Frequency Electronics Inc. reported unaudited consolidated earnings results for the first quarter ended July 31, 2017. For the quarter, the company reported revenue of $12,023,000 against $11,562,000 a year ago. Operating profit was $180,000 against loss of $408,000 a year ago. Income before income taxes was $1,315,000 against loss of $357,000 a year ago. Net income from continuing operations was $830,000 against loss of $317,000 a year ago. Net income was $614,000 against loss of $706,000 a year ago. Basic and diluted earnings per share from continued operations were $0.09 against loss of $0.04 a year ago. Basic and diluted earnings per share were $0.07 against loss of $0.08 a year ago. The company generated positive cash flow from operations of approximately $2.5 million. The first quarter gross margin and operating profit was positively affected by the increase in secure communication/command and control product sales, product mix and effective cost management.

The company also announced that Dr. Stanton Sloane has been appointed the company's Chief Operating Officer. He brings a wealth of experience as a business executive generally, extensive merger and acquisition expertise, and in particular, a deep understanding of the Aerospace and Defense market. In addition to a diverse background in complex systems and product development, he has worked on space and terrestrial systems of interest to FEI such as GPS, secure communications, radar and electronic warfare.