##-Essex-## Umsatzverdreifachung 2003, Topprodukte in Optoelectronic und digitaler DV - 500 Beiträge pro Seite

[CrashKid]

Essex Corporation, founded in 1969 and headquartered in Columbia, Maryland, is focused on applications related to its proprietary optoelectronics and signal and image processing technologies for commercial and U.S. Government customers. In 2003, the Company formed a Communications and Services division, which was enhanced through the March 2003 acquisition of Sensys Development Laboratories, Inc.

www.essexcorp.com
Key Investment Considerations:
We are initiating coverage of Essex Corporation (EYW) with a Speculative Buy rating and twelve month price
target of $8.25 per share based on our revenue estimate for 2004.
The Company’s operations are centered on providing solutions through the design and development of optical
and signal processing technologies for next generation radar analysis, 3D-imaging, IT Critical Infrastructure
for Defense Intelligence Agencies, and Communication and Network Systems.
As of June 29, 2003 Essex had a funded contract backlog of $5.9 million and an unfunded contract backlog of
$47.9 million.
Essex’s leading communications product called HyperfineWDM, is designed as a passive, low-cost method to
increase bandwidth capabilities and provide security in fiber-optic communications networks. During the
second quarter of 2003, the Company sold five prototype demonstration units to several government and
intermediate commercial customers.
We believe that the Company should generate revenue of approximately $14.5 million and $18.4 million in 2003
and 2004, respectively. Based on our revenue forecasts and Essex’s current cost structure, net income should
approximate $0.062 million or $0.01 per diluted share and $0.154 million or $0.02 per diluted share in 2003
and 2004, respectively.

[CrashKid]

Essex Wins $57 Million Contract


COLUMBIA, MD – October 1, 2003 – Essex Corporation (AMEX: EYW), delivers a major win with a new defense related contract for $57 million over 4 years (a 3 month base period plus 4 option years). This is a delivery order contract for software and systems engineering and the delivery of custom systems to national priority programs. Essex is a technology and product innovator, skilled in signal processing, optical engineering and processing, and communications.


This contract expands the software and systems engineering team at Essex, with a high visibility prime contract for the design, integration, and delivery of systems critical to the defense and intelligence of the United States. Essex leads a strong team, which will make significant contributions to the effort, consisting of Harris Corporation, Leading Edge Design & Systems, Poole & Associates, Vision Systems & Technology, Inc., S & H Enterprises, and Expert Network and Software Engineering, Inc.


“This excellent win underscores the value that our acquisition of Sensys Development Laboratories, Inc. has brought to Essex,” according to Leonard E. Moodispaw, CEO and President. “Their knowledge and capabilities enabled us to lead and win this important effort and position us for even larger roles with this customer.” Strategic acquisitions are a key element of the overall Essex business strategy that continues to deliver strong top line growth for the year.


For information about job openings in software engineering, systems engineering, and optical engineering, candidates are encouraged to visit the Careers page on our website (www.essexcorp.com/careers.html).


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 [phone]; Fax [phone]; E-mail [e-mail], or on the Web at www.essexcorp.com.


This press release contains forward-looking statements regarding the timing and completion of events and transactions. Actual results could differ materially from those projected in or contemplated by the forward-looking statements. Please refer to the risk factors contained in Essex’s Annual (10-KSB) and Quarterly (10-QSB) statements filed with the SEC.

[CrashKid]

Produkte:
Essex’s current and future operations are based on the continued development and utilization of the following
core technologies (described below). It should be noted that each of the technologies have been developed
through internal research and development projects:
1) Optoelectronic processors and processing: This includes the Advanced Optical Processor (AOP) program
and Optical Processor Enhanced Receiver Architecture (OPERA™) technology.
! The AOP program is directed at Radar Analysis for the Missile Defense Agency. More specifically,
this technology is used in the ballistic missile defense environment. The Advanced Optical Processor
enables real time image processing and identification that improves target discrimination in a hostile
environment. The advantages provided include discrimination from decoys, debris, and other
countermeasures.
! OPERA is a developmental stage technology. According to the Company, this technology has the
capacity to provide enhanced performance of wireless network and Digital Subscriber Line (DSL)
technology.
2) Communications Services: This includes the capabilities of the Company’s Communications Services
Division formed in late 2002. This division provides:
! Support for the intelligence community (primarily the National Security Agency) with its mission
critical voice and video systems infrastructures; and
! Telecommunications systems support primarily for classified government customers in the areas of
modernization, project management, and integration and engineering analysis.
This division operates under a government contract that has a potential total multi-year value of over
$30.0 million. The revenue level for this division is likely to depend on the recruitment of additional
employees that can obtain security clearances to meet customer requirements.
3) Hyperfine Wavelength Division Multiplexing (WDM): This technology/product allows for increased
bandwidth capabilities within fiber optic networks. The core technology provides:
1) All passive optical components;
2) Simple and small packaging, using standard manufacturing processes. The Company has a
manufacturing relationship with Harris Corporation of Melbourne, Florida. The two have maintained
a relationship through the phases of design and formation, development of the prototype, and an early
production model. The relationship is expected to continue as the alpha version of the product was
released during September 2003;
3) Low insertion loss; and
4) High density – 50 MHZ to 100GHz spacing, that allows for:
! Superior response;
! Tailored applications;
! Low temperature;
! Low group delay;
! Flat signal waveform; and
! Fixed or tunable designs.
The Company anticipates that opportunities exist for this technology in the optical networking
telecommunications market that encompasses long-haul, metro, and access networks in addition to the test
equipment industry. Management believes that the benefits this technology will provide to network operators
include:
Essex Corporation
! Speed and flexibility;
! Lower cost point, while at the same time scaling to higher bandwidths;
! Individual wavelengths; and
! Longer distance-reach, while supporting multiple protocols and topologies.
On August 19, 2003, the Company announced it received the patent from the U.S. Patent and Trademark
Office for its first HyperfineWDM patent application. This discloses a new passive optical filter technology
that can combine or separate very closely spaced wavelengths in the range of 50GHz to 50MHZ with
excellent optical performance characteristics.
Relationships for this product exist with Agilent, MIT/Lincoln Labs and Harris Corporation. According to
the Company, other relationships are maintained but cannot be publicly announced due to nondisclosure
agreements. Field trials of this product occurred in 2002 and are likely to continue through the early part of
2004.
4) Signal Processing: This includes the capabilities of Sensys Development Laboratories (SDL), which was
acquired in March 2003. SDL provides systems and software engineering services to the intelligence
community. The core competencies of SDL enhance the existing image and signal processing capabilities of
Essex. In addition, the SDL acquisition will add approximately $5 million worth of revenues over a twelvemonth
period.
5) Virtual Lens Imaging (VLI) Technology: This includes the ImSyn™ processor and technology, for surface
and below surface imaging. This is a patented high-resolution imaging system that leverages the Company’s
experience as it relates to synthetic aperture imagery and optoelectronic system development. The basis for
this technology is its optoelectronic processor with the ability to calculate images from non-uniform data in
real time. The two primary areas for VLI Technology are – Synthetic Aperture Radar (SAR) and Ground
Penetrating Radar (GPR). SAR/GPR is used in military imaging because it can penetrate clouds, foliage, and
the ground. Over the past years, the Company received and spent over $2 million in Small Business
Innovative Research (SBIR) awards to fund the continuing application for this technology. Management
believes the next step for this technology is to transition it to major government programs since imaging for
military purposes is becoming increasingly important with the expanded use of the U.S. military around the
world.

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Noch ein paar Daten:

FYE (12/02) FYE (12/03) E FYE (12/04) E
Total Sales (in millions) $4.5 $14.5 $18.4
Earnings per share *
($0.67) ($0.29) $0.01 $0.02

52week price range $6.28 – $1.50 Fiscal year ends: December
Shares outstanding 8.92 million Revenue/shares (ttm) $1.23
Trading float 4.90 million Price/Sales (ttm) 4.64X
Insiders and 5% owners 4.02 million Price/Sales (2004) 3.19X
Tangible Book value/share a/o 6-30-03 $0.07 Price/Earnings (ttm) NMF
Price/Book NMF Price/Earnings (2004) NMF


YEAR / YEAR GROWTH 2000-2003
Total Revenues -32.30% -18.85% 70.58% 221.76%

[CrashKid]

Heute mal wieder 5% im Plus aber geringes Handelvolumen

[panik]

Essex Corporation Reports 2003 Annual and Fourth Quarter Results
Tuesday March 9, 5:11 pm ET
Q4 revenues over $5 million; continued profitability; increased guidance for 2004


COLUMBIA, Md., March 9 /PRNewswire-FirstCall/ -- Essex Corporation (Amex: EYW - News), reported revenues of $16,286,000 in fiscal 2003 compared to $4,506,000 in 2002. There was net income of $140,000 in fiscal 2003 compared to a net loss of $2,174,000 in fiscal 2002. Revenues in the fourth quarter of 2003 were $5,066,000 compared to $1,413,000 in 2002. There was net income of $74,000 in the fourth quarter of 2003 as compared to a net loss of $327,000 in 2002.
2003 Highlights

"2003 was an exciting year of growth and performance at Essex," according to Leonard E. Moodispaw, CEO & President. "We began the year with high goals of expanding the core business and building the foundation for future strategic growth of the Company. We achieved these goals in very tangible ways."

* Revenue Growth of 261% over `02 Revenues
* Profitable in `03
* Acquired Sensys Development Labs (March `03)
* Listed on nationally traded public stock exchange (June `03)
* Hyperfine Patent Awarded (Aug `03)
* Completed primary follow-on public offering (December `03)
* Received over $96 Million in Contract Awards in `03
* Total Contract Backlog of $112.8 Million as of Dec 28 `03 (approximate
value)


Business Outlook and Strategy

"2004 has started with even stronger demand from our customers than we expected. As a result, we are increasing our guidance for 2004 revenues to the range of $35-40 million, before any acquisitions," according to Moodispaw. "We are implementing the strategy we outlined in our public offering last year of pursuing strategic acquisitions, leveraging our technology to expand our core U.S. Government business, accelerating our business development efforts, and continuing to invest in internal research and development to bring new product and service offerings based on our technology to the market."

"We remain committed to finding and closing cogent acquisition(s) this year. The quality and range of potential acquisitions that have come onto the market since the beginning of the year has been impressive. We are looking for candidates from which to select the `best and brightest` for long-term growth and value for the Company. Our goal remains to become a full service provider of optical and signal processing solutions for customers with daunting needs."

Revenues for 2003 include $3.3 million (up from $2.1 million in 2002) related to the U.S. Government Missile Defense Agency program for design of a next generation advanced optoelectronic radar processor (AOP). Revenues for 2003 also include $3.5 million from Essex`s primarily new in 2003 telecommunications support contract and $5.8 million from 10 months of operations from the March 2003 acquisition.

The results for the fiscal year 2003 are after amortization of other intangible assets of $381,000, relating to an acquisition in March 2003. There was no such amortization in 2002.

As of December 28, 2003, we had a total contract backlog, funded and unfunded, of approximately $112.8 million as compared with $52.1 million at December 29, 2002. Of these amounts, funded backlog was $15.0 million and unfunded backlog was $97.8 million at December 28, 2003 compared to $600,000 and $51.5 million, respectively, at fiscal year end 2002. This does not include approximately $6.3 million of funding received in January 2004.

Working capital increased to nearly $33 million from $222,000 between year end 2002 and year end 2003. In December 2003, the Company received net proceeds of $31.4 million in connection with the follow-on public offering.

Essex will host a discussion of this announcement with investors and financial analysts tomorrow morning, Wednesday, March 10, 2004 at 10:00 a.m. (Eastern). The live broadcast of the discussion will be available via Essex the Investor page of the Essex Website at www.essexcorp.com/investor.html. An archived version of the discussion will be available shortly following the conclusion of the live broadcast at this same location on our Website.

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 [phone]; Fax [phone]; E-mail [e-mail], or on the Web at www.essexcorp.com.

ESSEX CORPORATION FINANCIAL HIGHLIGHTS

13 Week 13 Week 52 Week 52 Week
Period Period Period Period
December December December December
28, 29, 28, 29,
2003 2002 2003 2002
(unaudited) (audited)

Revenues $5,066,000 $1,413,000 $16,286,000 $4,506,000

Cost of Goods Sold
and Services
Provided (3,347,000) (882,000) (10,389,000) (2,594,000)

Gross Margin 1,719,000 531,000 5,897,000 1,912,000

Selling, General and
Administrative
Expenses (1,487,000) (681,000) (4,905,000) (2,668,000)

Research and
Development (65,000) (168,000) (403,000) (1,395,000)

Interest Expense (7,000) (9,000) (68,000) (23,000)

Amortization of Other
Intangible Assets (86,000) -- (381,000) --

Net Income (Loss) $74,000 $(327,000) $140,000 $(2,174,000)

Weighted Average Number
of Shares
- Basic 9,750,000 7,654,000 8,706,000 7,411,000

- Diluted 11,242,000 7,654,000 9,798,000 7,411,000

Net Income (Loss) per
Common Share
- Basic $0.01 $(0.04) $0.02 $(0.29)

- Diluted $0.01 $(0.04) $0.01 $(0.29)

As of As of
December December
28, 29,
2003 2002

Working Capital $32,971,000 $222,000

Working Capital Ratio 12.06:1 1.15:1

Shareholders` Equity $36,745,000 $358,000


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, as amended, 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
President
301.939.7000




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Source: Essex Corporation