Welcome to our dedicated page for Frequency Electronics news (Ticker: FEIM), a resource for investors and traders seeking the latest updates and insights on Frequency Electronics stock.
Frequency Electronics, Inc. (Symbol: FEIM) is a prominent player in the field of high-precision timing and frequency control products. The company is known for its expertise in designing, developing, and manufacturing these products for a diverse array of applications spanning space, air, sea, and terrestrial environments. With a keen focus on reliability and precision, Frequency Electronics caters to three principal markets: communication satellites (both commercial and U.S. Government-funded), terrestrial cellular telephone or other ground-based telecommunication stations, and components and systems for the U.S. military.
Operating through two key segments, FEI-NY and FEI-Zyfer, the company derives the majority of its revenues from the FEI-NY segment. This segment is primarily engaged in the production of precision time and frequency control products which are critical for the aforementioned markets. The FEI-Zyfer segment, although smaller, also plays a significant role in supporting the company's mission and strategic goals.
Frequency Electronics has been making strides in advancing its core technologies, as evidenced by recent program awards. CEO Tom McClelland emphasized the company's ongoing commitment to supporting U.S. Government secure communication systems, highlighting that FEI's investments in cutting-edge technologies ensure its status as an essential participant in critical government programs.
As of now, the company continues to push the envelope in the development of high-precision instruments to measure electricity. The financial health of the company remains robust, driven by strategic partnerships and an unwavering focus on innovation. The leadership team, including Dr. Thomas McClelland as President and CEO, and Steven Bernstein as CFO, is dedicated to steering the company towards a future of sustained growth and technological superiority.
Frequency Electronics, Inc. (NASDAQ-FEIM) reported its fiscal 2023 revenues for the three-month period ended January 31, 2023, at approximately $10.6 million, down from $12.2 million year-over-year. For nine months, revenues dropped to $27.8 million from $38.1 million. The company achieved an operating income of $325,000 in Q3, a turnaround from a loss of $721,000 in Q3 2022, though it recorded a nine-month operating loss of $5.1 million, worse than the previous year's $2.1 million loss. The net loss per share improved to ($0.03) for Q3, while the nine-month loss increased to ($0.62) per share. A strong backlog of $54 million was reported, reflecting growth potential in commercial and government satellite markets.
Frequency Electronics, Inc. (NASDAQ: FEIM) will hold a conference call to discuss its third quarter results for fiscal year 2023, ending January 31, 2023, on March 9, 2023, at 4:30 PM ET. The call will be webcast by Issuer Direct Corporation and can be accessed on the company's website. For those unable to attend live, a telephone replay will be available for one week after the call. Frequency Electronics specializes in high precision timing, frequency generation, and RF control products used in various applications including satellite systems and military operations. The company continues to invest in R&D to enhance its product capabilities.
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