Fri, Sep 13, 6:04 PM (98 days ago)
For the quarter ending July 31, 2024, Frequency Electronics, Inc. reported revenues of $15,077,000, a 21.5% increase from $12,408,000 in the same period last year. Gross margin improved to $6,698,000 (44.4% margin) compared to $4,868,000 (39.2% margin) due to higher revenue and completion of higher-margin projects. Operating income rose to $2,365,000 from $2,060,000, reflecting increased sales and gross margins, despite higher research and development expenses, which surged 194.1% to $1,488,000. Net income was $2,430,000, up from $2,042,000, with a provision for income taxes of $133,000. Cash flow from operating activities showed a reduction in cash used, totaling $1,520,000 compared to $2,801,000 in the prior year. The company's working capital was $20.5 million, down from $27.3 million, with a current ratio of 1.5. A special dividend of $1.00 per share was declared, totaling approximately $9.6 million. The funded backlog decreased to $70 million from $78 million, with 65% expected to be realized in the next 12 months. The company continues to invest in R&D while managing liquidity to support future growth.