tw0122
4 months ago
Frequency Electronics, Inc. Declares Special Cash Dividend of $1.00 Per Share
Source: GlobeNewswire Inc.
Today the Board of Directors of Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) declared a special cash dividend of $1.00 per share of common stock. The special dividend is payable on August 29, 2024, to stockholders of record as of the close of business on August 8, 2024. Based on the current number of shares outstanding, the total amount of the special dividend payment will be approximately $9.4 million.
FEI President and CEO, Tom McClelland commented, “Today our Board of Directors declared a $1.00 per share special cash dividend. Since we paid our previous special dividend 18 months ago, we have continued to improve the profitability and cash generation of the Company, allowing us to once again return cash to stockholders. Our strong balance sheet allows us to pay this dividend while maintaining our ability to invest in the business for future success, and our growth in revenue, backlog and positioning on critical next-generation platforms has demonstrated that we can both profitably grow the business and return capital to stockholders as we do so. After paying this dividend we will remain debt free, and our focus on sustained profitability and cash generation should help us maintain a strong balance sheet in the future.”
About Frequency Electronics
Frequency Electronics, Inc. (FEI) is a world leader in the design, development and manufacture of high precision timing, frequency generation and RF control products for space and terrestrial applications. FEI’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR and electronic warfare, missiles, UAVs, aircraft, GPS, secure communications, energy exploration and wireline and wireless networks. FEI-Zyfer provides GPS and secure timing capabilities for critical military and commercial applications; FEI-Elcom Tech provides Electronic Warfare (“EW”) sub-systems and state-of-the-art RF and microwave products. FEI has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development to expand its capabilities and markets.
www.frequencyelectronics.com
whytestocks
6 years ago
News: $FEIM Frequency Electronics, Inc. Announces It Has Been Selected For a $4.5M Contract
MITCHEL FIELD, N.Y., Jan. 25, 2019 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ-FEIM) announced today that it has been selected for an approximately $4.5M contract to supply precision timing and microwave frequency generation systems for a secure US Government space application.&...
In case you are interested https://marketwirenews.com/news-releases/frequency-electronics-inc-announces-it-has-been-selected-for-a-4-5m-contract-7551266.html
NathanH
10 years ago
Very nice 2nd quarter good company
Frequency Electronics, Inc. Announces Second Quarter Fiscal Year 2015 Results
Frequency Electronics, Inc. (Nasdaq:FEIM) reported revenues for the second quarter of fiscal 2015, which ended October 31, 2014, of $19.2 million compared to $17.0 million recorded in the second quarter of fiscal 2014. Revenues for the first six months of fiscal 2015 were $39.0 million compared to $33.8 million recorded in the same period of the prior year.
The Company recorded operating profit of $1.8 million for the quarter ended October 31, 2014, up from $928,000 in the preceding quarter and compared to $1.3 million in the second quarter of the prior year. Operating profit for the first six months of fiscal year 2015 was $2.7 million compared to $2.2 million in the first half of fiscal year 2014. Net income for the second quarter of fiscal 2015 was $1.3 million or $0.15 per diluted share, up from $719,000 or $0.08 per diluted share in the preceding quarter and compared to $1.4 million or $0.16 per diluted share for the second quarter of the prior year. For the year to date, net income was $2.0 million or $0.23 per diluted share compared to the prior year's $2.1 million or $0.24 per diluted share which results included $736,000 in net proceeds from the sale of certain manufacturing equipment under a license agreement.
Commenting on these results, Chairman of the Board General Joseph Franklin said: "These results demonstrate that we are on track for higher revenues and increased profitability this year. During this past quarter profitability improved at our FEI-Zyfer and Gillam-FEI segments; thus, all three of our reporting segments contributed to consolidated operating income. We anticipate further improvement in operating profit during the remainder of the year. We are successfully addressing the challenge of increasing our high-reliability manufacturing and test capacity for new, larger satellite payload projects. Global events and recent political shifts have heightened national focus on U.S. aerospace and defense industries. Frequency's technology is vital to a broad spectrum of space and C4ISR applications. Our opportunities are large, our finances are strong and the future looks bright."
Fiscal 2015 Selected Financial Metrics and Other Items:
For the six months ended October 31, 2014, satellite payload revenues continued to account for more than 60% of consolidated revenues. Satellite payloads account for over three-fourths of the Company's consolidated backlog.
For the six months ended October 31, 2014, total sales for U.S. Government/DOD end-use, including revenues on U.S. Government satellite programs, exceeded 40% of consolidated revenues. Approximately half of funded backlog is related to products for U.S. Government end-use.
Backlog at October 31, 2014 is approximately $52 million compared to $48 million as of the beginning of fiscal year 2015.
During the quarter ended October 31, 2014, the Company generated positive operating cash flow of $3.1 million. With an historically high level of billed accounts receivable as contractual and production milestones were met, the Company expects to continue to generate substantial positive cash flow in subsequent fiscal quarters.
Investor Conference Call
As previously announced, the Company will hold a conference call to discuss these results on Wednesday, December 10, 2014, at 4:30 PM Eastern Time. Investors and analysts may access the call by dialing 1-877-407-9205. International callers may dial 1-201-689-8054. Ask for the Frequency Electronics conference call.
The call will be archived on the Company's website through January 9, 2015. The archived call may also be retrieved at 1-877-660-6853 (domestic) or 1-201-612-7415 (international) using Conference ID #: 13597489.
About Frequency Electronics
Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency control and synchronization products for space and terrestrial applications. Frequency's products are used in satellite payloads and in other commercial, government and military systems including C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks. Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets.
Frequency's Mission Statement: "Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 46 GHz, for space and other challenging environments."
Subsidiaries and Affiliates: Gillam-FEI provides expertise in network synchronization and monitoring; FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Asia provides cost effective manufacturing capabilities; FEI-Elcom Tech provides added resources for state-of-the-art RF microwave products. Frequency's Morion affiliate supplies high-quality, cost effective oscillators and components. Additional information is available on the Company's website: www.frequencyelectronics.com
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Monksdream
1 year ago
