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Essex Corporation Reports $14.2 Million Q1 2004 Revenues
COLUMBIA, Md., May 4 /PRNewswire-FirstCall/ -- Essex Corporation announces
record quarterly revenues of $14,241,000 for the first quarter of 2004 compared
to $3,001,000 in the same period of 2003. The net income for the first quarter
was $312,000 compared to a net loss of $20,000 for Q1 2003. This 375% increase
in revenues from 2003 to 2004 is a result of an increase in orders for rapid
response system engineering and integration services from our intelligence and
defense customers. Earnings per Share, at $0.02 per share (diluted), reflect
an increase based on revenue volume and continued investment in solutions
infrastructure and product development.
Our Q1 2004 results reflect an expansion phase for Essex solutions offerings.
This phase involves strong revenue growth and increasing our capacity to
deliver solutions that necessitates increased infrastructure, continued use of
subcontractors, and significant purchases of hardware on behalf of our
customers. The expansion/investment phase for both the solutions and product
components of Essex business are expected to continue throughout 2004.
"For Essex, growth and investment are strategic 2004 priorities," commented
Leonard Moodispaw, CEO and President. "There are three elements of our growth
plan: 1) expansion of our solutions capabilities and offerings; 2) product
innovations; and 3) strategic acquisitions, such as the one recently announced
with Computer Science Innovations. We are focused on actions that will build
long term value for Essex. In 2004 we will continue to develop strong and
focused growth, with such continued investments in our future as the Optical
Encryptor product. I believe the impact of this strategy will become visible
in 2005 with continued strong revenue growth and growing net income from
expanded high value solutions revenues, and in 2006 as product revenues become
significant."
Essex is increasing guidance for 2004 revenues to the range of $45-50 million,
before acquisitions. The Company will host a discussion of this announcement
with investors and financial analysts today, May 4, 2004, at 5:00 p.m. (Eastern
Daylight Time). Interested parties may connect to our Webcast via the Investor
page on our website, http://www.essexcorp.com/investor.html, or by calling
1-800-901-5217, participant passcode 35457392. The International Dial In
access number is 617-786-2964.
An archive of the Webcast will also be available on our webpage following the
call. In addition, a dial-up replay of the call will be available at
approximately 7:00 p.m. EDT on May 4th, and will remain available through May
11th, 2004. To access the dial-up replay, call 1-888-286-8010, passcode
84094563.
About Essex: Essex creates solutions for today's most advanced signal and
image processing challenges, serving commercial, defense and intelligence
customers. For more information contact Essex Corporation, 9150 Guilford Road,
Columbia MD 21046; Phone 301.939.7000; Fax 301.953.7880; E-mail , or on the Web
at http://www.essexcorp.com/.
ESSEX CORPORATION FINANCIAL HIGHLIGHTS
13 Week Period 13 Week Period
March 28, 2004 March 30, 2003
(unaudited) (unaudited)
Revenue:
Services and Products $8,268,000 $3,001,000
Purchased Hardware 5,973,000 --
Total 14,241,000 3,001,000
Cost of Goods Sold:
Services and Products 6,135,000 (2,042,000)
Purchased Hardware 5,860,000 --
Total (11,995,000) (2,042,000)
Gross Margin 2,246,000 959,000
Selling, General and Administrative
Expenses (1,834,000) (785,000)
Research and Development (141,000) (132,000)
Amortization of Other Intangible Assets (35,000) (46,000)
Interest Income (Expense) 76,000 (16,000)
Net Income (Loss) $312,000 $(20,000)
Weighted Average Number of Shares
- Basic 15,006,000 8,035,000
- Diluted 16,413,000 8,035,000
Net Income (Loss) per Common Share
- Basic $0.02 $(0.00)
- Diluted $0.02 $(0.00)
Working Capital $34,560,000 $883,000
Working Capital Ratio 7.47:1 1.34:1
CONDENSED CONSOLIDATED BALANCE SHEETS
March 28, December 28,
2004 2003
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents $29,512,904 $31,835,294
Accounts receivable, net 9,858,983 3,969,601
Prepayments and other 529,074 146,517
Total Current Assets 39,900,961 35,951,412
Property and Equipment, Net 426,354 368,697
Other Assets
Goodwill 2,998,000 2,998,000
Patents, net 327,231 333,648
Other intangibles, net 15,000 50,141
Other 34,056 23,764
Total Other Assets 3,374,287 3,405,553
TOTAL ASSETS $43,701,602 $39,725,662
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable $3,642,948 $694,434
Note payable -- 100,000
Accrued wages and vacation 807,304 898,498
Accrued retirement plans contribution
payable 162,511 298,551
Billings in excess of costs 425,000 462,000
Other accrued expenses 302,705 526,928
Total Current Liabilities 5,340,468 2,980,411
Shareholders' Equity
Common stock and additional paid-in
capital 52,308,053 51,004,021
Accumulated deficit (13,946,919) (14,258,770)
Total Shareholders' Equity 38,361,134 36,745,251
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $43,701,602 $39,725,662
This press release may contain "forward-looking statements" within the meaning
of the United States Private Securities Reform Act of 1995. These statements
are based on management's current expectations and are subject to risks,
uncertainty and changes in circumstances, which may cause actual results,
performance or achievements to differ materially from anticipated results,
performance or achievements. All statements contained herein that are not
clearly historical in nature are forward looking. The forward-looking
statements in this release include statements addressing the following
subjects: future financial condition and operating results. Economic,
business, competitive and/or regulatory factors affecting Essex's businesses
are examples of factors, among others, that could cause actual results to
differ materially from those described in the forward-looking statements.
More detailed information about these and other factors is set forth in Essex's
Annual Report on Form 10-K for the fiscal year ended December 28, 2003. Essex
is under no obligation to (and expressly disclaims any such obligation to)
update or alter its forward-looking statements whether as a result of new
information, future events or otherwise.
Contact: Leonard E. Moodispaw
CEO & President
301.939.7000
DATASOURCE: Essex Corporation
CONTACT: Leonard E. Moodispaw, CEO & President of Essex Corporation,
+1-301-939-7000
Web site: http://www.essexcorp.com/
http://www.essexcorp.com/investor.html