Company Descriptions

ACCO BRANDS (ABD)

ACCO Brands Corp. manufactures and markets commercial office products and computer-related accessories. The company has a unique alignment with its markets and customers, with 25% of total revenue coming from three of the largest office products superstore retailers. Its product designers conduct proprietary market research, including consumer focus groups, and collaborate with its retail partners to maximize sales opportunities. With the addition of General Binding, ACCO Brands dominates six distinct niches within the consumer office products industry. Some of its leading brand names include Kensington, Swingline, Quartet, GBC and Day-Timer. Its regional brands include Wilson Jones, ACCO, Rexel, Ibico, Marbig, Eastlight, Derwent, Twinlock, Dox, Hetzel, Perma, Maco, DeVisu and Val Rex.

A.G. EDWARDS, INC. (AGE)

A.G. Edwards, Inc. is a financial services holding company whose subsidiaries provide securities and commodities brokerage, investment banking, trust, asset management and other related financial services. Founded in 1887, A.G. Edwards & Sons, Inc., its principal subsidiary, is a national brokerage firm and is today the industry's sixth-largest retail distribution network, as measured by number of offices, and the seventh largest, as measured by number of financial consultants. Headquartered in St. Louis, A.G. Edwards and its affiliates operate more than 700 offices throughout 49 states, the District of Columbia and London, England, and have more than 17,000 full-time employees. http://www.agedwards.com/

ADESA, INC. (KAR)

ADESA, Inc. is the second largest wholesale vehicle auctioneer as well as the third largest provider of salvage vehicle auction services in North America. http://www.adesainc.com/

ADVANCED ENERGY INDUSTRIES, INC. (AEIS)

Advanced Energy Industries, Inc., based in Fort Collins, Colorado, develops and manufactures power conversion and control systems that are used by manufacturers of semiconductors, CD-ROMs, DVDs, data storage media, flat panel displays, as well as in other fields, like the medical, instrumentation, telecommunications, automotive, food packaging, and tool industries. Its products are widely used in thin film applications where a need for a uniform, predictable and repeatable electric power source exists. http://www.advanced-energy.com

AFFILIATED MANAGERS GROUP (AMG)

Affiliated Managers Group, Inc., is an asset management holding company that acquires majority interests in growing, mid-sized asset management firms, preserving the affiliate's operational autonomy, but allowing it economies of scale in distribution, operation and technology. Since its founding in 1993, AMG has successfully invested in 17 affiliates, which collectively managed over $81 billion in assets as of December 31, 2001. http://www.amg-boston.com/

ALIGN TECHNOLOGIES (ALGN)

Align Technology, based in Santa Clara, California, is engaged in the design manufacture and marketing of Invisalign, a proprietary system for treating the misalignment of teeth (malocclusion). The Invisilign system has two components: ClinCheck and Aligners. ClinChek is an Internet-based application that allows dental practitioners to simulate a treatment plan in 3-D by modeling stages of tooth movement. Aligners are removable clear plastic dental appliances that are manufactured to the customized specifications generated by the ClinChek application.

APOLLO GROUP, INC. (APOL)

Based in Phoenix, Apollo Group, Inc. is a leading provider of higher education programs for working adults. Through its subsidiaries, the University of Phoenix, Inc., the Institute for Professional Development, the College for Financial Planning Institutes Corporation, Western International University, Inc. and Apollo Learning Group, Inc., the company offers programs and services in the U.S., Puerto Rico and British Columbia. Consolidated enrollment in its educational programs makes it the largest private institution of higher education in the United States - 62 campuses and 110 learning centers in 37 states, Puerto Rico and Vancouver, British Columbia. Combined degree enrollment was 139,300 students as of February 20, 2002. www.apollogrp.com

THE BISYS GROUP, INC. (BSYS)

Based in New York, New York, the BISYS Group is a leading independent provider of information and investment outsourcing solutions to over 20,000 financial institutions and corporate clients. The company initially offered software and services to its customers in the bank, thrift, and mortgage banking markets and aggressively acquired technologies in which synergies existed. Currently, its divisions include integrated banking applications, check-imaging services, pricing intelligence for deposit and loan products, mutual fund administration and distribution, 401(k) marketing support and administration, network services, insurance support services, and brokerage services. http://www.bisys.com

BORDERS GROUP, INC. (BGP)

Borders Group, Inc., based in Ann Arbor, Michigan, is a leading global retailer of books, music, video and other information and entertainment items with stores in the United States, United Kingdom, Australia, New Zealand, Singapore, and the commonwealth of Puerto Rico. http://www.bordersgroupinc.com/

CALLAWAY GOLF COMPANY (ELY)

Callaway Golf Company, based in Carlsbad, California, designs, manufactures and markets high quality, innovative golf clubs, golf balls and other golf accessories. Their products include, Odyssey putters, Callaway golf balls and clubs marketed under the Big Bertha and other brands. Callaway is the leading manufacturers for drivers, fairway woods, irons and putters. http://www.callawaygolf.com/

CAREER EDUCATION CORP. (CECO)

Career Education Corporation, based in Hoffman Estates, Illinois, is a leading provider of private, for-profit postsecondary education. The company offers a wide variety of master's degree, bachelor's degree, associate's degree and diploma programs in career-oriented disciplines within the company's core curricula of visual communication and design technologies, information technology, business studies and culinary arts. The company currently operates 41 campuses through the U.S., Canada, the U.K. and the United Arab Emirates. http://www.careered.com/

CCC INFORMATION SERVICES (CCCG)

CCC Information Services provides software products and databases that automate the process of total loss vehicle valuation and automobile claims settlement for insurance companies and repair facilities. http://www.cccis.com/

CERTEGY, INC. (CEY)

Certegy is an integrated provider of credit card and debit card processing and check risk management services to financial institutions and retailers in domestic and international markets. http://www.certegy.com/

CHOICEPOINT, INC. (CPS)

ChoicePoint, Inc. is a leading provider of decision-making intelligence to businesses, individuals and governmental agencies. They are focused on two primary markets that include Insurance Services and Business and Government Services. Insurance Services provides risk management and fraud prevention information to major domestic insurers through proprietary databases to assess the insurability and associated policy pricing of individuals and property. Business and Government Services provides information products and services as well as direct marketing services to corporations, legal and professional service providers, health care service providers and governmental agencies. http://www.choicepoint.com/

CINTAS CORPORATION (CTAS)

Cintas Corporation, based in Cincinnati, Ohio, designs, manufactures and implements corporate identity uniform programs through rental or direct sales to customers throughout the U.S. and Canada. The company also provides a wide range of other products and services, including entrance mats, sanitation supplies, first aid products and services, and cleanroom services. http://www.cintas-corp.com/

CLARK, INC. (CLK)

Based in North Barrington, Illinois, Clark, Inc. is a leading provider of various compensation and benefit services for U.S. corporations, banks, and healthcare organizations. Its mission is to help clients to attract, retain, and reward their top people. With over 3,400 corporate, banking, and healthcare clients, the company is quite unique in its service offering, providing an end-to-end solution of compensation and benefit services for executives. Services include evaluation, design, implementation, and administration of its innovative compensation and benefit programs for executives, key employees, as well as other professionals. The company has four operating lines of business, including its Compensation Resource Group, Banking Practice, Healthcare Group, and Compensation Consulting. Each operates separately, with their own executive, marketing, and administrative staffs to serve the unique needs of these clients. http://www.clarkconsulting.com/

CLEAR CHANNEL COMMUNICATIONS (CCU)

Clear Channel Communications, Inc., based in San Antonio, Texas, has grown rapidly in recent years to become a major media and entertainment company. The company is a leader in the out of home advertising business. Clear Channel Radio is the largest radio group broadcaster with more than 1,200 stations domestically and equity interests in roughly 240 additional stations overseas. Within the U.S., Clear Channel's radio group serves every state and virtually every major and medium-sized metered market. Clear Channel Outdoor conducts advertising operations that are now sizable both in the U.S. and overseas, with some 770,000 display panels in all markets including billboards, street furniture, transportation related panels, and other creative marketing products. The company also strengthened its presence in live entertainment through the acquisition of SFX, since renamed Clear Channel Entertainment, which is engaged in producing and promoting live events ranging from concerts to plays, the ownership and operation of venues, and sports marketing and management. http://www.clearchannel.com/

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. (CCO)

Clear Channel Outdoor Holdings is a majority-owned and controlled subsidiary of Clear Channel Communications. Clear Channel Communications entered the outdoor business in 1997 with the acquisition of Eller Media. Clear Channel's outdoor advertising operations involved over 88,000 displays in 33 major U.S. markets plus a presence in 25 countries overseas. Subsequent acquisitions have included Ackerley, Spectacolor, Donrey, Taxi Tops and France Rail Publicite. CCO is now one of the largest outdoor advertising operators both domestically and internationally. International operations are now in more than 50 markets, with typically small positions per market beyond the relatively large positions in France and the United Kingdom.

COGNEX CORPORATION (CGNX)

Cognex Corporation, based in Natick, Massachusetts, designs, develops, manufactures, and markets machine vision systems used for automated inspection and placement primarily in the semiconductor and electronics manufacturing industries. Cognex machine vision systems operate through three primary elements, a computer, the respective software, and a video camera. When connected, these elements work to extract information from incoming images and determine the appropriate action for manufacturing equipment. The company is divided into two divisions. The Modular Vision Systems Division manufactures products used to identify, inspect and guid discrete products. The Surface Inspection Systems Division detects and analyzes surface defects in the continuous processing industries. http://www.cognex.com/

CONCORDE CAREER COLLEGES (CCDC)

Concorde Career Colleges, Inc., based in Mission, Kansas, is a for-profit provider of career-oriented postsecondary education. Incorporated in 1988, Concorde conducts its operations through 12 campuses in seven states (California, Colorado, Florida, Missouri, Oregon, Tennessee, and Texas) and currently offers non-degree certificate, diploma and associate degree programs to more than 6,400 high school graduates, non-high school grads that student can demonstrate their "ability to benefit" from the program and adult students, specifically in the field of healthcare.

COPART, INC. (CPRT)

Copart provides salvage vehicle suppliers with a full range of services to process and sell salvage vehicles through live and Internet-based auctions. Copart has a portfolio of technology-driven services and customized programs that provide an outsourced service for the entire process of asset recovery for salvage vehicle suppliers. http://www.copart.com/

COX RADIO, INC. (CXR)

Cox Radio, Inc. is a pure play radio group operator that became a public company in the fall of 1996. It is one of two publicly traded companies for which the ultimate parent is the privately held and family-controlled Cox Enterprises, Inc. (CEI). The other is Cox Communications, Inc. (COX:NYSE), a broadband service provider. While Cox Radio has only been public for about five years, the parent was established more than a century ago (in 1898) and its entrée into broadcasting was in 1934 with the launch of WHIO-AM in Dayton, Ohio. Cox Radio is actually a majority owned subsidiary of Cox Broadcasting which, in addition to radio, encompasses 15 television stations (including properties in such markets as Atlanta, Charlotte, Dayton, Orlando and Seattle) plus some syndicated television production interests, television sales rep activities and research. The radio assets comprise a highly attractive group of properties with strong operating fundamentals and excellent growth prospects. Cox Radio is concentrated primarily in attractive and fast-growing Sunbelt markets in which the company has dominant positions. Management is expert in employing format changes and other strategies to improve the profitability of its station clusters. http://www.coxradio.com

CUMULUS MEDIA INC. (CMLS)

Cumulus Media, based in Atlanta, Georgia, is the second largest radio group in terms of number of stations and a top-ten player in the radio business as measured by revenues. The company has a concentration in smaller and mid sized markets, differentiating its strategy from many of the largest competitors who tend to focus on top fifty markets and/or some demographically defined niche. The closest competitor in terms of market strategy and size is Citadel. The broad market focus for Cumulus is markets 50 through 250, with a particular interest in markets 100 to 200. At the present time Cumulus operates more than 250 stations in more than 50 markets, all but one of which are rated markets. We expect Cumulus will be active on the acquisition front as deal flow begins to increase with an improving economy. Some additional pruning of properties could take place, as the station group focus is refined. Cumulus has retained a fairly active acquisition stance even in the relatively slower period we have recently been through. Financial issues, once a source of concern, have been largely addressed, and should be supportive rather than a deterrent to future growth. http://www.cumulus.com/

CVS CORPORATION (CVS)

CVS Corporation is the largest pharmacy operator within U.S., dispensing more retail prescriptions in more stores than any other retailer. With annual revenues exceeding $24 billion, CVS has created innovative approaches to serve the healthcare needs of its customers through its more than 4,100 CVS/pharmacy stores; CVS ProCare, its specialty pharmacy business; CVS.com, its online pharmacy; and PharmaCare, its pharmacy benefit management company. http://www.cvs.com

CYBEROPTICS CORPORATION (CYBE)

CyberOptics Corporation, based in Minneapolis, Minnesota, designs, manufactures and markets intelligent, non-contact sensors and integrated machine vision systems which improve the quality and yields of SMT printed circuit board assembly lines by assisting in the placement of components. The company is also a leader in solder paste inspection systems that monitor the accurate placement and quality of solder paste on circuit boards and provides systems for the semiconductor industry. http://www.cyberoptics.com/

CYBERSOURCE CORPORATION (CYBS)

CyberSource Corporation based in Mountain View California, is a leading electronic payment gateway that provides secure electronic payment and risk management solutions to e-Commerce merchants that process orders for goods and services over the Internet. http://www.cybersource.com

DENTSPLY INTERNATIONAL (XRAY)

Dentsply International Inc., based in York, Pennsylvania, designs, develops, manufactures and markets products for the dental market worldwide. The company's operations are divided into two product lines, dental consumables and laboratory products, and dental equipment. Its products are distributed in over 120 countries under some of the most well established brand names in the industry. http://www.dentsply.com/

DEVRY INC. (DV)

Based in Oakbrook Terrace, Illinois, DeVry Inc. is a leading provider of post-secondary degree and diploma programs in business and technology. The company owns and operates the DeVry Institutes of Technology, the Keller Graduate School of Management, Becker Conviser CPA Review and Denver Technical College. The DeVry Institutes, DeVry Canada, Inc., Denver Technical College and Keller Graduate School of Management are a part of DeVry University. http://www.devry.com/

EATON VANCE CORPORATION (EV)

Eaton Vance Corporation, based in Boston, Massachusetts, is engaged in creating, marketing and managing mutual funds and providing investment management and counseling services to institutions and individuals. The company and its affiliates manage over $56 billion in assets for more than 70 mutual funds, individuals and various institutional accounts, including those of corporations, hospitals, retirement plans, universities, foundations and trusts. http://www.eatonvance.com/

EDUCATION MANAGEMENT CORPORATION (EDMC)

Education Management, based in Pittsburgh, is one of the largest providers of proprietary (for profit) postsecondary education in the United States. Its 40 primary education institutions in 26 major cities, offer master's, bachelor's and associate's degree programs and non-degree programs in the areas of design, media arts, culinary arts, fashion and paralegal studies. Its Argosy University division offers doctoral, master's, bachelor's and associate's degree programs in psychology, education, business and health sciences fields. http://www.edumgt.com/

eFUNDS (EFDS)

eFunds provides electronic transaction processing, ATM outsourcing, decision support and risk management services to financial institutions, retailers, EFT networks, e-Commerce providers and government agencies. http://www.efunds.com

ELECTRONIC CLEARING HOUSE, INC. (ECHO)

Electronic Clearing House, Inc. is an electronic payment processor that provides processing services to merchants, banks and collection agencies. ECHO has two main business segments that include bankcard and transaction processing services (bankcard) and check related products. Bankcard processing services enable merchants and banks to accept credit and debit card payments from consumers. Check-related services enable merchants and banks to accept and process check payments from consumers. http://www.echo-inc.com

EMMIS COMMUNICATIONS CORPORATION (EMMS)

Emmis Communications Corporation, based in Indianapolis, Indiana, is a diversified media company with radio and television broadcasting plus magazine publishing operations. The core radio group includes a presence in New York, Los Angeles and Chicago plus several other major markets. Television operations are primarily in smaller and medium sized markets. The company's greatest strength is a management team with excellent and proven programming savvy. Its greatest source of concern is its leveraged financial position. http://www.emmis.com/

ENTERCOM COMMUNICATIONS (ETM)

Entercom Communications Corporation, based in Bala Cynwyd (suburban Philadelphia), Pennsylvania, is one of the nation's five largest radio group operators. Joseph M. Field founded Entercom in 1968. Entercom's strategy has always had an "underdeveloped opportunity" element to it, dating back to its origins of buying then-out-of-favor FM stations in the late 1960s. In recent years the company stepped up its acquisition activity level leading up to its IPO in early 1999. Efforts have focused on clustering properties in attractive markets while diversifying revenue sources beyond a couple of primary operating territories as was originally the case. http://www.entercom.com/

EURONET WORLDWIDE (EEFT)

Euronet Worldwide provides electronic financial transactions to financial institutions and mobile phone operators through ATMs, mobile phones and point-of-sale devices through ownership of Europe's largest independent ATM network. http://www.euronetservices.com/

EVCI CAREER COLLEGES (EVCI)

EVCI Career Colleges Corp., based in Yonkers, New York, is a for-profit provider of career-oriented postsecondary education. EVCI was organized in March 1997 and became a public company in January 1999, and was initially focused on providing multi-point video conferencing technology and media-learning online courses and degree programs for multiple colleges. Today, after exiting the e-learning videoconferencing business in mid-2000, EVCI is 100%-focused on providing postsecondary education and conducts its business through three branded college institutions in the states of New York and Pennsylvania - Interboro Institute (acquired in January 2000), the Pennsylvania School of Business (acquired in January 2005) and Technical Career Institutes (acquired in September 2005, nearly doubling revenues and adding to earnings per share). Unlike its postsecondary peers, EVCI focuses on economically disadvantaged students (most of which qualify for federal and state grants) that are underserved by most educational institutions through its Interboro and Technical Career Institutes in New York City and Pennsylvania School of Business in Pennsylvania.

FISERV INC. (FISV)

Fiserv, Inc. is based in Brookfield, Wisconsin. The Company provides information management technology and related services to banks, broker-dealers, credit unions, financial planners and investment advisers, insurance companies, leasing companies, mortgage lenders and savings institutions. http://www.fiserv.com/

FORTUNE BRANDS, INC. (FO)

Based in Lincolnshire, Illinois, Fortune Brands Incorporated is a holding company with subsidiaries that manufacture and sell leading brand consumer products to four distinct markets: home products (Moen, Master Lock, Aristokraft, Schrock, Waterloo), office products (ACCO, Swingline, Wilson Jones, Day-Timer, Kensington), golf products (Titleist, Cobra, FootJoy, Pinnacle), and distilled spirits and wines (Jim Beam, Knob Creek, DeKuyper, Vox, Geyser Peak, Canyon Road). http://www.fortunebrands.com/

G&K SERVICES, INC. (GKSRA)

G&K Services, Inc., based in Minneapolis, is a leading provider of corporate identity apparel programs (primarily rental and, to a lesser extent, direct sale of work uniforms) and facilities services (floor mats and restroom supplies) in the U.S., and is the largest such provider in Canada. Industries served include automotive, warehousing, distribution, transportation, energy, manufacturing, pharmaceutical, semi-conductor, and restaurants and hospitality. http://www.gkservices.com/

GANNETT CO., INC. (GCI)

Gannett Co., Inc., based in McLean, Virginia, is an international news and information company that publishes newspapers (including related services such as newswires, data services and news programming) and operates television broadcasting stations. Gannett is the nation's largest newspaper publisher, with 97 daily newspapers spread across the country largely in smaller and medium-sized markets, plus the national USA TODAY, the largest circulation paper in the country. The company also publishes USA WEEKEND, a weekly newspaper magazine, plus more than 300 non-daily papers. Over the past couple of years, Gannett expanded its publishing operations into the U.K. with two acquisitions that provided a base of more than 300 titles including 15 dailies. Television broadcast operations are substantial, with 22 stations, which include the second-largest group of NBC affiliates after the network itself. Gannett has also built up its Internet presence, with sites by most of its television stations and newspapers, including an especially high-traffic site operated by USA TODAY. Impressively, Gannett has always approached the Internet with a solid business framework, refusing to incur unusually high startup costs in advance of an audience. http://www.gannett.com/

GENTEX CORPORATION (GNTX)

Gentex Corporation, based in Zeeland, Michigan, is a high-tech manufacturing company whose main product is an automatic-dimming, electrochromic automotive mirror. The Night Vision Safey (NVS) mirror uses light-sensing circuitry to detect approaching vehicles from behind, darkening accordingly to protect the driver's vision. These mirrors are sold to most major automakers and are offered as standard or optional equipment in over 140 vehicle models around the world. In addition to the manufacture of the automatically-dimming mirrors, Gentex Corporation produces commercially used fire protection products. It has also developed LED lighting and new camera-on-a-chip based products. http://www.gentex.com/

GLOBAL PAYMENTS, INC. (GPN)

Global Payments is an integrated provider of high volume electronic transaction processing and services for merchants, corporations, financial institutions and government agencies. http://www.globalpaymentsinc.com

GP STRATEGIES CORP. (GPX)

GP Strategies (GPX), through its principal operating subsidiary, General Physics Corporation, is a global provider of corporate training, e-Learning solutions, management consulting and engineering services. Clients are generally Fortune 1000 companies in the automotive, steel, power, chemical, energy, pharmaceutical, and food and beverage industries, as well as other commercial and government customers. http://www.gpworldwide.com/

H&R BLOCK, INC. (HRB)

Based in Kansas City, Missouri, H&R Block Inc. is a diversified holding company with subsidiaries that provide a broad range of financial products and services. With more than 10,000 offices in the U.S., Canada, Australia, and the U.K., In 2001, H&R Block served 19.2 million taxpayers , more than any tax or accounting firm. Investment services and securities products are offered through H&R Block Financial Advisors Inc. H&R Block Mortgage Corporation and Option One Mortgage Corporation offer a wide range of home mortgage products. RSM McGladrey Inc. is a national accounting, tax and consulting firm with more than 100 offices nationwide. http://www.hrblock.com/

GRAY TELEVISON INC. (GTN)

Gray Television, Inc., based in Atlanta, Georgia, is a media enterprise whose dominant focus is on smaller and mid-sized market television stations. More than 80% of revenues and nearly 90% of cash flow derive from television station operations. The company also has a small presence in newspaper publishing through four small dailies in Georgia and Indiana plus an even smaller presence in paging. Gray's origins date to 1891 with the founding of the Albany (Georgia) Herald. The company entered the broadcasting arena in 1954. Its IPO occurred in 1967. Gray has paid a cash dividend on its stock during its entire 37-year life as a public company - a fairly rare attribute among media companies. An emphasis on local news is an important factor in driving ratings and revenues, enabling the company to command very high in-market revenue shares and generate growing free cash flow. News dominance also enables Gray to garner the dominant share of political revenues in its markets. The smaller market focus also positions Gray to maintain an active involvement in seeking acquisition possibilities despite the continuing soft industrywide climate in that regard reflecting the smaller number of television group operators concentrating on those smaller and mid-sized markets. Many of Gray's target markets are state capitals and/or homes of major universities, enhancing the demographic profiles and growth potential of those markets.

HEARST-ARGYLE TELEVISION (HTV)

Hearst-Argyle Television, based in New York City, is the largest pure play television group operator. The company owns or manages 28 stations, nearly three-quarters of which are in top-50 markets. Combined reach of 17.5% of U.S. television households places Hearst-Argyle among the largest station group operators not owned by a network. Hearst-Argyle operates the largest collection of ABC affiliates aside from Disney's ABC unit and the second largest group of NBC affiliates (after Gannett's television unit), aside from General Electric's NBC. The Hearst Corporation owns a majority interest in the company that was created on August 29, 1997 when Hearst merged its broadcast group into publicly traded Argyle Television, Inc. Hearst has a history in television that dates back to the dawn of the age of television in 1948. Privately held parent Hearst Corporation looks to Hearst-Argyle to manage its exposure in broadcasting. http://www.hearstargyle.com/

HEARTLAND PAYMENTS INC. (HPY)

HPY is the tenth largest card acquirer in the U.S. with a merchant centric commission only sales force that employs a community-based strategy focusing on established small/medium-sized merchants.

HENRY SCHEIN, INC. (HSIC)

Henry Schein, Inc. is the largest distributor of healthcare products and services to office-based healthcare practitioners in the combined North American and European markets. The Company's products include dental, medical and veterinary items. The company serves more than 400,000 customers worldwide including dental practices and laboratories, physician practices and veterinary clinics, as well as government and other institutions. http://www.henryschein.com/

HEWITT ASSOCIATES (HEW)

Hewitt Associates, based in Lincolnshire, Illinois, provides outsourcing and related HR consulting services to large companies including over half the Fortune 500 and over one-third of Fortune Global 500 companies. As the largest multi-service HR provider in the world, Hewitt processes over 53 million HR-related customer interactions annually from more than 14 million participants. http://www.hewitt.com/

IDEX CORP. (IEX)

Based in Northbrook, Illinois, IDEX is a high quality industrial company that manufactures highly engineered products for a wide range of industrial customers. It is the global leader in fluid-handling technologies for positive displacement pumps, dispensing equipment and other industrial equipment.
As discussed below, its business units are organized into three groups: Pump Products, Dispensing Equipment, and Other Engineered Products. http://www.idexcorp.com/

iPAYMENT, INC. (IPMT)

IPMT's provides comprehensive, end-to-end electronic payment processing and information management solutions to small merchants through the use of outsourced processing and marketing services. http://www.ipaymentinc.com/

ITT EDUCATIONAL SERVICES (ESI)

Based in Indianapolis, ITT Educational Services is a leading provider of technology-oriented post-secondary degree programs, based on both revenues and student enrollment. Through a network of more than 70 ITT Technical Institutes in 28 states, the company offers associate's, bachelor's and master's degree programs, as well as non-degree diploma career-focused programs in various fields of technology to approximately 31,000 students. http://www.ittesi.com/

JACK HENRY & ASSOCIATES (JKHY)

Jack Henry & Associates, Inc., based in Monett, Missouri, provides integrated computer systems for in-house and service bureau data processing to banks and other financial institutions. http://www.jackhenry.com/

KADANT, INC. (KAI)

Kadant Inc., based in Acton, Massachusetts, designs and manufactures processing equipment, water management systems and accessories for the paper and paper recycling industries. The main products produced are custom-engineered systems and equipment for the preparation of wastepaper for recycling. It also manufactures equipment important to the efficient operation of papermaking machines, and water-management systems. Over the past year, Kadant has been aggressively funding the development of its fiber-based composite business at its Kadant Composites subsidiary. http://www.kadant.com/

KAYDON CORPORATION (KDN)

Kaydon Corporation, based in Ann Arbor, Michigan, designs, manufactures and sells custom-engineered products for a broad and diverse customer base. Their products include shaft seals, anti-friction bearings, bearings systems and components, specialty balls, filters and filter housings, custom rings, hydraulic cylinders and slip rings. Kaydon's products are used in a wide variety of applications in the heavy equipment, medical, machine tool, aerospace, defense, and construction industries. http://www.kaydon.com

KENNAMETAL INC (KMT)

Kennametal, Inc., located in Latrobe PA, is a leading global manufacturer, marketer and distributor of a broad range of consumable cutting tools, tool systems, supplies and technical services, as well as wear-resistant parts. The company operates 28 U.S. manufacturing sites, 17 international manufacturing sites and 12 warehouse/distribution centers. KMT's operations are divided into four reporting segments: Metalworking Solutions and Services, Advanced Material Solutions, J&L Supply and Full Service and Supply. Products are sold to a diverse group of industrial sectors such as automotive, tool & die, heavy truck, mining & construction, aerospace and general industrial markets. http://www.kennametal.com/

LAUREATE EDUCATION (LAUR)

Laureate Education, Inc., a well-known brand name in education, conducts its business through four primary business segments: K-12 Educational Services, Online Higher Education, and International Universities. Laureate Education focuses on emerging technology solutions in the education and training marketplace. http://www.laureate-inc.com

LIFETIME BRANDS (LCUT)

Lifetime Hoan is a 59-year old designer, marketer and distributor of household cutlery, kitchenware, cutting boards, pantryware and bakeware and decorative bath accessories.

LIGHTBRIDGE INC. (LTBG)

Lightbridge, Inc. is engaged in the development and sale of products and services for e-Commerce and telecommunications markets. LTBG's Payment Processing business segment is a leading provider of gateway services that facilitate online electronic payment transactions for small and middle market online merchants.

LINCOLN EDUCATIONAL (LINC)

Lincoln Educational Services Corporation is a leading provider of for-profit, career-oriented post-secondary education. The company conducts its operations through 32 campuses in 15 states. It offers certificate, diploma and associate degree programs to over 18,000 students with five areas of study - automotive technology, allied health, skilled trades, business and information technology, and culinary - through seven established brands including Lincoln Technical Institute, Nashville Auto-Diesel College, Denver Automotive & Diesel College, The Cittone Institute, Career Education Institute, Southwestern College and the New England Technical Institute.

LINDSAY MANUFACTURING (LNN)

Lindsay Manufacturing is based in Lindsay, Nebraska, and is comprised of two major business components: Irrigation Equipment and Diversified manufactured products. The Irrigation Equipment division, which includes center-pivot and lateral move irrigation systems, accounts for the majority of Lindsay's sales. The Diversified Products division manufactures steel tubing for agricultural and components for ndustrial equipment manufacturers. http://www.zimmatic.com/

LITTLEFUSE, INC. (LFUS)

Littelfuse is a global company based in Des Plaines, Illinois whose fuses and circuit protection products are vital components in almost every product that uses electrical energy, including computers, DVDs, modems, cellular phones, telecommunications equipment, medical equipment and satellite television. Littelfuse is the leading global provider of fuses for automakers. Littelfuse is also a major provider of circuit protection devices to electronics manufacturers, the electrical market and the automotive aftermarket. http://www.littelfuse.com/

LKQ CORPORATION (LKQX)

LKQ Corporation is the largest nationwide processor of recycled OEM vehicle parts from total loss vehicles with a national network of 38 sales and processing facilities and 12 redistribution centers. LKQ helps to lower the cost of vehicle repair through providing repair shops with recycled OEM parts that on average cost about 40% less than new OEM parts. http://www.lkqcorp.com/

MOLEX, INC. (MOLX)

Molex, Inc., based in Lisle, Illinois, is a leading manufacturer of electronic, electrical and fiber optic interconnection products and systems, switches, terminals, connectors, planer cables, cable assemblies, electronic switches, and application tooling. These products are used in the electrical systems in computers, automobiles, household appliances, telecommunications and office equipment. http://www.molex.com/

NEWELL RUBBERMAID, INC. (NWL)

Newell Rubbermaid, Inc., based in Freeport, Illinois, manufactures and markets high-volume consumer products sold to high-volume purchasers, including discount stores and warehouse clubs, home centers and hardware stores, and office superstores and contract stationers. The company's products include: plastic storage and organizational products; food preparation, cooking and serving products; infant/juvenile care and play products; home décor products; hardware and tools; and office products. Its major consumer brands include Rubbermaid, Parker, Eldon, Sanford, Levolor, Calphalon, Wearever, Little Tikes and Graco. http://www.newellco.com/

OSHKOSH TRUCK CORP.

Oshkosh Truck Co, headquartered in Oshkosh, Wisconsin, is a manufacturer and designer of specialty vehicles including fire trucks, refuse trucks, concrete mixer trucks, military trucks, airport rescue vehicles and ambulances. The company has 22 manufacturing facilities around the world, the majority of which are located in U.S. OSK sells its products to a variety of end-markets including construction, military, municipalities and waste haulers. The company operates through three operating segments: the Commercial segment (36% of total sales; cement and garbage trucks), the Fire & Emergency segment (28% of sales; fire trucks and ambulances) and the Defense segment (36% of total sales; military vehicles). Geographically, the majority of Oshkosh's business is domestic. U.S. accounts for 85% of total sales, Europe and Middle East together account for 13% of total sales and the balance of 2% is sold to the rest of the world. http://oshkoshtruckcorporation.com/

PATTERSON DENTAL COMPANY (PDCO)

Patterson Dental Company, based in St. Paul, Minnesota, is a leading national distributor of dentistry supplies and equipment in the U.S. and Canada, including the additional services of installation, maintenance and repair of dental office equipment, office design and equipment financing. The company markets its services and products through multiple direct sales representatives and equipment specialists. Through its Webster Veterinary Supply subsidiary, the company also offers a full line of consumables and equipment to the U.S. veterinary market. http://www.pattersondental.com/

PERCEPTRON INC. (PRCP)

Perceptron, Inc., based in Plymouth, MI, a significant machine vision systems supplier to the automotive industry, has been supplying the global automotive industry with important systems to improve factory floor efficiency and quality. It develops information-based measurement and inspection solutions for process improvements on the factory floor. Using its sensors, software and machine vision expertise, its applications enhance quality, improve efficiency, and reduce costs throughout the entire design and development to final production processes. Its applications include laser-based gauging systems that provide full in-line measurement for lower process variation, systems that guide robots in diverse automated assembly applications, systems that inspect the quality of painted surfaces, and technology components and software for coordinate measurement machines, wheel alignment, digitizing and inspection. The company primarily serves the automotive market with products that encompass nearly the entire automotive manufacturing process and has the dominant position in its industry niche.

PEROT SYSTEMS CORPORATION (PER)

Plano, Texas-based Perot Systems provides information technology (IT) services and business solutions to a wide range of customers. Perot Systems offers services within two primary lines of business which include IT Solutions and Consulting. IT Solutions, the company's core line of business, provides services to customers primarily under long-term contracts through strategic relationships. These services involve technology and business process outsourcing. Consulting line of business consists of Solutions Consulting (acquired in 2000) and its Global Software Services group. Through short-term contracts related to specific projects, the company provides high-value repeatable services for the design and implementation of business and software solutions, business and technical expertise, and intellectual property. http://www.perotsystems.com/

PERRIGO COMPANY (PRGO)

Allegan, Michigan-based Perrigo Company is the largest manufacturer of store brand over-the-counter (OTC, non-prescription) pharmaceutical and nutritional products sold by supermarket, drug and mass merchandise chains. The company's products include over-the-counter pharmaceuticals such as analgesics, cough and cold remedies, gastointestinal, and feminine hygiene products, and nutritional products such as vitamins, nutritional supplements and nutrition drinks. http://www.perrigo.com/

POLYMEDICA CORPORATION (PLMD)

PolyMedica, based in Woburn, Massachusetts is a leading direct-to-consumer distributor of diabetes testing supplies (lancets, test strips and blood glucose meters) and related prescription drugs, primarily to seniors under the brand name of Liberty Medical. The company also provides ancillary services including helping customers with Medicare reimbursement paperwork and basic disease management. With its recent acquisition of National Diabetic Pharmacies, Inc., the company has a new channel, selling into healthcare professionals and plans. To serve its clients, PolyMedica has five call centers located in: Port St. Lucie, Florida; Salem, Virginia; and Deerfield Beach, Florida. Its three distribution facilities are located in Port St. Lucie and Salem, Virginia.

QUIXOTE CORPORATION (QUIX)

Quixote Corporation, based in Chicago Illinois, develops, manufactures and markets energy-absorbing highway and truck-mounted attenuators and related highway safety products such as crash cushion systems, sensing devices, flexible sign and guide post systems and a glare screen system, among many other safety products. The company's two segments include the manufacture and sale of products that "protect and direct" and "inform", which are often referred to as intelligent transportation systems products. The company also provides advisory radio systems that help control the flow of traffic, and applies the products that gather information to relieve traffic congestion. http://www.quixotecorp.com/

RBC BEARINGS (ROLL)

RBC Bearings, headquartered in Oxford, CT is a developer, manufacturer and supplier of "specialty" bearing products. Bearings are metal devices that support, guide, and reduce the friction of motion between fixed and moving machine parts. While the worldwide bearings industry is large at approximately $25 billion and can sometimes be characterized as a high-volume standard product, the market for "specialty" bearings is a small niche market, which provides high margins. The company believes that over one -fourth of net sales are derived from products which they are the sole supplier and only manufacturer capable of producing the bearing solution. http://www.rbcbearings.com/

REGAL-BELOIT (RBC)

Regal-Beloit, based in Beloit, Wisconsin, manufactures a diversified line of mechanical products to control motion and torque (Mechanical Group) and electrical products such as motors and generators (Electrical Group). The Company's products are sold to distributors, original equipment manufacturers and end users across many industry segments. The Mechanical Group produces a wide variety of products that control motion, such as gears, gear drive and gear box products transmitting power between sources, such as a motor to an axle. The Electrical segment of business produces electric motors, generators and other products which are used in the operation of pumps, conveyors, machine tools, power stations, office equipment and thousands of other applications. Regal-Beloit is a leader in both its Electrical and Mechanical groups. http://www.regal-beloit.com/

RITCHIE BROS. AUCTIONEERS (RBA)

Ritchie Bros Auctioneers is the world's largest auctioneer of industrial equipment. RBA operates in more than 20 countries with over 100 locations including 22 permanent and seven regional auction sites. http://www/rbauction.com

ROBBINS & MYERS (RBN)

Robbins & Myers, Inc., based in Dayton, Ohio, is a supplier of highly engineered, application-critical equipment and systems for the global pharmaceutical, energy and industrial markets. The company is the recognized market leader in pharmaceutical processing and packaging equipment, reactor systems, industrial pump technology, energy related equipment, industrial mixing and corrosion-resistant products. Its products and services are used in a wide variety of industries, including pharmaceutical, energy, specialty chemical and water and wastewater treatment. Robbins & Myers has operations in the U.S., Canada, Europe, Mexico, Brazil, Singapore, Venezuela and joint ventures in Australia, China, France and India. http://www.moyno.com/

SALEM COMMUNICATIONS (SALM)

Salem Communications, based in Camarillo, California, is a moderate sized radio group operator but the largest having a primary specific focus on religious and family programming. Salem currently owns and/or operates 85 stations, 55 of which are in top 25 markets. These stations generally employ one of two primarily talk formats – Christian Teaching and Talk or Conservative News/Talk – or a Christian music format branded “The FISH”. Salem’s growth strategy includes a blend of internal improvement and acquisitions. The operating characteristics of Salem share some similarities with other radio group broadcasters yet contain certain differences that give its stock a unique flavor in investment terms. In addition to its radio station operations, Salem also conducts several other smaller but related businesses. The largest of these is the Salem Radio Network (SRN), a syndicator to over 1,600 stations across the U.S. of radio programming focusing on talk, news and music consistent with the company’s religious and family values themes. Salem recently expanded its Internet presence when its OnePlace.com subsidiary acquired Crosswalk.com for $4.1 million. The company also operates Salem Radio Representatives, a national sales force, and CCM Communications, a Christian publisher. http://www.salem.cc/

SEI INVESTMENTS COMPANY (SEIC)

SEI Investments Company is a leading provider of trust technology, mutual fund administration and asset management services to institutions, professional investment advisors and affluent families. http://www.seic.com/

SERVICEMASTER COMPANY (SVM)

Through a network of over 5,500 company-owned and franchised service centers and business units, The ServiceMaster Company provides outsourcing services to more than 12 million customers in the U.S. and in 45 countries around the world. The core service capabilities of the company include lawn care and landscaping (TruGreen), termite and pest control (Terminix), plumbing, heating and air conditioning maintenance and repair (American Residential Service and Rescue Rooter), appliance maintenance and repair (American Home Shield) and cleaning (ServiceMaster Clean, Merry Maids). http://www.servicemaster.com/

SIRIUS SATELLITE RADIO (SIRI)

Sirius Satellite Radio, Inc., headquartered in New York City, is one of the two companies operating a satellite radio service over the FCC-licensed spectrum assigned for that use. Sirius secured one of only two DARS (digital audio radio service) licenses in 1997. Now more than 15 years old as a company, Sirius is still in early stages of its efforts to develop its subscriber base, having initiated that phase of its effort in early 2002. Sirius currently serves more than 1.8 million subscribers, with more than 3.0 million subscriber relationships estimated for year-end 2005 and roughly 5.7 million in our sights for year-end 2006. Sirius has an established satellite infrastructure, studio space in midtown Manhattan, a growing line of radio receivers, distribution at both the retail and OEM levels, an attractive programming lineup that continues to expand including brand name talent led by the impending addition of Howard Stern, and a management team that was strengthened by the addition of Mel Karmazin.

SNAP-ON, INC. (SNA)

Snap-On Incorporated is based in Kenosha, Wisconsin, is a global developer, manufacturer and marketer of tool, diagnostic and equipment solutions, primarily distributed from walk-in vans that visit user locations. Product lines include hand and power tools, tool storage products, shop equipment, saws and cutting tools, pruning tools, under-hood diagnostics equipment, under-car equipment, safety-testing equipment, collision repair equipment, vehicle service information, business management systems, services and other solutions for the transportation service, industrial, agricultural, and other commercial industries. http://www.snapon.com/

STRAYER EDUCATION, INC. (STRA)

Strayer Education, Inc., based in Washington, D.C., is a regional provider of proprietary postsecondary education programs, offering undergraduate and graduate degrees in information technology and business-oriented fields of study. Classes are offering seven days and nights a week to over 14,000 students (primarily working adults) at 17 Strayer University campuses in Washington, D.C., Virginia and Maryland. http://www.strayer.edu/

SYBRON INTERNATIONAL CORP. (SYB)

The subsidiaries of Sybron Dental Specialties, headquartered in Orange, CA, are leading manufacturers of value added products for the dental and orthodontic professions and products for use in infection control. The primary subsidiaries of Sybron Dental are Kerr, Ormco and Metrex. Kerr Corporation develops, manufactures and distributes an array of consumable products for the dental industry worldwide. Ormco engineers, manufactures, markets and distributes an array of consumable orthodontic products worldwide. Metrex Research Corporation develops, manufactures, markets and distributes consumable infection prevention products for the dental and medical markets. http://www.sybrondental.com/

TIME WARNER, INC. (TWX)

Time Warner is a media conglomerate, with market leading positions in a number of different major business lines. Common themes include its mass market consumer appeal, with revenue opportunities that combine subscriptions, content, and advertising and commerce. Time Warner Cable is the number two provider of cable television services. Networks operations include leading basic and pay cable franchises such as CNN, TBS Superstation, TNT, HBO and Cinemax plus a majority interest in broadcaster The WB Television Network. America Online is a leader in online services, both as the leading content-driven ISP in dial-up services and with a growing presence as a broadband content services provider. Filmed entertainment services include both theatrical feature films and television production via Warner Bros. and New Line. Music operations have been conducted through Warner Music Group but are now being divested. Publishing operations are conducted by Time, Inc. and generate roughly 25% of domestic industrywide magazine revenues. http://www.timewarner.com/

TNS, INC. (TNS)

TNS, Inc. based in Reston, VA, provides outsourced data communications services to electronic payment processors; secure data and voice network services to the financial services industry; and call signaling and database access services to the domestic telecommunications industry. http://www.tnsi.com/

TOTAL SYSTEMS SERVICES (TSS)

TSYS provides electronic payment processing and related services to including card processing and merchant processing services to financial and non-financial institutions in domestic and international markets. http://www.tsys.com/

TRIBUNE COMPANY (TRB)

Tribune Company, based in Chicago, Illinois, is engaged in three core business lines-newspaper publishing, broadcasting and entertainment, and interactive media. Operations are focused largely in major metropolitan areas, and the company has multimedia franchises in all of the nation's three largest markets. Tribune Publishing is among the top several newspaper publishers. Tribune Broadcasting is among the top television station group operators, and is the flagship station group for The WB Television Network, in which the company owns a 25% interest. Tribune Entertainment is engaged in television program production and syndication, and also owns the Chicago Cubs. Interactive operations are focused on areas related to the company's core business lines. http://www.tribune.com/

UNIFIRST CORPORATION (UNF)

UniFirst Corporation, based in Wilmington, Massachusetts, provides workplace uniforms and protective clothing. The company employs over 7,500 people who serve over 100,000 business customers in 45 states, Canada and Europe. It has 146 manufacturing, distribution and customer service locations. Typical customers include automobile service centers and dealers, delivery services, food and general merchandise retailers, food processors and service operations, and light manufacturers. http://www.unifirst.com/

VIACOM, INC. (VIAB)

Viacom Inc., based in New York, New York, is a media and entertainment company with five primary operating segments: Networks (basic and pay programming services including MTV, VH1, Nickelodeon, BET and Showtime), Entertainment (Paramount film and television production and distribution, King World program production and syndication, and Simon & Schuster trade book publishing), Infinity (radio and outdoor advertising), Television (CBS and UPN networks and television station groups plus program syndication), Video (Blockbuster). This major presence in several related but diverse business lines produces a combination of attractive growth potential but with some insulation to specific environmental or sector issues. Management is very solid, intensely growth oriented and value driven. Free cash flow is an important benchmark, and management is focused on delivering results that justify higher equity values while maintaining a solid balance sheet that has resulted in the awarding of an A- senior debt rating. Viacom has a roughly 50/50 split in its business mix between ad revenues and other sources that are primarily content driven. This implies sufficient exposure to benefit from a prospective rebound in the advertising economy but with diversification that renders the company less exposed to the ad cycle than pure play broadcasters and certain other media types. http://www.viacom.com/

WALGREEN COMPANY (WAG)

Deerfield, Illinois-based Walgreen Company is the nation's largest retail drugstore operator, based on annual sales. Walgreen's serves customers in 43 states and Puerto Rico through over 3,600 retail drugstores and two mail service facilities. The drugstores are engaged in the retail sale of prescription and nonprescription drugs and carry additional product lines such as general merchandise, cosmetics, toiletries, and convenience food and beverages. Customer prescription purchases can be made at the drugstores as well as through the mail, telephone and the Internet. The company plans to operate approximately 6,000 drugstores by the year 2010. http://www.walgreens.com/

WATSON WYATT & COMPANY (WW)

Watson Wyatt & Company Holdings, headquartered in Washington, D.C., is a global human capital consulting firm. It helps its clients to attract, retain, and motivate qualified employees. The company assists its clients through its experience in human capital management and technology by designing and implementing various human resources (HR) programs, including compensation, retirement, and healthcare plans. These HR programs are implemented through three closely interrelated consulting practice areas, which include the Benefits Group, the eHR Group and the Human Capital Group. http://www.watsonwyatt.com

WOODHEAD INDUSTRIES (WDHD)

Woodhead Industries, based in Deerfield, Illinois, is largely involved with both the Industrial Communications and Connectivity Products and Electrical Safety and Specialty Products sectors. The Company is an integrated group of companies, primarily serving the global automation and control market with connectivity solutions and specialty electrical products. Woodhead's Industrial Communications and Connectivity Products segment is its primary growth driver, and provides system components on a global basis to connect devices in open networks for automated manufacturing, while the Electrical safety and Specialty Products segment manufactures highly customized products designed to improve workplace safety in an industrial setting. http://www.woodhead.com

XM Satellite Radio, Inc. (XMSR)

XM Satellite Radio Holdings, based in Washington, D.C., is the leading operator in the newly developing industry of satellite radio service, as measured by current subscriber counts. Satellite Radio represents a new type of radio service. Targeted initially at the automotive market and ultimately to in-home applications as well, satellite radio service from either of the two providers, XM or Sirius, entails new programming delivered on a nationwide basis requiring a new type of receiver and involving a monthly fee. The music programming is original content providing a significantly broader selection of popular formats, as well as generally less available formats like classical with few, if any, commercials. News, talk, sports and entertainment genres are generally branded identities such as CNN, Fox News, CNBC, E! Entertainment, MTV, VH1, Discovery, NASCAR and The Weather Channel. http://www.xmradio.com

X-RITE, INC. (XRIT)

X-Rite is a technology company based in Grandville, Michigan, which manufactures proprietary products involving advanced electronic and optical technologies in the medical, graphic arts, digital imaging, photographic, and dental markets. Its wholly owned subsidiary, Labsphere, is a leading supplier of integrating spheres, sphere systems, and reflectance coating. X-Rite has grown through internal expansion and through acquisitions. The Company's major products include densitometers, sensitometers, colorimeters, spectrophotometers and accessories, point-of-purchase paint matching systems, integrating spheres and integrating sphere systems, and reflectance materials and coatings. Through the creation of portable products and user-friendly software X-Rite has created easily communicable software for the personal computer. http://www.x-rite.com/

ZILA, INC. (ZILA)

Zila, Inc., headquartered in Phoenix, Arizona, is an innovator in preventative healthcare technologies and products, focusing on enhanced body defense and the detection of pre-disease states. Zila is focused on growing its preventive healthcare franchise of highly efficacious, patented products including treatments for oral soft tissue diseases, and products used for cancer and pre-cancer detection and treatment. Additionally, the company’s profitable and rapidly growing nutraceuticals business manufactures and markets advanced nutritional products, which improve the body’s ability to prevent disease. http://www.zila.com/