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ESSEX CORPORATION REPORTS THIRD QUARTER 1993 RESULTS

 COLUMBIA, Md., Oct. 26 /PRNewswire/ -- Essex Corporation (NASDAQ-NMS: ESEX), a diversified technology-based firm, today reported revenues of $2,854,000 for the third quarter of 1993, an increase of 24 percent compared to $2,306,000 reported in each of the first two quarters of 1993, and a decrease of 20 percent compared to $3,563,000 reported in the third quarter of 1992. Revenues for the first nine months of 1993 totaled $7,468,000, 23 percent lower than the $9,683,000 reported in the first nine months of 1992. For the third quarter of 1993 Essex is reporting a net loss of $336,000 (19 cents per share) as contrasted to net income of $124,000 (7 cents per share) in the third quarter 1992. For the first nine months of 1993, Essex Corporation is reporting a net loss of $1,139,000 (64 cents per share) compared to the net loss of $162,000 (10 cents per share) in the first nine months of 1992.
 Commenting on the results, Essex Chairman and CEO Harry Letaw, stated: "The new business that we have booked, especially the multimillion dollar Department of Energy contract, supports significant revenue increases in the fourth quarter and in 1994. We project continuing improvements in results from higher revenues and reduced costs. Growing revenues, however, demand greater efforts to manage cash and obtain additional funds for working capital and business development. We are pleased with our progress in optoelectronic products."
 Essex Corporation reported that the decrease in revenues between 1993 and 1992 periods resulted from the completion in 1992 of several programs in the company's Space and Defense Division located in Huntsville, Ala., for which replacement business has not been fully developed. The lower revenues, together with management's continued efforts to direct significant resources into product and business development efforts, were the main factors in the net loss.
 Essex Corporation, a publicly-traded, technology-based company, supplies human reliability assurance and training products, engineering services, fabrication services and optical computer apparatus to government and industry.
 ESSEX CORPORATION
 Selected Financial Data
 13 Week Periods Ended 39 Week Periods Ended
 Sept. 26, Sept. 27, Sept. 26, Sept. 27,
 1993 1992 1993 1992
 Revenues $2,854,000 $3,563,000 $ 7,468,000 $ 9,683,000
 Income (Loss)
 Before Taxes $ (416,000) $ 194,000 $(1,409,000) $ (202,000)
 Net Income (Loss)$ (336,000) $ 124,000 $(1,139,000) $ (162,000)
 Weighted Average
 Number of Shares
 Outstanding 1,815,000 1,685,000 1,786,000 1,684,000
 Income (Loss)
 Per Share $ (0.19) $ 0.07 $ (0.64) $ (0.10)
 Working Capital -- -- $ 274,000 $ 1,304,000
 Current Ratio -- -- 1.14:1 1.43:1
 Current &
 Long-Term Debt -- -- $ 493,000 $ 573,000
 Bank Note Payable -- -- 600,000 --
 Bank Line of Credit -- -- -- 1,560,000
 Total Debt -- -- $ 1,093,000 $ 2,133,000
 Stockholders'
 Equity -- -- $ 2,462,000 $ 3,473,000
 Debt/Equity Ratio -- -- 0.44:1 0.61:1
 -0- 10/26/93
 /CONTACT: Harry Letaw Jr., chairman and CEO, of Essex, 410-730-1097/
 (ESEX)


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

KD-IH -- DC024 -- 6875 10/26/93 14:40 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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