Frequency Electronics, Inc. Announces First Quarter Fiscal Year 2020 Results
MITCHEL FIELD, N.Y.,
Fiscal 2020 Selected Financial Metrics and Other Items
- First quarter sales for non-space related
U.S. Government/ DODend use were $6.7 millioncompared to $4.8 millionfor the same period of fiscal 2019. Sales for U.S. Government/ DODnon-space end use accounted for approximately 54% of consolidated revenues for the first quarter compared to 44% of consolidated revenues for the first quarter of fiscal 2019.
- For the first quarter of fiscal 2020 satellite related revenues, both for Government/
DODand commercial end use were approximately $3.9 millioncompared to $5.5 millionfor the same period of fiscal 2019. Commercial and U.S. Governmentsatellite payload programs accounted for approximately 31% of consolidated revenues for the first quarter, compared to 50% in the first quarter of fiscal 2019.
- Sales for other commercial and industrial applications were approximately
$1.9 millionfor the first quarter fiscal 2020 compared to $0.7 millionfor the same period of fiscal 2019. Commercial and industrial applications accounted for approximately 15% of consolidated revenues for the first quarter, compared to 6% in the same quarter of the prior year.
- Research and development expense was
$2.3 millionin the first quarter of fiscal 2020 compared to $1.6 millionfor the same period of fiscal 2019.
- For the quarter ended
July 31, 2019the Company generated nominal positive cash flows from operation.
- Backlog at the end of the quarter ended
July 31, 2019was approximately $35 million.
Investor Conference Call
As previously announced, the Company will hold a conference call to discuss these results on
The archived call may be accessed by calling 1-877-481-4010 (domestic), or 1-919-882-2331 (international), use pin 53664 for one week following the call. Subsequent to that, the call can be accessed via a link available on the company’s website through
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 Electronic Warfare (“EW”) and added resources for state-of-the-art RF microwave products. 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
|Contact information: Stanton Sloane, President, Chief Executive Officer, Steven Bernstein, Chief Financial Officer|
|Martin Bloch, Executive Chairman of the Board|
|TELEPHONE: (516) 794-4500||WEBSITE: www.frequencyelectronics.com|
Condensed Consolidated Statements of Operations
|(in thousands except per share data)|
|Cost of revenues||8,601||6,737|
|Selling and Administrative||2,453||2,540|
|Research and Development||2,280||1,649|
|Operating (Loss) Income||(780||)||85|
|Interest and Other, Net||209||(47||)|
|(Loss) Income before Income Taxes||(571||)||38|
|Income Tax Provision||20||7|
|Net (Loss) Income||$||(591||)||$||31|
|Net (loss) income per share:|
|Weighted Average Shares Outstanding:|
|Basic and diluted||9,001||8,876|
|Basic and diluted||9,001||8,990|
Condensed Consolidated Balance Sheets
|Cash & Marketable Securities||$||11,255||$||11,882|
|Accounts Receivable, Net||7,328||6,362|
|Costs and Estimated Earnings in Excess of Billings, Net||7,204||6,670|
|Other Current Assets||2,549||3,082|
|Current Assets Held for Sale||-||1,347|
|Property, Plant & Equipment, Net||13,151||13,038|
|CSV of Life Insurance||14,466||14,292|
|Non-Current Assets Held for Sale||-||202|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Lease liability, current||$||1,883||$||-|
|Other current liabilities||4,661||4,759|
|Current Liabilities Held for Sale||-||1,078|
|Non-Current Lease Liability||10,193||-|
|Other Long-term Obligations||15,591||15,592|
|Non-Current Liabilities Held for Sale||-||2,253|
Source: Frequency Electronics, Inc.