Frequency Electronics, Inc. Announces Second Quarter and Fiscal Year 2024 Financial Results

MITCHEL FIELD, N.Y., Dec. 12, 2023 (GLOBE NEWSWIRE) — Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) is reporting revenues for the three- and six-month periods of fiscal 2024, ended October 31, 2023, of approximately $13.6 million and $26.0 million, respectively, compared to revenues of $8.9 million and $17.2 million, respectively, for the same periods of fiscal year 2023, ended October 31, 2022. Operating income for the second quarter of fiscal year 2024 was $0.9 million compared to an operating loss of $2.3 million for the same period of fiscal year 2023. Operating Income for the six months ended October 31, 2023 was $3.0 million compared to an operating loss of $5.4 million for the six months ended October 31, 2022. Net Income from operations for the three and six months ended October 31, 2023 was $0.8 million or $0.08 per diluted share and $2.9 million or $0.30 per diluted share, respectively, compared to net losses from operations for the three and six month ended October 31, 2022 of $2.3 million or ($0.25) per diluted share and $5.4 million or ($0.58) per diluted share, respectively.

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