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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 | September 13, 2017
Site: globenewswire.com

MITCHEL FIELD, N.Y., Sept. 13, 2017 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ:FEIM) (the Company) announced that Dr. Stanton Sloane has been appointed Chief Operating Officer of the Company.  A form 8-K is being filed to provide details of this event. Joel Girsky Chairman of the Board said, “We are very pleased to have Stan join us as Chief Operating Officer.  He brings a wealth of experience as a business executive generally, extensive merger and acquisition expertise, and in particular, a deep understanding of the Aerospace and Defense market.  In addition to a diverse background in complex systems and product development, he has worked on space and terrestrial systems of interest to FEI such as GPS, secure communications, radar and electronic warfare.  Stan began his career at General Electric Aerospace (subsequently Lockheed Martin) and has previously served as CEO of SRA International and COMTECH.” Martin Bloch CEO said, “I am extremely enthusiastic about having Dr. Stanton Sloane positioned to provide executive leadership to our Company on the path forward.  Stanton is a highly distinguished corporate leader who can run the day to day operations of the business.  At the same time the Board of Directors has begun the process of succession planning at the Chief Executive Officer level to assure a smooth transition.  I’m looking forward in the near future to focus my contribution to the Company through the Board of Directors and as our Chief Technical Officer, an opportunity to which I have looked forward for some time.” 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.


MITCHEL FIELD, N.Y., Sept. 11, 2017 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ:FEIM), will hold its quarterly conference call to discuss results for the first quarter of its fiscal year 2018, ended July 31, 2017, on Wednesday, September 13, 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 .  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. This call will be archived on the Company’s website through December 12, 2017.  A telephone replay of the archived call will be available at 1-877-481-4010 (domestic), or 1-919-882-2331 (international), using Conference ID #13670512 for one week following the call. 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 | September 13, 2017
Site: globenewswire.com

MITCHEL FIELD, N.Y., Sept. 13, 2017 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ:FEIM) reported revenues for the first quarter of fiscal 2018, which ended July 31, 2017, of $12.0 million as compared to $11.6 million in the same quarter of fiscal 2017.  The Company recorded operating profit of $180,000 for the quarter ended July 31, 2017, compared to an operating loss of $408,000 in the first quarter of fiscal 2017.  Net income for the first quarter of fiscal 2018 was $614,000 or $0.07 per diluted share compared to net loss of $706,000 or ($0.08) per diluted share for the first quarter of the prior year. Commenting on the Company’s performance and business outlook, Chairman of the Board Joel Girsky said: “We have experienced some very important events since the end of this past quarter.  As announced earlier today Dr. Stanton Sloane has been appointed the Company’s Chief Operating Officer. He brings a wealth of experience as a business executive generally, extensive merger and acquisition expertise, and in particular, a deep understanding of the Aerospace and Defense market.  In addition to a diverse background in complex systems and product development, he has worked on space and terrestrial systems of interest to FEI such as GPS, secure communications, radar and electronic warfare. This quarter has seen an increase in proposal activity relating to our satellite payload business, an encouraging trend.  While it typically takes six or more months for proposals to become signed contracts, we would anticipate that some number of the quotes we have submitted will convert to firm bookings in the not too distant future.  We are also highly encouraged by our progress in the secure communications/command and control business this last quarter. This progress is evidenced by the excellent results at FEI-Zyfer. This business area is a major focus for Frequency and we expect to see significant growth in the coming months.  We will continue to allocate resources to pursue this business aggressively. The past quarter also saw an improvement in cash flow and gross margins, as well as reduced SG&A, resulting from better cost management.  We have taken, and will continue to take, the steps necessary to assure growth and improved financial performance.” 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 quarters ended July 31, 2017 and 2016, are presented as discontinued operations herewith and in the Company’s 10-Q to be filed on September 14, 2017. Selected Fiscal 2018 Financial Metrics and Other Items - Revenues from commercial and U.S. Government satellite payload programs were approximately $5.2 million compared to $6.3 million for the same period of fiscal 2017.  Commercial and U.S. Government satellite payload programs accounted for approximately 43% of consolidated revenues, compared to 55% in the prior year. - Sales for U.S. Government/DOD, non-space end use increased to $4.5 million compared to $3.4 million for the same period of fiscal 2017.  Sales for U.S. Government/DOD, non-space end use accounted for approximately 38% of consolidated revenues compared to 29% of revenues for the same quarter of last year. - Sales for other commercial and industrial applications were approximately $2.3 million compared to $1.9 million for the same period of fiscal 2017.  Commercial and industrial applications accounted for approximately 19% of consolidated revenues, compared to 16% in the prior year. - Gross margin rate for the quarter ended July 31, 2017 increased to 37.6% as compared to 33.1% during the first quarter of last year.  The first quarter gross margin and operating profit was positively affected by the increase in secure communication/command and control product sales, product mix and effective cost management. - Research and development expense rose to $1.6 million in the first quarter compared to $1.4 million for the same period of fiscal 2017. The Company expects the accelerated level of internal and customer funded R&D to continue for the foreseeable future as we address new large opportunities in secure communications/command and control applications, next generation satellite payload products and additional DOD markets. - Backlog at the end of the quarter was $23 million down from $28 million at year end. As announced on September 11, 2017, the Company will hold a conference call to discuss these results on Wednesday, September 13, 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 December 12, 2017.  The archived call may also be retrieved at 1-877-481-4010 (domestic) or 1-919-882-2331 (international) using Conference ID #: 13670512 for one week following the call. 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”) markets 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 | 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., 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.


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.

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