Investment Review Correction

The Investment Review posted on our website last night incorrectly had Arden Group (ARDNA), which is very thinly traded, as one of the selected stock additions. The correct replacement should have been Genesee + Wyomng (GWR), a railroad operator.

3/03/2004

EPIC includes 3/2/2004 FirstCall data

Do to processing difficulties, FirstCall was unable to deliver a data file to us today. We are running the 3/03/2004 database with yesterday's FirstCall data.

We apologize for any inconvenience this may cause and please call with any questions.

3/01/2004

We apologize for any inconvenience this may have caused and please call with any questions.

2/24/2004

Ford Main Database Servers Down for Maintenance on Wednesday February 25 PST from 10:00 a.m. to 10:30 a.m. and, again, from 3:00PM to 4:30PM PST

Ford Equity Research will have its main database servers down for maintenance Wednesday February 25th PST from 10:00AM to 10:30AM PST and, again, from 3:00PM to 4:30PM PST. EPIC and text data files can be web-accessed on our backup server by replacing www.fordupdate.com with www.fordddl.com in your URL address. EPICOnline and Ford Value Graphs will not be available during the down time.

We apologize for the inconvenience and please call with any questions.

9/04/2003

EPIC for Windows Version 4.0 Conversion

Ford Equity Research announced in July the release of EPIC for Windows Version 4.0. The conversion to EPIC 4.0 is very simple and in most cases takes less than five minutes to complete. All EPIC for Windows users will need to convert to Version 4.0 by October 15th. Please contact Ford Equity Research at 800-842-0207 when you’re ready to convert to this new version. Version 4.0 is our largest and most exciting release to date and includes detailed Annual and Quarterly Income Statement, Cash Flow, and Balance Sheet data that can be viewed or screened using the reported data or standardized data for company comparison. The added fundamental data compliments Fords highly regarded stock selection models and proprietary ratings and rankings. This version has many other valuable enhancements as well. Please click on the following link to view a document briefly describing the features of EPIC for Windows Version 4.0.

7/21/2003

Ford Main Database Servers Down for Maintenance 8:00PM Friday, July 25th to 12 Noon Saturday, July 26th PST.

Ford Equity Research will have its main database servers down for maintenance Friday, July 25th from 8:00PM to 12 Noon Saturday, July 26th, Pacific Standard Time. EPIC and text data files can be web-accessed on our backup server by replacing www.fordupdate.com with www.fordddl.com in your URL address. EPICOnline will not be available until 12 Noon on Saturday, July 26th. Ford Custom Graphs and Ford Value Graphs will not be available until Sunday, July 27th.

We apologize for the inconvenience and please call with any questions.

7/7/2003

Ford Equity Research Announces the Release of EPIC Version 4.0

Ford Equity Research announces the release of EPIC Version 4.0 effective Monday, July 7th. EPIC version 4.0 is our largest and most exciting new version release to date. EPIC version 4.0 includes detailed Annual and Quarterly Income Statement, Cash Flow, and Balance Sheet data that can be viewed or screened using the reported data or standardized data for company comparison. The added fundamental data complements Ford's highly regarded stock selection models and proprietary ratings and rankings. This version has many other very valuable enhancements as well. All clients will need to convert to EPIC version 4.0 over the next 90 days. Please contact Ford at 800-842-0207 to register and convert to the new system. Please click on the following link to view a document briefly describing the features of EPIC Version 4.0.

2/28/2003

Ford Email Newsletter

The quarterly Ford Focus is being replaced by the monthly Ford Email Newsletter. The What's Working Now section covers all the factors listed in the Ford Focus on a more frequent basis and the Newsletter offers much, much more. If you have not received it by email please sign up at http://www.fordequity.com/html/rs_newsletter.html or call our offices.

2/14/2003

EPIC/FirstCall for Windows Enhancement

You may download the new version of EPIC from the link above.

1/31/2003

Ford Investor Services, Inc. Changes Name to Ford Equity Research

SAN DIEGO, CA - January 31, 2003 - Ford Investor Services, Inc. announced today that its name will change to Ford Equity Research effective immediately. At the same time, the company unveiled a new identity and Web site, www.fordequity.com. The new site prominently features free equity research drawn from the company's most recent proprietary studies, allowing investment professionals a clear view of the results, methods and models that have built the company's reputation for strong, reliable performance.

Tim Alward, President, said, "Ford Investor Services has built a solid reputation as an independent provider of investment research over the past 32 years. We want to ensure that our image and name accurately reflect what we do. The company's ownership, people, products, and research have not changed, and our new name and image reflect our historical roots while emphasizing core competencies. We're moving forward, developing a next generation of equity research tools for professional investors, and we want an updated, streamlined look and feel to match."

Ford Equity Research will operate as a subsidiary of Ford Investor Services, Inc. under a DBA. The company's previous Web site (www.fordinv.com) will forward to the new site, as will all fordinv.com e-mail addresses.

During its 32-year history, Ford has provided institutional investors with timely, accurate, fundamental financial data; with quantitative equity investment models; and with custom equity research. The company's focus throughout its history has been to provide the methodology to produce superior investment returns. The performance of Ford's investment models, as measured by a single published equity portfolio, has been excellent over the past 30 years and outstanding in the down years since 2000.

1/08/2003

Web Site Changes

Ford Investor Services, Inc. is in the process of changing its logo and websites so you are seeing work in progress on many of our sites. The web sites should function as normal and please contact us if you have any problems. You can preview our new website at www.fordequity.com and there will be a formal kickoff later in the month.

1/06/2003

Ford Value/Momentum Produces Best Results in Negative Markets of 2002

Ford Investor Services publishesTHE FORD FOCUS which reviews the results of stocks ranked by 49 different stock selection criteria. Few stock selection strategies did well in 2002 with the S&P 500 down -22.1% and the Ford Universe of investment grade companies (C+ quality and higher) down -9.5%. The table below shows the top ten strategies for 2002. Each stock selection strategy was used to rank the investment grade universe into 20% groups, from best to worst each quarter.

The Ford Value/Momentum Model, which combines value, earnings momentum and price momentum continued to perform well again this year, turning in the best performance of the 49 criteria. Value was also the best strategy taking 6 of the top 10 slots, price momentum measures surprising ly ranked 5th and 8th, and earnings growth for the last quarter ranked 6th. Share Buyback/Issuance which has been a very consistent performer, ranked 7th.

The results quoted here are the results of back testing and should be qualified in several respects: (1) results are not necessarily indicative of the returns that individual investors could have obtained, since the portfolios were large and transaction costs excluded; (2) no analysis technique is effective for every security to which it is applied, even though it is effective on the average; (3) there is, of course, no assurance that future results will duplicate past results.

10/01/2002

David S. Hargett, CFA Joins Ford Investor Services, Inc.

Ford Equity Research today announced the appointment of David S. Hargett, CFA as Regional Sales Manager for the southern United States.

Prior to joining Ford, Hargett was a Senior Vice President and founding member of Alder Capital, a hedge fund manager in San Diego, and Managing Director of StockVal, Inc., an equity analysis, portfolio management software and database company in Phoenix, AZ.

Timothy R. Alward, CFA, President of Ford Equity Research, said "We expect to see outstanding results with Dave as a member of our team. He has a solid background in all aspects of equity research, from collecting fundamental data, building research platforms, and implementing equity research, to managing and directing a very successful research company. His experience and leadership will be an inestimable asset as Ford expands its research offerings with the release of the Ford Custom Graphs, and the addition of income statement and balance sheet items to our database."

Hargett joins Alison Cook, Regional Sales Manager for the northern United States, and the Ford Equity Research staff in bringing clients high-quality fundamental research and stock selection models.

Ford Equity Research is an independent, unbiased equity research firm that focuses on one objective: Improving Investment Performance. Unlike other equity research firms, Ford has spent more than three decades collecting, cleaning, and standing behind the highest quality current and historical fundamental data in the industry. Ford Equity Research uses this foundation to construct and implement its own successful and unique stock selection models and investment techniques.

09/18/2002

EPIC/FirstCall Includes 9/17/2002 FirstCall data

We did not receive an update from First/Call today so we are running the data base with yesterday's First/Call data. We apologize for the inconvenience and should have the correct file for September 19th.

08/30/2002

Standard & Poor's Global Industry Codes (GICs)

Standard & Poor's requires a license to access the Global Industry Codes (GICs). If you are interested purchasing a license please call our offices to discuss the details.

08/07/2002

EPIC/FirstCall for Windows Upgrade

The EPIC/FirstCall for Windows version 3.70 upgrade is now available and includes new drop down menus to allow quick selection of saved portfolios, views, screens, sectors and create variable functions. Portfolios can also be ranked and re-ranked using any variable by clicking in the white area of the column for the variable, right clicking the mouse and choosing to rank in ascending or descending order. In addition a ticker symbol entry box has been added so one stock or a portfolio can be quickly viewed. The program will also allow access to the Ford Custom Graphs program which allows custom graphing of over 50 fundamental and proprietary data items for up to 30 years. Custom Graphs is currently available as a beta release and will be formally released later this year. EPICOnline.com also contains a link to Custom Graphs which is not functional unless the Custom Graphs program is loaded.

You may download the new version of EPIC from the link above and contact our office if you wish to beta test the Custom Graphs program.

07/12/2002

Several Stock Selection Methods Do Well In Negative Markets of 2002

Each Quarter Ford Investor Services publishes THE FORD FOCUS which reviews the results of stocks ranked by 49 different stock selection criteria. A few stock selection strategies did very well in the first six months of 2002 with the S&P 500 down -13.2% and the Ford Universe of investment grade companies (C+ quality and higher) up 1.6%. The table below shows the top ten strategies for the first half of 2002. Each stock selection strategy was used to rank the investment grade universe into 20% groups, from best to worst each quarter.

The Ford Value/Momentum Model, which combines value, earnings momentum and price momentum, has done very well again this year, and has also produced a 9% YTD return on the high quality Ford Selected Stock List. Value measures such as Ford Operating Earnings Yield, Price to Trailing 12 Month EPS, Ford Price to Intrinsic Value and Price to Sales also turned in excellent performance. Price momentum variables showed a big improvement with Price Gain Past 12 Months actually turning in the 4th best top quintile result. Share Buyback/Issuance which has been very consistent in performance ranked 8th and the big improvement came in the earnings momentum category with the 1 Quarter EPS growth rate, 1 Month Change in the FY1 Estimate and the 5 Year Dividend Growth Rate all making the list.

The results quoted here are the results of back testing and should be qualified in several respects: (1) results are not necessarily indicative of the returns that individual investors could have obtained, since the portfolios were large and transaction costs excluded; (2) no analysis technique is effective for every security to which it is applied, even though it is effective on the average; (3) there is, of course, no assurance that future results will duplicate past results.

07/08/2002

Fridays shortened trading created pricing errors on most systems. The 7/5/02 data base has been updated today with corrected prices.

04/30/2002

Modification to computation of Historical Earnings Growth (HEG), Historical Sales Growth (HSG), and Historical Dividend Growth (HDG) and Ford Model Percentiles Added to the Ford Value Graphs.

With the current data base, we have changed the way we compute the 5-year historical growth rates for earnings per share, sales and dividends. The variables HEG, HSG and HDG were previously computed using a least squares fit of 6 annual points over 5 years.The new method uses 61 monthly points over the same 5-year period for the regression. The new method provides for a smoother data series, eliminating sharp changes relating to timing of earnings reports. As a result of the change, clients should note that there will be noticeable changes to these values for some companies.

Ford Value Graph Upgrade

A new bar graph has been added to the upper right hand corner of the single company Ford Value Graph. The bars show the percentile scores for the Ford Value/Momentum, Earnings Momentum, Sales Momentum and Price Momentum Models. Scores above 70 are considered positive and are shown in green, 30 to 70 are neutral and yellow, and below 30 are considered negative and are shown in red.

04/08/2002

FIRST QUARTER UPDATE OF THE FORD FOCUS

The Ford Focus is a useful tool which allows you to see at a glance how various fundamental and technical factors are performing in the current market environment. The first quarter update the shows that value factors continued to offer the best performance as they did last year with price to cash flow, sales, and normal earnings, as well Ford's Operating Earnings Yield, offering the best results in the first quarter. Smaller companies also continued to produce premium returns with the bottom 20% of market capitalization offering almost a 10% excess return over the largest capitalization companies. Ford's Price Momentum produced excellent results in 2001 and price momentum variables in general moved back to positive distributions in the first quarter. Ford's Earnings Trend and Earnings Momentum factors have also done well in both time frames. In contrast, earnings estimate factors have produced disappointing results. The one month change in estimates (MC1 and MC2) and the surprise variable (SUE and SUD) distributions have improved from inverse to flat, but are still not offering excess returns.

Each quarter The Ford Focus ranks the stocks in the Ford Universe that are not extremely low quality (C+ or better--about 4000 companies) into quintiles (20% groups) by a number of fundamental and technical factors. The performance results of the quintiles are shown for the last quarter and the year to date period. The Ford Focus is available to Ford clients at the Client Download Area of www.fordupdate.com or on the home page of www.epiconline.com. Excess returns for 10, 5, and 1 year periods are available on our home page www.fordinv.com. On the web site you can click on the excess return and the underlying quintile distribution will appear. Year to date and the most recent quarter are also published about two weeks after the quarter end.

We hope that you will find The Ford Focus helpful. Please call with any questions.

01/17/2002

FORD’S STOCK SELECTION MODELS DO WELL IN THE DIVERSE MARKETS OF 2001

With the largest 1000 companies in the Ford Universe losing 6.4% and the next 2000 gaining 23.7% during calendar 2001, five of Ford’s stock selection models did well in both universes. Value was the best strategy for 2001 and Ford’s Operating Earnings Yield, which is an earnings yield ratio (inverse of P/E ratio) comprised of back 3 and forward 1 quarter of Ford’s cleaned operating earnings, provided the best results in both large and mid to small cap companies. Ford’s Dividend Discount Model came in a close second and companies buying back their own shares (Fords Share Buyback/Issuance Model) also did very well. Ford’s Price Momentum Model performed surprisingly well in a negative large cap environment and offered excellent returns in mid/small cap. Ford’s Value/Momentum Model, which is a multi-factor model with a 45% weighting to Operating Earnings Yield and Price Momentum and a 55% weighting to four earnings momentum models, also did well in both categories. Earnings and sales momentum were the worst strategies for 2001, and while Ford’s Earnings Momentum, which measures the acceleration or deceleration of the growth of operating earnings for the last 4 quarters and the current quarter estimate, outperformed most of its earnings momentum peers, it under-performed the large cap universe.

The performance of the top 20% of stocks in each universe selected by each of Ford’s stock selection models is listed below:

*Performance is based on quintile rankings of each universe, equally weighted, and rebalanced monthly with no transaction costs, except as follows. Share Buyback/Issuance is based on a portfolio of companies which have bought back 1% or more of shares outstanding held approximately 12 months. Stock Split is a portfolio of companies that have split 3 for 2 and 2 for 1 held approximately six months.

The results quoted here are the results of back testing and should be qualified in several respects: (1) results are not necessarily indicative of the returns that individual investors could have obtained, since the portfolios were large and transaction costs excluded; (2) no analysis technique is effective for every security to which it is applied, even though it is effective on the average; and (3) there is, of course, no assurance that future results will duplicate past results.

11/15/2001

Daily Data Base Updates

Starting Monday, November 19th we will be updating the EPIC/FirstCall and EPICOnline databases on a daily basis. Prices, earnings releases, earnings estimates, and fundamental data as well as stock additions and deletions, identifier changes, and index changes will be processed each evening. Our proprietary models will also be recalculated each day.

The daily update option is available to all Windows clients at www.fordupdate.com; EPICOnline will be updated automatically.

10/31/2001

EPICOnline Screening Changes

The screening function in EPICOnline has been changed to automatically create an untitled portfolio each time you screen. This untitled portfolio can now be rescreened or sectored without first having to save the screened results. If you want to run multiple screens on the database or on a saved universe or portfolio you will have to select the database, saved universe, or portfolio each time prior to running the screen. We would appreciate any feedback on this change.

09/18/2001

Special Updated Database for September 18, 2001

Due to market volatility we will produce a special update of EPIC, EPIC/FirstCall and EPICOnline using prices, fundamental data and earnings estimates from September 18, 2001. The update will be available around 7:00PM, Pacific Time on the weekly download options and on EPICOnline.

09/14/2001

Announcement for September 14, 2001 Database

Ford Investor Services sends its deepest sympathy and regrets to all who have been affected by this terrible tragedy. Please don’t hesitate to call for any special assistance or needs. A September 14, 2001 database will be produced, using Monday, September 10th prices, any company financial data which was released during the week, and updated FirstCall earnings estimate data.

08/03/2001

Changes to Value/Momentum Model (VMO)

In anticipation of our upgrade to daily updates, we are changing the estimate data used in the Value/Momentum model to FirstCall - daily from IBES - weekly beginning August 3, 2001. Because of timing and data source differences resulting from this change, clients may notice more changes than usual in the Value/Momentum rankings.

07/06/2001

We have posted a new version of EPIC data for the month ended June 2001 to reflect corrections that Nasdaq made to some prices after the month end.

05/08/2001

Management Reorganization at Ford Investor Services, Inc.

San Diego, CA, May 8, 2001

David C. Morse and Frances Ford Morse, founders of Ford Investor Services, Inc., announced today a major organizational realignment of the company, effective immediately.

Mr. Morse, who has been President and Chief Executive Officer of the company since its founding in 1970, will become Chairman and CEO. Ms. Morse, who has served the company as Executive Vice President, will become Vice Chairman.

Timothy R. Alward, CFA, has been appointed President and Chief Operating Officer. Mr. Alward has been Director of Marketing at Ford since 1994. Also, William C. Neill, Director of Software Development, Richard Segarra, Director of Research, and Julie A. Wilkes, Director of Operations, have all been named corporate Vice Presidents, each remaining responsible for the same areas as before. In addition, Samar W. Shamieh, formerly Sales Manager, has been promoted to Director of Marketing.

Mr. and Ms. Morse said in a joint statement "We are extremely pleased at the opportunity to put this new organization into effect. It reflects the fact that, having both reached formal retirement age, we have been cutting back our level of activity at Ford; Tim Alward and the other former directors have been responsible for day-to-day company operations for some time now and have done an excellent job upgrading our research and delivery systems. We are confident that this new management team will complete the ambitious product development program which was started over a year ago, while maintaining Ford's reputation for an accurate, timely data base as well as outstanding client service". Mr. Morse added "The fact that Fran and I will be devoting somewhat less time to our Ford activities does not indicate any reduction in our commitment to Ford's continuing success; we will continue to take part in strategic planning and tactical implementation".

Mr. Alward said "I appreciate very much the confidence that the Morses have placed in me, and I share their optimism about Ford's future. With our on-line research center being rolled out this week, with the recent inclusion of First Call estimates in our products, and with the addition later this year of more income statement, balance sheet, and cash flow data items to the Ford Data Base, as well as daily updating, we expect our clients to obtain ever-increasing benefits from our services".

Ford is a privately held corporation with offices in San Diego which has been providing institutional clients with fundamental financial data and investment models for equities, as well as custom investment research, for over 30 years. Ford also offers investment research software, including their recently introduced on-line, internet browser-based version of their EPIC software (www.epiconline.com).

04/30/2001

Ford has been working on many improvements to our research and delivery systems. Weekly updates of data, First/Call earnings estimates and Ford Value graphs are now available to all clients from our download site www.fordupdate.com or on our web based version of EPIC www.epiconline.com. Your existing username and password have been programmed to access all of these features or call our office at 800-842-0207 to receive a new username and password.

1. Downloading of EPIC data has been moved to our own server with a new address of www.fordupdate.com. You will be automatically transferred to the new web site and please bookmark it for future reference. You may choose either the weekly or month end data files by using your existing username and password.
2. FirstCall earnings estimates (listing attached) are available to all clients and can be accessed by downloading the EPIC/FirstCall for Windows program and either the EPIC/FirstCall weekly or month end database. The earnings estimates are also available in the EPICOnline program.
3. Ford Value Graphs are also available to all clients by going to the tool bar in EPIC or EPIC/FirstCall for Windows and clicking Options > Graphs and setting the Location of Ford Value Graphs to www.fordupdate.com/graphs.
4. EPICOnline.com offers the weekly updates, FirstCall earnings estimates, Ford Value graphs as well as the following advantages: data automatically updated; older data bases automatically stored; user created variables automatically updated; saved portfolios, views, screens and sectors executed with a single click; enhanced sorting and ranking capability. The program can be accessed at www.epiconline.com with your existing username and password.
5. In addition we hope to offer daily updates, additional income statement, balance sheet, and cash flow items by the end of the year.

Our goal is to continue to improve our research and delivery as well as to remain very cost effective. Your cost will remain the same, although we will be implementing a modest across-the-board fee increase in 2001. We would appreciate your comments and ideas for improvement.

EPIC/FirstCall for Windows includes the following First/Call earnings estimate data items:

Year/Month, FY1 (FYE)	Next Yr Mean Est (FY2)
No of Estimates, FY1 (EST)	1 Mo Chg, FY2 (MC2)
Cur Yr Mean Est (FY1)	Long Term Med Gro (LTG)
1 Mo Chg, FY1 (MC1)	Cur Qtr Mean Est (QTR)
Std Dev, FY1 (SD1)