Business
Frequency Electronics Schedules Conference Call for Tuesday December 20, 2022, at 4:30 PM ET; Reports Preliminary Second Quarter Financial Results; and Delays Issuing Earning Release and Filing Related Form 10-Q
MITCHEL FIELD, N.Y., Dec. 16, 2022 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ: FEIM), will hold its conference call to discuss results for the
About this update from Frequency Electronics, Inc.
[{"type":"text","content":"MITCHEL FIELD, N.Y., Dec. 16, 2022 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ: FEIM), will hold its conference call to discuss results for the second quarter of fiscal 2023, ended October 31, 2022, on Tuesday, December 20, 2022, at 4:30 PM Eastern Time. Frequency Electronics is delaying the issuance of its earnings release for the second quarter of fiscal 2023, ended October 31, 2022, and the filling of its related Quarterly Report on Form 10-Q. The delay is related to the identification of errors in the presentation and calculation of contract assets and contract liabilities in the audited consolidated financial statements as of April 30, 2022 and April 30, 2021, which were included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2022, filed with the Securities and Exchange Commission (the “SEC”) on July 14, 2022 (the “Prior Filing”). Specifically, the Prior Filing did not include a note to the financial statements explaining that the Company had amended its presentation of contract assets and contract liabilities for the fiscal year ended April 30, 2021, from a net basis presentation to a gross basis presentation, as required by United States generally accepted accounting principles. Aside from this missing explanatory note to the consolidated financial statements and immaterial adjustments to correct a calculation error with respect to the presentation and disclosure of contract assets and contract liabilities for year ended April 30, 2022 and April 30, 2021, in the Prior Filing, as detailed below, no other changes, adjustments or revisions will be made to the Prior Filing. With respect to the immaterial adjustments, contract assets and contract liabilities should have been reduced by $1.1 million as of April 30, 2022 and increased by $1.8 million as of April 30, 2021 on the consolidated balance sheets; contract assets should have been increased by $2.9 million for the year ended April 30, 2022 and decreased by $2.3 million for the year ended April 30, 2021 on the consolidated statements of cash flows; and contract liabilities should have been decreased by $2.9 million for the year ended April 30, 2022 and increased by $2.3 million for the year ended April 30, 2021 on the consolidated statements of cash flows. Accordingly, the restatement of the Prior Filing will reflect the follow...