UIC United Indl Corp

United Industrial Subsidiary AAI Corporation Closes on $8.1 Million Sale of Undeveloped Land HUNT VALLEY, Md., Jan. 14 /PRNewswire-FirstCall/ -- United Industrial Corporation (NYSE:UIC) today announced that its wholly-owned subsidiary, AAI Corporation, has closed on its sale of approximately 26 acres of undeveloped property adjacent to its Hunt Valley, Maryland, facility for $8.1 million, or $7.6 million net of selling expenses. The company intends to reinvest the net proceeds in a planned transaction that should minimize income tax expense. Sale of excess real estate was one of several strategies the company announced in September 2003 to enhance shareholder value. In addition to selling the Hunt Valley property, the company has enhanced its focus on its core defense business, issued $120 million of Convertible Senior Notes and realized certain cost efficiencies. The potential sale of other non-core assets is still being explored. United Industrial Corporation is a company focused on the design, production, and support of defense systems. Its products and services include unmanned aerial vehicles, test and simulation systems, automated aircraft test and maintenance equipment, and logistical/engineering services. The company also manufactures combustion equipment for biomass and refuse fuels. For more information, visit http://www.unitedindustrial.com/ and http://www.aaicorp.com/. Except for the historical information contained herein, information set forth in this news release may contain forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," and variations of such words and similar expressions that indicate future events and trends are intended to identify such forward-looking statements, which include, but are not limited to, projections of revenues, earnings, segment performance, cash flows, and contract awards. These forward-looking statements are subject to risks and uncertainties, which could cause the company's actual results or performance to differ materially from those expressed or implied in such statements. The company makes no commitment to update any forward- looking statement or to disclose any facts, events, or circumstances after the date hereof that may affect the accuracy of any forward-looking statement. For additional information about the company and its various risk factors, please see the company's most recent annual report on Form 10-K as filed with the Securities and Exchange Commission. DATASOURCE: United Industrial Corporation CONTACT: James H. Perry of United Industrial Corporation, +1-410-628-8786, Web site: http://www.unitedindustrial.com/ http://www.aaicorp.com/ Company News On-Call: http://www.prnewswire.com/comp/113559.html

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