FREQUENCY ELECTRONICS INC

Listed Company

FEIMCIK 0000039020NasdaqNon-AcceleratedSmaller ReportingInstruments For Meas & Testing Of Electricity & Elec SignalsDelawareFY ends Apr 30

Period

FY 2025

Revenue

$69.80M

Net Income

$23.69M

Total Assets

$93.74M

Equity

$55.62M

Shares Out

9.84M

Op. Cash Flow

$-1.43M

Business

Frequency Electronics Inc. designs, develops and manufactures precision time and frequency generation technology for space and challenging terrestrial environments. Its main products include master timing systems, quartz and rubidium frequency standards, RF microwave modules and subsystems, GPS-enabled precision timing devices, power converters and related synchronization and anti-spoofing software. The company operates two reportable segments—FEI-NY (including FEI-Elcom) focused on satellite payloads, RF microwave and DOD applications, and FEI-Zyfer focused on GPS/PNT and secure timing. Products are sold to commercial and U.S. Government customers directly and via subcontractors, with end-users in the U.S. and abroad, primarily Europe and Asia.

Summary from filing dated 2025-07-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Revenues	70	55	41	48	54
Cost of revenues	40	37	33	40	37
Gross margin	30	19	8	9	17
Selling and administrative expenses	12	10	9	12	13
Research and development expenses	6	3	3	5	5
Operating income	12	5	−5	−8	−958,000
Income on investments	519,000	561,000	−606,000	199,000	—
Interest expense	−104,000	−109,000	−156,000	−77,000	−127,000
Other expense, net	−3,000	−7,000	7,000	160,000	1
Income before benefit from income taxes	12	5	−5	−9	476,000
Benefit from income taxes	−12	−130,000	74,000	1,000	−204,000
Net income	24	6	−6	−9	680,000
Basic income per share (in Dollars per share)	2.46	0.59	—	—	—
Diluted income per share (in Dollars per share)	2.46	0.59	—	—	—
Basic (in Shares)	10	9	—	9	9
Diluted (in Shares)	10	9	—	9	9

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Cash and cash equivalents	5	18	12	12	10
Accounts receivable, net of allowances of $110 at April 30, 2025 and at April 30, 2024	6	5	5	4	6
Contract assets	18	11	10	9	13
Inventories	23	23	21	20	20
Prepaid income taxes	0	37,000	30,000	—	—
Prepaid expenses and other	1	1	1	1	991,000
Total current assets	53	58	48	56	59
Property, plant, and equipment, net	6	6	7	9	10
Deferred taxes	12	0	—	—	—
Goodwill	617,000	617,000	617,000	—	—
Cash surrender value of life insurance and assets held in trust	11	10	10	10	15
Right-of-use assets operating leases	9	6	7	9	10
Restricted cash	1	945,000	0	—	—
Other assets	875,000	875,000	877,000	909,000	2
Total assets	94	83	74	85	97
Accounts payable trade	1	2	1	1	1
Accrued liabilities	6	5	4	4	5
Loss provision accrual	460,000	404,000	2	4	57,000
Income taxes payable	103,000	0	—	—	—
Operating lease liability, current portion	2	2	2	2	2
Contract liabilities	14	22	19	11	11
Total current liabilities	23	31	27	22	19
Deferred compensation	8	8	8	9	14
Deferred taxes	0	8,000	8,000	8,000	8,000
Operating lease liability, non-current portion	7	5	6	7	8
Total liabilities	38	43	42	38	41
Contingencies (Note 15)	0	0	—	—	—
Preferred stock - $1.00 par value; authorized 600 shares, no shares issued and outstanding	0	0	0	—	—
Common stock - $1.00 par value; authorized 20,000 shares, 9,717 shares issued and 9,704 shares outstanding at April 30, 2025; 9,512 shares issued and 9,511 shares outstanding at April 30, 2024	10	10	9	9	9
Additional paid-in capital	42	50	49	58	57
Retained earnings (accumulated deficit)	4	−20	−26	−20	−11
Common stock reacquired and held in treasury - at cost (13 shares at April 30, 2025 and 1 share at April 30, 2024)	−231,000	−3,000	−3,000	−6,000	−6,000
Total stockholders equity	56	40	33	47	55
Total liabilities and stockholders equity	94	83	74	85	97

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Depreciation and amortization	2	2	2	3	3
Non-cash lease expense	−52,000	−104,000	−39,000	−16,000	−281,000
Provision for losses on accounts receivable, other assets and warranty reserve	314,000	−171,000	−33,000	328,000	−117,000
Provision for inventory reserve	1	912,000	600,000	—	—
Deferred taxes	−12	0	—	—	0
Loss provision accrual	56,000	−1	—	—	—
Loss on sale of fixed and other assets	3,000	23,000	34,000	163,000	39,000
Employee benefit plans expense	1	756,000	1	842,000	1
Stock-based compensation expense	1	822,000	197,000	247,000	273,000
Accounts receivable	−1	10,000	−332,000	2	−752,000
Contract assets	−8	−368,000	−1	5	−2
Inventories	−1	−4	−1	−464,000	3
Prepaid expenses and other	125,000	−125,000	91,000	−171,000	714,000
Other assets	−661,000	0	−366,000	6	−584,000
Accounts payable - trade	−989,000	884,000	384,000	−1,000	−205,000
Accrued liabilities	1	856,000	217,000	−1	765,000
Contract liabilities	−8	3	7	—	—
Prepaid income taxes	140,000	−7,000	239,000	175,000	405,000
Other liabilities	−654,000	−595,000	−1	−6	−865,000
Net cash (used in) provided by operating activities	−1	9	1	4	12
Capital expenditures	−2	−1	−918,000	−2	−1
Net cash used in investing activities	−2	−1	9	−2	−1
Payment of dividend	−10	0	−9	0	—
Purchase of treasury stock	−377,000	0	—	—	—
Net cash used in financing activities	−10	0	−9	0	−5
Net (decrease) increase in cash and cash equivalents and restricted cash	−13	7	488,000	2	6
Interest	104,000	114,000	129,000	77,000	123,000
Income taxes	371,000	13,000	7,000	15,000	0

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