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ESSEX CORPORATION REPORTS 1ST QUARTER 1992 RESULTS

 ESSEX CORPORATION REPORTS 1ST QUARTER 1992 RESULTS
 COLUMBIA, Md., May 1 /PRNewswire/ -- Essex Corporation


(NASDAQ-NMS: ESEX), a diversified technology-based firm, today reported revenues of $3,049,000 for the 1992 first quarter, a decrease of 27 percent, compared to $4,164,000 of revenues in the 1991 first quarter. A major Department of Energy (DOE) training contract ended in November 1991 and, to date, the company has not replaced such revenues with efforts on behalf of new customers.
 Essex is reporting a net loss of $287,000, or 17 cents per share, for the first quarter of 1992 compared to the net loss of $304,000, or 18 cents per share, in the 1991 first quarterly period. Management has continued to direct significant resources into product and other business development efforts. Between first quarter periods, such development costs increased slightly in 1992.
 Harry Letaw, chairman and CEO, noted that the award of new business continues to be at a very slow pace. He stated, "Our management team is challenged to dedicate all available resources to business development while dealing with a year-to-year 25 percent decrease in quarterly revenues." He added: "Essex has experienced a sharp increase in expressions of interest in our ImSyn image synthesis products since our patent issued in January. We are working vigorously to close government development contracts as well as industrial strategic partnerships to bring this exciting new technology to production.
 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 containment.
 ESSEX CORPORATION
 Financial Highlights
 For the 13 Week Periods Ended March 29, 1992 March 31, 1991
 Revenues $ 3,049,000 $ 4,164,000
 Income (Loss) Before Taxes $ (397,000) $ (453,000)
 Net Income (Loss) $ (287,000) $ (304,000)
 Weighted Average Number of
 Shares Outstanding 1,68


2,
000 1,650,000
 Earnings (Loss) Per Share $ (0.17) $ (0.18)
 Working Capital $ 1,060,000 $ 1,443,000
 Working Capital Ratio 1.28:1 1.32:1
 Long-term Debt and Bank
 Line of Credit ("Debt") $ 2,690,000 $ 3,132,000
 Stockholders' Equity $ 3,346,000 $ 3,885,000
 Debt/Equity Ratio 0.80:1 0.81:1
 -0- 5/1/92 R
 /CONTACT: Harry Letaw Jr., chairman and CEO, Essex Corporation, 410-730-1097/
 (ESEX) CO: Essex Corporation ST: Maryland IN: CPR SU: ERN


TW -- DC013 -- 6145 05/04/92 14:51 EDT
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Publication:PR Newswire
Date:May 4, 1992
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