Frequency Electronics, Inc. Declares Special Cash Dividend of $1.00 Per Share
Source: GlobeNewswire Inc.
Today the Board of Directors of Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) declared a special cash dividend of $1.00 per share of common stock. The special dividend is payable on August 29, 2024, to stockholders of record as of the close of business on August 8, 2024. Based on the current number of shares outstanding, the total amount of the special dividend payment will be approximately $9.4 million.
FEI President and CEO, Tom McClelland commented, “Today our Board of Directors declared a $1.00 per share special cash dividend. Since we paid our previous special dividend 18 months ago, we have continued to improve the profitability and cash generation of the Company, allowing us to once again return cash to stockholders. Our strong balance sheet allows us to pay this dividend while maintaining our ability to invest in the business for future success, and our growth in revenue, backlog and positioning on critical next-generation platforms has demonstrated that we can both profitably grow the business and return capital to stockholders as we do so. After paying this dividend we will remain debt free, and our focus on sustained profitability and cash generation should help us maintain a strong balance sheet in the future.”
About Frequency Electronics
Frequency Electronics, Inc. (FEI) is a world leader in the design, development and manufacture of high precision timing, frequency generation and RF control products for space and terrestrial applications. FEI’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR and electronic warfare, missiles, UAVs, aircraft, GPS, secure communications, energy exploration and wireline and wireless networks. FEI-Zyfer provides GPS and secure timing capabilities for critical military and commercial applications; FEI-Elcom Tech provides Electronic Warfare (“EW”) sub-systems and state-of-the-art RF and microwave products. FEI 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 to expand its capabilities and markets.
www.frequencyelectronics.com
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