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Frequency Electronics, Inc. Announces Third Quarter Fiscal Year 2021 Results
MITCHEL FIELD, N.Y.,
FEI CEO
Fiscal Year 2021 Selected Financial Metrics and Other Items
- For the three months ended
January 31, 2021 , revenues from satellite payloads were approximately$5.8 million , or 50%, of consolidated revenues compared to$5.3 million , or 55%, for the prior year. For the nine months endedJanuary 31, 2021 , revenues from satellite payloads were approximately$20.1 million , or 52%, of consolidated revenues compared to$14.7 million , or 47%, for the prior year. - For the three months, ended
January 31, 2021 , revenues for non-spaceU.S. Government /DOD customers were$5.5 million , or 47%, of consolidated revenues compared to$3.2 million , or 33%, for the prior year. For the nine months endedJanuary 31, 2021 , revenues for non-spaceU.S. Government /DOD customers were$16.3 million , or 42%, of consolidated revenues compared to$12.7 million , or 41%, for the prior year. - For the three months ended
January 31, 2021 , revenues from other commercial and industrial sales accounted for approximately$381,000 , or 3% of consolidated revenues compared to approximately$1.2 million , or 12%, for the prior year. For the nine months endedJanuary 31, 2021 , revenues from other commercial and industrial sales accounted for approximately$2.2 million , or 6%, of consolidated revenues compared to approximately$3.9 million , or 12%, for the prior year. - Net cash provided by (used in) operating activities for the nine months ended
January 31, 2021 was$9.3 million compared to$760,000 in the comparable prior fiscal 2020 period. - Backlog at
January 31, 2021 was$41 million compared to$36 million atApril 30, 2020 .
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
About
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:
TELEPHONE: | (516) 794-4500 ext.5000 | WEBSITE: | www.freqelec.com |
Condensed Consolidated Statements of Operations
Three Months Ended | Nine Months Ended | ||||||||||||||
(unaudited) |
(unaudited) |
||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenues | $ | 11,672 | $ | 9,628 | $ | 38,612 | $ | 31,270 | |||||||
Cost of Revenues | 8,868 | 6,488 | 26,398 | 25,358 | |||||||||||
Gross Margin | 2,804 | 3,140 | 12,214 | 5,912 | |||||||||||
Selling and Administrative | 2,454 | 3,619 | 9,805 | 8,362 | |||||||||||
Research and Development | 1,289 | 1,082 | 3,466 | 4,813 | |||||||||||
Operating Loss | (939 | ) | (1,561 | ) | (1,057 | ) | (7,263 | ) | |||||||
Interest and Other, Net | 151 | 34 | 361 | 265 | |||||||||||
Loss before Income Taxes | (788 | ) | (1,527 | ) | (696 | ) | (6,998 | ) | |||||||
Income Tax Benefit | 12 | 19 | 37 | 48 | |||||||||||
Net Loss | $ | (800 | ) | $ | (1,546 | ) | $ | (733 | ) | $ | (7,046 | ) | |||
Net Loss per share: | |||||||||||||||
Basic and diluted loss per share | $ | (0.09 | ) | $ | (0.17 | ) | $ | (0.08 | ) | $ | (0.78 | ) | |||
Average Shares Outstanding | |||||||||||||||
Basic and Diluted | 9,185 | 9,104 | 9,165 | 9,059 | |||||||||||
Condensed Consolidated Balance Sheets
(unaudited) | |||||
(in thousands) | |||||
ASSETS | |||||
$ | 17,735 | $ | 14,378 | ||
Accounts Receivable | 5,096 | 4,392 | |||
Costs and Estimated Earnings | |||||
in Excess of Billings, net | 287 | 6,953 | |||
Inventories, net | 20,974 | 22,958 | |||
Other Current Assets | 2,248 | 2,554 | |||
Property, Plant & Equipment, net | 9,895 | 11,267 | |||
Other Assets | 18,206 | 17,910 | |||
Right-of-Use Assets – Leases | 10,094 | 10,864 | |||
$ |
84,535 |
$ | 91,276 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Lease Liability - current | $ | 1,751 | $ | 1,869 | |
Current Liabilities | 5,302 | 11,119 | |||
Other Long-term Obligations | 14,865 | 14,608 | |||
Lease Liability – non-current | 8,656 | 9,444 | |||
Stockholders’ Equity | 53,961 | 54,236 | |||
$ | 84,535 | $ | 91,276 |
Frequency Electronics, Inc.