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NEWS IN BRIEF

20 May 02. DRS Technologies Inc. (NYSE:DRS – News) said Monday fourth-quarter profit rose 50 percent due to increased business from its acquisition of the sensors and electronics systems unit of Boeing Co. (NYSE:BA – News).
But the company’s shares fell $6.95, or 15 percent, to $39.25 on the New York Stock Exchange despite the surge in profits.

Net earnings rose to $6.6m, or 38 cents per share, (2001: $4.4m, or
34 cents per share). Revenues rose 20 percent to $156.4m from $129.9m.
The results were roughly in line with Wall Street forecasts, which pegged the company’s earnings between 37 cents and 42 cents per share, with a mean estimate of 39 cents per share, according to research firm Thomson First Call.

9 May 02. Paravant Inc. (Nasdaq: PVAT – news) a defense electronics technology company, reported financial results for its quarter ended March 31, 2002. Revenues increased by 35%, from $11,293,216 to $15,238,106 for the quarters ended March 31, 2001 and 2002 respectively. As of March 31, 2002 the Company’s backlog was at a record high of $53.1m, consisting of $46.6m in firm fixed-price purchase orders, and $6.2m in IDIQ contracts. The contracts in the backlog are expected to generate profits within the Company’s historical levels.

14 May 02. L-3 Communications (NYSE:LLL – News), Communications Systems-West division was awarded a contract for the development of an airborne communications package for the Navy’s Naval Battleforce Network program.
The initial value of the contract is $1.5m and, when fully executed over a 48-month period, the contract will have a total value of $8.7m.

This program is part of the Office of Naval Research’s Future Naval Capability (FNC) for Knowledge Superiority and Assurance. Knowledge superiority and assurance lies at the heart of network-centric warfare for the Navy and Marine Corps.

14 May 02. Electric Fuel Corporation (Nasdaq: EFCX – News), the world’s leading zinc-air fuel cell company, announced
that its Defense and Security Systems Division has received new US Army
contracts totaling just over $500,000 orders for Additional US Army CECOM Batteries and Tooling; Initial Contract for US Army Land Warrior Program

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