13F-HR 1 athena13fhr93011.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F COVER PAGE REPORT FOR THE CALENDAR QUARTER ENDED September 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 November 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: 143 Form 13F Information Table Value Total: 114,447 (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 2416 18100 SH SHARED-OTHER N/A 18100 AEHR TEST SYSTEMS COM 00760J108 5437 40602 SH SOLE N/A 40602 AEROSONIC CORP DEL COM PAR 008015307 ~~402~~303 115600 SH SHARED-OTHER N/A 115600 $0.40 AEROSONIC CORP DEL COM PAR 008015307 ~~588~~443 168948 SH SOLE N/A 168948 $0.40 AH BELO CORP COM CL A 001282102 ~~1506~~884 ~~202362~~210413 SH SHARED-OTHER N/A ~~202362~~210413 AH BELO CORP COM CL A 001282102 ~~1646~~963 ~~221300~~229400 SH SOLE N/A ~~221300~~229400 ALLIANCE FIBER OPTIC COM NEW 018680306 ~~271~~226 32060 SH SHARED-OTHER N/A 32060 PRODS I ALLIANCE FIBER OPTIC COM NEW 018680306 3630 4300 SH SOLE N/A 4300 PRODS I AMERISERV FINANC INC COM 03074A102 8076 41000 SH SHARED-OTHER N/A 41000 AMERISERV FINANC INC COM 03074A102 2221 11200 SH SOLE N/A 11200 AMPCO PITTSBURGH CORP COM 032037103 ~~879~~767 37500 SH SHARED-OTHER N/A 37500 AMPCO PITTSBURGH CORP COM 032037103 ~~551~~481 23500 SH SOLE N/A 23500 APCO OIL & GAS INTL SHS G0471F109 ~~2082~~1772 23950 SH SHARED-OTHER N/A 23950 APCO OIL & GAS INTL SHS G0471F109 ~~2347~~1998 27000 SH SOLE N/A 27000 ARGAN INC COM 04010E109 127 12478 SH SHARED-OTHER N/A 12478 ARGAN INC COM 04010E109 170 16723 SH SOLE N/A 16723 ASML HOLDINGS NY REG SHS N07059186 ~~911~~843 ~~24675~~24418 SH SHARED-OTHER N/A ~~24675~~24418 ASTRONICS CORP COM 046433108 ~~2543~~2071 ~~82570~~73502 SH SHARED-OTHER N/A ~~82570~~73502 ASTRONICS CORP COM 046433108 ~~2684~~2456 87145 SH SOLE N/A 87145 ATRION CORP COM 049904105 ~~396~~409 2000 SH SHARED-OTHER N/A 2000 ATRION CORP COM 049904105 ~~1464~~1515 7400 SH SOLE N/A 7400 ATS CORP COM 00211E104 ~~3692~~2655 842966 SH SHARED-OTHER N/A 842966 ATS CORP COM 00211E104 ~~5223~~3756 1192421 SH SOLE N/A 1192421 BCSB BANCORP INC COM 055367106 ~~102~~86 7341 SH SHARED-OTHER N/A 7341 BCSB BANCORP INC COM 055367106 ~~122~~103 8765 SH SOLE N/A 8765 BELO CORP COM SER A 080555105 ~~1634~~1061 217000 SH SHARED-OTHER N/A 217000 BELO CORP COM SER A 080555105 ~~2071~~1345 275000 SH SOLE N/A 275000 BENEFICIAL MUTUAL COM 08173R104 ~~205~~186 24916 SH SOLE N/A 24916 BANCORP IN BREEZE EASTERN CORP COM 106764103 ~~145~~121 13000 SH SHARED-OTHER N/A 13000 CAMDEN NATIONAL CORP COM 133034108 ~~2673~~2211 81480 SH SHARED-OTHER N/A 81480 CAMDEN NATIONAL CORP COM 133034108 ~~1229~~1016 37456 SH SOLE N/A 37456 CAPITAL SR LIVING CORP COM 140475104 ~~345~~229 37094 SH SHARED-OTHER N/A 37094 CAPITAL SR LIVING CORP COM 140475104 ~~478~~318 51498 SH SOLE N/A 51498 CENTURY BANCORP INC CL A 156432106 ~~700~~599 26450 SH SHARED-OTHER N/A 26450 MASS NON VTG CENTURY BANCORP INC CL A 156432106 ~~256~~219 9663 SH SOLE N/A 9663 MASS NON VTG CFS BANCORP INC COM 12525D102 9678 17900 SH SHARED-OTHER N/A 17900 CFS BANCORP INC COM 12525D102 3024 5500 SH SOLE N/A 5500 CHASE CORP COM 16150R104 ~~4379~~2875 ~~261300~~267410 SH SHARED-OTHER N/A ~~261300~~267410 CHASE CORP COM 16150R104 ~~2593~~1803 ~~154733~~167767 SH SOLE N/A ~~154733~~167767 CHARTER FINL CORP WEST COM 16122M100 ~~446~~423 45000 SH SHARED-OTHER N/A 45000 PT GA CHARTER FINL CORP WEST COM 16122M100 ~~693~~657 70000 SH SOLE N/A 70000 PT GA CIMATRON LTD ORD M23798107 ~~152~~139 44400 SH SHARED-OTHER N/A 44400 CIMATRON LTD ORD M23798107 ~~360~~336 ~~104897~~107646 SH SOLE N/A ~~104897~~107646 CITIZENS & NORTHERN COM 172922106 ~~300~~295 19900 SH SHARED-OTHER N/A 19900 CORP CITIZENS & NORTHERN COM 172922106 ~~407~~400 27000 SH SOLE N/A 27000 CORP CMS BANCORP INC COM 12600U102 6754 7800 SH SHARED-OTHER N/A 7800 CMS BANCORP INC COM 12600U102 ~~104~~83 11975 SH SOLE N/A 11975 COMMUNITY BANK SYS INC COM 203607106 ~~346~~316 13938 SH SHARED-OTHER N/A 13938 ~~DANVERS BANCORP INC COM 236442109 435 20000 SH SOLE N/A 20000~~ DAWSON GEOPHYSICAL CO COM 239359102 ~~1167~~803 34171 SH SHARED-OTHER N/A 34171 DAWSON GEOPHYSICAL CO COM 239359102 ~~891~~613 26087 SH SOLE N/A 26087 DELUXE CORP COM 248019101 ~~937~~705 37900 SH SHARED-OTHER N/A 37900 DELUXE CORP COM 248019101 ~~170~~128 6900 SH SOLE N/A 6900 DONEGAL GROUP INC CL B 257701300 ~~209~~173 11940 SH SHARED-OTHER N/A 11940 DONEGAL GROUP INC CL B 257701300 ~~184~~152 10487 SH SOLE N/A 10487 DONEGAL GROUP INC CL A 257701201 ~~306~~288 23882 SH SHARED-OTHER N/A 23882 DONEGAL GROUP INC CL A 257701201 1615 1261 SH SOLE N/A 1261 DORMAN PRODUCTS INC COM 258278100 ~~3258~~2722 82326 SH SHARED-OTHER N/A 82326 DORMAN PRODUCTS INC COM 258278100 ~~1211~~1012 30605 SH SOLE N/A 30605 EAGLE BANCORP MONT INC COM 26942G100 9088 8400 SH SHARED-OTHER N/A 8400 EAGLE BANCORP MONT INC COM 26942G100 ~~182~~178 17018 SH SOLE N/A 17018 EASTERN CO COM 276317104 ~~1107~~1260 68617 SH SHARED-OTHER N/A 68617 EASTERN CO COM 276317104 ~~897~~1020 55575 SH SOLE N/A 55575 ECOLOGY & ENVRNMT INC CL A 278878103 ~~511~~469 29804 SH SHARED-OTHER N/A 29804 ECOLOGY & ENVRNMT INC CL A 278878103 ~~718~~660 41891 SH SOLE N/A 41891 EDAC TECHNOLOGIES CORP COM 279285100 ~~322~~488 68696 SH SHARED-OTHER N/A 68696 EDAC TECHNOLOGIES CORP COM 279285100 ~~712~~1077 151711 SH SOLE N/A 151711 EMCLAIRE FINANCIAL COM 290828102 ~~194~~183 12005 SH SHARED-OTHER N/A 12005 ESCALADE INC COM 296056104 ~~1209~~989 200206 SH SHARED-OTHER N/A 200206 ESCALADE INC COM 296056104 ~~600~~491 99365 SH SOLE N/A 99365 EXCEED COMPANY LTD UNIT G32335120 131 31600 SH SHARED-OTHER N/A 31600 11/08/11 EXCEED COMPANY LTD UNIT G32335120 60 15000 SH SOLE N/A 15000 11/08/11 FOSTER LB CO COM 350060109 ~~2490~~1982 89343 SH SHARED-OTHER N/A 89343 FOSTER LB CO COM 350060109 ~~632~~426 19189 SH SOLE N/A 19189 FOX CHASE BANCORP COM 35137T108 ~~145~~136 10692 SH SOLE N/A 10692 INC NEW GIGA TRONICS INC COM 375175106 28 13069 SH SOLE N/A 13069 GLOBAL POWER EQUIP GP I COM PAR 37941P306 ~~4250~~3726 160264 SH SHARED-OTHER N/A 160264 $0.01 GLOBAL POWER EQUIP GP I COM PAR 37941P306 ~~6176~~5414 232878 SH SOLE N/A 232878 $0.01 GLOBECOMM SYSTEMS INC COM 37956X103 ~~3532~~3065 227000 SH SHARED-OTHER N/A 227000 GLOBECOMM SYSTEMS INC COM 37956X103 ~~2763~~2398 177598 SH SOLE N/A 177598 GREAT LAKES DREDGE COM 390607109 ~~1134~~841 ~~203300~~207100 SH SHARED-OTHER N/A ~~203300~~207100 & DOCK CO GREAT LAKES DREDGE COM 390607109 ~~1098~~849 ~~196807~~209207 SH SOLE N/A ~~196807~~209207 & DOCK CO GTSI CORP COM 36238K103 ~~1141~~973 212033 SH SHARED-OTHER N/A 212033 GTSI CORP COM 36238K103 ~~1071~~913 198929 SH SOLE N/A 198929 INFUSYSTEM HLDGS INC COM 45685K102 ~~1699~~747 786700 SH SHARED-OTHER N/A 786700 INFUSYSTEM HLDGS INC COM 45685K102 ~~2338~~1028 1082262 SH SOLE N/A 1082262 INVESTORS BANCORP INC COM 46146P102 ~~170~~152 12000 SH SOLE N/A 12000 JACKSONVILLE BANCORP COM 46924R106 ~~146~~150 11700 SH SHARED-OTHER N/A 11700 INC MD JACKSONVILLE BANCORP COM 46924R106 ~~243~~249 19442 SH SOLE N/A 19442 INC MD JOURNAL COMMUNIC INC CL A 481130102 ~~1289~~757 ~~249240~~254840 SH SHARED-OTHER N/A ~~249240~~254840 JOURNAL COMMUNIC INC CL A 481130102 ~~1411~~838 ~~272837~~282237 SH SOLE N/A ~~272837~~282237 KAPSTONE PAPER COM 48562P103 ~~5200~~4359 313814 SH SHARED-OTHER N/A 313814 & PACKAGING CORP KAPSTONE PAPER COM 48562P103 ~~7434~~6232 448634 SH SOLE N/A 448634 & PACKAGING CORP KIMCO RLTY CORP COM 49446R109 ~~419~~338 22500 SH SHARED-OTHER N/A 22500 KOSS CORP COM 500692108 ~~141~~134 22800 SH SHARED-OTHER N/A 22800 KOSS CORP COM 500692108 ~~103~~98 16575 SH SOLE N/A 16575 MER TELEMANAGEMENT SHS M69676126 5143 33750 SH SHARED-OTHER N/A 33750 SOLUTIONS MER TELEMANAGEMENT SHS M69676126 3126 20600 SH SOLE N/A 20600 SOLUTIONS MOD-PAC CORP COM 607495108 ~~233~~389 ~~39478~~68678 SH SHARED-OTHER N/A ~~39478~~68678 MOD-PAC CORP COM 607495108 ~~193~~469 ~~32572~~82700 SH SOLE N/A ~~32572~~82700 MUTUALFIRST FINL INC COM 62845B104 ~~258~~198 28260 SH SHARED-OTHER N/A 28260 MUTUALFIRST FINL INC COM 62845B104 5240 5666 SH SOLE N/A 5666 NORTHWEST BANCSHARES COM 667340103 ~~566~~536 45000 SH SHARED-OTHER N/A 45000 NORTHWEST BANCSHARES COM 667340103 ~~360~~341 28625 SH SOLE N/A 28625 NORWOOD FINANCIAL CORP COM 669549107 ~~195~~180 7479 SH SHARED-OTHER N/A 7479 NORWOOD FINANCIAL CORP COM 669549107 ~~208~~191 7968 SH SOLE N/A 7968 OBA FINANCIAL SVCS INC COM 67424G101 ~~195~~189 13200 SH SHARED-OTHER N/A 13200 OBA FINANCIAL SVCS INC COM 67424G101 ~~329~~317 22200 SH SOLE N/A 22200 OCONEE FED FINL CORP COM 675607105 ~~138~~125 11451 SH SHARED-OTHER N/A 11451 OCONEE FED FINL CORP COM 675607105 ~~138~~125 11451 SH SOLE N/A 11451 ONVIA INC COM NEW 68338T403 ~~647~~470 141200 SH SHARED-OTHER N/A 141200 ONVIA INC COM NEW 68338T403 ~~1158~~842 252853 SH SOLE N/A 252853 PATHFINDER BANCORP INC COM 70320A103 ~~273~~263 30815 SH SHARED-OTHER N/A 30815 PATHFINDER BANCORP INC COM 70320A103 ~~547~~527 61679 SH SOLE N/A 61679 PENN MILLERS HLDG CORP COM 707561106 ~~317~~376 18726 SH SHARED-OTHER N/A 18726 PENN MILLERS HLDG CORP COM 707561106 ~~521~~618 30817 SH SOLE N/A 30817 PMFG INC COM 69345P103 ~~6375~~5058 321164 SH SHARED-OTHER N/A 321164 PMFG INC COM 69345P103 ~~6067~~4814 305631 SH SOLE N/A 305631 PROASSURANCE CORP COM 74267C106 ~~748~~769 10679 SH SHARED-OTHER N/A 10679 PROASSURANCE CORP COM 74267C106 ~~245~~252 3500 SH SOLE N/A 3500 PROV & WOR RAILRD CO COM 743737108 ~~362~~317 25500 SH SHARED-OTHER N/A 25500 PROV & WOR RAILRD CO COM 743737108 2119 1500 SH SOLE N/A 1500 ROMA FINANCIAL CORP COM 77581P109 ~~118~~92 11200 SH SHARED-OTHER N/A 11200 ROMA FINANCIAL CORP COM 77581P109 ~~176~~147 ~~16800~~17869 SH SOLE N/A ~~16800~~17869 SCRIPPS EW CO OHIO CL A NEW 811054402 ~~1309~~947 135333 SH SHARED-OTHER N/A 135333 SCRIPPS EW CO OHIO CL A NEW 811054402 ~~1649~~1194 170531 SH SOLE N/A 170531 SEARCHMEDIA HLDGS LTD SHS G8005Y106 4842 25100 SH SHARED-OTHER N/A 25100 SEARCHMEDIA HLDGS LTD SHS G8005Y106 2925 15000 SH SOLE N/A 15000 SEARCHMEDIA HLDGS LTD W EXP G8005Y114 54 25000 SH SHARED-OTHER N/A 25000 11/19/11 SUPERIOR UNIF GRP INC COM 868358102 ~~170~~161 14500 SH SHARED-OTHER N/A 14500 SUPERIOR UNIF GRP INC COM 868358102 1211 1000 SH SOLE N/A 1000 TECHE HOLDING CO COM 878330109 ~~480~~407 13800 SH SHARED-OTHER N/A 13800 TECHE HOLDING CO COM 878330109 ~~296~~251 8500 SH SOLE N/A 8500 TF FINANCIAL CORP COM 872391107 ~~834~~741 38955 SH SHARED-OTHER N/A 38955 TF FINANCIAL CORP COM 872391107 ~~387~~344 18082 SH SOLE N/A 18082 UNITED ONLINE INC COM 911268100 ~~103~~89 17000 SH SHARED-OTHER N/A 17000 UNITED ONLINE INC COM 911268100 ~~106~~91 17500 SH SOLE N/A 17500 UNIVERSAL STAINLESS COM 913837100 ~~1382~~755 29700 SH SHARED-OTHER N/A 29700 & ALLOY US LIME & MINERAL COM 911922102 ~~2571~~2502 62701 SH SHARED-OTHER N/A 62701 US LIME & MINERAL COM 911922102 ~~1596~~1553 38929 SH SOLE N/A 38929 VIRCO MANUFACTURING CO COM 927651109 ~~1077~~569 384756 SH SHARED-OTHER N/A 384756 VIRCO MANUFACTURING CO COM 927651109 ~~1262~~667 450883 SH SOLE N/A 450883 YADKIN VLLY FNCL CORP COM 984314104 118 5064 SH SHARED-OTHER N/A 5064 YADKIN VLLY FNCL CORP COM 984314104 119 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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