Frequency Electronics, Inc. Announces First Quarter Fiscal Year 2022 Results
MITCHEL FIELD, N.Y.,
Fiscal Year 2022 Selected Financial Metrics and Other Items
- For the three months ended
July 31, 2021, revenues from satellite payloads were approximately $6.7 million, or 52%, of consolidated revenues compared to $6.7 million, or 51%, for the prior year. This represents a $100,000or 1.4% increase from prior year.
- Revenues for non-space
U.S. Government/ DODcustomers were $5.5 million, or 42%, of consolidated revenues compared to $5.3 million, or 41%, for the prior year. This represents a $155,000or 2.9% increase from prior year.
- Revenues from other commercial and industrial sales accounted for approximately
$724,000, or 6%, of consolidated revenues compared to approximately $965,000, or 7%, for fiscal year 2020.
- Total revenue for
U.S. Government/ DODend-use, including revenues on U.S. Governmentsatellite programs, were approximately 91% of consolidated revenues for the first quarter of fiscal year 2022 compared to 81% for the same period of fiscal year 2021.
- Net cash used in operations was
$828,000in the first quarter of fiscal year 2022, compared to cash provided by operations of $62,000for the same period of fiscal year 2021.
- Backlog at
July 31, 2021was $37 millioncompared to $40 millionat April 30, 2021.
Investor Conference Call
As previously announced, the Company will hold a conference call to discuss these results on
The archived call may be accessed by calling 1-877-481-4010 (domestic), or 1-919-882-2331 (international), for one week following the call (replay passcode: 42804. Subsequent to that, the call can be accessed via a link available on the company’s website through
Frequency’s Mission Statement: “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 50 GHz, for space and other challenging environments.”
Subsidiaries and Affiliates:
Contact information: Dr.
TELEPHONE: (516) 794-4500 ext.5000 WEBSITE: www.freqelec.com
Condensed Consolidated Statements of Operations
|Three Months Ended|
|Cost of Revenues||8,893||8,863|
|Selling and Administrative||4,394||3,228|
|Research and Development||1,355||1,197|
|Interest and Other, Net||113||84|
|Loss before Income Taxes||(1,574||)||(253||)|
|Provision for Income Taxes||1||9|
|Net Loss per share:|
|Basic and diluted loss per share||$||(0.17||)||$||(0.03||)|
|Average Shares Outstanding|
|Basic and Diluted||9,193||9,139|
Condensed Consolidated Balance Sheets
|Costs and Estimated Earnings in Excess of Billings, net||-||1,948|
|Cash Surrender Value of Life Insurance - Current||6,000||-|
|Other Current Assets||1,407||1,435|
|Property, Plant & Equipment, net||9,459||9,612|
|Right-of-Use Assets – Leases||9,433||9,773|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Billings in Excess of Costs and Estimated Earnings, net||$||1,754||$||-|
|Lease Liability - current||1,814||1,715|
|Deferred Compensation - Current||5,325||-|
|Other Long-term Obligations||9,108||14,144|
|Lease Liability – non-current||7,922||8,366|
Frequency Electronics, Inc.