Frequency Electronics Q2 2014 revenues up from prior year quarter

Electronics, Inc. (NASDAQ: FEIM) reported revenues for the second quarter of fiscal 2014, which ended October 31, 2013, of USD17.0m, up from USD16.8m recorded in the preceding quarter and compared to USD17.6m recorded in the second quarter of fiscal 2013.

Revenues for the first six months of fiscal 2014 were USD33.8m compared to USD34.3m recorded in the same period of the prior year.

The company recorded operating profit of USD1.3m for the quarter ended October 31, 2013, up from USD1.0m in the preceding quarter and compared to USD2.0m in the second quarter of the prior year. Operating profit for the first six months of fiscal year 2014 was USD2.2m compared to USD3.1m in the first half of fiscal year 2013.

Net income for the second quarter of fiscal 2014 was USD1.4m or USD0.16 per diluted share, up from USD676,000 or USD0.08 per diluted share in the preceding quarter and compared to USD1.4m or USD0.17 per diluted share for the second quarter of the prior year. For the year to date, net income was USD2.1m or USD0.24 per diluted share compared to the prior year´s USD2.2m or USD0.26 per diluted share. Fiscal year 2014 results include USD736,000 in net proceeds from the sale of certain manufacturing equipment under a rubidium oscillator license agreement.

Frequency Electronics is a leader in the design, development and manufacture of high precision timing, frequency control and synchronization products for space and terrestrial applications. The company´s website is at www.frequencyelectronics.com

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