EDO Reports 19 Percent Revenue Increase

NEW YORK, Aug. 2 -- EDO Corp. announced that revenue for the second quarter ended June 26, 1999, was $27,768,000, an increase of 19 percent over last year's figure of $23,397,000 for the same quarter. Operating earnings of $2,390,000 were reported, as compared with $2,369,000 a year earlier. Net earnings available for common shares were $1,281,000, or 17 cents per diluted share, reflecting an effective tax rate of 30 percent. These results compare with untaxed net earnings available for common shares of $2,015,000, or 27 cents per diluted share, for the second quarter of 1998. The company recorded a tax provision during the 1999 period, as it has fully recognized the benefits associated with the carrying forward of its net operating loss.
For the six months ended June 26, 1999, revenue rose 18 percent to $54,995,000 from $46,698,000 for the first half of 1998. Operating earnings increased to $4,612,000 from last year's $4,312,000. Net earnings available for common shares were $2,442,000, or 32 cents per diluted share, reflecting the 30 percent effective tax rate referenced above. Untaxed net earnings available for common shares for the first half of last year were $3,643,000, or 49 cents per diluted share.