Frequency Electronics, Inc. (NASDAQ:FEIM)

Fourth Quarter 2012 Results

• Revenues for the fourth quarter 2012 were $17.1 million vs $15.9 million in the prior year quarter.
• NON-GAAP earnings per share for the fourth quarter $0.21 ($0.14 fully taxed) vs $0.13 ($0.08 fully taxed) in prior year quarter.

Commenting on the Company's performance and business outlook, Chairman of the Board General Joseph Franklin stated: "We are very pleased to have achieved this substantial increase in revenues and profitability for fiscal 2012. The outlook for this year, fiscal 2013, is excellent for both the US Government/DOD and Commercial sectors based on our pipeline of present recurring business and multiple long-term programs already under contract. In addition, we expect the acquisition of Elcom, completed in the final quarter of fiscal 2012, to be accretive this year. Opportunities for new business are also expanding as a result of the military's need to derive greater performance with less incremental cost by upgrading existing systems instead of funding new platforms. FEI's proprietary technology is a key element that supports the mission of "doing more with less." We are looking forward to another very good year and continued growth in fiscal 2013."