Exhibit 99.1

 

 

PRESS RELEASE

 

Frequency Electronics, Inc. Announces Fiscal Year 2020 Results

 

Mitchel Field, NY, July 16, 2020 – Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) is reporting revenues of $41.5 million for fiscal year 2020 ended April 30, 2020, compared to revenues of $49.5 million for fiscal year 2019, ended April 30, 2019. Operating loss for fiscal year 2020 was $10.9 million compared to an operating loss of $2.8 million for fiscal year 2019. Net loss from operations for the fiscal year was $10.0 million or ($1.10) per diluted share compared to a net loss of $2.5 million or ($0.28) per diluted share for fiscal year 2019.

 

FEI CEO Stan Sloane commented, “Revenues for the year reflect delays in anticipated contract awards that were expected to generate revenue. We now expect that revenue in the current fiscal year. We were also impacted by vendors in our supply chain being unable to deliver materials on time due to COVID-19 impacts in their businesses. The revenue shortfall impacted gross margin, as well as operating loss. Operating loss was further impacted by an increase in depreciation, legal expenses and greater than anticipated costs on contracts involving extensive engineering development, which we discussed previously.

 

FY2020 was a year of change for FEI. While the financial results are not what we like nor are they what we expect going forward, the year was, nonetheless, a pivotal one for the business. Completing contracts that required ongoing investments in technology development has been a focus and we made significant progress on this front. Despite the delays in new contract award mentioned above, we did see a substantial increase in new business activity, with proposals now submitted for several large programs which I believe will generate increased revenue going forward. In addition to our announcement of an approximately $28.6M contract award on July 1, 2020, we hope to conclude negotiation on another significant contract in the coming weeks. Other bid and proposal activities continue at a robust pace, a very encouraging sign. We also made key leadership changes internally, as well as on our board this year. Consequently, we have closed out a chapter and set the Company on a new course. I am looking forward to the future.”

 

Fiscal Year 2020 Selected Financial Metrics and Other Items

 

 

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For the year ended April 30, 2020, revenues from satellite payloads were approximately $20.4 million, or 49%, of consolidated revenues compared to $22.8 million, or 46%, for the prior year.

 

 

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Revenues for non-space U.S. Government/DOD customers were $16.9 million, or 41%, of consolidated revenues compared to $22.8 million, or 46%, for the prior year.

 

 

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Revenues from other commercial and industrial sales accounted for approximately $4.2 million, or 10%, of consolidated revenues compared to approximately $3.9 million, or 8%, for fiscal year 2019.

 

 

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Total revenue for U.S. Government/DOD end-use, including revenues on U.S. Government satellite programs, were approximately 82% of consolidated revenues in fiscal year 2020 compared to 89% in fiscal year 2019.

 

 

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Backlog at the end of fiscal year 2020 was $36 million compared to $37 million at the end of the previous fiscal year end.

 

 

The following information was filed by Frequency Electronics Inc (FEIM) on Thursday, July 16, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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