Frequency Electronics, Inc. Announces First Quarter Fiscal Year 2019 Results
14 9월 2018 - 5:01AM
Frequency Electronics, Inc. (NASDAQ-FEIM) reported revenues for the
first quarter of fiscal 2019, which ended July 31, 2018, of $11.0
million compared to $12.0 million in the first quarter of fiscal
2018. The Company recorded operating income of $85,000 for
the first quarter of fiscal 2019, compared to an operating profit
of $180,000 in the first quarter of fiscal 2018. Net income
for the first quarter of fiscal 2019 was $31,000 or less than $0.01
per diluted share compared to net income $614,000 or $0.07 per
diluted share for the first quarter of fiscal 2018. Net income in
the first quarter of fiscal 2018 included the impact of an
approximately $1.0 million gain on sale of securities.
Martin Bloch Executive Chairman of the Board
commented: “FEI’s revenues, profitability and backlog are on the
rise. We are very pleased with the sequentially improving
operating results we have experienced during the first quarter of
this fiscal year and to date. These results reaffirm our
expectation of rising revenues and profitability this full fiscal
year and beyond. Our confidence is supported by a backlog
which has more than doubled to approximately $37 million at the end
of July 2018. Bookings have exceeded plan so far this
year. They include commercial as well as government awards
and important non-space as well as space related programs. In
addition, proposal activity is up substantially over last year for
non-space DOD applications, the largest business area for FEI’s
future. All in all, Frequency Electronics is in excellent financial
condition, and the outlook is very encouraging for near and long
term growth.”
Selected Fiscal 2019 Financial Metrics
and Other Items
- For the first quarter of fiscal 2019 satellite related
revenues, both for Government/DOD and commercial end use were
approximately $5.5 million compared to $5.2 million for the same
period of fiscal 2018. Commercial and U.S. Government
satellite payload programs accounted for approximately 50% of
consolidated revenues, compared to 43% in the first quarter of
fiscal 2018.
- First quarter sales for non-space related U.S. Government/DOD,
end use were $4.8 million compared to $4.5 million for the same
period of fiscal 2018. Sales for U.S. Government/DOD
non-space end use accounted for approximately 43% of consolidated
revenues compared to 38% of consolidated revenues for the first
quarter of fiscal 2018.
- Sales for other commercial and industrial applications were
approximately $0.7 million for fiscal 2019 compared to $2.3 million
for the same period of fiscal 2018. Commercial and industrial
applications accounted for approximately 6% of consolidated
revenues, compared to 19% in the same quarter of the prior
year.
- Gross margin rate for the first quarter of fiscal 2019
increased to 38.8% as compared to 37.6% during the first quarter of
last year. The increase in gross margin rate was due to
favorable product mix and effective cost management.
- Research and development expense were to $1.6 million in the
first quarter of fiscal 2019 comparable to $1.6 million for the
same period of fiscal 2018. For the balance of the fiscal year
research and development activity will include a significantly
higher level of customer funded R&D.
- Backlog at the end of the first quarter of fiscal 2019 rose to
$37 million.
Investor Conference Call
As announced on September 11, 2018, the Company
will hold a conference call to discuss these results on Thursday,
September 13, 2018, 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 December 12, 2018. The archived call may also
be retrieved at 1-877-481-4010 (domestic) or 1-919-882-2331
(international) using Conference ID #: 13683181 for one week
following the call.
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 and EW 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 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 sub-systems
for the Electronic Warfare (“EW”) markets and added resources for
state-of-the-art RF microwave products, FEI-Asia provides cost
effective manufacturing capabilities. Frequency's Morion
affiliate supplies high-quality, cost effective oscillators and
quartz components for commercial applications. 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.
Contact information: Stanton Sloane, President, Chief Executive
Officer: Steven Bernstein, Chief Financial Officer;Martin Bloch,
Executive Chairman of the Board: Telephone: (516)
794-4500
WEBSITE: www.frequencyelectronics.com
Frequency Electronics, Inc. and
SubsidiariesCondensed Consolidated Statement of
Operations(in thousands except per share
data)
|
Quarter Ended |
|
|
July 31, |
|
|
|
2018 |
|
|
2017 |
|
|
(unaudited) |
|
|
|
|
Revenues |
$ |
11,011 |
|
$ |
12,023 |
|
Cost of
Revenues |
|
6,737 |
|
|
7,502 |
|
Gross Margin |
|
4,274 |
|
|
4,521 |
|
Selling
and Administrative |
|
2,540 |
|
|
2,712 |
|
Research
and Development |
|
1,649 |
|
|
1,629 |
|
Operating Income |
|
85 |
|
|
180 |
|
Interest
and Other, Net |
|
(47 |
) |
|
1,135 |
|
Income
before Income Taxes |
|
38 |
|
|
1,315 |
|
Income
Tax Provision |
|
7 |
|
|
485 |
|
Net
Income from continuing operations |
|
31 |
|
|
830 |
|
(Loss)
from discontinued operations, net of tax |
|
- |
|
|
(216 |
) |
Net Income |
$ |
31 |
|
$ |
614 |
|
|
|
|
Net
Income per Share: |
|
|
Basic
earnings from continued operations |
$ |
0.00 |
|
$ |
0.09 |
|
Basic
loss from discontinued operations |
$ |
- |
|
$ |
(0.02 |
) |
Basic
earnings per share |
$ |
0.00 |
|
$ 0.07 |
|
Diluted
earnings from continued operations |
$ |
0.00 |
|
$ |
0.09 |
|
Diluted
loss from discontinued operations |
$ |
- |
|
$ |
(0.02 |
) |
Diluted earnings per share |
$ |
0.00 |
|
$ |
0.07 |
|
Average Shares
Outstanding |
|
|
|
|
|
|
Basic |
|
8,876 |
|
|
8,826 |
|
Diluted |
|
8,990 |
|
|
8,967 |
|
Frequency Electronics, Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets(in thousands)
|
|
July 31, |
|
April 30, |
|
|
2018 |
|
2018 |
|
|
(unaudited) |
|
(audited) |
ASSETS |
|
|
|
|
Cash
& Marketable Securities |
$ |
9,799 |
$ |
14,018 |
Accounts Receivable |
|
6,487 |
|
4,268 |
Costs
and Estimated Earnings |
|
|
in Excess of Billings, net |
|
6,732 |
|
5,094 |
Inventories |
|
26,341 |
|
26,186 |
Other
Current Assets |
|
2,700 |
|
2,509 |
Property, Plant & Equipment |
|
14,041 |
|
14,127 |
Other
Assets |
|
17,433 |
|
17,382 |
|
$ |
83,533 |
$ |
83,584 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current Liabilities |
$ |
4,438 |
$ |
5,257 |
Other
Long-term Obligations |
|
15,126 |
|
15,065 |
Stockholders’ Equity |
|
63,969 |
|
63,262 |
|
$ |
83,533 |
$ |
83,584 |
Frequency Electronics (NASDAQ:FEIM)
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Frequency Electronics (NASDAQ:FEIM)
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