• BUY implies at least 25% upside over a 12-month period (from the date of coverage)
• NEUTRAL denotes a stock is not likely to provide similar gains.

The appearance of our research is standard.  We initiate coverage with an eight-page report that includes detailed cash flow, balance sheet and quarterly earnings projections at least six quarters beyond initiation of coverage.  In conjunction with our Investor Forums, we publish supplemental publications comprised of two-page summaries of all companies presenting at these regional, client-only conventions.  We also publish notes and special reports as warranted.

We provide our value-added, fee-based product exclusively to clients or potential clients.  We use direct mail, First Call, Reuters and our own website to distribute our work timely and efficiently.