EDO Wins Navy Fleet Support Contract with Ceiling of $107.7 Million.

Business Editors/Aerospace & Defense Writers

NEW YORK--(BUSINESS WIRE)--Sept. 9, 2003

EDO Corporation (NYSE: EDO) has been awarded a contract from the U.S. Navy's Space and Warfare Systems Command (SPAWAR) in San Diego. The indefinite-delivery/indefinite-quantity (IDIQ) contract has a base year plus four option years, and a ceiling of $107.7 million.

The purpose of this contract is to provide fleet support worldwide for existing and planned Command, Control, Computer, Communications and Intelligence (C4I) systems fielded by SPAWAR, both afloat and ashore. This contract also requires support for rapid injection of new technologies into Navy ships while underway.

The cost-plus-fixed-fee contract was won through competitive bidding by EDO's Darlington business unit, which was acquired in March and has been consolidated into EDO's Combat Systems Division. The company has been providing similar support under previous contracts, through its Fleet System Engineering Team (FSET), since 1999. This FSET support includes highly-skilled engineers and technicians that serve at shore stations as well as aboard active-duty ships.

"The quality of service provided by our FSET members is the fundamental reason for this latest win," said James M. Smith, EDO's chief executive officer. "Our track record of maintaining reliable, worldwide fleet communications under live-combat situations has proven the value of outsourcing these complex, specialized functions. This is our largest FSET contract ever, and we look forward to shouldering the increasing level of responsibilities."

EDO Corporation provides military products and professional services to the United States and allied governments, and their prime defense contractors. EDO focuses on systems and subsystems that are integral to the success of long-term military platforms, such as the B-1B bomber, the F/A-22, the Joint Strike Fighter, and the Comanche helicopter. Examples of the company's highly engineered products include aircraft weapon-release systems, ship and aircraft self-protect systems, and high-performance composite structures. The company also has a number of commercial product lines. A disciplined acquisition program is diversifying the base of major platforms and customers. EDO is at the core of the transformation to a lighter, faster, and smarter national defense capability.

EDO (www.edocorp.com) was founded in 1925, and is headquartered in New York City. The company expects 2003 revenues to exceed $460 million, and employs 2,800 people.

Forward-Looking Statements

Certain statements made in this release, including statements about future sales, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: changes in demand for the company's products and services, product mix, the timing of customer orders and deliveries, the impact of competitive products and services and pricing, and other risks discussed from time to time in the company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.