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MITCHEL FIELD, N.Y., July 18, 2013 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM) reported revenues of $68.9 million for fiscal year 2013, which ended April 30, 2013, an 8% year-over-year increase compared to revenues of $63.6 million for fiscal 2012.
Operating profit for fiscal 2013 was $4.7 million, compared to operating profit of $6.7 million for fiscal 2012. Fiscal year 2013 results include a fourth quarter asset write down charge to earnings of $1.4 million.
Net income for fiscal 2013 was $3.7 million or $0.43 per diluted share compared to net income of $7.4 million or $0.86 per diluted share for fiscal 2012. Fiscal year 2012 net income included a benefit from the $3.1 million reversal of a deferred tax valuation allowance and recognition of a gain of $700,000 from the step acquisition of Elcom Technologies.
Commenting on the Company's performance and business outlook, Chairman of the Board General Joseph Franklin stated: "This past fiscal year we achieved excellent gains in revenues and profits in our core satellite payload business. Furthermore, we anticipate additional, sizable new contracts for space products in the very near future. Accordingly, we are highly confident in our positive outlook for the current fiscal year. We also achieved increased revenues from other non-space US Government/DOD end-use business. After the end of the past year, the Company determined to take a one-time asset write down of 1.1 million Euros at our Gillam-FEI subsidiary. That write down along with fourth quarter results at our FEI-Zyfer subsidiary prevented consolidated operating income and EBITDA from reaching previously anticipated record levels. Looking ahead, we expect increased operating income and EBITDA as fiscal year 2014 progresses. In addition, after the end of fiscal 2013 we established a new $25 million credit facility in support of our present strong financial position and for potential acquisitions. We continue to aggressively pursue opportunities for external growth."