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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 a significant contract with the Office of Naval Research valued at approximately $20.2 million for the development of a Mercury Ion atomic clock. The contract spans a base period of two years, with options for two additional years. CEO Stan Sloane highlighted the Company's expanding relationship with ONR and emphasized collaboration on advanced technology development. This initiative builds on prior work by the Jet Propulsion Laboratory and aims to deliver pre-production prototypes.
Frequency Electronics, Inc. (FEIM) reports fiscal 2022 results for the periods ended October 31, 2021. Revenues for Q2 reached $12.9 million, down from $14.0 million year-over-year, while six-month revenues were $25.9 million versus $26.9 million in the prior year. Operating profit for Q2 improved to $303,000, up from $219,000, but the six-month operating loss widened to $1.4 million. Net income for Q2 was $497,000 or $0.05 per share, contrasting with a net loss of $1.1 million for six months. The company holds $20.6 million in cash and no debt.
Frequency Electronics, Inc. (NASDAQ: FEIM) will hold a conference call on December 9, 2021, at 4:30 PM ET to discuss its second-quarter results for fiscal year 2022, ending October 31, 2021. Investors can join via webcast on the company's Investor Relations page or by phone at 888-506-0062 for domestic and 973-528-0011 for international calls. An archived replay will be available for one week post-call. The company specializes in high-precision timing and frequency generation products for various applications including military and commercial systems.
Frequency Electronics, Inc. (FEIM) announced a contract award for space-qualified precision oscillators worth approximately $5.3 million. This contract is an exercise of options on an existing agreement, with performance extending through October 2024. CEO Stan Sloane expressed satisfaction with the customer's decision, highlighting the contract's importance for integrating FEI products into critical government satellites. Frequency Electronics specializes in high-precision timing and frequency generation products, supporting various military and commercial applications.
Frequency Electronics (NASDAQ: FEIM) announced the award of a contract by the Office of Naval Research to develop the Pulsed Optically-Pumped Rubidium Atomic Frequency Standard (POPRAFS) on September 23, 2021. The contract has a total potential value of approximately $17.75M, with a base performance period of two years and options extending up to five years. This technology aims to improve the performance of atomic clocks, significantly enhancing accuracy for both government and commercial applications.
Frequency Electronics, Inc. (FEIM) reported approximately $13.0 million in revenues for Q1 FY2022, with an operating loss of $1.7 million, significantly higher compared to a $337,000 loss in Q1 FY2021. The net loss amounted to $1.6 million or ($0.17) per share, up from a net loss of $262,000 or ($0.03) per share a year prior. Revenue from satellite payloads increased by 1.4% year-over-year, while backlog decreased to $37 million. The CEO noted challenges from unusual legal expenses and COVID-related supply chain issues.
Frequency Electronics, Inc. (NASDAQ: FEIM) will host a conference call on September 13, 2021, at 4:30 PM ET to discuss Q1 fiscal year 2022 results for the period ending July 31, 2021. Investors can access the call via the company’s website or by phone at 877-407-9205. A replay will be available for a week post-call. Frequency Electronics is a leader in high precision timing and frequency generation products, serving various sectors including military and commercial applications, and has received over 100 awards for its contributions.
Frequency Electronics, Inc. (NASDAQ-FEIM) announced the development of a new family of pulsed laser Rubidium atomic clocks, promising improved performance for military, terrestrial, and commercial applications. Dr. Thomas McClelland, Chief Scientist, highlighted the resolution of key technical challenges, aiming for at least 10x better time stability. CEO Stan Sloane noted the project, initiated in 2016, is moving towards production, representing a multi-hundred million dollar market opportunity. This development positions FEIM as a key player in the atomic clock sector.
Frequency Electronics, Inc. (FEIM) reported a 31% increase in revenues for fiscal year 2021, totaling $54.3 million, up from $41.5 million in FY2020. For Q4 FY2021, revenues reached $15.6 million, a 53% increase year-over-year. The company posted a net income of $680,000 or $0.07 per diluted share, a significant improvement from a net loss of $10 million in FY2020. Operating losses narrowed to $958,000 from $10.9 million. FEIM ended the year with $20 million in cash and a $40 million backlog of contracts.
Frequency Electronics, Inc. (NASDAQ: FEIM) will hold a conference call on June 29, 2021, at 4:30 PM ET to discuss fiscal year 2021 results, which ended on April 30, 2021. The call will be accessible via webcast and phone for investors and analysts. A replay will be available for one week following the call. Frequency Electronics is a leader in high precision timing and frequency generation products for various applications, including military and commercial systems. The company prioritizes R&D to enhance its offerings.