MITCHEL FIELD, N.Y., Sept. 13, 2010 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM) reported net income of $507,000 or $0.06 per diluted share, for the first quarter of fiscal 2011, which ended July 31, 2010. Net income for the preceding quarter was $175,000 or $0.02 per diluted share, and, for the first quarter of fiscal 2010, was $654,000 or $0.08 per diluted share.
- Satellite Payloads: Revenues from space programs continued at more than 30% of total revenues. As in the preceding fiscal year, government programs accounted for over 80% of the Company's space business. While we anticipate growth in the commercial satellite sector with proposals outstanding on major programs, present backlog maintains this high ratio of U.S. government space business.
- U.S. Government/DOD non-satellite programs: This business area maintained the higher rates achieved during the past fiscal year, representing more than 25% of revenues. Based on the multiple DOD development programs awarded the Company for secure communications, high resolution radar, smart munitions, and electronic intelligence, we anticipate this business area will grow to a larger portion of the Company's sales. Frequency's products address critical DOD requirements with projected high growth. Taken together with U.S. Government satellite business, overall sales for government end-use represent over half of the Company's consolidated revenues.
- Telecommunications infrastructure: Sales from this business area remained under 30% of consolidated revenues. Sales of the Company's US5G family of wireline synchronization products continued the uptrend which began last year.
- FEI-NY revenues were $7.6 million compared to $7.9 million in the preceding quarter and $7.1 million in the first quarter of fiscal 2010. The FEI-NY segment includes revenues from all major business areas.
- Gillam-FEI recorded revenues of $3.0 million, compared to $4.3 million in the preceding quarter and $2.5 million in the first quarter of fiscal 2010. The Gillam-FEI segment includes revenues primarily from wireline telecommunications infrastructure and other network management products.
- FEI-Zyfer revenues were $2.5 million, compared to $2.7 million for the preceding quarter and $4.2 million in the first quarter of fiscal 2010. FEI-Zyfer's first quarter 2010 revenues include approximately $1.0 million of sales originally scheduled to be shipped in the fourth quarter of fiscal 2009. The major source of FEI-Zyfer's sales is from U.S. Government/DOD programs in addition to revenues from the US5G wireline synchronization productline.