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Frequency Electronics, Inc. Announces First Quarter Fiscal Year 2024 Financial Results
MITCHEL FIELD, N.Y., Sept. 14, 2023 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) is reporting revenues for the first
About this update from Frequency Electronics, Inc.
[{"type":"text","content":"MITCHEL FIELD, N.Y., Sept. 14, 2023 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) is reporting revenues for the first quarter ended July 31, 2023, of approximately $12.4 million, compared to revenues of $8.2 million, for the first quarter of fiscal year 2023, ended July 31, 2022. Operating income for the first quarter of fiscal year 2024 was $2.1 million compared to an operating loss of $3.1 million for the same period of fiscal year 2023. Net Income from operations was $2.0 million or $0.22 per diluted share compared to a net loss from operations of $3.1 million or ($0.33) per diluted share for the first quarter of fiscal year 2023 FEI President and CEO, Tom McClelland commented, “In the first quarter of fiscal year 2024 we continued to see the results of the cost cutting efforts and management reorganization which has taken place over the last year. Revenue and gross margin have increased substantially compared to the first quarter of fiscal year 2023, and the Company is reporting an operating profit of $2.0M compared to an operating loss of $3.1M in the same quarter of last year. Although the operating profit for the quarter is affected by several one time items, even without these items the Company would have reported an operating profit of slightly over $1M. The backlog of $51.8M at the end of Q1 is close to the historic high at the end of FY2023, and is up dramatically compared to $39.7M at the end of Q1 last year. More importantly, bookings are expected to increase the backlog significantly over the next two quarters. I believe our efforts have put us on a sustainable positive trajectory. The Company remains committed to achieving sustained profitability and cash generation going forward.” Fiscal Year 2024 Selected Financial Metrics and Other Items For the three months ended July 31, 2023, revenues from satellite payloads were approximately $4.9 million, or 39%, of consolidated revenues compared to $3.5 million, or 42%, for the same period of the prior year. For the three months ended July 31, 2023, revenues for non-space U.S. Government/DOD customers were $6.9 million, or 55%, of consolidated revenues compared to $4.1 million, or 50%, for the same period of the prior year. For the three months ended July 31, 2023, revenues from other commercial and industrial sales accounted for a...