Sunnyvale, CA. Monday February 11, 2001– Applied Signal Technology, Inc. (NASDAQ: APSG) announced today that it will host a conference call on Wednesday, February 20, 2002 at 8:00AM PAC to discuss first quarter operating results. The first quarter operating results will be released on Tuesday, February 19 at the opening of the market. Gary L. Yancey, President and CEO will be hosting the call.

Investors will have the opportunity to listen to this event two ways ­ via teleconference or webcast:

Via telephone, the dial-in number is 1-800-255-2466 for domestic callers, or 1-212-676-4900 for international callers. There is no pass code. There will be a question/answer session at the end of the conference call. An archived copy of the call will be available via a replay at 1-800-633-8284 for domestic callers or 858-812-6440 for international callers - reservation number 20350983 for domestic and international callers. The teleconference call replay will be available beginning at 10:00AM PAC on February 20 and ending at 10:00AM PAC on March 8, 2002.

Investors will have the opportunity to listen to this event simultaneously over the Internet through World Investor Links’ Vcall Website, located at http://www.vcall.com. To listen, please go to the Website at least fifteen minutes early to download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the event has ended.

Applied Signal Technology designs, develops, manufacture and markets advanced digital signal processing equipment to collect and process a wide range of telecommunications signals for signal reconnaissance and industrial applications. For additional Company-related information, visit the Company’s web site at www.appsig.com.

Except for historical information contained herein, matters discussed in this news release may contain forward-looking statements that involve risks and uncertainties. Statements as to beliefs concerning potential contract options, the Company’s ability to successfully complete the initial contract to position it to win future phases, whether or not the U.S. Government decides to procure subsequent phases, potential synergistic effects from working with other companies, and beliefs concerning contractual opportunities for further orders are forward-looking statements. These risks and uncertainties include whether these potential orders will be issued by the U. S. Government; whether the Company will be successful in obtaining contracts for these orders if they are forthcoming and when such orders may be forthcoming and awarded; whether the Company can successfully complete the initial contract and any options, if awarded; and other risks detailed from time to time in the Company’s SEC reports including its latest Form 10-K filed for the fiscal year ended October 31, 2001.