Losses pared at Essex Corp.

Maryland Watch

August 13, 1998

Essex Corp. of Columbia reported financial results yesterday for the first two quarters of the year, bringing the struggling technology company up to date in its disclosures.

For the first quarter of 1998, Essex posted a loss of $258,000, or 6 cents per share, on revenue of $804,000. The revenue was down nearly 32 percent from the $1.174 million reported for the first quarter of last year, but the $459,000 net loss in the year-ago quarter was larger than this year's.

Essex, which has invented a method for processing digital images, improved further during the second quarter. The company reported a net loss of $81,000, or 2 cents per share, on overall sales of $1.239 million for the quarter. That compared with a net loss of $527,000 on revenue of $891,000 in the first quarter of 1997.

The company reported its fourth-quarter 1997 results last week. They were delayed by accounting concerns over its financial viability.

Essex executives say last year's divestiture of two business units, combined with an upturn in computer software contract work, could help improve the company's finances during the rest of the year.

Pub Date: 8/13/98

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