Frequency Electronics, Inc. Announces Fiscal Year 2019 Results
MITCHEL FIELD, N.Y.,
Commenting on these results
Fiscal 2019 Selected Financial Metrics and Other Items
- For the year ended
April 30, 2019, revenues from satellite payloads were approximately $22.8 million, or 46%, of consolidated revenues compared to $14.2 millionor 36% for the prior year.
- Sales revenues for non-space
U.S. Government/ DODcustomers were $22.8 million, or 46%, of consolidated revenues, compared to $17.6 millionor 45% for the previous year.
- Revenues from other commercial and industrial sales accounted for approximately
$3.9 millionor 8% of consolidated revenues compared to approximately $7.6 millionor 19% for fiscal year 2018.
- Total sales for
U.S. Government/ DODend-use, including revenues on U.S. Governmentsatellite programs, were approximately 87% of consolidated revenues in fiscal 2019 compared to 67% in fiscal year 2018.
- Net positive cash flow from operations was
$2.4 millionin fiscal 2019 compared to $4.5 millionin the prior year.
- Backlog at the end of fiscal 2019 rose to
$37 millionfrom $30 millionat the end of the previous fiscal year end.
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. 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
TELEPHONE: (516) 794-4500 WEBSITE: www.frequencyelectronics.com
Condensed Consolidated Statements of Operations
|(in thousands except per share data)|
|Cost of revenues||33,720||34,244|
|Selling and Administrative||12,100||10,608|
|Research and Development||6,506||6,950|
|Loss from operations||(2,817||)||(12,395||)|
|Interest and Other, Net||344||1,120|
|Loss before Income Taxes||(2,473||)||(11,275||)|
|Income Tax Provision||56||11,176|
|Net Loss from continuing operations||(2,529||)||(22,451||)|
|Loss from discontinued operations, net of tax||-||(967||)|
|Loss on sale of discontinued operations||-||(359||)|
|Total loss from discontinued operations||-||(1,326||)|
|Net loss per Share:|
|Basic and diluted loss from continuing operations||$ (0.28||)||$ (2.54||)|
|Basic and diluted loss from discontinued operations||$ (0.28||)||$ (0.15||)|
|Basic and diluted loss per share||$ (0.28||)||$ (2.69||)|
|Average Shares Outstanding:|
|Basic and diluted||8,916||8,841|
Condensed Consolidated Balance Sheets
|April 30,||April 30,|
|Cash & Marketable Securities||$||11,882||$||14,018|
|Costs and Estimated Earnings|
|in Excess of Billings, net||6,670||5,094|
|Other Current Assets||3,082||2,509|
|Current Assets Held for Sale||1,347||-|
|Property, Plant & Equipment||13,038||14,127|
|Non-Current Assets Held for Sale||202||-|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Current Liabilities Held for Sale||1,078||-|
|Other Long-term Obligations||15,592||15,065|
|Non-Current Liabilities Held for Sale||2,253||-|
Source: Frequency Electronics, Inc.