Frequency Electronics, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended October 31, 2023
December 12, 2023 at 04:05 pm EST
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Frequency Electronics, Inc. reported earnings results for the second quarter and six months ended October 31, 2023. For the second quarter, the company reported sales was USD 13.58 million compared to USD 8.95 million a year ago. Net income was USD 0.797 million compared to net loss of USD 2.31 million a year ago. Basic earnings per share from continuing operations was USD 0.08 compared to basic loss per share from continuing operations of USD 0.25 a year ago. Diluted earnings per share from continuing operations was USD 0.08 compared to diluted loss per share from continuing operations of USD 0.25 a year ago.
For the six months, sales was USD 25.98 million compared to USD 17.15 million a year ago. Net income was USD 2.84 million compared to net loss of USD 5.43 million a year ago. Basic earnings per share from continuing operations was USD 0.3 compared to basic loss per share from continuing operations of USD 0.58 a year ago. Diluted earnings per share from continuing operations was USD 0.3 compared to diluted loss per share from continuing operations of USD 0.58 a year ago.
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.