FREQUENCY ELECTRONICS INC

For the period ended Jan 31, 2024. Filed Mar 18, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jan 31, 2024 · Filed Mar 18, 2024

FEIM$60.22+11.0%Stored close · as of Nov 6, 2026

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Contents

Condensed Consolidated Balance Sheets – January 31, 2024 (unaudited) and April 30, 2023

Condensed Consolidated Balance Sheets

(In thousands, except par value)

	January 31,	April 30,
	2024	2023
(UNAUDITED)
ASSETS:
Current assets:
Cash and cash equivalents	$11,663	$12,049
Accounts receivable, net of allowance for doubtful accounts of $111 at January 31, 2024 and April 30, 2023	5,410	4,622
Contract assets	10,572	10,009
Inventories	23,159	20,526
Prepaid income taxes	24	30
Prepaid expenses and other	1,252	1,071
Total current assets	52,080	48,307
Property, plant, and equipment, net	6,232	7,093
Goodwill	617	617
Cash surrender value of life insurance	10,676	10,220
Other assets	875	877
Right-of-use assets – operating leases	6,323	7,382
Restricted cash	941	-
Total assets	$77,744	$74,496
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$1,723	$1,464
Accrued liabilities	4,528	3,934
Loss provision accrual	1,620	1,544
Operating lease liability - current portion	1,783	1,753
Contract liabilities	18,370	18,586
Total current liabilities	28,024	27,281
Deferred compensation	8,190	8,314
Deferred taxes	8	8
Operating lease liability – non-current portion	4,716	5,883
Other liabilities	133	124
Total liabilities	41,071	41,610
Stockholders’ equity:
Preferred stock - $1.00 par value; authorized 600 shares, no shares issued	-	-
Common stock - $1.00 par value; authorized 20,000 shares, 9,486 shares issued and 9,485 shares outstanding at January 31, 2024; 9,374 shares issued and 9,373 shares outstanding at April 30, 2023	9,487	9,374
Additional paid-in capital	49,841	49,136
Accumulated deficit	(22,652)	(25,621)
Common stock reacquired and held in treasury - at cost (1 share at January 31, 2024 and April 30, 2023)	(3)	(3)
Total stockholders’ equity	36,673	32,886
Total liabilities and stockholders’ equity	$77,744	$74,496

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(In thousands, except per share data)

	Three Months Ended January 31,		Nine Months Ended January 31,
	2024	2023	2024	2023
Condensed Consolidated Statements of Operations
Revenues	$13,714	$10,620	$39,698	$27,773
Cost of revenues	10,610	7,155	27,396	23,963
Gross margin	3,104	3,465	12,302	3,810
Selling and administrative expenses	2,619	2,357	7,473	6,383
Research and development expenses	958	783	2,304	2,492
Operating (loss) income	(473)	325	2,525	(5,065)
Other income (expense):
Investment income (expense), net	636	(625)	549	(600)
Interest expense	(27)	(18)	(86)	(81)
Other income, net	-	5	-	5
Income (loss) before provision for income taxes	136	(313)	2,988	(5,741)
Provision for income taxes	6	3	19	6
Net income (loss)	$130	$(316)	$2,969	$(5,747)
Net income (loss) per common share:
Basic and diluted income (loss) per share	$0.01	$(0.03)	$0.32	$(0.62)
Weighted average shares outstanding:
Basic and diluted	9,440	9,349	9,408	9,328
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$130	$(316)	$2,969	$(5,747)
Unrealized gain (loss) on marketable securities:
Change in market value of marketable securities before reclassification, net of tax	-	388	-	(179)
Reclassification adjustment for realized gains included in net income (loss), net of tax	-	603	-	619
Total unrealized gain on marketable securities, net of tax	-	991	-	440
Comprehensive income (loss)	$130	$675	$2,969	$(5,307)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.