FGS MONTHLY INVESTMENT IDEA

December 1998

***HAPPY HOLIDAYS FROM ALL OF US AT FIRST GEORGETOWN SECURITIES !!!***

AMERICAN MANAGEMENT SYSTEMS (AMSY, $31)

   AMSY is a business and information technology consulting firm headquartered in Fairfax, Virginia. Their primary customers are telecommunication firms, the U.S. and local governments, and other large organizations and companies. With 41 offices in the U.S. and Europe, AMSY has enjoyed 25 straight years of revenue growth, with 1998 sales estimated to top $1 billion.

   Five years earnings per share growth has exceeded 19 % annually. 1998 estimates are $1.17, 1999 estimates are in the $1.45 range for a p/e ratio of 21.

   The computerization of the world and specifically the Y2K problem are contributing to increased sales growth as is the explosion in Internet and Intranet usage. Clearly, the demand for their services will increase, and AMSY has demonstrated that they can manage growth. We believe AMSY should trade at 30 times 1999 earnings. Our price target is $43 in the next 12 months. Buy under $32.

Yearly High: $34 1/2

Yearly Low: $18 3/4

Note: The editor's daughter is employed by AMSY.

Last Month's Pick: TLC THE LAZER CENTER (LZRCF) at $17. Now: $19 1/2

*Prices and data as of late November 1998. The above information is believed to be reliable, but is not guaranteed to be accurate. Investors should check every investment for suitability for his or her particular needs. Employees of First Georgetown may have positions now or in the future in the above securities. This is not a solicitation for residents of WI and OH.

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