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Essex Increases 2004 Guidance, Sets Release Date for Q2 04
Results
COLUMBIA, Md., July 21 /PRNewswire-FirstCall/ -- Essex Corporation
(NASDAQ:KEYW) announced today preliminary revenue results for second quarter
2004 and updated earlier guidance of 2004 revenue. The preliminary, unaudited
results indicate that the Company will report second quarter revenues in the
range of $18-20 million. Essex is increasing annual revenue guidance for 2004
to the range of $50-55 million, before acquisitions, or $57-63 million
including the two acquisitions that have been completed during the first half
of this year. Per share earnings are expected to meet or slightly exceed Q1
'04 results.
"Essex remains focused on growth and investment in our ability to grow,"
commented Leonard Moodispaw, CEO and President. "Because of the demand for our
solutions and technologies, we are raising revenue guidance for 2004 again. In
particular, ordering under the large engineering services contract that was
awarded last October remains ahead of estimates in both the services and
hardware component. I believe that we will see an increase in the contract
ceiling by a factor of 2 to 3 times the original contract during this quarter."
Essex plans to release its second quarter financial results in a press release
after market close on August 10, 2004. A conference call has been scheduled to
discuss these results on August 10th at 5:00 p.m. (EDT). At that time,
management will review the Company's second quarter 2004 financial results. A
question-and-answer session will follow to further discuss the results as well
as to comment on the outlook for the remainder of 2004.
Interested parties will be able to connect to our Webcast via the Investor page
on our website, http://www.essexcorp.com/investor.html on August 10th. We
encourage people to register for an email reminder about the Webcast on the
Event Calendar tab, also found on the Investor page of our website. Interested
parties may also listen to the conference call by calling 1-800- 299-6183
participant passcode 88995706. The International Dial In access number will be
617-801-9713.
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 August 10, and will remain available through
August 16, 2004. To access the dial-up replay, call 1-888-286-8010, passcode
24962763.
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/.
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 (including without
limitation preliminary Q2 '04 results and annual guidance for 2004). 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