FREQUENCY ELECTRONICS INC
For the period ended Jul 31, 2024. Filed Sep 13, 2024.
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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.
Jul 31, 2024 · Filed Sep 13, 2024
FEIM$60.22+11.0%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets – July 31, 2024 (unaudited) and April 30, 2024
Condensed Consolidated Balance Sheets
(In thousands, except par value)
| July 31, | April 30, | |
|---|---|---|
| 2024 | 2024 | |
| (UNAUDITED) | ||
| ASSETS: | ||
| Current assets: | ||
| Cash and cash equivalents | $16,201 | $18,320 |
| Accounts receivable, net of allowances of $110 at July 31, 2024 and April 30, 2024 | 5,922 | 4,614 |
| Contract assets | 10,817 | 10,523 |
| Inventories | 24,308 | 23,431 |
| Prepaid income taxes | - | 37 |
| Prepaid expenses and other | 1,977 | 1,196 |
| Total current assets | 59,225 | 58,121 |
| Property, plant, and equipment, net | 6,304 | 6,438 |
| Goodwill | 617 | 617 |
| Cash surrender value of life insurance | 10,379 | 10,221 |
| Right-of-use assets – operating leases | 5,646 | 6,036 |
| Restricted cash | 1,217 | 945 |
| Other assets | 876 | 875 |
| Total assets | $84,264 | $83,253 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||
| Current liabilities: | ||
| Accounts payable – trade | $1,553 | $2,348 |
| Accrued liabilities | 4,938 | 4,765 |
| Loss provision accrual | 234 | 404 |
| Dividend payable | 9,567 | - |
| Income taxes payable | 79 | - |
| Operating lease liability – current portion | 1,468 | 1,640 |
| Contract liabilities | 20,854 | 21,639 |
| Total current liabilities | 38,693 | 30,796 |
| Deferred compensation | 8,050 | 8,088 |
| Deferred taxes | 18 | 8 |
| Operating lease liability – non-current portion | 4,301 | 4,545 |
| Total liabilities | 51,062 | 43,437 |
| Stockholders’ equity: | ||
| Preferred stock - $1.00 par value; authorized 600 shares, no shares issued | - | - |
| Common stock - $1.00 par value; authorized 20,000 shares, 9,568 shares issued and 9,562 shares outstanding at July 31, 2024; 9,512 shares issued and 9,511 shares outstanding at April 30, 2024 | 9,568 | 9,512 |
| Additional paid-in capital | 41,296 | 50,334 |
| Accumulated deficit | (17,597) | (20,027) |
| Common stock reacquired and held in treasury - at cost (5 shares at July 31, 2024 and 1 share at April 30, 2024) | (65) | (3) |
| Total stockholders’ equity | 33,202 | 39,816 |
| Total liabilities and stockholders’ equity | $84,264 | $83,253 |
Condensed Consolidated Statements of Operations and Comprehensive Income
(In thousands, except per share data)
| Three Months Ended July 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Condensed Consolidated Statements of Operations | ||
| Revenues | $15,077 | $12,408 |
| Cost of revenues | 8,379 | 7,540 |
| Gross margin | 6,698 | 4,868 |
| Selling and administrative expenses | 2,845 | 2,302 |
| Research and development expenses | 1,488 | 506 |
| Operating income | 2,365 | 2,060 |
| Other income (expense): | ||
| Income on investments | 224 | 20 |
| Interest expense | (26) | (31) |
| Income before provision for income taxes | 2,563 | 2,049 |
| Provision for income taxes | 133 | 7 |
| Net income | $2,430 | $2,042 |
| Net income per common share: | ||
| Basic and diluted income per share | $0.25 | $0.22 |
| Weighted average shares outstanding: | ||
| Basic and diluted | 9,538 | 9,384 |
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