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ESSEX CORPORATION REPORTS THIRD QUARTER 1992 RESULTS

 ESSEX CORPORATION REPORTS THIRD QUARTER 1992 RESULTS
 COLUMBIA, Md., Oct. 26 /PRNewswire/ -- Essex Corporation


(NASDAQ-NMS: ESEX), a diversified technology-based firm, today reported net income of $124,000 (7 cents per share) for the third quarter ended Sept. 27, 1992, compared to net income of $11,000 (1 cent per share) in the 1991 third quarterly period. For the first nine months of 1992, Essex Corporation is reporting a net loss of $162,000 (10 cents per share), compared to the net loss of $545,000 (33 cents per share) in the first nine months of 1991. Revenues for the third quarter of 1992 were $3,563,000, or $635,000 (15 percent) lower than the $4,198,000 reported in the third quarter of 1991. Revenues for the first nine months of 1992 totaled $9,683,000, or $3,081,000 (24 percent) lower than the $12,764,000 reported in the first nine months of 1991.
 Commenting on the results, Essex Chairman and CEO Harry Letaw stated: "We are running more efficiently and producing better results at revenue levels reduced by 25 percent. Pending completion of national economic restructuring, growth is expected to be moderate and quarterly fluctuations in our markets and bottom line are bound to occur. We are aggressively marketing our patented optoelectronic technology and other products and services to domestic and foreign companies, and to government customers who can benefit from the speed and economy of Essex IMSYN image processors. It is a real credit to our employees that we have been able to finance these efforts by the improvement in the bottom line. Our management focus remains firmly on the continuing, impressive strategic development of new product areas and markets. That is the ballgame to watch."
 Essex Corporation reported that the decrease in revenues resulted in large part from the loss of a Department of Energy training contract in November 1991. Recently, the General Accounting Office upheld the company's protest that the competition was flawed. A recompetition was ordered and results should be made public shortly. The company stated that the improvement in bottom line results in the third quarter of 1992 was due in part to the completion of several fixed-price programs.
 Essex Corporation is a publicly traded, technology-based company supplying training/counter human-error products and services and signal/image processing apparatus to government and industry.
 ESSEX CORPORATION
 Selected Financial Data
 13 Week Periods Ended 39 Week Periods Ended
 Sept. 27, Sept. 29, Sept. 27, Sept. 29,
 1992 1991 1992 1991
 Revenues $3,563,000 $4,198,000 $9,683,000 $12,764,000
 Income (Loss)
 Before Taxes $194,000 $27,000 $(202,000) $(785,000)
 Net Income (Loss) $124,000 $11,000 $(162,000) $(545,000)
 Weighted Average
 Number of Shares
 Outstanding 1,685,000 1,658,000 1,684,000 1,653,000
 Income (Loss) Per
 Share $0.07 $0.01 $(0.10) $(0.33)
 Working Capital $1,304,000 $1,391,000
 Current Ratio 1.43:1 1.41:1
 Long-term Debt and
 Bank Debt $2,134,000 $2,177,000
 Stockholders' Equity $3,473,000 $3,704,000
 Debt/Equity Ratio 0.61:1 0.59:1
 -0- 10/26/92
 /NOTE: IMSYN is a trademark./
 /CONTACT: Harry Letaw Jr., chairman and CEO, Essex Corporation, 410-730-1097/
 (ESEX) CO: Essex Corporation ST: Maryland IN: CPR SU: ERN


TW -- DC017 -- 4822 10/26/92 13:12 EST
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Publication:PR Newswire
Date:Oct 26, 1992
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