The company is strategically positioned in markets with high barriers to entry, such as precision time and frequency control products that are essential for defense and communication technologies. This niche market positioning is crucial for securing long-term contracts and stable revenue streams, as highlighted by the research report. As of Jan 31, 2024, Frequency Electronics reported a strong liquidity position with cash and cash equivalents of $11.7 million. This robust cash position provides financial f ...

Revenue Growth - Revenues for the three months ended January 31, 2024 increased by 29.1% to $13.714 million compared to $10.620 million in the same period of the prior fiscal year[64] - FEI-NY segment revenues increased by 37.9% to $11.610 million for the three months ended January 31, 2024 compared to $8.420 million in the same period of the prior fiscal year[64] - FEI-Zyfer segment revenues increased by 37.2% to $3.403 million for the three months ended January 31, 2024 compared to $2.480 million in the same period of the prior fiscal year[64] - The significant increase in revenue for the three months ended January 31, 2024 was primarily related to increases in government space sales of approximately $1.8 million from space U.S. Government customers and approximately $1.0 million from non-space U.S. government customers[64] Gross Margin - Gross margin rate decreased to 22.6% for the three months ended January 31, 2024 from 32.6% in the same period of the prior fiscal year due to unanticipated costs associated with new product development[67] - Gross margin rate increased to 31.0% for the nine months ended January 31, 2024 from 13.7% in the same period of the prior fiscal year due to resolution of technical challenges and more efficient program execution[67] Operating Expenses - Selling, general, and administrative expenses increased by 11.1% to $2.619 million for the three months ended January 31, 2024 compared to $2.357 million in the same period of the prior fiscal year[68] - Research and development expenses increased by 22.3% to $958,000 for the three months ended January 31, 2024 compared to $783,000 in the same period of the prior fiscal year due to a temporary shift in R&D focus[71] Revenue Composition - Revenues from commercial and U.S. Government communication satellite programs accounted for 50% of consolidated revenues for the three months ended January 31, 2024 compared to 47% in the same period of the prior fiscal year[64] - Revenues from non-space U.S. Government/Department of Defense customers accounted for 44% of consolidated revenues for the three months ended January 31, 2024 compared to 47% in the same period of the prior fiscal year[64] Operating Income - Operating income for the three months ended January 31, 2024 decreased by $798,000 (245.5%) due to a design issue in new product development[72] - Operating income for the nine months ended January 31, 2024 increased by $7.59 million (149.9%) despite the design issue, driven by increased revenue, gross margin, and cost-cutting measures[72] Investment Income - Investment income for the three months ended January 31, 2024 increased by $1.261 million (201.8%), primarily from a life insurance plan[73] Tax Rate - The company's effective tax rate for the nine months ended January 31, 2024 was 0.6%, compared to (0.1)% in the prior year period[76] Liquidity and Capital Resources - The company's working capital was $24.1 million as of January 31, 2024, with $11.7 million in cash and cash equivalents[82] - Net cash provided by operating activities for the nine months ended January 31, 2024 was $1.2 million, a decrease from $1.9 million in the prior year period[84] - The company's consolidated funded backlog as of January 31, 2024 was $67 million, with 74% expected to be realized in the next twelve months[89] - The company repurchased $4.0 million of its common stock out of a $5.0 million authorization, with no repurchases in the nine months ended January 31, 2024[87] - The company believes its liquidity is adequate to meet short-term operating and investment needs through at least March 18, 2025[90] R&D and Future Plans - The company plans to continue R&D investments in space applications, guidance systems, and communication systems, with anticipated customer funding and internal cash allocation[88]

MITCHEL FIELD, N.Y., March 15, 2024 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. ("FEI" or the "Company") (NASDAQ-FEIM). On yesterday's earnings call, the Company discussed program charges that adversely affected its gross margins for the quarter ended January 31, 2024. As a result of percentage of completion accounting, these charges included a temporary reversal of revenue. The Company expects to recover approximately $1.2 million of this revenue during this calendar year. Because the costs have been c ...

Exhibit 99.1 PRESS RELEASE Frequency Electronics, Inc. Announces Third Quarter and Fiscal Year 2024 Financial Results Mitchel Field, NY, March 14, 2024 – Frequency Electronics, Inc. ("FEI" or the "Company") (NASDAQ-FEIM) is reporting revenues for the three-month and nine-month periods of fiscal 2024, ended January 31, 2024, of approximately $13.7 million and $39.7 million, respectively, compared to revenues of $10.6 million and $27.8 million, respectively, for the same periods of fiscal year 2023, ended Jan ...

MITCHEL FIELD, N.Y., March 13, 2024 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ:FEIM), will hold a conference call to discuss results for the third quarter of its fiscal year 2024, ended January 31, 2024, on Thursday, March 14, 2024, at 4:30 PM Eastern Time. This call is being webcast by Issuer Direct Corporation and can be accessed in the Investor Relations section of Frequency's web site at www.freqelec.com. Investors and analysts may also access the call by dialing 888-506-0062. International ...

MITCHEL FIELD, N.Y., March 13, 2024 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ: FEIM), will hold a conference call to discuss results for the third quarter of its fiscal year 2024, ended January 31, 2024, on Thursday, March 14, 2024, at 4:30 PM Eastern Time. This call is being webcast by Issuer Direct Corporation and can be accessed in the Investor Relations section of Frequency’s web site at www.freqelec.com. Investors and analysts may also access the call by dialing 888-506-0062. Internationa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended October 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-8061 FREQUENCY ELECTRONICS, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporati ...

Frequency Electronics, Inc. (NASDAQ:FEIM) Q2 2024 Earnings Call Transcript December 12, 2023 4:30 PM ET Company Participants Thomas McClelland - President and CEO Steve Bernstein - CFO Conference Call Participants Brett Reiss - Janney Tim Hasara - Sinnet Capital George Marema - Pareto Ventures Jeffrey Cohen - Mulholland Capital Management Operator Greetings and welcome to the Frequency Electronics Q2 Fiscal ‘24 Earnings Release Conference Call. At this time all participants are in a listen-only mode. [Opera ...

Frequency Electronics, Inc. (NASDAQ:FEIM) Q1 2024 Earnings Conference Call September 14, 2023 4:30 PM ET Company Participants Thomas McClelland - President and CEO Steven Bernstein - CFO Conference Call Participants Brett Reiss - Janney Montgomery Operator Greetings, and welcome to the Frequency Electronics First Quarter 2024 Earnings Release Conference Call. At this time all participants are on a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. Any statements made ...

WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended July 31, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-8061 FREQUENCY ELECTRONICS, INC. (Exact name of Registrant as specified in its charter) Delaware 11-1986657 (State or other jurisdicti ...