Frequency Electr Stock Price, News & Analysis

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.

Frequency Electronics, Inc. (NASDAQ-FEIM) has announced the completion of its next-generation Digital Rubidium Atomic Clock (DRAC), designed for space applications requiring precision and resilience to radiation. The DRAC features an ultra-high stability oscillator and digital tuning, enhancing precision timing capabilities. CEO Stan Sloane highlighted the clock's importance for navigation systems amidst increasing jamming threats. The company is also advancing a pulsed version of the DRAC and a Mercury Ion clock, expected to enhance performance for various applications.

Frequency Electronics (NASDAQ: FEIM) reported revenues of $12.3 million for Q3 FY2022, up from $11.7 million in Q3 FY2021, but faced an operating loss of $721,000, improved from $939,000 year-over-year. Net loss for the quarter was $735,000 or ($0.08) per diluted share. For the nine months, revenues totaled $38.1 million, a slight decrease year-over-year. Backlog increased to $41.6 million, with bookings rising 30% in the New York segment. The company aims to reduce costs by transitioning manufacturing from California to New York amidst challenges from COVID-related employee absences.

Frequency Electronics (NASDAQ: FEIM) will host a conference call on March 10, 2022, at 4:30 PM ET to discuss its third-quarter results for fiscal year 2022, which ended January 31, 2022.

The call will be available via webcast and can be accessed through the Investor Relations section of Frequency's website. A telephone replay will be accessible for one week post-call. Frequency Electronics specializes in high precision timing and frequency generation products, serving military, commercial, and space applications.

Frequency Electronics, Inc. (NASDAQ-FEIM) announced a significant contract with the Office of Naval Research valued at approximately $20.2 million for the development of a Mercury Ion atomic clock. The contract spans a base period of two years, with options for two additional years. CEO Stan Sloane highlighted the Company's expanding relationship with ONR and emphasized collaboration on advanced technology development. This initiative builds on prior work by the Jet Propulsion Laboratory and aims to deliver pre-production prototypes.

Frequency Electronics, Inc. (FEIM) reports fiscal 2022 results for the periods ended October 31, 2021. Revenues for Q2 reached $12.9 million, down from $14.0 million year-over-year, while six-month revenues were $25.9 million versus $26.9 million in the prior year. Operating profit for Q2 improved to $303,000, up from $219,000, but the six-month operating loss widened to $1.4 million. Net income for Q2 was $497,000 or $0.05 per share, contrasting with a net loss of $1.1 million for six months. The company holds $20.6 million in cash and no debt.

Frequency Electronics, Inc. (NASDAQ: FEIM) will hold a conference call on December 9, 2021, at 4:30 PM ET to discuss its second-quarter results for fiscal year 2022, ending October 31, 2021. Investors can join via webcast on the company's Investor Relations page or by phone at 888-506-0062 for domestic and 973-528-0011 for international calls. An archived replay will be available for one week post-call. The company specializes in high-precision timing and frequency generation products for various applications including military and commercial systems.