Revenue Growth - Revenues for the three months ended January 31, 2024 increased by 29.1% to $13.714 million compared to $10.620 million in the same period of the prior fiscal year[64] - FEI-NY segment revenues increased by 37.9% to $11.610 million for the three months ended January 31, 2024 compared to $8.420 million in the same period of the prior fiscal year[64] - FEI-Zyfer segment revenues increased by 37.2% to $3.403 million for the three months ended January 31, 2024 compared to $2.480 million in the same period of the prior fiscal year[64] - The significant increase in revenue for the three months ended January 31, 2024 was primarily related to increases in government space sales of approximately $1.8 million from space U.S. Government customers and approximately $1.0 million from non-space U.S. government customers[64] Gross Margin - Gross margin rate decreased to 22.6% for the three months ended January 31, 2024 from 32.6% in the same period of the prior fiscal year due to unanticipated costs associated with new product development[67] - Gross margin rate increased to 31.0% for the nine months ended January 31, 2024 from 13.7% in the same period of the prior fiscal year due to resolution of technical challenges and more efficient program execution[67] Operating Expenses - Selling, general, and administrative expenses increased by 11.1% to $2.619 million for the three months ended January 31, 2024 compared to $2.357 million in the same period of the prior fiscal year[68] - Research and development expenses increased by 22.3% to $958,000 for the three months ended January 31, 2024 compared to $783,000 in the same period of the prior fiscal year due to a temporary shift in R&D focus[71] Revenue Composition - Revenues from commercial and U.S. Government communication satellite programs accounted for 50% of consolidated revenues for the three months ended January 31, 2024 compared to 47% in the same period of the prior fiscal year[64] - Revenues from non-space U.S. Government/Department of Defense customers accounted for 44% of consolidated revenues for the three months ended January 31, 2024 compared to 47% in the same period of the prior fiscal year[64] Operating Income - Operating income for the three months ended January 31, 2024 decreased by $798,000 (245.5%) due to a design issue in new product development[72] - Operating income for the nine months ended January 31, 2024 increased by $7.59 million (149.9%) despite the design issue, driven by increased revenue, gross margin, and cost-cutting measures[72] Investment Income - Investment income for the three months ended January 31, 2024 increased by $1.261 million (201.8%), primarily from a life insurance plan[73] Tax Rate - The company's effective tax rate for the nine months ended January 31, 2024 was 0.6%, compared to (0.1)% in the prior year period[76] Liquidity and Capital Resources - The company's working capital was $24.1 million as of January 31, 2024, with $11.7 million in cash and cash equivalents[82] - Net cash provided by operating activities for the nine months ended January 31, 2024 was $1.2 million, a decrease from $1.9 million in the prior year period[84] - The company's consolidated funded backlog as of January 31, 2024 was $67 million, with 74% expected to be realized in the next twelve months[89] - The company repurchased $4.0 million of its common stock out of a $5.0 million authorization, with no repurchases in the nine months ended January 31, 2024[87] - The company believes its liquidity is adequate to meet short-term operating and investment needs through at least March 18, 2025[90] R&D and Future Plans - The company plans to continue R&D investments in space applications, guidance systems, and communication systems, with anticipated customer funding and internal cash allocation[88]

MITCHEL FIELD, N.Y., March 15, 2024 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. ("FEI" or the "Company") (NASDAQ-FEIM). On yesterday's earnings call, the Company discussed program charges that adversely affected its gross margins for the quarter ended January 31, 2024. As a result of percentage of completion accounting, these charges included a temporary reversal of revenue. The Company expects to recover approximately $1.2 million of this revenue during this calendar year. Because the costs have been c ...

Exhibit 99.1 PRESS RELEASE Frequency Electronics, Inc. Announces Third Quarter and Fiscal Year 2024 Financial Results Mitchel Field, NY, March 14, 2024 – Frequency Electronics, Inc. ("FEI" or the "Company") (NASDAQ-FEIM) is reporting revenues for the three-month and nine-month periods of fiscal 2024, ended January 31, 2024, of approximately $13.7 million and $39.7 million, respectively, compared to revenues of $10.6 million and $27.8 million, respectively, for the same periods of fiscal year 2023, ended Jan ...

MITCHEL FIELD, N.Y., March 13, 2024 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ:FEIM), will hold a conference call to discuss results for the third quarter of its fiscal year 2024, ended January 31, 2024, on Thursday, March 14, 2024, at 4:30 PM Eastern Time. This call is being webcast by Issuer Direct Corporation and can be accessed in the Investor Relations section of Frequency's web site at www.freqelec.com. Investors and analysts may also access the call by dialing 888-506-0062. International ...

MITCHEL FIELD, N.Y., March 13, 2024 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ: FEIM), will hold a conference call to discuss results for the third quarter of its fiscal year 2024, ended January 31, 2024, on Thursday, March 14, 2024, at 4:30 PM Eastern Time. This call is being webcast by Issuer Direct Corporation and can be accessed in the Investor Relations section of Frequency’s web site at www.freqelec.com. Investors and analysts may also access the call by dialing 888-506-0062. Internationa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended October 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-8061 FREQUENCY ELECTRONICS, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporati ...

WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended July 31, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-8061 FREQUENCY ELECTRONICS, INC. (Exact name of Registrant as specified in its charter) Delaware 11-1986657 (State or other jurisdicti ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year ended April 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-8061 FREQUENCY ELECTRONICS, INC. (Exact name of registrant as specified in its charter) Delaware 11-1986657 (I.R.S. Employer Identification N ...

Financial Data and Key Metrics Changes - For the three months ending April 30, 2023, the company reported a tax provision of $68,000 compared to a $3,000 tax benefit for the same period of the prior fiscal year [1] - Consolidated net income for the three months ending April 30, 2023, was approximately $246,000 or $0.03 per share compared to an approximately $6.8 million loss or $0.74 per share for the same period of the previous fiscal year [1] - Revenue increased from $17.2 million during the first half of fiscal 2023 to $23.6 million during the second half of fiscal 2023 [47] - Gross profit percentage went from 2% in the first half of fiscal 2023 to 31.8% in the second half of fiscal 2023 [47] - Operating income loss improved from $5.4 million in the first half of fiscal 2023 to an operating income of $717,000 in the second half of fiscal 2023 [47] Business Line Data and Key Metrics Changes - Revenue from commercial and U.S. government satellite programs was approximately $5.1 million or 39% of consolidated revenue compared to $5.2 million or 51% of consolidated revenue in the same period of the prior fiscal year [48] - Revenue on satellite payload contracts is recognized primarily under the percentage of completion method and is recorded only in the FEI-New York segment [48] - Commercial and industrial revenue was approximately $563,000 compared to approximately $249,000 in the prior fiscal year [49] - R&D expense for the three months ending April 30, 2023, decreased to approximately $658,000 from $1.1 million for the three months ending April 30, 2022 [69] Market Data and Key Metrics Changes - Revenues from non-space U.S. government and DOD customers were $7.3 million compared to $4.7 million in the same period of the prior fiscal year, accounting for approximately 56% of consolidated revenue compared to 46% for the prior fiscal year [67] - The fully funded backlog at the end of April 2023 was approximately $56 million compared to $40 million for the previous fiscal year ended April 30, 2022 [52] Company Strategy and Development Direction - The company plans to significantly increase R&D funding over the next couple of years and is actively pursuing external funding for development efforts [4] - The company is focusing on improving performance and lowering costs in the position, navigation, and timing arena through collaboration with major customers [43] - The company anticipates continued growth in both commercial and government satellite businesses, despite the challenging economic and geopolitical environment [64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in significant revenue growth and profitability based on existing contracts and anticipated new contracts [5] - The company remains debt-free with a strong balance sheet to fund future growth opportunities [64] - Management acknowledged the challenges posed by inflation and supply chain issues but noted improvements in lead times for parts [99] Other Important Information - The Zyfer division has made a dramatic comeback, with a small overall operating loss of about $160,000 in fiscal year 2023 compared to an operating loss of over $2 million in fiscal year 2022 [44] - The company has regrouped after layoffs and is seeing positive results from cost-cutting efforts and management reorganization [46] Q&A Session Summary Question: What is the company's outlook on self-funding growth opportunities? - Management indicated that the company is now able to self-fund growth opportunities following the transition to profitability [91] Question: How much of the backlog is deliverable in fiscal 2024? - Management stated that it is difficult to estimate, but there are several major programs anticipated in the near future [94][95] Question: What are the principal learnings from the past year? - Management emphasized the importance of attention to detail and the need to pursue new business opportunities profitably [121][122] Question: How is the company addressing the challenges of part delays and inflation? - Management noted that while challenges remain, there have been improvements in lead times for parts, which is encouraging [99]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended January 31, 2023 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-8061 FREQUENCY ELECTRONICS, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation ...