Frequency Electronics, Inc. Announces Second Quarter Fiscal Year 2022 Results
10 12월 2021 - 6:01AM
Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM)
is reporting revenues for the three- and six-month periods of
fiscal 2022, ended October 31, 2021, of $12.9 million and $25.9
million, respectively, compared to revenues of $14.0 million and
$26.9 million, respectively, for the same periods of fiscal 2021,
ended October 31, 2020. Operating profit for the second quarter of
fiscal 2022 was $303,000 compared to $219,000 for the same period
of fiscal 2021. Operating loss was $1.4M for the six months ended
October 31, 2021 compared to an operating loss of $119,000 for the
six months ended October 31, 2020. Net income for the three months
ended October 31, 2021 was $497,000 or $0.05 per diluted share and
for the six months ended October 31, 2021 a net loss of $1.1
million or ($0.12) per diluted share, respectively, compared to net
income of $329,000 or $0.04 per share and $67,000 or $0.601 per
share, respectively, for the same periods of fiscal 2021.
FEI CEO Stan Sloane commented, “I am very
pleased with the improvement in operating income and net income for
the quarter. Cash generation is also the highest it has ever been
with a current cash and marketable securities balance now at
approximately $20.6 million and, of course, no debt. While revenues
were a bit lower for the quarter, principally in our Zyfer
operation, the orders are still anticipated. Moreover, we have some
significant opportunities we have been pursuing related to advanced
technology developments for which we hope to announce contract
awards in the near term. We are also increasing our R&D
investments in new technology related to atomic clocks and
low-noise oscillators that are expected to produce long-term
increases in revenue and position the company to compete in the
marketplace with next generation products. The pay-off on these
investments is illustrated by the award of the Pulsed Optically
Pumped Rubidium Atomic Frequency Standard (POPRAFS) contract from
the Office of Naval Research that we announced in Q1. We invested
in that technology over the last few years and are gratified that
the investment has been validated. We will continue to vigorously
pursue these advanced technologies, focusing particularly on
developing leap-frog products that will deliver disproportionate
market share.”
Fiscal Year 2022 Selected Financial
Metrics and Other Items
- For the three months ended October 31, 2021, revenues from
satellite payloads were approximately $6.6 million, or 51%, of
consolidated revenues compared to $7.6 million, or 54%, for the
prior year. For the six months ended October 31, 2021, revenues
from satellite payloads were approximately $13.3 million, or 51%,
of consolidated revenues compared to $14.2 million, or 53%, for the
prior year.
- For the three months, ended October 31, 2021, revenues for
non-space U.S. Government/DOD customers were $5.1 million, or 39%,
of consolidated revenues compared to $5.5 million, or 39%, for the
prior year. For the six months ended October 31, 2021,
revenues for non-space U.S. Government/DOD customers were $10.6
million, or 41%, of consolidated revenues compared to $10.9
million, or 40%, for the prior year.
- For the three months ended October 31, 2021, revenues from
other commercial and industrial sales accounted for approximately
$1.2 million, or 10% of consolidated revenues compared to
approximately $894,000, or 6%, for the prior year. For
the six months ended October 31, 2021, revenues from other
commercial and industrial sales accounted for approximately $2.0
million, or 8%, of consolidated revenues compared to approximately
$1.8 million, or 7%, for the prior year.
- Net cash provided by operating activities for the six months
ended October 31, 2021 was $1.7 million compared to $2.0 million in
the comparable prior fiscal 2021 period.
- Backlog at October 31, 2021 was $38 million compared to $40
million at April 30, 2021.
Investor Conference Call
As previously announced, the Company will hold a
conference call to discuss these results on Thursday, December 9,
2021, 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 archived call may be accessed by calling
1-877-481-4010 (domestic), or 1-919-882-2331 (international), for
one week following the call (replay passcode: 42804. Subsequent to
that, the call can be accessed via a link available on the
company’s website through December 12, 2021.
About Frequency Electronics
Frequency Electronics, Inc. is a world leader in
the design, development and manufacture of high precision timing,
frequency generation and RF control 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 electronic warfare, missiles, UAVs,
aircraft, GPS, secure communications, energy exploration and
wireline and wireless 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 Electronic
Warfare (“EW”) sub-systems and state-of-the-art RF microwave
products. Additional information is available on the Company’s
website: www.frequencyelectronics.com
Contact
information: Dr. Stanton Sloane, President & Chief Executive
Officer; |
Steven Bernstein,
Chief Financial Officer; |
TELEPHONE: (516) 794-4500 ext.5000 |
WEBSITE: www.freqelec.com |
Frequency Electronics, Inc. and
SubsidiariesCondensed Consolidated Statements of
Operations |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
October 31, |
October 31, |
|
(unaudited) |
(unaudited) |
|
2021 |
|
|
2020 |
|
2021 |
|
|
|
2020 |
|
Revenues |
$ |
12,936 |
|
|
$ |
13,990 |
|
$ |
25,890 |
|
|
|
$ |
26,940 |
|
Cost of Revenues |
|
8,845 |
|
|
|
8,668 |
|
|
17,738 |
|
|
|
|
17,530 |
|
Gross Margin |
|
4,091 |
|
|
|
5,322 |
|
|
8,152 |
|
|
|
|
9,410 |
|
Selling and
Administrative |
|
2,411 |
|
|
|
4,124 |
|
|
6,805 |
|
|
|
|
7,352 |
|
Research and Development |
|
1,377 |
|
|
|
979 |
|
|
2,732 |
|
|
|
|
2,177 |
|
Operating Income (Loss) |
|
303 |
|
|
|
219 |
|
|
(1,385 |
) |
|
|
|
(119 |
) |
Interest and Other, Net |
|
196 |
|
|
|
127 |
|
|
309 |
|
|
|
|
211 |
|
Loss before Income Taxes |
|
499 |
|
|
|
346 |
|
|
(1,076 |
) |
|
|
|
92 |
|
Provision for Income
Taxes |
|
2 |
|
|
|
17 |
|
|
2 |
|
|
|
|
25 |
|
Net Income (Loss) |
$ |
497 |
|
|
$ |
329 |
|
$ |
(1,078 |
) |
|
|
$ |
67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted income (loss) per share |
$ |
0.05 |
|
|
$ |
0.04 |
|
$ |
(0.12 |
) |
|
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Shares
Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
9,256 |
|
|
|
9,170 |
|
|
9,246 |
|
|
|
|
9,154 |
|
Diluted |
|
9,302 |
|
|
|
9,236 |
|
|
9,246 |
|
|
|
|
9,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Frequency Electronics, Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets |
|
|
|
|
|
|
|
|
October 31, 2021 |
|
|
April 30, 2021 |
|
|
(unaudited) |
|
|
|
|
|
(in thousands) |
ASSETS |
|
|
|
|
|
Cash & Marketable Securities |
$ |
20,578 |
|
$ |
20,120 |
Accounts Receivable |
|
8,743 |
|
|
5,515 |
Costs and Estimated Earnings in Excess of Billings, net |
|
- |
|
|
1,948 |
Inventories, net |
|
19,477 |
|
|
19,661 |
Other Current Assets |
|
1,679 |
|
|
1,435 |
Property, Plant & Equipment, net |
|
9,403 |
|
|
9,612 |
Other Assets |
|
12,411 |
|
|
17,952 |
Right-of-Use Assets – Leases |
|
9,087 |
|
|
9,773 |
|
$ |
81,378 |
|
$ |
86,016 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Billings in Excess of Costs and Estimated Earnings, net |
$ |
3,479 |
|
$ |
- |
Lease Liability - current |
|
1,779 |
|
|
1,715 |
Current Liabilities |
|
4,752 |
|
|
5,678 |
Other Long-term Obligations |
|
9,134 |
|
|
14,848 |
Lease Liability – non-current |
|
7,605 |
|
|
8,366 |
Stockholders’ Equity |
|
54,629 |
|
|
55,409 |
|
$ |
81,378 |
|
$ |
86,016 |
Frequency Electronics (NASDAQ:FEIM)
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부터 6월(6) 2024 으로 7월(7) 2024
Frequency Electronics (NASDAQ:FEIM)
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부터 7월(7) 2023 으로 7월(7) 2024