Behind the Numbers began publishing in 1988 to provide an alternative to traditional Wall Street research. Given the dearth of “sell” recommendations even today, the role of independent “sell” research remains an essential analytical tool. We have helped our clients identify underperforming stocks, as well as stocks at risk of severe price declines, long before the negative issues are recognized in the market.

PERFORMANCE HIGHLIGHTS • Since 1988, we’ve delivered independent Quality of Earnings Warnings and Sell Recommendations to the institutional investment community • Of the 1500 companies we’ve covered, 64% have underperformed the S&P 500 • 49% have declined in absolute price • Average annual return has underperformed the S&P 500 by 3.5%, and the Nasdaq composite by 5.1% • Our research analysts have, on average, more than 12 years of analytical experience.

RESEARCH TEAM

Jeffery B. Middleswart, President, Director of Research graduated from Texas Christian University in December 1989 with a BBA degree in Finance. He worked at Barre & Company (now Southwest Securities) for three years as an analyst of high-yield bonds, bankruptcy restructurings, and corporate finance. Mr. Middleswart joined Behind the Numbers in 1993 as a Senior Analyst and has since been elevated to Vice President. He has warned clients of several substantial stock implosions including Paging Network, Sunbeam Oster, AES, Providian Financial, Metris Companies, and several other consumer finance companies.

Bill E. Whiteside, CFA, graduated from Texas Christian University in 1991 with a BBA degree in Finance. He joined Behind the Numbers in 1991 as an analyst. Past reports include Americredit (ACF), Retek (RETK), FPA Medical Management (FPAM), Tetra Tech (TTEK), and Accredo Health (ACDO).

William N. Becker graduated from Rhodes College in 1992 with a BA degree in Political Science and Psychology and 30 hours of Accounting. Mr. Becker joined Behind the Numbers in 1993 as an analyst. Past reports include Cyrk (CYRK), Just for Feet (FEET), and Sports & Recreation (SPRC).

Brian J. Evans, CFA, graduated from the University of Iowa in 1991 with a BA degree in Economics. He worked at Smith Barney for five years as a stockbroker before joining Behind the Numbers as an analyst in 1997, and earned his CFA accreditation in 2000. Past reports include United Online (UNTD), Alkermes (ALKS), and Ely Lilly (LLY).

Jeffrey N. Dalton graduated from Texas Christian University in 1998 with a BS in Economics with Accounting and Finance concentrations. While obtaining his undergraduate degree, he interned in the equity research department of GSB Investment Management in Fort Worth. He joined Behind the Numbers as an analyst in 1999. Past reports include: Fleming (FLM), Electronics for Imaging (EFII), and RSA Security (RSAS).

Kevin L. Beech graduated from Brigham Young University in 1998 with an MBA and Juris Doctor. Kevin worked for DaimlerChrysler Corporation for eight years and completed the company’s Advanced Degree Development Program. While at DaimlerChrysler he held various assignments in Treasury and Controlling, including a two year assignment in Mexico City where he was responsible for developing and implementing the company’s $2 billion hedging strategy. Most recently, he was the manager responsible for financial control and income statement reporting for DaimlerChrysler’s $345 million worldwide post-launch engineering budget. Kevin is a member of the Michigan State Bar Association. He joined Behind the Numbers in 2006.

Chris Myers, BTN sales and marketing, graduated from the University of California at Los Angeles in 1992 with a degree in History. After six years on active duty as a Marine artillery officer, he joined Perot Systems and completed the company's Engineering Development Program. Subsequently he worked on various projects including software development and maintenance for First Security Bank and spent a year in Ireland working on the Euro conversion with the Bank of Ireland. In 2004 he returned to active duty to serve as an advisor to the Iraqi Army. Mr. Myers started with Behind the Numbers, LLC in January 2006.