Frequency Electronics Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended July 31, 2017; Appoints Stanton Sloane as Chief Operating Officer
September 13, 2017 at 08:08 pm
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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.
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.
Frequency Electronics Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended July 31, 2017; Appoints Stanton Sloane as Chief Operating Officer