Frequency Electronics, Inc. Announces First Quarter Fiscal Year 2024 Financial Results
2023年9月15日 - 5:01AM
Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM)
is reporting revenues for the first quarter ended July 31, 2023, of
approximately $12.4 million, compared to revenues of $8.2 million,
for the first quarter of fiscal year 2023, ended July 31, 2022.
Operating income for the first quarter of fiscal year 2024 was $2.1
million compared to an operating loss of $3.1 million for the same
period of fiscal year 2023. Net Income from operations was $2.0
million or $0.22 per diluted share compared to a net loss from
operations of $3.1 million or ($0.33) per diluted share for the
first quarter of fiscal year 2023
FEI President and CEO, Tom McClelland commented,
“In the first quarter of fiscal year 2024 we continued to see the
results of the cost cutting efforts and management reorganization
which has taken place over the last year. Revenue and gross margin
have increased substantially compared to the first quarter of
fiscal year 2023, and the Company is reporting an operating profit
of $2.0M compared to an operating loss of $3.1M in the same quarter
of last year. Although the operating profit for the quarter is
affected by several one time items, even without these items the
Company would have reported an operating profit of slightly over
$1M. The backlog of $51.8M at the end of Q1 is close to the
historic high at the end of FY2023, and is up dramatically compared
to $39.7M at the end of Q1 last year. More importantly, bookings
are expected to increase the backlog significantly over the next
two quarters. I believe our efforts have put us on a sustainable
positive trajectory. The Company remains committed to achieving
sustained profitability and cash generation going forward.”
Fiscal Year 2024 Selected Financial
Metrics and Other Items
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For the three months ended July 31, 2023, revenues from satellite
payloads were approximately $4.9 million, or 39%, of consolidated
revenues compared to $3.5 million, or 42%, for the same period of
the prior year.
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For the three months ended July 31, 2023, revenues for non-space
U.S. Government/DOD customers were $6.9 million, or 55%, of
consolidated revenues compared to $4.1 million, or 50%, for the
same period of the prior year.
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For the three months ended July 31, 2023, revenues from other
commercial and industrial sales accounted for approximately
$672,000, or 5%, of consolidated revenues compared to approximately
$664,000, or 8%, for the same period of the prior year.
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Net cash used in operations was $2.8 million in the first quarter
of fiscal year 2024, compared to net cash used in operations of
$3.6 million for the same period of fiscal year 2023.
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Backlog at July 31, 2023 was approximately $52 million compared to
$57 million at April 30, 2023.
Investor Conference Call
As previously announced, the Company will hold a
conference call to discuss these results on Thursday, September 14,
2023, at 4:30 PM Eastern Time. Investors and analysts may access
the call by dialing 1-888-506-0062. International callers may dial
1-973-528-0011. Callers should provide participant access code:
782267 or ask for the Frequency Electronics conference call.
The archived call may be accessed by calling
1-877-481-4010 (domestic), or 1-919-882-2331 (international), for
one week following the call (replay passcode: 48702). Subsequent to
that, the call can be accessed via a link available on the
Company’s website through October 12, 2023.
About Frequency Electronics
Frequency Electronics, Inc. is a world leader in
the design, development and manufacture of high precision timing,
frequency generation and RF control products for space and
terrestrial applications. Frequency’s products are used in
satellite payloads and in other commercial, government and military
systems including C4ISR and electronic warfare, missiles, UAVs,
aircraft, GPS, secure communications, energy exploration and
wireline and wireless networks. Frequency has received over 100
awards of excellence for achievements in providing high performance
electronic assemblies for over 150 space and DOD programs. The
Company invests significant resources in research and development
to expand its capabilities and markets.
Frequency’s Mission Statement: “Our mission is
to provide precision time and low phase noise frequency generation
systems from 1 Hz to 50 GHz, for space and other challenging
environments.”
Subsidiaries and Affiliates: FEI-Zyfer provides
GPS and secure timing ("SAASM") capabilities for critical military
and commercial applications; FEI-Elcom Tech provides Electronic
Warfare (“EW”) sub-systems and state-of-the-art RF microwave
products. Additional information is available on the Company’s
website: www.frequencyelectronics.com
Forward-Looking Statements
The statements in this press release regarding
future earnings and operations and other statements relating to the
future constitute “forward-looking” statements pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to, the
risks associated with health epidemics and pandemics, including the
COVID-19 pandemic and similar outbreaks, such as their impact on
our financial condition and results of operations and on our
ability to continue manufacturing and distributing our products,
and the impact of health epidemics and pandemics on general
economic conditions, including any resulting recession, our
inability to integrate operations and personnel, actions by
significant customers or competitors, general domestic and
international economic conditions, reliance on key customers,
continued acceptance of the Company’s products in the marketplace,
competitive factors, new products and technological changes,
product prices and raw material costs, dependence upon third-party
vendors, other supply chain related issues, increasing costs for
materials, operating related expenses, competitive developments,
changes in manufacturing and transportation costs, the availability
of capital, the outcome of any litigation and arbitration
proceedings, and failure to maintain an effective system of
internal controls over financial reporting. The factors listed
above are not exhaustive and should be read in conjunction with the
other cautionary statements that are included in this release and
in our filings with the Securities and Exchange Commission. The
Company’s Annual Report on Form 10-K fiscal year ended April 30,
2023, filed on July 27, 2023 respectively, with the Securities and
Exchange Commission includes additional factors that could
materially and adversely impact the Company’s business, financial
condition and results of operations, as such factors are updated
from time to time in our periodic filings with the Securities and
Exchange Commission, which are accessible on the Securities and
Exchange Commission’s website at www.sec.gov. Moreover, the Company
operates in a very competitive and rapidly changing environment.
New factors emerge from time to time and it is not possible for
management to predict the impact of all these factors on the
Company’s business, financial condition or results of operations or
the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward-looking statements. Given these risks and
uncertainties, investors should not rely on forward-looking
statements as a prediction of actual results. Any or all of the
forward-looking statements contained in this press release and any
other public statement made by the Company or its management may
turn out to be incorrect. The Company expressly disclaims any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Contact information: |
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Dr. Thomas
McClelland, President and Chief Executive Officer; |
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Steven Bernstein,
Chief Financial Officer; |
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TELEPHONE: |
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(516) 794-4500 ext.5000 |
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WEBSITE: |
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www.freqelec.com |
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Frequency Electronics, Inc. and
SubsidiariesCondensed Consolidated Statements of
Operations(in thousands except per share
data) |
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Three Months Ended |
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July 31, |
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(unaudited) |
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2023 |
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2022 |
Revenues |
$ |
12,408 |
|
|
$ |
8,204 |
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Cost of Revenues |
|
7,540 |
|
|
|
8,209 |
|
Gross Margin |
|
4,868 |
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(5 |
) |
Selling and
Administrative |
|
2,302 |
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|
|
1,992 |
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Research and Development |
|
506 |
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|
|
1,110 |
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Operating income (loss) |
|
2,060 |
|
|
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(3,107 |
) |
Interest and Other, Net |
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(11 |
) |
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(9 |
) |
Income (loss) before Income
Taxes |
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2,049 |
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(3,116 |
) |
Provision for Income
Taxes |
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7 |
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1 |
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Net income (loss) |
$ |
2,042 |
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$ |
(3,117 |
) |
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Net income (loss) per
share: |
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Basic and diluted income (loss) per share |
$ |
0.22 |
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$ |
(0.33 |
) |
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Weighted average shares
outstanding |
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Basic and Diluted |
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9,384 |
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9,308 |
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Frequency Electronics, Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets(in thousands) |
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July 31, 2023 |
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April 30, 2023 |
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(unaudited) |
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ASSETS |
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Cash and cash equivalents |
$ |
9,061 |
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$ |
12,049 |
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Accounts Receivable, net |
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6,385 |
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4,622 |
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Contract Assets |
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11,028 |
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10,009 |
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Inventories, net |
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22,604 |
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20,526 |
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Other Current Assets |
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1,185 |
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|
1,101 |
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Property, plant, and equipment, net |
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6,778 |
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|
7,093 |
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Other Assets |
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11,868 |
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11,714 |
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Right-of-Use Assets – Operating Leases |
|
7,062 |
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|
|
7,382 |
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$ |
75,971 |
|
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$ |
74,496 |
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LIABILITIES AND
STOCKHOLDERS’ EQUITY |
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Lease Liability - current |
$ |
1,766 |
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$ |
1,753 |
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Contract Liabilities |
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18,356 |
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18,586 |
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Other Current Liabilities |
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6,758 |
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6,942 |
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Other Long-term Obligations |
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8,404 |
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8,446 |
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Operating Lease Liability – non-current |
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5,518 |
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5,883 |
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Stockholders’ Equity |
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35,169 |
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32,886 |
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$ |
75,971 |
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$ |
74,496 |
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Frequency Electronics (NASDAQ:FEIM)
過去 株価チャート
から 4 2024 まで 5 2024
Frequency Electronics (NASDAQ:FEIM)
過去 株価チャート
から 5 2023 まで 5 2024