Industry & Services >> Sector Roundtables >> March 28, 2005

ROUNDTABLE FORUM: AEROSPACE & DEFENSE

THOMAS M. MEAGHER, a Senior Analyst and Senior Vice President at Friedman, Billings, Ramsey Group, Inc., joined FBR's diversified industrials research team in October 2004, where he draws on his extensive background in defense and information technology (IT) to bolster the firm's coverage of the government IT sector. Mr. Meagher came to FBR from BB&T Capital Markets in Vienna, Virginia, where he was a Senior Vice President in equity research, covering the federal, state and local government IT services sector. He had previously served as an Analyst with Ferris Baker Watts in Baltimore, Maryland, and Ehrenkrantz King Nussbaum in New York City and Boca Raton, Florida. Mr. Meagher received his BA in History from UCLA, Los Angeles, California, and his MBA from Southern Methodist University in Dallas, Texas. He did work toward his MA degree in National Security Studies at Georgetown University, in Washington, DC; completed the Department of Defense's program management course at Defense Systems Management College, in Ft. Belvoir, Virginia; and completed the foreign military sales course at the Defense Institute of Security Assistance Management, at Wright Patterson Air Force Base, in Dayton, Ohio. Mr. Meagher spent three years on active duty as an Army officer after which he returned to graduate school. Following the completion of his MBA, he spent eight years in the defense industry, both on the hardware side of the sector with what is now United Defense Industries and with services companies that have since been acquired by Northrop Grumman, L-3 Communications and IBM Corporation. Profile
PATRICK MCCARTHY joined Friedman, Billings, Ramsey Group, Inc., in October 2002 as a Vice President in equity research. Mr. McCarthy is a member of the diversified industrials group, with primary responsibility for the defense industry. Prior to joining FBR, he spent five and a half years with Credit Suisse First Boston, most recently as an Analyst in the global consumer products equity research group. At CSFB, he was responsible for analyzing the impact of emerging trends across the global consumer products universe and quantifying the market's expectations for the companies and sub-sectors within the group. Prior to CSFB, he was an Assistant Treasurer at The Bankers Trust Company. Mr. McCarthy graduated from Fordham University in New York with a degree in Finance and Economics. He is also a Chartered Financial Analyst and a member of the New York Society of Security Analysts. Profile
Michael E. Hoffman, Director of Research at Wunderlich Securities, Inc. has 22 years of experience as a senior equity research analyst and in research and firm management with his most recent position as President, Chief Operating Officer and Director of Research at Caris & Company. Previously he was the Deputy Director of Research, Head of Fixed Income Research and Group Head of Diversified Industrial Research at Friedman Billings Ramsey covering the pollution control, solid waste and homeland security industries. He spent five years with Salomon Brothers covering pollution control, solid waste and specialty chemicals, a year with Robertson Stevens rebuilding its pollution control practice, 10 years with Credit Suisse where he built and managed at team of 80 in the US, Europe and Asia that created the firms fundamental global research database still in use today. He has been ranked number two by Institutional Investor, Greenwich Associates and Reuters in pollution control. He has a BSE degree from Widener University and an MBA degree from the Johnson School at Cornell University. Profile
TWST: Michael, give us an overview of what you are covering in aerospace

and defense. What's your approach to the industry?

Mr. Hoffman: FBR realized, given the geographic position of the