New York, NY, United States

Frequency Electronics

www.freqelec.com
New York, NY, United States

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MITCHEL FIELD, N.Y., July 11, 2017 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ:FEIM) intends to file its 10K for fiscal year 2017 ended April 30, 2017 before the end of July 2017.  Prior to that filing Frequency Electronics Inc. (FEI) will issue a press release and schedule a conference call covering Q4 and year end  2017 results. Over time FEI’s wire-line network infrastructure business has declined.  Strategic focus is now on the larger business areas of secure communications, command and control, and satellite systems. In the upcoming report Frequency intends to present financial results for Gilliam FEI, the Company’s Belgium subsidiary, (a provider of wire-line, copper based, network infrastructure products), as “Held for Sale/Discontinued Operations” as of April 30, 2017.  Accordingly FEI expects to record required book adjustments along with any related deferred taxes.  In addition the Company expects to record substantial non cash inventory reserves of not less than $6M comprising for the most part a full reserve of FEI-Zyfer inventory of wire-line copper based synchronization products. The Company also is engaged in steps to consolidate corporate wide DOD and foreign Government marketing with its domestic subsidiaries FEI-Elcom and FEI-Zyfer as they share common customers. Commenting on these changes, Joel Girsky, Chairman of the Board of Directors said: “The recent long downturn in satellite business notwithstanding, never before in our history has FEI addressed a higher level of market opportunities.  These opportunities are in secure communications, command and control and satellite systems. We are acting to capitalize on these opportunities and we enjoy a competitive edge. Secure communications and command and control, for which precision time is essential, has become a Homeland Security and DOD urgent priority.  Satellite payloads, both additional and necessary replacements, after the current industry wide trough, will incorporate new technology in which we already have a head start.  Our plan this year going forward is to use our engineering resources to make sure we are fully prepared with the capabilities and products required to gain market share.  We will also maintain our domestic corporate-wide production capacity to serve present customers and to demonstrate credible rapid scalability for on time delivery and growth.” 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.  Frequency’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks.  Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs.  The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 46 GHz, for space and other challenging environments.” Gillam-FEI provides expertise in network synchronization and monitoring; FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Asia provides cost effective manufacturing capabilities; FEI-Elcom Tech provides added resources for state-of-the-art RF microwave products.  Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components.  Additional information is available on the Company’s website: www.frequencyelectronics.com Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements in this press release regarding 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 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 release.


MITCHEL FIELD, N.Y., July 25, 2017 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ:FEIM), will hold a conference call to discuss results for its fiscal year 2017, ended  April 30, 2017, on Thursday, July 27, 2017, at 4:30 PM 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.freqelec.com.  Investors and analysts may access the call by dialing 1-877-407-9205.  International callers may dial 1-201-689-8054.  Ask for the Frequency Electronics conference call. The call will be archived on the Company’s website through October 27, 2017.  The archived call may also be retrieved at 1-877-481-4010 (domestic), or 1-919-882-2331 (international), using Conference ID #13667787 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.  Frequency’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR and EW markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks. Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs.  The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 46 GHz, for space and other challenging environments.” FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Elcom Tech provides sub-systems for the Electronic Warfare (“EW”) and added resources for state-of-the-art RF microwave products; FEI-Asia provides cost effective manufacturing capabilities. Frequency's Morion affiliate supplies high-quality, cost effective oscillators and components.  Additional information is available on the Company’s website: www.frequencyelectronics.com


News Article | July 27, 2017
Site: globenewswire.com

MITCHEL FIELD, N.Y., July 27, 2017 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ:FEIM) reported revenues of $50.3 million for fiscal 2017, which ended April 30, 2017, compared to revenues of $55.4 million for fiscal 2016.  Operating loss for fiscal 2017 was $7.5 million compared to operating profit of $2.5 million for fiscal 2016.  Net loss for fiscal 2017 was $4.8 million or ($0.55) per diluted share compared to net income of $1.0 million or $0.11 per diluted share for fiscal 2016. Fiscal 2017 results include the effects of $4.9 million of one-time non-cash charges related to the Company’s previously reported phase out from its wire-line network infrastructure business. It is no secret that the satellite industry has been facing stiff headwinds.  As a result, various levels of the supply chain have suffered and remain challenged today.  Over the past two years our major customers have seen certain parts of their satellite business decline by half.  Some of this decline is cyclical in nature, while a portion is driven by technological innovation that, while ultimately of benefit to FEI, in the near term is merely a contributor to further delays in revenue.  FEI’s satellite payload business has encountered negatively impacted revenue and bookings in the most recent quarters, however, we have taken aggressive action internally to mitigate the financial impact of the end market weakness while positioning the Company to maximize value in the future.  Moreover, our most recent results in FEI-NY are not indicative of the going forward potential of that business area and do not tell the whole story of Frequency Electronics. Our largest customers in FEI’s satellite business still indicate an improving outlook for the balance of calendar 2017 and into 2018, suggesting a potential for an upturn in contract awards that would manifest in accelerating bookings and revenue for FEI. Additionally, this past year, FEI-Zyfer achieved strong revenue growth of over 20% driven by traction in our secure communications business, a key driver of the future value of Frequency as a whole.  As we have articulated in the past, the addressable opportunity in secure communications is vast and dovetails well with our engineering capabilities and proven expertise in GPS applications. FEI’s expertise in precision time technology is key to success in this market. We believe the long-term prospects of Frequency Electronics are bright.  We are optimistic that the cyclical downturn in the satellite payload business has run its course and that FEI will begin to reap more than its fair share of the overdue recovery.  Secure communications will prove to be a forceful driver of future revenue and profitability for the Company. With that said we are not standing idly by and waiting for business to walk in the door.  Management has taken and will continue to take aggressive action to best position the company to maximize value for our shareholders.  As detailed below, we have initiated certain actions internally to optimize the operations and the balance sheet assets. Inventory In the most recent quarter we took the following actions to better position FEI for future value creation— The above reserves have been recorded in cost of goods sold. Gillam As previously announced, we are actively working to effect a sale of FEI’s Gillam subsidiary to an external buyer.  Gillam is being reported as a “held for sale/ discontinued operation”.  The Company anticipates concluding the disposition of its interest in Gillam by the end of this fiscal 2018. The results of Gillam for fiscal years ended April 30, 2017 and 2016, are presented as discontinued operations herewith and in our Consolidated Balance Sheets and Consolidated Statements of Operations and Comprehensive (Loss) Income included in the Company’s 10-K to be filed for fiscal 2017. FEI-Elcom We are working to consolidate certain of FEI-Elcom’s capabilities with other FEI-NY operations in an effort to reduce costs and improve working capital management.  This should have the collateral benefit of providing engineering efficiencies and better customer coverage. FEI-NY Cost Reduction & Inventory Management Initiatives We continue to right-size the FEI-NY subsidiary in response to the end market weakness while at the same time best positioning FEI to capture the eventual recovery in business.  Although these actions include headcount reductions, we have taken steps to ensure that these reductions will have no effect on the Company’s ability to provide on time delivery for present contractual obligations and to fully achieve its internal research and development objectives. We are also in the process of implementing a variety of improved operating disciplines designed to optimize the organization and better position the Company to generate larger margins and enhanced inventory turns when our satellite end markets recover. The above initiatives are beginning to take effect at this time and will continue to roll out during the balance of the current and next fiscal year.  Cost reductions already put in place during this past year permitted the Company to generate positive cash flow from operations for fiscal 2017 despite the large cyclical decline in satellite business.  While it is difficult to provide a precise estimate due to the variability of the revenue line, we are targeting over $5 million of additional cost reductions during fiscal 2018. Fiscal 2017 Selected Financial Metrics and Other Items: As previously announced, the Company will hold a conference call to discuss these results on Thursday, July 27, 2017, at 4:30 PM Eastern Time.  Investors and analysts may access the call by dialing 1-877-407-9205.  International callers may dial 1-201-689-8054.  Ask for the Frequency Electronics conference call. The call will be archived on the Company’s website through October 27, 2017.  The archived call may also be retrieved at 1-877-481-4010 (domestic), or 1-919-882-2331 (international), using Conference ID #13667787 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.  Frequency’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR and EW markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks. Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 46 GHz, for space and other challenging environments.” FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Elcom Tech provides sub-systems for the Electronic Warfare (“EW”) and added resources for state-of-the-art RF microwave products, FEI-Asia provides cost effective manufacturing capabilities.  Frequency's Morion affiliate supplies high-quality, cost effective oscillators and components.  Additional information is available on the Company’s website: www.frequencyelectronics.com Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements in this press release regarding 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 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 release.


News Article | November 3, 2016
Site: globenewswire.com

ELMIRA, N.Y., Nov. 03, 2016 (GLOBE NEWSWIRE) -- The Board of Directors of Hardinge Inc. (NASDAQ:HDNG), a leading international provider of advanced metal-cutting solutions and accessories, announced that it has appointed Ryan Levenson of Privet Fund Management LLC, to serve as a Director.  Privet Fund Management currently owns 9.7% of the Company’s common stock outstanding.  Richard L. Simons, President and CEO of Hardinge, stated on behalf of the Board of Directors, “We welcome Ryan to the Board and look forward to his contributions to our strategy to grow Hardinge both organically and through acquisitions.  We believe his experience will complement the wealth of knowledge our Board represents.” Ryan Levenson is currently Principal and Portfolio Manager of Privet Fund Management LLC.  Mr. Levenson currently serves as a director of Frequency Electronics, Inc (NASDAQ:FEIM) and Cicero, Inc. (OTC:CICN).  Previously, Mr. Levenson served as a director of RELM Wireless, Inc., where he served as a member of the Audit Committee, and as a director and member of the Compensation, Organization and Corporate Governance Committee of Material Sciences Corp. from May 2013 until its sale in March 2014.  Mr. Levenson also served as a member of the Board of Directors and Compensation and Audit Committees of The Middleby Corporation from May 2006 until November 2012.  Prior to founding Privet Fund Management LLC in February 2007, Mr. Levenson served as Vice President of Business Development at MSI, a privately held building products distributor and construction services company, from 2003 until 2006.  Prior to his service with MSI, Mr. Levenson served as a financial analyst for Cramer Rosenthal McGlynn's long/short equity hedge fund after working at SAC Capital Advisors LLC in a similar capacity. About Hardinge Hardinge is a leading global designer and manufacturer of high precision, computer-controlled machine tool solutions developed for critical, hard-to-machine metal parts and of technologically advanced workholding accessories.  The Company’s strategy is to leverage its global brand strength to further penetrate global market opportunities where customers will benefit from the technologically advanced, high quality, reliable products Hardinge produces.  With approximately two-thirds of its sales outside of North America, Hardinge serves the worldwide metal working market.  Hardinge’s machine tool and accessory solutions can also be found in a broad base of industries to include aerospace, agricultural, automotive, construction, consumer products, defense, energy, medical, technology and transportation. Hardinge applies its engineering design and manufacturing expertise in high performance machining centers, high-end cylindrical and jig grinding machines, SUPER-PRECISION® and precision CNC lathes and technologically advanced workholding accessories.  Hardinge has manufacturing operations in China, France, Germany, India, Switzerland, Taiwan, the United Kingdom and the United States. The Company regularly posts information on its website: www.hardinge.com. Safe Harbor Statement This news release contains forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Such statements are based on management's current expectations that involve risks and uncertainties. Any statements that are not statements of historical fact or that are about future events may be deemed to be forward-looking statements. For example, words such as "may," "will," "should," "estimates," "predicts," "potential," "continue," "strategy," "believes," "anticipates," "plans," "expects," "intends," and similar expressions are intended to identify forward-looking statements. The Company's actual results or outcomes and the timing of certain events may differ significantly from those discussed in any forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.


News Article | December 14, 2016
Site: globenewswire.com

MITCHEL FIELD, N.Y., Dec. 14, 2016 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ:FEIM) reported revenues for the second quarter of fiscal 2017, which ended October 31, 2016, of $12.9 million as compared to $16.0 million in the same quarter of fiscal 2016.  Revenues for the first six months of fiscal 2017 were $25.6 million compared to $32.7 million recorded in the same period of the prior year. The Company recorded an operating loss of $1.3 million for the quarter ended October 31, 2016, compared to an operating profit of $48,000 in the second quarter of fiscal 2016.  Operating loss for the first six months of fiscal year 2017 was $2.1 million compared to an operating profit of $1.0 million in the first half of fiscal year 2016. Net loss for the second quarter of fiscal 2017 was $1.0 million or ($0.12) per diluted share compared to a net loss of $69,000 or ($0.01) per diluted share for the second quarter of the prior year. For the year to date, net loss was $1.7 million or ($0.20) per diluted share, compared to net income of $822,000 or $0.09 per diluted share. Commenting on these results and the business outlook, Chairman of the Board Joel Girsky said: “Reversing the trend of these last six months, Frequency expects to achieve positive operating income in the current quarter and going forward. “With respect to our satellite business, principal customers in both the Commercial and US Government arenas had indicated they expected an upturn in project releases late this year. This upturn appears to be underway. Our bookings to date are substantially higher than the rate of the past several months. We just reported approximately $7 million in new key contracts. “In our secure communications business area we are making excellent progress in bookings, production under existing contracts and, most importantly, product development for a market which over time can be as large or greater than any other we have ever addressed. “Operating results for the first six months of fiscal 2017 were impacted not only by lower revenues and product mix but also by large one-time expenses which are not expected to reoccur during the balance of the year. Based on cost saving measures now in place along with rising revenues and our internal operating leverage, we expect to show an operating profit for the full fiscal year 2017. “Internal research and development during the past six months rose substantially, approaching $4 million as we focused available engineering efforts on meeting next generation product requirements for the new market opportunities ahead in both satellite payloads and secure communications. “As well, we are actively addressing operations at each of our subsidiaries with a view toward improving consolidated performance and generating additional cash.” Fiscal 2017 Selected Financial Metrics and Other Items: As previously announced, the Company will hold a conference call to discuss these results on Wednesday, December 14, 2016, at 4:30 PM Eastern Time.  Investors and analysts may access the call by dialing 1-877-407-9205.  International callers may dial 1-201-689-8054.  Ask for the Frequency Electronics conference call. The call will be archived on the Company’s website through January 8, 2017.  The archived call may also be retrieved at 1-877-660-6853 (domestic) or 1-201-612-7415 (international) using Conference ID #: 13651595. 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.  Frequency’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks.  Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs.  The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. Frequency’s Mission Statement: “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 46 GHz, for space and other challenging environments.” Subsidiaries and Affiliates: Gillam-FEI provides expertise in network synchronization and monitoring; FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Asia provides cost effective manufacturing capabilities; FEI-Elcom Tech provides added resources for state-of-the-art RF microwave products.  Frequency's Morion affiliate supplies high-quality, cost effective oscillators and components.  Additional information is available on the Company’s website: www.frequencyelectronics.com Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements in this press release regarding 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 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 release.


MITCHEL FIELD, N.Y., Dec. 12, 2016 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ:FEIM), will hold a conference call to discuss results for its second quarter of fiscal year 2017, ended  October 31, 2016, on Wednesday, December 14, 2016, at 4:30 PM 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.freqelec.com.  Investors and analysts may access the call by dialing 1-877-407-9205.  International callers may dial 1-201-689-8054.  Ask for the Frequency Electronics conference call. The call will be archived on the Company’s website through January 13, 2017.  The archived call may also be retrieved at 1-877-481-4010 (domestic), or 1-919-882-2331 (international), using Conference ID #13651595. 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.  Frequency’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks.  Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs.  The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. Frequency’s Mission Statement: “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 46 GHz, for space and other challenging environments.” Subsidiaries and Affiliates: Gillam-FEI provides expertise in network synchronization and monitoring; FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Asia provides cost effective manufacturing capabilities; FEI-Elcom Tech provides added resources for state-of-the-art RF microwave products.  Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components.  Additional information is available on the Company’s website: www.frequencyelectronics.com.


MITCHEL FIELD, N.Y., Feb. 08, 2017 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ:FEIM) announced today that since the second quarter of fiscal 2017, its wholly owned subsidiary FEI-Elcom Tech has received over $5 million dollars in funded orders and related requirements contracts, on a sole source basis, to supply advanced synthesizer sub-systems for US Air Force and US Navy end use. These Elcom synthesizer products incorporate fast switching, very low phase noise, proprietary technology employed in EW (electronic warfare) and ELINT (electronic intelligence) applications including threat simulation and missile defense. Jim Davis, President of FEI-Elcom Tech, commented:  “We are especially pleased at this time to have received these orders in support of important US Air Force and Navy programs because these programs, along with many others, have for an extended period been subject to budget processing delays.  Now, shipments are to begin this month, February 2017." 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.  Frequency’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks.  Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs.  The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. Frequency’s Mission Statement: “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 46 GHz, for space and other challenging environments.” Subsidiaries and Affiliates: Gillam-FEI provides expertise in network synchronization and monitoring; FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Asia provides cost effective manufacturing capabilities; FEI-Elcom Tech provides added resources for state-of-the-art RF microwave products.  Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components.  Additional information is available on the Company’s website: www.frequencyelectronics.com Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements in this press release regarding 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 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 release.


News Article | December 13, 2016
Site: globenewswire.com

MITCHEL FIELD, N.Y., Dec. 13, 2016 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ:FEIM) has received initial funding to provide special satellite payload subsystem units under three contracts aggregating approximately $7 million dollars.  The contracts call for engineering and flight units for secure US GOV/DOD end use.  Also included is sponsorship for development of special advanced subsystem units with large long term applications potential.  The units to be provided incorporate Frequency’s small size, light weight, low power and low phase noise synthesizer technology.  Frequency is selected for this special work because of the Company’s established leadership standing in timing and frequency generation technology.  Completion of the work called for under these new contracts is targeted for early 2018. Commenting on the award, Martin Bloch CEO said: "We are particularly pleased with the timing of these three new awards.  The recent releases of some previously delayed programs is very much in line with our expectation of signs of a recovery in satellite business beginning at the end of this year." 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. Frequency’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks. Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs.  The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. Frequency’s Mission Statement: “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 46 GHz, for space and other challenging environments.” Subsidiaries and Affiliates: Gillam-FEI provides expertise in network synchronization and monitoring; FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Asia provides cost effective manufacturing capabilities; FEI-Elcom Tech provides added resources for state-of-the-art RF microwave products. Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components.  Additional information is available on the Company’s website: www.frequencyelectronics.com Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements in this press release regarding 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 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 release.


MITCHEL FIELD, N.Y., Nov. 03, 2016 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ:FEIM) has received an order in excess of $5 million for secure communications equipment.  The equipment provides a highly reliable solution to enhance command and control communications in a large US Department of Defense program.  The solution incorporates the timing systems expertise of FEI-Zyfer, Frequency’s California subsidiary, along with FEI’s core state-of-the-art precision time and time interval technology.  FEI-Zyfer will produce the equipment to be supplied.  It consists of numerous units utilizing a proven design.  The design is readily amenable to manufacturing in volume.  The units ordered are expected to be delivered during calendar 2017. Commenting on the award, Martin Bloch CEO said: “This order is a sign that FEI is getting traction in our large secure communications business opportunity.  Under the contract we supply unique equipment which protects command and control communications at multiple military installations.  It more than meets mission goals, is affordable, and is designed for volume production.  Furthermore, this equipment is based on and relies heavily on proprietary advanced FEI timing and Low G technology.“ 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.  Frequency’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks.  Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs.  The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. Frequency’s Mission Statement: “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 46 GHz, for space and other challenging environments.” Subsidiaries and Affiliates: Gillam-FEI provides expertise in network synchronization and monitoring; FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Asia provides cost effective manufacturing capabilities; FEI-Elcom Tech provides added resources for state-of-the-art RF microwave products.  Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components.  Additional information is available on the Company’s website: www.frequencyelectronics.com Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements in this press release regarding 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 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 release.


Grant
Agency: Department of Defense | Branch: Army | Program: SBIR | Phase: Phase I | Award Amount: 99.72K | Year: 2014

The feasibility of three different approaches to achieving the desired capability shall be studied during Phase I. (1.) Utilization of silicon MEMS resonators, incorporated into a MEMS based oscillator along with MEMS based accelerometers for active vibration compensation shall be investigated (2.) Utilization of a temperature controlled quartz resonator, electrostatically levitated in order to reduce sensitivity to vibration as well as to provide thermal isolation (in order to drastically reduce the required power) shall be investigated. In this case, infra-red thermal control through a transparent window incorporated into the resonator enclosure shall also be studied, as a required element of this approach. (3.) Utilization of a temperature controlled quartz resonator, in which the resonator is mounted with extremely low thermal conductivity, but high electrical conductivity mounts.

Loading Frequency Electronics collaborators
Loading Frequency Electronics collaborators