TELOS CORP — Director's Dealing 2005

Mar 25, 2005

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: TELOS CORP (TLSRP)
CIK: 0000320121
Period of Report: 2005-03-17

Reporting Person: Siegel Andrew R (10% Owner)
Reporting Person: White Bay Capital Management LLC (10% Owner)
Reporting Person: HAMOT SETH W (10% Owner)
Reporting Person: Roark, Rearden & Hamot LLC (10% Owner)
Reporting Person: Costa Brava Partnership III LP (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
12% Cumulative Exchangeable Redeemable Preferred Stock, $.01	14476	Direct
12% Cumulative Exchangeable Redeemable Preferred Stock,$.01	344111	Indirect

Footnotes

F1: 12% Cumulative Exchangeable Redeemable Preferred Stock, $.01 par value per share

F2: White Bay Capital Management, LLC disclaims beneficial ownership of these shares. Costa Brava Partnership III, LP, Roark, Rearden & Hamot and Seth Hamot have no beneficial ownership of these shares.

F3: Beneficial ownership is disclaimed by Seth Hamot, Roark, Rearden & Hamot, Andrew R. Siegel and White Bay Capital Management, LLC.

F4: The shares are owned by Costa Brava Partnership III, LP. Roark, Rearden & Hamot, LLC is the sole general partner of Costa Brava Partnership III, LP and Seth Hamot is the sole member and manager of Roark, Rearden & Hamot. Pursuant to a memorandum of understanding between White Bay Capital Management, LLC and Roark, Rearden & Hamot, LLC, White Bay Capital Management, LLC has the right to receive or the power to direct the receipt of dividends from or the proceeds from the sale of, the shares owned by Costa Brava Partnership III, LP. Mr. Siegel is the sole member and manager of White Bay Capital Management, LLC.