Frequency Electronics, Inc. Announces First Quarter Fiscal Year 2019 Results
MITCHEL FIELD, N.Y.,
Selected Fiscal 2019 Financial Metrics and Other Items
- For the first quarter of fiscal 2019 satellite related revenues, both for Government/
DODand commercial end use were approximately $5.5 millioncompared to $5.2 millionfor the same period of fiscal 2018. Commercial and U.S. Governmentsatellite payload programs accounted for approximately 50% of consolidated revenues, compared to 43% in the first quarter of fiscal 2018.
- First quarter sales for non-space related
U.S. Government/ DOD, end use were $4.8 millioncompared to $4.5 millionfor the same period of fiscal 2018. Sales for U.S. Government/ DODnon-space end use accounted for approximately 43% of consolidated revenues compared to 38% of consolidated revenues for the first quarter of fiscal 2018.
- Sales for other commercial and industrial applications were approximately
$0.7 millionfor fiscal 2019 compared to $2.3 millionfor the same period of fiscal 2018. Commercial and industrial applications accounted for approximately 6% of consolidated revenues, compared to 19% in the same quarter of the prior year.
- Gross margin rate for the first quarter of fiscal 2019 increased to 38.8% as compared to 37.6% during the first quarter of last year. The increase in gross margin rate was due to favorable product mix and effective cost management.
- Research and development expense were to
$1.6 millionin the first quarter of fiscal 2019 comparable to $1.6 millionfor the same period of fiscal 2018. For the balance of the fiscal year research and development activity will include a significantly higher level of customer funded R&D.
- Backlog at the end of the first quarter of fiscal 2019 rose to
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Frequency’s Mission Statement: “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 50 GHz, for space and other challenging environments.”
Subsidiaries and Affiliates: FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Elcom Tech provides sub-systems for the Electronic Warfare (“EW”) markets and added resources for state-of-the-art RF microwave products, FEI-Asia provides cost effective manufacturing capabilities. Frequency's
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
The Statements in this press release regarding the future constitute "forward-looking" statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, consumer spending trends, reliance on key customers, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, competitive developments, changes in manufacturing and transportation costs, the availability of capital, and other risks detailed in the Company's periodic report filings with the
Telephone: (516) 794-4500
Condensed Consolidated Statement of Operations
(in thousands except per share data)
|Cost of Revenues||6,737||7,502|
|Selling and Administrative||2,540||2,712|
|Research and Development||1,649||1,629|
|Interest and Other, Net||(47||)||1,135|
|Income before Income Taxes||38||1,315|
|Income Tax Provision||7||485|
|Net Income from continuing operations||31||830|
|(Loss) from discontinued operations, net of tax||-||(216||)|
|Net Income per Share:|
|Basic earnings from continued operations||$||0.00||$||0.09|
|Basic loss from discontinued operations||$||-||$||(0.02||)|
|Basic earnings per share||$||0.00||$ 0.07|
|Diluted earnings from continued operations||$||0.00||$||0.09|
|Diluted loss from discontinued operations||$||-||$||(0.02||)|
|Diluted earnings per share||$||0.00||$||0.07|
|Average Shares Outstanding|
Condensed Consolidated Balance Sheets
|July 31,||April 30,|
|Cash & Marketable Securities||$||9,799||$||14,018|
|Costs and Estimated Earnings|
|in Excess of Billings, net||6,732||5,094|
|Other Current Assets||2,700||2,509|
|Property, Plant & Equipment||14,041||14,127|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Other Long-term Obligations||15,126||15,065|
Source: Frequency Electronics, Inc.