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Frequency Electronics, Inc. Announces Fourth Quarter and Full Fiscal Year 2023 Financial Results
MITCHEL FIELD, N.Y., July 13, 2023 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) is reporting revenues for the three-
About this update from Frequency Electronics, Inc.
[{"type":"text","content":"MITCHEL FIELD, N.Y., July 13, 2023 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) is reporting revenues for the three- and twelve-month periods of fiscal year 2023, ended April 30, 2023, of approximately $13.0 million and $40.8 million, respectively, compared to revenues of $10.2 million and $48.3 million, respectively, for the same periods of fiscal year 2022, ended April 30, 2022. Operating income for the fourth quarter of fiscal year 2023 was $392,000 compared to an operating loss of $5.9 million for the same period of fiscal year 2022. Operating loss for the twelve months ended April 30, 2023 was $4.7 million compared to an operating loss of $8.0 million for the twelve months ended April 30, 2022. Net income for the three months ended April 30, 2023 was $246,000 or $0.03 per diluted share and net loss for the twelve months ended April 30, 2023 was $5.5 million or ($0.59) per diluted share, compared to net loss of $6.8 million or ($0.74) per diluted share for the three months ended April 30, 2022 and net loss of $8.7 million or ($0.93) per diluted share for the twelve months ended April 30, 2022. FEI President and CEO, Tom McClelland commented, “In the fourth quarter of fiscal year 2023 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 for the six-month period ended April 30, 2023 compared to the six-month period ended October 31, 2022, as well as in comparison to the same period in fiscal year 2022; and the Company is reporting an operating profit for the second half of fiscal year 2023. FEI’s backlog at fiscal year 2023 end is at a decade high, and several historically large satellite programs are anticipated during the next six months, substantiating our confidence in the growth of our primary markets. Both commercial and government satellite businesses continue to show signs of sustained double-digit growth going forward. Continued vigilance is required to navigate the challenging economic and geopolitical environment, but we are nonetheless confident that we are progressing in a positive direction, and look forward to continued improvement in operating results. The Company is committed to moving towards sustained profitability and cash generation g...