Frequency Electronics

Manufacturing & Industrial communication equipment electronic components holding company networking satellite security

Frequency Electronics is a provider of precision time and frequency technology, which is employed in commercial, government, command, control, communication, computer, intelligence, security and reconnaissance and other military electronic systems. The Company operates in three segments: FEI-NY, Gillam-FEI, and FEI-Zyfer. Its technology is used for a range of terrestrial and space applications.

Revenue(FY, 2017)

$50.4 M

Market capitalization(2018-04-20)

$77.9 M

Backlog(Q3, 2018)

$16 M

Type

Public

Uniondale, US

Founded

1961

Size (employees)

320 (est)

Website

freqelec.com

Frequency Electronics was founded in 1961 and is headquartered in Uniondale, US

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Key People/Management at Frequency Electronics

Martin Bloch

President, CEO and Director

Steven Bernstein

Chief Financial Officer

Stanton Sloane

Chief Operating Officer

James Davis

President, FEI-Elcom Tech, Inc.

Oleandro Mancini

Sr. Vice President, Business Development

Thomas McClelland

Vice President, Advanced Development

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Frequency Electronics Office Locations

Frequency Electronics has an office in Uniondale

Uniondale, US (HQ)

55 Charles Lindbergh Blvd

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Frequency Electronics Financials and Metrics

Frequency Electronics Financials

Frequency Electronics's revenue was reported to be $50.35 m in FY, 2017 which is a 9.1% decrease from the previous period.

Summary

USD
Revenue (Q3, 2018)	10.6 m
Gross profit (Q3, 2018)	(2.9 m)
Gross profit margin (Q3, 2018), %	(27%)
Net income (Q3, 2018)	(10.1 m)
EBIT (Q3, 2018)	(7.3 m)
Market capitalization (20-Apr-2018)	77.9 m
Cash (31-Jan-2018)	7 m

Frequency Electronics's current market capitalization is $77.9 m.

Source: SEC Filings

Income Statement

Annual

USD	FY, 2015	FY, 2016	FY, 2017
Revenue	76.6 m	55.4 m	50.4 m
Revenue growth, %	7%	(28%)	(9%)
Cost of goods sold	53 m	36.1 m	39.1 m
Gross profit	23.5 m	19.3 m	11.2 m

Quarterly

USD	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018	Q2, 2018	Q3, 2018
Revenue	19.7 m	19.2 m	18.4 m	16.7 m	16 m	13.5 m	12.7 m	12.9 m	12.8 m	12 m	9.3 m	10.6 m
Cost of goods sold	14.1 m	12.6 m	12.5 m	10.9 m	10.8 m	8.8 m	8.6 m	8.8 m	9.1 m	7.5 m	7.1 m	13.4 m
Gross profit	5.7 m	6.7 m	5.9 m	5.8 m	5.2 m	4.7 m	4.1 m	4.1 m	3.7 m	4.5 m	2.2 m	(2.9 m)
Gross profit Margin, %	29%	35%	32%	35%	33%	35%	32%	32%	29%	38%	24%	(27%)

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Source: SEC Filings

Balance Sheet

Annual

USD	FY, 2015	FY, 2016	FY, 2017
Cash	7.2 m	5.8 m	2.2 m
Accounts Receivable	9.7 m	7.2 m	11 m
Prepaid Expenses	1.3 m	1.1 m	1.1 m
Inventories	38.2 m	36.3 m	29.1 m

Quarterly

USD	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018	Q2, 2018	Q3, 2018
Cash	4.5 m	6.4 m	6.1 m	5.9 m	4.1 m	7.1 m	4 m	4.1 m	3.1 m	10.9 m	11 m	7 m
Accounts Receivable	14.7 m	12.9 m	12.2 m	10 m	12.5 m	9.2 m	9.5 m	9.2 m	7.6 m	8.1 m	7.1 m	7.8 m
Prepaid Expenses	1.2 m	1.3 m	2.1 m	1.2 m	1.3 m	1.1 m	1.2 m	1.2 m	1.2 m	890 k	1.2 m	1.1 m
Inventories	42.8 m	41.3 m	41 m	39.1 m	38.8 m	40.7 m	42.6 m	41.8 m	41.2 m	30.5 m	31.2 m	25.9 m

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Cash Flow

Annual

USD	FY, 2015	FY, 2016	FY, 2017
Net Income	2.8 m	1 m	(4.8 m)
Depreciation and Amortization	2.9 m	2.5 m	2.6 m
Inventories	1.3 m	(3.7 m)	2.2 m
Accounts Payable	25 k	1.2 m	(746 k)

Quarterly

USD	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018	Q2, 2018	Q3, 2018
Net Income	719 k	1.3 m	878 k	891 k	822 k	1.1 m	(706 k)	(1.7 m)	(1.4 m)	614 k	(867 k)	(11.3 m)
Cash From Operating Activities	(5.6 m)	(2.5 m)	(791 k)	(1.8 m)	(2.9 m)	2 m	(571 k)	(2.5 m)	2.6 m	3.2 m	2.8 m	4 m
Purchases of PP&E	(1.2 m)	(3.1 m)	(3.6 m)	(606 k)	(1.3 m)	1.6 m	(1.1 m)	(2.4 m)	(3.8 m)	(450 k)	(883 k)	(1 m)
Cash From Investing Activities	59 k	(408 k)	608 k	(65 k)	(767 k)	(1.8 m)	(1.1 m)	(1.4 m)	53 k	5.8 m	5.6 m	440 k

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Ratios

USD	Y, 2018
Financial Leverage	1.3 x

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Frequency Electronics Operating Metrics

Frequency Electronics's Backlog was reported to be $16m in Q3, 2018.

	FY, 2015	Q1, 2016	Q2, 2016	Q3, 2016	FY, 2016	Q1, 2017	Q2, 2017	Q3, 2017	FY, 2017	Q1, 2018	Q2, 2018	Q3, 2018
Backlog	$37 m	$27 m	$23 m	$22 m	$32 m	$36 m	$39 m	$42 m	$28 m	$23 m	$21 m	$16 m
Locations	6				6				4

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Frequency Electronics Acquisitions / Subsidiaries

Acquired Company	Date	Deal Size
Satel-FEI, s.a.
FEI Zyfer, Inc.
Gillam-FEI, s.a.
Frequency Electronics, Inc. Asia
Frequency Electronics, Inc.
FEI Communications, Inc.
FEI Government Systems, Inc.
Monitor Corp. (Inactive)
FEI-Elcom Tech, Inc.
FEI Realty, Inc. (Inactive)