CONTENTS
March 2009 Update .......................................................................................................................3
Stock Performance Summary ........................................................................................................9
Valuation Review Based on BB&TCM Calendar-Year Projections............................................. 14
Government Services Comparable Valuation Based on BB&T Capital Markets Estimates ...... 15
Defense Technology Comparable Valuation Based on BB&T Capital Markets Estimates ........ 16
Government Services Comparable Valuation Based on First Call Consensus Estimates ......... 17
Defense Technology Comparable Valuation Based on First Call Consensus Estimates ........... 18
Comparable Company Analysis .................................................................................................. 20
Short Interest Report ...................................................................................................................32
Insider Transactions and Major Shareholders............................................................................33
Contract Award Review................................................................................................................35
Government Services................................................................................................................35
Defense Technology................................................................................................................. 40
Prime Contract Recompetes ........................................................................................................43
Top 20 Department of Defense & Federal Civilian Opportunities.............................................50
Department of Defense ............................................................................................................50
Federal Civilian........................................................................................................................52
Industry “Revolving Door”—Who’s In, Who’s Out? ...................................................................54
Upcoming Hearings & Industry Conferences .............................................................................55
Recent BB&T Capital Markets Research Reports .......................................................................56