TELOS CORP — Director's Dealing 2005

Mar 25, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELOS CORP (TLSRP)
CIK: 0000320121
Period of Report: 2005-03-23

Reporting Person: WYNNEFIELD PARTNERS SMALL CAP VALUE LP (10% Owner)
Reporting Person: WYNNEFIELD PARTNERS SMALL CAP VALUE LP I (10% Owner)
Reporting Person: WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND LTD (10% Owner)
Reporting Person: CHANNEL PARTNERSHIP II L P (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-03-23	Preferred Stock, par value $.01 per share	S	31200	$5.85	Disposed	373500	Direct
2005-03-23	Preferred Stock, par value $.01 per share	S	33700	$5.85	Disposed	373500	Indirect
2005-03-23	Preferred Stock, par value $.01 per share	S	27800	$5.85	Disposed	373500	Indirect

Footnotes

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

F2: On the date hereof, of the total Amount of Securities Beneficially Owned Following Reported Transactions reported in Column 5
hereof, the Reporting Person directly beneficially owns 131,800 shares of the 12% Cumulative Exchangeable Redeemable
Preferred Stock, par value $.01 per share (the "Preferred Stock") of Telos Corporation (TLSRP) ("Telos").

The Reporting Person has an indirect beneficial ownership interest in securities held in the name of Channel Partnership II,
L.P., as members of a group under Section 13(d) of the Securities Exchange Act of 1934, as amended. Channel Partnership II,
L.P., which maintains offices at the same address as the Reporting Person, directly beneficially owns the securities of
Telos to which the Reporting Person claims indirect beneficial ownership. On the date hereof, Channel Partnership II, L.P.
directly beneficially owns 13,500 shares of Preferred Stock.

F3: The Reporting Person has an indirect beneficial ownership interest in securities held in the name of Wynnefield Partners
Small Cap Value, L.P. I, as members of a group under Section 13(d) of the Securities Exchange Act of 1934, as amended.
Wynnefield Partners Small Cap Value, L.P. I, which maintains offices at the same address as the Reporting Person, is filing
this Form jointly with the Reporting Person, and directly beneficially owns these securities of Telos to which the Reporting
Person claims indirect beneficial ownership. On the date hereof, Wynnefield Partners Small Cap Value, L.P. I directly
beneficially owns 142,800 shares of Preferred Stock.

F4: The Reporting Person has an indirect beneficial ownership interest in securities held in the name of Wynnefield Small Cap
Value Offshore Fund, Ltd., as members of a group under Section 13(d) of the Securities Exchange Act of 1934, as amended.
Wynnefield Small Cap Value Offshore Fund, Ltd., which maintains offices at the same address as the Reporting Person, is
filing this Form jointly with the Reporting Person, and directly beneficially owns the securities of Telos to which the
Reporting Person claims indirect beneficial ownership. On the date hereof, Wynnefield Small Cap Value Offshore Fund, Ltd.
directly beneficially owns 85,400 shares of Preferred Stock.