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March 4, 2004 Stock Pick: RAE Systems Inc. (RAE)

Stock Price: $4.40

RAE Systems Inc. is a leading global developer and manufacturer of rapidly-deployable, multi-sensor chemical and radiation detection monitors and networks for homeland security and industrial applications. The company's products enable the military and first responders such as firefighters, law enforcement and other emergency management personnel to detect and provide early warning of weapons of mass destruction and other hazardous materials.

RAE was beat up after they reported their fourth quarter and year end numbers. Revenue was $15.0 million up 75%; however, their net income was only $315,000 compared to $483,000 for the same period last year.

RAE is now close to its 52-week low levels. Historically, RAE always seems to bounce strongly off of the $4 to $5 level.

Contract news could send this over $6.00 in the short run, but we believe it will be most rewarding as a long-term hold as it starts another long-term trend up.

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