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E-SYSTEMS REPORTS HIGHER FIRST QUARTER SALES AND EARNINGS

 DALLAS, April 16 /PRNewswire/ -- E-Systems, Inc. (NYSE: ESY), today reported first quarter sales of $531.4 million compared to 1992 first quarter sales of $497.2 million.
 Net income for the first quarter amounted to $27.4 million, or 81 cents a share. This compares to net income of $24.7 million, or 75 cents a share, a year ago before recognition of the cumulative effect but after the recurring effect of an accounting rule change (SFAS No. 106 relating to employee post retirement health care and insurance benefits).
 First quarter new order bookings were $280.6 million vs. bookings of $219.4 million at the end of March a year ago. Backlog of unfilled orders at the close of the first quarter was $2.069 billion. A year ago backlog was $2.231 billion.
 Commenting about the company's results, E-Systems Chairman and Chief Executive Officer E. Gene Keiffer said, "Our financial performance met our expectations for the first quarter of this year. And of significance during the quarter we received several non-traditional business contracts which support our objective to diversify into related business areas."
 E-Systems is a major worldwide developer and producer of electronics systems and products in the areas of intelligence, reconnaissance and surveillance systems, command and control, electronic warfare, specialized aircraft maintenance and modification, guidance, navigation and control, communications and data systems.
 E-SYSTEMS, INC.
 Statement of Operating Results (Unaudited)
 (In thousands except per share data)
 Three Months Ended in March
 1993 1992
 Sales $531,441 $ 497,239
 Operating profit 42,560 38,872
 Investment income 1,480 799
 Interest expense (2,032) (1,825)
 Other (expense)/income (1,069) (1,267)
 Income before tax and cumulative effect
 of a change in accounting principle 40,939 36,579
 Income before cumulative effect of a
 change in accounting principle 27,429 24,691
 Cumulative effect of a change
 in accounting principle - net of tax -- (178,510)
 Net income (loss) $ 27,429 $(153,819)
 Earnings per share (A):
 Earnings per share before cum. effect
 of a change in accounting principle $0.81 $ 0.75
 Cumulative effect of a change
 in accounting principle - net of tax -- (5.42)
 Earnings (loss) per share $0.81 $(4.67)
 Bookings $ 280,592 $ 219,437
 Backlog $2,068,774 $2,231,415
 Common equivalent shares outstanding 33,705 32,771
 (A) -- Earnings per share include average shares outstanding and the effect of dilutive options outstanding.
 -0- 4/16/93
 /CONTACT: John E. Kumpf of E-Systems, 214-392-4923/
 (ESY)


CO: E-Systems, Inc. ST: Texas IN: CPR SU: ERN

GK -- NY048 -- 6798 04/16/93 13:26 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
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