MITCHEL FIELD, N.Y., July 15, 2010 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM) reported net income for fiscal year 2010, which ended April 30, 2010, of $2.7 million, or $0.33 per diluted share, compared to a net loss of $11.0 million or ($1.33) per diluted share for the prior fiscal year. Revenues for fiscal year 2010 were $49.4 million, compared to $52.7 million for fiscal 2009. Fiscal 2010 operating income was $1.8 million, compared to an operating loss of $5.9 million for the prior fiscal year. Fiscal 2010 results include a net $1.5 million tax benefit after giving effect to an additional $2.0 million tax refund created by a change in tax laws regarding the carryback of net operating losses. Fiscal 2009 results included a net tax provision of $5.3 million after recording a $7.6 million valuation allowance against deferred tax assets.
Frequency Electronics, Inc. Announces Fiscal Year 2010 Results
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