Thursday, December 11, 2014 2:19:08 PM
Frequency Electronics, Inc. Announces Second Quarter Fiscal Year 2015 Results
Frequency Electronics, Inc. (Nasdaq:FEIM) reported revenues for the second quarter of fiscal 2015, which ended October 31, 2014, of $19.2 million compared to $17.0 million recorded in the second quarter of fiscal 2014. Revenues for the first six months of fiscal 2015 were $39.0 million compared to $33.8 million recorded in the same period of the prior year.
The Company recorded operating profit of $1.8 million for the quarter ended October 31, 2014, up from $928,000 in the preceding quarter and compared to $1.3 million in the second quarter of the prior year. Operating profit for the first six months of fiscal year 2015 was $2.7 million compared to $2.2 million in the first half of fiscal year 2014. Net income for the second quarter of fiscal 2015 was $1.3 million or $0.15 per diluted share, up from $719,000 or $0.08 per diluted share in the preceding quarter and compared to $1.4 million or $0.16 per diluted share for the second quarter of the prior year. For the year to date, net income was $2.0 million or $0.23 per diluted share compared to the prior year's $2.1 million or $0.24 per diluted share which results included $736,000 in net proceeds from the sale of certain manufacturing equipment under a license agreement.
Commenting on these results, Chairman of the Board General Joseph Franklin said: "These results demonstrate that we are on track for higher revenues and increased profitability this year. During this past quarter profitability improved at our FEI-Zyfer and Gillam-FEI segments; thus, all three of our reporting segments contributed to consolidated operating income. We anticipate further improvement in operating profit during the remainder of the year. We are successfully addressing the challenge of increasing our high-reliability manufacturing and test capacity for new, larger satellite payload projects. Global events and recent political shifts have heightened national focus on U.S. aerospace and defense industries. Frequency's technology is vital to a broad spectrum of space and C4ISR applications. Our opportunities are large, our finances are strong and the future looks bright."
Fiscal 2015 Selected Financial Metrics and Other Items:
For the six months ended October 31, 2014, satellite payload revenues continued to account for more than 60% of consolidated revenues. Satellite payloads account for over three-fourths of the Company's consolidated backlog.
For the six months ended October 31, 2014, total sales for U.S. Government/DOD end-use, including revenues on U.S. Government satellite programs, exceeded 40% of consolidated revenues. Approximately half of funded backlog is related to products for U.S. Government end-use.
Backlog at October 31, 2014 is approximately $52 million compared to $48 million as of the beginning of fiscal year 2015.
During the quarter ended October 31, 2014, the Company generated positive operating cash flow of $3.1 million. With an historically high level of billed accounts receivable as contractual and production milestones were met, the Company expects to continue to generate substantial positive cash flow in subsequent fiscal quarters.
Investor Conference Call
As previously announced, the Company will hold a conference call to discuss these results on Wednesday, December 10, 2014, at 4:30 PM Eastern Time. Investors and analysts may access the call by dialing 1-877-407-9205. International callers may dial 1-201-689-8054. Ask for the Frequency Electronics conference call.
The call will be archived on the Company's website through January 9, 2015. The archived call may also be retrieved at 1-877-660-6853 (domestic) or 1-201-612-7415 (international) using Conference ID #: 13597489.
About Frequency Electronics
Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency control and synchronization products for space and terrestrial applications. Frequency's products are used in satellite payloads and in other commercial, government and military systems including C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks. Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets.
Frequency's Mission Statement: "Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 46 GHz, for space and other challenging environments."
Subsidiaries and Affiliates: Gillam-FEI provides expertise in network synchronization and monitoring; FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Asia provides cost effective manufacturing capabilities; FEI-Elcom Tech provides added resources for state-of-the-art RF microwave products. Frequency's Morion affiliate supplies high-quality, cost effective oscillators and components. Additional information is available on the Company's website: www.frequencyelectronics.com
Recent FEIM News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 09/13/2024 06:03:43 PM
- Frequency Electronics, Inc. Announces First Quarter Fiscal Year 2025 Financial Results • GlobeNewswire Inc. • 09/10/2024 08:05:00 PM
- Form ARS - Annual Report to Security Holders • Edgar (US Regulatory) • 09/09/2024 01:35:57 PM
- Frequency Electronics Announces First Quarter Fiscal 2025 Financial Results Conference Call: Tuesday, September 10, 2024, at 4:30 PM ET • GlobeNewswire Inc. • 09/06/2024 04:17:48 PM
- Frequency Electronics, Inc. Announces Inaugural Quantum Sensing Summit: A Pioneering Event to Shape the Future of Quantum Technology • GlobeNewswire Inc. • 09/06/2024 11:48:57 AM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 08/28/2024 08:03:23 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 08/02/2024 05:25:28 PM
- Form NT 10-K - Notification of inability to timely file Form 10-K 405, 10-K, 10-KSB 405, 10-KSB, 10-KT, or 10-KT405 • Edgar (US Regulatory) • 07/29/2024 09:07:27 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/22/2024 08:24:37 PM
- Frequency Electronics, Inc. Announces Fourth Quarter and Full Fiscal Year 2024 Financial Results • GlobeNewswire Inc. • 07/22/2024 08:18:00 PM
- Frequency Electronics, Inc. Declares Special Cash Dividend of $1.00 Per Share • GlobeNewswire Inc. • 07/22/2024 08:16:00 PM
- Frequency Electronics Announces Year End Fiscal 2024 Financial Results Conference Call: Monday, July 22, 2024, at 4:30 PM ET • GlobeNewswire Inc. • 07/19/2024 05:51:05 PM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/29/2024 02:50:12 PM
- Frequency Electronics Issues a Clarification to Yesterday’s Earnings Call • GlobeNewswire Inc. • 03/15/2024 01:14:25 PM
- Frequency Electronics, Inc. Announces Third Quarter and Fiscal Year 2024 Financial Results • GlobeNewswire Inc. • 03/14/2024 08:01:00 PM
- Frequency Electronics Announces 3rd Quarter Financial Results Conference Call: Thursday, March 14, 2024, at 4:30 PM ET • GlobeNewswire Inc. • 03/13/2024 11:39:49 AM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 03:34:01 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/09/2024 02:44:34 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 12/15/2023 08:12:25 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/12/2023 09:15:52 PM
- Frequency Electronics, Inc. Announces Second Quarter and Fiscal Year 2024 Financial Results • GlobeNewswire Inc. • 12/12/2023 09:05:00 PM
- Frequency Electronics Announces 2nd Quarter Financial Results Conference Call: Tuesday December 12, 2023, at 4:30 PM ET • GlobeNewswire Inc. • 12/08/2023 02:05:00 PM
- Frequency Electronics Announces Contract Award for Approximately $9 Million • GlobeNewswire Inc. • 11/27/2023 09:05:00 PM
- Frequency Electronics Announces Contract Award for Approximately $19 Million • GlobeNewswire Inc. • 11/20/2023 09:05:00 PM
- Frequency Electronics Announces Contract Award for Approximately $25 Million • GlobeNewswire Inc. • 11/14/2023 09:05:00 PM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM