Frequency Electronics, Inc. Announces Third Quarter Fiscal Year 2015 Results
12 3월 2015 - 5:00AM
Frequency Electronics, Inc. (Nasdaq:FEIM) reported revenues for the
third quarter of fiscal 2015, which ended January 31, 2015, of
$18.4 million, compared to $18.2 million recorded in the third
quarter of fiscal 2014. Revenues for the first nine months of
fiscal 2015 were $57.4 million compared to $52.1 million recorded
in the same period of fiscal year 2014.
Operating profit was $997,000 for the quarter ended January 31,
2015, compared to $1.3 million in the third quarter of the prior
year. Operating profit for the first nine months of fiscal year
2015 was $3.7 million compared to $3.5 million in the same period
of fiscal year 2014. Net income for the third quarter of fiscal
2015 was $878,000 or $0.10 per diluted share, compared to $1.2
million or $0.14 per diluted share for the third quarter of the
prior year. For the year to date, net income was $2.9 million or
$0.33 per diluted share compared to the prior year's $3.3 million
or $0.37 per diluted share. The prior year's results included
$736,000 in net proceeds from the sale of certain manufacturing
equipment under a license agreement.
Commenting on these results, Chairman of the Board General
Joseph Franklin said: "During the past quarter, and since the end
of that period, FEI has made good progress in meeting our
long-standing challenge of expanding production throughput
capacity. Increased costs associated with this expansion effort,
along with product mix, impacted our margins and revenue
recognition for the period. Throughput capacity objectives should
be substantially achieved by the end of the current quarter which
ends our fiscal year. We are ready to handle larger new satellite
payload contracts. Looking ahead, our focus will remain on
potential corporate transaction opportunities and on rationalizing
our segment assets and operations in order to enhance shareholder
value."
Fiscal 2015 Selected Financial Metrics and Other
Items:
- For the nine months ended January 31, 2015, satellite payload
revenues continued to account for more than 60% of consolidated
revenues. Satellite payloads account for over three-fourths
of Company's consolidated backlog.
- For the nine months ended January 31, 2015, total sales for
U.S. Government/DOD end-use, including revenues on U.S. Government
satellite programs, was approximately 45% of consolidated
revenues. More than half of funded backlog is related to
products for U.S. Government end-use.
- Backlog at January 31, 2015 is approximately $41 million
compared to $48 million as of the beginning of fiscal year
2015. Satellite backlog to-date does not include orders for
the Company's new satellite payload microwave receivers/converters
product line.
- In the third quarter of fiscal year 2015, both FEI-NY and
FEI-Zyfer contributed to operating profits while Gillam-FEI
recorded an operating loss of $194,000.
- During the quarter ended January 31, 2015, the Company
generated positive operating cash flow of $1.7 million. With
an historically high level of billed accounts receivable as
contractual and production milestones were met, the Company expects
to continue to generate substantial positive cash flow in
subsequent fiscal quarters.
Investor Conference Call
As previously announced, the Company will hold a conference call
to discuss these results on Wednesday, March 11, 2015, 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 April
11, 2015. The archived call may also be retrieved at
1-877-660-6853 (domestic) or 1-201-612-7415 (international) using
Conference ID #: 13603970.
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 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 |
Nine Months Ended |
|
January 31 |
January 31, |
|
2015 |
2014 |
2015 |
2014 |
|
(unaudited) |
|
(in thousands except per share
data) |
Revenues |
$18,381 |
$18,218 |
$57,364 |
$52,052 |
Cost of Revenues |
12,485 |
12,107 |
39,129 |
33,443 |
Gross Margin |
5,896 |
6,111 |
18,235 |
18,609 |
Selling and Administrative |
3,578 |
3,488 |
10,548 |
10,534 |
Research and Development |
1,321 |
1,363 |
3,965 |
4,589 |
Operating Profit |
997 |
1,260 |
3,722 |
3,486 |
Interest and Other, Net |
81 |
378 |
613 |
1,369 |
Income before Income Taxes |
1,078 |
1,638 |
4,335 |
4,855 |
Income Tax Provision |
200 |
420 |
1,450 |
1,570 |
Net Income |
$ 878 |
$ 1,218 |
$ 2,885 |
$ 3,285 |
|
|
|
|
|
Net Income per Share: |
|
|
|
|
Basic |
$0.10 |
$0.14 |
$ 0.34 |
$ 0.39 |
Diluted |
$0.10 |
$0.14 |
$ 0.33 |
$ 0.37 |
Average Shares Outstanding |
|
|
|
|
Basic |
8,609 |
8,537 |
8,596 |
8,516 |
Diluted |
8,874 |
8,857 |
8,864 |
8,806 |
|
Frequency Electronics,
Inc. and Subsidiaries |
Condensed Consolidated
Balance Sheets |
|
|
|
|
January 31, |
April 30, |
|
2015 |
2014 |
|
(in thousands) |
ASSETS |
|
|
Cash & Marketable Securities |
$ 18,288 |
$ 23,728 |
Accounts Receivable |
10,360 |
7,741 |
Costs and Estimated Earnings in Excess
of Billings, net |
12,369 |
10,439 |
Inventories |
41,036 |
41,227 |
Other Current Assets |
5,257 |
4,727 |
Property, Plant & Equipment |
13,078 |
11,240 |
Other Assets |
20,459 |
20,359 |
|
$120,847 |
$119,461 |
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current Liabilities |
$ 9,140 |
$ 9,697 |
Long-term debt |
8,400 |
10,100 |
Other Long-term Obligations |
11,595 |
11,318 |
Stockholders' Equity |
91,712 |
88,346 |
|
$120,847 |
$119,461 |
CONTACT: Alan Miller, CFO, or General Joseph P. Franklin, Chairman:
TELEPHONE: (516) 794-4500
WEBSITE: www.frequencyelectronics.com
Frequency Electronics (NASDAQ:FEIM)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Frequency Electronics (NASDAQ:FEIM)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024