Industry & Services >> Analyst Interviews >> April 21, 2003

Outlook For Education Services: R.craig / J.herman – Legg Mason Wood Walker

Robert Craig joined the research team at Stifel, Nicolaus & Co., Inc., in connection with Stifel's acquisition of Legg Mason's Capital Markets Group in 2005. He joined Legg Mason in January 2001. Mr. Craig and Jerry Herman cover education/e-learning companies. He has more than 25 years experience in the investment industry. His years with Legg Mason were preceded by 15 years with First Union Securities and its predecessor companies, and two years each with Kidder, Peabody & Co. and Kemper Securities Inc. Before then, he was an Analyst and Director of equity research marketing for Prescott, Ball & Turben Inc. Mr. Craig has a bachelor's degree in business administration from Cleveland State University and has served as a Member of the Career Colleges Association Financial Advisory Council.Jerry Herman joined the research team at Stifel, Nicolaus & Co., Inc., in connection with Stifel's acquisition of Legg Mason's Capital Markets Group after joining Legg Mason in 2001. He and Robert Craig cover education/e-learning companies. He has more than 25 years experience as a sell-side Equity Analyst, covering a variety of industries including consumer durables, specialty chemicals, and business and marketing services. Previously, he was at First Union/Wachovia Securities and its predecessor companies for 10 years after starting his financial career at Roulston & Company Inc., an institutional equity research boutique. Before that, he was with Gulf Oil Corporation. Mr. Herman has a B.A. in management from Bowling Green State University, from which he graduated magna cum laude, and an MBA from Cleveland State University. Profile
Jerry R. Herman is Managing Director in Education and e-Learning at Stifel, Nicolaus & Company, Inc. He joined the Stifel Nicolaus Research Team in connection with Stifel's acquisition of Legg Mason's Capital Markets Group in December 2005. He joined Legg Mason in January 2001. He and his partner, Bob Craig, cover education/e-learning companies. He has over 24 years' experience as a sellside equity analyst, covering a variety of industries including consumer durables, specialty chemicals, and business and marketing services. Prior to Legg Mason he was at First Union/Wachovia Securities and its predecessor companies for 10 years, and prior to that at Roulston & Company, an institutional equity research boutique. Earlier in his career, he was with Gulf Oil Corporation. He and Mr. Craig have provided industry joint research coverage of the education sector since 1995. They have served as featured speakers at many independent conferences, produced comprehensive industry publications, and been regularly featured and quoted widely in national publications and media. Since the inception of the StarMine ranking system in 2001, they have been rated in the top three for earnings accuracy in the consumer services industry every year. Forbes.com in conjunction with StarMine ranked them number one for earnings estimate accuracy in the commercial services and supplies category in 2004 and 2005, and number two in 2006 and 2007, respectively. In 2005 they also ranked number six overall in the US out of all analysts surveyed for earnings accuracy. They were named by The Wall Street Journal "Best on the Street," ranking number two in the specialty retailing category for stock picking in both 2005 and 2008. Also in 2008 they were included in the Financial Times "World's Top Analysts," ranking number one in the US for earnings accuracy in the diversified consumer services category and in the top 10 for earnings estimate accuracy out of over 1,900 estimators surveyed. He has a BA degree in Management from Bowling Green University, from which he graduated magna cum laude, and an MBA degree from Cleveland State University. He also has served as a member of the Career Colleges Association Financial Advisory Council. He is a CFA charte Profile
TWST: Bob, what's gone on in the education market from an

operating point of view over the last year or so that's key?

Mr. Craig: Let me summarize by sector. First, in postsecondary,

business

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