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November 12, 1997

FOR IMMEDIATE RELEASE

DBA REPORTS CONTINUED INCREASE IN EARNINGS


DBA Systems, Inc. of Melbourne, Florida...DBA Systems, Inc., a Melbourne, Florida based Defense Imaging, Geodesy and Electronics firm announced today its financial results for the three-month period ending September 30, 1997. Fully-diluted earnings per share achieved $.12 for the quarter as compared to $.07 in the first quarter last year. Twelve month trailing earnings are $.45 per share as compared to $.40 per share for the twelve months ended 30 June 1997.

Revenues were $5,665,000, a decrease of $628,000 as compared to $6,293,000 recorded in the comparable three-month period in the prior fiscal year. Sales increases in two divisions; $720,000 in Proprietary Imagery Exploitation (PIE) and $363,000 in Commercial Imagery Exploitation (CIE) were offset by cyclical revenue decreases of $1,713,000 in other product lines.

Operating income increased to $692,000, a 30% increase over the $534,000 recorded a year earlier. The current quarter's operating margin was 12.2% as compared to the operating margin of 8.5% in the prior year's first quarter. The increase in operating income was primarily attributable to an operating income increase of $100,000 in PIE and $53,000 in Systems/Engineering Development (SED) as compared to first quarter last year. PIE achieved greater sales and award fees while SED enhanced income performance reflected successful completion of certain Avenger Tracker contracts. Net income increased to $534,000 for the current quarter as compared to $323,000 recorded for the comparable quarter a year earlier. Increases in net income were driven by elimination of long term debt interest expense and growth in interest income.

DBA's CEO, Mr. John L. Slack commented on the status of earnings, "We are pleased to demonstrate DBA's continued strong performance in earnings as we strive to meet our current customers' needs as well as penetrate new markets in the commercial arena."

Key components of DBA's financial performance for the quarter are as follows:


 

Three Months Ended
September 30,

 

 1997

 1996

 Revenues  $5,665,000  $6,293,000
 Operating Income  $ 692,000  $ 534,000
 Pretax Income  $ 860,000  $ 512,000
 Net Income  $ 534,000  $ 323,000
     
 Earnings Per Share    
 Primary

 $ .12

 $ .07

 Fully Diluted

 $ .12

 $ .07


 

7 October 1997

FOR IMMEDIATE RELEASE

DBA PURCHASES EQUITY INTEREST IN FLASH COMM, INC.

DBA Systems, Inc. of Melbourne, Florida..... DBA Systems, Inc. (DBA) a Melbourne, Florida based Defense, Imaging, Charting, Geodesy and Electronics firm announced today it has purchased an equity interest in Flash Comm, Inc., also of Melbourne, a privately held wireless data communications network provider. The investment of $1.6 million represents approximately 6% ownership in Flash Comm, Inc. DBA has also been provided a seat on the Flash Comm, Inc. Board of Directors.

Flash Comm is majority owned by HVFM-II. HVFM-II's major investor is Harris Corporation. HVFM-II partners with Harris for Harris' commercial technology spin-offs, counting among its accomplishments a portfolio of successful startup commercial companies. DBA's investment along with HVFM-II's matching investment, completes approximately one third of the second round of funding of the Flash Comm Series B offering of convertible preferred stock. Additional investors will now be allowed the opportunity to invest in the Flash Comm Series B convertible preferred stock.

It was recently announced that Flash Comm awarded DBA a two year $10.6 million contract as its partner to produce a commercial quantity of asset monitoring products that will dramatically lower the cost of the transportation industry's vehicle communication and trailer tracking needs.

J. Douglass Mullins, General Partner of HVFM-II, stated "We have been searching nationwide for some time for a manufacturing partner and we found what we wanted in our own backyard in Melbourne. DBA's involvement will be mutually beneficial to both companies. DBA is synergistic to Flash Comm in all aspects of our business and we welcome their involvement. DBA's participation also allows Flash Comm to be first to market with our commercial transportation tracking system with coast-to-coast coverage."


29 September 1997

FOR IMMEDIATE RELEASE

DBA SYSTEMS AWARDED TWO YEAR $10.6 MILLION DOLLAR COMMERCIAL CONTRACT

DBA Systems, Inc. of Melbourne, Florida..... DBA Systems, Inc. (DBA) a Melbourne, Florida based Defense Imaging, Charting, Geodesy and Electronics firm announced today the partnering and signing of an Agreement with Flash Comm, Inc. (FCI), also of Melbourne Florida, for the design, development and manufacture of mobile sensor and transceiver asset monitor units to be employed in a two-way, North American continent wireless data communications system. The asset monitor units enable operators in the commercial transportation market to track and status fixed and mobile assets such as trucks and trailers.

Flash Comm is majority owned by HVFM-II. HVFM-II's major investor is the Harris Corporation. HVFM-II partners with Harris for Harris' commercial technology spin-offs, counting among its accomplishments a portfolio of successful startup commercial companies.

Flash Comm was formed in 1994 to commercialize communications technology originally developed by Harris Corporation for the military. Critical aspects of the technology are protected by patents owned by Flash Comm, and additional patents are being sought by the Company. Commercial launch of service will begin shortly.

The development and manufacturing agreement marks a major achievement for both DBA and FCI in that it provides the means for commercialization of proprietary technologies and products that each has developed for the communications sector. Units to be supplied under the Agreement employ patented HF communications technology, and offer an advantage over satellite based systems by providing a low-cost means for a shipper, manufacturer or anyone in the supply chain, to track or regularly poll its complete inventory of mobile assets anywhere in the North American continent. The asset monitors provide data regarding location and cargo status (cargo temperature, cargo security and available container volume) via a sensor suite consisting of volume, temperature and door sensor modules. DBA will be the exclusive manufacturer of the device under the Agreement, with minimum orders of $9 million projected for the first year of the two year agreement. Long term potential sales of the mobile sensor units will include the entire commercial transportation industry, which consists of over 11 million trucks, trailers and railcars.

The partnership between DBA and FCI comes on the heels of FCI's announcement last month that it had obtained the necessary Federal Communications Commission's permanent license to operate the patented technology in the HF band.

John Slack, DBA's President and CEO, stated the asset monitor contract is a critical part of the DBA Corporate strategy to exploit new commercial opportunities to meet our strategic goal of 30% commercial business by the year 2000.



September 18, 1997

FOR IMMEDIATE RELEASE

DBA YEAR END RESULTS REFLECT BEST EARNINGS PER SHARE SINCE 1993

DBA Systems, Inc. of Melbourne, Florida......DBA Systems, Inc., A Melbourne, Florida based Defense Imaging, Charting, Geodesy and Electronics firm announced today that revenues for the twelve months ended June 30, 1997, were $25,508,000 compared to $20,470,000 reported in the prior year's twelve-month period, an increase of 25%. Net income for the year hit $1,785,000, an increase of 54% over the previous year. The resultant Earnings Per Share of $.40 was the Company's best performance since 1993.

Of the $5 million increase in revenue over the previous year, $4 million was attributable to increased Tactical Imagery Exploitation sales resulting from the $8.8 million Common Imagery Ground Surface System (CIGSS) contract awarded in June 1996. Operating income for the twelve-month period ended June 30, 1997 increased to $2,355,000 compared to $1,140,000 reported in the prior year's period. This more than doubling of operating income was driven by successful completion of the $9.2 million multi-year Avenger production contract, completion in 1996 of unprofitable production contracts transferred from the Kissimmee facility, and continued robust performance by the Company's two long-time successful core divisions, Proprietary Imagery Exploitation and Tactical Imagery Exploitation. These two divisions make up 68% of DBA's revenues. $175,000 of the year's pre-tax income resulted from a one-time gain on settlement of a lawsuit in March 1997 concerning sale of Company assets

The backlog of business on uncompleted contracts as of June 30, 1997 was approximately $16.6 million.

 Three Months Ended

June 30

Twelve Months Ended

June 30

 

 1997

 1996

1997

 1996

Revenues

  $7,403,000

 $5,556,000

 $25,508,000

 $20,470,000

 Operating Income

 700,000

 406,000

 2,355,000

 1,140,000

 Pretax Income

 853,000

 424,000

 2,848,000

 1,246,000

 Net Income

 386,000

 415,000

 1,785,000

 1,161,000

         
 Earnings per Share        
 Primary

 $.09

 $.09

 $.40

 $.26

 Fully Diluted

 $.09

 $.09

  $.40

 $.26




July 18, 1997

FOR IMMEDIATE RELEASE

DBA SYSTEMS, INC. AWARDED TWO YEAR CONTRACT FOR REPAIR AND OVERHAUL OF GYROSCOPES

DBA Systems, Inc. of Melbourne, Florida....DBA Systems, Inc., a Melbourne, Florida based Defense Imaging Charting, Geodesy and Electronics firm announced today the award of a two year contract by U.S. Army Communications/Electronics Command (CECOM) for depot level repair and overhaul of CN1314 Vertical Displacement Gyroscopes. DBA has been a primary supplier of this vertical displacement and other gyroscopes for U.S. Army helicopters for over 17 years. The award of this baseline repair and overhaul contract, valued at just under $1M, will position the company to pursue other depot level gyro repair contracts that are available, in part, due to the reduction in defense budgets to procure new helicopters. According to a company spokesperson, DBA believes that the helicopter service life extension programs will provide a continuing and growing need for DBA Systems, with its proven record of competence and integrity in this field, to repair and overhaul other gyroscope models for the U.S. Army Depot system. Also, as a consequence of this contract, DBA will have opportunities for sales of a small number of new gyros to the U.S. Army as well as domestic and foreign air frame manufacturers.

The work under this contract will be accomplished at DBA's Poinciana Industrial Park facility in Kissimmee, Florida.



20 June 1997

FOR IMMEDIATE RELEASE

DBA SYSTEMS, INC. AWARDED $1.5M OPTION

DBA Systems, Inc. of Melbourne, Florida...DBA Systems, Inc., a Melbourne, Florida based Defense Imaging, Charting, Geodesy and Electronics firm announced today the award of a $1.5M option under the Common Imagery Ground/Surface System (CIGSS) portion of its existing Modernized Imagery Exploitation System (MIES) contract with the U. S. Army Topographic Engineering Center to repackage the three (3) fielded systems into 31' vans. The addition of this award brings the contract total to $38.2M. The repackaging effort will achieve commonality with other Army systems and significantly enhance the transportability of MIES. The basic vans will be provided to DBA as Government Furnished Equipment (GFE) and DBA will integrate the CIGSS compliant system components. The resultant system will be drive-on/drive-off transportable on C130, C141, C5 and C17 aircraft. The work under this contract will be accomplished at DBA's Melbourne, FL operations facility and the period of performance is approximately 12 months.

 

May 14, 1997

FOR IMMEDIATE RELEASE

DBA ANNOUNCES 3RD QUARTER RESULTS

DBA Systems, Inc. of Melbourne, Florida......DBA Systems, Inc., a Melbourne, Florida based Defense Imaging, Charting, Geodesy and Electronics firm announced today that revenues for the nine months ended March 31, 1997, were $18,105,000 compared to $14,914,000 reported in the prior year's nine-month period, an increase of 21%. Operating income for the nine-month period ended March 31, 1997 increased to $1,655,000 as compared to $734,000 reported in the prior year's nine-month period. Net income increased to $1,399,000 as compared to $746,000 a year ago, an increase of 88%. Fully-diluted earnings per share for the nine-month period were $.31 as compared to $.17 in the prior year. Increases in revenue were driven by work on the $8.8 million Common Imagery Ground/Surface System (CIGSS) contract awarded in June 1996 and associated Operations and Maintenance efforts. The increase in operating margin from 4.9% to 9.1% was attributable to completing the last year of remaining Kissimmee plant contracts which were unprofitable due to site relocation; the successful completion of the multi-year Avenger subcontract with the Boeing Company; and continued robust performance by the Company's two long-time successful core divisions, Proprietary Imagery Exploitation and Tactical Imagery Exploitation. These two divisions make up 68% of DBA's revenues. Included in other income is $175,000 realized by the settlement of a 1987 lawsuit filed by DBA stemming from default on a purchase money note.

The backlog of business on uncompleted contracts as of March 31, 1997 was approximately $20 million.

 

 Three Months Ended

March 31

  Nine Months Ended

March 31

 1997

 1996

 1997

 1996

Revenues

$6,381,000

$5,418,000

 $18,105,000

 $14,914,000

Operating Income

 624,000

291,000

1,655,000

734,000

Pretax Income

 891,000

298,000

1,995,000

822,000

Net Income

 704,000

 272,000

1,399,000

746,000

 
Earings per Share  
Primary

 $.16

$.06

$.31

$.17

Fully Diluted

 $.16

$.06

$.31

$.17



April 17, 1997

FOR IMMEDIATE RELEASE

DBA EXPANDS INTO FINGERPRINT LAW ENFORCEMENT MARKET


DBA Systems, Inc. of Melbourne, Florida.....DBA Systems, Inc., a Melbourne, Florida based Defense Imaging, Charting, Geodesy and Electronics firm announced today its first commercial order for fingerprint digitizing scanners. The initial order for scanners and associated workstations worth $200,000 received from NEC marks the company's expansion into the law enforcement fingerprint identification market from which it expects potential revenues to amount to a possible $2 million in the foreseeable future. DBA is the only company to successfully complete the FBI's Image Quality Specification (IQS) Appendix F in a high volume fingerprint card batch mode.


April 16, 1997

FOR IMMEDIATE RELEASE

DBA SYSTEMS RECEIVES NASA CONTRACT TO STUDY NEXT GENERATION SYNTHETIC APERTURE RADAR SATELLITES


DBA Systems, Inc. of Melbourne, Florida.... DBA Systems, Inc., a Melbourne, Florida based Defense Imaging, Charting, Geodesy and Electronics firm announced today the receipt of a NASA contract to perform definition studies of a next-generation, multiple-user, low-cost synthetic aperture radar (SAR) satellites for Earth-imaging applications. Although SAR satellites tend to be large, and thus expensive, the subject of this definition study is a more economical SAR, called "LightSAR", which would map the earth's surface almost continuously and be unaffected by cloud cover or darkness. The contract, issued by NASA's Jet Propulsion Laboratory, is valued at $700,000 and will be completed in November of this year. The contract is unusual in that industry will be expected to contribute to the cost of the definitional phase and the follow-on SAR program. The SAR satellite program has the potential of initiating a new US industrial high tech business. Currently, the US is the only major power that does not have a commercial SAR satellite program.

DBA Systems was one of four companies awarded contracts to study possible design and implementation approaches for the LightSAR system to meet the NASA scientific needs and also maximize the commercial application of SAR-related products. DBA has been involved in SAR satellite studies for a long period of time. DBA's most recent SAR experience was with the evaluation of a very large Russian satellite. As a part of previously privately contracted studies, DBA developed a worldwide market analysis for SAR data. NASA's intent is that commercial activity will offset a portion of the development and launch costs for the project. Under its prime contract, DBA Systems has teamed with CTA Space Systems of McLean, Virginia to study the economic benefits of LightSAR and thereby validate and refine the LightSAR preliminary design. These studies will also define the cost of LightSAR, with industry paying a percentage of the cost and receiving and selling a percentage of the data. Based on the results of these studies, NASA will decide how to proceed with the LightSAR project, leading to a potential launch in about the year 2000. Scientific data sets from the satellite would be used to monitor natural disasters such as volcanic eruptions, earthquakes and flooding, as well as study the environmental impact of humans on the earth, the earth's oceans and the global climate. Commercial applications include mineral exploration, environmental monitoring, agricultural applications such as soil moisture content, forest inventories, and the development and production of civil/commercial mapping charting and geodesy products. "This contract offers DBA and our partners an opportunity to take advantage of DBA's experience gathered over the last three years on worldwide SAR commercial applications. DBA is pleased to be teamed with CTA Space Systems, the architect and producer of the majority of the small satellites built in the US," remarked John Slack CEO of DBA Systems, Inc.

If the DBA/CTA team is successful in the next phase of the contract, the production and operational phase, it is DBA's intent to finance the commercialization portion via an initial public offering of a company which will be called RadarSat of America, Inc. RadarSat of America would be the commercialization vehicle that could represent a large number of high tech jobs in the US.


April 2, 1997

FOR IMMEDIATE RELEASE

DBA SYSTEMS ANNOUNCES NEW VICE PRESIDENT OF BUSINESS DEVELOPMENT



DBA Systems, Inc. of Melbourne, Florida.... DBA Systems, Inc., a Melbourne, Florida based Defense Imaging, Charting, Geodesy and Electronics firm announced today the appointment of Mr. Terry R. Sargent as Vice President of Business Development. Mr. Sargent brings a wealth of business development experience to DBA in both the commercial and defense environments. Mr. Sargent will develop and execute marketing plans and programs, both long and short range, to enhance the growth and expansion of DBA's products and services. His initial area of emphasis will be to continue DBA's transition from DoD to the commercial market, an expertise he demonstrated while employed in previous positions with Texas Instruments and Westinghouse. In addition to his business development experience, Mr. Sargent is also extremely well grounded in the areas of program management, strategic planning, and quality assurance. Mr. Sargent is a graduate of the United States Naval Academy and holds a Masters Degree in Organizational Development from the University of Baltimore and an MBA from Pepperdine University.


February 26, 1997

FOR IMMEDIATE RELEASE

DBA SYSTEMS, INC. ANNOUNCES STOCK REPURCHASE PROGRAM



DBA Systems, Inc. of Melbourne, Florida....DBA Systems, Inc., a Melbourne, Florida based Defense Imaging, Charting, Geodesy and Electronics firm announced today that its Board of Directors has authorized a stock repurchase program whereby the Company may repurchase up to 200,000 shares of its outstanding common stock, in the open market or in negotiated transactions through August 31, 1997 and at such prices as the Company may from time to time decide.
John Slack, Chairman, President, and CEO of DBA, said, "This action has been taken based on the Board's opinion that, at current market prices, DBA's common shares are undervalued."
DBA has achieved 24 consecutive quarters of profitability. Funding for the repurchase program will be from cash on hand.



February 12, 1997

FOR IMMEDIATE RELEASE

DBA 2ND QUARTER RESULTS MARK 24 CONSECUTIVE MONTHS OF POSITIVE OPERATING INCOME


DBA Systems, Inc. of Melbourne, Florida ... DBA Systems, Inc., A Melbourne, Florida based Defense Imaging, Charting, Geodesy and Electronics firm announced today that revenues for the six months ended December 31, 1996, were $11,724,000 compared to $9,496,000 reported in the prior year's six-month period, an increase of 23%. Operating income for the six-month period ended December 31, 1996 increased to $1,031,000 as compared to $443,000 reported in the prior year's six-month period. Net income increased to $695,000 as compared to $474,000 a year ago, an increase of 47%. Fully-diluted earnings per share for the six-month period were $.15 as compared to $.11 in the prior year. Increases in revenue were driven by work on the $8.8 million Common Imagery Ground/Surface System (CIGSS) contract awarded in June 1996 and associated Operations and Maintenance effort. The increase in operating margin from 4.7% to 8.8% was attributable to completing the last year of remaining Kissimmee plant contracts unprofitable due to site relocation, successful completion of the multi-year Avenger subcontract with the Boeing Company, as well as continued robust performance by the Company's two long time successful core divisions, Proprietary Imagery Exploitation and Tactical Imagery Exploitation. These two divisions make up 65% of DBA's revenues. The net income percentage increase was not as dramatic as the operating income percentage increase due to the expiration this year of the Company's net operating loss (NOL) carryforwards.
The backlog of business on uncompleted contracts as of December 31, 1996 was approximately $24 million.

 

 Three Months Ended

December 31,

 Six Months Ended

December 31,

 

 1996

1995

1996

1995

Revenus

$5,431,000

$4,569,000

$11,724,000

$9,496,000

Operating Income

 497,000

210,000

1,031,000

443,000

Pretax Income

 592,000

249,000

1,104,000

524,000

Net Income

372,000

215,000

695,000

474,000

Earnings per Share        
Primary

$.08

$.05

$.15

$.11

Fully Diluted

$.08

$.05

$.15

$.11

Contact
John L.Slack
Chairman of the Board,
President and CEO
(407)727-0660, ex2535
(ceo@dba-sys.com )


Corporate Headquarters: P.O. Drawer 550, 1200 South Woody Burke Road, Melbourne, FL 32902-0550
Fairfax Facility: 10560 Arrowhead Drive, Fairfax, VA 22030


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