Consumer >> Sector Roundtables >> February 2, 2004


KIT SPRING spent six years as an equity research analyst at Morgan Stanley in New York covering media and wireless companies prior to Stifel Nicolaus. In 2000, he led an analyst team voted number one covering wireless communications towers in the Greenwich institutional investor poll. He was also a member of a team consistently ranked number one covering radio and TV broadcasting in the Institutional Investor and Greenwich polls. Prior to Morgan Stanley, he was a junior analyst covering communications and basic materials at Neuberger & Berman, a money management firm in New York. He holds a BA in Economics from Union College in Schenectady, New York, and is a Chartered Financial Analyst. Profile
JAMES B. BOYLE covers the radio, TV and outdoor industries for Wachovia Capital Markets, LLC, equity research department, as Managing Director and Senior Vice President. He is frequently quoted in industry trade publications and by the national business press, in addition to the business networks. He came to Wachovia (formerly First Union) from Alex. Brown, where he had covered the cable TV industry and related fields. Previously, he worked for 14 years in the cable and radio industries at companies such as the Cabletelevision Advertising Bureau, Financial News Network and Eastman Radio. In addition, his family has owned radio stations and a cable system, enabling him to directly participate in those operations, a rarity among contemporary Wall Street media analysts. Mr. Boyle received a Master's degree from Columbia University (1980) and a Bachelor's degree from Tufts University. James Marsh jr. is a Managing Director and Senior Research Analyst at SG Cowen. His research focus is radio and television broadcasting, outdoor advertising and publishing. Previously, Mr. Marsh covered the broadcasting and outdoor advertising sectors at Robertson Stephens and Prudential Securities. He also covered satellite radio companies at Robertson Stephens and publishing stocks at Prudential Securities and UBS Securities. Prior to that, he worked at Kidder, Peabody & Co. in its asset management division. In 2001, he ranked third in earnings forecasting for publishing stocks in The Wall Street Journal's 'Best on the Street' analyst survey, and he ranked second in picking publishing stocks in 2000. During 2000, he was also the third-ranked media and entertainment analyst by corporations in Reuters' U.S. Mid to Smaller Company Survey. He holds an MBA in Finance and International Business from New York University and a BSBA in Accounting from John Carroll University. He is a Chartered Financial Analyst as well as a Certified Public Accountant. Profile
David Bank is a highly regarded Analyst at RBC Capital Markets who brings to our team many years of experience in equity research, high yield research and investment banking. He was named Best on the Street by The Wall Street Journal for the media sector in 2009, and has also received recognition as an earnings estimator in the annual StarMine rankings - number one in 2007, number three in 2009. Mr. Bank joined RBC Capital Markets in 2000 from ING Barings, where he was a Senior Member of the equity research division. Prior to that, he worked in the high yield research division at ING Barings, covering telecommunications and media companies. Before becoming a Research Analyst, Mr. Bank was an Investment Banker at both Furman Selz L.L.C. - later acquired by ING Barings - and Credit Suisse First Boston. Profile
TWST: David Bank, what of importance has occurred in the broadcasting

group from a market perspective over the past year?

Mr. Bank: The past year, up until about six weeks ago, hasn't