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Progress.... Essex Corporation 3rd Quarter 1998 Results COLUMBIA, Md., Oct. 21 /PRNewswire/ -- ESSEX CORPORATION (OTC Bulletin Board: ESEX - news; the ''Company'') today reported third quarter 1998 revenues from continuing operations of $1,270,000 and income from such operations of $67,000. For the first nine months of 1998, revenues from continuing operations were $3,313,000 and there was a net loss of $273,000. In 1997, revenues from continuing operations were $934,000 and $2,999,000 during the third quarter and first nine months, respectively. For 1997, results from continuing operations were losses of $196,000 and $1,081,000 for the third quarter and first nine months, respectively. Income from discontinued operations was $267,000 and $166,000 in the 1997 third quarter and first nine month periods, respectively. The 1997 income from discontinued operations was due to completion of the sale of certain operations. Results from discontinued operations are only applicable to 1997. Total 1998 results were net income of $67,000 ($0.02/share) and a net loss of $273,000 ($0.06/share) for the third quarter and first nine months compared to net income of $71,000 ($0.02/share) and a net loss of $915,000 ($0.25/share) in the third quarter and first nine months of 1997. Approximately 4.3 million and 3.6 million weighted average shares of common stock were outstanding during the 1998 and 1997 periods. Work performed by the Company for Motorola on the Iridium(R) cellular satellite and Teledesic(TM) internet in the sky communications programs accounted for approximately 72% of the first nine month revenues from continuing operations in 1998 and 45% in 1997. Remaining revenues were generated from contracts for various optoelectronics products and services. At September 27, 1998, the Company has working capital of approximately $491,000 and stockholders' equity of approximately $415,000. Harry Letaw, Chairman & CEO, said, ''Increased application of personnel to available customer programs developed welcome, though modest, profitability in the third quarter. Although this is a very positive turn of events, it does not mean that we can yet forecast unruffled sailing weather for Essex. Our Satellite Communications engineers continue to make key contributions as members of Motorola's Iridium(R) and Teledesic(TM) teams. We are also extremely pleased with the accomplishments of our Signal Processing engineers in expanding the extraordinary capabilities of our Missile Defense Radar Advanced Optical Processor. In forwarding our goal to build a more robust backlog, we have submitted, and are preparing for submission, important proposals to key customers. In my view, one of the significant bellwethers of this quarter is the interest that major aerospace concerns have expressed in creative systems architectures based upon our ImSyn(TM) Holographic Processor and related products. We have booked small, but promising new business additions in such areas.'' Letaw added, ''We are encouraged by the progress that our ImSyn users are making in adapting the equipment to their radar and MRI processing needs. We are working with three customers to obtain funds enabling them to purchase or lease existing equipment now in their hands on loan. Several customers are also seeking funds to finance various upgrades of the equipment for their particular purposes. In that connection, our team is continuing to improve the performance of the ImSyn Processor in all of its many important applications, although our progress is limited by available resources. While this development has taken more time than we wish, our high-speed Digital Holographic Processors are very timely products. Essex is on the leading edge of electroscience in virtually every one of our programs. In my judgment, that bodes well for the future of the Company." Essex Corporation is a publicly traded company that develops and produces optoelectronic products and provides communications satellite design engineering for government and private industry. Additional information may be found by visiting the Essex Internet site at essexcorp.com, or by calling 1-800-53ESSEX. IRIDIUM is a registered trademark and service mark of Iridium LLC. TELEDESIC is a service mark of Teledesic LLC. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company's actual results could differ materially from those set forth in forward-looking statements. Factors that might cause such a difference include changes in financial condition, changes in technology, changes in customer needs, new product developments, competitive factors in the industry, the ability of Essex to develop and sell products, and uncertainty of market acceptance. | ||||||||||||||
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