Frequency Electronics, Inc. (FEIM) research, news, and more from GeoInvesting

Company description

Wed, 30 Jul 2008 04:00:00 GMT

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 commercial, government and military systems, including satellite payloads, missiles, UAVs, aircraft, GPS, secure radios, SCADA, energy exploration and wireline and wireless communication networks. Frequency has received over sixty awards of excellence for achievements in providing high performance electronic assemblies for over one hundred twenty space programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components. Elcom Technologies provides added resources for state-of-the-art RF microwave products.

Research

Mon, 12 Jan 2026 16:17:55 GMT

Frequency Electronics, Inc. (NASDAQ:FEIM) ($58.62; $573.2M market cap) announced new contract wins:

Received approximately $6.0 million in contracts across two core Assured-PNT business areas:
- Secure communications systems
- Time, frequency, and synchronization distribution systems for airborne avionics equipment
Contracts support tactical data link communication systems and aircraft signal distribution systems
Reinforces FEI-Zyfer’s role in supporting military and enforcement operations through high-precision, mission-critical solutions

Management Commentary:

"We are pleased that we are a trusted supplier for these mission-critical business areas. Ongoing contracts for tactical data link communication systems and for aircraft signal distribution systems are a testament to the quality and precision of our products and the value we provide to our customers. They also reflect the growing demand for data-intensive secure information exchange in support of current military and enforcement operations, and the need for transparent system interoperability between military and agency participants." — Tom McClelland, President and CEO

Our Quick Take:

While it is nice to see a couple of small contract wins in the past few weeks, given the tremendous move the stock has had, we think it may need larger wins to get the stock moving higher.

Frequency Electronics, Inc. designs and manufactures precision time and frequency control products and GPS-based systems for satellite communications, secure government and commercial communications, and telecommunication infrastructure.

Research

Fri, 12 Dec 2025 05:00:00 GMT

Frequency Electronics, Inc. (NASDAQ:FEIM) ($36.06; $351.5M market cap) announced Q2 2026 results:

Q2 sales of $17.1 million vs. $15.8 million in the prior year quarter
Q2 2026 EPS: $0.18 vs. $0.28 in the prior year
Backlog at $82 million, up from $70 million at end of FY25
Customer-induced delays that impacted Q1 are now resolved; Q2 revenue up 24% quarter over quarter
Government shutdown caused delays in contract awards, with management expecting reversal in Q3 and Q4
Company anticipates multiple large awards in coming months and highlights growing opportunities in quantum sensing and ALT-PNT solutions

Management comments:

“We anticipate multiple awards in the coming months, some of which are as large or larger than the largest contracts we have ever won. This near term growth is largely in FEI’s core technologies, for which we have deep experience, and thus confidence in our ability to execute with high margins. The evidence suggests that this core business will continue to grow for the foreseeable future, well beyond the next few quarters. On top of this, the Company is pursuing additional growth opportunities in quantum sensing, including magnetometers and other alternative position, navigation and timing (ALT-PNT) solutions, and proliferated satellite applications. These are expected to contribute significantly to expansion of FEI’s markets, and to growth in the 3 to 5 year time frame, and beyond. In other words, we expect continued strength in our core business to build a multi-year bridge to our next generation growth opportunities, and we believe those future growth opportunities will be additive to, not substitutive of, our strong core business.

Our Quick Take:

We were definitely worried about this quarter. The first quarter was really bad, coming in well below expectations, and the stock sold off hard. At the time, the CEO said the issues were temporary and reiterated that he was still very bullish on the mid- to long-term outlook, but he didn’t really give much clarity on the short term, which left the door open for another weak quarter, especially with the government shutdowns.

This quarter, revenue came in at $17.1M versus $15.8M last quarter, so that was a nice improvement, even though EPS was down significantly. We were actually a little surprised the stock is up 25% today,on what was a weak EPS print, but it looks like the market is reacting to management commentary and the idea that a lot of the delays that hurt Q1 are now behind them.

If the company can get back to something like a 30 cent EPS run rate they were doing before Q1, there’s definitely upside here. They’re operating in the right end markets. Overall, this was a good quarter…it could have been a lot worse… and the market seems to like what it’s hearing. We were hoping for a bad quarter and a bigger pullback, but that didn’t happen.

Valuation:

Trailing P/E: 47.3x
Q2 EPS Run Rate, 61.8x

Research

Fri, 12 Sep 2025 15:21:33 GMT

Frequency Electronics, Inc. (NASDAQ:FEIM) ($34.35; $334.9M market cap) announced Q1 2026 results:

Q1 sales of $13.8 million vs. $15.1 million in the prior year, below analyst estimates of $16.5 million
Q1 2026 EPS: $0.07 vs. $0.25 in the prior year, below analyst estimates of $0.36
Backlog at $71M, up from $70M at end of FY25
Customer delays impacted key programs but no cancellations or reductions
Company authorized a $20 million share repurchase program

"Our first quarter fiscal year 2026 results reflect declines in revenue and operating income compared to both the first quarter of fiscal year 2025 and the fourth quarter of fiscal year 2025. However, this first quarter is simply a timing issue. The underlying fundamentals of the business remain strong, and our overall outlook is extremely encouraging. As noted in our previous quarter’s results, we booked some revenue in the fourth quarter of fiscal year 2025 that we previously believed would not ship until fiscal year 2026. In addition to this pulled-forward revenue, this quarter’s results were also impacted by customer-driven delays on a few key programs. It is important to recognize that these are neither cancellations, nor contract reductions. In fact, we expect at least one of these programs to be expanded significantly, increasing the total contract value. Further, we expect this to be resolved in the near-term and for these programs to contribute positively to revenue and operating profit over the coming quarters, predominantly in this fiscal year. As we have mentioned numerous times, our growth is not perfectly linear, given the cadence of contract awards and customer-driven activity, and we remain highly confident in the overall upward trajectory.

One indicator of this future success is that our backlog remains at a historically high level. We are actively bidding on new programs, and anticipate meaningful new business in the near term. Some of the programs we are bidding on are significantly larger than the typical contract wins we have previously reported. Furthermore, these programs have follow-on potential over the next decade and beyond. Both space and non-space defense activity point to continued healthy growth in our core markets, both for our legacy products and our next-generation technology. Notable programs we are involved in include Golden Dome, Patriot missile system, B-2 bomber and Terminal High Altitude Area Defense (THAAD) system, as well as other multi-domain defense systems.

To support these markets, as well as our new initiatives in quantum sensing, the Company recently opened an engineering facility in Boulder, Colorado, and hired senior scientists formerly with the National Institute of Standards and Technology (NIST) Time and Frequency Division. These physicists, and others who are expected to join FEI at the Boulder facility in the near future, will support on-going Company programs and new technology efforts. We anticipate that the Boulder facility will contribute positively to the bottom line by the third quarter of this fiscal year. In addition, as noted previously, we are pursuing external government funding for research and development, with significant activity underway, particularly in the area of quantum sensing, which is a large emerging market for us.

Building on the enthusiastic response and strong encouragement from last year, our Company will host its second annual Quantum Sensing Summit in New York City this October. This scientific conference will convene leaders from government, academia, industry, and other laboratories to explore emerging technologies, discuss strategies for realizing their full potential, and reinforce our nation’s leadership in this critical field as well as FEI’s expanding strategic role in advancing this technology. We are excited about the enthusiasm which has developed around this event. Additional details related to this event are available on the Frequency Electronics website.

Although this quarter showed a temporary decline in revenue and earnings, our strong fundamentals remain unchanged. We continue to generate profitability in our core technologies and are actively investing in innovation to drive long-term growth. With a debt-free balance sheet and the unwavering commitment of our talented workforce, we are confident in the Company’s continued strength and bright outlook. Our leadership in position, navigation and timing (PNT) has never been more paramount in the industry. Traditional customers as well as emerging leaders are engaging with FEI, recognizing our unparalleled and growing technical leadership coupled with manufacturing expertise. We have also now proved our ability to execute complex contracts with greater speed and precision than industry norms.” – Tom McClelland, President and CEO

“We are committed to funding the growth of our business in next-generation opportunities while also continuing to find opportunities to return cash to shareholders. In the past couple of years, we paid out two significant special dividends. The Board believes periodic share repurchases can also be an effective tool for rewarding shareholders, while similarly allowing future value gains to accrete to equity holders. Notably, this repurchase authorization is approximately equal to the combined sum of those two special dividends.” – Lance Lord, General, United States Air Force (Retired), Chairman

Conference call quotes:

"What has changed over the past year or so is that our customers need quantum solutions, particularly in sensing that are real and timely in order to deal with an increasingly tech focused and conflicted global defense landscape. We are in a prime position to deliver solutions, given our technology expertise in defense, space and quantum.

Our opportunity set is not only the best we've seen, but we believe it's also the best in our industry. And our relevancy is critical to the (08:40) of the defense of our country and allied partners.

We have fundamentally transformed this business over the past few years to be a larger, more profitable, more cash generative company that invests in the future and reward shareholders for years to come."

Our Quick Take:

We highly recommend reading the conference call transcript. The overall story remains very bullish, and while this quarter’s weak results highlight some of the unpredictably and variability in FEIM’s quarterly numbers, we continue to believe that reactionary pullbacks in the stock price presents opportunities for investors with a time horizon beyond a minute. We also believe the premium multiples are warranted on normalized financial results (stripping out contract timing issues).

Research

Fri, 11 Jul 2025 17:27:55 GMT

Frequency Electronics, Inc. (NASDAQ:FEIM) ($22.67; $219.3M market cap) announced Q4 2025 results:

Q4 2025 sales of $20.0 million vs. $15.6 million in the prior year
Q4 2025 EPS: $0.34 vs. $0.28 in the prior year
Full-year 2025 sales of $69.8 million vs. $55.3 million in the prior year
Full-year 2025 EPS: $2.48 vs. $0.59 in the prior year
Backlog at April 30, 2025 was approximately $70 million vs. $78 million at April 30, 2024.
Revenue from satellite payloads accounted for 60% of Q4 2025 revenues.

Management Commentary:

“The fourth quarter of fiscal year 2025 was another excellent financial quarter, for the Company. In fact, the fourth quarter was the highest revenue quarter for the company in the past twenty-five years! Margins and operating income were historically high also, resulting in excellent results for the fiscal year. We have demonstrated strong growth over the past several years, and I believe the growth potential for our company is expanding even further. That being said, it must be recognized that the recently ended quarter benefitted from strong execution that allowed the company to produce revenue and profit on several programs in FY25 that were originally scheduled to start in FY25 and continue in FY26 and beyond. I am very proud of this performance by a clearly dedicated and committed FEI workforce; however, while the trend is very much an upward one, it is unreasonable to expect every quarter in the near-term to replicate this performance, though in the medium and longer term I am confident it is where we are headed.”

“The recently passed US budget legislation clearly shows the strong administration commitment to space and defense we have been anticipating, however it is also clear that this administration is re-thinking the overall space architecture and the procurement process to achieve it. We have already seen this in the form of several re-directed proposal efforts. FEI has anticipated this, and is well prepared for it. While the impact on our business in the short term is somewhat unpredictable, we believe the medium to longer term trends are even more positive than we previously believed.”

“To maintain our position, and stay competitive, FEI is continuing to invest internal funds, in a very targeted fashion, to create products which can be incorporated into space and other defense applications with little or no customization; in order to support much faster execution and realization of needed capabilities in space. Our targeted allocation of internal R&D funds is supplemented by external funding, especially for quantum sensor applications. Examples are our on-going compact very high-performance rubidium atomic clock (TuRbo), NV Diamond magnetometer, and Rydberg sensor development activities.”

“As I have said previously, FEI is well positioned to succeed in the growing quantum sensor market based on our expertise in atomic clocks. Quantum sensing is a very real and exciting growth opportunity for FEI and we look forward to sharing more developments this fiscal year, including at our Second Annual Quantum Sensing Summit, to be held in New York City on October 29-30. To maintain and in fact enhance our capabilities we are actively hiring scientists and engineers with expertise in this arena, and have benefited from the staff reductions and turmoil at government laboratories.”

“All and all, I am happy with our performance, vigilant regarding the changes in Washington, and very enthusiastic about our future.”

Our Quick Take:

The press release and related conference call both offer mixed comments, more so on timing of orders than overall demand. However, the overall bullish long term story of a growth company in the Space, Defense, Quantum Sensing and Golden Dome opportunities seems extremely strong.

Research

Fri, 14 Mar 2025 14:06:11 GMT

Frequency Electronics, Inc. (NASDAQ:FEIM) ($14.06, $135.1 M market cap) announced it’s Q3 2025 financial results:

Sales of $18.9 million vs $13.7 million in the prior year
Non GAAP EPS of $0.35 vs $0.01 in the prior year
Backlog: $73 million vs $78 million. (We estimate that the backlog annual EPS run-rate is around $1.40 to $1.80)
Gross Margins: 42% ( big part of FEIM transformation has been building a backlog with gross margins approaching 50% vs. historical gross margins of 20% to 30%. A substat

We also see plenty of new business opportunities, and anticipate winning several key programs over the next few quarters. That said, we have to be mindful of the potential for changes in government funding and federal workforce reductions to impact the timing of the awarding of contracts to our end customers, which could then impact the timing of the portion of our business related to those contracts. Given the increasing importance of the work we are doing, we see any such impact as one of potential delay, rather than elimination with respect to major programs relevant to FEI. Furthermore, as we increase our exposure to programs like highly proliferated smaller satellite programs and quantum sensing, we anticipate diversifying our customer base and end-market exposure. As we have stated in the past, we anticipate continued profitability going forward, though the mix in any given quarter can cause variability; and we continue to believe that we are well positioned to achieve higher, more consistent margins than we have experienced in the past.

The comment on government spending raises concerns. While the company believes that, in the worst case, it would only result in a project delay, such a delay could still impact near-term financials. During the conference call, management stated that they have not observed any specific effects yet.

“Well, we have seen nothing specific. Certainly nothing specific in a negative sense, regarding government activity at this point in time. I think we continue to believe, based on the information that we have at this point, that we're anticipating that some of the programs we expect to get in the near term may get pushed out a little bit in time. But we don't anticipate that any of the programs that are of interest to us will be eliminated. So that's kind of our worst case view of things at this point in time. But a lot of things are going on. And as we all know, that could change one way or the other tomorrow.”

As was the case before potential government changes, the company has always experienced some quarter-to-quarter variability. They also touched on this point during the call.

“Any given quarter can show variability, but we believe our upward trajectory will continue and based on anticipated future wins, may do so at a faster pace in the medium term than what we have recently experienced. In other words, while the market focuses on near term industry clouds, we see a future that is bright and actually getting brighter. I've discussed in the past the changes occurring in the space industry, in particular the proliferated satellite concept where lower cost, faster delivery and higher volume are paramount.”

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.

Research

Wed, 11 Dec 2024 16:24:54 GMT

Frequency Electronics, Inc. (NASDAQ:FEIM) ($12.79, $123.7 M market cap; marked up 25%) announced it’s Q2 2025 financial results:

Sales of $15.8 million vs $13.5 million in the prior year
EPS of $0.28 vs $0.08 in the prior year
Backlog at October 31, 2024 was approximately $81 million compared to $78 million at April 30, 2024

“By all financial metrics the second quarter of fiscal year 2025 performance was excellent. For both the quarter and year to date, revenue, gross margin, and operating income have grown substantially. The backlog is also holding strong; at $81 million (an all-time high) compared to $70 million at the end of the first quarter, and $78 million at the end of last fiscal year. The results reflect continued solid growth in our core businesses, which show every indication of continuing. We are well into the execution phase of several key programs won over the last two years, and our gross margins (48% for the quarter, and 46% for the first half of FY2025) reflect our successful efforts to obtain work, and deliver it successfully. Our ability to perform at high operational standards on our heritage satellite programs allows us to pursue new developments (especially for proliferated small satellites), which at least initially may be at lower margins. As we have been successful obtaining a mix of heritage and new development work, we anticipate continued profitability going forward, though the mix in any given quarter could potentially cause variability. Nonetheless, we believe that the operational improvements we have made over the past few years will allow us to generally achieve higher, more consistent margins than we have experienced in the past.”

Two conference call notes of caution could indicate the quarter was of a little outside the norm are that the quarter included a large project completion and that 50% gross margins might not yet be sustainable:

“First on the gross margin. I think we've been talking over the next couple of years about gross margin, and I think we've been targeting just the kind of numbers that we're delivering at this point in time. We won't always be able to do that. It depends on the mix of work. But that's kind of where we really ideally want to be."

“Operating income increased partially due to a large space program that completed a major milestone in its production during the three months ending October 31, 2024 as discussed earlier. However, the increase is also a result of the successful efforts of the company to complete complex and costly programs and to work more efficiently in bidding, building, and testing of our products. The company believes the improved operating income results for the first half of this fiscal year are a tangible outcome of these efforts.”

FEIM is part of our Buy on Pullback (BOP) #12 Model Portfolio. In a Special Feature in our November 2024 Open Forum of this year, Maj expressed his bullish opinion that FEIM had the potential to increase 50-100%. (By the way, Bird Construction Inc. (OOTC:BIRDF) was the other stock in that feature). Today’s increase in FEIM’s price validates our decision to pick the stock as one to closely watch a little more intently over the next few quarters out of the 8 stocks in the Pullback Portfolio—A tough call of course, being that we were pretty much bullish on all of them.

You can view this clip HERE.

Research

Wed, 11 Sep 2024 04:00:00 GMT

Frequency Electronics, Inc. (NASDAQ:FEIM) ($13.73, $131.3 M market cap) announced it’s Q1 2025 financial results.

FEIM already resides in our by recently launched Buy on Pullback (BOP) #12 Model Portfolio. Had it not already been in the portfolio, we would be adding it to the portfolio, based on the pullback shares are experiencing this morning.

Q1 Results:

Sales of $15.0 million vs $12.4 million in the prior year
EPS of $0.25 vs $0.22 in the prior year

“Revenue for the first quarter of fiscal year 2025 increased by 22%, and operating income improved by 15% compared to the first quarter of fiscal year 2024. We believe profits and margins should continue to increase going forward, due to both our disciplined internal management as well as a strong product offering. The backlog of $70 million at the end of the first quarter of fiscal year 2025 is down slightly from the high of $78 million at the end of fiscal year 2024, but is up substantially from previous years, and represents a historically high value for the Company. This robust backlog is indicative of the strong business environment for our technology as well as our reinvigorated customer focused strategy combined with our commitment to bring faster, better solutions to market. We anticipate continued growth in new business during the current fiscal year ending April 30, 2025. The Company remains committed to achieving sustained profitability and strong cash generation going forward. I have never been more encouraged about our ability to provide important solutions that help to enhance our way of life, and to defend and protect our country and its allies.”

Conference call InfoArb on possible contract wins from the Q&A:

“Question – Jon Deroy Gruber: Good afternoon. Is there any large contract here you're expecting to win or being competitive over the next few months? And the genesis of my question is your orders were very low this quarter, the book-to-bill is 0.4 and orders, what – the backlog's down 8, so that means orders were 7.1. When are you going to be able to replenish that?

Answer – Thomas McClelland: We do anticipate that we're going to replenish that. I think what you're observing is what I was just talking about the unpredictability of the government in terms of starting contracts. But we are definitely anticipating some additional significant new business in the current quarter and also going forward after that. So, we – yeah, I think we're in good shape “

Margin improvement was even better than shown, given one time boost in last years Q1:

“And I guess following up on my first comment about the gross margins. Yeah, I'm reading from your first quarter 2024 comments, you're saying [for the] three months ended July 31, 2023, there are one-time contractual and other adjustments that also benefited the gross margin rate by approximately 8%. My only point is versus a year ago, you really did a 31% gross margin versus the 44% plus this and – just it would be helpful if you spell that out as well. You spell that out on a year ago call, but didn't start out here so.”

R&D expenses will be going down over the next 3 quarters compared to Q1.

“Question – Unidentified speaker: Okay. You answered the R&D question that came up previously. Did you mean to imply that opposed – as opposed to the 10% or so R&D rate of sales rate in this first quarter that for the year it will be closer to 5%? I think...

Answer – Thomas McClelland: Yeah, I think – are those the exact numbers? Probably not, but I think that's the general trend. Yeah.”

The stock traded down in after-hours trading, possibly due to high expectations, as Q1 2024 presented a tough comparison. Additionally, revenue and EPS declined slightly on a sequential basis from Q4 2024.

However, those familiar with the company’s story will recognize that Q4 2024 benefited from delayed revenue recognition on some projects, where the costs had already been recorded in Q3 2024. This inflated Q4 2024 revenue and EPS somewhat, making the current quarter’s performance seem softer in comparison.

Overall, this quarter was very solid, and management’s comments suggest that the next few quarters should be even stronger. While the backlog has decreased, we’re not overly concerned, as the company’s growth naturally involves some fluctuations, particularly with government contracts.

Regarding sales, earnings, and backlog, we continue to see an upward trajectory. The current EPS run rate of $1.00, coupled with a pristine balance sheet, suggests that the stock may be undervalued at its current forward P/E of around 13x.

Moreover, the true EPS run rate is likely higher than indicated by the Q1 2025 report. The earnings call transcript mentioned unusually high research and development expenses in the first quarter, which are expected to decline throughout the year, potentially further improving earnings.

Research

Tue, 23 Jul 2024 17:00:50 GMT

Frequency Electronics, Inc. (NASDAQ:FEIM) ($10.10, $95.8 M market cap) announced it’s Q4 and Full Fiscal Year 2024 financial results:

Revenues:

Q4 2024: $15.6 million vs. $13.0 million
Fiscal year 2024: $55.3 million vs. $40.8 million

EPS:

Q4 2024: $0.28 vs. $0.03
Fiscal year 2024: $0.59 vs. a loss of $0.59

The company also announced a $1.00 special dividend to be paid August 28, 2024.

The CEO commented;

"...Operating income improved meaningfully, and we believe profits and margins should continue to do so going forward; due to both our disciplined internal management as well as a fortified product offering. The backlog of $78 million at the end of the fiscal year ended April 30, 2024 is up substantially from FY2023, and represents a historical high for the Company. This steady growth in backlog is indicative of the strong business environment for our technology as well as our reinvigorated customer focused strategy combined with our commitment to bring faster, better solutions to market. We anticipate continued growth in new business during the current fiscal year ending April 30, 2025. Our efforts have put us on a positive trajectory. The Company remains committed to achieving sustained profitability and strong cash generation going forward. I have never been more encouraged about our ability to provide important solutions that help to enhance our way of life, and to defend and protect our country and its allies.”

Recall that we had talked about FEIM potentially being one of several candidates for our next Open Forum Focus Idea.

Takeaways from Conference Call

Positives

The gross margin rate saw a significant boost due to resolving technical challenges and the improved efficiency of related programs.
Revenue consistently increased throughout the year and is projected to maintain this upward trend in the near future.
The company achieved an operating profit of $5 million for the year, with a profitable Q4 following an operating loss in Q3.
A special dividend of $1 per share has been authorized by the company, marking the second such dividend within approximately eighteen months.
The company is observing shifts in the satellite industry and is strategizing on how to best adapt and position itself accordingly.

Caveats

The company recognizes significant risks and, while committed to using high-quality parts, is prepared to adapt and accept lower-quality components if supply chain issues arise.
The company is actively pursuing new business opportunities in the field of low-cost, easily replaceable satellite hardware, though these initiatives come with higher risks and potentially lower gross margins.
The company is experiencing substantial cost pressures in its new programs.

Research

Wed, 10 Oct 2018 17:16:43 GMT

We are beginning our due diligence on Frequency Electronics, Inc. (NASDAQ:FEIM) ($10.92; $95.3M market cap), a company that designs, develops, manufactures, and sells precision time and frequency control products and components for microwave integrated circuit applications. Our research is based on some things that we often look at when initiating an internal look:

Stock recently hitting new 52 week highs
Insider buying ( Newly appointed CEO, a director and 10% owner all adding shares)
Bullish commentary in Q1 2019 earnings release:

“FEI’s revenues, profitability and backlog are on the rise. We are very pleased with the sequentially improving operating results we have experienced during the first quarter of this fiscal year and to date. These results reaffirm our expectation of rising revenues and profitability this full fiscal year and beyond.”

Strong backlog, up to $37 million, nearly doubled compared to the prior year.

There are caveats to take note of:

Valuation seems rich on several metrics
Annual sales have been declining since 2015 and the company posted losses the last several years.

Comments & Business Outlook

Fri, 13 Jul 2012 04:00:00 GMT

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."