Frequency Electronics, Inc. Files 10-Q for Period Ended January 31, 2024

TL;DR

<b>Frequency Electronics, Inc. filed its quarterly report (10-Q) for the period ending January 31, 2024, confirming compliance with SEC filing requirements.</b>

AI Summary

FREQUENCY ELECTRONICS INC (FEIM) filed a Quarterly Report (10-Q) with the SEC on March 18, 2024. Filed a Form 10-Q for the quarterly period ended January 31, 2024. The company is incorporated in Delaware and has its principal executive offices in Mitchel Field, NY. Common Stock is traded under the symbol FEIM on the NASDAQ Global Market. Frequency Electronics, Inc. has filed all required reports for the preceding 12 months. The company has submitted all Interactive Data Files required by Rule 405 of Regulation S-T.

Why It Matters

For investors and stakeholders tracking FREQUENCY ELECTRONICS INC, this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Frequency Electronics, Inc. As a non-accelerated and smaller reporting company, this 10-Q offers insights into its financial health and compliance status.

Risk Assessment

Risk Level: low — FREQUENCY ELECTRONICS INC shows low risk based on this filing. The filing is a routine quarterly report, indicating no immediate high-risk events or disclosures.

Analyst Insight

Review the detailed financial statements within the 10-Q to assess the company's performance and outlook.

Key Numbers

• 2024-01-31 — Quarterly Period End Date (Form 10-Q)
• 2024-03-18 — Filing Date (Form 10-Q)
• 1-8061 — SEC File Number (Form 10-Q)

Key Players & Entities

• FREQUENCY ELECTRONICS INC (company) — Registrant
• FEIM (company) — Trading Symbol
• NASDAQ Global Market (company) — Exchange
• January 31, 2024 (date) — Quarterly Period Ended
• 20240131 (date) — Conformed Period of Report
• 20240318 (date) — Filing Date
• Delaware (jurisdiction) — State of Incorporation
• NY (location) — State of Principal Executive Offices

FAQ

Industry Context

Frequency Electronics, Inc. operates in the instruments for measurement and testing of electricity and electronic signals industry.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including filing quarterly reports (10-Q).

What Investors Should Do

1. Analyze the financial statements and management's discussion and analysis in the 10-Q.
2. Monitor future filings for changes in financial condition or strategic direction.
3. Compare current quarter performance to historical trends and industry benchmarks.

Year-Over-Year Comparison

This filing is a standard quarterly report and does not appear to represent a change from previous reporting cycles based on the provided header information.

Key Financial Figures

• $1.00 — ich registered Common Stock (par value $1.00 per share) FEIM NASDAQ Global Marke

Filing Documents

• freqelec20240131_10q.htm (10-Q) — 1070KB
• ex_639716.htm (EX-31.1) — 8KB
• ex_639717.htm (EX-31.2) — 8KB
• ex_639718.htm (EX-32) — 8KB
• 0001185185-24-000269.txt (&nbsp;) — 4216KB
• feim-20240131.xsd (EX-101.SCH) — 37KB
• feim-20240131_cal.xml (EX-101.CAL) — 35KB
• feim-20240131_def.xml (EX-101.DEF) — 139KB
• feim-20240131_lab.xml (EX-101.LAB) — 260KB
• feim-20240131_pre.xml (EX-101.PRE) — 149KB
• freqelec20240131_10q_htm.xml (XML) — 635KB

Financial Information

Part I. Financial Information:

- Financial Statements

Item 1 - Financial Statements: Condensed Consolidated Balance Sheets – January 31, 2024 (unaudited) and April 30, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) – Three and Nine Months Ended January 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows Nine months ended January 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders' Equity – Three and Nine Months Ended January 31, 2024 (unaudited) 6 Condensed Consolidated Statements of Changes in Stockholders' Equity – Three and Nine Months Ended January 31, 2023 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8-14

- Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 15-20

- Quantitative and Qualitative Disclosures About Market Risk

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 21

- Controls and Procedures

Item 4 - Controls and Procedures 21

Other Information

Part II. Other Information:

– Risk Factors

Item 1A – Risk Factors 22

– Other Information

Item 5 – Other Information 22

- Exhibits

Item 6 - Exhibits 22

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements FREQUENCY ELECTRONICS, INC. and SUBSIDIARIES 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

View Full Filing

View this 10-Q filing on SEC EDGAR