Frequency Electronics, Inc. Announces First Quarter Fiscal Year 2025 Financial Results

Core Insights - Frequency Electronics, Inc. reported first-quarter revenues of approximately $15.1 million for the period ending July 31, 2024, representing a 22% increase from $12.4 million in the same period of the previous fiscal year [1][2] - Operating income for the first quarter of fiscal year 2025 was $2.4 million, up 15% from $2.1 million in the first quarter of fiscal year 2024 [1][2] - Net income from operations was $2.4 million or $0.25 per diluted share, compared to $2.0 million or $0.22 per diluted share for the same period last year [1][2] Financial Performance - Revenues from satellite payloads accounted for approximately $8.3 million, or 55% of consolidated revenues, compared to $4.9 million, or 39%, for the same period last year [3] - Revenues from non-space U.S. Government/DOD customers were approximately $6.3 million, or 42% of consolidated revenues, down from $6.9 million, or 55%, in the prior year [3] - Revenues from other commercial and industrial sales were approximately $0.5 million, or 4% of consolidated revenues, compared to $0.7 million, or 5%, for the same period last year [3] Cash Flow and Backlog - Net cash used in operating activities was approximately $1.5 million in the first quarter of fiscal year 2025, an improvement from $2.8 million used in the same period of fiscal year 2024 [3] - The backlog at July 31, 2024, was approximately $70 million, down from $78 million at April 30, 2024, but significantly higher than previous years [2][3] Dividend Declaration - The Company's Board of Directors declared a special cash dividend of $1.00 per share, totaling approximately $9.6 million, which was paid on August 29, 2024 [3] Company Overview - Frequency Electronics, Inc. specializes in high precision timing, frequency generation, and RF control products for both space and terrestrial applications, serving various sectors including commercial, government, and military [5][6] - The Company has received over 100 awards for excellence in providing high-performance electronic assemblies for over 150 space and DOD programs [5][6]