================================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                 ---------------

                                    FORM 10-Q/A

|X|         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001

|_|         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

             FOR THE TRANSITION PERIOD FROM __________ TO __________

                          COMMISSION FILE NUMBER 1-8533

                                 ---------------

                             DRS TECHNOLOGIES, INC.

              DELAWARE                                       13-2632319
   (State or other jurisdiction of                        (I.R.S. Employer
    incorporation or organization)                       Identification No.)

                   5 SYLVAN WAY, PARSIPPANY, NEW JERSEY 07054
                                 (973) 898-1500

                                 ---------------

      INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS
REQUIRED TO BE FILED BY SECTION 13 OR 15(D) OF THE SECURITIES AND EXCHANGE ACT
OF 1934 DURING THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE
REGISTRANT WAS REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH
FILING REQUIREMENTS FOR THE PAST 90 DAYS.

                      YES |X|                   NO |_|

As of November 9, 2001, 12,198,610 shares of DRS Technologies, Inc. Common
Stock, $.01 par value, were outstanding.

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<Page>

                     DRS TECHNOLOGIES, INC. AND SUBSIDIARIES

                               -------------------

DRS Technologies, Inc.'s Form 10-Q for the quarter ended September 30, 2001,
filed on November 12, 2001, is hereby amended by amending Item 1 "Financial
Statements" of Part I and Item 1 "Legal Proceedings" of Part II to read as set
forth below. This amendment updates the pro forma financial information
presented in Note 2 "Business Combinations" with more current information and
clarifies certain legal proceedings disclosures in Note 10 "Contingencies" and
in Part II under "Legal Proceedings".

                     INDEX TO QUARTERLY REPORT ON FORM 10-Q
                    FOR THE QUARTER ENDED SEPTEMBER 30, 2001

                     PART I - FINANCIAL INFORMATION                     PAGE NO.

    ITEM 1. Financial Statements

            Condensed Consolidated Balance Sheets - September 30, 2001
            and March 31, 2001 .........................................   1

            Condensed Consolidated Statements of Earnings -
            Three and Six Months Ended September 30, 2001 and 2000 .....   2

            Condensed Consolidated Statements of Cash Flows -
            Six Months Ended September 30, 2001 and 2000 ...............   3

            Notes to Condensed Consolidated Financial Statements .......   4-12

                          PART II - OTHER INFORMATION

    ITEM 1. Legal Proceedings ..........................................   13

SIGNATURES .............................................................   14


<Page>

                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                     DRS TECHNOLOGIES, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                        (IN THOUSANDS, EXCEPT SHARE DATA)

<Table>
<Caption>
                                                                                  (UNAUDITED)
                                                                                 SEPTEMBER 30,    MARCH 31,
                                                                                      2001           2001
                                                                                 -------------    ---------
<S>                                                                                <C>            <C>
                                                 ASSETS

Current assets:
        Cash and cash equivalents                                                  $   4,162      $   2,324
        Accounts receivable, net                                                     102,069         97,645
        Inventories, net of progress payments                                        110,906         74,327
        Prepaid expenses and other current assets                                     12,426          8,697
                                                                                   ---------      ---------
                      Total current assets                                           229,563        182,993
                                                                                   ---------      ---------

Property, plant and equipment, less accumulated
        depreciation and amortization of $43,667 and
        $39,142 at September 30, 2001 and March 31, 2001,
        respectively                                                                  51,531         37,639

Goodwill, less accumulated amortization of $13,754
        at March 31, 2001                                                             76,206         76,390

Acquired intangible assets, less accumulated amortization of
        $5,911 and $7,551  at September 30, 2001 and March 31, 2001,
        respectively                                                                  21,144         32,912

Purchase price in excess of net tangible assets acquired                              30,054             --

Deferred income taxes and other noncurrent assets                                     10,843          5,006
                                                                                   ---------      ---------

                                                                                   $ 419,341      $ 334,940
                                                                                   =========      =========

                                    LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
        Current installments of long-term debt                                     $   1,436      $   7,217
        Short-term bank debt                                                           1,312            831
        Accounts payable                                                              27,460         40,089
        Accrued expenses and other current liabilities                               100,631         91,170
                                                                                   ---------      ---------
                      Total current liabilities                                      130,839        139,307

Long-term debt, excluding current installments                                       159,784         75,076
Other noncurrent liabilities                                                           6,663          8,610
                                                                                   ---------      ---------
                      Total liabilities                                              297,286        222,993
                                                                                   ---------      ---------

Stockholders' equity:
Preferred Stock, no par value. Authorized 2,000,000 shares;
        no shares issued at September 30, 2001 and March 31, 2001                         --             --
Common Stock, $.01 par value per share
        Authorized 30,000,000 shares; issued 12,189,335 and
        12,058,057 shares at September 30, 2001 and March 31, 2001,
        respectively                                                                     122            121
Additional paid-in capital                                                            73,695         72,033
Retained earnings                                                                     52,406         44,025
Accumulated other comprehensive losses                                                (3,960)        (3,968)
Unamortized stock compensation                                                          (208)          (264)
                                                                                   ---------      ---------
                      Net stockholders' equity                                       122,055        111,947
                                                                                   ---------      ---------
Commitments and contingencies
                                                                                   $ 419,341      $ 334,940
                                                                                   =========      =========
</Table>

      See accompanying Notes to Condensed Consolidated Financial Statements


                                       1
<Page>

                     DRS TECHNOLOGIES, INC. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)

                                   (UNAUDITED)

<Table>
<Caption>
                                            THREE MONTHS ENDED SEPTEMBER 30,       SIX MONTHS ENDED SEPTEMBER 30,
                                           --------------------------------     -----------------------------------
                                               2001                 2000            2001                   2000
                                           -----------          -----------     ------------           ------------
<S>                                        <C>                  <C>             <C>                    <C>
Revenues                                   $   116,178          $   107,227     $    219,530           $    201,748
Costs and expenses                             105,475               98,724          199,143                186,090
                                           -----------          -----------     ------------           ------------

    Operating income                            10,703                8,503           20,387                 15,658

Other expense (income), net                         38                   32              (15)                   (42)

Interest and related expenses                    1,838                3,537            3,963                  6,644
                                           -----------          -----------     ------------           ------------

    Earnings before minority interests
      and income taxes                           8,827                4,934           16,439                  9,056

Minority interests                                 368                  270              626                    595
                                           -----------          -----------     ------------           ------------

    Earnings before income taxes                 8,459                4,664           15,813                  8,461

Income taxes                                     3,976                2,425            7,432                  4,324
                                           -----------          -----------     ------------           ------------

    Net earnings                           $     4,483          $     2,239     $      8,381           $      4,137
                                           ===========          ===========     ============           ============

Earnings per share of common stock

    Basic earnings per share:              $      0.37          $      0.22     $       0.69           $       0.43

    Diluted earnings per share:            $      0.34          $      0.20     $       0.64           $       0.38
</Table>

      See accompanying Notes to Condensed Consolidated Financial Statements


                                       2
<Page>

                     DRS TECHNOLOGIES, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)

                                   (UNAUDITED)

<Table>
<Caption>
                                                                                            SIX MONTHS ENDED SEPTEMBER 30,
                                                                                             2001                   2000
                                                                                           ---------              --------
<S>                                                                                        <C>                    <C>
Cash flows from operating activities:
   Net earnings                                                                            $   8,381              $  4,137

   Adjustments to reconcile net earnings to cash flows from operating activities:
           Depreciation and amortization                                                       5,962                 8,544
           Other, net                                                                           (191)               (1,156)

   Changes in assets and liabilities, net of effects from business combinations:
           Decrease in accounts receivable                                                    19,163                 4,171
           Increase in inventories                                                           (15,260)               (3,896)
           (Increase) decrease in prepaid expenses and
              other current assets                                                            (3,174)                  765
           Decrease in accounts payable                                                      (12,588)               (3,529)
           (Decrease) increase in accrued costs on acquired contracts                         (2,962)               11,564
           Increase (decrease) in accrued expenses and other current liabilities               3,544                (3,078)
           Increase (decrease) in customer advances                                            4,729                (3,187)
           Other, net                                                                         (3,751)                 (893)
                                                                                           ---------              --------

   Net cash provided by operating activities                                                   3,853                13,442

Cash flows from investing activities:
   Capital expenditures                                                                       (7,480)               (8,412)
   Payments pursuant to business combinations, net of cash acquired                          (71,927)               (6,979)
   Proceeds from sale of discontinued operations                                                  --                 3,000
   Other, net                                                                                     67                   361
                                                                                           ---------              --------

   Net cash used in investing activities                                                     (79,340)              (12,030)

Cash flows from financing activities:
   Net borrowings of short-term debt                                                             481                 1,478
   Retirement of long-term debt                                                              (88,455)                   --
   Net payments on long-term debt                                                            (42,225)               (5,487)
   Additional borrowings of long-term debt                                                   209,550                 7,000
   Deferred financing fees                                                                    (4,664)                   --
   Other, net                                                                                  1,663                   132
                                                                                           ---------              --------

   Net cash provided by financing activities                                                  76,350                 3,123
                                                                                           ---------              --------

Effect of exchange rates on cash and cash equivalents                                            975                   253
                                                                                           ---------              --------

Net increase in cash and cash equivalents                                                      1,838                 4,788
Cash and cash equivalents, beginning of period                                                 2,324                 3,778
                                                                                           ---------              --------

Cash and cash equivalents, end of period                                                   $   4,162              $  8,566
                                                                                           =========              ========
</Table>

      See accompanying Notes to Condensed Consolidated Financial Statements.


                                       3
<Page>

                     DRS TECHNOLOGIES, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

1. BASIS OF PRESENTATION

The accompanying unaudited Condensed Consolidated Financial Statements of DRS
Technologies, Inc. and Subsidiaries (DRS or the Company) have been prepared in
accordance with accounting principles generally accepted in the United States
and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The
Company has continued to follow the accounting policies set forth in the
consolidated financial statements included in its fiscal 2001 Annual Report on
Form 10-K filed with the Securities and Exchange Commission, except for the
April 1, 2001 adoption of the provisions of Statement of Financial Accounting
Standards (SFAS) Nos. 133, "Accounting for Derivative Instruments and Hedging
Activities" (see Note 7 of Notes to Condensed Consolidated Financial
Statements), 141, "Business Combinations", and 142, "Goodwill and Other
Intangible Assets" (see Note 4 of Notes to Condensed Consolidated Financial
Statements). In the opinion of management, the interim financial information
provided herein reflects all adjustments (consisting of normal and recurring
adjustments) necessary for a fair presentation of the Company's consolidated
financial position as of September 30, 2001, the results of operations for the
three- and six-month periods ended September 30, 2001 and 2000, and cash flows
for the six-month periods ended September 30, 2001 and 2000. The results of
operations for the three- and six-months ended September 30, 2001 are not
necessarily indicative of the results to be expected for the full year.

For further information, these interim financial statements should be read in
conjunction with the Consolidated Financial Statements of the Company for the
fiscal year ended March 31, 2001, included in the Company's Annual Report on
Form 10-K for the fiscal year ended March 31, 2001.

2. BUSINESS COMBINATIONS

On September 28, 2001, DRS acquired certain assets and liabilities of the
Sensors and Electronic Systems (SES) business of The Boeing Company (Boeing)
(the Acquisition). The Company paid approximately $67.1 million in cash, subject
to adjustment, for the Acquisition. In addition to the purchase price, the
estimated costs related to the Acquisition, including professional fees, will be
approximately $4.0 million. SES, located in Anaheim, California, is a leading
provider of advanced electro-optical airborne and naval surveillance and
targeting systems, high-performance military infrared cooled sensor systems, and
infrared uncooled sensor products for military and commercial applications. This
acquisition broadens the Company's product lines and customer base of its
Electro-Optical Systems Group, particularly in those areas associated with naval
and air-based applications, and provides a strong complement to DRS' existing
products in ground-based Forward Looking Infrared technology. SES is now
operating as DRS Sensors & Targeting Systems, Inc., a unit of the Company's
Electro-Optical Systems Group. The SES assets acquired and liabilities assumed
have been included in our consolidated financial statements as of the date of
acquisition.

The Company is in the process of obtaining a third-party valuation of the assets
acquired and the liabilities assumed as well as performing its own internal
assessment, thus, the allocation of the purchase price is subject to adjustment.
In addition, in connection with the Acquisition the Company may incur costs
associated with exiting certain activities, including severance costs. It is
management's expectation that a certain amount of the purchase price will be
allocated to acquired identifiable intangible assets, with such assets requiring
amortization. As the the Company is unable to estimate the amount of acquired
identifiable intangibles at this time, the entire excess of purchase price over
the tangible net assets acquired has been included as a separate line item on
the balance sheet as of September 30, 2001. In addition, since the Acquisition
was completed at the end of the second quarter, there is no amortization expense
related to the Acquisition in the results of operations. The purchase price
allocation will be adjusted during in the second half of fiscal 2002.


                                       4
<Page>

                     DRS TECHNOLOGIES, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

The following unaudited pro forma financial information shows the results of
operations for the three- and six-month periods ended September 30, 2001 and
2000, as though the Acquisition had occurred on April 1, 2000. For purposes of
the pro forma financial information shown below, DRS' operating results for the
three- and six-month periods ended September 30, have been combined with SES'
calendar year operating results for the three- and six-month periods ended June
30. As indicated above, the Company is in the process of obtaining a third-party
valuation of the assets acquired and the liabilities assumed as well as
performing its own internal assessment. This could result in a different portion
of the purchase price being allocated to goodwill, tangible and intangible
assets and acquired in process research and development. Any identified
in-process research and development would be expensed immediately. Each $1.0
million increase/decrease in the amount allocated to acquired identifiable
intangible assets, with an estimated ten year useful life, would result in an
increase/decrease in amortization expense of approximately $100,000 per year.

<Table>
<Caption>
                                                              (IN THOUSANDS EXCEPT PER SHARE DATA)
                                              THREE MONTHS ENDED SEPTEMBER 30,     SIX MONTHS ENDED SEPTEMBER 30,
                                              --------------------------------     ------------------------------
                                                  2001                 2000            2001               2000
                                              -----------          -----------     -----------        -----------
<S>                                           <C>                  <C>             <C>                <C>
Revenues                                      $   142,908          $   126,846     $   273,087        $   240,657
Net earnings (loss)                           $     3,233          $    (1,467)    $     5,034        $      (850)
                                              -----------          -----------     -----------        -----------

Earnings (loss) per share of common stock

  Basic earnings (loss) per share:            $      0.27          $     (0.15)    $      0.42        $     (0.09)

  Diluted earnings (loss) per share:          $      0.25          $     (0.15)    $      0.38        $     (0.09)
</Table>

The unaudited pro forma financial information shown above is derived from
preliminary financial data, is presented for illustrative purposes only and is
not necessarily indicative of the operating results that would have been
achieved had the Acquisition been completed as of the dates indicated above or
of the results that may be obtained in the future.

In connection with the SES Acquisition, the Company entered into a $240 million
credit agreement with First Union National Bank, as the lead bank, consisting of
a term loan in the aggregate principal amount of $140 million (Term Loan) and a
$100 million revolving line of credit (Line of Credit) (collectively referred to
as the Credit Facility). The maturity dates of the Term Loan and the Line of
Credit are September 30, 2008, and September 30, 2006, respectively. The Term
Loan requires quarterly principal payments beginning on December 31, 2001.
Borrowings under the Credit Facility bear interest based on LIBOR (London
Interbank Offered Rate), United States Prime Rate or United States Federal Funds
Rate. The Credit Facility is secured by substantially all of the assets of the
Company. There are certain covenants and restrictions placed on the Company
under the Credit Facility, including a maximum total leverage ratio and a
minimum fixed charge ratio, a restriction on the payment of dividends on the
capital stock of the Company, a limitation on the issuance of additional debt
and certain other restrictions. In addition, the Company is required to make an
offer to prepay certain portions of the loan from the proceeds of certain
events, including an equity offering and sale of certain assets. The interest
rates on the Company's outstanding Term Loan and Line of Credit borrowings were
approximately 5.9% and 5.7%, respectively, at September 30, 2001.

The proceeds of the Credit Facility at the date of the SES Acquisition of $161
million were used to acquire SES and repay the balance of the debt outstanding
under DRS's previous credit facility with Mellon Bank, N.A. (the Mellon
Facility) in the amount of $88.5 million. At September 30, 2001, the $161
million outstanding under the Credit Facility consisted of a $140 million term
loan and a $21 million borrowing under the revolving line of credit. As of
September 30, 2001, the Company had approximately $51.0 million available
under the revolving line of credit, after satisfaction of its borrowing base
requirement and certain restrictions.


                                       5
<Page>

                     DRS TECHNOLOGIES, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

On August 22, 2001, we acquired certain assets and liabilities of the
Electro-Mechanical Systems (EMS) business of Lockheed Martin for approximately
$4.0 million in cash, subject to adjustment. EMS, located in Largo, Florida,
produces systems and antenna for radar and other surveillance sensor systems.
The acquisition of EMS provides certain product synergies and vertical business
integration opportunities for DRS. EMS is now operating as DRS Surveillance
Support Systems, Inc. (SSS), a unit of the Company's Electronic Systems Group.
The Company is in the process of obtaining a third-party valuation of the assets
acquired and the liabilities assumed, thus the allocation of the purchase price
is subject to adjustment. The financial position and results of operations of
SSS were not significant to those of the Company as of the acquisition date or
for the period ended September 30, 2001.

3. INVENTORIES

Inventories are summarized as follows:

<Table>
<Caption>
                                                           (IN THOUSANDS)
                                             SEPTEMBER 30, 2001           MARCH 31, 2001
                                             ------------------           --------------
<S>                                          <C>                          <C>
Work-in-process                              $          127,688           $       83,058
Raw material and finished
    goods                                                14,159                    7,992
                                             ------------------           --------------
                                                        141,847                   91,050
                                             ------------------           --------------
Less progress payments                                  (30,941)                 (16,723)
                                             ------------------           --------------

Total                                        $          110,906           $       74,327
                                             ==================           ==============
</Table>

General and administrative costs included in work-in-process were approximately
$17.5 million and $14.5 million at September 30, 2001 and March 31, 2001,
respectively. General and administrative expenses included in costs and expenses
amounted to approximately $21.5 million and $19.9 million for the three-month
periods ended September 30, 2001 and 2000, respectively, and approximately $42.2
million and $36.7 million for the six-month periods then ended. Included in
those amounts are expenditures for internal research and development amounting
to approximately $2.5 million and $2.0 million for the fiscal quarters ended
September 30, 2001 and 2000, respectively and approximately $4.6 million and
$4.1 million, respectively, for the six-month periods then ended.

4. GOODWILL AND INTANGIBLE ASSETS

In July 2001, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards Nos. 141 and 142 (SFAS 141 and SFAS 142),
"Business Combinations" and "Goodwill and Other Intangible Assets",
respectively. SFAS 141 replaces APB 16 and requires the use of the purchase
method for all business combinations initiated after June 30, 2001. It also
provides guidance on purchase accounting related to the recognition of
intangible assets, noting that any purchase price allocated to an assembled
workforce may not be accounted for separately, and accounting for negative
goodwill. SFAS 142 changes the accounting for goodwill from an amortization
method to an impairment-only approach. Under SFAS 142, goodwill will be tested
annually and whenever events or circumstances occur indicating that goodwill
might be impaired.

The Company elected to adopt the provisions of SFAS 141 and 142 as of April 1,
2001. The Company has identified its reporting units to be its operating
segments and has determined the carrying value of each reporting unit by
assigning assets and liabilities, including the existing goodwill and intangible
assets, to those reporting units as of April 1, 2001. Upon adoption of SFAS 142,
amortization of goodwill recorded for business combinations consummated prior to
July 1, 2001 ceased, and intangible assets acquired prior to July 1, 2001 that
did not meet the criteria for recognition apart from goodwill under SFAS 141
were reclassified to goodwill. In connection with the adoption of SFAS 142, the
Company was required to perform a transitional goodwill impairment assessment
within six months of adoption. The Company completed its transitional goodwill
impairment assessment in the second quarter of fiscal 2002 with no adjustment to
its April 1, 2001 goodwill. The annual impairment test will be performed in the
fourth quarter of each fiscal year, after completion of the Company's annual
operating plan.


                                       6
<Page>

                     DRS TECHNOLOGIES, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

The following disclosure presents certain information on the Company's acquired
intangible assets as of September 30, 2001, and March 31, 2001: (All intangible
assets are being amortized over their estimated useful lives, as indicated
below, with no estimated residual values.)

<Table>
<Caption>
                                                                       (IN THOUSANDS)
                                          WEIGHTED
                                          AVERAGE         GROSS
                                        AMORTIZATION     CARRYING       ACCUMULATED
ACQUIRED INTANGIBLE ASSETS                 PERIOD         AMOUNT        AMORTIZATION      NET BALANCE
                                        ------------   ------------     ------------      ------------
<S>                                       <C>          <C>              <C>               <C>
As of September 30, 2001
Amortized acquired intangible assets:
  Technology based intangibles            22 years     $     19,425     $     (4,560)     $     14,865
  Customer related intangibles            21 years            7,630           (1,351)            6,279
                                                       ------------     ------------      ------------
                                                       $     27,055     $     (5,911)     $     21,144
                                                       ============     ============      ============

As of March 31, 2001
Amortized acquired intangible assets:
  Technology based intangibles            22 years     $     18,225     $     (4,032)     $     14,193
  Customer related intangibles            21 years            7,630           (1,166)            6,464
  Workforce                               16 years            7,628             (757)            6,871
  Technical infrastructure                20 years            5,280             (638)            4,642
  Other                                   30 years            1,700             (958)              742
                                                       ------------     ------------      ------------
                                                       $     40,463     $     (7,551)     $     32,912
                                                       ============     ============      ============
</Table>

The aggregate acquired intangible amortization expense for the three- and
six-month periods ended September 30, 2001 was approximately $316,000 and
$713,000, respectively. The estimated acquired intangible amortization expense
for the fiscal year ending March 31, 2002 and for each of the subsequent four
fiscal years ending March 31, 2006, excluding any amortization that may result
from the SES or EMS acquisitions, is $1.4 million and $1.3 million,
respectively.

The table below reconciles the change in the carrying amount of goodwill, by
operating segment, for the period from March 31, 2001 to September 30, 2001,
excluding the SES and EMS acquisitions. The Company recorded an $11.5 million
reduction in goodwill in the second quarter of fiscal 2002 in connection with
the reversal of an accrual for future costs on expired options associated with
certain acquired contracts.

<Table>
<Caption>
                                                                                  (IN THOUSANDS)
                                                                ELECTRO-
                                              ELECTRONIC        OPTICAL
                                               SYSTEMS          SYSTEMS        FLIGHT SAFETY AND
                                                GROUP            GROUP        COMMUNICATIONS GROUP       OTHER            TOTAL
                                            ------------     -------------    --------------------     ---------      -------------
<S>                                         <C>              <C>                <C>                    <C>            <C>
Balance as of March 31, 2001                $     31,450     $      20,236      $          24,661      $      43      $      76,390
Effect of adoption of SFAS 141 and 142:
   Workforce                                          --             3,807                  3,064             --              6,871
   Technical infrastructure                           --             4,642                     --             --              4,642
   Other                                              --                --                    742             --                742
Existing technology                                   --                --                 (1,155)            --             (1,155)
Adjustments                                           --                --                     --            (43)               (43)
                                            ------------     -------------      -----------------      ---------      -------------
Balance as of April 1, 2001                 $     31,450     $      28,685      $          27,312      $      --      $      87,447
Adjustment on acquired contract                       --           (11,492)                    --             --            (11,492)
Foreign currency translation adjustment              262                --                    (11)            --                251
                                            ------------     -------------      -----------------      ---------      -------------
Balance as of September 30, 2001            $     31,712     $      17,193      $          27,301      $      --      $      76,206
                                            ============     =============      =================      =========      =============
</Table>


                                       7
<Page>

                     DRS TECHNOLOGIES, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

The following pro forma information reconciles the net earnings reported for the
period ended September 30, 2001 and September 30, 2000 to adjusted net earnings
reflecting the adoption of SFAS 142:

<Table>
<Caption>
                                                                        (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                                                    THREE MONTHS ENDED           SIX MONTHS ENDED
                                                                       SEPTEMBER 30,               SEPTEMBER 30,
                                                                  -----------------------     -----------------------
                                                                     2001         2000          2001          2000
                                                                  ---------     ---------     ---------     ---------
<S>                                                               <C>           <C>           <C>           <C>
Reported net earnings                                             $   4,483     $   2,239     $   8,381     $   4,137
Add back:
  Goodwill and related intangible amortization,
    net of tax benefit of  $668 and $1,276                               --           754            --         1,438
                                                                  ---------     ---------     ---------     ---------
Adjusted net earnings                                             $   4,483     $   2,993     $   8,381     $   5,575
                                                                  =========     =========     =========     =========

Basic earnings per share:
Reported net earnings                                             $    0.37     $    0.22     $    0.69     $    0.43
Add back:
  Goodwill and related intangible amortization,
  net of tax benefit of $.07 and $.13 per share, respectively            --          0.08            --          0.14
                                                                  ---------     ---------     ---------     ---------
Adjusted net earnings                                             $    0.37     $    0.30     $    0.69     $    0.57
                                                                  =========     =========     =========     =========

Diluted earnings per share:
Reported net earnings                                             $    0.34     $    0.20     $    0.64     $    0.38
Add back:
  Goodwill and related intangible amortization,
  net of tax benefit of $.05 and $.10 per share, respectively            --          0.06            --          0.12
                                                                  ---------     ---------     ---------     ---------
Adjusted net earnings                                             $    0.34     $    0.26     $    0.64     $    0.50
                                                                  =========     =========     =========     =========
</Table>


                                       8
<Page>

                     DRS TECHNOLOGIES, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

5. EARNINGS PER SHARE

The following table presents a reconciliation of the numerators and denominators
of basic and diluted earnings per share (EPS):

<Table>
<Caption>
                                                        (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                                    THREE MONTHS ENDED          SIX MONTHS ENDED
                                                        SEPTEMBER 30,             SEPTEMBER 30,
                                                      2001        2000          2001        2000
                                                    -------      -------      -------      -------
<S>                                                 <C>          <C>          <C>          <C>
Basic EPS computation:
  Net earnings                                      $ 4,483      $ 2,239      $ 8,381      $ 4,137
                                                    -------      -------      -------      -------
  Weighted average common shares
    outstanding                                      12,142       10,001       12,118        9,677
                                                    -------      -------      -------      -------
Basic earnings per share                            $  0.37      $  0.22      $  0.69      $  0.43
                                                    =======      =======      =======      =======

Diluted EPS computation:
  Net earnings                                        4,483        2,239      $ 8,381      $ 4,137
  Interest and expenses related to convertible
    debentures                                           --          196           --          436
                                                    -------      -------      -------      -------
  Adjusted net earnings                               4,483        2,435        8,381        4,573
                                                    -------      -------      -------      -------
Diluted common shares outstanding:
  Weighted average common shares
    outstanding                                      12,142       10,001       12,118        9,677
  Stock options and warrants                          1,039          535          989          493
  Convertible debentures                                 --        1,808           --        1,984
                                                    -------      -------      -------      -------
Diluted common shares outstanding                    13,181       12,344       13,107       12,154
                                                    -------      -------      -------      -------
Diluted earnings per share                          $  0.34      $  0.20      $  0.64      $  0.38
                                                    =======      =======      =======      =======
</Table>

6. COMPREHENSIVE EARNINGS

The components of comprehensive earnings for the three- and six-month periods
ended September 30, 2001 and 2000 consisted of the following:

<Table>
<Caption>
                                                                        (IN THOUSANDS)
                                                         THREE MONTHS ENDED           SIX MONTHS ENDED
                                                            SEPTEMBER 30,               SEPTEMBER 30,
                                                       ---------------------       ------------------------
                                                         2001          2000         2001            2000
                                                       -------       -------       -------       ----------
<S>                                                    <C>           <C>           <C>           <C>
Net earnings                                           $ 4,483       $ 2,239       $ 8,381       $    4,137
Other comprehensive earnings (losses):
  Foreign currency translation adjustments                 587          (469)          802           (2,040)
  Unrealized losses on hedging instruments:
      Cumulative adjustment at April 1, 2001                --            --          (289)              --
      Unrealized losses arising during the period         (434)           --          (505)              --
                                                       -------       -------       -------       ----------
Comprehensive earnings                                 $ 4,636       $ 1,770       $ 8,389       $    2,097
                                                       =======       =======       =======       ==========
</Table>

At September 30, 2001, accumulated other comprehensive losses totaled
approximately $4.0 million and consisted of $3.2 million and $794,000 for
foreign currency translation adjustments and unrealized losses on hedging
instruments, respectively. At March 31, 2001, the $4.0 million balance consisted
of foreign currency translation adjustments.


                                       9
<Page>

                     DRS TECHNOLOGIES, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

7. DERIVATIVE FINANCIAL INSTRUMENTS

Effective April 1, 2001, the Company adopted SFAS 133. This Statement requires
the recognition of all derivative instruments as either assets or liabilities in
the consolidated balance sheet, and the periodic adjustment of those instruments
to fair value. The classification of gains and losses resulting from changes in
the fair values of derivatives is dependent on the intended use of the
derivative and its resultant designation.

The Company utilizes variable rate debt to maintain its operations and sustain
its growth. Such variable rate borrowings expose the Company to interest rate
risk and the related impact that changes in interest rates can have on the
Company's earnings and on its cash flows. In an effort to limit its interest
expense and cash flow exposure the Company entered into interest rate collar
agreements with notional amounts covering a limited amount of the aggregate
outstanding principal balance of the Company's term loans. The following is a
summary of the Company's interest rate collar agreements in place as of
September 30, 2001 and March 31, 2001:

<Table>
<Caption>
                                                 (IN THOUSANDS)
                                                NOTIONAL AMOUNT
   EFFECTIVE          EXPIRATION      -----------------------------------   VARIABLE RATE    CEILING    FLOOR
     DATE                DATE         SEPTEMBER 30, 2001   MARCH 31, 2001       BASE          RATE       RATE
 --------------     -------------     ------------------   --------------   -------------    -------    ------
<S>                <C>                      <C>               <C>           <C>               <C>       <C>
 April 22, 1999    January 26, 2002         $20,000           $20,000       3 Month LIBOR     5.75%     4.80%

January 26, 2001   January 30, 2003         $10,000           $10,000       3 Month LIBOR     6.50%     5.09%

January 29, 2001   January 31, 2003         $10,000           $10,000       3 Month LIBOR     6.50%     5.05%
</Table>

On April 1, 2001, in accordance with the provisions in SFAS 133, the Company
designated its interest rate collars as cash flow hedges and recorded the fair
value of the instruments on the balance sheet at that date, with a corresponding
adjustment to comprehensive earnings. Due to the nature and characteristics of
the Company's designated hedging instruments, all adjustments to the fair values
of such instruments will be adjusted via comprehensive earnings. The effect of
adopting SFAS 133 at April 1, 2001, and the amounts recorded related to its
derivative financial instruments as of and for the three- and six-month periods
ended September 30, 2001, were not material to the Company's consolidated
financial position and did not impact the Company's consolidated results of
operations or cash flows.

8. OPERATING SEGMENTS

DRS operates in three principal business segments on the basis of products and
services offered: the Electronic Systems Group (ESG), the Electro-Optical
Systems Group (EOSG), and the Flight Safety and Communications Group (FSCG). All
other operations are grouped in "Other." During the first quarter of fiscal
2002, the Company's operating subsidiary, DRS Photronics, Inc. (DRS Photronics)
was combined with DRS' Flight Safety and Communications Group for management
purposes, based primarily on operational synergies. DRS Photronics had
previously been managed as part of the Electro-Optical Systems Group. Prior-year
balances and results of operations disclosed herein have been restated to give
effect to this change.


                                       10
<Page>

                     DRS TECHNOLOGIES, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

Information about the Company's segments for the fiscal quarters ended September
30, 2001 and 2000 are as follows:

<Table>
<Caption>
                                                                      (IN THOUSANDS)

                                             ESG            EOSG           FSCG           OTHER          TOTAL
                                         ---------       ---------       --------       --------       ---------
<S>                                      <C>             <C>             <C>            <C>            <C>
QUARTER ENDED SEPTEMBER 30, 2001
 Total revenues                          $  53,120       $  40,737       $ 22,013       $  2,248       $ 118,118
   Intersegment revenues                        --            (370)        (1,570)            --          (1,940)
                                         ---------       ---------       --------       --------       ---------
 External  revenues                      $  53,120       $  40,367       $ 20,443       $  2,248       $ 116,178
 Operating income (loss)                 $   4,226       $   5,340       $  1,483       $   (346)      $  10,703
 Identifiable assets                     $ 116,554       $ 179,446       $ 99,531       $ 23,810       $ 419,341
 Depreciation and amortization           $     435       $   1,268       $    908       $    470       $   3,081
 Capital expenditures                    $     424       $   2,285       $    389       $    856       $   3,954

QUARTER ENDED SEPTEMBER 30, 2000
 Total revenues                          $  45,688       $  36,879       $ 22,026       $  2,636       $ 107,229
   Intersegment revenues                        --              (2)            --             --              (2)
                                         ---------       ---------       --------       --------       ---------
 External  revenues                      $  45,688       $  36,877       $ 22,026       $  2,636       $ 107,227
 Operating income (loss)                 $   3,762       $   5,229       $   (796)      $    308       $   8,503
 Identifiable assets                     $ 104,148       $ 128,709       $ 87,444       $ 16,616       $ 336,917
 Depreciation and amortization           $     909       $   1,755       $  1,184       $    554       $   4,402
 Capital expenditures                    $   1,019       $   3,165       $    834       $    814       $   5,832

SIX MONTHS ENDED SEPTEMBER 30, 2001
 Total revenues                          $  91,216       $  82,670       $ 44,310       $  4,484       $ 222,680
   Intersegment revenues                       (17)           (464)        (2,669)            --          (3,150)
                                         ---------       ---------       --------       --------       ---------
 External  revenues                      $  91,199       $  82,206       $ 41,641       $  4,484       $ 219,530
 Operating income (loss)                 $   9,034       $   9,817       $  2,284       $   (748)      $  20,387
 Identifiable assets                     $ 116,554       $ 179,446       $ 99,531       $ 23,810       $ 419,341
 Depreciation and amortization           $     809       $   2,539       $  1,672       $    942       $   5,962
 Capital expenditures                    $   1,255       $   4,049       $  1,013       $  1,163       $   7,480

SIX MONTHS ENDED SEPTEMBER 30, 2000
 Total revenues                          $  87,225       $  72,538       $ 37,178       $  4,818       $ 201,759
   Intersegment revenues                        --             (11)            --             --             (11)
                                         ---------       ---------       --------       --------       ---------
 External  revenues                      $  87,225       $  72,527       $ 37,178       $  4,818       $ 201,748
 Operating income (loss)                 $   6,262       $   9,100       $    108       $    188       $  15,658
 Identifiable assets                     $ 104,148       $ 128,709       $ 87,444       $ 16,616       $ 336,917
 Depreciation and amortization           $   1,790       $   3,491       $  2,161       $  1,102       $   8,544
 Capital expenditures                    $   1,514       $   3,921       $  1,964       $  1,013       $   8,412
</Table>


                                       11
<Page>

                     DRS TECHNOLOGIES, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

9. SUPPLEMENTAL CASH FLOW INFORMATION

<Table>
<Caption>
                                                                       (IN THOUSANDS)
                                                                      SIX MONTHS ENDED
                                                                       SEPTEMBER 30,
                                                               ------------------------------
                                                                   2001              2000
                                                               ------------      ------------
<S>                                                            <C>               <C>
Cash paid for:
    Income taxes                                               $      9,573      $      4,917
    Interest                                                   $      4,390      $      6,686

Noncash Investing and Financing Activities:
    Deferred acquisition costs for business combinations       $      3,461      $         --
    Common stock issued for business combinations              $         --      $      4,000
    Note receivable - sale of magnetic tape head business      $         --      $      1,741
    Conversion of 9% convertible debentures                    $         --      $      8,752
</Table>

10. CONTINGENCIES

The Company is a party to various legal actions and claims arising in the
ordinary course of its business. In management's opinion, the Company has
adequate legal defenses for each of the actions and claims and believes that
their ultimate disposition will not have a material adverse effect on the
Company's consolidated financial position or results of operations.

In April and May 1998, subpoenas were issued to the Company by the United States
Attorney for the Eastern District of New York seeking documents related to a
governmental investigation of certain equipment manufactured by DRS Photronics,
Inc. (DRS Photronics). These subpoenas were issued in connection with United
States v. Tress, a case involving a product substitution allegation against an
employee of DRS Photronics. On June 26, 1998, the complaint against the employee
was dismissed without prejudice. Although additional subpoenas were issued to
the Company on August 12, 1999 and May 10, 2000, to date, no claim has been made
against the Company or DRS Photronics. During the Government's investigation,
until October 29, 1999, DRS Photronics was unable to ship certain equipment
related to the case, resulting in delays in the Company's recognition of
revenues. On October 29, 1999, DRS Photronics received authorization to ship its
first boresight system since the start of the investigation.

The Company is presently involved in a dispute in arbitration with Spar
Aerospace Limited (Spar) with respect to the working capital adjustment, if any,
provided for in the purchase agreement between the Company and Spar dated as of
September 19, 1997, pursuant to which the Company acquired, through certain of
its subsidiaries, certain assets of Spar. The Company is also in a dispute with
Raytheon Company (Raytheon) with respect to the working capital adjustment (not
to exceed $7.0 million), if any, provided for in the purchase agreement between
the Company and Raytheon dated as of July 28, 1998, pursuant to which the
Company acquired, through certain subsidiaries, certain assets of Raytheon.
Management does not believe that resolution of these claims will result in a
material adverse effect on our earnings or financial conditions.

On October 3, 2001, a lawsuit was filed in the United States District Court of
the Eastern District of New York by Miltope Corporation, a corporation of the
State of Alabama, and IV Phoenix Group, Inc., a corporation of the State of New
York, against DRS Technologies, Inc., DRS Electronic Systems, Inc., and a number
of individual defendants, several of whom are employed by DRS Electronic
Systems. The plaintiffs allege claims against us of infringement of a number of
patents, breach of a confidentiality agreement, misappropriation of trade
secrets, unjust enrichment and unfair competition. The claims relate generally
to the activities of certain former employees of IV Phoenix Group and the hiring
of some of those employees by us. The plaintiffs seek damages of not less than
$5 million for each of the claims. The plaintiffs also allege claims for
tortious interference with business relationships, tortious interference with
contracts and conspiracy to breech fiduciary duty. The plaintiffs seek damages
of not less than $47.1 million for each claim. In addition, plaintiffs seek
punitive and treble damages, injuctive relief and attorneys' fees. In our
answer, we have denied the plaintiffs' allegations and DRS intends to vigorously
defend this action. Although this action is in its early stages, management
believes it has meritorious defenses and does not believe the action will have a
material adverse effect on our earnings or financial condition.


                                       12
<Page>

                     DRS TECHNOLOGIES, INC. AND SUBSIDIARIES

                           PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are party to various legal actions and claims arising in the ordinary course
of our business. In our opinion, we have adequate legal defenses for each of the
actions and claims, and we believe that their ultimate disposition will not have
a material adverse effect on our consolidated financial position or results of
operations.

In April and May 1998, subpoenas were issued to us by the United States Attorney
for the Eastern District of New York seeking documents related to a governmental
investigation of certain equipment manufactured by DRS Photronics, Inc. (DRS
Photronics). These subpoenas were issued in connection with United States v.
Tress, a case involving a product substitution allegation against an employee of
DRS Photronics. On June 26, 1998, the complaint against the employee was
dismissed without prejudice. Although additional subpoenas were issued to us on
August 12, 1999 and May 10, 2000, to date, no claim has been made against us or
DRS Photronics. During the Government's investigation, until October 29, 1999,
DRS Photronics was unable to ship certain equipment related to the case,
resulting in delays in our recognition of revenues. On October 29, 1999, DRS
Photronics received authorization to ship such its first boresight system since
the start of the investigation.

We are currently involved in a dispute in arbitration with Spar Aerospace
Limited (Spar) with respect to the working capital adjustment, if any, provided
for in the purchase agreement between us and Spar dated as of September 19,
1997, pursuant to which we acquired, through certain of our subsidiaries,
certain assets of Spar. We are also in a dispute with Raytheon Company
(Raytheon) with respect to the working capital adjustment (not to exceed $7.0
million), if any, provided for in the purchase agreement between us and Raytheon
dated as of July 28, 1998, pursuant to which we acquired, through certain
subsidiaries, certain assets of Raytheon. Management does not believe that the
resolution of these claims will result in a material adverse effect on our
earnings or financial condition.

On October 3, 2001, a lawsuit was filed in the United States District Court of
the Eastern District of New York by Miltope Corporation, a corporation of the
State of Alabama, and IV Phoenix Group, Inc., a corporation of the State of New
York, against DRS Technologies, Inc., DRS Electronic Systems, Inc., and a number
of individual defendants, several of whom are employed by DRS Electronic
Systems. The plaintiffs allege claims against us of infringement of a number of
patents, breach of a confidentiality agreement, misappropriation of trade
secrets, unjust enrichment and unfair competition. The claims relate generally
to the activities of certain former employees of IV Phoenix Group and the hiring
of some of those employees by us. The plaintiffs seek damages of not less than
$5 million for each of the claims. The plaintiffs also allege claims for
tortious interference with business relationships, tortious interference with
contracts and conspiracy to breech fiduciary duty. The plaintiffs seek damages
of not less than $47.1 million for each claim. In addition, plaintiffs seek
punitive and treble damages, injunctive relief and attorneys' fees. In our
answer, we have denied the plaintiffs' allegations and we intend to vigorously
defend this action. Although this action is in its early stages, management
believes it has meritorious defenses and does not believe the action will have a
material adverse effect on our earnings or financial condition.


                                       13
<Page>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                               DRS TECHNOLOGIES, INC.
                               ----------------------
                                     Registrant


Date: November 21, 2001        /s/ Richard A. Schneider
                               -------------------------------------------------
                               Richard A. Schneider
                               EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER
                               AND TREASURER


                                       14