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Argon ST, Inc. Announces Q1 Results.


FAIRFAX, Va. -- Argon ST Wikipedia is not the place for advertisement or self-advertising.

Argon ST (NASDAQ: STST) is a rapidly growing systems engineering and development company headquarted in Fairfax, VA providing full-service C4ISR (command, control, communications, computers,
, Inc. (NASDAQ NASDAQ
 in full National Association of Securities Dealers Automated Quotations

U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on
:STST STST Stainless Steel
STST Sounding the Seventh Trumpet (Avenged Sevenfold music album) 
), today announced revenues and earnings for its first quarter ended January 2, 2005.

HISTORICAL RESULTS OF OPERATIONS

Revenues for the first quarter ended January 2, 2005 increased $29,217,000 to $56,510,000, up 107% compared to $27,293,000 for the prior year quarter.

Net income for the first quarter ended January 2, 2005 was $4,920,000, or $0.24 per diluted di·lute  
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.

2. To lessen the force, strength, purity, or brilliance of, especially by admixture.
 share, an increase of 238% compared to $1,457,000 or $0.11 per diluted share for the prior year quarter.

Terry Collins, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  of Argon ST stated, "We are pleased with our first quarter financial results and they leave us on track for making our fiscal year financial objectives. The company also made significant progress in the integration of our processes and systems during the first quarter so that we can properly manage our expected growth."

Financial Highlights

--Revenue for the first quarter increased 107% over the prior year quarter to $56,510,000

--Net Income for the first quarter of $4,920,000 or $0.24 per diluted share up 238% from the prior year quarter

--Funded and unfunded backlog for the first quarter was $219,864,000 an increase of 23% from the prior year first quarter funded and unfunded backlog of $179,383,000
ARGON ST, INC.
           CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

                                            January 2,   September 30,
                                                2005          2004
                                           ------------- -------------
ASSETS
CURRENT ASSETS
  Cash and cash equivalents                 $42,429,000   $29,732,000
  Accounts receivable, net                   66,463,000    59,716,000
  Inventory                                   1,922,000     1,574,000
  Deferred income tax asset                   4,937,000     4,822,000
  Prepaids and other                          1,469,000     1,288,000
                                           ------------- -------------

TOTAL CURRENT ASSETS                        117,220,000    97,132,000

  Property, equipment and software, net      14,461,000    13,949,000
  Goodwill                                  107,776,000   107,776,000
  Intangibles, net                            1,947,000     2,190,000
  Other assets                                  654,000       694,000
                                           ------------- -------------

TOTAL ASSETS                               $242,058,000  $221,741,000
                                           ============= =============

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
  Accounts payable and accrued expenses      13,897,000   $12,727,000
  Accrued salaries and related expenses       8,413,000    10,606,000
  Deferred revenue                           45,295,000    28,336,000
  Notes payable - current portion               226,000       226,000
  Income taxes payable                          705,000     5,810,000
  Deferred rent                                 200,000       200,000
                                           ------------- -------------

TOTAL CURRENT LIABILITIES                    68,736,000    57,905,000

  Deferred income tax liability, long term    1,805,000     1,901,000
  Notes payable, net of current portion              --        56,000
  Deferred rent                                 954,000       954,000
  Commitments and contingencies                      --            --

STOCKHOLDERS' EQUITY
  Common Stock:
    $.01 Par Value, 25,000,000 shares
     authorized 19,765,934 and 19,468,734
     share issued at January 2, 2005 and
     September 30, 2004                         198,000       195,000
  Additional paid-in capital                153,758,000   149,043,000
  Treasury stock at cost, 126,245 shares       (534,000)     (534,000)
  Retained earnings                          17,141,000    12,221,000
                                           ------------- -------------

TOTAL STOCKHOLDERS' EQUITY                 $170,563,000  $160,925,000
                                           ------------- -------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $242,058,000  $221,741,000
                                           ============= =============


                            ARGON ST, INC.
       CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)

                                                      For the
                                                Fiscal Quarter Ended
                                              January 2,  December 28,
                                                 2005         2003
                                             ------------ ------------

CONTRACT REVENUES                            $56,510,000  $27,293,000

COST OF REVENUES                              45,338,000   23,259,000

GENERAL AND ADMINISTRATIVE EXPENSES            3,335,000    1,734,000
                                             ------------ ------------

INCOME FROM OPERATIONS                         7,837,000    2,300,000
OTHER INCOME (EXPENSE)
  Interest income                                140,000        8,000
  Interest expense                                (2,000)          --
                                             ------------ ------------
                                                 138,000        8,000

INCOME BEFORE INCOME TAXES                     7,975,000    2,308,000
PROVISION FOR INCOME TAXES                     3,055,000      851,000
                                             ------------ ------------
NET INCOME                                    $4,920,000   $1,457,000
                                             ============ ============

PER SHARE AMOUNT
  Basic earnings per share                         $0.25        $0.12
                                             ============ ============
  Diluted earnings per share                       $0.24        $0.11
                                             ============ ============

WEIGHTED AVERAGE SHARES OUTSTANDING
  Basic average shares outstanding            19,423,000   12,267,000
                                             ============ ============
  Diluted average shares outstanding          20,415,000   13,316,000
                                             ============ ============


On September 29, 2004, a wholly owned subsidiary Wholly Owned Subsidiary

A subsidiary whose parent company owns 100% of its common stock.

Notes:
In other words, the parent company owns the company outright and there are no minority owners.
 of Sensytech, Inc. ("Sensytech") merged with and into Argon argon (är`gŏn) [Gr.,=inert], gaseous chemical element; symbol Ar; at. no. 18; at. wt. 39.948; m.p. −189.2°C;; b.p. −185.7°C;; density 1.784 grams per liter at STP; valence 0.  Engineering Associates, Inc. ("Argon Engineering") in a merger whereby each outstanding share of Argon Engineering common stock was exchanged for two shares of Sensytech common stock. As a result of the merger, the former Argon Engineering stockholders acquired approximately 65.6% of the issued and outstanding shares of Sensytech common stock. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[]

As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh.
 with Statement of Financial Accounting Standards No. 141 "Business Combinations," the merger was accounted for as a reverse acquisition, whereby Argon Engineering was deemed to have acquired Sensytech for financial reporting purposes. Consistent with the reverse acquisition accounting treatment, the historical financial statements presented for periods prior to the acquisition date are the statements of Argon Engineering except for stockholders' equity Stockholders' Equity

The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets.
 which has been retroactively ret·ro·ac·tive  
adj.
Influencing or applying to a period prior to enactment: a retroactive pay increase.



[French rétroactif, from Latin
 restated for the equivalent number of shares of the legal acquirer.

The following unaudited condensed con·dense  
v. con·densed, con·dens·ing, con·dens·es

v.tr.
1. To reduce the volume or compass of.

2. To make more concise; abridge or shorten.

3. Physics
a.
 pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts.

The phrase pro forma
 results of operations reflect the pro forma combination of Argon Engineering and Sensytech as if the combination had occurred at the beginning of the period presented, compared with the actual results of operations of Argon Engineering for the same period.
Fiscal quarter ended
                                    December 28, 2003
                              ------------------------------
                                Historical      Pro forma
                              --------------- --------------

Revenue                          $27,293,000     39,958,000
Income from operations             2,300,000      3,400,000
Net income                         1,457,000      2,109,000

Basic earnings per share               $0.12          $0.11
Diluted earnings per share             $0.11          $0.11

Basic wt average shares           12,267,000     18,766,000
Diluted wt average shares         13,316,000     19,992,000


Pro forma revenues attributable to Sensytech were $12,665,000 for the fiscal quarter ended December 28, 2003. Pro forma income from operations and net income attributable to Sensytech was $1,458,000 and $873,000, respectively for the fiscal quarter ended December 28, 2003. Pro forma depreciation and amortization on the write up of tangible and intangible assets Intangible Asset

An asset that is not physical in nature.

Notes:
Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets.
, in accordance with SFAS SFAS Statement of Financial Accounting Standards
SFAS Special Forces Assessment and Selection
SFAS Student Financial Aid Services
SFAS Sport Fishing Association of Singapore
SFAS Safety Features Actuation System
SFAS Statewide Fixed Assets System
 141, was $115,000 and $243,000 respectively for the fiscal quarter ended and December 28, 2003 and the after tax effect was $221,000.

About Argon ST, Inc.

Argon ST designs, develops, and manufacturers systems and sensors for the Command and Control Communications In telecommunication, control communications is the branch of technology devoted to the design, development, and application of communications facilities used specifically for control purposes, such as for controlling (a) industrial processes, (b) movement of resources, (c) , Computers, Intelligence, Surveillance, and Reconnaissance An activity that synchronizes and integrates the planning and operation of sensors, assets, and processing, exploitation, and dissemination systems in direct support of current and future operations. This is an integrated intelligence and operations function. Also called ISR.  (C4ISR C4ISR Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance
C4ISR Command, Control, Communications, Computer, Intelligence, Surveillance and Reconnaissance
C4ISR Command Control Communications Computers Intelligence Surveillance and Reconnaissance
) markets including SIGINT Noun 1. SIGINT - intelligence information gathered from communications intelligence or electronics intelligence or telemetry intelligence
signals intelligence
 (Signals Intelligence), ESM (1) (Enterprise Storage Management) Managing the online, nearline and offline storage within a large organization. It includes analysis of storage requirements as well as making routine copies of files and databases for backup, archiving, disaster recovery,  (Electronic Support Measures), EW (Electronic Warfare Noun 1. electronic warfare - military action involving the use of electromagnetic energy to determine or exploit or reduce or prevent hostile use of the electromagnetic spectrum
EW

military action, action - a military engagement; "he saw action in Korea"
), imaging, and acoustic systems serving domestic and worldwide markets.

Statements in this press release which are not historical facts are forward-looking statements forward-looking statement

A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.
 under the provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and  of 1995. All forward-looking statements involve risks and uncertainties. The Company wishes to caution readers that certain factors can cause the Company's actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. The Company undertakes no obligation and does not intend to update, revise or otherwise publicly release the results of any revisions to these forward-looking statements that may be made to reflect future events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact.
     2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or
.
COPYRIGHT 2005 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Feb 9, 2005
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