Frequency Electronics, Inc. Announces First Quarter Fiscal Year 2014 Results
13 9월 2013 - 12:00AM
Frequency Electronics, Inc. (Nasdaq:FEIM) reported revenues for the
first quarter of fiscal 2014, which ended July 31, 2013, of $16.8
million, compared to $16.7 million recorded in the same quarter of
fiscal 2013. The Company recorded operating profit of $963,000 for
the quarter ended July 31, 2013, compared to $1.1 million in the
first quarter of fiscal 2013. Net income for the first quarter of
fiscal 2014 was $676,000 or $0.08 per diluted share compared to
$768,000 or $0.09 per diluted share for the first quarter of the
prior year.
Commenting on the Company's performance and business outlook,
Chairman of the Board General Joseph Franklin said: "During the
first quarter our space business continued to prosper with revenues
more than 15% above the levels of last year's first quarter.
Satellite payloads accounted for over 55% of consolidated revenues.
Bookings were excellent with funded backlog rising. We look forward
to new orders, especially with respect to new commercial satellites
using our previously developed legacy products that are currently
operating successfully in orbit. During the first quarter we
accelerated our R&D spending on the new product line of Ku and
Ka band receivers and converters which we expect to have available
for qualification by the end of this calendar year. With this new
family of products we anticipate large additional opportunities
because, for the next 10 years and more, space will be the area of
greatest expansion in communication bandwidth."
Selected Fiscal 2014 Financial Metrics and Other
Items
- Orders representing contracts with a total value of
approximately $30 million were booked during the first
quarter.
- The majority of orders in the first quarter were for commercial
satellite payloads, resulting in the proportion of U.S. Government
and commercial satellite programs in our current backlog being
approximately equal. Satellite payloads continue to represent
over three-fourths of our backlog.
- Total sales for U.S. Government/DOD end-use maintained a level
over 60% of consolidated revenues.
- During the quarter billed receivables increased over 50% from
year-end as the Company met contractual and production
milestones. This will generate substantial positive cash flow
in the subsequent fiscal quarter.
Investor Conference Call
As previously announced, the Company will hold a conference call
to discuss these results on Thursday, September 12, 2013, at 12:30
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 12, 2013. The archived call may also be retrieved at
1-877-660-6853 (domestic) or 1-201-612-7415 (international) using
Conference ID #: 100288.
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 satellite
payloads and in other commercial, government and military systems
including 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 46 GHz, for space and other challenging
environments."
Subsidiaries and Affiliates: Gillam-FEI provides expertise in
network synchronization and monitoring; FEI-Zyfer provides GPS and
secure timing ("SAASM") capabilities for critical military and
commercial applications; FEI-Asia provides cost effective
manufacturing 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 Ended |
|
July 31, |
|
2013 |
2012 |
|
(unaudited) |
|
(in thousands except per share
data) |
|
|
|
Net Revenues |
$16,827 |
$16,685 |
Cost of Revenues |
10,561 |
10,704 |
Gross Margin |
6,266 |
5,981 |
Selling and Administrative |
3,560 |
3,485 |
Research and Development |
1,743 |
1,415 |
Operating Profit |
963 |
1,081 |
Interest and Other, Net |
93 |
117 |
Income before Income Taxes |
1,056 |
1,198 |
Income Tax Provision |
380 |
430 |
Net Income |
$676 |
$768 |
|
|
|
Net Income per Share: |
|
|
Basic |
$0.08 |
$0.09 |
Diluted |
$0.08 |
$0.09 |
Average Shares Outstanding |
|
|
Basic |
8,489,901 |
8,378,247 |
Diluted |
8,726,323 |
8,544,052 |
|
|
|
Frequency Electronics,
Inc. and Subsidiaries |
Condensed Consolidated
Balance Sheets |
|
|
|
|
July 31, |
April 30, |
|
2013 |
2013 |
|
(in thousands) |
ASSETS |
|
|
Cash & Marketable Securities |
$20,972 |
$21,730 |
Accounts Receivable |
12,616 |
7,781 |
Costs and Estimated Earnings in Excess of
Billings, net |
6,263 |
8,617 |
Inventories |
39,221 |
37,521 |
Other Current Assets |
4,983 |
5,367 |
Property, Plant & Equipment |
9,242 |
8,316 |
Other Assets |
19,686 |
19,577 |
|
$112,983 |
$108,909 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current Liabilities |
$9,385 |
$9,327 |
Long-term debt |
9,200 |
6,000 |
Other Long-term Obligations |
11,193 |
11,130 |
Stockholders' Equity |
83,205 |
82,452 |
|
$112,983 |
$108,909 |
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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