Business
Frequency Electronics, Inc. Announces Third Quarter Fiscal Year 2023 Financial Results
MITCHEL FIELD, N.Y., March 09, 2023 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) is reporting revenues for the
About this update from Frequency Electronics, Inc.
[{"type":"text","content":"MITCHEL FIELD, N.Y., March 09, 2023 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) is reporting revenues for the three- and nine-month periods of fiscal 2023, ended January 31, 2023, of approximately $10.6 million and $27.8 million, respectively, compared to revenues of $12.2 million and $38.1 million, respectively, for the same periods of fiscal 2022, ended January 31, 2022. Operating income for the third quarter of fiscal 2023 was $325,000 compared to an operating loss of $721,000 for the same period of fiscal 2022. Operating loss for the nine months ended January 31, 2023 was $5.1 million compared to an operating loss of $2.1 million for the nine months ended January 31, 2022. Net loss from operations for the three and nine months ended January 31, 2023 was $316,000 or ($0.03) per diluted share and $5.7 million or ($0.62) per diluted share, respectively, compared to a net loss of $735,000 or ($0.08) per diluted share for the three months ended January 31, 2022 and a net loss of $1.8 million or ($0.20) per diluted share for the nine months ended January 31, 2022. FEI President and CEO, Tom McClelland commented, “In the third quarter of fiscal 2023 we began to see the results of the cost cutting efforts and management reorganization which has taken place over the last seven months. Revenue and gross margin have increased substantially quarter over quarter for the three-month period ended January 31, 2023 compared to the three-month period ended October 31, 2022, and the Company is reporting an operating profit for the third quarter. FEI’s backlog remains strong at quarter end, 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. Although we still experience supply chain issues and the effects of inflation, we do see a definite easing of these problems. 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 more improvement in operating results. The Company is committed to moving towards sustained profitability and cash generation going forward. Further, we remain debt free with a strong balance sheet to fund f...