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) announces that Tom McClelland has been appointed as the permanent President and CEO, having served in an interim capacity since July 2022. With nearly 40 years at the company, he brings extensive expertise in precision timing and space applications. The Board of Directors emphasized his focus on increasing customer satisfaction, employee productivity, and shareholder value. McClelland noted improvements in the company’s financial performance, including a quarter-over-quarter revenue increase and a backlog of approximately $56 million, marking the highest level in eight years. These developments indicate a promising path towards sustained profitability.
Frequency Electronics, Inc. (FEIM) reports Q2 and H1 fiscal 2023 revenues of approximately $8.9 million and $17.2 million, down from $12.9 million and $25.9 million in the previous year. The operating loss increased to $2.3 million for Q2 and $5.4 million for H1. Net losses were ($0.25) per diluted share for Q2 and ($0.58) for H1. A special cash dividend of $1.00 per share is set for January 27, 2023. The backlog rose to $56 million, reflecting positive activity in satellite markets despite ongoing supply chain challenges.
Frequency Electronics, Inc. (NASDAQ-FEIM) has announced a special cash dividend of $1.00 per share, totaling approximately $9.3 million. This dividend is payable on January 27, 2023, to stockholders of record by January 6, 2023. Interim CEO Dr. Thomas McClelland stated that the company's robust balance sheet enables this payout while remaining debt-free. The company aims to maintain profitability and cash generation for future investments.
Frequency Electronics, Inc. (NASDAQ: FEIM) announced that it will delay its earnings release for Q2 fiscal 2023, ended October 31, 2022, due to errors found in its previous financial statements. The company will amend its disclosures concerning contract assets and liabilities. Preliminary results indicate revenues of approximately $9 million, down from $12.9 million year-over-year, and an operating loss of around $2.3 million. However, consolidated backlog reached approximately $56 million, an increase from $40 million in previous quarters. A conference call is scheduled for December 20, 2022.
Frequency Electronics (FEIM) reported Q1 fiscal 2023 revenues of $8.2 million, a decline from $13.0 million in Q1 fiscal 2022. The company experienced an operating loss of $3.1 million, worsening from a $1.7 million loss year-over-year. Net loss was $3.1 million or ($0.33) per diluted share, compared to a net loss of $1.6 million or ($0.17) per diluted share in the previous year. The company has implemented measures to reduce labor costs by 17% and expects improved efficiency. Backlog remains stable at approximately $40 million, and there are optimistic projections for revenue realization in FY2023.
Frequency Electronics, Inc. (NASDAQ: FEIM) will hold a conference call on September 13, 2022, at 4:30 PM ET to discuss its Q1 fiscal 2023 results, ending July 31, 2022. The call can be accessed online and through various dial-in options, with details provided in the press release. Frequency Electronics specializes in high precision timing and frequency generation products for various applications, including military and commercial sectors. The company is notable for its significant investment in R&D and has received over 100 awards for excellence in performance.
Frequency Electronics, Inc. (NASDAQ-FEIM) announced a follow-on contract valued at approximately $6.3 million for high precision oscillators for a crucial military satellite system. This contract extends over a period of 24 months. Interim President and CEO, Thomas McClelland, expressed confidence in the company's ability to provide reliable electronics in challenging environments, emphasizing FEI's role in mission-critical satellite systems. The company is recognized for its excellence in developing electronic assemblies for various military and space applications.
Frequency Electronics reported a decrease in revenues for the fiscal year ending April 30, 2022, at $48.3 million, down from $54.3 million in 2021. The company incurred an operating loss of $8.0 million, a significant increase from a loss of $958,000 in the previous year. Net losses totaled $8.7 million, equating to ($0.93) per diluted share, compared to net income of $680,000 or $0.07 per diluted share in fiscal 2021. The company faced challenges due to cost overruns and delays, yet anticipates improved profitability in fiscal 2023 from follow-on orders. As of year-end, cash and securities stood at approximately $21.5 million.
Frequency Electronics, Inc. (NASDAQ-FEIM) has appointed Tom McClelland as Interim CEO following Stanton Sloane's retirement on July 8, 2022. McClelland, with nearly 40 years at the company and a PhD in physics, is recognized for his expertise in precision timing and space applications. The company plans to enhance its position in defense and security sectors. Chairman General Lance Lord highlighted the critical nature of timing information in expanding military and commercial sectors. The Board has tasked Russell Sarachek to create a strategic plan to navigate this pivotal phase.
Frequency Electronics, Inc. (NASDAQ: FEIM) will hold a conference call on July 13, 2022, at 4:30 PM ET to discuss its fiscal year 2022 results ending April 30, 2022. Investors can participate via a webcast on the company's website or by phone, with details provided in the press release. A replay will be available after the call. Frequency Electronics specializes in high-precision timing and frequency generation products for space and terrestrial applications, serving commercial and military markets.
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