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Research Disclosures

Price Charts, Rating and Target Price History of Analysts:

Michael F. Ciarmoli
(ATCO ATRO AVAV AXYS CMTL DGII ELMG FLIR IDSY IDCC ISSC LTRX)

William Sutherland
(CBZ CDI CTGX FCN FORR HCKT HIL HURN ICTG IT NCI NTRI RCMT SFE)

Jason O'Donnell
(BNCL, BMTC, CRBC, HCBK, NPBC, SIVB, VIST)

Matthew C. Schultheis, CFA
(SHBI, SOV, WSBC)

Ryan M. Connors
(AMN AWK BMI CTWS CWCO GRC KMGB LAYN LNN MPR NWPX MSEX WTR WTS YORW )

Debjit Chattopadhyay, Ph.D
(BMTI CLRT CRGN ELI GNVC HEB IRIS ISIS MIPI NVD OMRI UGNE)

Boenning and Scattergood, Inc. has received compensation for investment banking and non-investment banking services and continues to seek to do business with companies covered in its reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of the report and investors should consider this report as only a single factor in making their investment decision. 

Analysts Certification

The research analysts whose names appear on the respective research reports certify that: (1) all of the views expressed in this research report  accurately reflect his personal views about the subject security or issuer, and (2) no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst in this research report. 

Analyst compensation is based on, in part, Boenning & Scattergood, Inc.’s profitability, which includes revenues from investment banking.  Boenning & Scattergood expects to receive or intends to seek compensation for investment banking services from the subject company in the next three months.

Boenning & Scattergood, Inc. has managed or co-managed a public securities offering of the following companies’ securities in the past 12 months: AWK, ELI, FCN and GNVC

Boenning & Scattergood, Inc. has received compensation for investment banking services from the following company in the past 12 months: AWK, CWCO, ELI, FCN, and GNVC

Boenning & Scattergood, Inc. has received compensation for securities business (non-investment banking) within the last 12 months from HCKT, CTGX and IDSY.

Boenning & Scattergood, Inc. is a market maker in BMTC, BNCL, CRBC, CTGX, KMGB, NPBC, SHBI, VIST, WSBC and YORW.

The primary covering research analyst and/or a member of his family own shares in HCKT, CTGX, FCN, RCMT, and SOV.

Boenning & Scattergood, Inc. does not own over 1% of the shares of any covered company.

Boenning & Scattergood’s Ratings System:
Our three-tier investment ratings are based on a stock’s return potential relative to a broad market index:
  
Market Outperform (Buy):  The security’s total return over the year or longer is expected to exceed the total return of the S&P 500™ over the identical period.
  
Market Perform (Hold):  The security’s total return over the next year or longer is expected to be roughly equivalent to the total return of the S&P 500™ over the identical period.
  
Market Underperform (Sell):  The security’s total return over the next year or longer is expected to be less than the total return of the S&P 500™ over the identical period.
  
Our risk ratings are based on a mix of price volatility and fundamental factors relative to the market and peer group.

Low risk
The security has higher-than-average fundamental predictability and/or lower-than-average price volatility.

Moderate risk
The security has average fundamental predictability and/or average price volatility.

High risk
The security has lower-than-average fundamental predictability and/or higher-than-average price volatility.

Speculative
The security has very inconsistent fundamental predictability and/or very high relative price volatility.

(a) Related to services provided within the past 12 months.

Additional information on companies in this report, including financial models, is available on request. This report is not a complete analysis of every material fact representing company, industry or security mentioned herein. This firm or its officers, stockholders, employees and clients, in the normal course of business, may have or acquire a position including options, if any, in the securities mentioned. This communication shall not be deemed to constitute an offer, or solicitation on our part with respect to the sale or purchase of any securities. The information above has been obtained from sources believed reliable, but is not necessarily complete and is not guaranteed. This  report is prepared for general information only. It does not have regard to the specific investment objectives, financial situation or the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed in this report and should understand that statements regarding future prospects may not be realized. Opinions are subject to change without notice. Securities and financial instruments mentioned herein may not be qualified for sale in all states. Boenning & Scattergood or one of its officers, directors, affiliates or employees may have positions  or effect transactions in securities or financial instruments mentioned herein (or options with respect thereto) and may also act as underwriter, placement agent, advisor, or lender to an issuer mentioned herein.