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Frequency Electronics, Inc. Announces Second Quarter Fiscal Year 2011 Results

MITCHEL FIELD, N.Y., Dec. 8, 2010 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM) reported revenues for the second quarter of fiscal 2011, which ended October 31, 2010, of $12.5 million, compared to $12.1 million in the preceding quarter and $11.4 million for the same quarter of fiscal 2010. Revenues for the first six months of Fiscal 2011 were $24.7 million, compared to $23.8 million for the same period of the previous fiscal year.

The Company recorded operating profit of $812,000 for the second quarter, compared to an operating profit of $789,000 in the preceding quarter and $242,000 in the second quarter of fiscal 2010. Operating profit for the first six months was $1.6 million, compared to $901,000 in the first six months of the prior fiscal year.

Net income was $328,000 or $0.04 per diluted share, for the second quarter of fiscal 2011, compared to net income of $507,000 or $0.06 per diluted share, in the preceding quarter, and a loss of $129,000 or ($0.02) per diluted share for the second quarter of fiscal 2010. For the first six months of fiscal 2011 net income was $835,000 or $0.10 per diluted share, after income taxes of $820,000, compared to net income of $525,000 or $0.06 per diluted share, after no income taxes, for the same period of the prior fiscal year.

Chairman of the Board General Joseph Franklin made the following comments:

"Results for the first half of this fiscal year continue to reflect the positive track we set for increased revenues with improved margins and profitability. During this past quarter we booked a significant add-on to a major satellite development program for flight hardware as well as other satellite programs totaling more than $7 million.

"After the quarter ended, we concluded final negotiations for two other large satellite contracts. On December 7, we received a firm order for approximately $5 million on one of these programs.  A separate announcement is being made with details of this very important contract. (See press release dated December 8, 2010, "Frequency Electronics Announces Satellite Contract.")   We expect a contract award on the second program in the very near future. These are very exciting times for Frequency Electronics. We are looking forward to a very positive second half of this fiscal year."

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