Frequency Electronics, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended October 31, 2022
December 20, 2022 at 09:13 pm
Share
Frequency Electronics, Inc. reported earnings results for the second quarter and six months ended October 31, 2022. For the second quarter, the company reported sales was USD 8.95 million compared to USD 12.94 million a year ago. Net loss was USD 2.31 million compared to net income of USD 0.497 million a year ago. Basic loss per share from continuing operations was USD 0.25 compared to basic earnings per share from continuing operations of USD 0.05 a year ago. Diluted loss per share from continuing operations was USD 0.25 compared to diluted earnings per share from continuing operations of USD 0.05 a year ago.
For the six months, sales was USD 17.15 million compared to USD 25.89 million a year ago. Net loss was USD 5.43 million compared to USD 1.08 million a year ago. Basic loss per share from continuing operations was USD 0.58 compared to USD 0.12 a year ago. Diluted loss per share from continuing operations was USD 0.58 compared to USD 0.12 a year ago.
Frequency Electronics, Inc. is engaged in the design, development and manufacture of precision timing, frequency generation and radio frequency control products for space and terrestrial applications. The Company operates through two segments: FEI-NY and FEI-Zyfer. FEI-NY segment provides precision time, frequency generation and synchronization products and subsystems that are found on-board satellites, in ground-based communication systems and imbedded in mobile platforms operated by the United States military. FEI-Zyfer designs, develops, and manufactures products which provide Precision Navigation and Timing (PNT), primarily incorporating Global Navigation Satellite System(s) technology. FEI-Zyfers products make use of both in-the-clear civil and crypto-secured military signals for global positioning systems (GPS). FEI-Zyfers products are integrated into radar systems, information networks, test equipment, military command and control terminals, and satellite ground stations.