On the front of each report:
Please see important disclosure information on the last page of this report.
Back of the book for UNRATED securities or industry reports
Copyright Burnham Securities Inc. 2003. All rights reserved.
The stocks that are covered in this report are not rated by Burnham Securities Inc. (BSI). This report is provided to you for informational use only and should not be used or considered as an offer sell, buy or subscribe for securities or other financial instruments. BSI may not have taken steps to ensure that the securities in this report are suitable for you.
The contents of this report do not constitute investment, tax, legal or accounting advice. A recipient who is not a professional investor should seek the advice of an independent advisor prior to making any decisions based on this report. BSI will not treat you as a customer solely because you have received this report.
Information and opinions presented herein have been obtained or derived from sources believed by BSI to be reliable, but BSI makes no representation as to the accuracy or completeness of this report, and accepts no liability for loss arising from its use, except to the extent that such liability may not be waived under applicable laws or regulations. This report is not to be relied upon in substitution for the exercise of your independent judgement. BSI may have issued reports in the past, or have made oral representations, that are inconsistent with, and reach different conclusions from, the information or conclusions presented in this report. BSI has no duty to update this report.
Past performance is not a guarantee of future results. Opinions contained in this report reflect a judgement as of the day of publication and are subject to change. BSI has no duty to update this report. Securities' prices are influenced by economic, political and market factors, and may rise or fall. Some investments may have a high level of volatility, and may experience sudden increases and declines in their value, resulting in losses when those investments are sold. In some cases, the loss may exceed the amount of the capital invested.
BSI may to the extent permitted by law participate or invest in financing transactions with the issuers of the securities covered by this report, may carry positions, or conduct transactions in their securities or options. Information on such transactions will be [are] provided in the "Disclosure" section of this report.
Our research professionals are paid in part based on BSI's profitability, which includes earnings from its investment banking and other business.
From time to time the author of this report may buy or sell the securities mentioned in this report or buy or sell securities that are involved in the industry that is the subject of this report. Information on such transactions will be [are] provided in the "Disclosure" section of this report.
Disclosure list
| Reg. Issue |
Footnote # |
| Analyst has a financial interest in any company covered in the report (stocks and bonds) |
1 |
| Any conflict of interest? |
2 |
| Managed or co-managed a public offering in the L12M, if YES did analyst receive compensation for this? |
3 |
| BSI or affiliates receive compensation for IB services last 12 months? |
4 |
| Intend to seek compensation during next 3 months? - if yes, did analyst receive compensation based on BSI's IB services? |
5 |
| Is the company an IB client? |
6 |
| Analyst or member of his/her household an officer, director or advisory board member of the subject company? |
7 |
| Does BSI make a market in the subject company's securities? |
8 |
| Does BSI own more than 1% of any class of Equity security of subject company |
9 |
| Any business transacted with the company L12M? |
10 |
| The author of this report has received, and may continue to receive, non-cash compensation from company in return for conducting on-board lectures on economic and equity market topics. This compensation is in the form of room and board on cruises on which he is a guest speaker. This type of compensation is similar to compensation received by other guest lecturers. |
11 |
(Translation of table into hedge page)
Stocks mentioned in this report (by ticker)
For each stock, we display the share price and a relevant disclosure code(s).
Disclosure code definitions follow.
Stock ticker :$XX, disclosure footnote #
Codes for Disclosures (print any that apply)
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(cite from checklist table)
I, ______________, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
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Back of the book for RATED securities
Copyright Burnham Securities Inc. 2003. All rights reserved.
Definitions of ratings:
Buy (B): We expect this stock to outperform the S&P 500 by 15% or more on a total return basis over the next twelve months. Neutral (N): We expect this stock to perform in line within 15 of the S&P 500 the next 12 months. Sell (S): We expect this stock to underperform the S&P 500 over the next 12 months.
This report is provided to you for informational use only and should not be used or considered as an offer sell, buy or subscribe for securities or other financial instruments. BSI may not have taken steps to ensure that the securities in this report are suitable for you.
The contents of this report do not constitute investment, tax, legal or accounting advice. A recipient who is not a professional investor should seek the advice of an independent advisor prior to making any decisions based on this report. BSI will not treat you as a customer solely because you have received this report.
Information and opinions presented herein have been obtained or derived from sources believed by BSI to be reliable, but BSI makes no representation as to the accuracy or completeness of this report, and accepts no liability for loss arising from its use, except to the extent that such liability may not be waived under applicable laws or regulations. This report is not to be relied upon in substitution for the exercise of your independent judgement. BSI may have issued reports in the past, or have made oral representations, that are inconsistent with, and reach different conclusions from, the information or conclusions presented in this report. BSI has no duty to update this report.
Past performance is not a guarantee of future results. Opinions contained in this report reflect a judgement as of the day of publication and are subject to change. BSI has no duty to update this report. Securities' prices are influenced by economic, political and market factors, and may rise or fall. Some investments may have a high level of volatility, and may experience sudden increases and declines in their value, resulting in losses when those investments are sold. In some cases, the loss may exceed the amount of the capital invested.
BSI may to the extent permitted by law participate or invest in financing transactions with the issuers of the securities covered by this report, may carry positions, or conduct transactions in their securities or options. Information on such transactions will be [are] provided in the "Disclosure" section of this report.
Our research professionals are paid in part based on BSI's profitability, which includes earnings from its investment banking and other business.
From time to time the author of this report may buy or sell the securities mentioned in this report or buy or sell securities that are involved in the industry that is the subject of this report. Information on such transactions will be [are] provided in the "Disclosure" section of this report.
Disclosure list
| Reg. Issue |
Footnote # |
| Analyst has a financial interest in any company covered in the report (stocks and bonds) |
1 |
| Any conflict of interest? |
2 |
| Managed or co-managed a public offering in the L12M, if YES did analyst receive compensation for this? |
3 |
| BSI or affiliates receive compensation for IB services last 12 months? |
4 |
| Intend to seek compensation during next 3 months? - if yes, did analyst receive compensation based on BSI's IB services? |
5 |
| Is the company an investment banking client? |
6 |
| Analyst or member of his/her household an officer, director or advisory board member of the subject company? |
7 |
| Does BSI make a market in the subject company's securities? |
8 |
| Does BSI own more than 1% of any class of Equity security of subject company |
9 |
| Any business transacted with the company L12M? |
10 |
| The author of this report has received, and may continue to receive, non-cash compensation from company in return for conducting on-board lectures on economic and equity market topics. This compensation is in the form of room and board on cruises on which he is a guest speaker. This type of compensation is similar to compensation received by other guest lecturers. |
11 |
(Translation of table into hedge page)
Stocks mentioned in this report (by ticker)
For each stock, we display the share price and a relevant disclosure code(s).
Disclosure code definitions follow.
Stock ticker :$XX, disclosure footnote #
Codes for Disclosures (use any that apply)
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cite from table
Included equity recommendation distribution:
__ % companies Buy:
% companies Neutral:
% companies Sell:
% Investment banking clients
__ chart of stock prices as related to dates on which ratings were initiated or changed
I, ______________, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
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