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Frequency Electronics, Inc. Announces Second Quarter Fiscal Year 2013 Results

MITCHEL FIELD, N.Y., Dec. 12, 2012 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM) reported revenues for the second quarter of fiscal 2013, which ended October 31, 2012, of $17.6 million, a 17% increase over the $15.1 million recorded in the first quarter of fiscal 2012. Revenues for the first six months of fiscal 2013 were $34.3 million compared to $31 million recorded in the same period of the prior year.

The Company recorded operating profit of $2.0 million for the quarter ended October 31, 2012, up from $1.1 million in the preceding quarter compared to $1.8 million in the second quarter of the prior year. Operating profit for the first six months of fiscal year 2013 was $3.1 million compared to $3.6 million in the first half of fiscal year 2012. Net income for the second quarter of fiscal 2013 was $1.4 million or $0.17 per diluted share, up from $768,000 or $0.09 per diluted share in the preceding quarter and compared to $776,000 or $0.09 per diluted share for the second quarter of the prior year. For the year to date, net income was $2.2 million or $0.26 per diluted share compared to the prior year's $2.1 million or $0.25 per diluted share.

Commenting on results of the past quarter, Chairman of the Board General Joseph Franklin said: "In the second quarter just completed, our year-over-year growth in revenues and operating profits were in line with expectations to achieve higher revenues, operating profits and EBITDA for fiscal year 2013 and beyond. Bookings continued strong during this past quarter and included additions to long-term legacy programs, hosted payloads and new starts. FEI's world-leading technologies in precision timing, low phase-noise microwave frequency sources, and ultra-fast synthesizers are crucial for achieving better performance at lower costs in many critical commercial and U.S. Government/DOD systems, 'Doing More With Less.'"

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