13F-HR 1 athena13fhr63011.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F COVER PAGE REPORT FOR THE CALENDAR QUARTER ENDED JUNE 30, 2011 Check here if Amendment [ ] This Amendment (check only one) [ ] is a restatement [ ] adds new holdings entries Institutional Investment Manager Filing this Report: Name: Athena Capital Management Inc. Address: 50 Monument Rd., Suite 201, Bala Cynwyd, PA 19004 Form 13F File Number: 28-12902 =============================================================================== 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: Beth N. Lowson Title: Attorney-In-Fact for David P. Cohen, President of Athena Capital Management Inc. Phone: (914) 220-1919 for Beth N. Lowson or (484) 434-2258 for David P. Cohen Signature, Place, and Date of Signing: Athena Capital Management Inc. By: Mr. David P. Cohen, President By: /s/ Beth N. Lowson Beth N. Lowson White Plains, New York August 4, 2011 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).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Managers: 0 Form 13F Information Table Entry Total: 144 Form 13F Information Table Value Total: 142,339 (thousands) List of Other Included Managers: No. Name Form 13F File Number ----------------------------------------------------------------------------------------------------------------------------------- FORM 13F INFORMATION TABLE

COLUMN: 1 2 3 4 5 6 7 8 ----------------------- --------- ---------- -------- --------------------- ------------- ---------- ----------------------- TITLE OF VALUE SHARES OR SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRTN MANAGERS SOLE SHARED NONE ----------------------- --------- ---------- -------- --------- ---- ---- -------------- ---------- ------- ------- ----- AEHR TEST SYSTEMS COM 00760J108 3824 18100 SH SHARED-OTHER N/A 18100 AEHR TEST SYSTEMS COM ~~00706J108~~00760J108 8554 40602 SH SOLE N/A 40602 AEROSONIC CORP DEL COM PAR 008015307 ~~331~~402 115600 SH SHARED-OTHER N/A 115600 $0.40 AEROSONIC CORP DEL COM PAR 008015307 ~~483~~588 168948 SH SOLE N/A 168948 $0.40 AH BELO CORP COM CL A 001282102 ~~1692~~1506 202362 SH SHARED-OTHER N/A 202362 AH BELO CORP COM CL A 001282102 ~~1850~~1646 221300 SH SOLE N/A 221300 ALLIANCE FIBER OPTIC COM NEW 018680306 ~~358~~271 32060 SH SHARED-OTHER N/A 32060 PRODS I ALLIANCE FIBER OPTIC COM NEW 018680306 4836 4300 SH SOLE N/A 4300 PRODS I AMERISERV FINANC INC COM 03074A102 9480 41000 SH SHARED-OTHER N/A 41000 AMERISERV FINANC INC COM 03074A102 2622 11200 SH SOLE N/A 11200 AMPCO PITTSBURGH CORP COM 032037103 ~~1034~~879 37500 SH SHARED-OTHER N/A 37500 AMPCO PITTSBURGH CORP COM 032037103 ~~648~~551 23500 SH SOLE N/A 23500 APCO OIL & GAS INTL SHS G0471F109 ~~2054~~2082 23950 SH SHARED-OTHER N/A 23950 APCO OIL & GAS INTL SHS G0471F109 ~~2316~~2347 27000 SH SOLE N/A 27000 ARGAN INC COM 04010E109 ~~107~~127 12478 SH SHARED-OTHER N/A 12478 ARGAN INC COM 04010E109 ~~143~~170 16723 SH SOLE N/A 16723 ASML HOLDINGS NY REG SHS N07059186 ~~1098~~911 24675 SH SHARED-OTHER N/A 24675 ASTRONICS CORP COM 046433108 ~~2071~~2543 82570 SH SHARED-OTHER N/A 82570 ASTRONICS CORP COM 046433108 ~~2186~~2684 87145 SH SOLE N/A 87145 ATRION CORP COM 049904105 ~~348~~396 2000 SH SHARED-OTHER N/A 2000 ATRION CORP COM 049904105 ~~1286~~1464 7400 SH SOLE N/A 7400 ATS CORP COM 00211E104 3692 842966 SH SHARED-OTHER N/A 842966 ATS CORP COM 00211E104 5223 1192421 SH SOLE N/A 1192421 BCSB ~~BANKCORP~~BANCORP INC COM 055367106 96102 7341 SH SHARED-OTHER N/A 7341 BCSB ~~BANKCORP~~BANCORP INC COM 055367106 ~~114~~122 8765 SH SOLE N/A 8765 BELO CORP COM SER A 080555105 ~~1912~~1634 217000 SH SHARED-OTHER N/A 217000 BELO CORP COM SER A 080555105 ~~2423~~2071 275000 SH SOLE N/A 275000 BENEFICIAL MUTUAL COM 08173R104 ~~215~~205 24916 SH SOLE N/A 24916 BANCORP IN BREEZE EASTERN CORP COM 106764103 ~~112~~145 13000 SH SHARED-OTHER N/A 13000 CAMDEN NATIONAL CORP COM 133034108 ~~2790~~2673 81480 SH SHARED-OTHER N/A 81480 CAMDEN NATIONAL CORP COM 133034108 ~~1282~~1229 37456 SH SOLE N/A 37456 CAPITAL SR LIVING CORP COM 140475104 ~~394~~345 37094 SH SHARED-OTHER N/A 37094 CAPITAL SR LIVING CORP COM 140475104 ~~547~~478 51498 SH SOLE N/A 51498 CENTURY BANCORP INC CL A 156432106 ~~708~~700 26450 SH SHARED-OTHER N/A 26450 MASS NON VTG CENTURY BANCORP INC CL A 156432106 ~~259~~256 9663 SH SOLE N/A 9663 MASS NON VTG CFS BANCORP INC COM 12525D102 ~~100~~96 17900 SH SHARED-OTHER N/A 17900 CFS BANCORP INC COM 12525D102 3130 5500 SH SOLE N/A 5500 CHASE CORP COM 16150R104 ~~4855~~4379 261300 SH SHARED-OTHER N/A 261300 CHASE CORP COM 16150R104 ~~2873~~2593 ~~154631~~154733 SH SOLE N/A ~~154631~~154733 CHARTER FINL CORP WEST COM 16122M100 ~~450~~446 45000 SH SHARED-OTHER N/A 45000 PT GA CHARTER FINL CORP WEST COM 16122M100 ~~701~~693 70000 SH SOLE N/A 70000 PT GA CIMATRON LTD ORD M23798107 ~~111~~152 ~~30200~~44400 SH SHARED-OTHER N/A ~~30200~~44400 CIMATRON LTD ORD M23798107 ~~342~~360 ~~92579~~104897 SH SOLE N/A ~~92579~~104897 CITIZENS & NORTHERN COM 172922106 ~~335~~300 19900 SH SHARED-OTHER N/A 19900 CORP CITIZENS & NORTHERN COM 172922106 ~~454~~407 27000 SH SOLE N/A 27000 CORP CMS BANCORP INC COM 12600U102 6867 7800 SH SHARED-OTHER N/A 7800 CMS BANCORP INC COM 12600U102 ~~105~~104 11975 SH SOLE N/A 11975 COMMUNITY BANK SYS INC COM 203607106 ~~338~~346 13938 SH SHARED-OTHER N/A 13938 DANVERS ~~BANKCORP~~BANCORP INC COM 236442109 ~~428~~435 20000 SH SOLE N/A 20000 DAWSON GEOPHYSICAL CO COM 239359102 ~~1559~~1167 ~~35571~~34171 SH SHARED-OTHER N/A ~~35571~~34171 DAWSON GEOPHYSICAL CO COM 239359102 ~~1143~~891 26087 SH SOLE N/A 26087 DELUXE CORP COM 248019101 ~~1006~~937 37900 SH SHARED-OTHER N/A 37900 DELUXE CORP COM 248019101 ~~183~~170 6900 SH SOLE N/A 6900 DONEGAL GROUP INC CL B 257701300 ~~200~~209 11940 SH SHARED-OTHER N/A 11940 DONEGAL GROUP INC CL B 257701300 ~~176~~184 10487 SH SOLE N/A 10487 DONEGAL GROUP INC CL A 257701201 ~~316~~306 23882 SH SHARED-OTHER N/A 23882 DONEGAL GROUP INC CL A 257701201 1716 1261 SH SOLE N/A 1261 DORMAN PRODUCTS INC COM 258278100 ~~3460~~3258 82326 SH SHARED-OTHER N/A 82326 DORMAN PRODUCTS INC COM 258278100 ~~1286~~1211 30605 SH SOLE N/A 30605 EAGLE BANCORP MONT INC COM 26942G100 9890 8400 SH SHARED-OTHER N/A 8400 EAGLE BANCORP MONT INC COM 26942G100 ~~198~~182 17018 SH SOLE N/A 17018 EASTERN CO COM 276317104 ~~1312~~1107 68617 SH SHARED-OTHER N/A 68617 EASTERN CO COM 276317104 ~~1063~~897 55575 SH SOLE N/A 55575 ECOLOGY & ENVRNMT INC CL A 278878103 ~~662~~511 ~~34491~~29804 SH SHARED-OTHER N/A ~~34491~~29804 ECOLOGY & ENVRNMT INC CL A 278878103 ~~935~~718 ~~48691~~41891 SH SOLE N/A ~~48691~~41891 EDAC TECHNOLOGIES CORP COM 279285100 ~~229~~322 68696 SH SHARED-OTHER N/A 68696 EDAC TECHNOLOGIES CORP COM 279285100 ~~507~~712 151711 SH SOLE N/A 151711 EMCLAIRE FINANCIAL COM 290828102 194 12005 SH SHARED-OTHER N/A 12005 ESCALADE INC COM 296056104 ~~1100~~1209 ~~198606~~200206 SH SHARED-OTHER N/A ~~198606~~200206 ESCALADE INC COM 296056104 ~~537~~600 ~~96965~~99365 SH SOLE N/A ~~96965~~99365 EXCEED COMPANY LTD UNIT G32335120 5213 31600 SH SHARED-OTHER N/A 31600 11/08/11 EXCEED COMPANY LTD UNIT G32335120 276 ~~16000~~15000 SH SOLE N/A ~~16000~~15000 11/08/11 FOSTER LB CO COM 350060109 ~~3849~~2490 89343 SH SHARED-OTHER N/A 89343 FOSTER LB CO COM 350060109 ~~827~~632 19189 SH SOLE N/A 19189 FOX CHASE BANCORP COM 35137T108 ~~149~~145 10692 SH SOLE N/A 10692 INC NEW GIGA TRONICS INC COM 375175106 3528 13069 SH SOLE N/A 13069 GLOBAL POWER EQUIP GP I COM PAR 37941P306 ~~4399~~4250 160264 SH SHARED-OTHER N/A 160264 $0.01 GLOBAL POWER EQUIP GP I COM PAR 37941P306 ~~6393~~6176 232878 SH SOLE N/A 232878 $0.01 GLOBECOMM SYSTEMS INC COM 37956X103 ~~2797~~3532 227000 SH SHARED-OTHER N/A 227000 GLOBECOMM SYSTEMS INC COM 37956X103 ~~2188~~2763 177598 SH SOLE N/A 177598 GREAT LAKES DREDGE COM 390607109 ~~1549~~1134 203300 SH SHARED-OTHER N/A 203300 & DOCK CO GREAT LAKES DREDGE COM 390607109 ~~1500~~1098 196807 SH SOLE N/A 196807 & DOCK CO GTSI CORP COM 36238K103 ~~988~~1141 ~~216133~~212033 SH SHARED-OTHER N/A ~~216133~~212033 GTSI CORP COM 36238K103 ~~927~~1071 ~~202829~~198929 SH SOLE N/A ~~202829~~198929 INFUSYSTEM HLDGS INC COM 45685K102 ~~2124~~1699 786700 SH SHARED-OTHER N/A 786700 INFUSYSTEM HLDGS INC COM 45685K102 ~~2922~~2338 1082262 SH SOLE N/A 1082262 INVESTORS BANCORP INC COM 46146P102 ~~179~~170 12000 SH SOLE N/A 12000 JACKSONVILLE BANCORP COM 46924R106 ~~149~~146 11700 SH SHARED-OTHER N/A 11700 INC MD JACKSONVILLE BANCORP COM 46924R106 ~~274~~243 19442 SH SOLE N/A 19442 INC MD JOURNAL COMMUNIC INC CL A 481130102 ~~1495~~1289 249240 SH SHARED-OTHER N/A 249240 JOURNAL COMMUNIC INC CL A 481130102 ~~1637~~1411 272837 SH SOLE N/A 272837 KAPSTONE PAPER COM 48562P103 ~~5354~~5200 ~~311814~~313814 SH SHARED-OTHER N/A ~~311814~~313814 & PACKAGING CORP KAPSTONE PAPER COM 48562P103 ~~7703~~7434 448634 SH SOLE N/A 448634 & PACKAGING CORP KIMCO RLTY CORP COM 49446R109 ~~413~~419 22500 SH SHARED-OTHER N/A 22500 KOSS CORP COM 500692108 ~~168~~141 22800 SH SHARED-OTHER N/A 22800 KOSS CORP COM 500692108 ~~122~~103 16575 SH SOLE N/A 16575 MER TELEMANAGEMENT SHS M69676126 6051 33750 SH SHARED-OTHER N/A 33750 SOLUTIONS MER TELEMANAGEMENT SHS M69676126 2931 ~~16600~~20600 SH SOLE N/A ~~16600~~20600 SOLUTIONS MOD-PAC CORP COM 607495108 ~~189~~233 ~~30978~~39478 SH SHARED-OTHER N/A ~~30978~~39478 MOD-PAC CORP COM 607495108 ~~125~~193 ~~20572~~32572 SH SOLE N/A ~~20572~~32572 MUTUALFIRST FINL INC COM 62845B104 ~~260~~258 28260 SH SHARED-OTHER N/A 28260 MUTUALFIRST FINL INC COM 62845B104 52 5666 SH SOLE N/A 5666 NORTHWEST BANCSHARES COM 667340103 ~~564~~566 45000 SH SHARED-OTHER N/A 45000 NORTHWEST BANCSHARES COM 667340103 ~~359~~360 28625 SH SOLE N/A 28625 NORWOOD FINANCIAL CORP COM 669549107 195 7479 SH SHARED-OTHER N/A 7479 NORWOOD FINANCIAL CORP COM 669549107 208 7968 SH SOLE N/A 7968 OBA FINANCIAL SVCS INC COM 67424G101 ~~191~~195 13200 SH SHARED-OTHER N/A 13200 OBA FINANCIAL SVCS INC COM 67424G101 ~~321~~329 22200 SH SOLE N/A 22200 OCONEE FED FINL CORP COM 675607105 ~~101~~138 11451 SH SHARED-OTHER N/A 11451 OCONEE FED FINL CORP COM 675607105 ~~101~~138 11451 SH SOLE N/A 11451 ONVIA INC COM NEW 68338T403 ~~586~~647 141200 SH SHARED-OTHER N/A 141200 ONVIA INC COM NEW 68338T403 ~~1049~~1158 252853 SH SOLE N/A 252853 PATHFINDER BANCORP INC COM 70320A103 ~~285~~273 30815 SH SHARED-OTHER N/A 30815 PATHFINDER BANCORP INC COM 70320A103 ~~571~~547 61679 SH SOLE N/A 61679 PENN MILLERS HLDG CORP COM 707561106 ~~346~~317 ~~24426~~18726 SH SHARED-OTHER N/A ~~24426~~18726 PENN MILLERS HLDG CORP COM 707561106 ~~564~~521 ~~39797~~30817 SH SOLE N/A ~~39797~~30817 PMFG INC COM 69345P103 ~~6947~~6375 ~~326764~~321164 SH SHARED-OTHER N/A ~~326764~~321164 PMFG INC COM 69345P103 ~~6607~~6067 ~~310770~~305631 SH SOLE N/A ~~310770~~305631 PROASSURANCE CORP COM 74267C106 ~~677~~748 10679 SH SHARED-OTHER N/A 10679 PROASSURANCE CORP COM 74267C106 ~~222~~245 3500 SH SOLE N/A 3500 PROV & WOR RAILRD CO COM 743737108 ~~426~~362 25500 SH SHARED-OTHER N/A 25500 PROV & WOR RAILRD CO COM 743737108 2521 1500 SH SOLE N/A 1500 ROMA FINANCIAL CORP COM 77581P109 ~~124~~118 11200 SH SHARED-OTHER N/A 11200 ROMA FINANCIAL CORP COM 77581P109 ~~186~~176 16800 SH SOLE N/A 16800 SCRIPPS EW CO OHIO CL A NEW 811054402 ~~1340~~1309 135333 SH SHARED-OTHER N/A 135333 SCRIPPS EW CO OHIO CL A NEW 811054402 ~~1688~~1649 170531 SH SOLE N/A 170531 SEARCHMEDIA HLDGS LTD SHS G8005Y106 6148 ~~33400~~25100 SH SHARED-OTHER N/A ~~33400~~25100 SEARCHMEDIA HLDGS LTD SHS G8005Y106 4229 ~~23100~~15000 SH SOLE N/A ~~23100~~15000 SEARCHMEDIA HLDGS LTD W EXP G8005Y114 35 25000 SH SHARED-OTHER N/A 25000 11/19/11 SUPERIOR UNIF GRP INC COM 868358102 ~~165~~170 14500 SH SHARED-OTHER N/A 14500 SUPERIOR UNIF GRP INC COM 868358102 1112 1000 SH SOLE N/A 1000 TECHE HOLDING CO COM 878330109 ~~502~~480 13800 SH SHARED-OTHER N/A 13800 TECHE HOLDING CO COM 878330109 ~~309~~296 8500 SH SOLE N/A 8500 TF FINANCIAL CORP COM 872391107 ~~808~~834 38955 SH SHARED-OTHER N/A 38955 TF FINANCIAL CORP COM 872391107 ~~375~~387 18082 SH SOLE N/A 18082 UNITED ONLINE INC COM 911268100 ~~107~~103 17000 SH SHARED-OTHER N/A 17000 UNITED ONLINE INC COM 911268100 ~~110~~106 17500 SH SOLE N/A 17500 UNIVERSAL STAINLESS COM 913837100 ~~998~~1382 29700 SH SHARED-OTHER N/A 29700 & ALLOY US LIME & MINERAL COM 911922102 ~~2510~~2571 62701 SH SHARED-OTHER N/A 62701 US LIME & MINERAL COM 911922102 ~~1558~~1596 38929 SH SOLE N/A 38929 VIRCO MANUFACTURING CO COM 927651109 ~~1212~~1077 384756 SH SHARED-OTHER N/A 384756 VIRCO MANUFACTURING CO COM 927651109 ~~1420~~1262 450883 SH SOLE N/A 450883 YADKIN VLLY FNCL CORP COM 984314104 11 5064 SH SHARED-OTHER N/A 5064 YADKIN VLLY FNCL CORP COM 984314104 11 5160 SH SOLE N/A 5160 Shares reported as "Sole" under Column 6 "Investment Discretion" and Column 8 "Voting Authority" are held by Minerva Group, LP, an affiliate of Athena Capital Management Inc.

============================================================================== POWER OF ATTORNEY The undersigned does hereby constitute and appoint Stephen J. Nelson, Mary Anne Mayo, Scott M. Dubowsky, Sean W. McDowell and Beth N. Lowson, each of The Nelson Law Firm, LLC, One North Broadway, Suite 712, White Plains, NY 10601, signing singly, with full power of substitution, as the true and lawful attorney of the undersigned, and authorizes and designates each of them to sign on behalf of the undersigned, and to file filings and any amendments thereto made by or on behalf of the undersigned in respect of the beneficial ownership of equity securities held by the undersigned, directly, indirectly or beneficially, pursuant to Sections 13(d), 13(g) and 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations thereunder. The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming any of the undersigned's responsibilities to comply with Sections 13(d), 13(g) or 16 of the Exchange Act. This Power of Attorney shall remain in full force and effect until withdrawn by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact. IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 25th day of January, 2011. By: /s/ David P. Cohen David P. Cohen

Filing Compare · ATHENA CAPITAL MANAGEMENT INC