FOR IMMEDIATE RELEASE
60 East 42nd Street, Suite 5010, New York, NY 10165, 212-716-2000
	Company Contact: William J. Frost Vice President - Administration (212) 716-2000 investor.relations@edocorp.com

EDO CORPORATION COMPLETES PURCHASE
OF THE ASSETS OF CONDOR SYSTEMS, INC.

NEW YORK, NEW YORK - July 29, 2002 - EDO Corporation (NYSE:EDO) announced today that EDO Reconnaissance and Surveillance Systems Inc., a wholly owned subsidiary, has completed the previously announced purchase of substantially all of the assets and businesses of Condor Systems, Inc., a California corporation, and its domestic subsidiary for approximately $61.9 million in cash and the assumption of certain normal employee benefit obligations and a certain number of trade and supplier payables required to support operations going forward valued together at approximately $12 million. The transaction also includes the assumption of $28 million of outstanding letters of credit normally associated with international contracts of the type being assumed.

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 with revenue for 2001 of approximately $78 million.

James M. Smith, EDO's Chairman, President and CEO said, "Condor meets all of our acquisition criteria. It considerably expands our electronic warfare footprint as a supplier in the areas of intelligence, reconnaissance and surveillance systems. Condor is platform-oriented with strategic positions on various airborne platforms, as well as the Los Angeles and Virginia-class submarines. Condor conducts substantial international business and has earned a solid reputation with the major prime contractors. Condor's culture is highly compatible with EDO's, and we have known and worked with Condor's senior management for years."

Smith continued, "We clearly understand the circumstances of Condor's bankruptcy, and we consider them immaterial on a go-forward basis. Based on our discussions with Condor's major customers, we anticipate a smooth integration of Condor's business into EDO's operations."

About EDO Corporation
EDO Corporation (www.EDOcorp.com) supplies highly engineered products for governments and industry worldwide, including advanced electronic, electromechanical and information systems and engineered materials critical to the mission success of its customers. The Company's Defense Segment provides integrated front-line war fighting systems, including radar countermeasures systems, aircraft weapons storage and release systems, airborne mine countermeasure systems, integrated combat systems and sonar systems and professional, operational, technical and information technology services. EDO's Space and Communication Segment addresses the needs of the remote sensing, communication, navigation, and electronic warfare industries with ultra-miniature electronics and a broad line of antennas. The Company's Engineered Materials Segment supplies piezoelectric and advanced composites for the communication, navigation, chemical, petrochemical, paper and oil industries, for civilian infrastructure and military applications.

Forward Looking Statement
This press release contains statements that are forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: changes in demand for the Company's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, difficulties encountered in the integration of acquired businesses and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

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