Frequency Electronics, Inc. Announces First Quarter Fiscal Year 2012 Results
14 9월 2011 - 5:00AM
Frequency Electronics, Inc. (Nasdaq:FEIM) reported revenues for the
first quarter of fiscal 2012, which ended July 31, 2011, of $15.9
million, a 31% increase over the $12.1 million recorded in the same
quarter of fiscal 2011. The Company recorded operating profit of
$1.8 million for the quarter ended July 31, 2011, compared to
$789,000 in the first quarter of fiscal 2011. Net income for the
first quarter of fiscal 2012 was $1.3 million or $0.16 per diluted
share compared to $507,000 or $0.06 per diluted share for the first
quarter of the prior year.
Chairman of the Board General Joseph Franklin made the following
comment: "These results show Frequency is very much on track for
our goals of strong revenue growth and increasing profitability
this year. As in the preceding quarter this level of revenues
reflects the continuing impact of recent new orders for commercial
and U.S. Government satellite payloads. Most of our year-over-year
revenue growth was generated in our FEI-NY operation. This segment
accounted for all of our satellite business and it generated
excellent operating profits on the increased revenues. Confirming
the high priority of our U.S. Government business, the Company
received notice since the end of the last quarter of additional
funding on the seventh and eighth of twelve satellites on a
long-term government program. Frequency previously completed work
on the first six of these satellites. This global communications
system is typical of critical government programs to which
Frequency is a key supplier and which need to be funded on a
continuing and timely basis."
Reports on the Company's major business
areas:
- Satellite Payloads: Revenues from space programs exceeded 40%
of total revenues with commercial satellite programs now accounting
for more than half of the revenues for this business
area. Based on the current backlog, we expect satellite
payloads to be the Company's dominant business area in fiscal year
2012.
- U.S. Government/DOD non-satellite programs: Fiscal year
2012 revenues from this business area, which are generated by the
FEI-NY and FEI-Zyfer segments, were approximately the same as the
prior year. As a result of the increased satellite payload
revenues, DOD/non-satellite sales represent approximately 20% of
consolidated revenues. Based on the important applications of
the Company's technologies for secure communications, high
resolution radar, smart munitions, and electronic intelligence, we
anticipate this business area will achieve significant future
long-term growth.
- Network infrastructure: Revenues from this business area
were under 30% of consolidated revenues. Sales of the
Company's US5G family of wireline synchronization products grew
year-over-year, offsetting lower first quarter sales of wireless
infrastructure products.
Reporting segments:
Reported segment revenues (in
thousands): |
|
|
|
|
|
3 months ended |
|
|
July 31 |
|
|
2011 |
2010 |
FEI-NY |
|
$10,615 |
$7,642 |
Gillam-FEI |
|
1,988 |
2,973 |
FEI-Zyfer |
|
3,773 |
2,497 |
less intersegment revenues |
|
(437) |
(988) |
Consolidated revenues |
|
$15,939 |
$12,124 |
- FEI-NY The FEI-NY segment includes revenues from satellite
payloads, wireless telecommunications and U.S. Government/DOD
non-space programs.
- Gillam-FEI The Gillam-FEI segment includes revenues primarily
from wireline telecommunications infrastructure and from other
network management products.
- FEI-Zyfer The majority of FEI-Zyfer's sales are derived from
U.S. Government/DOD programs and a family of commercial wireless
products as well as sales and support of the US5G synchronization
systems.
Chief Financial Officer Alan Miller provided the following
comment on the Company's financial report: "We maintained the
revenue trend that began in the fourth quarter of last year and
demonstrated our operational leverage by achieving an operating
profit of $1.8 million or 11% of revenues. In the following
quarters of this fiscal year, based on the current mix of programs,
we expect to see improved gross margins and operating profits on a
year-over-year basis. We also generated positive operating
cash flow of approximately $2.7 million and at the end of the
quarter our cash, cash equivalents and marketable securities
increased to $22.6 million."
Investor Conference Call
As previously announced, the Company will hold a conference call
to discuss these results on Tuesday, September 13, 2011, at 4:30 PM
Eastern Time. Investors and analysts may access the call by
dialing 1-877-407-9205. International callers may dial
1-201-689-8054. Ask for the Frequency Electronics conference
call.
The call will be archived on the Company's website through
October 13, 2011. The archived call may also be retrieved at
1-877-660-6853 (domestic) or 1-201-612-7415 (international) using
Passcodes (both are required for playback): Account: 286,
Conference ID: 378849.
About Frequency Electronics
Frequency Electronics, Inc. is a world leader in the design,
development and manufacture of high precision timing, frequency
control and synchronization products for space and terrestrial
applications. Frequency's products are used in commercial,
government and military systems, including satellite payloads,
C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, SCADA,
energy exploration and wireline and wireless communication
networks. Frequency has received over 60 awards of excellence for
achievements in providing high performance electronic assemblies
for over 125 space programs. The Company invests significant
resources in research and development and strategic acquisitions
world-wide to expand its capabilities and markets. Subsidiaries and
Affiliates: Gillam-FEI provides expertise in wireline network
synchronization and SCADA; FEI-Zyfer provides GPS and secure timing
("SAASM") capabilities for critical military and commercial
applications; FEI-Asia provides cost effective manufacturing and
distribution capabilities in a high growth market. Frequency's
Morion affiliate supplies high-quality, cost effective quartz
oscillators and components. Elcom Technologies provides added
resources for state-of-the-art RF microwave products. Additional
information is available on the Company's website:
www.frequencyelectronics.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The Statements in this press release regarding
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, inability to integrate operations and personnel,
actions by significant customers or competitors, general domestic
and international economic conditions, consumer spending trends,
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, competitive developments,
changes in manufacturing and transportation costs, the availability
of capital, and other risks detailed in the Company's periodic
report filings with the Securities and Exchange Commission. By
making these forward-looking statements, the Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release.
Frequency Electronics,
Inc. and Subsidiaries |
Condensed Consolidated
Statement of Operations |
|
|
|
|
Quarter Ended |
|
July 31, |
|
2011 |
2010 |
|
(unaudited) |
|
(in thousands except per share
data) |
|
|
|
Net Revenues |
$15,939 |
$12,124 |
Cost of Revenues |
9,795 |
7,378 |
Gross Margin |
6,144 |
4,746 |
Selling and Administrative |
3,162 |
2,795 |
Research and Development |
1,198 |
1,162 |
Operating Profit |
1,784 |
789 |
Interest and Other, net |
200 |
68 |
Income before Income Taxes |
1,984 |
857 |
Income Tax Provision |
640 |
350 |
Net Income |
$1,344 |
$507 |
|
|
|
Net Income per Common Share: |
|
|
Basic |
$0.16 |
$0.06 |
Diluted |
$0.16 |
$0.06 |
|
|
|
Average Common Shares Outstanding: |
|
|
Basic |
8,304,484 |
8,233,570 |
Diluted |
8,503,101 |
8,280,332 |
|
|
|
|
|
|
Frequency Electronics,
Inc. and Subsidiaries |
Condensed Consolidated
Balance Sheets |
|
|
|
|
July 31, |
April 30, |
|
2011 |
2011 |
|
(in thousands) |
|
|
|
ASSETS |
|
|
Cash & Marketable Securities |
$22,658 |
$20,632 |
Accounts Receivable |
8,738 |
11,663 |
Costs and Estimated Earnings |
|
|
in Excess of Billings, net |
3,315 |
2,409 |
Inventories |
30,247 |
28,172 |
Other Current Assets |
4,768 |
4,860 |
Property, Plant & Equipment |
7,218 |
7,163 |
Other Assets |
15,172 |
14,932 |
|
$92,116 |
$89,831 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current Liabilities |
$7,827 |
$7,386 |
Long-term Obligations and Other |
10,915 |
10,910 |
Stockholders' Equity |
73,374 |
71,535 |
|
$92,116 |
$89,831 |
CONTACT: Alan Miller, CFO, or General Joseph P. Franklin, Chairman:
TELEPHONE: (516) 794-4500
WEBSITE: www.frequencyelectronics.com
Frequency Electronics (NASDAQ:FEIM)
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