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| R      | QUARTERLY REPORT PURSUANT TO      SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF      1934                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | FOR      THE QUARTERLY PERIOD ENDED MARCH 31, 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | OR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| £ | TRANSITION REPORT PURSUANT TO      SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF      1934                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | FOR      THE TRANSITION PERIOD      FROM                                                                                                TO                  |

| MASSACHUSETTS                                                       | 04-2211809                                |
|---------------------------------------------------------------------|-------------------------------------------|
| (State      or other jurisdiction of Incorporation or organization) | (I.R.S.      Employer Identification No.) |

| Large      accelerated filer | £                                                    | Accelerated      filer  R              |
|------------------------------|-----------------------------------------------------------|--------------------------------------------------|
| Non-accelerated      filer   | £ (Do not      check if a smaller reporting company) | Smaller      reporting company  £ |

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DYNAMICS RESEARCH CORPORATION

|                               |          |                                                                                                                                                                         | Page   |   |
|------------------------------------|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
| Part      I. Financial Information |          |
|                               | Item      1.  | Financial      Statements                                                                                                                                                    |   |
|                               |          | Condensed Consolidated Balance Sheets as of March 31, 2009 and      December 31, 2008 (unaudited)                                                                            | 3      |
|                               |          | Condensed Consolidated Statements of Operations for the three      months ended March 31, 2009 and 2008 (unaudited)                                                          | 4      |
|                               |          | Condensed Consolidated Statements of Changes in      Stockholders’ Equity and Comprehensive Income for the three months ended      March 31, 2009 and 2008 (unaudited) | 5      |
|                               |          | Condensed Consolidated Statements of Cash Flows for the      three months ended March 31, 2009 and 2008 (unaudited)                                                          | 6      |
|                               |          | Notes to Condensed Consolidated Financial Statements      (unaudited)                                                                                                        | 7      |
|                               | Item      2.  | Management’s Discussion and Analysis of Financial Condition      and Results of Operations                                                                             | 16     |   |
|                               | Item      3.  | Quantitative and Qualitative Disclosures About Market      Risk                                                                                                              | 23     |   |
|                               | Item      4.  | Controls and Procedures                                                                                                                                                      | 24     |   |
|                               |          |
| Part      II. Other Information    |          |
|                               | Item      1.  | Legal Proceedings                                                                                                                                                            | 24     |   |
|                               | Item      1A. | Risk Factors                                                                                                                                                                 | 24     |   |
|                               | Item      2.  | Unregistered Sales of Equity Securities and Use of      Proceeds                                                                                                             | 25     |   |
|                               | Item      6.  | Exhibits                                                                                                                                                                     | 25     |   |

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TABLE OF CONTENTS

DYNAMICS RESEARCH CORPORATION

|                                                                                                                                                                                    |   | March      31, |    |   | December      31, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|---------|--------|-------------------|--------|
|                                                                                                                                                                                    |   | 2009           |    |   | 2008              |   |
| Assets                                                                                                                                                                                  |   |           |    |   |              |   |
| Current      assets                                                                                                                                                                     |   |           |    |   |              |   |
| Cash      and cash equivalents                                                                                                                                                          |   | $              | 4,383   |   |              | $      | 7,111 |   |
| Contract      receivables, net                                                                                                                                                          |   |           | 71,761  |   |              |   | 71,438 |   |
| Prepaid      expenses and other current assets                                                                                                                                          |   |           | 3,401   |   |              |   | 2,491 |   |
| Total      current assets                                                                                                                                                               |   |           | 79,545  |   |              |   | 81,040 |   |
| Noncurrent      assets                                                                                                                                                                  |   |           |    |   |              |   |   |   |
| Property      and equipment, net                                                                                                                                                        |   |           | 8,821   |   |              |   | 9,349 |   |
| Goodwill                                                                                                                                                                                |   |           | 97,641  |   |              |   | 97,641 |   |
| Intangible      assets, net                                                                                                                                                             |   |           | 6,406   |   |              |   | 7,379 |   |
| Deferred      tax asset                                                                                                                                                                 |   |           | 10,369  |   |              |   | 10,396 |   |
| Other      noncurrent assets                                                                                                                                                            |   |           | 3,042   |   |              |   | 3,125 |   |
| Total      noncurrent assets                                                                                                                                                            |   |           | 126,279 |   |              |   | 127,890 |   |
| Total      assets                                                                                                                                                                       |   | $              | 205,824 |   |              | $      | 208,930 |   |
|                                                                                                                                                                                    |   |           |    |   |              |   |   |   |
| Liabilities      and stockholders' equity                                                                                                                                               |   |           |    |   |              |   |   |   |
| Current      liabilities                                                                                                                                                                |   |           |    |   |              |   |   |   |
| Current      portion of long-term debt                                                                                                                                                  |   | $              | 8,000   |   |              | $      | 8,000 |   |
| Accounts      payable                                                                                                                                                                   |   |           | 17,720  |   |              |   | 18,095 |   |
| Accrued      compensation and employee benefits                                                                                                                                         |   |           | 13,419  |   |              |   | 13,644 |   |
| Deferred      taxes                                                                                                                                                                     |   |           | 3,492   |   |              |   | 2,670 |   |
| Other      accrued expenses                                                                                                                                                             |   |           | 20,898  |   |              |   | 24,760 |   |
| Total      current liabilities                                                                                                                                                          |   |           | 63,529  |   |              |   | 67,169 |   |
| Long-term      liabilities                                                                                                                                                              |   |           |    |   |              |   |   |   |
| Long-term      debt                                                                                                                                                                     |   |           | 28,296  |   |              |   | 30,000 |   |
| Other      long-term liabilities                                                                                                                                                        |   |           | 30,523  |   |              |   | 30,286 |   |
| Total      long-term liabilities                                                                                                                                                        |   |           | 58,819  |   |              |   | 60,286 |   |
| Total      liabilities                                                                                                                                                                  |   |           | 122,348 |   |              |   | 127,455 |   |
| Commitments      and contingencies                                                                                                                                                      |   |           |    |   |              |   |   |   |
| Stockholders'      equity                                                                                                                                                               |   |           |    |   |              |   |   |   |
| Preferred      stock, $0.10 par value; 5,000,000 shares authorized; no shares issued and      outstanding                                                                               |   |           | -       |   |              |   | - |   |
| Common      stock, $0.10 par value; 30,000,000 shares authorized; 9,729,453 and      9,674,512 shares issued and outstanding at March 31, 2009 and December 31,      2008, respectively |   |           | 973     |   |              |   | 967 |   |
| Capital      in excess of par value                                                                                                                                                     |   |           | 52,102  |   |              |   | 51,919 |   |
| Accumulated      other comprehensive loss, net of taxes                                                                                                                                 |   |           | (22,227 | )      |              |   | (22,268 | ) |
| Retained      earnings                                                                                                                                                                  |   |           | 52,628  |   |              |   | 50,857 |   |
| Total      stockholders' equity                                                                                                                                                         |   |           | 83,476  |   |              |   | 81,475 |   |
| Total      liabilities and stockholders' equity                                                                                                                                         |   | $              | 205,824 |   |              | $      | 208,930 |   |

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TABLE OF CONTENTS

DYNAMICS RESEARCH CORPORATION

|                                                           |   | Three      Months Ended |      |
|----------------------------------------------------------------|--------|-------------------------|-----------|
|                                                           |   | March      31,          |      |
|                                                           |   | 2009                    |      |   | 2008 |   |
| Contract      revenue                                          |   | $                       | 67,203    |   |   | $ | 54,773 |   |
| Product      sales                                             |   |                    | 1,336     |   |   |   | 1,705 |   |
| Total      revenue                                             |   |                    | 68,539    |   |   |   | 56,478 |   |
|                                                           |   |                    |      |   |   |   |   |   |
| Cost      of contract revenue                                  |   |                    | 55,943    |   |   |   | 46,212 |   |
| Cost      of product sales                                     |   |                    | 1,518     |   |   |   | 1,605 |   |
| Total      cost of  revenue                          |   |                    | 57,461    |   |   |   | 47,817 |   |
|                                                           |   |                    |      |   |   |   |   |   |
| Gross      profit on contract revenue                          |   |                    | 11,260    |   |   |   | 8,561 |   |
| Gross      (loss) profit on product sales                      |   |                    | (182      | ) |   |   | 100 |   |
| Total      gross profit                                        |   |                    | 11,078    |   |   |   | 8,661 |   |
|                                                           |   |                    |      |   |   |   |   |   |
| Selling,      general and administrative expenses              |   |                    | 6,457     |   |   |   | 5,401 |   |
| Provision      for litigation                                  |   |                    | -         |   |   |   | 8,819 |   |
| Amortization      of intangible assets                         |   |                    | 973       |   |   |   | 509 |   |
| Operating      income (loss)                                   |   |                    | 3,648     |   |   |   | (6,068 | ) |
| Interest      expense, net                                     |   |                    | (619      | ) |   |   | (139 | ) |
| Other      income (expense), net                               |   |                    | 39        |   |   |   | (71 | ) |
| Income      (loss) before provision (benefit) for income taxes |   |                    | 3,068     |   |   |   | (6,278 | ) |
| Provision      (benefit) for income taxes                      |   |                    | 1,297     |   |   |   | (1,022 | ) |
| Net      income (loss)                                         |   | $                       | 1,771     |   |   | $ | (5,256 | ) |
|                                                           |   |                    |      |   |   |   |   |   |
| Earnings      (loss) per common share                          |   |                    |      |   |   |   |   |   |
| Basic                                                          |   | $                       | 0.18      |   |   | $ | (0.56 | ) |
| Diluted                                                        |   | $                       | 0.18      |   |   | $ | (0.56 | ) |
|                                                           |   |                    |      |   |   |   |   |   |
| Weighted      average shares outstanding                       |   |                    |      |   |   |   |   |   |
| Basic                                                          |   |                    | 9,604,895 |   |   |   | 9,436,054 |   |
| Diluted                                                        |   |                    | 9,711,084 |   |   |   | 9,436,054 |   |

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TABLE OF CONTENTS

DYNAMICS RESEARCH CORPORATION

|                                                                                                            |   |              |   |   |           |   |   | Capital       |   |    | Accumulated |   |        |     |    |   |   |   |
|-----------------------------------------------------------------------------------------------------------------|--------|-------------------|--------|--------|----------------|--------|--------|---------------|--------|---------|-------------|--------|-------------|----------|---------|--------|--------|--------|
|                                                                                                            |   | Common      Stock |   |   | in      Excess |   |   | Other         |   |    |        |   |        |     |    |
|                                                                                                            |   | Issued            |   |   | of      Par    |   |   | Comprehensive |   |    | Retained    |   |        |     |    |
|                                                                                                            |   | Shares            |   |   | Par value      |   |   | Value         |   |    | Loss        |   |        | Earnings |    |   | Total  |   |
| Balance      at December 31, 2008                                                                               |   |              | 9,675  |   |           | $      | 967    |          |   | $       | 51,919      |   |        | $        | (22,268 | )      |   | $      | 50,857 |   |   | $ | 81,475 |   |
| Comprehensive      income:                                                                                      |   |              |   |   |           |   |   |          |   |    |        |   |        |     |    |   |   |   |   |   |   |   |   |   |
| Net      income                                                                                                 |   |              | -      |   |           |   | -      |          |   |    | -           |   |        |     | -       |   |   |   | 1,771 |   |   |   | 1,771 |   |
| Other      comprehensive income, net of tax:                                                                    |   |              |   |   |           |   |   |          |   |    |        |   |        |     |    |   |   |   |   |   |   |   |   |   |
| Change      in unrealized loss on derivative instruments                                                        |   |              | -      |   |           |   | -      |          |   |    | -           |   |        |     | 41      |   |   |   | - |   |   |   | 41 |   |
| Comprehensive      income                                                                                       |   |              | -      |   |           |   | -      |          |   |    | -           |   |        |     | -       |   |   |   | - |   |   |   | 1,812 |   |
| Issuance      of common stock through stock option exercises and employee stock purchase      plan transactions |   |              | 12     |   |           |   | 1      |          |   |    | 80          |   |        |     | -       |   |   |   | - |   |   |   | 81 |   |
| Issuance      of restricted stock                                                                               |   |              | 55     |   |           |   | 6      |          |   |    | (6          | )      |        |     | -       |   |   |   | - |   |   |   | - |   |
| Forfeiture      of restricted stock                                                                             |   |              | (2     | )      |           |   | -      |          |   |    | -           |   |        |     | -       |   |   |   | - |   |   |   | - |   |
| Release      of restricted stock                                                                                |   |              | (11    | )      |           |   | (1     | )             |   |    | (82         | )      |        |     | -       |   |   |   | - |   |   |   | (83 | ) |
| Share-based      compensation                                                                                   |   |              | -      |   |           |   | -      |          |   |    | 191         |   |        |     | -       |   |   |   | - |   |   |   | 191 |   |
| Balance      at March 31, 2009                                                                                  |   |              | 9,729  |   |           | $      | 973    |          |   | $       | 52,102      |   |        | $        | (22,227 | )      |   | $      | 52,628 |   |   | $ | 83,476 |   |
|                                                                                                            |   |              |   |   |           |   |   |          |   |    |        |   |        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                            |   |              |   |   |           |   |   |          |   | Capital |        |   | Accumulated |     |    |   |   |   |   |   |   |   |
|                                                                                                            |   | Common      Stock |   |   | in      Excess |   |   | Other         |   |    |        |   |        |     |    |   |   |
|                                                                                                            |   | Issued            |   |   | of      Par    |   |   | Comprehensive |   |    | Retained    |   |        |     |    |   |
|                                                                                                            |   | Shares            |   |   | Par value      |   |   | Value         |   |    | Loss        |   |        | Earnings |    |   | Total  |   |
| Balance      at December 31, 2007                                                                               |   |              | 9,510  |   |           | $      | 951    |          |   | $       | 50,251      |   |        | $        | (6,745  | )      |   | $      | 52,047 |   |   | $ | 96,504 |   |
| Comprehensive      loss:                                                                                        |   |              |   |   |           |   |   |          |   |    |        |   |        |     |    |   |   |   |   |   |   |   |   |   |
| Net      loss                                                                                                   |   |              | -      |   |           |   | -      |          |   |    | -           |   |        |     | -       |   |   |   | (5,256 | ) |   |   | (5,256 | ) |
| Other      comprehensive loss, net of tax:                                                                      |   |              |   |   |           |   |   |          |   |    |        |   |        |     |    |   |   |   |   |   |   |   |   |   |
| Reclassification      adjustment for realized  gain on sale of    investments                         |   |              | -      |   |           |   | -      |          |   |    | -           |   |        |     | (108    | )      |   |   | - |   |   |   | (108 | ) |
| Comprehensive      loss                                                                                         |   |              | -      |   |           |   | -      |          |   |    | -           |   |        |     | -       |   |   |   | - |   |   |   | (5,364 | ) |
| Issuance      of common stock through stock option exercises and employee stock purchase      plan transactions |   |              | 28     |   |           |   | 3      |          |   |    | 231         |   |        |     | -       |   |   |   | - |   |   |   | 234 |   |
| Issuance      of restricted stock                                                                               |   |              | 34     |   |           |   | 3      |          |   |    | (3          | )      |        |     | -       |   |   |   | - |   |   |   | - |   |
| Forfeiture      of restricted stock                                                                             |   |              | (2     | )      |           |   | -      |          |   |    | -           |   |        |     | -       |   |   |   | - |   |   |   | - |   |
| Release      of restricted stock                                                                                |   |              | (12    | )      |           |   | (1     | )             |   |    | (118        | )      |        |     | -       |   |   |   | - |   |   |   | (119 | ) |
| Share-based      compensation                                                                                   |   |              | -      |   |           |   | -      |          |   |    | 402         |   |        |     | -       |   |   |   | - |   |   |   | 402 |   |
| Tax      benefit from stock options exercised and employee stock purchase plan      transactions                |   |              | -      |   |           |   | -      |          |   |    | 12          |   |        |     | -       |   |   |   | - |   |   |   | 12 |   |
| Balance      at March 31, 2008                                                                                  |   |              | 9,558  |   |           | $      | 956    |          |   | $       | 50,775      |   |        | $        | (6,853  | )      |   | $      | 46,791 |   |   | $ | 91,669 |   |

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TABLE OF CONTENTS

DYNAMICS RESEARCH CORPORATION

|                                                                                                |   | Three      Months Ended |    |
|-----------------------------------------------------------------------------------------------------|--------|-------------------------|---------|
|                                                                                                |   | March      31,          |    |
|                                                                                                |   | 2009                    |    |   | 2008 |   |
| Cash      flows from operating activities:                                                          |   |                    |    |   |   |   |
| Net      income (loss)                                                                              |   | $                       | 1,771   |   |   | $ | (5,256 | ) |
| Adjustments      to reconcile net cash provided by operating activities:                            |   |                    |    |   |   |   |   |   |
| Depreciation                                                                                        |   |                    | 784     |   |   |   | 700 |   |
| Amortization      of intangible assets                                                              |   |                    | 973     |   |   |   | 509 |   |
| Share-based      compensation                                                                       |   |                    | 191     |   |   |   | 402 |   |
| Investment      income from equity interest                                                         |   |                    | (96     | ) |   |   | 54 |   |
| Tax      benefit from stock options exercised and employee stock purchase plan      transactions    |   |                    | -       |   |   |   | (12 | ) |
| Provision      for litigation                                                                       |   |                    | -       |   |   |   | 8,819 |   |
| Deferred      income taxes                                                                          |   |                    | 821     |   |   |   | (2,421 | ) |
| Other                                                                                               |   |                    | (106    | ) |   |   | (245 | ) |
| Change      in operating assets and liabilities:                                                    |   |                    |    |   |   |   |   |   |
| Contract      receivables, net                                                                      |   |                    | (323    | ) |   |   | 1,659 |   |
| Prepaid      expenses and other current assets                                                      |   |                    | (910    | ) |   |   | (1,178 | ) |
| Accounts      payable                                                                               |   |                    | (375    | ) |   |   | (1,044 | ) |
| Accrued      compensation and employee benefits                                                     |   |                    | (225    | ) |   |   | (1,466 | ) |
| Other      accrued expenses                                                                         |   |                    | 305     |   |   |   | 1,380 |   |
| Other      long-term liabilities                                                                    |   |                    | 556     |   |   |   | (69 | ) |
| Net      cash provided by operating activities                                                      |   |                    | 3,366   |   |   |   | 1,832 |   |
| Cash      flows from investing activities:                                                          |   |                    |    |   |   |   |   |   |
| Purchase      of business                                                                           |   |                    | (4,250  | ) |   |   | - |   |
| Additions      to property and equipment                                                            |   |                    | (266    | ) |   |   | (402 | ) |
| Proceeds      from sale of investments and long-lived assets                                        |   |                    | 1       |   |   |   | 273 |   |
| Dividends      from equity investment                                                               |   |                    | 44      |   |   |   | 277 |   |
| Payments      related to the sale of building                                                       |   |                    | -       |   |   |   | (35 | ) |
| Increase      in other assets                                                                       |   |                    | -       |   |   |   | (399 | ) |
| Net      cash used in investing activities                                                          |   |                    | (4,471  | ) |   |   | (286 | ) |
| Cash      flow from financing activities:                                                           |   |                    |    |   |   |   |   |   |
| Repayments      under term loan                                                                     |   |                    | (2,000  | ) |   |   | - |   |
| Borrowings      under revolving credit agreement                                                    |   |                    | 11,570  |   |   |   | 20,497 |   |
| Repayments      under revolving credit agreement                                                    |   |                    | (11,274 | ) |   |   | (23,234 | ) |
| Proceeds      from the exercise of stock options and employee stock purchase plan      transactions |   |                    | 81      |   |   |   | 234 |   |
| Tax      benefit from stock options exercised and employee stock purchase plan      transactions    |   |                    | -       |   |   |   | 12 |   |
| Net      cash used in financing activities                                                          |   |                    | (1,623  | ) |   |   | (2,491 | ) |
| Net      decrease in cash and cash equivalents                                                      |   |                    | (2,728  | ) |   |   | (945 | ) |
| Cash      and cash equivalents, beginning of period                                                 |   |                    | 7,111   |   |   |   | 2,006 |   |
| Cash      and cash equivalents, end of period                                                       |   | $                       | 4,383   |   |   | $ | 1,061 |   |

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TABLE OF CONTENTS

NOTE 1. BASIS OF PRESENTATION

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TABLE OF CONTENTS

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TABLE OF CONTENTS

|                        |   | Three      Months Ended |   |
|-----------------------------|--------|-------------------------|--------|
|                        |   | March      31, 2008     |   |
| Revenue                     |   | $                       | 65,517 |   |
| Gross      profit           |   | $                       | 12,058 |   |
| Operating      loss         |   | $                       | (4,555 | ) |
| Net      loss               |   | $                       | (5,061 | ) |
|                        |   |                    |   |   |
| Loss      per common share: |   |                    |   |   |
| Basic                       |   | $                       | (0.54  | ) |
| Diluted                     |   | $                       | (0.54  | ) |

|                                                                                                                       |   | March 31, |    |   | December 31, |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|----------------|---------|--------|-------------------|--------|
|                                                                                                                       |   | 2009           |    |   | 2008              |   |
| Contract      receivables, net                                                                                             |   |           |    |   |              |   |
| Billed      receivables                                                                                                    |   | $              | 33,277  |   |              | $      | 35,423 |   |
| Unbilled      receivables(1):                                                                                              |   |           |    |   |              |   |   |   |
| Revenues      recorded in excess of milestone billings on fixed price contracts with the      States of Ohio and Tennessee |   |           | 10,168  |   |              |   | 8,907 |   |
| Retainages      and fee withholdings                                                                                       |   |           | 1,159   |   |              |   | 1,179 |   |
| Other      unbilled receivables                                                                                            |   |           | 28,034  |   |              |   | 26,858 |   |
| Total      unbilled receivables                                                                                            |   |           | 39,361  |   |              |   | 36,944 |   |
| Allowance      for doubtful accounts                                                                                       |   |           | (877    | )      |              |   | (929 | ) |
| Contract      receivables, net                                                                                             |   | $              | 71,761  |   |              | $      | 71,438 |   |
|                                                                                                                       |   |           |    |   |              |   |   |   |
| Prepaid      expenses and other current assets:                                                                            |   |           |    |   |              |   |   |   |
| Inventory                                                                                                                  |   | $              | 803     |   |              | $      | 766 |   |
| Restricted      cash                                                                                                       |   |           | 22      |   |              |   | 150 |   |
| Other                                                                                                                      |   |           | 2,576   |   |              |   | 1,575 |   |
| Prepaid      expenses and other current assets                                                                             |   | $              | 3,401   |   |              | $      | 2,491 |   |
|                                                                                                                       |   |           |    |   |              |   |   |   |
| Property      and equipment, net:                                                                                          |   |           |    |   |              |   |   |   |
| Production      equipment                                                                                                  |   | $              | 11,572  |   |              | $      | 11,530 |   |
| Software                                                                                                                   |   |           | 11,608  |   |              |   | 11,602 |   |
| Furniture      and other equipment                                                                                         |   |           | 7,738   |   |              |   | 7,644 |   |
| Leasehold      improvements                                                                                                |   |           | 2,962   |   |              |   | 2,949 |   |
| Property      and equipment                                                                                                |   |           | 33,880  |   |              |   | 33,725 |   |
| Less      accumulated depreciation                                                                                         |   |           | (25,059 | )      |              |   | (24,376 | ) |
| Property      and equipment, net                                                                                           |   | $              | 8,821   |   |              | $      | 9,349 |   |
|                                                                                                                       |   |           |    |   |              |   |   |   |
| Other      noncurrent assets:                                                                                              |   |           |    |   |              |   |   |   |
| Equity      investments                                                                                                    |   | $              | 1,232   |   |              | $      | 1,180 |   |
| Deferred      compensation plan investments                                                                                |   |           | 1,026   |   |              |   | 1,107 |   |
| Other                                                                                                                      |   |           | 784     |   |              |   | 838 |   |
| Other      noncurrent assets                                                                                               |   | $              | 3,042   |   |              | $      | 3,125 |   |

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|                                                   |   | March 31, |   |   | December 31, |   |
|--------------------------------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                                                   |   | 2009           |   |   | 2008              |   |
| Accrued      compensation and employee benefits:       |   |           |   |   |              |   |
| Accrued      compensation and related  taxes |   | $              | 7,134  |   |              | $      | 7,504 |   |
| Accrued      vacation                                  |   |           | 5,311  |   |              |   | 4,391 |   |
| Other                                                  |   |           | 974    |   |              |   | 1,749 |   |
| Accrued      compensation and employee benefits        |   | $              | 13,419 |   |              | $      | 13,644 |   |
|                                                   |   |           |   |   |              |   |   |   |
| Other      accrued expenses:                           |   |           |   |   |              |   |   |   |
| Accrued      litigation reserve                        |   | $              | 15,000 |   |              | $      | 15,000 |   |
| Accrued      acquisition costs                         |   |           | -      |   |              |   | 4,265 |   |
| Accrued      income taxes                              |   |           | 2,226  |   |              |   | 2,042 |   |
| Deferred      gain on sale of building                 |   |           | 670    |   |              |   | 676 |   |
| Other                                                  |   |           | 3,002  |   |              |   | 2,777 |   |
| Other      accrued expenses                            |   | $              | 20,898 |   |              | $      | 24,760 |   |
|                                                   |   |           |   |   |              |   |   |   |
| Other      long-term liabilities:                      |   |           |   |   |              |   |   |   |
| Accrued      pension liability                         |   | $              | 22,975 |   |              | $      | 22,570 |   |
| Deferred      gain on sale of building                 |   |           | 3,888  |   |              |   | 4,057 |   |
| Deferred      compensation plan liability              |   |           | 1,026  |   |              |   | 1,107 |   |
| Other                                                  |   |           | 2,634  |   |              |   | 2,552 |   |
| Other      long-term liabilities                       |   | $              | 30,523 |   |              | $      | 30,286 |   |

| (1) | At      March 31, 2009 and December 31, 2008, $513 and $495, respectively, of      unbilled retainages and fee withholdings are not anticipated to be billed      within one year.  Additionally, at March 31, 2009 and December      31, 2008, $8,166 and $4,557, respectively, of the unbilled balance under      the Company’s contract with the State of Tennessee is not scheduled to be      invoiced within one year. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                            |   | March      31, 2009 |   |   | December      31, 2008 |   |
|---------------------------------|--------|---------------------|--------|--------|------------------------|--------|
|                            |   |                |   |   | Accumulated            |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |
|                            |   | Cost                |   |   | Amortization           |   |   | Net |   |   | Cost |   |   | Amortization |   |   | Net |   |
| Customer      relationships     |   | $                   | 14,700 |   |                   | $      | (12,192 | ) |   | $ | 2,508 |   |   | $ | 14,700 |   |   | $ | (11,769 | ) |   | $ | 2,931 |   |
| Customer      contracts         |   |                | 3,500  |   |                   |   | (950 | ) |   |   | 2,550 |   |   |   | 3,500 |   |   |   | (522 | ) |   |   | 2,978 |   |
| Non-competition      agreements |   |                | 1,400  |   |                   |   | (87 | ) |   |   | 1,313 |   |   |   | 1,400 |   |   |   | - |   |   |   | 1,400 |   |
| 8(a)      contract transition   |   |                | 130    |   |                   |   | (95 | ) |   |   | 35 |   |   |   | 130 |   |   |   | (60 | ) |   |   | 70 |   |
| Total                           |   | $                   | 19,730 |   |                   | $      | (13,324 | ) |   | $ | 6,406 |   |   | $ | 19,730 |   |   | $ | (12,351 | ) |   | $ | 7,379 |   |

| Remainder      of 2009   |   | $ | 2,332 |   |
|--------------------------|--------|---|-------|--------|
| 2010                     |   | $ | 1,542 |   |
| 2011                     |   | $ | 1,188 |   |
| 2012                     |   | $ | 492   |   |
| 2013                     |   | $ | 349   |   |
| 2014      and thereafter |   | $ | 503   |   |

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|                    |   | March      31,2009        |   |   | December      31,2008     |   |   | Three      MonthsEndedMarch      31, 2009               |   |
|-------------------------|--------|---------------------------|--------|--------|---------------------------|--------|--------|---------------------------------------------------------|--------|
| Instrument              |   | OtherLong-termLiabilities |   |   | OtherLong-termLiabilities |   |   | Net      GainRecognized      inOtherComprehensiveIncome |   |
| Interest      rate swap |   | $                         | 791    |   |                      | $      | 860    |                                                    |   | $ | 41 |   |

|                                               |   | Three      Months Ended |   |
|----------------------------------------------------|--------|-------------------------|--------|
|                                               |   | March      31,          |   |
|                                               |   | 2009                    |   |   | 2008 |   |
| Interest      cost on projected benefit obligation |   | $                       | 1,067  |   |   | $ | 959 |   |
| Expected      return on plan assets                |   |                    | (964   | ) |   |   | (1,396 | ) |
| Recognized      actuarial loss                     |   |                    | 303    |   |   |   | 137 |   |
| Net      periodic pension expense (income)         |   | $                       | 406    |   |   | $ | (300 | ) |

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|                                        |   | Three      Months Ended |   |
|---------------------------------------------|--------|-------------------------|--------|
|                                        |   | March      31,          |   |
|                                        |   | 2009                    |   |   | 2008 |   |
| Cost      of products and services          |   | $                       | 80     |   |   | $ | 163 |   |
| Selling,      general and administrative    |   |                    | 111    |   |   |   | 239 |   |
| Total      share-based compensation expense |   | $                       | 191    |   |   | $ | 402 |   |

|                                                  |   |           |    |   |     |   |   | Weighted    |   |   |      |   |
|-------------------------------------------------------|--------|----------------|---------|--------|----------|--------|--------|-------------|--------|--------|-----------|--------|
|                                                  |   |           |    |   |     |   |   | Average     |   |   |      |   |
|                                                  |   |           |    |   | Weighted |   |   | Remaining   |   |   |      |   |
|                                                  |   |           |    |   | Average  |   |   | Contractual |   |   | Aggregate |   |
|                                                  |   | Number      of |    |   | Exercise |   |   | Term        |   |   | Intrinsic |   |
|                                                  |   | Shares         |    |   | Price    |   |   | (in years)  |   |   | Value     |   |
| Outstanding      and exercisable at December 31, 2008 |   |           | 889,108 |   |     | $      | 8.42   |        |   |   | 2.1       |   |   | $ | 729 |   |
| Granted                                               |   |           | -       |   |     | $      | -      |        |   |   |      |   |   |   |   |   |
| Exercised                                             |   |           | -       |   |     | $      | -      |        |   |   |      |   |   |   |   |   |
| Cancelled                                             |   |           | (4,917  | )      |     | $      | 11.70  |        |   |   |      |   |   |   |   |   |
| Outstanding      and exercisable at March 31, 2009    |   |           | 884,191 |   |     | $      | 8.40   |        |   |   | 1.9       |   |   | $ | 561 |   |

|                                                           |   | Three      Months Ended |   |
|----------------------------------------------------------------|--------|-------------------------|--------|
|                                                           |   | March      31,          |   |
|                                                           |   | 2009                    |   |   | 2008 |   |
| Amounts      realized or received from stock option exercises: |   |                    |   |   |   |   |
| Cash      proceeds received                                    |   | $                       | -      |   |   | $ | 113 |   |
| Intrinsic      value realized                                  |   | $                       | -      |   |   | $ | 34 |   |
| Income      tax benefit realized                               |   | $                       | -      |   |   | $ | 11 |   |

|                                |   |           |    |   | Weighted   |   |
|-------------------------------------|--------|----------------|---------|--------|------------|--------|
|                                |   |           |    |   | Average    |   |
|                                |   | Number      of |    |   | Grant-Date |   |
|                                |   | Shares         |    |   | Fair Value |   |
| Nonvested      at December 31, 2008 |   |           | 158,476 |   |       | $      | 10.61 |   |
| Granted                             |   |           | 56,250  |   |       | $      | 7.51 |   |
| Vested                              |   |           | (33,834 | )      |       | $      | 11.58 |   |
| Cancelled                           |   |           | (2,000  | )      |       | $      | 12.11 |   |
| Nonvested      at March 31, 2009    |   |           | 178,892 |   |       | $      | 9.46 |   |

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|                                                                    |   | Three      Months Ended |      |
|-------------------------------------------------------------------------|--------|-------------------------|-----------|
|                                                                    |   | March      31,          |      |
|                                                                    |   | 2009                    |      |   | 2008 |   |
|  Weighted      average shares outstanding - Basic                  |   |                    | 9,604,895 |   |   |   | 9,436,054 |   |
|  Dilutive      effect of stock options and restricted stock grants |   |                    | 106,189   |   |   |   | - |   |
|  Weighted      average shares outstanding - Diluted                |   |                    | 9,711,084 |   |   |   | 9,436,054 |   |

|                                  |   | Three      Months Ended |   |
|---------------------------------------|--------|-------------------------|--------|
|                                  |   | March      31,          |   |
|                                  |   | 2009                    |   |   | 2008 |   |
| Revenues      from external customers |   |                    |   |   |   |   |
| Systems      and Services             |   | $                       | 67,203 |   |   | $ | 54,773 |   |
| Metrigraphics                         |   |                    | 1,336  |   |   |   | 1,705 |   |
|                                  |   | $                       | 68,539 |   |   | $ | 56,478 |   |
| Gross      profit (loss)              |   |                    |   |   |   |   |   |   |
| Systems      and Services             |   | $                       | 11,260 |   |   | $ | 8,561 |   |
| Metrigraphics                         |   |                    | (182   | ) |   |   | 100 |   |
|                                  |   | $                       | 11,078 |   |   | $ | 8,661 |   |
| Operating      income (loss)          |   |                    |   |   |   |   |   |   |
| Systems      and Services             |   | $                       | 4,117  |   |   | $ | (5,841 | ) |
| Metrigraphics                         |   |                    | (469   | ) |   |   | (227 | ) |
|                                  |   | $                       | 3,648  |   |   | $ | (6,068 | ) |

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Item 2. Management’sDiscussion and Analysis of Financial Condition and Resultsof Operations

|   | • |   | the      ability to make more meaningful period-to-period comparisons of our      ongoing operating results;                      |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------|
|   |    |   |                                                                                                                              |
|   | • |   | the      ability to better identify trends in our underlying business and perform      related trend analysis;                    |
|   |    |   |                                                                                                                              |
|   | • |   | a      higher degree of transparency for certain expenses (particularly when a      specific charge impacts multiple line items); |
|   |    |   |                                                                                                                              |
|   | • |   | a      better understanding of how management plans and measures our underlying      business; and                                |
|   |    |   |                                                                                                                              |
|   | • |   | an      easier way to compare our most recent results of operations against      investor and analyst financialmodels.            |

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|                                                      |   | Three      Months Ended |   |   |       |
|-----------------------------------------------------------|--------|-------------------------|--------|--------|------------|
|                                                      |   | March      31,          |   |   |       |
|                                                      |   | 2009                    |   |   | 2008       |   |   |   |
| (in      millions)                                        |   | $                       |   |   | %      (2) |   |   | $      (1) |   |   | %      (2) |   |   |   |
| GAAP      operating income (loss)                         |   | $                       | 3.6    |   |       |   | 5.3 | % |   | $ | (6.1 | ) |   |   | (10.7 | )% |   |   |
| Provision      for litigation                             |   |                    |   |   |       |   |   |   |   |   | 8.8 |   |   |   | 15.6 | % |   |   |
| Non-GAAP      operating income                            |   |                    |   |   |       |   |   |   |   | $ | 2.8 |   |   |   | 4.9 | % |   |   |
|                                                      |   |                    |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| GAAP      income (loss) before provision for income taxes |   | $                       | 3.1    |   |       |   | 4.5 | % |   | $ | (6.3 | ) |   |   | (11.1 | )% |   |   |
| Provision      for litigation                             |   |                    |   |   |       |   |   |   |   |   | 8.8 |   |   |   | 15.6 | % |   |   |
| Non-GAAP      income before provision for income taxes    |   |                    |   |   |       |   |   |   |   | $ | 2.5 |   |   |   | 4.5 | % |   |   |
|                                                      |   |                    |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| GAAP      provision (benefit) for income taxes            |   | $                       | 1.3    |   |       |   | 42.3 | % |   | $ | (1.0 | ) |   |   | 16.3 | % | (3) |   |
| Tax      benefit for provision for litigation             |   |                    |   |   |       |   |   |   |   |   | 2.1 |   |   |   | 24.1 | % | (3) |   |
| Non-GAAP      provision for income taxes                  |   |                    |   |   |       |   |   |   |   | $ | 1.1 |   |   |   | 43.4 | % | (3) |   |
|                                                      |   |                    |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| GAAP      net income (loss)                               |   | $                       | 1.8    |   |       |   | 2.6 | % |   | $ | (5.3 | ) |   |   | (9.3 | % |   |   |
| Provision      for litigation, net of tax benefit         |   |                    |   |   |       |   |   |   |   |   | 6.7 |   |   |   | 11.9 | % |   |   |
| Non-GAAP      net income                                  |   |                    |   |   |       |   |   |   |   | $ | 1.4 |   |   |   | 2.5 | % |   |   |

| (1) | Totals      may not add due to rounding.                                                                                                                                                                                                                                              |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents      a percentage of total revenue of $68.5 million and $56.5 million in the      three months ended March 31, 2009 and 2008, respectively, excluding the      percentages for provision (benefit) for income taxes and the tax benefit      for provision for litigation. |
| (3) | These      amounts represent a percentage of GAAP income (loss) before provision for      income taxes, provision for litigation and non-GAAP income before      provision for income taxes,respectively.                                                                             |

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|                                                |   | Three      Months Ended March 31, |   |   |
|-----------------------------------------------------|--------|-----------------------------------|--------|--------|
|                                                |   | 2009                              |   |   |   | 2008 |   |   |
| (in      millions)                                  |   | $ (1)                             |   |   | % |   |   |   | $ (1) |   |   | % |   |   |
|  Contract      revenue                         |   | $                                 | 67.2   |   |   |   | 98.1 | % |   |   | $ | 54.8 |   |   |   | 97.0 | % |   |
|  Product      sales                            |   |                              | 1.3    |   |   |   | 1.9 |   |   |   |   | 1.7 |   |   |   | 3.0 |   |   |
|  Total      revenue                            |   | $                                 | 68.5   |   |   |   | 100.0 | % |   |   | $ | 56.5 |   |   |   | 100.0 | % |   |
|                                                |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Gross      profit on contract revenue (3)     |   | $                                 | 11.3   |   |   |   | 16.8 | % |   |   | $ | 8.6 |   |   |   | 15.6 | % |   |
|  Gross      profit (loss) on product sales (3) |   |                              | (0.2   | )      |   |   | (13.6 | )% |   |   |   | 0.1 |   |   |   | 5.9 | % |   |
|  Total      gross profit (3)                   |   |                              | 11.1   |   |   |   | 16.2 | % |   |   |   | 8.7 |   |   |   | 15.3 | % |   |
|                                                |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Selling,      general and administrative      |   |                              | 6.5    |   |   |   | 9.4 | % |   |   |   | 5.4 |   |   |   | 9.6 | % |   |
|  Provision      for litigation                 |   |                              | -      |   |   |   | 0.0 | % |   |   |   | 8.8 |   |   |   | 15.6 | % |   |
|  Amortization      of intangible assets        |   |                              | 1.0    |   |   |   | 1.4 | % |   |   |   | 0.5 |   |   |   | 0.9 | % |   |
|  Operating      income (loss)                  |   |                              | 3.6    |   |   |   | 5.3 | % |   |   |   | (6.1 | ) |   |   | (10.7 | )% |   |
|  Interest      expense, net                    |   |                              | (0.6   | )      |   |   | (0.9 | )% |   |   |   | (0.1 | ) |   |   | (0.2 | )% |   |
|  Other      income, net                        |   |                              | 0.0    |   |   |   | 0.1 | % |   |   |   | (0.1 | ) |   |   | (0.1 | )% |   |
|  Provision      (benefit) for income taxes     |   |                              | 1.3    |   |   |   | 42.3 | % | (2) |   |   | (1.0 | ) |   |   | 16.3 | % | (2) |
|  Net      income (loss)                        |   | $                                 | 1.8    |   |   |   | 2.6 | % |   |   | $ | (5.3 | ) |   |   | (9.3 | )% |   |

| (1) | Totals      may not add due to rounding.                                                                                       |
|-----|--------------------------------------------------------------------------------------------------------------------------------|
| (2) | The      percentage of provision (benefit) for income taxes relates to a percentage      of income (loss) before income taxes. |
| (3) | These      amounts represent a percentage of contract revenues, product sales and      total revenues, respectively.           |

|                                            |   | Three      Months Ended March 31, |   |
|-------------------------------------------------|--------|-----------------------------------|--------|
|                                            |   | 2009                              |   |   | 2008 |   |
| (in      millions)                              |   | $ (1)                             |   |   | % (1) |   |   | $ (1) |   |   | % (1) |   |
| National      defense and intelligence agencies |   | $                                 | 36.1   |   |   |   | 53.7 | % |   | $ | 40.9 |   |   |   | 74.8 | % |
| Federal      civilian agencies                  |   |                              | 12.2   |   |   |   | 18.1 |   |   |   | 6.6 |   |   |   | 12.1 |   |
| Homeland      Security                          |   |                              | 12.8   |   |   |   | 19.1 |   |   |   | 1.3 |   |   |   | 2.4 |   |
| State      and local government agencies        |   |                              | 5.8    |   |   |   | 8.7 |   |   |   | 5.2 |   |   |   | 9.6 |   |
| Other                                           |   |                              | 0.3    |   |   |   | 0.4 |   |   |   | 0.6 |   |   |   | 1.1 |   |
| Total      contract revenue                     |   | $                                 | 67.2   |   |   |   | 100.0 | % |   | $ | 54.8 |   |   |   | 100.0 | % |

| (1) | Totals      may not add due to rounding. |
|-----|------------------------------------------|

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|                                                     |   | Three      Months Ended |   |
|----------------------------------------------------------|--------|-------------------------|--------|
|                                                     |   | March      31,          |   |
|                                                     |   | 2009                    |   |   | 2008 |   |
|  Time      and materials                            |   |                    | 46     | % |   |   | 55 | % |
|  Cost      reimbursable                             |   |                    | 17     |   |   |   | 19 |   |
|  Fixed      price, including service type contracts |   |                    | 37     |   |   |   | 26 |   |
|                                                     |   |                    | 100    | % |   |   | 100 | % |
|                                                     |   |                    |   |   |   |   |   |   |
|  Prime      contract                                |   |                    | 72     | % |   |   | 54 | % |
|  Sub-contract                                       |   |                    | 28     |   |   |   | 46 |   |
|                                                     |   |                    | 100    | % |   |   | 100 | % |

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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKETRISK

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Item 4. CONTROLS AND PROCEDURES

Item 1. LEGAL PROCEEDINGS

RISK FACTORS

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by any "affiliated purchaser," as defined in Rule 10b-18(a)(3)under the Exchange Act, of shares of our common stock during each month in thefirst quarter of 2009.  All shares repurchased were not part of apublicly announced share purchase program and represent shares repurchased tocover payroll withholding taxes in connection with the vesting of restrictedstock awards.

|                                            |   |              |   |   |               |   |   | Total Number |   |   | Approximate              |   |
|-------------------------------------------------|--------|-------------------|--------|--------|--------------------|--------|--------|-------------------|--------|--------|--------------------------|--------|
|                                            |   |              |   |   |               |   |   | of      Shares    |   |   | Dollar      Value        |   |
|                                            |   |              |   |   |               |   |   | Purchased      as |   |   | of Shares that |   |
|                                            |   |              |   |   |               |   |   | Part      of      |   |   | May      Yet Be          |   |
|                                            |   | Total Number |   |   | Average      Price |   |   | Publicly          |   |   | Purchased                |   |
|                                            |   | of      Shares    |   |   | Paid      Per      |   |   | Announced         |   |   | Under      the           |   |
| Period                                          |   | Purchased         |   |   | Share              |   |   | Programs          |   |   | Programs                 |   |
| January      1, 2009 to January 31, 2009        |   |              | 641    |   |               | $      | 7.04   |              |   |   | -                        |   |   | $ | - |   |
| February      1, 2009 to February 28, 2009      |   |              | 3,421  |   |               | $      | 7.88   |              |   |   | -                        |   |   |   | - |   |
| March      1, 2009 to  March 31, 2009 |   |              | 7,329  |   |               | $      | 7.09   |              |   |   | -                        |   |   |   | - |   |
| Total                                           |   |              | 11,391 |   |               | $      | 7.33   |              |   |   | -                        |   |   | $ | - |   |

| 31.1   | Certification      of the Chief Executive Officer pursuant to Rule 13a-14(a) under the      Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                    |
| 31.2   | Certification      of the Chief Financial Officer pursuant to Rule 13a-14(a) under the      Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002. |
|   |                                                                                                                                                                                                    |
| 32.1   | Certification      of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of      2002.                                   |
|   |                                                                                                                                                                                                    |
| 32.2   | Certification      of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of      2002.                                   |

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|                               | DYNAMICS      RESEARCH CORPORATION                                        |
|------------------------------------|---------------------------------------------------------------------------|
|                               | (Registrant)                                                              |
|                               |                                                                      |
|                               |                                                                      |
| Date:  May      08, 2009 | /s/      David Keleher                                                    |
|                               | Senior      Vice President, Chief Financial Officer and Treasurer         |
|                               | (Principal      Financial Officer)                                        |
|                               |                                                                      |
| Date:  May      08, 2009 | /s/      Shaun N. McCarthy                                                |
|                               | Vice      President, Corporate Controller and Chief Accounting    Officer |
|                               | (Principal      Accounting Officer)                                       |
|                               |                                                                      |
|                               |                                                                      |

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