A new ASCA observation of 1E 161348-5055, the central compact X-ray source
in the supernova remnant RCW 103, reveals an order-of-magnitude decrease in
its 3-10 keV flux since the previous ASCA measurement 4 yr earlier This re
sult is difficult to reconcile with suggestions that the bulk of the emissi
on is simple quasi-blackbody, cooling radiation from an isolated neutron st
ar. Furthermore, archived Einstein and ROSAT data sets spanning 18 yr confi
rm that this source manifests long-term variability, to a lesser degree. Th
is provides a natural explanation for difficulties encountered in reproduci
ng the original Einstein detection of IE 161348-5055. Spectra from the new
data are consistent with no significant spectral change despite the decline
in luminosity. We find no evidence for a pulsed component in any of the da
ta sets, with a best upper limit on the pulsed modulation of 13%. We discus
s the phenomenology of this remarkable source.