APPLIED SIGNAL TECHNOLOGY, INC.
TO HOST A CONFERENCE CALL ON AUGUST 28, 2002
TO DISCUSS THIRD QUARTER OPERATING RESULTS

Sunnyvale, CA. Thursday, August 15, 2002 – Applied Signal Technology, Inc. (NASDAQ: APSG) announced today that it will host a conference call on Wednesday, August 28, 2002 at 8:00AM PAC to discuss third quarter operating results. Gary L. Yancey, President and CEO will be hosting the call. The third quarter operating results will be released on Tuesday, August 27, 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 877-407-8035 for domestic callers, or 201 689-8035 for international callers. There is no pass code required. There will be a question/answer session at the end of the conference call. A 24-hour replay of the teleconference call will be available by dialing 877-660-6853 for domestic callers and 201-612-7415 for international callers. Replay access number is required for the playback by entering account number 1628 and conference ID number 41841. The teleconference call replay will be available beginning at 10:00AM PAC on August 28, 2002 and ending at 8:59PM PAC on August 29, 2002. Via the web cast, investors will have the opportunity to listen to this event simultaneously over the Internet through World Investor Links’ Vcall Website, located at 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, Inc., provides advanced digital signal processing products, systems, and services to collect and process state-of-the-art telecommunications signals. For additional Company-related information, visit the Company’s website 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.