The authors examined the processing of phonological and orthographic word representations among 17 dyslexic and 16 normal college-level readers using Event-Related Potential measures. They focused on 2 early components--the P200 and the P300. The results revealed P200 and P300 components of lower amplitude and later latency among dyslexic readers than among normal readers for both types of word representation. Group differences were greatest for phonological representations. In addition, the authors observed greater time gaps among dyslexic readers than among normal readers between different processing stages (i.e., between P2 and P3 peaks, between P3 and reaction time). Combined, the data suggest a consistent speed-of-processing deficit among dyslexic readers that is evident within and between stages of cognitive processing. The results are discussed in the context of deficits in stimulus encoding and working memory. In addition, the authors discuss the need for accurate timing and synchronization of phonological and orthographic codes for efficient word recognition. (Contains 6 tables and 2 figures.)