Industry & Services >> Analyst Interviews >> May 31, 2004

BUSINESS & MARKETING SERVICES: J.MACDONALD / T. VAN FLEET – FIRST ANALYSIS SECURITIES

TODD VAN FLEET specializes in research and investment in the marketing services, offender management, and HR and accounting services sectors. He provides research coverage of leading private and publicly traded companies in his sectors. Prior to joining First Analysis in 2002, he performed an array of corporate financial advisory services for Duff & Phelps LLC. Earlier, he advised Fortune 500 companies on all aspects of executive pay program design with Hewitt Associates LLC. He earned an MBA with distinction from DePaul University and a Bachelor's degree in Mathematics from Marquette University. He holds the CFA charter. Profile
JAMES MACDONALD is a Managing Director of First Analysis, coordinating research and investment in the HR and accounting services sector and the offender management sector. He coordinates research coverage of leading private and publicly traded companies in his sectors. Prior to joining First Analysis in 1997, he was a General Manager at Nalco Chemical Co., where he played a key role in expanding Nalco's service offering to include operating and leasing equipment at customer sites, which led to the formation of a joint venture with U.S. Filter Co. Earlier, he was with a subsidiary of Ecolab Inc. Mr. Macdonald earned an MBA from Harvard University and a Bachelor's degree in Civil Engineering from Cornell University, where he also earned the university's highest award in that discipline. Profile
TWST: Gentlemen, would you begin with a quick overview of your business

services coverage at First Analysis?

Mr. Macdonald: In the business services area we cover payroll-related

companies and