MITCHEL FIELD, N.Y., Sept. 11, 2012 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM) reported revenues for the first quarter of fiscal 2013, which ended July 31, 2012, of $16.7 million, compared to $15.9 million recorded in the same quarter of fiscal 2012. The Company recorded operating profit of $1.1 million for the quarter ended July 31, 2012, compared to $1.8 million in the first quarter of fiscal 2012. Net income for the first quarter of fiscal 2013 was $768,000 or $0.09 per diluted share compared to $1.3 million or $0.16 per diluted share for the first quarter of the prior year.
- Satellite payloads accounted for half of consolidated revenues and nearly 60% of first quarter bookings.
- Total sales for U.S. Government/DOD end-use rose to 49% of consolidated revenues. We expect revenues for U.S. Government/DOD end-use will continue to grow in this current fiscal year.
- The first quarter impact of FEI-Elcom was to decrease the gross margin rate by approximately 2% and reduce operating profit as a percentage of revenues by approximately 5%. Recent orders support expectations that the acquisition of FEI-Elcom will become accretive during this fiscal year.
- Reported segment revenues (in thousands):
|3 months ended July 31|
|less intersegment revenues||(428)||(437)|
- Sales for Gillam-FEI in the first quarter increased year-over-year when denominated in euros but the 11% decline in the value of the euro reduced reported revenues by approximately $200,000.