Frequency Electronics, Inc. Announces Third Quarter Fiscal Year 2013 Results
14 3월 2013 - 1:38AM
Frequency Electronics, Inc. (Nasdaq:FEIM) reported revenues for the
third quarter of fiscal 2013, which ended January 31, 2013, of
$17.1 million, an 11% increase over the $15.4 million recorded in
the third quarter of fiscal 2012. Revenues for the first nine
months of fiscal 2013 also increased by 11% to $51.4 million
compared to $46.4 million in the same period of the prior year.
The Company recorded operating profit of $1.8 million for the
quarter ended January 31, 2013, compared to $1.9 million in the
third quarter of the prior year. Operating profit for the first
nine months of fiscal year 2013 was $4.8 million compared to $5.5
million for the same period of fiscal year 2012. Net income for the
third quarter of fiscal 2013 was $1.5 million or $0.18 per diluted
share compared to $1.1 million or $0.13 per diluted share for the
third quarter of the prior year. For the year to date, net income
was $3.7 million or $0.43 per diluted share compared to the prior
year's $3.2 million or $0.37 per diluted share.
Commenting on results of the past quarter, Chairman of the Board
General Joseph Franklin said: "Based on our results through the
third quarter, our present backlog and our expectations for the
balance of the year, we continue to anticipate year-over-year
growth in revenues, operating profits and EBITDA for full fiscal
year 2013. FEI-Elcom's recently announced additional order for
ultra fast switching synthesizers will contribute to their
profitability in our 4th quarter of this fiscal year. Also, we
are making excellent progress in the development of our expanded
product line of Ka and Ku band receivers/down converters for space.
We expect to have prototypes available for customer
evaluation and qualification this year."
Selected Fiscal 2013 Financial Metrics and Other
Items
- For the nine months ended January 31, 2013, satellite payload
revenues increased by more than $2 million over the same period of
the prior year and accounted for approximately half of consolidated
revenues. Satellite payloads account for more than three-fourths of
the Company's consolidated backlog of over $60 million.
- Total sales for U.S. Government/DOD end-use, including revenues
on U.S. Government satellite programs, rose in the third quarter
and for the nine months accounted for 60% of consolidated
revenues. With increasing sales from FEI-Elcom, revenues for
U.S. Government/DOD end-use will continue to grow in this current
fiscal year.
- For the third quarter, revenues at FEI-Elcom increased by
approximately 25% over the preceding quarter of this fiscal
year. The additional revenues enabled this recently acquired
subsidiary to record a modest operating profit from operations
partially offsetting the $900,000 operating loss included in
consolidated results reported for the first quarter of fiscal year
2013.
- Spending on internal research and development (IR&D) for
the nine months ended January 31, 2013, increased by approximately
$800,000 compared to the same period of the prior year. These
expenditures include increased efforts on the Company's expanded
product line of satellite microwave receivers/converters. IR&D
is expected to continue at a rate of less than 10% of revenues for
fiscal 2013.
- Reported segment revenues (in thousands):
|
3 months ended January 31, |
9 months ended January 31, |
|
2013 |
2012 |
2013 |
2012 |
FEI-NY |
$14,076 |
$11,075 |
$38,211 |
$33,050 |
Gillam-FEI |
1,913 |
3,370 |
6,431 |
7,039 |
FEI-Zyfer |
2,054 |
2,001 |
8,742 |
8,588 |
less intersegment revenues |
(906) |
(998) |
(1,993) |
(2,235) |
Consolidated revenues |
$17,137 |
$15,448 |
$51,391 |
$46,442 |
Investor Conference Call
As previously announced, the Company will hold a conference call
to discuss these results on Wednesday, March 13, 2013, at 2:30 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 April
15, 2013. The archived call may also be retrieved at
1-877-660-6853 (domestic) or 1-201-612-7415 (international) using
Conference ID #: 410788.
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, energy
exploration and wireline and wireless communication 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 and strategic
acquisitions world-wide 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 42 GHz, for space and other challenging
environments."
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; FEI-Elcom Tech
provides added resources for state-of-the-art RF microwave
products. Frequency's Morion affiliate supplies high-quality, cost
effective quartz oscillators and components. 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 Months ended January
31, |
Nine Months Ended January
31, |
|
2013 |
2012 |
2013 |
2012 |
|
(unaudited) |
|
(in thousands except per share
data) |
|
|
|
|
|
Net Revenues |
$17,137 |
$15,448 |
$51,391 |
$46,442 |
Cost of Revenues |
10,387 |
9,233 |
31,928 |
27,970 |
Gross Margin |
6,750 |
6,215 |
19,463 |
18,472 |
Selling and Administrative |
3,887 |
3,390 |
10,883 |
10,017 |
Research and Development |
1,113 |
882 |
3,731 |
2,954 |
Operating Profit |
1,750 |
1,943 |
4,849 |
5,501 |
Interest and Other, Net |
70 |
(369) |
280 |
(537) |
Income before Income Taxes |
1,820 |
1,574 |
5,129 |
4,964 |
Income Tax Provision |
300 |
500 |
1,400 |
1,770 |
Net Income |
$1,520 |
$1,074 |
$3,729 |
$3,194 |
|
|
|
|
|
Net Income per Share: |
|
|
|
|
Basic |
$0.18 |
$0.13 |
$0.44 |
$0.38 |
Diluted |
$0.18 |
$0.13 |
$0.43 |
$0.37 |
Average Shares Outstanding |
|
|
|
|
Basic |
8,424,162 |
8,323,912 |
8,401,348 |
8,319,740 |
Diluted |
8,603,774 |
8,508,297 |
8,583,616 |
8,537,591 |
|
Frequency Electronics,
Inc. and Subsidiaries |
Condensed Consolidated
Balance Sheets |
|
|
|
|
|
|
|
January 31, 2013 |
April 30, 2012 |
|
(in thousands) |
ASSETS |
|
|
Cash & Marketable Securities |
$21,631 |
$22,440 |
Accounts Receivable |
8,357 |
10,866 |
Costs and Estimated Earnings |
|
|
in Excess of Billings, net |
8,617 |
7,207 |
Inventories |
37,756 |
34,299 |
Other Current Assets |
4,357 |
4,550 |
Property, Plant & Equipment |
8,391 |
8,374 |
Other Assets |
19,171 |
18,491 |
|
$108,280 |
$106,227 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current Liabilities |
$14,701 |
$16,109 |
Long-term Obligations and Other |
11,133 |
10,986 |
Stockholders' Equity |
82,446 |
79,132 |
|
$108,280 |
$106,227 |
CONTACT: Alan Miller, CFO, or General Joseph P. Franklin, Chairman:
TELEPHONE: (516) 794-4500
WEBSITE: www.frequencyelectronics.com
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