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.
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.
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