13F-HR 1 athena13fhr33111.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F COVER PAGE REPORT FOR THE CALENDAR QUARTER ENDED MARCH 31, 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 May 5, 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: 139 Form 13F Information Table Value Total: 138,754 (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 2238 18100 SH SHARED-OTHER N/A 18100 AEHR TEST SYSTEMS COM 00706J108 4985 40602 SH SOLE N/A 40602 AEROSONIC CORP DEL COM PAR 008015307 ~~401~~331 115600 SH SHARED-OTHER N/A 115600 $0.40 AEROSONIC CORP DEL COM PAR 008015307 ~~586~~483 168948 SH SOLE N/A 168948 $0.40 AH BELO CORP COM CL A 001282102 ~~1750~~1692 ~~201162~~202362 SH SHARED-OTHER N/A ~~201162~~202362 AH BELO CORP COM CL A 001282102 ~~1910~~1850 ~~219500~~221300 SH SOLE N/A ~~219500~~221300 ALLIANCE FIBER OPTIC COM NEW 018680306 ~~649~~358 ~~41360~~32060 SH SHARED-OTHER N/A ~~41360~~32060 PRODS I ALLIANCE FIBER OPTIC COM NEW 018680306 8348 ~~5300~~4300 SH SOLE N/A ~~5300~~4300 PRODS I AMERISERV FINANC INC COM 03074A102 6594 41000 SH SHARED-OTHER N/A 41000 AMERISERV FINANC INC COM 03074A102 1826 11200 SH SOLE N/A 11200 AMPCO PITTSBURGH CORP COM 032037103 ~~1052~~1034 37500 SH SHARED-OTHER N/A 37500 AMPCO PITTSBURGH CORP COM 032037103 ~~659~~648 23500 SH SOLE N/A 23500 APCO OIL & GAS INTL SHS G0471F109 2054 23950 SH SHARED-OTHER N/A 23950 APCO OIL & GAS INTL SHS G0471F109 2316 27000 SH SOLE N/A 27000 ARGAN INC COM 04010E109 74107 ~~8025~~12478 SH SHARED-OTHER N/A ~~8025~~12478 ARGAN INC COM 04010E109 ~~140~~143 ~~15123~~16723 SH SOLE N/A ~~15123~~16723 ASML HOLDINGS NY REG SHS N07059186 ~~946~~1098 24675 SH SHARED-OTHER N/A 24675 ASTRONICS CORP COM 046433108 ~~1734~~2071 82570 SH SHARED-OTHER N/A 82570 ASTRONICS CORP COM 046433108 ~~1830~~2186 87145 SH SOLE N/A 87145 ATRION CORP COM 049904105 ~~359~~348 2000 SH SHARED-OTHER N/A 2000 ATRION CORP COM 049904105 ~~1328~~1286 7400 SH SOLE N/A 7400 BCSB BANKCORP INC COM 055367106 8396 7341 SH SHARED-OTHER N/A 7341 BCSB BANKCORP INC COM 055367106 99114 8765 SH SOLE N/A 8765 BELO CORP COM SER A 080555105 ~~1536~~1912 217000 SH SHARED-OTHER N/A 217000 BELO CORP COM SER A 080555105 ~~1947~~2423 275000 SH SOLE N/A 275000 BENEFICIAL MUTUAL COM 08173R104 ~~220~~215 24916 SH SOLE N/A 24916 BANCORP IN BREEZE EASTERN CORP COM 106764103 92112 13000 SH SHARED-OTHER N/A 13000 CAMDEN NATIONAL CORP COM 133034108 ~~2952~~2790 81480 SH SHARED-OTHER N/A 81480 CAMDEN NATIONAL CORP COM 133034108 ~~1357~~1282 37456 SH SOLE N/A 37456 CAPITAL SR LIVING CORP COM 140475104 ~~249~~394 37094 SH SHARED-OTHER N/A 37094 CAPITAL SR LIVING CORP COM 140475104 ~~345~~547 51498 SH SOLE N/A 51498 CENTURY BANCORP INC CL A 156432106 ~~709~~708 26450 SH SHARED-OTHER N/A 26450 MASS NON VTG CENTURY BANCORP INC CL A 156432106 259 9663 SH SOLE N/A 9663 MASS NON VTG CFS BANCORP INC COM 12525D102 94100 17900 SH SHARED-OTHER N/A 17900 CFS BANCORP INC COM 12525D102 2931 5500 SH SOLE N/A 5500 CHASE CORP COM 16150R104 ~~4259~~4855 261300 SH SHARED-OTHER N/A 261300 CHASE CORP COM 16150R104 ~~2431~~2873 ~~149130~~154631 SH SOLE N/A ~~149130~~154631 CHARTER FINL CORP WEST COM 16122M100 ~~401~~450 45000 SH SHARED-OTHER N/A 45000 PT GA CHARTER FINL CORP WEST COM 16122M100 ~~623~~701 70000 SH SOLE N/A 70000 PT GA CIMATRON LTD ORD M23798107 75111 ~~26200~~30200 SH SHARED-OTHER N/A ~~26200~~30200 CIMATRON LTD ORD M23798107 ~~265~~342 92579 SH SOLE N/A 92579 CITIZENS & NORTHERN COM 172922106 ~~296~~335 19900 SH SHARED-OTHER N/A 19900 CORP CITIZENS & NORTHERN COM 172922106 ~~401~~454 27000 SH SOLE N/A 27000 CORP CMS BANCORP INC COM 12600U102 7768 7800 SH SHARED-OTHER N/A 7800 CMS BANCORP INC COM 12600U102 ~~118~~105 11975 SH SOLE N/A 11975 COMMUNITY BANK SYS INC COM 203607106 ~~387~~338 13938 SH SHARED-OTHER N/A 13938 DANVERS BANKCORP INC COM 236442109 ~~353~~428 20000 SH SOLE N/A 20000 DAWSON GEOPHYSICAL CO COM 239359102 ~~1135~~1559 35571 SH SHARED-OTHER N/A 35571 DAWSON GEOPHYSICAL CO COM 239359102 ~~867~~1143 ~~27187~~26087 SH SOLE N/A ~~27187~~26087 DELUXE CORP COM 248019101 ~~872~~1006 37900 SH SHARED-OTHER N/A 37900 DELUXE CORP COM 248019101 ~~159~~183 6900 SH SOLE N/A 6900 DONEGAL GROUP INC CL B 257701300 ~~210~~200 11940 SH SHARED-OTHER N/A 11940 DONEGAL GROUP INC CL B 257701300 ~~185~~176 10487 SH SOLE N/A 10487 DONEGAL GROUP INC CL A 257701201 ~~346~~316 23882 SH SHARED-OTHER N/A 23882 DONEGAL GROUP INC CL A 257701201 1817 1261 SH SOLE N/A 1261 DORMAN PRODUCTS INC COM 258278100 ~~2983~~3460 82326 SH SHARED-OTHER N/A 82326 DORMAN PRODUCTS INC COM 258278100 ~~1109~~1286 30605 SH SOLE N/A 30605 EAGLE BANCORP MONT INC COM 26942G100 9198 8400 SH SHARED-OTHER N/A 8400 EAGLE BANCORP MONT INC COM 26942G100 ~~184~~198 17018 SH SOLE N/A 17018 EASTERN CO COM 276317104 ~~1225~~1312 68617 SH SHARED-OTHER N/A 68617 EASTERN CO COM 276317104 ~~992~~1063 55575 SH SOLE N/A 55575 ECOLOGY & ENVRNMT INC CL A 278878103 ~~517~~662 34491 SH SHARED-OTHER N/A 34491 ECOLOGY & ENVRNMT INC CL A 278878103 ~~730~~935 48691 SH SOLE N/A 48691 EDAC TECHNOLOGIES CORP COM 279285100 ~~232~~229 68696 SH SHARED-OTHER N/A 68696 EDAC TECHNOLOGIES CORP COM 279285100 ~~513~~507 151711 SH SOLE N/A 151711 ESCALADE INC COM 296056104 ~~1267~~1100 198606 SH SHARED-OTHER N/A 198606 ESCALADE INC COM 296056104 ~~603~~537 ~~94465~~96965 SH SOLE N/A ~~94465~~96965 EXCEED COMPANY LTD UNIT G32335120 ~~118~~52 31600 SH SHARED-OTHER N/A 31600 11/08/11 EXCEED COMPANY LTD UNIT G32335120 6027 16000 SH SOLE N/A 16000 11/08/11 FOSTER LB CO COM 350060109 ~~3658~~3849 89343 SH SHARED-OTHER N/A 89343 FOSTER LB CO COM 350060109 ~~786~~827 19189 SH SOLE N/A 19189 FOX CHASE BANCORP COM 35137T108 ~~127~~149 10692 SH SOLE N/A 10692 INC NEW GIGA TRONICS INC COM 375175106 35 13069 SH SOLE N/A 13069 GLOBAL POWER EQUIP GP I COM PAR 37941P306 ~~3718~~4399 160264 SH SHARED-OTHER N/A 160264 $0.01 GLOBAL POWER EQUIP GP I COM PAR 37941P306 ~~5403~~6393 232878 SH SOLE N/A 232878 $0.01 GLOBECOMM SYSTEMS INC COM 37956X103 ~~2270~~2797 227000 SH SHARED-OTHER N/A 227000 GLOBECOMM SYSTEMS INC COM 37956X103 ~~1776~~2188 177598 SH SOLE N/A 177598 GREAT LAKES DREDGE COM 390607109 ~~1498~~1549 203300 SH SHARED-OTHER N/A 203300 & DOCK CO GREAT LAKES DREDGE COM 390607109 ~~1450~~1500 196807 SH SOLE N/A 196807 & DOCK CO GTSI CORP COM 36238K103 ~~1018~~988 216133 SH SHARED-OTHER N/A 216133 GTSI CORP COM 36238K103 ~~955~~927 202829 SH SOLE N/A 202829 INFUSYSTEM HLDGS INC COM 45685K102 2124 786700 SH SHARED-OTHER N/A 786700 INFUSYSTEM HLDGS INC COM 45685K102 2922 1082262 SH SOLE N/A 1082262 INVESTORS BANCORP INC COM 46146P102 ~~157~~179 12000 SH SOLE N/A 12000 JACKSONVILLE BANCORP COM 46924R106 ~~126~~149 11700 SH SHARED-OTHER N/A 11700 INC MD JACKSONVILLE BANCORP COM 46924R106 ~~210~~274 19442 SH SOLE N/A 19442 INC MD JOURNAL COMMUNIC INC CL A 481130102 ~~1259~~1495 249240 SH SHARED-OTHER N/A 249240 JOURNAL COMMUNIC INC CL A 481130102 ~~1378~~1637 272837 SH SOLE N/A 272837 KAPSTONE PAPER COM 48562P103 ~~4967~~5354 ~~324614~~311814 SH SHARED-OTHER N/A ~~324614~~311814 & PACKAGING CORP KAPSTONE PAPER COM 48562P103 ~~7136~~7703 ~~466427~~448634 SH SOLE N/A ~~466427~~448634 & PACKAGING CORP KIMCO RLTY CORP COM 49446R109 ~~406~~413 22500 SH SHARED-OTHER N/A 22500 KOSS CORP COM 500692108 ~~114~~168 22800 SH SHARED-OTHER N/A 22800 KOSS CORP COM 500692108 83122 16575 SH SOLE N/A 16575 MER TELEMANAGEMENT SHS M69676126 6560 33750 SH SHARED-OTHER N/A 33750 SOLUTIONS MER TELEMANAGEMENT SHS M69676126 3229 16600 SH SOLE N/A 16600 SOLUTIONS ~~MERCER INSUR GRP INC COM 587902107 359 12843 SH SHARED-OTHER N/A 12843 MERCER INSUR GRP INC COM 587902107 774 27655 SH SOLE N/A 27655~~ MOD-PAC CORP COM 607495108 ~~135~~189 ~~26978~~30978 SH SHARED-OTHER N/A ~~26978~~30978 MOD-PAC CORP COM 607495108 65125 ~~12932~~20572 SH SOLE N/A ~~12932~~20572 MUTUALFIRST FINL INC COM 62845B104 ~~263~~260 28260 SH SHARED-OTHER N/A 28260 MUTUALFIRST FINL INC COM 62845B104 5352 5666 SH SOLE N/A 5666 ~~NAVIOS~~NORTHWEST ~~MARITIME~~BANCSHARES ~~HLDGS~~ COM ~~Y62196103~~667340103 7564 ~~1364~~45000 SH SHARED-OTHER N/A ~~1364~~45000 ~~NAVIOS~~NORTHWEST ~~MARITIME~~BANCSHARES ~~HLDGS~~ COM ~~Y62196103~~667340103 ~~180~~359 ~~34000~~28625 SH SOLE N/A ~~34000~~28625 OBA FINANCIAL SVCS INC COM 67424G101 ~~182~~191 13200 SH SHARED-OTHER N/A 13200 OBA FINANCIAL SVCS INC COM 67424G101 ~~307~~321 22200 SH SOLE N/A 22200 OCONEE FED FINL CORP COM 675607105 101 11451 SH SHARED-OTHER N/A 11451 OCONEE FED FINL CORP COM 675607105 101 11451 SH SOLE N/A 11451 ONVIA INC COM NEW 68338T403 ~~640~~586 141200 SH SHARED-OTHER N/A 141200 ONVIA INC COM NEW 68338T403 ~~1145~~1049 252853 SH SOLE N/A 252853 PATHFINDER BANCORP INC COM 70320A103 ~~262~~285 30815 SH SHARED-OTHER N/A 30815 PATHFINDER BANCORP INC COM 70320A103 ~~512~~571 ~~60215~~61679 SH SOLE N/A ~~60215~~61679 PENN MILLERS HLDG CORP COM 707561106 ~~323~~346 24426 SH SHARED-OTHER N/A 24426 PENN MILLERS HLDG CORP COM 707561106 ~~527~~564 39797 SH SOLE N/A 39797 PMFG INC COM 69345P103 ~~5466~~6947 ~~333264~~326764 SH SHARED-OTHER N/A ~~333264~~326764 PMFG INC COM 69345P103 ~~5097~~6607 310770 SH SOLE N/A 310770 PROASSURANCE CORP COM 74267C106 ~~647~~677 10679 SH SHARED-OTHER N/A 10679 PROASSURANCE CORP COM 74267C106 ~~212~~222 3500 SH SOLE N/A 3500 PROV & WOR RAILRD CO COM 743737108 ~~427~~426 25500 SH SHARED-OTHER N/A 25500 PROV & WOR RAILRD CO COM 743737108 25 1500 SH SOLE N/A 1500 ROMA FINANCIAL CORP COM 77581P109 ~~119~~124 11200 SH SHARED-OTHER N/A 11200 ROMA FINANCIAL CORP COM 77581P109 ~~178~~186 16800 SH SOLE N/A 16800 SCRIPPS EW CO OHIO CL A NEW 811054402 ~~1374~~1340 135333 SH SHARED-OTHER N/A 135333 SCRIPPS EW CO OHIO CL A NEW 811054402 ~~1731~~1688 170531 SH SOLE N/A 170531 SEARCHMEDIA HLDGS LTD SHS G8005Y106 ~~104~~61 33400 SH SHARED-OTHER N/A 33400 SEARCHMEDIA HLDGS LTD SHS G8005Y106 7242 23100 SH SOLE N/A 23100 SEARCHMEDIA HLDGS LTD W EXP G8005Y114 63 25000 SH SHARED-OTHER N/A 25000 11/19/11 SUPERIOR UNIF GRP INC COM 868358102 ~~160~~165 14500 SH SHARED-OTHER N/A 14500 SUPERIOR UNIF GRP INC COM 868358102 11 1000 SH SOLE N/A 1000 TECHE HOLDING CO COM 878330109 ~~481~~502 13800 SH SHARED-OTHER N/A 13800 TECHE HOLDING CO COM 878330109 ~~296~~309 8500 SH SOLE N/A 8500 TF FINANCIAL CORP COM 872391107 ~~822~~808 ~~37100~~38955 SH SHARED-OTHER N/A ~~37100~~38955 TF FINANCIAL CORP COM 872391107 ~~381~~375 ~~17221~~18082 SH SOLE N/A ~~17221~~18082 UNITED ONLINE INC COM 911268100 ~~112~~107 17000 SH SHARED-OTHER N/A 17000 UNITED ONLINE INC COM 911268100 ~~116~~110 17500 SH SOLE N/A 17500 UNIVERSAL STAINLESS COM 913837100 ~~929~~998 29700 SH SHARED-OTHER N/A 29700 & ALLOY US LIME & MINERAL COM 911922102 ~~2642~~2510 62701 SH SHARED-OTHER N/A 62701 US LIME & MINERAL COM 911922102 ~~1640~~1558 38929 SH SOLE N/A 38929 VIRCO MANUFACTURING CO COM 927651109 ~~1016~~1212 384756 SH SHARED-OTHER N/A 384756 VIRCO MANUFACTURING CO COM 927651109 ~~1190~~1420 450883 SH SOLE N/A 450883 YADKIN VLLY FNCL CORP COM 984314104 911 5064 SH SHARED-OTHER N/A 5064 YADKIN VLLY FNCL CORP COM 984314104 911 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

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