Press Release - July 31, 2003

EDO SIGNS AGREEMENT TO SELL FACILITY IN DEER PARK

NEW YORK -- July 31, 2003 -- EDO Corporation (NYSE:EDO) today signed an agreement to sell its manufacturing facility in Deer Park, N.Y. to Deer Park Enterprise, LLC for cash consideration of $29 million. The transaction resulted in a pre-tax loss of $9.2 million, which was recorded in the second quarter ended June 28, 2003.

Under the terms of the agreement, EDO received $1.0 million of the sale proceeds today upon signing. An additional $21.0 million is to be received at closing, which is expected to occur on Sept. 26. EDO will have up to 24 months to vacate the facility, and the remaining $7.0 million will be received at that time. Management is currently focusing on a small number of selected options for the relocation of the affected operations.

"This sale will free up assets for more productive use, including acquisitions," said James M. Smith, EDO's chief executive officer. "Our decision was based on the results of a recently completed company-wide facility plan that evaluated a number of potential uses for this property. That plan considered future increases in production volumes that are expected due to our participation in major programs, such as the F/A-22 and the Joint Strike Fighter. We concluded that the Deer Park facility will not meet future requirements, and thus an outright sale is our best option."

The property being sold includes 726,000 square-feet of buildings and 81 acres of land. EDO obtained the property as a result of the acquisition of AIL Technologies Inc. in April 2000. Current production at the Deer Park plant includes aircraft defensive-system upgrades and the manufacture of high-performance antenna products. "In addition to the sale proceeds, we also anticipate increased efficiencies and lower ongoing expenses after these operations have been relocated," Smith added.

EDO Corporation provides military products and professional services to the United States and allied governments, and their prime defense contractors. EDO focuses on systems and subsystems that are integral to the success of long-term military platforms, such as the B-1B, the F/A-22, the Joint Strike Fighter, and the Comanche helicopter. Examples of the company's highly engineered products include aircraft weapon-release systems, ship and aircraft self-protect systems, and high-performance composite structures. The company also has a number of commercial product lines. A disciplined acquisition program is diversifying the base of major platforms and customers. EDO is at the core of the transformation to a lighter, faster, and smarter national defense capability.

EDO (www.edocorp.com) was founded in 1925, and is headquartered in New York City. The company expects 2003 revenues to exceed $460 million, and employs 2,800 people.

Forward-Looking Statements
Certain statements made in this release, including statements about future sales, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 and services, product mix, the timing of customer orders and deliveries, the impact of competitive products and services and pricing, 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.

Contact:
William A. Walkowiak, CFA
Director of Investor Relations
(212) 716-2038
ir@edocorp.com