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ESSEX CORPORATION REPORTS SECOND QUARTER 1992 RESULTS

 ESSEX CORPORATION REPORTS SECOND QUARTER 1992 RESULTS
 COLUMBIA, Md., Aug. 5 /PRNewswire/ -- Essex Corporation


(NASDAQ-NMS: ESEX), a diversified technology-based firm, today reported net income of $1,000 (0 cents per share) for the second quarter ended June 28, 1992, compared to the net loss of $252,000 (16 cents per share) in the 1991 second quarterly period. For the first half of 1992, Essex Corporation is reporting a net loss of $286,000 (17 cents per share), compared to the net loss of $556,000 (34 cents per share) in the first half of 1991. Revenues for the second quarter of 1992 were $3,071,000, or $1,332,000 (30 percent) lower than the $4,403,000 reported in the second quarter of 1991. Revenues for the first half of 1992 totaled $6,120,000, or $2,446,000 (29 percent) lower than the $8,566,000 reported in the first half of 1991.
 Harry Letaw, chairman and CEO, stated: "Break even results for the quarter are gratifying, even though non-recurring events accounted for most of the gains. That success is owed to carefully planned efforts by our people. We are promoting our growing portfolio of commercial products and are very pleased that long-term defense projects were renewed. This contributed to a 40 percent increase in firm backlog during the three months."
 He added: "We note with confidence the progress made in the quarter. Our bank has renewed our loan facility for another year, and more than $200,000 cash was provided by operating activities during the past six months. This allowed the line of credit borrowings and long-term debt to be reduced nearly $300,000."
 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 (GAO) upheld the company's protest that the competition was flawed. Relief has not yet been determined. The company further stated that the improvement in bottom line results in the second quarter of 1992 was due to the recovery of certain costs on previously completed contracts, lower costs of medical benefits and other income realized from the sale of the temporary staffing operation.
 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 26 Week
 Periods Ended Periods Ended
 June 28, June 30, June 28, June 30,
 1992 1991 1992 1991
 Revenues $3,071,000 $4,403,000 $6,120,000 $8,566,000
 Income (Loss) Before
 Taxes $1,000 $(358,000) $(396,000) $(811,000)
 Net Income (Loss) $1,000 $(252,000) $(286,000) $(556,000)
 Weighted Average
 Number of Shares
 Outstanding 1,684,000 1,650,000 1,684,000 1,650,000
 Income (Loss) Per
 Share $(0.00) $(0.16) $(0.17) $(0.34)
 Working Capital $1,120,000 $1,333,000
 Current Ratio 1.36:1 1.37:1
 Long-Term Debt and
 Bank Debt $2,241,000 $2,032,000
 Stockholders' Equity $3,349,000 $3,633,000
 Debt/Equity Ratio 0.67:1 0.56.1
 -0- 8/5/92
 /CONTACT: Harry Letaw Jr., chairman and CEO, Essex Corporation, 410-730-1097/
 (ESEX) CO: Essex Corporation ST: Maryland IN: SU: ERN


MH-TW -- DC016 -- 7132 08/05/92 13:29 EDT
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Date:Aug 5, 1992
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