Frequency Electronics, Inc. Announces Fiscal Year 2020 Results
MITCHEL FIELD, N.Y.,
“FY2020 was a year of change for FEI. While the financial results are not what we like nor are they what we expect going forward, the year was, nonetheless, a pivotal one for the business. Completing contracts that required ongoing investments in technology development has been a focus and we made significant progress on this front. Despite the delays in new contract award mentioned above, we did see a substantial increase in new business activity, with proposals now submitted for several large programs which I believe will generate increased revenue going forward. In addition to our announcement of an approximately
Fiscal Year 2020 Selected Financial Metrics and Other Items
- For the year ended
April 30, 2020, revenues from satellite payloads were approximately $20.4 million, or 49%, of consolidated revenues compared to $22.8 million, or 46%, for the prior year.
- Revenues for non-space
U.S. Government/ DODcustomers were $16.9 million, or 41%, of consolidated revenues compared to $22.8 million, or 46%, for the prior year.
- Revenues from other commercial and industrial sales accounted for approximately
$4.2 million, or 10%, of consolidated revenues compared to approximately $3.9 million, or 8%, for fiscal year 2019.
- Total revenue for
U.S. Government/ DODend-use, including revenues on U.S. Governmentsatellite programs, were approximately 82% of consolidated revenues in fiscal year 2020 compared to 89% in fiscal year 2019.
- Backlog at the end of fiscal year 2020 was
$36 millioncompared to $37 millionat the end of the previous fiscal year end.
Investor Conference Call
As previously announced, the Company will hold a conference call to discuss these results on
The archived call may be accessed by calling 1-877-481-4010 (domestic), or 1-919-882-2331 (international), for one week following the call. Subsequent to that, the call can be accessed via a link available on the company’s website through
Frequency’s Mission Statement: “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 50 GHz, for space and other challenging environments.”
Subsidiaries and Affiliates:
TELEPHONE: (516) 794-4500 ext.5000 WEBSITE: www.freqelec.com
Condensed Consolidated Statements of Operations
|(in thousands except per share data)|
|Cost of revenues||35,721||33,720|
|Selling and Administrative||11,595||12,100|
|Research and Development||5,077||6,506|
|Loss from operations||(10,886||)||(2,817||)|
|Interest and Other, Net||(846||)||344|
|Loss before Income Taxes||(11,732||)||(2,473||)|
|Income Tax (Benefit) Provision||(1,742||)||56|
|Net loss per Share:|
|Basic and diluted loss per share||$||(1.10||)||$||(0.28||)|
|Average Shares Outstanding:|
|Basic and diluted||9,074||8,916|
Condensed Consolidated Balance Sheets
|Costs and Estimated Earnings in Excess of Billings, net||6,953||6,670|
|Other Current Assets||2,552||3,082|
|Current Assets Held for Sale||-||1,347|
|Property, Plant & Equipment, net||11,267||13,038|
|Right-of-Use Assets – Leases||10,864||-|
|Non-Current Assets Held for Sale||-||202|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Lease Liability - current||$||1,869||$||-|
|Current Liabilities Held for Sale||-||1,078|
|Other Long-term Obligations||14,608||15,592|
|Lease Liability – non-current||9,444||-|
|Non-Current Liabilities Held for Sale||-||2,253|
Source: Frequency Electronics, Inc.