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NEWS IN BRIEF

30 May 02. Rolls-Royce Plc told investors today its tough earnings outlook this year had not deteriorated since it issued its previous guidance in March. “Looking forward, the short-term outlook for Rolls-Royce is consistent with the guidance provided on October 19 last year, and repeated in March this year, with profitability in 2002 affected by the downturn in civil aerospace and average net debt expected to be at a level similar to that in 2000,” the company told shareholders at its annual general meeting.

By 1010 GMT Rolls-Royce shares were 1.7 percent lower at 178 pence in a weaker market, with the benchmark FTSE 100 Index (^FTSE – News) having dropped almost one percent.

30 May 02. EADS would consider bidding for the military jet
business of Dassault Aviation (F.DAV) should it be put on the block, EADS co-Chairman Philippe Camus said today.

“If the opportunity arises, we would look into it,” Camus said at a press conference. His comment followed a recent declaration by the management of Dassault to the effect that Dassault could survive without its military operations.

28 May 02. EDO Corporation (NYSE:EDO – News) announced that EDO Acquisition IV Inc., a wholly owned subsidiary, has entered into a definitive agreement for the purchase of substantially all of the assets and businesses of Condor Systems, Inc., a California corporation, and its domestic subsidiary for approximately $112.3m in cash and assumed liabilities, including accounts payable, obligations relating to employees and standby letters of credit. Condor’s board of directors approved the agreement on May 17, 2002. Condor Systems, Inc., founded in 1980, is a privately held defense electronics firm and a manufacturer of signal intelligence and electronic warfare systems and products.

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