UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
PW Eagle, Inc.
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
69366Y108
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(CUSIP Number)
Thomas R. Hudson Jr.
Pirate Capital LLC
200 Connecticut Avenue, 4th Floor
Norwalk, CT 06854
(203) 854-1100
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 28, 2006
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(Date of Event which Requires
Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7 for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 5 Pages)
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* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP NO. 69366Y108 SCHEDULE 13D PAGE 2 OF 5 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PIRATE CAPITAL LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
-0-
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,537,190
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
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10 SHARED DISPOSITIVE POWER
2,537,190
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,537,190
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.5%
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14 TYPE OF REPORTING PERSON*
IA
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* SEE INSTRUCTIONS
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CUSIP NO. 69366Y108 SCHEDULE 13D PAGE 3 OF 5 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
THOMAS R. HUDSON JR.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
3,750 (including vested options)
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,537,190
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 3,750 (including vested options)
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10 SHARED DISPOSITIVE POWER
2,537,190
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,540,940 (including vested options)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.5%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS
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CUSIP NO. 69366Y108 SCHEDULE 13D PAGE 4 OF 5 PAGES
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The Schedule 13D filed on March 10, 2006 by Pirate Capital LLC, a Delaware
limited liability company ("Pirate Capital"), and Thomas R. Hudson Jr.
(together, the "Reporting Persons"), relating to the shares of common stock,
$0.01 par value (the "Shares"), of PW Eagle, Inc. (the "Issuer"), as previously
amended by Amendment No. 1 filed on April 25, 2006, Amendment No. 2 filed on May
15, 2006, Amendment No. 3 filed on May 22, 2006 and Amendment No. 4 filed on
August 23, 2006, is hereby amended by this Amendment No. 5 to the Schedule 13D.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 of the Schedule 13D is hereby amended and restated as follows:
Funds for the purchase of the Shares reported herein were derived from
available capital of the Holders (as defined below). A total of approximately
$59,439,660 was paid to acquire such Shares.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Paragraphs (a), (b) and (c) of Item 5 of the Schedule 13D are hereby amended and
restated as follows:
(a) The Reporting Persons beneficially own in the aggregate 2,540,940
Shares (including vested options), constituting approximately 20.5% of the
Shares outstanding.
The aggregate percentage of Shares beneficially owned by the Reporting
Persons is based upon 12,369,066 Shares outstanding, which is the total number
of Shares outstanding as reported by the Issuer in its Quarterly Report on Form
10-Q for the quarterly period ended June 30, 2006.
(b) By virtue of its position as general partner of Jolly Roger Fund LP,
Pirate Capital LLC has the power to vote or direct the voting, and to dispose or
direct the disposition, of all of the 835,486 Shares held by Jolly Roger Fund
LP. By virtue of agreements with Jolly Roger Offshore Fund LTD and Jolly Roger
Activist Portfolio Company LTD (such funds, together with Jolly Roger Fund LP,
the "Holders"), Pirate Capital LLC has the power to vote or direct the voting,
and to dispose or direct the disposition, of all of the 951,704 Shares and
750,000 Shares held by Jolly Roger Offshore Fund LTD and Jolly Roger Activist
Portfolio Company LTD, respectively. By virtue of his position as sole Managing
Member of Pirate Capital LLC, Thomas R. Hudson Jr. is deemed to have shared
voting power or shared dispositive power with respect to all Shares as to which
Pirate Capital LLC has voting power or dispositive power. Accordingly, Pirate
Capital and Thomas R. Hudson Jr. are deemed to have shared voting and shared
dispositive power with respect to an aggregate of 2,537,190 Shares, and Thomas
R. Hudson Jr. is deemed to have sole voting and sole dispositive power with
respect to an aggregate of 3,750 Shares (including vested options). .
(c) The following transactions in the Shares were effected by the
Reporting Persons in the last 60 days, each of which was effected on the open
market.
Jolly Roger Offshore Fund LTD
Trade Date Shares Purchased (Sold) Price per Share ($)
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08/16/2006 32,900 31.25
08/21/2006 500 34.00
08/24/2006 8,781 33.64
08/28/2006 6,200 33.81
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE COMPANY
Item 6 of the Schedule 13D is hereby amended and restated as follows:
As set forth below, Thomas R. Hudson Jr. holds options to acquire 15,000 Shares,
each of which option was granted by the Issuer, as set forth below.
Date of Shares Exercise Price Expiration Date Purchase Price
Grant Underlying per Share ($) per Option ($)
Options
05/26/06 15,000* 27.85 05/26/16 N/A
* 25% of such options were exercisable on the date of grant. An additional 25%
of such options will become exercisable on each of the next three anniversaries
of the date of grant.
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CUSIP NO. 69366Y108 SCHEDULE 13D PAGE 5 OF 5 PAGES
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SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: August 31, 2006
PIRATE CAPITAL LLC
By: /s/ Thomas R. Hudson Jr.
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Name: Thomas R. Hudson Jr.
Title: Managing Member
/s/ Thomas R. Hudson Jr.
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Thomas R. Hudson Jr.