Business
Frequency Electronics, Inc. Announces Second Quarter Fiscal Year 2023 Financial Results
MITCHEL FIELD, N.Y., Dec. 20, 2022 (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., Dec. 20, 2022 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) is reporting revenues for the three- and six-month periods of fiscal 2023, ended October 31, 2022, of approximately $8.9 million and $17.2 million, respectively, compared to revenues of $12.9 million and $25.9 million, respectively, for the same periods of fiscal 2022, ended October 31, 2021. Operating loss for the second quarter of fiscal 2023 was $2.3 million compared to an operating profit of $303,000 for the same period of fiscal 2022. Operating loss for the six months ended October 31, 2022 was $5.4 million compared to an operating loss of $1.4 million for the six months ended October 31, 2021. Net loss from operations for the three and six months ended October 31, 2022 was $2.3 million or ($0.25) per diluted share and $5.4 million or ($0.58) per diluted share, respectively, compared to a net income of $497,000 or $0.05 per diluted share for the three months ended October 31, 2021 and a net loss of $1.1 million or ($0.12) per diluted share for the six months ended October 31, 2021. Additionally, as just announced in a separate press release, the Company will be paying a special cash dividend of $1.00 per share of common stock on January 27, 2023, to stockholders of record as of the close of business on January 6, 2023. Please see that release for further details. FEI Interim President and CEO, Thomas McClelland, commented, “The second quarter of fiscal 2023 continued to be challenging financially, but corrective steps are in progress, and some very promising indicators of this are now apparent. Revenue quarter over quarter has increased. FEI’s backlog of approximately $56 million at quarter end is higher than it has been at any time in the last 8 years, as is the book to bill ratio of 2.8. These indicators show in numbers the increase in activity we are witnessing in our primary markets. As it relates to our industry, both commercial and government satellite businesses show signs of sustained double-digit growth going forward. We still struggle with supply chain issues and persistent inflation, but in both cases signs of easing are beginning to appear. Continued vigilance is required to navigate the changing economic and geopolitical environment, but we are nonetheless confident that we are progressing i...