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ESSEX CORPORATION REPORTS 1995 RESULTS

COLUMBIA, Md., March 8 /PRNewswire/ -- Essex Corporation (Nasdaq: ESEX) is reporting a net loss of $1,427,000 ($0.49/sh) for fiscal 1995. During the period, Essex recorded charges totaling $1,538,000 for ImSyn(TM) prototype development ($1,254,000) and prosecution of a lawsuit ($284,000) against a competitor. Excluding such items, an operating profit of $111,000 would have been recognized.

Harry Letaw, Chairman and CEO, stated, "Essex made substantial progress in 1995 despite disappointing revenues during the first three quarters of the year. Revenue recovery in the fourth quarter was gratifying and resulted in part from reduced application of technical personnel to product development. Our ImSyn(TM) prototype development is progressing, although at a pace slower than planned. Marketing effort has begun and we expect to announce products for the radar imaging and magnetic resonance imaging (MRI) markets by mid-year."

The net loss of $1,427,000 ($0.49/sh) for fiscal 1995 compares to a net loss of $466,000 ($0.26/sh) in fiscal 1994. In fiscal 1994, the Company took a charge of $685,000 ($0.38/sh) in connection with the concluded lease dispute with its former landlord. For the fourth quarter of 1995, Essex Corporation is reporting net income of $20,000 ($0.00/sh) compared to a net loss of $208,000 ($0.11/sh) in the fourth quarter of 1994. Due to completion in July 1995 of the stock offering, a larger number of weighted average shares is outstanding in the 1995 fourth quarter and annual period (3,586,000 and 2,913,000 shares, respectively) compared to the same periods in 1994 (1,824,000 and 1,821,000 shares, respectively).

The Company's revenues for fiscal 1995 totaled $14,193,000, a decrease of 8% compared to $15,364,000 for fiscal 1994. Revenues for the fourth quarter of 1995 totaled $4,363,000, an increase of 16% compared to $3,754,000 reported in the same period of 1994. The 1994 to 1995 annual period decrease was attributable to lower non-labor program charges, such as recoverable subcontractor expenses and material purchases. Such material purchases increased by the end of 1995 and accounted for the 1995 fourth quarter increase. Also, there was lower direct program work in the Company's Information Systems Division as many of its personnel have been engaged throughout 1995 on the Company- funded ImSyn(TM) prototype development.

Total backlog at yearend 1995 was $41.4 million ($6.7 million funded and $34.7 million unfunded), which was slightly below the $43.2 million record backlog reached during 1995. Total backlog was $25.5 million at yearend 1994.

Essex Corporation is a publicly-traded (Nasdaq: ESEX) technology- based company specializing in developing, manufacturing and marketing high-performance optoelectronic processors and providing specialized technical products and professional services to government and industry.
 ESSEX CORPORATION
 FINANCIAL HIGHLIGHTS
 14 Week Period Ended 53 Week Period Ended
 December 31, 1995 and December 31, 1995 and
 13 Week Period Ended 52 Week Period Ended
 December 25, 1994 December 25, 1994
 1995 1994 1995 1994
 Revenues $4,363,000 $3,754,000 $14,193,000 $15,364,000


Income (Loss)
 Before Taxes $12,000 $(208,000) $(1,435,000) $(466,000)


Net Income
 (Loss) $20,000 $(208,000) $(1,427,000) $(466,000)


Weighted Average

Shares Out-
 standing 3,586,000 1,824,000 2,913,000 1,821,000


Income (Loss) Per
 Share $0.00 $(0.11) $(0.49) $(0.26)


Working Capital
 (Deficit) -- -- $327,000 $(409,000)


Working Capital
 Ratio -- -- 1.09:1 0.82:1
 Stockholders' Equity -- -- $1,960,000 $1,329,000
 -0- 3/8/96


/CONTACT: Joseph R. Kurry, Jr., Chief Financial Officer of Essex Corporation, 301-953-7797/

(ESEX)

CO: Essex Corporation ST: Maryland IN: CPR SU: ERN

KW-DC -- DCF018 -- 1609 03/08/96 12:56 EST
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Date:Mar 8, 1996
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