Press Release - August 26, 2003

EDO DECLARES QUARTERLY CASH DIVIDEND

NEW YORK -- August 26, 2003 -- The Board of Directors of EDO Corporation (NYSE:EDO) has declared a regular quarterly cash dividend on the company's common stock of $0.03 per share, payable on Sept. 26, 2003 to shareholders of record at the close of business on Sept. 5, 2003.

Chairman of the Board James M. Smith noted that the dividend payout has been given additional consideration this quarter in light of the recent tax-law changes. With the increased attention on dividends, board members have considered the possibility of raising the payout to reflect EDO's continuing growth in earnings and cash flow. However, the board has concluded that a dividend increase at this time would be inconsistent with the company's stated acquisition strategy. As always, the dividend payout will continue to be reviewed periodically.

"Our directors have reaffirmed that high-value acquisitions and reinvestment in our core businesses are clearly the best uses of our cash," said Smith. "The resultant increase in shareholder value is evident when considering our record over the past three years, in terms of revenue growth, earnings and market capitalization. This success has recently been recognized by Fortune Magazine, which has named EDO Corporation as number ten on its list of the '100 Fastest Growing Companies.' By staying the course with our proven acquisition process, we expect to achieve the greatest return for our shareholders."
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 returns on investment, 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