Frequency Electronics, Inc. Announces Fiscal Year 2019 Results
19 7월 2019 - 5:01AM
Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM)
reported revenues of $49.5 million for the fiscal 2019 ending April
30, 2019, compared to revenues of $39.4 million for fiscal 2018, a
revenue growth of over 25%. Operating loss for fiscal 2019
was $2.8 million compared to operating loss of $12.4 million for
fiscal 2018. Net loss from continuing operations was $2.5 million
or ($0.28) per diluted share compared to a net loss of $22.5
million or ($2.54) per diluted share for fiscal 2018.
Commenting on these results FEI CEO, Stan
Sloane, said, “I am pleased with progress in fiscal year 2019 on
several fronts, particularly the continuing growth we see in the
number of new business pursuits. We continued our efforts to
improve operational efficiency, executed on several very
technically demanding customer development programs and progressed
on our internal research and development activities. We also
finalized the disposition of our Asia subsidiary. While new
business opportunities continue to be robust, we did see some
potential program awards slip in schedule, which impacted revenue
and margin. Although our total IR&D spending was lower than the
previous year, it was higher than planned. This is due to the very
complex nature of the technology involved. While that
affected operating income for the year, we feel that continuing a
robust level of R&D investment is critical to future production
contracts.”
FEI CFO, Steven Bernstein, added, “Subsequent to
our fiscal year end, Frequency Electronics sold its Asian
subsidiary, which was classified as an asset held for sale in our
April 30, 2019 year-end financial statements. As a result,
the Company recognized approximately a $1M loss, which was included
in operating loss for the fiscal year as an SG&A charge.
In addition the Company recorded a $1.1M charge to cost of goods
sold resulting from a new inventory reserve policy fully
implemented at the end of the year. Cash flow from operations was
positive for the year and we continue to be debt free as we
position the Company for substantial future growth.”
Fiscal 2019 Selected Financial Metrics
and Other Items
- For the year ended April 30, 2019, revenues from satellite
payloads were approximately $22.8 million, or 46%, of consolidated
revenues compared to $14.2 million or 36% for the prior year.
- Sales revenues for non-space U.S. Government/DOD customers were
$22.8 million, or 46%, of consolidated revenues, compared to $17.6
million or 45% for the previous year.
- Revenues from other commercial and industrial sales accounted
for approximately $3.9 million or 8% of consolidated revenues
compared to approximately $7.6 million or 19% for fiscal year
2018.
- Total sales for U.S. Government/DOD end-use, including revenues
on U.S. Government satellite programs, were approximately 87% of
consolidated revenues in fiscal 2019 compared to 67% in fiscal year
2018.
- Net positive cash flow from operations was $2.4 million in
fiscal 2019 compared to $4.5 million in the prior year.
- Backlog at the end of fiscal 2019 rose to $37 million from $30
million at the end of the previous fiscal year end.
Investor Conference Call
As previously announced, the Company will hold a
conference call to discuss these results on Thursday, July 18,
2019, at 4:30 PM Eastern Time. Investors and analysts may
access the call by dialing 1-844-602-0380. International
callers may dial 1-862-298-0970. Ask for the Frequency
Electronics conference call.
The archived call may be accessed by calling
1-877-481-4010 (domestic), or 1-919-882-2331 (international), for
one week following the call. Subsequent to that, the call can be
accessed via a link available on the company’s website through
October 18, 2019.
About Frequency
ElectronicsFrequency 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 government, military and
commercial, systems including C4ISR, EW, missiles, UAVs, aircraft,
secure communications, energy exploration and wireline and wireless
communication networks. With over one thousand systems
delivered to defense department and commercial customers, Frequency
has received more than 100 awards for excellence 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 Electronic Warfare (“EW”) and added resources for
state-of-the-art RF microwave products. 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
BoardTELEPHONE: (516) 794-4500
WEBSITE: www.frequencyelectronics.com
Frequency Electronics, Inc. and
SubsidiariesCondensed Consolidated Statements of
Operations
|
Year EndedApril 30, |
|
|
2019 |
|
|
2018 |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(in thousands except per share data) |
|
Revenues |
$49,509 |
|
|
$39,407 |
|
Cost of revenues |
33,720 |
|
|
34,244 |
|
Gross profit |
15,789 |
|
|
5,163 |
|
Selling and Administrative |
12,100 |
|
|
10,608 |
|
Research and Development |
6,506 |
|
|
6,950 |
|
Loss from operations |
(2,817 |
) |
|
(12,395 |
) |
Interest and Other, Net |
344 |
|
|
1,120 |
|
Loss before Income Taxes |
(2,473 |
) |
|
(11,275 |
) |
Income Tax Provision |
56 |
|
|
11,176 |
|
Net Loss from continuing operations |
(2,529 |
) |
|
(22,451 |
) |
Loss from discontinued operations, net of tax |
- |
|
|
(967 |
) |
Loss on sale of discontinued operations |
- |
|
|
(359 |
) |
Total loss from discontinued operations |
- |
|
|
(1,326 |
) |
Net Loss |
$(2,529 |
) |
|
$(23,777 |
) |
|
|
|
|
|
|
|
|
|
Net loss per Share: |
|
|
Basic and diluted loss from continuing operations |
$ (0.28 |
) |
|
$ (2.54 |
) |
Basic and diluted loss from discontinued operations |
$ (0.28 |
) |
|
$ (0.15 |
) |
Basic and diluted loss per share |
$ (0.28 |
) |
|
$ (2.69 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Shares Outstanding: |
|
|
Basic and diluted |
8,916 |
|
|
8,841 |
|
|
|
|
|
|
|
|
|
|
Frequency Electronics, Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets
|
|
April 30, |
|
|
April 30, |
|
|
2019 |
|
|
2018 |
|
|
(unaudited) |
|
|
(unaudited) |
|
(in thousands) |
ASSETS |
|
|
|
|
|
Cash & Marketable Securities |
$ |
11,882 |
|
$ |
14,018 |
Accounts Receivable |
|
6,362 |
|
|
4,268 |
Costs and Estimated Earnings |
|
|
in Excess of Billings, net |
|
6,670 |
|
|
5,094 |
Inventories |
|
23,356 |
|
|
26,186 |
Other Current Assets |
|
3,082 |
|
|
2,509 |
Current Assets Held for Sale |
|
1,347 |
|
|
- |
Property, Plant & Equipment |
|
13,038 |
|
|
14,127 |
Other Assets |
|
20,832 |
|
|
17,382 |
Non-Current Assets Held for Sale |
|
202 |
|
|
- |
|
$ |
86,771 |
|
$ |
83,584 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Current Liabilities |
$ |
4,759 |
|
$ |
5,257 |
Current Liabilities Held for Sale |
|
1,078 |
|
|
- |
Other Long-term Obligations |
|
15,592 |
|
|
15,065 |
Non-Current Liabilities Held for Sale |
|
2,253 |
|
|
- |
Stockholders’ Equity |
|
63,089 |
|
|
63,262 |
|
$ |
86,771 |
|
$ |
83,584 |
Frequency Electronics (NASDAQ:FEIM)
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Frequency Electronics (NASDAQ:FEIM)
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부터 7월(7) 2023 으로 7월(7) 2024