APPLIED SIGNAL TECHNOLOGY, INC.
TO HOST A CONFERENCE CALL ON MAY 22, 2002
TO DISCUSS SECOND QUARTER OPERATING RESULTS

Sunnyvale, CA. Monday, May 6, 2002 – Applied Signal Technology, Inc. (NASDAQ: APSG) announced today that it will host a conference call on Wednesday, May 22, 2002 at 8:00AM PAC to discuss second quarter operating results. Gary L. Yancey, President and CEO, will be hosting the call. The second quarter operating results will be released on Tuesday, May 21, 2002 at the opening of the market.

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

Via telephone, the dial-in number is 800-633-8556 for domestic callers, or 212-346-6601 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 800-633-8284 for domestic callers or 858-812-6440 for international callers— reservation number 20577443 for domestic and international callers. The teleconference call replay will be available beginning at 10:00AM PAC on May 22, 2002 and ending at 10:00AM PAC on June 7, 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, manufactures, 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.