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ESSEX CORPORATION REPORTS 1991 RESULTS

 ESSEX CORPORATION REPORTS 1991 RESULTS
 COLUMBIA, Md., March 18 /PRNewswire/ -- Essex Corporation


(NASDAQ-NMS: ESEX), a diversified technology-based firm, today reported a net loss for 1991 of $627,000 or 38 cents per share as compared to a net loss for 1990 of $526,000 or 32 cents per share. For 1991, per share results are computed based on 1,660,000 shares, the weighted average number of shares outstanding during the year, as compared to 1,650,000 shares in 1990. The 1991 net loss was significantly impacted by the company's increasing its business development expenditures.
 Essex revenues in 1991 were $16.8 million, a decrease of 31 percent from its 1990 revenues of $24.2 million. The decrease in revenues primarily resulted from reduced activity on its Trident program involvement and the continuing effects of a broad slowdown in the company's markets.
 Responsive to the decrease in revenue, the company took aggressive action which reduced indirect expenses by approximately $2,389,000 between 1990 and 1991. During 1991, management directed proportionately more of the company's efforts and resources into business development. As a result, business development costs increased from approximately $900,000 in 1990 to $1,365,000 in 1991. Excluding the increase in business development costs, the company reduced general indirect expenses by $2,854,000 (30 percent) between 1990 and 1991.
 Harry Letaw, chairman and CEO, stated: "Building more profitable revenues to replace those lost to the recession and reductions in government spending continue to be the primary purpose of our increased business development expenditures. The ImSyn patent issued to Essex in January 1992 gives Essex a premiere position in medical and technical imaging marketplaces. We are vigorously pursuing applications of our patented technology with major industrial and commercial equipment producers."
 Letaw further stated that "Essex expects to improve revenues in its core businesses of interactive training and human error containment. Significant new activities should be realized this year, both domestically and internationally."
 Essex Corporation is a publicly traded small business that provides quality professional services and products to the U.S. government and major industry members. Essex specializes in interactive training, signal and image processors and human error control.
 ESSEX CORPORATION
 FINANCIAL HIGHLIGHTS
 13 Week Periods Ended 52 Week Periods Ended
 Dec. 29, 1991, and Dec. 29, 1991, and
 Dec. 30, 1990 Dec. 30, 1990
 1991 1990 1991 1990
 Revenues $4,015,000 $4,727,000 $16,779,000 $24,175,000
 Income (Loss)
 Before Taxes $ (42,000) $ 10,000 $ (827,000) $ (568,000)
 Net Income
 (Loss) $ (82,000) $ (29,000) $ (627,000) $ (526,000)
 Weighted Average
 Shares
 Outstanding 1,680,000 1,650,000 1,660,000 1,650,000
 Earnings (Loss)
 Per Share $ (0.05) $ (0.02) $ (0.38) $ (0.32)
 Working Capital $ 1,312,000 $ 1,655,000
 Working Capital
 Ratio 1.34:1 1.33:1
 Long-term Debt
 and Bank Line
 of Credit ("Debt") $ 2,523,000 $ 2,811,000
 Stockholders' Equity $ 3,621,000 $ 4,188,000
 Debt/Equity Ratio 0.70:1 0.67:1
 -0- 3/18/92
 /NOTE: ImSyn is a trademark./
 /CONTACT: Harry Letaw Jr., chairman and CEO, Essex Corporation, 410-730-1097/
 (ESEX) CO: Essex Corporation ST: Maryland IN: SU: ERN


DC-MH -- DC024 -- 9343 03/18/92 15:26 EST
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Date:Mar 18, 1992
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