Industry & Services >> Analyst Interviews >> April 19, 2004


Raymond Neidl is a Director and Airline & Aerospace Industry Analyst with Calyon Securities (USA) Inc. He joined Calyon in 2004. Previously, he covered the airline/leisure companies and casino sectors as a Managing Director at Blaylock & Partners. He has frequently been selected to The Wall Street Journal's and Forbes magazine's "Best of the Best Analysts" for his earnings forecasts and stock picks. Previously, he was a Director and an Equity Research Analyst providing coverage of airline and transportation companies, including both passenger and air freight carriers, at ABN-AMRO Securities, which was purchased from ING Barings. While part of ING Barings, he helped to form the firm's research coverage of the airline and air freight industries, including a high- yield research product. In addition to his equity research coverage, he was also involved with efforts in structured aircraft financing with the firm's Aviation and Structured Leasing groups. Prior to joining the firm in 1991 (when it was known as Furman Selz), he was involved in initiating the high-yield research effort at Dillon Read, where he performed some equity analysis and had some corporate finance responsibilities. He also helped plan and implement the high- yield product for four years at McCarthy, Crisanti & Maffei, now KDP. Prior to his high-yield specialization, he was a Credit Analyst in the airline/transportation leasing area at Standard & Poor's. He also worked at American Airlines in various financial and planning positions. He is the co- author of Airline Odyssey-the Airline Industry's Turbulent Flight into the Future, published by McGraw-Hill. He also has contributed to industry publications, e.g., Airline Economics, Airline Operations, Airline Planning and Airline Financing, all McGraw-Hill publications whose contributors include numerous well-known professionals and managers in the aviation and aerospace industries. He regularly appears on various general and business news programs as an industry expert and is frequently quoted in both the general and business news publications regarding the aviation and airline industries. He received an MBA in Finance from Pace University, New York, New York, and a BS degree from Albany State University, Albany, New York, and is a member of the New York Society of Securities Analysts Airline Splinter Group. Profile
TWST: We last spoke about the airlines six months ago. What's gone on

since then? What has changed?

Mr. Neidl: As I pointed out six months ago, the perceived recovery

surrounding the sector,