Frequency Electronics Announces Earnings Conference Call; Friday, September 11, 2009, At 10:30 AM ET

MITCHEL FIELD, N.Y., Sept. 10, 2009 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM - News) will hold its quarterly conference call to discuss results for the first quarter of fiscal year 2010, ended July 31, 2009, on Friday, September 11, 2009, at 10:30 AM Eastern Time. This call is being webcast by Shareholder.com and can be accessed in the Investor Relations section of Frequency's web site at www.frequencyelectronics.com. Investors and analysts may access the call by dialing 1-888-587-0627. International callers may dial 1-719-457-2085. Ask for the Frequency Electronics conference call. The call will be archived on the Company's website through October 15, 2009. The archived call may also be retrieved at 1-888-203-1112 (domestic) or 1-719-457-0820 (international) using Passcode ID 2468410. About Frequency Electronics Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency control and synchronization products for space and terrestrial applications. The Company's products are used in commercial, government and military systems, including satellite payloads, mi...
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FREQUENCY ELECTRONICS INC Files SEC form 10-K, Annual Report

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements in this Annual Report on Form 10-K regarding future earnings and operations and other statements relating to the future constitute "forward-looking" statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, consumer spending trends, reliance on key customers, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, competitive developments, changes in manufacturing and transportation costs, the availability of capital, and the outcome of any litigation and arbitration proceedings. The factors listed above are not exhaustive. Other sections of this 10-K include additional factors that could materially and adversely impact the Company's business, financial condition and results of operations. Moreover, the Company operates in a very competitive and rapidly changing environment. New factors emerge from time to time and it is not possible for management to predict the impact of all these factors on the Company's business, financial condition or results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not ...
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Frequency Electronics, Inc. Announces Fiscal Year 2009 Results

MITCHEL FIELD, N.Y., July 29, 2009 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM - News) reported revenues for fiscal year 2009 of $52.7 million, compared to $64.4 million in fiscal 2008, primarily reflecting a decline in sales to commercial customers in both the telecommunications and satellite payload markets. After recording a $7.6 million valuation allowance against deferred tax assets, the Company recorded a net loss for the fiscal year ended April 30, 2009, of $11.0 million, or ($1.33) per diluted share, compared to net income of $887,000, or $0.10 per diluted share in fiscal 2008. As previously announced, fiscal year 2009 results include approximately $3.4 million in additional inventory reserves related to the Company's products for the wireless telecommunications market. Accounting criteria requires a valuation allowance on deferred tax assets based on the Company's recent financial results. Net income for fiscal year 2008 included a pre-tax gain of $3.0 million on a sale of assets. The GAAP-basis operating loss for fiscal 2009 was $5.9 million compared to a $2.6 million loss in fiscal 2008. On a non-GAAP basis, excluding the wireless telecommunications inventory reserve, the operating loss for fiscal 2009 was $2.5 million compared to the $2.6 million for the prior year. The gross margin rate on a non-GAAP basis is 26% in fiscal 2009 compared to 27% in fiscal 2008. For the fourth quarter of fiscal year 2009, revenues were $12.4 million, the operating loss was $3.4 million and net loss was $9.5 milli...
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Frequency Electronics, Inc. Announces First Quarter Fiscal Year 2010 Results

MITCHEL FIELD, N.Y., Sept. 11, 2009 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM - News) reported revenues of $12.4 million for the first quarter of fiscal year 2010, which ended July 31, 2009, compared to $12.4 million for the preceding quarter and $13.1 million for the first quarter of fiscal 2009. The Company recorded operating income of $659,000 for the first quarter, compared to an operating loss of $3.4 million in the preceding quarter and an operating loss of $1.3 million in the first quarter of fiscal 2009. The loss in the preceding quarter included a writedown of telecommunications inventory in the amount of $2.9 million. Net income for the first quarter of fiscal 2010 was $654,000 or $0.08 per diluted share. This is compared to a net loss of $9.5 million ($1.17) per diluted share in the preceding quarter and a net loss of $773,000, or ($0.09) per diluted share in the first quarter of fiscal 2009. The net loss in the preceding quarter included both the inventory writedown and a $7.6 million valuation allowance against deferred tax assets. Chairman of the Board General Joseph Franklin made the following comment: "The operating profit we recorded during the first quarter of fiscal 2010 reflects the Company's initiatives taken in the previous fiscal year. We were able to realize significant cost reductions while maintaining our production capacity and achieving greater operational efficiencies. Taking into account all of these factors, we expect continuing improvement in operations and lo...
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Q1 2010 Frequency Electronics Inc. Earnings Release - Time Not Supplied

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FREQUENCY ELECTRONICS INC Financials

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FREQUENCY ELECTRONICS INC Files SEC form 10-Q, Quarterly Report

Management's Discussion and Analysis of Financial Condition and Results of Operations "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements in this quarterly report on Form 10-Q regarding future earnings and operations and other statements relating to the future constitute "forward-looking" statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, competitive developments, changes in manufacturing and transportation costs, changes in contractual terms, the availability of capital, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this report. Critical Accounting Policies and Estimates The Company's significant accounting policies are described in Note 1 to the consolidated financial statements included in the Company's April 30, 2009 Annual Report to Stockholders. The Company believes its most critical accounting policies to be the recognition of revenue and costs on production contracts and the valuation of inventory. Each of these areas requires the Company to make use of reasoned estimates including estimating the cost to complete a contract, the realizable value of its inventory or the market value of its products. Changes in estimates can have a material impact on the Company's financial position and results of ...
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