ManageSource Research, Inc. Releases Independent Research Report on Photon Dynamics, Inc.

Market Wire, March, 2005

ManageSource Research, Inc. announced today that it has released an updated version of its wholly independent research report on Photon Dynamics, Inc. (NASDAQ: PHTN). The complete, updated report is available in the Equity Research section of the ManageSource Research website, located at http://www.managesource.com.

About ManageSource Research, Inc.

Founded in 1998, ManageSource is a California Registered Investment Advisor that provides custom independent equity research, forecasting, valuation analysis and research support services to the institutional investment community, asset managers and corporations. For a complete list of ManageSource's current independent and enrolled research inventory, please see: http://www.managesource.com/managesource_cvrg.xls.

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ManageSource Research, Inc. reports are an information source only, not a solicitation in securities. Statements pertaining to a company's future value and growth potential are considered "forward-looking" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. ManageSource intends that such statements and all forward-looking statements be subject to the safe harbors created thereby. Actual results may differ significantly from those expressed or implied. Information has been carefully compiled from sources deemed to be reliable, but accuracy is not guaranteed. This report is not investment advice. Investing in securities is speculative and carries a high degree of risk. All information should be independently verified. Investors need to perform their own due diligence with any investment decision to fully understand all risks. Reports are prepared by ManageSource Research, Inc., a California registered investment advisor, CRD# 131888. Officers, directors, and employees of ManageSource Research, Inc. do not currently hold an equity position in the securities discussed herein, but may from time to time. The Company named herein is part of ManageSource's independent research program. ManageSource is NOT compensated either directly from the company herein described, or via any related third parties, for the preparation & distribution of this report. Further information: info@managesource.com.

Contact: ManageSource Research, Inc. 8251 Blackburn Avenue Los Angeles, CA. 90048 (323) 712-3000 info@managesource.com