Welcome to our dedicated page for Frequency Electr news (Ticker: FEIM), a resource for investors and traders seeking the latest updates and insights on Frequency Electr stock.
Frequency Electronics, Inc. reports developments in precision timing, frequency generation and RF control products for space and terrestrial applications. Company news commonly covers contract awards tied to satellite payloads, position, navigation and timing systems, secure communications, C4ISR, electronic warfare, missiles, UAVs, aircraft, GPS, energy exploration and wireline and wireless networks.
Updates also include financial results, backlog and order-book commentary, multi-year revenue targets, research and development priorities, and subsidiary activity at FEI-Zyfer and FEI-Elcom Tech. The company’s disclosures emphasize space-qualified atomic clocks, secure timing capabilities, RF and microwave products, and mission-critical systems for commercial, government and military customers.
Frequency Electronics, Inc. (NASDAQ: FEIM) announced that it will delay its earnings release for Q2 fiscal 2023, ended October 31, 2022, due to errors found in its previous financial statements. The company will amend its disclosures concerning contract assets and liabilities. Preliminary results indicate revenues of approximately $9 million, down from $12.9 million year-over-year, and an operating loss of around $2.3 million. However, consolidated backlog reached approximately $56 million, an increase from $40 million in previous quarters. A conference call is scheduled for December 20, 2022.
Frequency Electronics (FEIM) reported Q1 fiscal 2023 revenues of $8.2 million, a decline from $13.0 million in Q1 fiscal 2022. The company experienced an operating loss of $3.1 million, worsening from a $1.7 million loss year-over-year. Net loss was $3.1 million or ($0.33) per diluted share, compared to a net loss of $1.6 million or ($0.17) per diluted share in the previous year. The company has implemented measures to reduce labor costs by 17% and expects improved efficiency. Backlog remains stable at approximately $40 million, and there are optimistic projections for revenue realization in FY2023.
Frequency Electronics, Inc. (NASDAQ: FEIM) will hold a conference call on September 13, 2022, at 4:30 PM ET to discuss its Q1 fiscal 2023 results, ending July 31, 2022. The call can be accessed online and through various dial-in options, with details provided in the press release. Frequency Electronics specializes in high precision timing and frequency generation products for various applications, including military and commercial sectors. The company is notable for its significant investment in R&D and has received over 100 awards for excellence in performance.
Frequency Electronics, Inc. (NASDAQ-FEIM) announced a follow-on contract valued at approximately $6.3 million for high precision oscillators for a crucial military satellite system. This contract extends over a period of 24 months. Interim President and CEO, Thomas McClelland, expressed confidence in the company's ability to provide reliable electronics in challenging environments, emphasizing FEI's role in mission-critical satellite systems. The company is recognized for its excellence in developing electronic assemblies for various military and space applications.
Frequency Electronics reported a decrease in revenues for the fiscal year ending April 30, 2022, at $48.3 million, down from $54.3 million in 2021. The company incurred an operating loss of $8.0 million, a significant increase from a loss of $958,000 in the previous year. Net losses totaled $8.7 million, equating to ($0.93) per diluted share, compared to net income of $680,000 or $0.07 per diluted share in fiscal 2021. The company faced challenges due to cost overruns and delays, yet anticipates improved profitability in fiscal 2023 from follow-on orders. As of year-end, cash and securities stood at approximately $21.5 million.
Frequency Electronics, Inc. (NASDAQ-FEIM) has appointed Tom McClelland as Interim CEO following Stanton Sloane's retirement on July 8, 2022. McClelland, with nearly 40 years at the company and a PhD in physics, is recognized for his expertise in precision timing and space applications. The company plans to enhance its position in defense and security sectors. Chairman General Lance Lord highlighted the critical nature of timing information in expanding military and commercial sectors. The Board has tasked Russell Sarachek to create a strategic plan to navigate this pivotal phase.
Frequency Electronics, Inc. (NASDAQ: FEIM) will hold a conference call on July 13, 2022, at 4:30 PM ET to discuss its fiscal year 2022 results ending April 30, 2022. Investors can participate via a webcast on the company's website or by phone, with details provided in the press release. A replay will be available after the call. Frequency Electronics specializes in high-precision timing and frequency generation products for space and terrestrial applications, serving commercial and military markets.
Frequency Electronics, Inc. (NASDAQ-FEIM) has announced the completion of its next-generation Digital Rubidium Atomic Clock (DRAC), designed for space applications requiring precision and resilience to radiation. The DRAC features an ultra-high stability oscillator and digital tuning, enhancing precision timing capabilities. CEO Stan Sloane highlighted the clock's importance for navigation systems amidst increasing jamming threats. The company is also advancing a pulsed version of the DRAC and a Mercury Ion clock, expected to enhance performance for various applications.
Frequency Electronics (NASDAQ: FEIM) reported revenues of $12.3 million for Q3 FY2022, up from $11.7 million in Q3 FY2021, but faced an operating loss of $721,000, improved from $939,000 year-over-year. Net loss for the quarter was $735,000 or ($0.08) per diluted share. For the nine months, revenues totaled $38.1 million, a slight decrease year-over-year. Backlog increased to $41.6 million, with bookings rising 30% in the New York segment. The company aims to reduce costs by transitioning manufacturing from California to New York amidst challenges from COVID-related employee absences.
Frequency Electronics (NASDAQ: FEIM) will host a conference call on March 10, 2022, at 4:30 PM ET to discuss its third-quarter results for fiscal year 2022, which ended January 31, 2022.
The call will be available via webcast and can be accessed through the Investor Relations section of Frequency's website. A telephone replay will be accessible for one week post-call. Frequency Electronics specializes in high precision timing and frequency generation products, serving military, commercial, and space applications.