MITCHEL FIELD, N.Y., March 13, 2025 (GLOBE NEWSWIRE) — Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) is reporting revenues for the three and nine months ended January 31, 2025, of approximately $18.9 million and $49.8 million, respectively, compared to revenues of $13.7 million and $39.7 million, for the same period of fiscal year 2024, ended January 31, 2024. Operating income for the three and nine months ended was $3.5 million and $8.5 million, respectively, compared to an operating loss of $0.5 million and operating income of $2.5 million for the same period of fiscal year 2024. Net Income from operations for the three and nine months ended January 31, 2025 was $15.4 million or $1.60 per diluted share and $20.5 million or $2.14 per diluted share, respectively, compared to a net income from operations for the three and nine months ended January 31, 2024 of $0.1 million or $0.01 per diluted share and $3.0 million or $0.32 per diluted share, respectively.

FEI President and CEO, Tom McClelland commented, “The third quarter of fiscal year 2025 was another excellent financial quarter, for the Company. For both the quarter and year to date, revenue, gross margin, and operating income have grown substantially. The results reflect continued solid growth in our core businesses, which show every indication of continuing, with our backlog still at a historically high level. We continue work on several key programs that we won over the past two years, and our gross margins (44% for the quarter, and 45% for the first 9 months of FY2025) reflect our efforts to obtain high quality work, and deliver it successfully. We also see plenty of new business opportunities, and anticipate winning several key programs over the next few quarters. That said, we have to be mindful of the potential for changes in government funding and federal workforce reductions to impact the timing of the awarding of contracts to our end customers, which could then impact the timing of the portion of our business related to those contracts. Given the increasing importance of the work we are doing, we see any such impact as one of potential delay, rather than elimination with respect to major programs relevant to FEI. Furthermore, as we increase our exposure to programs like highly proliferated smaller satellite programs and quantum sensing, we anticipate diversifying our customer base and end-market exposure. As we have stated in the past, we anticipate continued profitability going forward, though the mix in any given quarter can cause variability; and we continue to believe that we are well positioned to achieve higher, more consistent margins than we have experienced in the past.

“R&D expenditures are up significantly from last year (9% of revenue for the first 9 months of FY2025), as we expand our competitive capabilities. We are developing products for the proliferated satellite market, and are building off our heritage of precision timing expertise to design and manufacture quantum sensors for critical applications. These are much larger end-markets than we have traditionally served, and in time, we expect to generate meaningful returns on this stepped up R&D investment. We also believe some of the changes occurring at the federal level allow us to play offense, fine tune our organizational structure, and build our talent base by accessing physicists, timing experts, and laboratories that we can leverage to expand our capabilities and R&D potential. We remain debt-free and are confident in our ability to invest for profitable growth, reward our employees for serving our customers and maintain flexibility for shareholder-oriented initiatives, such as the two special dividends we have paid over the past two years.

“All and all, I am happy with our performance, vigilant regarding the changes in Washington, and very enthusiastic about our future.”

Fiscal Year 2025 Selected Financial Metrics and Other Items

• For the three and nine months ended January 31, 2025, revenues from satellite payloads were approximately $11.2 million, or 59%, and $28.8 million or 58%, respectively, of consolidated revenues compared to approximately $6.8 million, or 50%, and $16.3 million or 41%, respectively, for the same periods of the prior fiscal year.
• For the three and nine months ended January 31, 2025, revenues for non-space U.S. Government/DOD customers were approximately $7.4 million, or 39%, and $19.5 million or 39%, respectively, of consolidated revenues compared to approximately $6.0 million, or 44%, and $21.0 million, or 53%, respectively, for the same periods of the prior fiscal year.
• For the three and nine months ended January 31, 2025, revenues from other commercial and industrial sales accounted for approximately $0.4 million, or 2%, and $1.5 million or 3%, respectively, of consolidated revenues compared to approximately $0.9 million, or 7%, and $2.3 million, or 6%, respectively, for the same periods of the prior fiscal year.
• Net cash used in operating activities was approximately $1.3 million in the nine months of fiscal year 2025, compared to net cash provided by operations of $1.2 million for the same period of fiscal year 2024.
• Backlog at January 31, 2025 was approximately $73 million compared to $78 million at April 30, 2024.

Investor Conference Call

As previously announced, the Company will hold a conference call to discuss these results on Thursday, March 13, 2025, at 4:30 PM Eastern Time. Investors and analysts may access the call by dialing 1-888-506-0062. International callers may dial 1-973-528-0011.   Callers should provide participant access code: 170932 or ask for the Frequency Electronics conference call.
The archived call may be accessed by calling 1-877-481-4010 (domestic), or 1-919-882-2331 (international), for one week following the call (replay passcode: 52181). Subsequent to that, the call can be accessed via a link available on the Company’s website through June 13, 2025.

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

FEI’s Mission Statement: “Our mission is to transform discoveries and demonstrations made in research laboratories into practical, real-world products. We are proud of a legacy which has delivered precision time and frequency generation products, for space and other world-changing applications that are unavailable from any other source. We aim to continue that legacy while adapting our products and expertise to the needs of the future. With a relentless emphasis on excellence in everything we do, we aim, in these ways, to create value for our customers, employees, and stockholders.”

Forward-Looking Statements

The statements in this press release regarding future earnings and operations and other statements relating to the future constitute “forward-looking” statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, our inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, reliance on key customers, continued acceptance of the Company’s products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, other supply chain related issues, increasing costs for materials, operating related expenses, competitive developments, changes in manufacturing and transportation costs, the availability of capital, the outcome of any litigation and arbitration proceedings, and failure to maintain an effective system of internal controls over financial reporting. The factors listed above are not exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the Securities and Exchange Commission. The Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2024, filed on August 2, 2024 with the Securities and Exchange Commission includes additional factors that could materially and adversely impact the Company’s business, financial condition and results of operations, as such factors are updated from time to time in our periodic filings with the Securities and Exchange Commission, which are accessible on the Securities and Exchange Commission’s website at www.sec.gov. Moreover, the Company operates in a very competitive and rapidly changing environment. New factors emerge from time to time and it is not possible for management to predict the impact of all these factors on the Company’s business, financial condition or results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not rely on forward-looking statements as a prediction of actual results. Any or all of the forward-looking statements contained in this press release and any other public statement made by the Company or its management may turn out to be incorrect. The Company expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

MITCHEL FIELD, N.Y., July 22, 2024 (GLOBE NEWSWIRE) — Mitchel Field, NY, July 22, 2024 – Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) is reporting revenues for the three and twelve-month periods of fiscal year 2024, ended April 30, 2024, of approximately $15.6 million and $55.3 million, respectively, compared to revenues of $13.0 million and $40.8 million, respectively, for the same periods of fiscal year 2023, ended April 30, 2023. Operating income for the fourth quarter of fiscal year 2024 was $2.5 million compared to an operating income of $0.4 million for the same period of fiscal year 2023.

Read Full Results Here

MITCHEL FIELD, N.Y., Nov. 14, 2023 (GLOBE NEWSWIRE) — Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) announces a contract award of approximately $25m to deliver precision frequency-generation systems for a next generation national security satellite program. Under this contract, FEI will develop, manufacture, test and deliver a state-of-the-art frequency generation system to the prime contractor for integration into satellites. The hardware will provide the primary frequency reference for the spacecraft and enhance its mission effectiveness. As an important aspect of this program, FEI is targeted to deliver all the contracted hardware within a period of less than 24 months. This is part of an on-going effort to demonstrate the ability to deliver space hardware faster, in support of the US government goal of achieving a more resilient space presence. This high-performance, space qualified system is an evolution of FEI’s technology which has been proven on numerous US government and commercial satellite programs over the last 62 years.

Tom McClelland, FEI CEO, commented, “We are very excited and well prepared to get started on this important space program, and are committed to delivering hardware that meets or exceeds requirements, on or ahead of schedule. We believe this significant award is a good example of the type of next-generation systems we have been working on, and is illustrative of why we are so optimistic about our future growth trajectory.”

About Frequency Electronics
Frequency Electronics, Inc. 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. Frequency’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. 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 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 50 GHz, for space and other challenging environments.”

Subsidiaries and Affiliates: FEI-Zyfer provides GPS and secure timing (“SAASM”) capabilities for critical military and commercial applications; FEI-Elcom Tech provides Electronic Warfare (“EW”) sub-systems and state-of-the-art RF microwave products. Additional information is available on the Company’s website: fei-zyfer.com

Contact information: Dr. Thomas McClelland, President and Chief Executive Officer; Steven Bernstein, Chief Financial Officer;

Frequency Electronics Inc. has won a $20.3 million contract to develop a next-generation atomic clock whose technology could be used to improve deep-space exploration as well as global positioning system navigation on Earth.

The contract from the Office of Naval Research calls for the company to develop a mercury ion atomic clock based on research from the California Institute of Technology and NASA’s Jet Propulsion Laboratory in Pasadena, California.

The maximum value of the competitive contract is based on a 24-month base period and a 24-month option followed by a 12-month option.

The Uniondale company will work with JPL and CalTech to continue development of the technology “and deliver pre-production prototypes,” Frequency Electronics chief executive Stanton Sloane said in a Monday statement.

Atomic clocks, which combine quartz crystal oscillation with measurement of atomic transitions, are used to synchronize television broadcasts, GPS satellites and missiles.

Though GPS satellites have atomic clocks onboard, current models require frequent correction from ground stations to maintain extreme accuracy.

Distant space missions pose an even bigger problem. Spacecraft typically rely on transmitting signals to ground-based atomic clocks multiple times to determine speed, location and trajectory.

The signals travel at the speed of light, but the distances of space mean a lag in round-trip communications. For instance, it takes from about 5 minutes to 20 minutes for a radio signal to travel from Earth to Mars.

A highly accurate onboard mercury ion atomic clock could keep a spacecraft on course with minimal intervention from Earth, according to NASA.

The space agency plans to include a demonstration mercury ion atomic clock on a mission to map Venus later this decade.

Shares of Frequency Electronics rose 6.5% to close Tuesday at $9.65.

Frequency Electronics posted net income of $497,000, or 5 cents per diluted share, on revenue of $12.9 million for the quarter ended Oct. 31.

Frequency Electronics’ precision timing devices are used in missiles, aerial drones, secure communications, mobile phone networks and electronic warfare.

MITCHEL FIELD, N.Y., Jan. 11, 2022 (GLOBE NEWSWIRE) — Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) today announces the award of a contract from the Office of Naval Research (ONR) to develop a Mercury Ion atomic clock for application to various US Naval platforms. Contract value, if all options are exercised, is approximately $20.2M. The base period of the contract is two years with two additional options of two years and one year respectively.

FEI CEO Stan Sloane commented, “We are extremely pleased to announce this award and an expanding relationship with ONR on advanced technology atomic clock development. The baseline technology of the Mercury Ion atomic clock was first developed by a Jet Propulsion laboratory (JPL) and California Institute of Technology team, under the DARPA ACES program. FEI will work with its industrial partners and other ONR-funded government organizations to continue that development and deliver pre-production prototypes under the contract. We are looking forward to working with ONR and our other partners to advance this exciting and groundbreaking technology.”

About Frequency Electronics

Frequency Electronics, Inc. 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. Frequency’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. 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 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 50 GHz, for space and other challenging environments.”

Subsidiaries and Affiliates: FEI-Zyfer provides GPS and secure timing (“SAASM/M-Code”) capabilities for critical military and commercial applications; FEI-Elcom Tech provides Electronic Warfare (“EW”) sub-systems and state-of-the-art RF microwave products. Additional information is available on the Company’s website: www.frequencyelectronics.com

Contact information: Dr. Stanton Sloane, President & Chief Executive Officer;
Steven Bernstein, Chief Financial Officer;

MITCHEL FIELD, N.Y., Dec. 13, 2017 (GLOBE NEWSWIRE) — Frequency Electronics, Inc. (NASDAQ:FEIM) reported revenues for the second quarter of fiscal 2018, which ended October 31, 2017, of $9.3 million as compared to $11.5 million in the same quarter of fiscal 2017.  Revenues for the first six months of fiscal 2018 were $21.3 million compared to $23.0 million recorded in the same period of the prior year. The Company recorded an operating loss of $1.9 million for the quarter ended October 31, 2017, compared to an operating loss of $1.2 million in the second quarter of fiscal 2017. Operating loss for the first six months of fiscal 2018 was $1.7 million compared to $1.6 million in the first half of fiscal 2017.  Net loss for the second quarter of fiscal 2018 was $1.5 million or ($0.17) per diluted share compared to net loss of $1.0 million or ($0.12) per diluted share for the second quarter of the prior year. Net loss for the first six months of fiscal 2018 was $867,000 or ($0.10) per diluted share compared to $1.7 million or ($0.20) per diluted share for the first half of fiscal 2017.

Commenting on the Company’s performance and business outlook, Chairman of the Board Joel Girsky said, “Results this quarter were generally in line with expectation. We are, however, disappointed with the continuing uncertainty in the satellite market which is delaying new satellite procurements.  As we have previously discussed, these delays manifest themselves in lower revenue and reduced gross margins. Despite these issues, I am pleased with cash management this quarter.

In calendar 2018, despite the continuing uncertainty, we expect to book in excess of $50 million in new contracts across several satellite related programs.

For the near term, we are working hard to reduce costs and manage our way through what we believe to be a temporary situation. Irrespective of quarterly financial matters, I am encouraged by the continuing high level of proposal activity and, in fact, the largest pipeline of new business opportunities in FEI’s history. This suggests the market is picking up and while it takes some time for proposals to convert to signed contracts, the trend is favorable. We are also very pleased by our continued progress in the secure communications/command and control business and FEI-Zyfer’s performance this quarter. We see this business area is having significant opportunities for growth and will continue to allocate resources to pursue it. We also need to maintain our focus on R&D progress to ensure we are well positioned as the market improves.  FEI’s low G-sensitive, low phase noise oscillators and precision timing technologies are critical to many satellite, airborne and terrestrial systems, including applications for secure communications, communications-on-the-move, and infrastructure protection. The R&D activity is a major component of the reported operating losses over the recent past.”

Gillam
As previously announced, Gillam is being reported as a “discontinued operation”.  The Company anticipates concluding the disposition of its interest in Gillam by the end of this fiscal 2018.  The results of Gillam for quarters ended October 31, 2017 and 2016, are presented as discontinued operations herewith and in the Company’s 10-Q to be filed on December 15, 2017.

Selected Fiscal 2018 Financial Metrics and Other Items

• For the six months ended October 31, 2017, revenues from commercial and U.S. Government satellite payload programs were approximately $9.0 million compared to $10.6 million for the same period of fiscal 2017.  Commercial and U.S. Government satellite payload programs accounted for approximately 42% of consolidated revenues, compared to 46% in the prior year.
• For the six months ended October 31, 2017, sales for U.S. Government/DOD non-space end use were $7.7 million compared to $9.0 million for the same period of fiscal 2017.  Sales for U.S. Government/DOD, non-space end use accounted for approximately 36% of consolidated revenues compared to 39% of revenues for the same quarter of last year.
• Sales for other commercial and industrial applications were approximately $4.7 million compared to $3.5 million for the same period of fiscal 2017.  Commercial and industrial applications accounted for approximately 22% of consolidated revenues, compared to 15% in the prior year.
• Gross margin rate for the six months ended October 31, 2017 decreased to 31.5% as compared to 32.8% during the same period of the prior year.  The gross margin was affected by unabsorbed overhead costs and increased costs to repair product returned to the Company.
• Research and development expense was $3.4 million for the first six months of fiscal 2018 compared to $3.5 million for the same period of fiscal 2017. The Company expects the accelerated level of internal and customer funded R&D to continue for the foreseeable future as we address new large opportunities in secure communications/command and control applications, next generation satellite payload products and additional DOD markets.
• Backlog at the end of the quarter was $21 million down from $28 million at year end.

Investor Conference Call

As announced on December 8, 2017, the Company will hold a conference call to discuss these results on Wednesday, December 13, 2017, 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 March 12, 2018.  The archived call may also be retrieved at 1-877-481-4010 (domestic) or 1-919-882-2331 (international) using Conference ID #: 13674540 for one week following the call.

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 and EW 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: FEI-Zyfer provides GPS and secure timing (“SAASM/M-Code”) capabilities for critical military and commercial applications; FEI-Elcom Tech provides sub-systems for the Electronic Warfare (“EW”) markets and added resources for state-of-the-art RF microwave products, FEI-Asia provides cost effective manufacturing capabilities.  Frequency’s Morion affiliate supplies high-quality, cost effective oscillators and components.  Additional information is available on the Company’s website: www.frequencyelectronics.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

The Statements in this press release regarding the future constitute “forward-looking” statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.  Factors that would cause or contribute to such differences include, but are not limited to, inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, consumer spending trends, reliance on key customers, continued acceptance of the Company’s products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, competitive developments, changes in manufacturing and transportation costs, the availability of capital, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission.  By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Contact information: Martin B. Bloch, President and CEO:
TELEPHONE: (516) 794-4500  WEBSITE: www.frequencyelectronics.com