM COM 203902101 5829 253449 SH SOLE 185069 0 68380 CROWN AMERICAN RLTY TR COM COM 228186102 1899 227400 SH SOLE 127400 0 100000 EMERALD ADVISERS PAGE 2 FORM 13F IN TABLE AS OF DATE: 06/30/01 TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- CUBIST PHARMACEUTICALS INC COM COM 229678107 11736 308837 SH SOLE 239437 0 69400 CYTYC CORP COM COM 232946103 11339 491930 SH SOLE 366915 0 125015 C&D TECHNOLOGIES INC COM COM 124661109 17711 571319 SH SOLE 375344 0 195975 D & E COMMUNICATIONS INC COM COM 232860106 571 30855 SH SOLE 0 0 30855 DIME BANCORP INC NEW COM COM 25429Q102 2688 72150 SH SOLE 72010 0 140 DONEGAL GROUP INC J CL A COM 257701201 731 56475 SH SOLE 7067 0 49408 DONEGAL GROUP INC J CL B COM 257701300 325 28237 SH SOLE 3533 0 24704 DROVERS BANCSHARES CORP PA COM COM 262120108 913 33336 SH SOLE 25314 0 8022 DURAMED PHARMACEUTICALS INC CO COM 266354109 9715 543020 SH SOLE 420265 0 122755 EBAY INC COM COM 278642103 285 4160 SH SOLE 4160 0 0 EDUCATION MGMT CORP COM COM 28139T101 17497 436880 SH SOLE 264025 0 172855 ELECTRONICS BOUTIQUE HLDGS CCO COM 286045109 19997 629814 SH SOLE 417659 0 212155 EMISPHERE TECHNOLOGIES INC COM COM 291345106 17787 564673 SH SOLE 407898 0 156775 ENDO PHARMACEUTICALS HLDGS ICO COM 29264F205 685 77500 SH SOLE 32750 0 44750 ENGINEERED SUPPORT SYS INC COM COM 292866100 4290 109457 SH SOLE 85867 0 23590 ENTERCOM COMMUNICATIONS CORP COM 293639100 14632 272940 SH SOLE 172080 0 100860 ENVIRONMENTAL TECTONICS CORPCO COM 294092101 9796 1209355 SH SOLE 775965 0 433390 ERIE INDTY CO CL A COM 29530P102 1062 35703 SH SOLE 14600 0 21103 EXTREME NETWORKS INC COM COM 30226D106 811 27500 SH SOLE 27450 0 50 FEDERATED INVS INC PA CL B COM 314211103 2797 86850 SH SOLE 44650 0 42200 FIRST CHARTER CORP COM COM 319439105 206 11000 SH SOLE 11000 0 0 FIRST COLONIAL GROUP INC COM COM 319734109 1050 70737 SH SOLE 34669 0 36068 FIRST HORIZON PHARMACEUTICALCO COM 32051K106 2911 90696 SH SOLE 90516 0 180 FRONTIER AIRLS INC NEW COM COM 359065109 1695 138400 SH SOLE 76400 0 62000 FULTON FINL CORP PA COM COM 360271100 787 38451 SH SOLE 7791 0 30660 FUSION MED TECHNOLOGIES INC CO COM 361128101 1225 166450 SH SOLE 106250 0 60200 GLATFELTER P H CO COM COM 377316104 2458 172360 SH SOLE 40560 0 131800 GUITAR CTR INC COM COM 402040109 3081 145800 SH SOLE 76300 0 69500 HAEMONETICS CORP COM COM 405024100 1232 40400 SH SOLE 22500 0 17900 HARLEYSVILLE NATL CORP PA COM COM 412850109 6269 135549 SH SOLE 78340 0 57209 HERLEY INDS COM 427398102 3266 184510 SH SOLE 84510 0 100000 HERSHEY FOODS CORP COM 427866108 1417 22959 SH SOLE 22959 0 0 HIBERNIA CORP CL A COM 428656102 1791 100606 SH SOLE 100606 0 0 HOT TOPIC INC COM COM 441339108 597 19200 SH SOLE 9200 0 10000 HUDSON CITY BANCORP COM 443683107 2496 108100 SH SOLE 62400 0 45700 HUDSON UTD BANCORP COM COM 444165104 3774 147999 SH SOLE 90170 0 57829 HUMAN GENOME SCIENCES INC COM COM 444903108 240 3980 SH SOLE 3980 0 0 IGEN INTL INC DEL COM COM 449536101 4107 157950 SH SOLE 79750 0 78200 II-VI INC COM COM 902104108 4289 245100 SH SOLE 96900 0 148200 IMPATH INC COM COM 45255G101 1125 25400 SH SOLE 14100 0 11300 INDEPENDENT BK CORP MASS COM COM 453836108 478 24200 SH SOLE 23500 0 700 INKINE PHARMACEUTICAL INC COM COM 457214104 3050 622455 SH SOLE 278655 0 343800 INNOVATIVE SOLUTIONS & SUPPOCO COM 45769N105 1621 112600 SH SOLE 45500 0 67100 INRANGE TECHNOLOGIES CORP CL B COM 45769V206 1839 119800 SH SOLE 64400 0 55400 INTERDIGITAL COMMUNICATION COM COM 45866A105 564 42600 SH SOLE 0 0 42600 INTERNATIONAL BANCSHARES CORCO COM 459044103 1890 45000 SH SOLE 20000 0 25000 INTERSIL HLDG CORP CL A COM 46069S109 16882 463784 SH SOLE 346434 0 117350 IRWIN FINL CORP COM COM 464119106 621 24700 SH SOLE 19700 0 5000 IT GROUP INC COM COM 465266104 672 105800 SH SOLE 20000 0 85800 J JILL GROUP INC COM COM 466189107 8873 438155 SH SOLE 324930 0 113225 JONES APPAREL GROUP INC COM COM 480074103 3175 73500 SH SOLE 26500 0 47000 EMERALD ADVISERS PAGE 3 FORM 13F INFORMATION TABLE AS OF DATE: 06/30/01 TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- K V PHARMACEUTICAL CO CL A COM 482740206 3574 128800 SH SOLE 76700 0 52100 KCS ENERGY INC COM NEW COM 482434206 1136 172100 SH SOLE 109600 0 62500 KEITH COS INC COM COM 487539108 1349 77500 SH SOLE 63600 0 13900 KENNAMETAL INC COM COM 489170100 399 10800 SH SOLE 0 0 10800 KENSEY NASH CORP COM COM 490057106 5758 343950 SH SOLE 187350 0 156600 KEY ENERGY SVCS INC COM COM 492914106 607 56000 SH SOLE 49600 0 6400 KING PHARMACEUTICALS INC COM COM 495582108 7646 189676 SH SOLE 142872 0 46804 KULICKE & SOFFA INDS INC COM COM 501242101 4122 240200 SH SOLE 130320 0 109880 LEAP WIRELESS INTL INC COM COM 521863100 6362 209965 SH SOLE 163240 0 46725 LEGACY BANK OF HARRISBURG COM 52463U104 175 17392 SH SOLE 17392 0 0 LIBERTY PPTY TR SH BEN INT COM 531172104 1973 66660 SH SOLE 35460 0 31200 LOCAL FINL CORP COM COM 539553107 946 73356 SH SOLE 73226 0 130 LONE STAR TECHNOLOGIES INC COM COM 542312103 9996 276128 SH SOLE 187093 0 89035 LUFKIN INDS INC COM 549764108 1410 51100 SH SOLE 16500 0 34600 MAIN STR BANCORP INC COM COM 559906102 279 25001 SH SOLE 10001 0 15000 MATRIX PHARMACEUTICAL INC COM COM 576844104 8018 768704 SH SOLE 559439 0 209265 MAVERICK TUBE CORP COM COM 577914104 5245 309420 SH SOLE 236585 0 72835 MAXWELL TECHNOLOGIES INC COM COM 577767106 602 27000 SH SOLE 17000 0 10000 MEDIACOM COMMUNICATIONS CORPCL COM 58446K105 8113 459393 SH SOLE 330463 0 128930 MEDICAL TECHN & INNOV INC COM COM 58462M100 49 1221779 SH SOLE 1001779 0 220000 MERCANTILE BANKSHARES CORP COM COM 587405101 9239 236105 SH SOLE 184935 0 51170 MET PRO CORP COM COM 590876306 3375 249990 SH SOLE 100000 0 149990 METRO ONE TELECOMMNICTNSINC CO COM 59163F105 1201 27779 SH SOLE 27727 0 53 MICROSEMI CORP COM COM 595137100 428 6025 SH SOLE 6025 0 0 MRV COMMUNICATIONS INC COM COM 553477100 2857 305518 SH SOLE 233265 0 72253 MSC SOFTWARE CORP COM COM 553531104 5962 317950 SH SOLE 189950 0 128000 NATIONAL COMMERCE FINC CORP NE COM 63545P104 239 9800 SH SOLE 9800 0 0 NATIONAL PENN BANCSHARES INCCO COM 637138108 1675 82736 SH SOLE 36736 0 46000 NEOSE TECHNOLOGIES INC COM COM 640522108 30639 680867 SH SOLE 454327 0 226540 NOVEN PHARMACEUTICALS INC COM COM 670009109 2344 59800 SH SOLE 35800 0 24000 NUMERICAL TECHNOLOGIES INC COM COM 67053T101 1558 74200 SH SOLE 40200 0 34000 OAK HILL FINL INC COM COM 671337103 340 24000 SH SOLE 24000 0 0 OCEANFIRST FINL CORP COM COM 675234108 231 8900 SH SOLE 8900 0 0 OM GROUP INC COM COM 670872100 9593 170550 SH SOLE 100500 0 70050 OMI CORP COM COM Y6476W104 5327 949601 SH SOLE 699216 0 250385 ORAPHARMA INC. COM 68554E106 398 70000 SH SOLE 0 0 70000 ORASURE TECHNOLOGIES INC COM COM 68554V108 4937 394955 SH SOLE 281130 0 113825 PAC-WEST TELECOMM INC COM COM 69371Y101 803 413995 SH SOLE 271145 0 142850 PARAGON TECHNOLOGIES INC COM COM 69912T108 6179 835035 SH SOLE 559735 0 275300 PARKVALE FINL CORP COM COM 701492100 2014 83900 SH SOLE 43450 0 40450 PATTERSON-UTI ENERGY INC COM COM 703481101 7808 436931 SH SOLE 315708 0 121223 PEGASUS COMMUNICATIONS CORP CL COM 705904100 1483 65900 SH SOLE 0 0 65900 PENN ENGR & MFG CORP COM NON-V COM 707389300 340 19400 SH SOLE 0 0 19400 PENN VIRGINIA CORP COM 707882106 1645 50000 SH SOLE 21850 0 28150 PENN-AMER GROUP INC COM COM 707247102 3600 359950 SH SOLE 191650 0 168300 PHILADELPHIA CONS HLDG CORP CO COM 717528103 7784 223800 SH SOLE 118200 0 105600 PHILADELPHIA SUBN CORP COM PAR COM 718009608 4500 176479 SH SOLE 94479 0 82000 PHOTRONICS INC COM COM 719405102 1470 57300 SH SOLE 31800 0 25500 PINNACLE HLDGS INC COM COM 72346N101 1468 244300 SH SOLE 83600 0 160700 PLEXUS CORP COM COM 729132100 11651 353074 SH SOLE 272824 0 80250 PRIDE INTL INC COM COM 741932107 4115 216565 SH SOLE 173650 0 42915 EMERALD ADVISERS PAGE 4 FORM 13F INFORMATION TABLE AS OF DATE: 06/30/01 TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- PROGRESS FINL CORP COM COM 743266108 5956 749203 SH SOLE 588114 0 161089 PROMISTAR FINL CORP COM COM 74342Y107 3467 144475 SH SOLE 67725 0 76750 PROPHET 21 INC COM COM 743459109 144 23100 SH SOLE 0 0 23100 PSB BANCORP INC COM COM 693604100 322 65000 SH SOLE 0 0 65000 QUICKSILVER RES INC COM COM 74837R104 3247 180400 SH SOLE 91400 0 89000 RAIT INVT TR COM COM 749227104 1690 103035 SH SOLE 33835 0 69200 RENAL CARE GROUP INC COM COM 759930100 11057 336180 SH SOLE 262675 0 73505 REPUBLIC FIRST BANCORP INC COM COM 760416107 1075 205500 SH SOLE 113900 0 91600 RESPIRONICS INC COM COM 761230101 3038 102100 SH SOLE 26700 0 75400 RIGHT MGMT CONSULTANTS INC COM COM 766573109 783 30000 SH SOLE 0 0 30000 ROYAL BANCSHARES PA INC CL A COM 780081105 1353 77738 SH SOLE 53717 0 24021 RUDOLPH TECHNOLOGIES INC COM COM 781270103 6065 129048 SH SOLE 100598 0 28450 S & T BANCORP INC COM COM 783859101 6782 270100 SH SOLE 137500 0 132600 SALIX PHARMACEUTICALS INC COM COM G77770108 5062 205360 SH SOLE 159810 0 45550 SANCHEZ COMPUTER ASSOCS INC CO COM 799702105 16748 1263983 SH SOLE 838287 0 425696 SANDY SPRING BANCORP INC CMT-C COM 800363103 985 30600 SH SOLE 29600 0 1000 SCHEIN HENRY INC COM COM 806407102 10351 270605 SH SOLE 180690 0 89915 SEACHANGE INTL INC COM COM 811699107 18247 1012013 SH SOLE 753335 0 258678 SEI INVTS CO COM COM 784117103 4459 94070 SH SOLE 43070 0 51000 SEMITOOL INC COM COM 816909105 4295 360050 SH SOLE 259550 0 100500 SFBC INTL INC COM COM 784121105 232 8000 SH SOLE 8000 0 0 SHAW GROUP INC COM COM 820280105 7156 178448 SH SOLE 133103 0 45345 SIRIUS SATELLITE RADIO INC COM 82966U103 3646 299106 SH SOLE 241876 0 57230 SKY FINL GROUP INC COM COM 83080P103 5083 268491 SH SOLE 218591 0 49900 SOUTHERN FINL BANCORP INC COM COM 842870107 280 11100 SH SOLE 11100 0 0 SOVEREIGN BANCORP INC COM COM 845905108 832 64016 SH SOLE 39000 0 25016 SPEECHWORKS INTL INC COM COM 84764M101 1418 90300 SH SOLE 57000 0 33300 SPS TECHNOLOGIES INC COM COM 784626103 5389 113700 SH SOLE 52000 0 61700 SUN BANCORP INC COM COM 866634108 1025 66968 SH SOLE 38089 0 28879 SUN BANCORP INC N J COM COM 86663B102 5381 512487 SH SOLE 410226 0 102261 SUNGARD DATA SYS INC COM COM 867363103 7626 254130 SH SOLE 129730 0 124400 SUSQUEHANNA BANCSHARES INC COM COM 869099101 1070 52559 SH SOLE 21800 0 30759 SYNPLICITY INC OC-COM COM 87160Y108 455 45470 SH SOLE 45400 0 70 TAKE-TWO INTERACTIVE SOFTWARCO COM 874054109 3398 183175 SH SOLE 141725 0 41450 TELEFLEX INC COM COM 879369106 7883 179150 SH SOLE 93750 0 85400 THERMOGENESIS CORP COM NEW COM 883623209 1045 497800 SH SOLE 358500 0 139300 TOLLGRADE COMMUNICATIONS INCCO COM 889542106 2628 92200 SH SOLE 36000 0 56200 TOO INC COM COM 890333107 7474 272791 SH SOLE 190561 0 82230 TRIQUINT SEMICONDUCTOR INC COM COM 89674K103 1000 44432 SH SOLE 44337 0 95 TRITON PCS HLDGS INC CL A COM 89677M106 1030 25125 SH SOLE 0 0 25125 TRIUMPH GROUP INC NEW COM COM 896818101 13923 284145 SH SOLE 153545 0 130600 U S B HLDG INC COM COM 902910108 1926 126300 SH SOLE 66000 0 60300 UNION BANKSHARES CORP COM COM 905399101 156 10000 SH SOLE 10000 0 0 UNIT CORP COM COM 909218109 13986 882412 SH SOLE 592457 0 289955 UNITED NATL BANCORP N J COM COM 910909100 3210 141550 SH SOLE 91675 0 49875 UNIVERSAL HEALTH RLTY INCOMESH COM 91359E105 540 25000 SH SOLE 0 0 25000 UNIVERSAL HEALTH SVCS INC CL B COM 913903100 455 10000 SH SOLE 0 0 10000 UNIVEST CORP PA COM COM 915271100 605 18600 SH SOLE 10100 0 8500 WAYPOINT FINL CORP COM COM 946756103 269 21500 SH SOLE 10800 0 10700 WEBSTER FINL CORP WATERBURY CO COM 947890109 11781 359401 SH SOLE 275141 0 84260 WET SEAL INC CL A COM 961840105 11910 516174 SH SOLE 393767 0 122408 EMERALD ADVISERS PAGE 5 FORM 13F INFORMATION TABLE AS OF DATE: 06/30/01 TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- XTO ENERGY INC COM COM 98385X106 3453 240622 SH SOLE 163366 0 77256 YARDVILLE NATL BANCORP COM COM 985021104 1019 72800 SH SOLE 50100 0 22700 YORK INTL CORP NEW COM COM 986670107 6777 193525 SH SOLE 86900 0 106625 LINE COUNT: 207