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Edward L Pierce On Assignment Agency

On Assignment, Inc. (NASDAQ:ASGN) Q2 2017 Earnings Call July 26, 2017 5:00 PM ET


Edward L. Pierce - On Assignment, Inc.

Peter T. Dameris - On Assignment, Inc.

Theodore S. Hanson - On Assignment, Inc.

Randolph C. Blazer - On Assignment, Inc.


Jay Hanna - RBC Capital Markets LLC

Edward S. Caso - Wells Fargo Securities LLC

Jeffrey Marc Silber - BMO Capital Markets (United States)

Tobey Sommer - SunTrust Robinson Humphrey, Inc.

Timothy McHugh - William Blair & Co. LLC

Mark S. Marcon - Robert W. Baird & Co., Inc.

Robert Crystal - Goldman Sachs Asset Management LP


Ladies and gentlemen, thank you for standing by, and welcome to the Second Quarter 2017 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, there will be an opportunity for your questions, and instructions will be given at that time. As a reminder, this conference is being recorded.

I would now like to turn the conference over to our host, Mr. Ed Pierce. Please go ahead.

Edward L. Pierce - On Assignment, Inc.

Thank you. Good afternoon, and thank you for joining us today. Before we get started, I'd like to remind everyone that our presentation contains forward-looking statements. Although we believe these statements are reasonable, they are subject to risk and uncertainties, and our actual results could differ materially from those statements. Certain of the risks and uncertainties are described in today's press release and in our SEC filings. We do not assume the obligation to update statements made on this call. For your convenience, our prepared remarks can be found in the Investor Relations section of our website.

Please note that, on this call, we will be referencing certain non-GAAP measures, such as adjusted EBITDA and adjusted net income. These non-GAAP measures are intended to supplement the comparable GAAP measures. Reconciliations between the GAAP and the non-GAAP measures are included in today's press release.

I will now turn the call over to Peter Dameris, our CEO, who will provide an overview of our results for the quarter.

Peter T. Dameris - On Assignment, Inc.

Thank you, Ed. I would like to welcome everyone to the On Assignment 2017 second quarter earnings conference call. With Ed and me today are Ted Hanson, President of On Assignment; and Rand Blazer, President of Apex Systems. During our call today, I will give a review of the markets of the markets we serve and our financial highlights, followed by a discussion of the performance of our operating segments by Ted and Rand. I will then turn the call over to Ed for a more detailed review and discussion of our second quarter results, and our estimates for the third quarter of 2017. We'll then open the call up for questions.

Now, on to the second quarter results. Our results for the second quarter exceeded the high-end of our previously announced financial estimates for adjusted EBITDA and earnings per share, and were within the range of estimates for revenues and gross margins. Revenues for the quarter were $653.3 million, up 7.4% year-over-year, or 7.6% on a same billable day basis. This marked the 14th consecutive quarter that our company grew above the IT staffing industry's projected annual growth rate.

Our growth rate reflected, among other things, the continued deepening of many large new customer relationships that we've established over the last four years, the continuing increase in the rate of adoption of our delivery model, and an improvement of the operating performance of Oxford and CyberCoders.

This quarter's revenues had an adverse effect from foreign currency exchange, which impacted revenues by $723,000, compared with a $370,000 year-over-year benefit from foreign currency exchange in the second quarter of last year. Adjusted EBITDA for the quarter was $80.5 million or 12.3% of revenues, compared with $74.1 million or 12.2% of revenues in the second quarter of 2016. Cash generation continues to be at or above our expectations.

Financial performance in the quarter was driven by strong revenue growth at Apex, Creative Circle and CyberCoders. Revenue growth came from our local, mid-market, and large national accounts, reflecting strong customer demand. Our size and service offerings allows us to grow faster than published staffing industry growth rates, and we believe that we are well positioned to generate solid above-market revenue growth in the future.

Our IT business continues to see high demand from its customers, driven in part by greater adoption of staff augmentation as a viable alternative to outsourcing, offshoring and consulting. Wage inflation continues to be manageable. With respect to recent production, our weekly assignment revenues, which excludes conversion, billable expenses and direct placement revenues averaged $48.8 million for the last two weeks, up 14.6% over the same period of 2016.

Since closing the Creative Circle acquisition on June 5, 2015, we have repaid $281 million of our debt. Our leverage ratio was 2.04 times trailing 12-month adjusted EBITDA as of June 30, 2017. During the quarter, we repaid $38 million of our debt. We estimate our leverage ratio to be approximately 1.91 times by the end of the third quarter of 2017.

As you will recall, we announced on June 13, 2016 that our Board of Directors authorized a new $150 million share repurchase program. Since inception, we have repurchased approximately 1.4 million shares at an average price of $39.07. During the second quarter, we did not repurchase any shares. We do intend to continue to execute our share repurchase program based on share price and market conditions.

We continue to see signs that the ongoing debate regarding the on demand workforce or gigeconomy is accelerating the usage of contract labor. Fractionalization of human capital by using the staffing industry services is the only way to avoid the risk of misclassification of employees as independent contractors. Our customers have and are realizing this and that is why we believe the

secular growth opportunities for the entire professional staffing industry are so attractive. We also

believe that we are well positioned to service our customers' IT needs as technology rapidly evolves and is adopted.

Throughout this year, we continue to benefit from the ongoing debate regarding H-1B visa reform and further adoption of our development and deployment model, i.e., staff augmentation. Recently signed executive orders have only further solidified the trend towards adoption of our model versus offshoring. Our industry association has had several meetings with congressmen and senators' offices and staff, and proposed legislation continues to favor the provisioning of domestic IT labor.

I would like to now turn the call over to Ted, who will review the operations of the segments and then over to Rand. Ted?

Theodore S. Hanson - On Assignment, Inc.

Thanks, Peter. Revenues from our Apex and Oxford Segments grew collectively 7.4% year-over-year. The Apex Segment had another strong quarter of double-digit growth, driven by both Apex Systems, our largest division, and Creative Circle, each of which grew low-double digits. Creative Circle was below our growth expectations for the quarter, and Apex Systems was in line with our expectations for the quarter. Rand will discuss in greater detail operating trends in each of those business units in his comments.

Our Oxford Segment was slightly down year-over-year, but up sequentially and above our expectations for the second quarter. The better-than-expected growth in the second quarter was driven by better performance at our core Oxford IT business, and continued recovery in growth at CyberCoders.

We were pleased to see that all divisions grew sequentially over the first quarter of 2017. Exiting the quarter, Apex Systems, Apex Life Sciences and CyberCoders continued to grow. And the Creative Circle division showed slowing growth and is behind our internal expectations for the second half of the year.

Now on to the Oxford Segment results. The Oxford Segment is comprised of Oxford Core, CyberCoders, our permanent placement business, and Life Sciences Europe. For the second quarter of 2017, Oxford Segment revenues were $150.9 million (sic) [$150.8 million] (08:14), down 2.3% year-over-year, or down 1.8% on a constant currency basis. Revenues increased 4.8% for the segment on a sequential basis.

Oxford Core revenues, which accounted for 74.9% of the segment revenues, were down 5.1% year-over-year. The decline in revenue was attributable to the successful completion of two large projects in the second quarter of last year, which we have mentioned on this call in prior quarters. Despite the difficulty in growing over these significant projects on a year-over-year basis, Oxford core revenues are growing sequentially.

Adjusting for these projects, we experienced flat revenues year-over-year in IT and life sciences. And our software/hardware and engineering disciplines are in line with or above market growth rates. We continue our hard work in this unit to improve growth rates and profitability levels, which I will address in a few moments. CyberCoders, our permanent placement service offering, which accounts for 97% of the segment's permanent placement revenues, was up 9.7% year-over-year and up 10.3% sequentially, as we saw momentum build throughout the quarter.

For CyberCoders the trend and momentum we discussed with you in the first quarter continues and we are seeing an increase in both opportunity flow and an improvement in the time-to-fill cycle. Our Life Sciences offerings in Europe, the smallest contributor to total segment revenue, were slightly up year-over-year and sequentially.

Gross margin for the segment was 41.6%, up 20 basis points year-over-year, which was slightly ahead of our expectations. Improvement in gross margin was primarily driven by higher contribution of revenue from CyberCoders. The segment's adjusted EBITDA results exceeded both our expectations and the prior year, as well as coming in significantly above the first quarter of 2017.

As we discussed last quarter, we continue to take actions we believe will better position Oxford Core with our customers as well as improve our return on invested SG&A. Oxford's differentiation in the market has always been its ability to deliver high-end, hard-to-find talent to its customers in multiple skill disciplines via their recruiting-driven model. We continue to believe that while this will remain a core tenant of our business, we are striving to leverage this best-in-class recruiting capability with a more progressive account-focused sales strategy. Much of the hard work related to cost containment is in place, and while we have seen some of the impact of this in the quarter, we believe that the benefit will be more visible in future quarters. This has allowed us to put more focus now on our go-to-market approach and the supporting sales strategy.

The re-positioning and organizational alignment behind a more progressive sales approach are pointed at achieving higher future growth rates. Our core competency of provisioning a critical high-end resource for our customers in the midst of important projects to support their business remains steady. Furthermore, we believe that building deeper and more sustainable long-term customer relationships, we can offer more than just one resource and still remain committed to our business model and be more important and valued by each customer. The real benefit of these changes will be experienced further out than the near term benefit of smarter SG&A investments.

I will now turn the call over to Rand Blazer. Rand?

Randolph C. Blazer - On Assignment, Inc.

Thanks, Ted. As mentioned earlier, our revenue growth rate for the quarter was 7.4%, which was in line with our previously-announced estimates, and approximately 50% higher than the most recent published IT staffing industry growth rate for 2017 of 5%. Adjusting for the year-over-year differences in billable days and foreign exchange rates, our revenue growth was approximately 7.6%.

Our Apex Segment, which accounted for 76.9% of consolidated revenues, grew 10.7% year-over-year. Apex Systems and Creative Circle, the two largest divisions in this segment, both reported double-digit revenue growth in the quarter. Apex Systems, which accounted for 57.5% of consolidated revenues, grew 11.9%; and Creative Circle, which accounted for 13.5% of consolidated revenues, grew 10.9%. The growth rate for Apex Systems was in line with our estimate for the quarter and Creative Circle's growth rate was below our estimates, as a result of lower than expected growth in the last month of the quarter. Apex Life Sciences, which accounts for 5.9% of consolidated revenues, was flat year-over-year.

And our Oxford Segment, which accounted for 23.1% of revenues, was down 2.3% year-over-year, mainly related to lower revenues from two large projects that were largely completed in 2016. If you exclude revenues from those projects, revenues for the segment were up slightly year-over-year.

Assignment revenues for the quarter were $620 million, up 8% year-over-year, and permanent placement revenues were $33.3 million, down 1.4% year-over-year. Although down year-over-year, permanent placement revenues were up 4% sequentially. And for the third quarter of 2017, we're estimating both sequential and year-over-year growth. And CyberCoders, which accounts for approximately 65% of our consolidated permanent placement revenues, grew 4.7% year-over-year.

Gross margin for the quarter was 32.6%, which was in line with our previously announced financial estimates, but down 60 basis points year-over-year. This decline was primarily due to a lower mix of permanent placement revenues, which was 5.1% of revenues in the current quarter compared with 5.6% in the second quarter of last year, and a 30 basis point compression in assignment gross margins, partially due to a higher mix of revenues from Apex Systems, which Rand referenced earlier.

SG&A expenses were $145.2 million, or 22.2% of revenues, and were approximately $3 million below our previously announced estimates. This favorable variance was primarily due to lower front office compensation expense as average staffing consultant head count for the quarter was approximately 7% below our forecasted levels and, to a lesser extent, favorable variances in back office expenses, which included a foreign exchange gain on an intercompany loan, lower healthcare expenses and vendor rebates.

Based on our current hiring and turnover estimates, our average head count levels should be more in line with our targets for the second half of the year. Interest expense for the quarter totaled $6.1 million, down from $8 million in the second quarter of last year. Interest expense for the quarter was comprised of $5.3 million of interest on the credit facility and $0.8 million of amortization of deferred loan cost.

Our effective tax rate was 37.8%, which included excess tax benefits of $0.5 million related to equity-based compensation. These excess tax benefits were not included in our financial estimates and reflect the tax effect of differences between book expense and the related tax deduction for equity-based compensation.

Net income for the quarter was $33.1 million, or $0.62 per diluted share, up from $26 million, or $0.48 per diluted share in the second quarter of last year. Adjusted EBITDA for the quarter was $80.5 million. Cash flows from operating activities were $39.8 million. And free cash flow, a non-GAAP measure, was $33.4 million. During the quarter, we repaid $38 million on our long-term debt.

Now turning to our financial estimates for the third quarter of 2017. We are estimating revenues of $660 million to $670 million; net Income of $31.4 million to $33.3 million, or $0.59 to $0.62 per diluted share; and adjusted EBITDA of $79 million to $82 million. These estimates do not include acquisition, strategy or integration expenses or excess tax benefits related to equity-based compensation.

Our revenue estimates assume billable days of 62.6 for the third quarter, which is 0.5 day fewer than the third quarter of 2016. On a same billable day basis, our implied year-over-year revenue growth rate for the third quarter ranges from 5.7% to 7.3%. Our estimates also assume a lower growth rate at Creative Circle than the second quarter of 2017. Although Creative Circle grew above 10% in the second quarter of 2017, its growth rate dropped to mid-single digits in the last month of the second quarter, which we believe might continue through most of the third quarter.

I will now turn the call back over to Peter for some closing remarks. Peter?

Peter T. Dameris - On Assignment, Inc.

Thank you. We continue to believe our scale, size and breadth of services has us well positioned to take advantage of what we believe will be historic secular growth for the staffing industry and dynamic changes in the technology world, as it moves more to a digital one. While the entire On Assignment team is very proud of our performance, we remain focused on continuing to profitably grow our business and increase our rate of growth.

We would like to once again, thank our many loyal, dedicated and talented employees whose efforts have allowed us to progress to where we are today.

I would like to now open the call up to participants for questions. Operator?

Question-and-Answer Session


The first question comes from Gary Bisbee of RBC Capital Markets. Your line is open. Please go ahead.

Jay Hanna - RBC Capital Markets LLC

Hey, guys. This is actually Jay Hanna on for Garry today. I was hoping if you could give a little more detail on guidance in Q3, more specifically, what are your expectations out of Oxford and Apex in the quarter?

Peter T. Dameris - On Assignment, Inc.

Well, look, what I will do is try to qualitatively speak to it. We're not going to give – we gave you more granular detail than we normally do. We feel relatively good about the economy in the market, and our positioning. We saw an anomaly in June in Creative Circle. We saw that same kind of anomaly in June of 2016. But rather than budgeting at or forecasting at as an anomaly, we just kind of straight-lined it. The rest of the business, Apex, I think you should assume continued strong growth. And with Oxford, a continued work on growing of our (23:20) projects, and enhancing their operational performance and profitability, and then an accelerated growth at CyberCoders.

Jay Hanna - RBC Capital Markets LLC

Great. And then, you mentioned that head count would be picking up again next quarter. Should we expect that to continue into the fourth quarter? Just trying to get a feel for cadence from here.

Peter T. Dameris - On Assignment, Inc.

Yeah. I mean we didn't do anything different than we normally do. We didn't intentionally pull back on hiring, or allow voluntary attrition to pick up, but as you know, there is some seasonality with graduations. There is a – the labor markets are tight, onboarding is taking some time, but there is no change in our mindset. This was just kind of what happens in a tight labor market. But we intend, as we said at the beginning of the year, to kind of have a traditional budgeted internal head count growth, and we're not pulling back from that.

Jay Hanna - RBC Capital Markets LLC

Yeah. Thank you.


Thank you. Our next question comes from Edward Caso with Wells Fargo. Your line is open. Please go ahead.

Edward S. Caso - Wells Fargo Securities LLC

Hi. Can you talk a little bit about what's happened at CyberCoders? What have you changed in the model? And as far as overall permanent placement is 5.1% something, we should think about as sort of a bottom here as far as a percent contribution?

Peter T. Dameris - On Assignment, Inc.

Well, I'll go first, and then I'll have Ted respond specifically to what we've done. We did talk about it in previous calls. But the 5.1% as a bottom, that maybe a good rule of thumb, assuming that contract assignment revenues are growing in the 7% to 10%. If we had a huge spike in contract revenue growing, even if permanent is growing double digits, it would be skewed on a mixed basis. But as we predicted in our fourth quarter conference call and in the first quarter, we see better trends in the CyberCoder division, because of the steps that Ted is going to talk to you about right now. Started in the first, and continued in the second, and it continued exiting in the second. Ted?

Theodore S. Hanson - On Assignment, Inc.

So, Ed, I think from a – how we found our opportunities in CyberCoders, we've branched out, and instead of just relying on electronic means, we've also put in place a more traditional sales approach to go along with that electronic capability. I think that's been one thing that has definitely helped our order flow there.

Second thing is, although we're predominantly an IT skill-set based business in CyberCoders, there are other relative professional skills sets that we can also have some success with, and we've seen that. So I think it's a broadening of the sales function, and also a focus on a few skill sets that are more than just IT.

Edward S. Caso - Wells Fargo Securities LLC

Great. And how should we interpret the lack of share repurchase this quarter? Were you looking at potential acquisitions and boxed out from the market? Or did you view your stock as less attractive from an accretion perspective?

Peter T. Dameris - On Assignment, Inc.

Say that one more time, please.

Edward S. Caso - Wells Fargo Securities LLC

I'm trying to understand why you didn't do share repurchase in the quarter?

Peter T. Dameris - On Assignment, Inc.

Well, we're balancing use of it (26:57) for acquisitions, for stock repurchases. All I can tell you is, we are committed to returning to capital to shareholders and not just rapid deleveraging.

Edward S. Caso - Wells Fargo Securities LLC

Great. Thank you.


Thank you. Our next question comes from Jeff Silber of BMO Capital Markets. Your line is open. Please go ahead.

Jeffrey Marc Silber - BMO Capital Markets (United States)

Thanks so much. Throughout your remarks, you alluded to some of the weakness at Creative Circle. Can we get a little bit more color in terms of what's going on there?

Peter T. Dameris - On Assignment, Inc.

Yeah. I'll go first, and then turn over to Rand. Again, I want to frame it. They grew double-digits. They grew very healthy in April and May. We saw a softness in June, which is not much different than the softness we saw in June of 2016. And for guidance purposes, we decide to go ahead, and use the June number for extrapolation of our estimates for third quarter.

Rand had some specific comments in his prepared remarks, but Rand would you add to that, please?

Randolph C. Blazer - On Assignment, Inc.

No, I think you said it, and I would say we saw more softness in the perm placement market in June than the assignment revenue, but assignment revenue was a little off as well. And I think, from our point of view, it's just staying steady, staying focused on the core account. And as Peter said, we had a little speed bump last year this time, but just keep going, and we'll work through it. We came back very strongly in the third quarter last year. Let's see what happens.

Jeffrey Marc Silber - BMO Capital Markets (United States)

Okay. Fair enough.

Peter T. Dameris - On Assignment, Inc.

Jeff, we don't want to make too much of this, but at the same time, it's better for us to call it out. And if it's a similar trend as 2016, then it's not an issue, but if it's different, then you know about it on the front end, and then you know what our guidance incorporates.

Jeffrey Marc Silber - BMO Capital Markets (United States)

I do appreciate the details. Thank you. Can we shift over to Oxford for a second? Just looking at billing rate trends, they've been kind of flat to down on a year-over-year basis for the past few quarters. Is it a skill mix? Is it more of an issue from there? Or are you seeing billing rate pressure specifically in that unit?

Peter T. Dameris - On Assignment, Inc.


Theodore S. Hanson - On Assignment, Inc.

I don't think we're seeing – we're always feeling that bill rate pressure, but I don't think we're seeing more or less than this time last year or over the previous quarters. The projects that we mentioned were high margin, high bill rate projects, and so the mix of that going away with our current business has changed the bill rate dynamic a little bit. But I would say from a customer standpoint, it's fairly steady. We certainly faced bill rate pressure all the time, but no more or less than we've seen in prior quarters.

Jeffrey Marc Silber - BMO Capital Markets (United States)

Okay. Great. And then just one final one. On the acquisition market, I know that's a part of your growth story, but you guys have – you put up organic growth numbers that are much stronger than anybody else, but I'm just curious given where we are, are you seeing more properties available for sale? Are you seeing more competition for those properties? If you can just provide a little color, that'll be great.

Peter T. Dameris - On Assignment, Inc.

Well. We're trying to do proprietary deals. Although, they were market checks both Apex and Creative Circle were proprietary. There weren't formal auctions, but there were market checks. We are working on some stuff that we're trying to do on a proprietary basis, one.

Two, the market is pretty active, I would tell you. The success that private equity has had in the human capital space and their relative ease in exiting, has given them a fair amount of courage. I mean, you saw recently Carlyle made a significant investment. Leonard Green made a significant investment about a year ago in major dollars. And we're seeing the middle market guys trying to buy smaller companies. But I would tell you, in many ways, it's not much different than what we see in the last two years. And we're just picking up our spot, Jeff.

Jeffrey Marc Silber - BMO Capital Markets (United States)

Okay. Fair enough. Appreciate the color.


Thank you. Our next question comes from Tobey Sommer of SunTrust. Your line is open. Please go ahead.

Tobey Sommer - SunTrust Robinson Humphrey, Inc.

Thanks. If I could start with a follow-up on Creative Circle, was there a discernible difference in demand at corporate clients as opposed to agency clients in June or...?

Peter T. Dameris - On Assignment, Inc.

Rand, do you want to answer that?

Randolph C. Blazer - On Assignment, Inc.

Yeah. I think it's too early to tell that there is any discernible trend, Tobey, but I would say corporate clients are probably more on the upside, and agency clients more on a pause.

Tobey Sommer - SunTrust Robinson Humphrey, Inc.


Peter T. Dameris - On Assignment, Inc.

And, Tobey, I would just tell you the normal seasonality is, the agency businesses has typically a little bit less strong demand in the summer months, because they have typically allowed the agencies to take Fridays off, et cetera. And nothing has changed there.

Tobey Sommer - SunTrust Robinson Humphrey, Inc.

Okay. Thank you. And then, I missed the number, but I was hoping you could repeat the average weekly revenue and the growth rate?

Peter T. Dameris - On Assignment, Inc.

Yeah. So, I'm glad that you asked that. It's a big number. It's 14.8%. And what I want to point out to you is – is it 14.6%?

Edward L. Pierce - On Assignment, Inc.


Peter T. Dameris - On Assignment, Inc.

Excuse me. What I want to point out to you, Tobey, is, 4th of July fell on different day this year. And last year, it was a Monday, and this year, it was a Tuesday, so maybe it had less of an impact in 2017 as it did in 2016, but that's the raw data for you, 14.6%.

Tobey Sommer - SunTrust Robinson Humphrey, Inc.

So, that's 14.6%, perhaps influenced by the timing of holidays against the revenue guidance range growth of little under 6% to little over 7%?

Peter T. Dameris - On Assignment, Inc.

Right. It doesn't make much sense, except if you take into consideration, one, we are – the 4th of July falling on different dates and how the hours got billed and collected; and two, that we kind of assumed that Creative comes in, basically the way it did in the month of June.

Tobey Sommer - SunTrust Robinson Humphrey, Inc.

Okay. You kind of touched on this, but I wanted to, in the absence of acquisitions, should we expect a relatively balanced approach between deleveraging and share repurchase?

Peter T. Dameris - On Assignment, Inc.

Yeah, I think that's a fair statement. I mean, we gave you guidance that we're going to be now under 1.91 times. In a perfect world, we'd like to be at 2.5 times. So I think that's a fair statement.

Tobey Sommer - SunTrust Robinson Humphrey, Inc.

Okay. When I look at kind of the puts and takes as far as overall margin and profitability, CyberCoders is getting a little bit better, but Creative Circle on the perm side slowing down a bit, do we look like we're just kind of in a flat margin trajectory for a little bit of time until maybe there is a break or change in growth one way or the other, the other business units?

Peter T. Dameris - On Assignment, Inc.

I'm going to answer it in a convoluted way. First of all, 12.3%, pretty damn good, and that's pretty good considering that perm was 5.1%, and Oxford still about 200 basis points to 300 basis points below what their historical EBITDA margin is. So, with CyberCoders getting better, Oxford on a healing path, we think that what's going on at Creative, especially in perm is an anomaly. We think that the margins are strong and continue to be strong. There shouldn't be more downward pressure now. If perm is a less percentage contributor, and CyberCoders and Creative grow slow, then 12.3% might look good.

Tobey Sommer - SunTrust Robinson Humphrey, Inc.

Okay. And as you've started to transition Oxford in recent quarters and reallocate your investments, where would you say that the segment is in terms of that process and then being able to reap the rewards of the pivot?

Peter T. Dameris - On Assignment, Inc.

Well, we don't want to call a bottom. But we could tell you as we broke it into kind of two phases. And we think phase one is pretty much implemented. And, Ted, why don't you welcome to the rest of that process (36:03)?

Edward L. Pierce - On Assignment, Inc.

Yeah. It's a fair way to look at it, and really while phase one was a lot about do we have our dollars invested in the right place and can we be smarter about that and improve our profitability, how do we get to larger growth rates, how do we build longer, more deep customer relationships is a longer path. And so we're on the front end of that. I think that we have a – if you look at our customers that we have a great account portfolio. We need to work on how do we bring all of our services to each one of those customers, so that instead of just getting a single resource from us here or there, we avail ourselves to serve more of their needs.

So we don't look to do that in a way that may erode our bill rate or our margins, but we know that we're not taking advantage of all the share that we could get at these customers the way we're positioned right now.

Tobey Sommer - SunTrust Robinson Humphrey, Inc.

Okay. Last question for me, it's kind of a bigger picture one, Peter, what does H-1B visa attention and/or reform potentially mean for the industry's rate of growth? Thanks.

Peter T. Dameris - On Assignment, Inc.

Well, that's going to be part of my explanation or response. What I would tell you is, the IT services industry and the migration of our company from pure staff augmentation to statement of work is probably the single largest opportunity we have, because the work we've done as an executive team with external resources, consulting firms and conversations they and we have had with our customers show that our customers really like the quality of our consultants, more so than even some of the high top-label consulting firms, but they want more than just the resource. They would love some more project management, and maybe it's a team effort where the customer does their architecture. They do a portion of the project management, and we take on defiant scope of responsibilities.

So, we see that as a huge opportunity for faster growth and a bigger total spend. We estimated it, Tobey, over $100 billion market, SOW, and whereas a lot of the industry estimate for staff aug alone just pitting a resource to work and that's the end of their responsibility, is about $30 billion market.

As it relates to H-1B visa, I can tell you, I've been participated in some meetings on the Hill. And I think it's pretty clear that the administration and the House, and the Senate are focused on H-1B visa reform. And they're focusing on it for the right reasons. They want the visas to be available for the best and the brightest to stimulate innovation. And if visas are available on a merit basis versus a lottery basis, if visas are available for someone making $100,000 versus $71,000, you're going to be bringing in people who are doing, discovering the next drug or writing the next algorithm for a search engine versus people that are doing helpdesk administration.

And so, the reform I believe will occur for the right reasons. I do not believe it will deter innovation and it will allow 85,000 really talented skilled people to come in versus legacy type people doing lower-end skill sets, and that anything that focuses on domestic labor is good for IT services firms like ours and the industry.

Tobey Sommer - SunTrust Robinson Humphrey, Inc.

Thank you very much.


Okay. The next question comes from Tim McHugh with William Blair & Company. Your line is open. Please go ahead.

Timothy McHugh - William Blair & Co. LLC

Hi. Thanks. Just to ask a little bit more about, I guess, July, does it look any different for Creative Circle?

Peter T. Dameris - On Assignment, Inc.

It was pretty much in line with June.

Timothy McHugh - William Blair & Co. LLC

Okay. So, the 14.6% is more reflective of Apex and some of the other businesses improving. Is that fair?

Peter T. Dameris - On Assignment, Inc.

That's fair.

Timothy McHugh - William Blair & Co. LLC

Okay. And is there any connection between the comment about staffing levels being lower than expected and the slowdown in Creative Circle?

Peter T. Dameris - On Assignment, Inc.

We specifically addressed that. No, we have not changed our footing or our mindset with regard to internal hiring.

Timothy McHugh - William Blair & Co. LLC

Okay. Thanks.


Okay. The next question comes from Mark Marcon from R.W. Baird. Your line is open. Please go ahead.

Mark S. Marcon - Robert W. Baird & Co., Inc.

Good afternoon. Just going back to Creative Circle, how would you advise us to think about the growth rate beyond this current quarter? It has been a good secular growth market, not sure why it would change too dramatically, but wondering how you're thinking about it.

Peter T. Dameris - On Assignment, Inc.

Yeah. So, Mark, we gave you guidance for one quarter out. We do not think this is a continuing trend. We have not lost any revenue production people. And we just – we forecasted conservatively. If it turns out to be longer lasting in the month of June and July, then we'll discuss it on the next call, but we still passionately believe this is a great end market that we have a dominate position and it should be a double-digit grower, and it always has been, even in the second quarter of 2017.

Mark S. Marcon - Robert W. Baird & Co., Inc.

That's what I was getting at, just that what you said about the double-digit grower. And then, with regards to the head count additions, are you primarily going to focus on Apex as it relates to...

Peter T. Dameris - On Assignment, Inc.

No. No, I would tell you it's going to be creative, Apex, CyberCoders, Oxford in certain markets, but we did, as Ted said, realign some of the SG&A we spent in 2016 more appropriately in 2017. And if you look at the supplemental financial tables, it will show you where headcounts are, but it's across the board, it's not just in one division.

Mark S. Marcon - Robert W. Baird & Co., Inc.

Okay. And just going back to Apex, it was terrific performance there, can you talk a little bit more about statement of work as a percentage of the core Apex Systems revenue and how that's ramping and how does that impact profitability longer term?

Peter T. Dameris - On Assignment, Inc.

Yeah. So, I'll let Rand speak to it, but first of all, we're not prepared to break that out. We can give you some comments on a qualitative basis, but we're not prepared to start reporting on that as a line of business. But, Rand, why don't you him some qualitative comments about profitability, opportunity size, et cetera?

Randolph C. Blazer - On Assignment, Inc.

Yeah. I would say that the growth rate of our consulting business is at faster growth rate than our staffing business. I would say it's a double-digit part of our business now within Apex Systems. And the gross margins typically are healthier, and so generally, if you have efficient management of it below gross margin, which we do, it can be more profitable.

Mark S. Marcon - Robert W. Baird & Co., Inc.

Great. And then, with regards to just what you mentioned in terms of the larger clients relative to the smaller clients, what's sort of order trend are you seeing out of the SMB clients right now on the Apex Systems side?

Peter T. Dameris - On Assignment, Inc.

Well, let me address. This is a good platform for me. Small and medium businesses, remember, our definition of a small customer is not that they have 50 internal employees, that's we do couple of hundred thousand dollar a year revenue with them, so whereas – we are so different than Robert Half. They are a wonderful company, but they typically – their targeted customer has less than 50 internal employees. And small customer, for us may have 1,500 employees, but there are only doing $100,000 a year business with this. So that's why we just hardly ever compete with Robert Half. And they're not really ever invited to bid on the work that we're bidding on at the major customers.

Rand, what would you add to that?

Randolph C. Blazer - On Assignment, Inc.

Yeah. I mean, it's everything you said, Peter. But look, I think, generally, we're growing in our big accounts. And these, what we call, mid-market accounts, some of which are bigger accounts, as Peter suggests. But we didn't see quite a same growth, but it ebbs and flows. I hate to use that word again, but some quarters it's up, some quarters it's down. We're so busy right now, knock on wood, and I think the same that it's a matter of deploying resource, keeping the focus, staying on it, but they're both good markets. We have to stay on both.

Mark S. Marcon - Robert W. Baird & Co., Inc.

Terrific. Thanks.


And the next question does come from Rob Crystal from Goldman Sachs Asset. Your line is open. Please go ahead.

Robert Crystal - Goldman Sachs Asset Management LP

Good afternoon, guys. I was just curious, Peter, if you could elaborate maybe on the M&A funnel, is it very full, somewhat modest? Just maybe give us a sense of the opportunity set.

Peter T. Dameris - On Assignment, Inc.

Yeah. So, we've been working on some things, and there're some things that are live. I wouldn't say they're particularly sizable. There were two things that we were working on that, ultimately, we passed on, because of issues related to their performance against projections. But we've still – we're working on a couple of things right now. Like I said, none of them are real significant size at this point.

Robert Crystal - Goldman Sachs Asset Management LP

Thanks a lot.


We have a follow-up question from Tobey Sommer with SunTrust. Your line is open. Please go ahead.

Tobey Sommer - SunTrust Robinson Humphrey, Inc.

Peter, one more big picture question for you. In terms of classification of employees, potentially, I guess misclassification of employees, could you talk about that as a driver? And what it could mean for growth going forward, maybe more attention is paid to that by various agencies (46:59)?

Peter T. Dameris - On Assignment, Inc.

Yeah. So, again, some of the conversations that we've had, and people on behalf of the association have had with people in authority at the administration, I don't think it's as clear about what's going to happen there with regard to labor law reform or greater enforcement as there is on the visa reform. What I can tell you is, we have a very strong set of laws, state, local and federally that make it quite punitive for misclassifying. And there is a fair amount of awareness of the risks and burdens by sophisticated buyers of trying to have someone as an independent contractor versus a W2 employee. And I think that, that continues as people adopt our model more and more.

I think what you'll see the association really pushing for is not so much law has changed, but just more thoughtful education and enforcement of the existing laws, which benefits the government because the single largest source of incremental revenue for the federal government is not raising taxes, it's eliminating the misclassification of employees. And it does have bipartisan support because there is the – where is the social contract preserved when someone is an independent contractor? Who is contributing to state unemployment insurance, FICA, workers' comp benefit and Social Security?

And the last thing the government wants is everybody to work in an independent contractor basis, and then no one funding these entitlement programs. And 20 years down the road, Social Security is less funded than it already is. So as you see today, it's really hard to get healthcare reform passed, trying to change tax laws and employee status. I would – I think it'd be virtually impossible. So, I think, if anything, you're just going to see the existing laws with greater enforcement, which I think is a net positive for the staffing industry, because we want customers to be able to have flexibility. We want customers to be able to enhance their employee productivity by sharing a resource, just do it legally with the W2 employee versus an independent contractor.

Tobey Sommer - SunTrust Robinson Humphrey, Inc.

Thank you very much.


There are no further questions in queue at this time. Please continue.

Peter T. Dameris - On Assignment, Inc.

We thank you for your attention, and look forward to following up on our third quarter conference call. Thank you, everyone.


Ladies and gentlemen, that does conclude our conference. Thank you for your participation today, and for using AT&T Executive Teleconference. You may now disconnect.

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Abrahamson, Sherman R. : Intelligence for Economic Defense : Spring 1964

Adams, George E. : With the OSS in China : Winter 1990

Adams, Robert H. : Developments in Air Targeting: The Air Battle Model : Spring 1958

Agnor, Francis : Interpreter as an Agent, The : Winter 1960

Ahern, Charles R. : Yo-Yo Story: An Electronics Analysis Case History, The : Winter 1961

Alexander, A. John : Intelligence Role for the Footnote, An : Summer 1964

Allen, Edward L. : Assessment of Communist Economic Penetration, The : Winter 1959

Allen, Edward L. : Chinese Growth Estimates Revisited : Spring 1963

Allen, Edward L. : Industrial Planning in the US and the USSR : Fall 1957

Allen, Edward L. : Validity of Soviet Economic Statistics, The : Summer 1960

Allen, George : Professionalization of Intelligence, The : Spring 1982

Allen, George W. : Intelligence in Small Wars : Winter 1991

Allen, R.T. Jr. ; McConnaughey, David : Communications to the Editors: More Against Footnotes : Fall 1964

Allen, Robert Loring : Role of Interindustry Studies in Economic Intelligence, The : Fall 1957

Amerikanskiy Turist : Note on Casual Intelligence Acquisition, A : Summer 1958

Amory, Jr. Robert : John Andre, Case Officer : Summer 1961

Anderson, Dwayne : On the Trail of the Alexandrovsk : Winter 1966

Anderson, Dwayne : Yesterday's Weapons Tomorrow : Fall 1965

Anderson, Martha B. : Handwriting Analysis in Intelligence Operations : Winter 1976

Andrew, Christopher : Churchill and Intelligence : Fall 1986

Andrew, Christopher : Evolution of Australian Intelligence, The : Fall 1988

Andrew, Christopher : From the Okhrana to the KGB : Fall 1989

Angelicchio, M.J. : Agent Hazard in the Super-Het : Fall 1963

Ankerbrand, John : Communications to the Editors: Operational Approach to Soviets : Fall 1965

Ankerbrand, John : What To Do With Defectors : Fall 1961

Appich, Thomas : Tilting at the Tower of Babel : Fall 1991

Arango, Carlos Revilla : Counterintelligence vs. Insurgency : Spring 1968

Arango, Carlos Revilla : Insurgent Counterintelligence : Winter 1968

Arness, Stephen M. : Paper Mills and Fabrication : Winter 1958

[Top of page]


Babcock, Fenton : Assessing DDO Human Source Reporting : Fall 1978

Babcock, Fenton : CETA: Chinese-English Translation Assistance : Spring 1973

Bagnall, J. J. : Exploitation of Russian Scientific Literature for Intelligence Purposes, The : Summer 1958

Bailey, Mary ; Torrey, Gordon : Intelligence in the Ecological Battle : Fall 1970

Baird, Matthew : Introduction : Fall 1955

Baker, William M. : Secrecy and the Media : Spring 1990

Barathy, Frederick D. : Cover: Property Restitution : Spring 1961

Barron, Edwin S. : Analyst in a Helicopter : Summer 1978

Barry, James A. : Managing Covert Political Action : Fall 1992

Bass, Streeter : Beaumarchais and the American Revolution : Spring 1970

Bass, Streeter : Nathan Hale's Mission : Winter 1973

Bass, Walter E. : Communications to the Editors: Poor Richard : Fall 1965

Batyushin, Gen. Maj. N. : Cryptography During World War I: A Tsarist Russian's View : Summer 1977

Baxter, Morris, Jr. ; Olson, Curtiss L. : CHURCHWAY, SNOOPY, MAD, et al : Spring 1974

Beam, John C. : Intelligence Background of Operation Torch, The : Spring 1984

Becker, Joseph : Comparative Survey of Soviet and US Access to Published Information : Fall 1957

Becker, Joseph : Computer - Capabilities, Prospects, and Implications, The : Fall 1960

Begoum, F. M. : Observations on the Double Agent : Winter 1962

Begoum, F. M. : You and Your Walk-In : Spring 1962

Bekrenev, L. K. : Operational Contacts : Winter 1965

Beller, Patrick R. : Life and Work of Stephan Haller, The : Summer 1959

Belote, James H. : Lohmann Affair, The : Spring 1960

Bennett, Burney B. : Communication to the Editors:On "Lost Order, Lost Cause" : Fall 1958

Bennett, Burney B. : Greater Barrier, The : Fall 1958

Berend, Dennis : Last Days of the FBIS Mediterranean Bureau, The : Winter 1974

Berkeley, George : For a Board of Definitions : Summer 1965

Berkowitz, Bruce D. : Congressional Oversight of Intelligence : Summer 1986

Berkowitz, Bruce D. : New Role for Intelligence in Arms Control, A : Spring 1985

Betts, Richard K. : Analysis, War, and Decision : Fall 1979

Betts, Richard K. : Strategic Intelligence Estimates: Let's Make Them Useful : Spring 1981

Betts, T.J. : Operation Columba : Spring 1961

Bimfort, Martin T. : Definition of Intelligence, A : Fall 1958

Bimmerle, George : "Truth" Drugs in Interrogation : Spring 1961

Blackburn, Clifton A. Jr. : Terrain Intelligence for the Pentomic Army : Fall 1959

Blum, Robert M. : Surprised by Tito: Anatomy of an Intelligence Failure : Summer 1985

Boatner, Helene L. : Evaluation of Intelligence, The : Summer 1984

Bofrone, Kenneth E. : Intelligence Photography : Spring 1961

Boifeuillette, Louis : Letter from a Staff Agent : Fall 1963

Boifeuillette, Louis : Staff Agent's Second Thoughts, A : Winter 1967

Borel, Paul A. : Automation for Information Control : Winter 1967

Borel, Paul A. : On Processing Intelligence Information : Winter 1959

Borowy, Stefan : Military Intelligence Behind Enemy Lines : Summer 1958

Bosch, John Charles : Caught in the Middle in Beirut : Spring 1977

Bowen, Russell J. : Engineering Approach to Literature Appreciation, An : Spring 1980

Bowen, Russell J. : Quality of Intelligence Literature, The : Winter 1990

Brabourne, Martin L. : More on the Recruitment of Soviets : Winter 1965

Brandwein, David S. : Confessions of a Former USIB Committee Chairman : Summer 1974

Brandwein, David S. : Interaction in Weapons R;D : Winter 1968

Brandwein, David S. : Maxims for Analysts : Winter 1978

Brandwein, David S. : SS-8 Controversy, The : Summer 1969

Brandwein, David S. : Telemetry Analysis : Fall 1964

Brantley, William J.; Thomas, Louis ; Van Doren, Gerald : Communications to the Editors: More Words for Defector : Summer 1965

Breneman, Gary M. : Lawrence R. Houston: A Biography : Spring 1986

Brigane, David V. : Credentials - Bona Fide or False? : Winter 1960

Brockmiller, John : Psywar in Intelligence Operations : Summer 1961

Brown, Donald C. : Another View of S;T Analysis : Summer 1975

Brown, Donald C. : On the Trail of Hen House and Hen Roost : Spring 1969

Brown, Richard G. : Anti-Soviet Operations of Kwantung Army Intelligence, 1931-1939 : Spring 1960

Brown, Richard G. : Anti-Soviet Operations of Kwantung Army Intelligence, 1940-1941 : Spring 1962

Brown, William H. : J58/SR-71 Propulsion Integration : Summer 1982

Brugioni, Dino A. : Case of the Missing Diamond, The : Spring 1979

Brugioni, Dino A. : Cuban Missile Crisis-Phase I, The : Fall 1972

Brugioni, Dino A. : Legacy of Excellence, A : Winter 1992

Brugioni, Dino A. : Million-Dollar Photograph, The : Summer 1979

Brugioni, Dino A. : President Truman and the Congolese SAM : Fall 1979

Brugioni, Dino A. : Serendipity Effect, The : Spring 1970

Brugioni, Dino A. : Spotting Photo Fakery : Winter 1969

Brugioni, Dino A. : Unidentifieds, The : Summer 1969

Brugioni, Dino A. ; McCort, Robert : British Honors for Lundahl : Spring 1975

Brugioni, Dino A. ; Poirier, Robert G. : Holocaust Revisited, The : Winter 1978

Bucans, Lawrence M. : Publicizing Soviet Scientific Research : Winter 1960

Bull, George G. : Elicitation Interview, The : Fall 1970

Bundy, William P. : Guiding of Intelligence Collection, The : Winter 1959

Bunker, Amb. Ellsworth : Vietnam in Retrospect : Spring 1974

Burke, James : Seven Years to Luna 9 : Summer 1966

Burke, James D. : Missing Link, The : Winter 1978

Bush, George : Objective is to Keep the Peace, The : Fall 1983

Buttall, R. E. : Communications to the Editors: Dear Mr. Riposte : Winter 1959

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Cain, John W. : Technical Factors in Aerospace Photography : Fall 1962

Campbell, Kenneth J. : Allen Dulles: An Appraisal : Spring 1990

Campbell, Kenneth J. : John A. McCone: An Outsider Becomes DCI : Summer 1988

Cardwell, John M. : Bible Lesson on Spying, A : Fall 1978

Carey, Warren F. ; Maxfield, Myles : Intelligence Implications of Disease : Spring 1972

Carleton, Phillips D. : Communications to the Editors: Magazine in a Mirror : Fall 1961

Carlson, Michael T. : Glimpse into the History of Secret Writing, A : Fall 1976

Carpentier, Patrick L. : Security as an Intelligence Community Concern : Fall 1966

Casey, William J. : Clandestine War in Europe (1942-1945), The : Spring 1981

Casey, William J. : Economic Intelligence for the Future : Summer 1982

Casey, William J. : Memorial Ceremony : Summer 1983

Casey, William J. : OSS: Lessons for Today : Winter 1986

Casey, William J. : War Behind the Lines : Winter 1982

Cate, Charles V. : Counterintelligence for National Security : Fall 1958

Chaillot, Cynthia ; Marquardt, Gabriel : Before the Farm : Winter 1979

Chandlee, John D. : Scooping the Soviet Press : Winter 1962

Charlevois, J. J. : Nothing to Hide : Spring 1965

Chase, Ernest : Intelligence Yield from ECE, The : Spring 1963

Chef de Renseignements : Dim View of Women, A : Spring 1962

Chronomaniac : Geo-Time and Intelligence : Summer 1965

Civeletti, Benjamin R. : Intelligence Gathering and the Law : Summer 1983

Clark, Keith : Notes on Estimating : Summer 1967

Clark, Keith : On Warning : Winter 1965

Clark, Robert M. : Scientific and Technical Intelligence Analysis : Spring 1975

Clarke, George W. : Disclosure Problems in Espionage Prosecutions : Spring 1984

Clinard, Outten J. : Developments in Air Targeting: Data Handling Techniques : Spring 1959

Cline, Ray S. : Is Intelligence Over-Coordinated : Fall 1957

Clotworthy, Orrin : Some Far-Out Thoughts on Computers : Fall 1962

CODIB Task Team VI : R & D for Intelligence Processing : Spring 1966

Cogan, Charles G. : In-Culture of the DO, The : Summer 1991

Cohen, Eliot A. : Chinese Intervention in Korea, 1950, The : Fall 1988

Cohen, Raymond : Early Warning Systems : Fall 1989

Colby, William E. : Intelligence in the 1980s : Summer 1981

Compos, Don : Interrogation of Suspects Under Arrest, The : Summer 1958

Conlon, Thomas F. : Portuguese Timor: An Estimative Failure : Winter 1960

Cooper, H.H. : English Mission : Spring 1961

Cooper, H.H. ; Carleton, Phillips D. : Communications to the Editors: Professional Status : Spring 1962

Cooperwood, Gordon : Communication to the Editor: Wanted: A Word : Winter 1965

Coriden, Guy E. : Intelligence Hand in East-West Exchange Visits, The : Summer 1958

Coriden, Guy E. : Report on Hungarian Refugees : Winter 1958

Corscadden, Paul : DDI/New York : Fall 1969

Corscadden, Paul H. ; Sandall, H. Lawrence : CIA Operations Center, The : Fall 1975

Cote, Maureen : Translation Error and Political Misinterpretation : Winter 1983

Cote, Maureen E. : Veni, Vidi, Vid-Int : Fall 1990

Courier, Leonard C. : 17th Century English Intelligence Report, A : Summer 1983

Courier, Leonard C. : Financial Epitaph for a Spymaster : Winter 1983

Courier, Leonard C. : OSS and the Maginot and Siegfried Lines, The : Summer 1984

Courier, Leonard C. : OSS Mission to the Burgundian Maquis : Spring 1985

Cowey, Ross : Future Market for Finished Intelligence, The : Winter 1976

Cowey, Ross : More on the Military Estimates : Summer 1975

Crawford, Chester C. : Polygraph in Agent Interrogation, The : Summer 1960

Cremeans, Charles D. : Agency and the Future, The : Spring 1970

Cremeans, Charles D. : Basic Psychology for Intelligence Analysts : Winter 1971

Croom, Herman L. : Exploitation of Foreign Open Sources, The : Summer 1969

Crown, Dr. David : Political Forgeries in the Middle East : Spring 1978

Curtis, Joanne : Communications to the Editors: Bias and Probity : Summer 1963

Cutler, Robert : Intelligence as Foundation for Policy : Fall 1959

Czajkowski, Anthony F. : Techniques of Domestic Intelligence Collection : Winter 1959

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D'A Henderson, R. : Future of Ex-Eastern Bloc Intelligence Personnel, The : Summer 1991

D'Echauffour, Gabriel M. : Non-Electronic Agent Communications : Fall 1969

Dahms, John Anthony : Shepherding a Soviet Tour : Spring 1965

Darling, Arthur B. : Birth of Central Intelligence, The : Spring 1966

Darling, Arthur B. : Central Intelligence Under Souers : Winter 1968

Darling, Arthur B. : DCI Hillenkoetter: Soft Sell and Stick : Winter 1969

Darling, Arthur B. : Origins of Central Intelligence : Summer 1964

Darling, Arthur B. : With Vandenberg as DCI: Part I : Summer 1968

Darling, Arthur B. : With Vandenberg as DCI: Part II : Fall 1968

Davis, Euan G. : Watchman for All Seasons, A : Spring 1969

Davis, Euan G. ; Grabo, Cynthia M. : Deception : Spring 1973

Davis, Jack : Bogotazo, The : Fall 1969

Davis, Jack : Combatting Mindset : Winter 1991

Davis, Jack : Kent-Kendall Debate of 1949, The : Summer 1991

de Beaumarchais, Pierre-Augustin Caron : Covert Action, State Policy, and Public Morality : Spring 1979

De Brandt, Dennis : Structuring Intelligence for War : Spring 1988

DeBrandt, Dennis : Intelligence Rivalries in Wartime : Summer 1989

Denevoise, John : Soviet Defector Motivation : Fall 1958

Deshere, Edward F. : Hypnosis in Interrogation : Winter 1960

Diangson, Clark R. : Communications to the Editors: Reservations on the Polygraph : Fall 1961

Diogenes : Communications to the Editors: CI Lantern : Fall 1967

Dockham, John : Sharp Look at Sinosovietology, A : Summer 1961

Dockham, Patricia R. : Plea for Continuity in Intelligence Production, A : Winter 1979

Donnalley, Gail F. : Declassification in an Open Society : Fall 1974

Donovan, G. Murphy : Deciphering Soviet Military Doctrine : Summer 1985

Donovan, G. Murphy : Intelligence Rams and Policy Lions : Fall 1986

Donovan, G. Murphy : Soviet Military Vulnerabilities : Spring 1987

Dorondo, Peter J. : Communications to the Editors: The Military Attaches : Summer 1960

Dorondo, Peter J. : For College Courses in Intelligence : Summer 1960

Drave, C. R. : Production at Small Posts : Fall 1961

Drell, Bernard : Intelligence Research - Some Suggested Approaches : Fall 1957

Dube, Louis J. ; Ziebell, Launie M. : Supreme Court and the "Intelligence Source", The : Winter 1986

Dulles, Allen W. : William J. Donovan and the National Security : Summer 1959

Duncan, K.C. : Geographic Intelligence : Spring 1959

Dunleigh, Lowell M. : Spy At Your Service, Sir : Spring 1959

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Earling, William : Design for Jet-Age Reporting : Spring 1960

Earp, Raymond : Communications to the Editor: Add the Hotel Engineer : Summer 1966

Ecklund, George : Guns or Butter Problems of the Cold War : Fall 1965

Edbrook, C. D. : Principles of Deep Cover : Summer 1961

Edgette, Judith : Domestic Collection on Cuba : Fall 1963

EDITOR : Some Elements of Intelligence Work : Fall 1986

Editor, The : Statue of Nathan Hale, The : Fall 1973

EDITORS : Communication from the Editor: Intelligence Vignettes : Winter 1978

EDITORS : Lawrence R. Houston Receives National Security Medal : Summer 1974

Editors : Memoranda for the President: Boston Series : Winter 1965

Editors : Memoranda for the President: From Peter to Tito : Spring 1965

Editors : Memoranda for the President: Japanese Feelers : Summer 1965

Editors : Memoranda for the President: OSS-NKVD Liaison : Summer 1963

Editors : Memoranda for the President: Sunrise : Spring 1963

EDITORS : Platt's Law : Fall 1969

Editors : Recent Soviet Books and Articles (A bibliography) : Spring 1966

EDITORS : Second Bibliography of Soviet Books and Articles (A bibliography) : Winter 1967

EDITORS : Some Issuances of the Center for the Study of Intelligence (A bibliography) : Spring 1977

EDITORS : Soviet Use of Assassination and Kidnapping : Fall 1975

Editors, The : Communication from the Board of Editors : Summer 1979

Editors, The : Current Program for an Intelligence Literature, The : Fall 1955

Editors, The : Editors Introduction : Winter 1956

Edwards, Philip K. : President's Board: 1956-1960, The : Summer 1969

Eisenbeiss, H.C. : Economic Observations as War Indicators : Winter 1965

Eisenbeiss, Harry ; Hicks, John, with other CIA Officers : Communications to the Editor: The Missile Crisis : Summer 1966

Eisenhower, Dwight ; Dulles, Allen : From the CIA Cornerstone Ceremonies : Winter 1960

Eliot, Frank : Moon Bounce Elint : Spring 1967

Elkes, Martin C. : LAMS Story, The : Summer 1975

Elzweig, Thomas F. : Shorthand of Experience, The : Spring 1959

Engeljohn, Earl D. : For a Standard Defector Questionnaire : Summer 1963

Engeljohn, Earl D. : Half a Million Wanted Persons : Summer 1963

Ericson, Paul G. : Need for Ethical Norms, The : Spring 1992

Evans, Allan : Against Footnotes : Fall 1964

Evans, Allan : Notes on Qualifications for Government Research as Opposed to Academic Study : Spring 1958

Evans, Philip R. : Case of the Cryptic Communique, The : Spring 1981

Expatriate : Reminiscences of a Communications Agent : Fall 1958

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Farndon, Stanley B. : Interrogation of Defectors, The : Summer 1960

Fauth, James J. : Adversary Agent Radios : Winter 1966

Featherstone, James W. : Cloud Nine: A Problem in Intelligence Production : Fall 1969

Ferch, John A. : Ossification in Organizational Cultures : Winter 1990

Fichtner, David P. : Taking Arms Against a Sea of Enemies : Summer 1992

Finer, Sydney Wesley : Kidnaping of the Lunik, The : Winter 1967

Fishburn, Henry G. : Communication to the Editors: On "The Alamo Scouts" : Spring 1960

Fishel, Edwin C. : Cable from Napoleon, A : Summer 1958

Fishel, Edwin C. : Military Intelligence 1861-63: Part I : Summer 1966

Fishel, Edwin C. : Military Intelligence 1861-63: Part II : Fall 1966

Fisk, Charles E. : Sino-Soviet Border Dispute: A Comparison of Conventional and Bayesian Methods for Intelligence Warning, The : Spring 1972

Flemer, Sherman W. : Soviet Intelligence Training : Winter 1959

Flicke, Wilhelm F. : Early Development of Communications Intelligence, The : Winter 1959

Flicke, Wilhelm F. : Lost Keys to El Alamein, The : Fall 1959

Flooks, Henry : Chinese Defections Overseas : Fall 1965

Flynn, Richard : Estimating Soviet Gold Production : Fall 1975

Forbush, Ramsey; Chase, Gary ; Golberg, Ronald : CIA Intelligence Support for Foreign and National Security Policy Making : Spring 1976

Ford, Harold P. : Primary Purpose of National Estimating, The : Fall 1991

Ford, Harold P. : Tribute to Sherman Kent, A : Fall 1980

Framingham, Richard : Career Trainee Program, GRU Style* : Fall 1966

Freeman, J.F. : New Source for Figures on Soviet Military Output, A : Spring 1962

Freshwater, J. L. : Policy and Intelligence: The Arab-Israeli War : Winter 1969

Freudenrich, L. Ben : Arcane Art of Necrology, The : Summer 1977

Frost, David : Interview with Richard Helms, An : Fall 1981

Fryxell, Alma : Psywar by Forgery : Winter 1961

Fulcher, John : Comes the Teaching Machine : Winter 1962

Fuller, Kenneth C.; Smith, Bruce ; Atkins, Merle : "Rolling Thunder" and Bomb Damage to Bridges : Fall 1969

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Gafford, Richard : Operational Potential of Subliminal Perception, The : Spring 1958

Garofalo, Nicholas R. : Present and Future Capabilities of OTH Radars : Spring 1969

Gasser, William R. : Aerial Photography for Agriculture : Fall 1967

Gates, Robert M. : CIA and American Foreign Policy, The : Fall 1987

Gates, Robert M. : CIA and the University : Summer 1986

Gates, Robert M. Guarding Against Politicization : Spring 1992

Gates, Robert M. : Prediction of Soviet Intentions, The : Spring 1973

Gazit, Schlomo : Intelligence Estimates and the Decisionmaker : Fall 1988

George, Theodore A. : Calculation of Soviet Helicopter Performance, The : Fall 1959

Georgia, Scudder : Agent Radio Operations During World War II : Winter 1959

Geschwind, C. N. : Counterintelligence Interrogation : Winter 1965

Geschwind, C. N. : Tale of Hushai the Archite, The : Spring 1969

Geschwind, C. N. : Wanted: An Integrated Counterintelligence : Summer 1963

Geschwing, C. N. : Communication to the Editors: Interrogation Simplified : Summer 1967

Gioumau, Walter H. : Good Old Days - "You are On Your Own", The : Winter 1971

Girdwood, Roger : Burn Bags : Summer 1989

Gleason, Tom : Culinary Action at CIA : Spring 1991

Goodell, Thaxter L. : Cratology Pays Off : Fall 1964

Goodman, Allen E. : Anatomy of PRM-8 : Winter 1977

Gorman, Maj. Gen. Paul F. : Measuring the Military Balance in Central Europe : Winter 1979

Grabo, Cynthia M. : Soviet Deception in the Czech Crisis : Spring 1970

Grabo, Cynthia M. : Strategic Warning: The Problem of Timing : Spring 1972

Graham, Katherine : Secrecy and the Press : Winter 1988

Gravalos, M.E.O. : Pitfall of a Latin Quirk, The : Fall 1963

Gravalos, Mary Evans O'Keefe : Good Trip, A : Summer 1969

Gray, William A. : Crystal Balls and Glass Bottles : Spring 1968

Greene, Ward K. : Before James Bond : Spring 1982

Greenslade, Rush V. : CIA Meets the Press : Spring 1969

Greenslade, Rush V. : Many Burdens of Defense in the Soviet Union, The : Fall 1970

Greenslade, Rush V. : Rubles Versus Dollars : Winter 1962

Greer, Kenneth E. : CORONA : Spring 1973

Gregg, Donald : Congress and the Directorate of Operations: an Odd Couple? : Spring 1979

Grier, Peter : Organization Spook, The : Spring 1985

Gries, David D. : CIA and Congress: Uneasy Partners, The : Summer 1987

Gries, David D. : Intelligence in the 1990s : Spring 1991

Grosmere, Ellen : All-Purpose Data Handling System, An : Summer 1963

Guensberg, Gerold : Abwehr Myth: How Efficient Was German Intelligence in World War II?, The : Fall 1977

Guiler, Douglas C. : Evaluating Soviet Military Strength : Winter 1990

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Haberstich, Art : Mariner as Agent, The : Winter 1966

Hablas, Charles E. : Biographic Collection Programs : Summer 1969

Hajek, Lester : Target: CIA : Winter 1962

Hall. Arthur R. : Landscape Analysis : Summer 1967

Hamilton, Lee H. : View from the Hill : Summer 1987

Hammant, Thomas R. : Communications Intelligence and Tsarist Russia : Summer 1978

Hammant, Thomas R. : Soviet Comint and the Civil War, 1918-1921 : Summer 1979

Hanrahan, James : Intelligence for the Policy Chiefs : Winter 1967

Hansen, James H. : Demise of Lavrenti Beria, The : Summer 1990

Hardy, Timothy S. : Intelligence Reform in the Mid-1970s : Summer 1976

Harris, William R. : March Crisis 1948, Act I : Fall 1966

Harris, William R. : March Crisis 1948, Act II : Spring 1967

Hartline, Martin C. ; Kaulbach M. M. : Michael Collins and Bloody Sunday : Winter 1969

Hartness, William M. : Aspects of Counterinsurgency Intelligence : Fall 1963

Hatzenbeuhler, Max A. : Scandinavians as Agents : Winter 1971

Heffter, Clyde R. : Fresh Look at Collection Requirements, A : Fall 1960

Helberg, Claus : Vemork Action, The : Fall 1992

Helms, Richard : In Memoriam: R. Adm. Sidney W. Souers : Spring 1973

Helms, Richard : Intelligence in American Society : Summer 1967

Helms, Richard : Strategic Arms Limitation and Intelligence : Spring 1973

Helms, Richard : We Believed in Our Work : Fall 1983

Helsper, Charles H. : Periodic Reports by Industrial Groups as Sources of Intelligence Information : Spring 1958

Henhoeffer, William M. : Donovan's Allies in World War I : Winter 1986

Henhoeffer, William M. : "If Donovan Were Here Today" : Fall 1988

Herman, Isadore : Estimating Aircraft Performance : Winter 1962

Heuer, Richards J. Jr. : Do You Really Need More Information? : Spring 1979

Heuer, Richards J., Jr. : Biases in Evaluation of Evidence : Winter 1981

Heuer, Richards J., Jr. : Strategies for Analytical Judgment : Summer 1981

Heuer, Richards J., Jr.. : Cognitive Biases : Summer 1978

Heymann, Hans, Jr., : Intelligence - Policy Relationship, The : Winter 1984

Higginbotham, Donald : And the Curtain Fell on Yorktown : Summer 1981

Hilden, Leonard : Conditioned Reflex, Drugs and Hypnosis in Communist Interrogations : Spring 1958

Hinman, Edward M. : Interpretation of Soviet Press Announcements of "Cosmos" Satellite Launchings, The : Summer 1969

Hopkinson, Harry : Idiot System for Intelligence, An : Fall 1962

Horatio : There are More Things - In National Estimates : Fall 1977

Horel, Ned C. : In Search of Migratory Isotopes : Summer 1968

Hosler, Richard C. : Communication to the Editors: On "Intelligence in the Ecological Battle" : Spring 1972

Houston, Lawrence R. : CIA, The Courts, and Executive Privilege : Winter 1973

Houston, Lawrence R. : Executive Privilege in the Field of Intelligence : Fall 1958

Houston, Lawrence R. : John Richard Hawke Case, The : Spec. Ed. 1972

Houston, Lawrence R. : United States v. Harry A. Jarvinen : Winter 1971

Howells, W. D. : Intelligence in Crises : Fall 1983

Howerton, Paul W. : Economic Intelligence : Spring 1956

Howland, Richard Cabot : Lessons of the September 30 Affair, The : Fall 1970

Hubest, Alfred : Audiosurveillance : Summer 1960

Hughes, John T. with Clift, A. Denis : San Cristobal Trapezoid, The : Winter 1992

Hulnick, Arthur S. : Intelligence Producer - Policy Consumer Linkage, The : Winter 1985

Hunt, Sir David : Amphibious Intelligence : Fall 1987

Hunter, Charles N. : Galahad: Intelligence Aspects : Winter 1961

Hunter, Helen-Louise : Zanzibar Revisited : Spring 1967

Hurley, John A. : Technique for Coastal Infiltration, A : Summer 1962

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Ibbs, Julia : Communications to the Editors: Station Helgoland : Fall 1965

Inquirer : Porthole to the West : Spring 1962

Inquirer : Practice of a Prophet. The : Fall 1962

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Jackson, Wayne G. : Scientific Estimating : Summer 1965

Jaderquist, Mike ; Karp Robert T. : Communications to the Editors: More Words for Defection : Fall 1965

Jaggers, R. C. : Assassination of Reinhard Heydrich, The : Winter 1960

Jervis, Robert : Strategic Intelligence and Effective Policy : Winter 1989

Jessel, Walter : National Name Index Network, A : Spring 1962

Johnson, Clarence L. : Development of the Lockheed SR-71 Blackbird : Summer 1982

Johnson, Kenneth T. : Developments in Air Targeting: Progress and Future Prospects : Summer 1959

Johnson, William R. : Clandestinity and Current Intelligence : Fall 1976

Jones, Reginald.V. : Scientific Intelligence : Summer 1962

Jones, Reginald.V. : Scientific Intelligencer, The : Fall 1962

Jones, Dr. R.V. : Intelligence and Command : Fall 1987

Jordan, Lloyd F. : Case for a Holistic Intelligence, The : Summer 1975

Jourdonnais, Adam : Intelligence in the New Japan : Summer 1963

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Kahn, David : Intelligence and the General Staff : Winter 1977

Kahn, David : Number One from Moscow : Fall 1961

Kalaris, George ; McCoy, Leonard : Counterintelligence for the 1990s : Spring 1988

Kalugin, Oleg : Intelligence and Foreign Policy : Winter 1989

Kamenev, Viktor Y. : Standardization of Foreign Personal Names, The : Summer 1969

Keatts, Dorothy J. : Footnote to Cicero : Fall 1957

Kehm, Harold D. : Notes on Some Aspects of Intelligence Estimates : Winter 1956

Kelly, Paul X. : Coastal Infiltration and Withdrawal : Spring 1963

Kennedy, John F. : Valediction : Winter 1962

Kent, Sherman : Allen Welsh Dulles : Spring 1969

Kent, Sherman : Crucial Estimate Relived, A : Spring 1964

Kent, Sherman : Cuban Missile Crisis of 1962: Presenting the Photographic Evidence Aboard, The : Spring 1972

Kent, Sherman : Death of an Hypothesis : Spring 1965

Kent, Sherman : Estimates and Influence : Summer 1968

Kent, Sherman : Notes on Capabilities in National Intelligence : Fall 1955

Kent, Sherman : Summit Conference of 1960: An Intelligence Officer's View, The : Spec. Ed. 1972

Kent, Sherman : Valediction : Winter 1968

Kent, Sherman : Words of Estimative Probability : Fall 1964

Kent, Sherman : Yale Report, The : Summer 1973

Kerlin, Julie O. : Military-Economic Estimating: A Positive View : Fall 1966

Kimball, Walter B. : Singapore's People's Association : Fall 1968

Kimbrell, Joseph C. : Communication to the Editors: Historian's Query : Summer 1968

Kimsey, Herman E. : Identi-Kit, The : Winter 1960

Kirkpatrick, Jeane : William J. Casey : Spring 1987

Kirkpatrick, Lyman B. : Combat Intelligence: A Comparative Evaluation : Fall 1961

Kirkpatrick, Lyman B. : Origin, Missions, and Structure of CIA : Winter 1958

Kirkpatrick, Lyman B. : Unrecognized Potential in the Military Attaches : Spring 1960

Kitchens, Allen H. : Crisis and Intelligence: Two Case Studies : Fall 1984

Kline, William E. : INF Treaty, The : Fall 1991

Knapp, Frank A., Jr. : Style and Stereotypes in Intelligence Studies : Spring 1964

Knobelspiesse, A. V. : Captain Stephan Kalman: A Classic Write-in Case : Fall 1962

Knobelspiesse, A. V. : Masterman Revisited : Spring 1974

Knott, James E. : Secrecy and Intelligence in a Free Society : Summer 1975

Konovalov, A. A. ; Sokolov, V. S. : Meetings with Agents : Spring 1964

Kornenbitter, Rita T. : Paris Okhrana: Final Phase : Summer 1968

Kovner, Milton : Pricing Soviet Military Exports : Spring 1968

Kress, Dr. Kenneth A. : Parapsychology in Intelligence: A Personal Review and Conclusions : Winter 1977

Kroger, Charles A., Jr. : ELINT: A Scientific Intelligence System : Winter 1958

Kronenbitter, Rita T. : Communications to the Editors: Agent Stalin : Spring 1968

Kronenbitter, Rita T. : Illustrious Career of Arkadiy Harting, The : Winter 1967

Kronenbitter, Rita T. : Leon Trotsky, Dupe of the NKVD : Spec. Ed. 1972

Kronenbitter, Rita T. : Okhrana Agent Dolin : Spring 1966

Kronenbitter, Rita T. : Okhrana's Female Agents, Part I, The : Spring 1965

Kronenbitter, Rita T. : Okhrana's Female Agents, Part II, The : Summer 1965

Kronenbitter, Rita T. : Paris Okhrana 1885-1905 : Summer 1966

Kronenbitter, Rita T. : Sherlock Holmes of the Revolution, The : Fall 1967

Kugler, William A; Ausdenmore, Robert ; Littlewood, John : Communications to the Editors: Some New Words for Defection : Spring 1965

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Lagrone, James J. : Hotel in Operations, The : Fall 1965

Lambridge, Wayne : Note on KGB Style, A : Winter 1971

LaMountain, Frank X. : Requirements and the American Scientist : Spring 1963

Langan, John P., S.J. : Moral Damage and the Justification of Intelligence Collection from Human Sources : Summer 1981

Langan, John P., S.J. : National Interest, Morality, and Intelligence : Fall 1983

Laqueur, Walter : Future of Intelligence, The : Spring 1986

Lavender, W. B. : Old Winsockie Syndrome, The : Winter 1969

Lawrence, R. E. ; Woo, Harry W. : Infrared Imagery in Overhead Reconnaissance : Summer 1967

Laycock, Keith : Handwriting Analysis as an Assessment Aid : Summer 1959

Laycock, Keith : Intelligence Gathering in an Unlettered Land : Summer 1959

Layton, B. E. : Joint Debriefing of a Cuban, The : Summer 1963

Leavitt, Robert W. : Developments in Air Targeting: The Military Resources Model : Winter 1958

Leggett, Robert E. : Intelligence Monitoring of Reduction-of-Budget Arms Control Agreements : Summer 1977

Lehman, Richard : Valedictory : Summer 1982

Leidesdorf, Titus : Libyan as Agent, The : Winter 1963

Leidesdorf, Titus : Vietnamese as Operational Target, The : Fall 1968

Leonard, Robert G. : Communications to the Editors: Covert Scientific Collection : Spring 1959

Leviness, Robert M. : Chinese as Agent, The : Summer 1966

Lewis, Anthony Marc : Re-Examining Our Perceptions on Vietnam : Winter 1973

Lexow, Wilton : Science Attache Program, The : Spring 1966

Lexow, Wilton E. ; Hoptman, Julian : Enigma of Soviet BW, The : Spring 1965

Long, Lewis R. : Concepts for a Philosophy of Air Intelligence : Winter 1958

Lowenhaupt, Henry S. : Chasing Bitterfeld Calcium : Spring 1973

Lowenhaupt, Henry S. : Decryption of a Picture, The : Summer 1967

Lowenhaupt, Henry S. : How We Identified the Technical Problems of Early Soviet Nuclear Submarines : Fall 1974

Lowenhaupt, Henry S. : Mission to Birch Woods : Fall 1968

Lowenhaupt, Henry S. : On The Soviet Nuclear Scent : Fall 1967

Lowenhaupt, Henry S. : Ravelling Russia's Reactors : Fall 1972

Lowenhaupt, Henry S. : Somewhere in Siberia : Winter 1971

Lowenthal, Mark M. : Searching for National Intelligence : Fall 1987

Lowenthal, Mark M. : Tribal Tongues: Intelligence Consumers, Intelligence Producers : Summer 1992

Lundin, John A. : Red Nautilus Under Way : Spring 1967

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Macartney, Col. John : Intelligence and Bureaucratic Politics : Spring 1989

MacKinnon, Donald W. : OSS Assessment Program, The : Fall 1979

Managhan, Dr. Robert L. : Trends in African Forgeries : Spring 1975

Manget, Fred F. : Presidential War Powers : Summer 1987

Mansbach, Richard W. : Travail of Intelligence Analysis, The : Summer 1983

Marcquenski, Thomas W. : Name for Your Number, A : Fall 1963

Marengo, Louis; Moor, Dean; Ober, Richard ; Wood, Dick : National Estimates: An Assessment of the Product and the Process : Spring 1977

Markvart, Fred A. : Chinese Defects, A : Summer 1967

Marl, David : Mayaguez Rescue Operation Revisited, The : Summer 1979

Martenow, Daniel R. : Reentry Vehicle Analysis : Summer 1968

Martens, Robert J. : Communication to the Editors Scientific Exchanges : Spring 1963

Martin, Joseph W. : What Basic Intelligence Seeks to Do : Fall 1970

Maslowski, Peter : Military Intelligence Sources During the American Civil War : Summer 1992

Mathews, Charles W. : Technical Intelligence and Arms Inspection : Fall 1957

Matschulat, Austin B. : Coordination and Cooperation in Counterintelligence : Spring 1969

Matteson, Robert E. : Last Days of Ernst Kaltenbrunner, The : Spring 1960

Matthias, Willard C. : How Three Estimates Went Wrong : Winter 1968

Mattingly, Robert E. : Who Knew Not Fear : Summer 1982

Mattingly, Robert E. : "Zdravo, Purvi Americanec" : Spring 1982

Maury, John M. : CIA and the Congress : Summer 1974

Mautner, Martha : Interviews with Adenauer : Fall 1986

Maxfield, Myles ; Greger, Edward G. : VIP Health Watch : Spring 1968

Maxfield, Myles; Proper, Robert ; Case, Sharol : Remote Medical Diagnosis : Spring 1979

Maximov, William J. ; Scrutchings, Edward : Metal Traces Test, The : Fall 1967

May, Lowell E. : Centralized Requirements in the DIA : Fall 1963

McCadden, Harvey B. : Cover in Unconventional Operations : Summer 1961

McCarn, Davis B. : Developments in Air Targeting: The Damage Assessment Model : Summer 1958

McCarthy, Linda S. : "You're From Where and You're Doing What?" : Summer 1987

McCracken, Michael C. : Computers in Economic Intelligence : Spring 1969

McCreary, John F. : Warning Cycles : Fall 1983

McDonald, Walter : African Numbers Game : Fall 1964

McGrath, James : Scientific and Cultural Exchange, The : Winter 1963

McGuffey, Roger W. : Case Against Solzhenitsyn, The : Summer 1969

McIninch, Thomas P. : OXCART Story, The : Winter 1971

McLean, David R. : Cranks, Nuts, and Screwballs : Summer 1965

Megaris, Andrew K. : Communication to the Editors: More on "Lucy" : Spring 1972

Merkle, Janet Hill : Policy Bias : Winter 1963

Messenger, Leon C. : Nanny with the Glass Eye, The : Winter 1985

Messenger, Leon C. : White Lady Intelligence Network, the : Summer 1988

Mikheyev, Dmitry : Defectors' Problems in the West : Spring 1988

Millican, C. Bowie; Gelman, Robert M. ; Stanhope, Thomas A. : Lost Order, Lost Cause : Winter 1958

Millikan, Max F. : Nature and Methods of Economic Intelligence, The : Spring 1956

Mineur, Michael L.* : Defense Against Communist Interrogation Organizations : Fall 1969

Miskovsky. M.C. : Impunity of Agents in International Law : Spring 1961

Mitelman, L. T. : Preface to a Theory of Intelligence : Fall 1974

Miyagi, Takemi : Which Way Did They Go? : Winter 1967

Monkiewicz, John W. : Letter to the Editor: A Comment on "A Note on KGB Style" : Special Edition 1972

Montague, Ludwell Lee : Origins of National Intelligence Estimating, The : Spring 1972

Montague, Ludwell Lee : Priority National Intelligence Objectives : Spring 1961

Montminny, George H. : Rapid Transit in Clandestine Intelligence : Spring 1970

Moore, Davis W., Jr. : Open Sources on Soviet Military Affairs : Summer 1963

Moravec, Frantisek : Operation Uproot : Spring 1963

Morfit, John C. : Who Has the Information I Want? : Fall 1970

Morris, Edmund : Archie Roosevelt, Original : Fall 1990

Morrison, John D., Jr. : Protection of Intelligence Data, The : Spring 1967

Moses, Hans : Case of Major X, The : Spring 1974

Moses, Hans : Clandestine Service, The : Summer 1982

Mr. Dole : Senate Concurrent Resolution 133 : Fall 1986

Mulholland, Warren R. : Liaison Training : Summer 1973

Mull, Alexander : Notes on the Wennerstrom Case : Summer 1966

Muller, Klaus-Jurgen : On the Difficulties of Writing Intelligence History : Fall 1986

Munson, Harlow T. ; Southard, W.P. : Two Witnesses for the Defense : Fall 1964

Murphy, Lt. Col. James ; Smith, Dr. K. Wayne : Making Intelligence Analysis Responsive to Policy Concerns : Summer 1973

Murphy, Mark : OSS-German POW Controversy, The : Spring 1988

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Nabbie, Eustace E. : Alamo Scouts, The : Fall 1959

Nabbie, Eustace E. : Small South Pole, A : Fall 1960

Naffsinger, Peter A. : "Face" Among the Arabs : Summer 1964

Nance, William H. : Quality Elint : Spring 1968

Naxera, Dan C. ; Hunter, Helen-Louise : Communications to the Editors: Simplification : Fall 1967

NCNA : Chinese Security Regulations : Summer 1978

Nedzi, Rep. Lucien N. : Oversight or Overlook: Congress and the U.S. Intelligence Agencies : Summer 1974

Newton, William : Rat-Race : Fall 1977

Nielsen, Nathan : National Intelligence Daily, The : Spring 1976

Northridge, A. R. : B-29s Against Coke Ovens : Summer 1965

Northridge, A. R. : Selectively Reluctant Informant, The : Summer 1967

Northridge, A.R. : Pearl Harbor: Estimating Then and Now : Fall 1965

Northrup, Doyle L. ; Rock, Donald H. : Detection of Joe 1, The : Fall 1966

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Ogle, James V. : Intelligence of Literature, The : Fall 1963

Oldham, Max S. : Value for Information, A : Spring 1968

Omandere, Louise D. : Covert Collection of Scientific Information, The : Fall 1958

Onate, Benjamin F. : Catch-as-Catch-Can Operations : Winter 1976

Onate, Benjamin F. : What Did Truman Say About CIA? : Fall 1973

Onlooker : Communications to the Editors: Wise ; Ross : Spring 1968

Orleans, Leo A. : Problem of Chinese Statistics, The : Spring 1973

Orlov, Alexander : Theory and Practice of Soviet Intelligence, The : Spring 1963

Ornstein, Jacob : Articulation of Babel, The : Fall 1960

Orr, Kenneth G. : Training for Overseas Effectiveness: A Survey : Fall 1960

Ostensoe, James G. : Problem of Scientific Surprise, The : Fall 1961

Overton, David W. : DI 10 Years After Reorganization, The : Spring 1992

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Parkinson, Len : Penkovskiy's Legacy and Strategic Research : Spring 1972

Paschall, Col. Rod : Deception for St. Mihiel: 1918 : Fall 1988

Patton, Thomas J. : Monitoring of War Indicators, The : Winter 1959

Paumier, Alfred : Communications to the Editor: Inside Darkest John : Spring 1961

Payne, Randolph : Production at an Aircraft Plant : Spring 1962

Peake, Cyrus H. : History's Role in Intelligence Estimating : Winter 1959

Peake, Hayden B. : Apostle in Seat 4-F, The : Winter 1984

Peake, Hayden B. : Harry S. Truman on CIA Covert Operations : Spring 1981

Peake, Hayden B. : More About Harry S. Truman on CIA Covert Operations : Summer 1981

Pearse, Ralph S. : What Size is It? : Winter 1971

Pechan, Bruce L. : Collector's Role in Evaluation, The : Summer 1961

Peers, W.R. : Intelligence Operations of OSS Detachment 101 : Summer 1960

Petchell, Robert A. : Cash on Delivery : Fall 1973

Peterson, Neal H. : Intelligence and US Foreign Policy, 1945-1954 : Winter 1984

Peterson, Neal H. : Intelligence Literature of the Cold War : Winter 1988

Pforzheimer, Walter : In Memoriam : Fall 1961

Pforzheimer, Walter : Letters to the President : Winter 1965

Pforzheimer, Walter : Passport to Death : Fall 1967

Pforzheimer, Walter : Philatelic KGB : Spring 1968

Pforzheimer, Walter : Postwar Soviet Espionage (A bibliography) : Spring 1962

Pforzheimer, Walter : Public Texts in Intelligence (A bibliography) : Spring 1961

Pforzheimer, Walter : Public Texts in Intelligence (A bibliography) : Winter 1964

Pierce, John G. : Some Mathematical Methods for Intelligence Analysis : Summer 1977

Pizzicaro, John T. : 30 September Movement in Indonesia, The : Fall 1969

Plaster, Henry G. : Snooping on Space Pictures : Fall 1964

Poirier, Robert G. : Katyn Enigma: New Evidence in a 40-Year Riddle, The : Spring 1981

Poirier, Robert G. : Rome East of the Jordan: The Archaeological Use of Satellite Photography : Spring 1977

Poirier, Robert G. : Satellite View of a Historic Batttlefield : Spring 1978

Polgar, Thomas : Assignment: Skyjacker : Fall 1972

Pollitt, Ronald : From Ambassador to Prison Spy : Summer 1985

Porcaro, Anthony : Graphics Coordinator Program, The : Summer 1964

Post, Jerrold M. M.D. : Aging Communist Leaders: Psychological Considerations : Spring 1979

Post, Jerrold M. M.D. : Anatomy of Treason, The : Spring 1975

Post, Jerrold M. M.D. : Critical Time Junctures in the National Estimative Process : Spring 1982

Post, Jerrold M. M.D. : On Aging Leaders : Spring 1969

Post, Jerrold M. M.D. : Personality Profiles in Support of the Camp David Summit : Summer 1979

Probst, Reed R. : Clausewitz on Intelligence : Fall 1985

Probst, Reed R. : Intelligence as a Force Enhancer : Winter 1987

Probst, Reed R. : Triage in Intelligence : Spring 1990

Prunko, Donald H. : Recruitment in Moscow : Spring 1969

Puchalla, Edward F. : Communist Defense Against Aerial Surveillance in Southeast Asia : Fall 1970

Puderbaugh, Richard T. : Elegant Writing - Report Number Two : Summer 1973

Puderbaugh, Richard T. : Elegant Writing in the Clandestine Services : Spec. Ed. 1972

Pughe, George A. : Dust That Isn't There, The : Spring 1958

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Quibble, Anthony : Alias George Wood : Winter 1966

Quibble, Anthony : Eastern Front at the Turning Point, The : Fall 1962

Quibble, Anthony : Roderick "Steve" Hall : Fall 1967

Quibble, Anthony; Ramsey, Diane ; Boerner, Mark : Communications to the Editors: Quantified Indicators : Fall 1963

Quintanilla, Jr. Hector : Investigation of UFOs, The : Fall 1966

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Ramsey, Diane M. ; Boerner, Mark S. : Study in Indications Methodology, A : Summer 1963

Random, R. A. : Communication to the Editors: On "Concepts for a Philosophy of Air Intelligence : Summer 1958

Random, R. A. : Intelligence as a Science : Spring 1958

Reader : Communications to the Editors: Caught Napping : Summer 1963

Reagan, Ronald : President at Langley, The : Fall 1982

Reiser, Donald ; Wood, Harry : Microtechnology : Fall 1968

Renntauskas, Vincent : Estimation of Construction Jobs, The : Fall 1963

Riffice, Albert E. : Intelligence and Covert Action : Winter 1962

Riposte, Ralph : New Anachronism : Summer 1958

Rittenburg, E. S. : Your Man in Ohio : Summer 1963

Robinson, Sheryl : Gulf War From Tel Aviv, The : Winter 1991

Rocafort, W. W. : Colonel Abel's Assistant : Fall 1959

Rogers, Lawrence E. : Project Ninos : Winter 1963

Rogov, A. S. : Pitfalls of Civilian Cover : Summer 1964

Romano, George : Coexistence and Covert Collection : Spring 1958

Romig, Walter W. : Spy Mission to Montana : Summer 1967

Ross, Joel ; Naquin, Douglas : High-Intensity Annoyance : Spring 1990

Rostow, W. W. : Beginnings of Air Targeting, The : Winter 1963

Rostow, W.W. : Waging Economic Warfare From London : Winter 1991

Rothenberg, Herbert C. : Identifying the Future Threat : Fall 1968

Rout, Leslie B. Jr. ; Bratzel, John F. : Origins: US Intelligence in Latin America : Winter 1985

Rubenstein, Henry : DC Power and Cooling Towers : Fall 1972

Rumpelmayer, J. J. : Missiles in Cuba, The : Fall 1964

Rundquist, E.A. : Assessment of Graphology, The : Summer 1959

Rush, Myron : Neglected Source of Evidence, A : Summer 1958

Rush, Myron ; Barry, James A. : Impact of the USSR's Economic Predicament on Soviet Military Spending - A Speculative Debate, The : Spring 1978

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Salemme, Arthur J. : Beyond Webster and All That: Dictionaries of Unconventional Language : Spring 1969

Samford, John A. : Intelligence Necessary to the Formulation of a Sound Strategy, The : Fall 1957

Samford, John A. ; Crick, Alan J.P. : Notes and Comments : Spring 1956

Sapp, Edwin Greenlaw : Decision Trees : Winter 1974

Savacool, James A. : Training Pays : Summer 1965

Sayle, Edward F. : Chronology of a Deception : Summer 1981

Sayle, Edward F. : Framers on the Realities, The : Summer 1987

Sayle, Edward F. : George Washington: Manager of Intelligence : Winter 1983

Sayle, Edward F. : Project Termination with a Change of Administration : Winter 1981

Sayle, Edward F. : Tribute to Some Unsung Heroes, A : Summer 1982

Schiattareggia, M. H. : Counterintelligence in Counter-Guerrilla Operations : Summer 1962

Schlossberg, Herbert : Communication to the Editors: On "Valediction" : Winter 1969

Schmitt, Gary J. : Congressional Oversight of Intelligence : Spring 1985

Schneidman, Whitney W. : Diplomacy, Intelligence, and Portugal's Revolution : Summer 1989

Schnell, Jane : Snapshots at Random : Spring 1961

Schreckengost, R. C. : New Perspectives in ELINT : Fall 1970

Schreckengost, R. C. : Some Limitations in Systems Analysis in Intelligence Activities : Fall 1970

Schroeder, Gertrude : Soviet Reality Sans Potemkin : Spring 1968

Schwarzchild, Edward T. : Assessment of Insurgency, The : Fall 1963

Schweitzer, Nicholas : Bayesian Analysis for Intelligence: Some Focus on the Middle East : Summer 1976

Scidmore, R.R. : Symptoms of Scientific Breakthrough, The : Winter 1960

Scott, William F. : Face of Moscow in the Missile Crisis, The : Spring 1966

Scoville, Herbert Jr. : Policing a Nuclear Test Ban : Winter 1959

Seidel, Wallace E. : Great Frusina Revisited: The Problem of Priority Positive Intelligence : Winter 1961

Seidel, Wallace E. : Intelligence for Defense Planning : Spring 1964

Serov, Ivan A. : Work with Walk-Ins : Winter 1964

Shaffer, Robert B. : Communications to the Editors: Agent Relations : Fall 1963

Shatz, Martin L. : Psychological Problems in Singleton Cover Assignments : Summer 1958

Shea, James R. : Winnowing Wheat from Chaff : Fall 1969

Sheldon, Rose Mary : Ill-fated Trojan Spy, The : Spring 1987

Sheldon, Rose Mary : Spying in Mesopotamia : Spring 1989

Sheldon, Rose Mary : Tradecraft in Ancient Greece : Spring 1986

Showell, Peter : Communications to the Editors: Assessment by Graphology : Summer 1960

Shryock, Richard W. : For an Eclectic Sovietology : Winter 1964

Shyrock, Richard W. : Intelligence Community Post-Mortem Program, 1973-1975, The : Fall 1977

Sibert, Edwin L. : Operation Portrex : Spring 1960

Silver, Daniel B. : CIA and the Law: The Evolving Role of the CIA's General Counsel, The : Summer 1981

Sinclair, Robert S. : Communication to the Editor: On "Cognitive Biases" : Spring 1979

Smigel, Stanley E. : Some Views on the Theory and Practice of Intelligence Collection : Spring 1958

Smith, Capt. Esmond, Jr. : Ultra and the Walker Case : Winter 1988

Smith, Abbot E. : Notes on "Capabilities" in National Intelligence : Winter 1956

Smith, Abbot E. : On the Accuracy of National Intelligence Estimates : Fall 1969

Smith, Alan B. : Costing Nuclear Programs : Winter 1966

Smith, Bruce : Great Chinese Mounds Puzzle, The : Fall 1975

Smith, Joseph B. : Portrait of a Cold Warrior : Winter 1976

Smith, R.J. : Coordination and Responsibility : Fall 1957

Smith, Robert W. : Analyst in a War Theater Role, The : Winter 1964

Smyth, Howard McGaw : Ciano Papers: Rose Garden, The :

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