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   Non-TechFrequency Electronics/The China Connection


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From: richardred1/20/2006 11:09:08 AM
   of 58
 
Seeing is believing. Waiting is hoping. I was encouraged to hear by several analysts. A high tech rebound in the area of telcom products this year. FEI could be a possible participant.
Telcom has been a very weak spot for many past years.

Frequency Electronics Participates in Eighth Annual Needham Growth Conference
Tuesday January 17, 3:26 pm ET

MITCHEL FIELD, N.Y.--(BUSINESS WIRE)--Jan. 17, 2006--Frequency Electronics, Inc. (AMEX:FEI - News) participated in the recently concluded Eighth Annual Needham Growth Conference, held at the New York Palace Hotel in mid-town Manhattan. This is the leading conference of its kind for emerging growth companies with approximately 3,000 company executives and investors participating during the three and one-half days of the conference. In order to make FEI's presentation available to all shareholders and investors, both the audio portion and the related slides can be accessed at the Company's website, www.frequencyelectronics.com, under the Investor Relations link.

Presenting on behalf of FEI were Chairman of the Board, General Joseph Franklin, President and CEO, Martin Bloch, Chief Financial Officer, Alan Miller, and Vice President of Business Development, Oleandro Mancini. During the presentation, Mr. Bloch and Mr. Miller reaffirmed the Company's positive outlook for the balance of fiscal year 2006, which ends April 30, 2006, and expressed confidence in achieving increased market share, revenues and profits in fiscal year 2007 and beyond.

FEI has been invited to make a presentation to investors and analysts at the 18th Annual Roth Capital Conference to be held February 20 through 22, 2006, in Dana Point, California. The Roth conference is one of the premier analyst events for small- and micro-cap growth companies, featuring presentations from over 240 companies across a broad spectrum of sectors including technology, healthcare, financial services and consumer products.

About Frequency Electronics

Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency control and synchronization products for space and terrestrial applications. The Company's products are used in commercial, government and military systems, including satellite payloads, missiles, UAVs, piloted aircraft, GPS, secure radios, SCADA, energy exploration and wireline and wireless communication networks. The Company has received over 60 awards of excellence for achievements in providing high performance electronic assemblies for over 120 space programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. The Company's Belgium-based Gillam-FEI subsidiary provides the Company with expertise in wireline network synchronization, monitoring and SCADA. FEI-Zyfer in Anaheim, CA, provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications. The Company has an affiliate in St. Petersburg, Russia which supplies high-quality, cost effective quartz oscillators and components and a wholly-owned subsidiary, FEI-Asia, with a modern manufacturing facility in Tianjin, China. Additional information is available on FEI's website: www.frequencyelectronics.com

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements in this press release regarding the future constitute "forward-looking" statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, consumer spending trends, reliance on key customers, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, competitive developments, changes in manufacturing and transportation costs, the availability of capital, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Contact:

Frequency Electronics, Inc
General Joseph P. Franklin, 516-794-4500
or
www.frequencyelectronics.com

Source: Frequency Electronics, Inc

biz.yahoo.com

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To: richardred who wrote (41)1/21/2006 5:20:34 AM
From: richardred
   of 58
 
Format War Looms for New Wireless Standard
Friday January 20, 5:26 pm ET
By Peter Svensson, AP Technology Writer
UWB Forum, WiMedia Alliance Shut Down Group That Sought to Create Standard for Ultra-Wideband

NEW YORK (AP) -- A technology that promises to replace the cables behind TV sets and entertainment centers with wireless connections appears to be headed for a format war, after two industry organizations formally broke off their collaboration.

At a meeting in Hawaii on Thursday, the UWB Forum and the WiMedia Alliance voted to shut down a working group that sought to create a common standard for a radio technology known as ultra-wideband, or UWB.

Utilizing UWB allows data transmission at extremely high rates, more than enough for high-definition TV signals, at ranges up to 30 feet.

The UWB Forum -- led by Motorola Corp. spinoff Freescale Semiconductor Inc. -- and the WiMedia Alliance -- supported by Samsung Electronics Co. and chip-makers Intel Corp. and Texas Instruments Inc. -- had been trying to unite on a single standard since forming a task group with the Institute of Electrical and Electronics Engineers in 2003. The IEEE has been the umbrella group for a number of successful standards, including Wi-Fi.

Freescale got a head start on UWB in 2003 by buying Xtreme Spectrum, a company that already had a working prototype chip, and wanted that chip to be the basis of the standard.

At the same time, the WiMedia Alliance wanted to go in an entirely different direction. While Freescale's chip sent out extremely rapid "clicks" of radio signals over a wide range of frequencies, the WiMedia Alliance wanted to use a method of dividing the spectrum into a large number of channels and transmitting over them simultaneously, almost like playing the piano with a finger on every key.

"After a year or so of arguing, unfortunately the thing started to become more personal," said Roberto Aiello, chief technology officer of Staccato Communications Inc. and the secretary of the WiMedia Alliance. "We started to be more apart rather than closer to finding a solution."

On the other side, Martin Rofheart, director of the UWB operation at Freescale, said the effort toward hammering out a common standard "has been stalemated for some time. We felt for our part that it wasn't going to produce a specification that would be useful to the industry."

The UWB Forum and Freescale are promoting a personal-computer-centered approach to introducing usage of UWB, emphasizing it as a replacement for the USB cables that connect computers with their peripherals. Rofheart said their Cable-Free USB standard is designed to work with existing computers and peripherals without requiring upgrades or new software.

Two products that use Cable-Free USB were announced at the Consumer Electronics Show this month by Belkin Corp. and Gefen Inc. Both packages consist of a small dongle that connect a laptop wirelessly to the other part of the package, a USB hub, where a printer, scanner, or other peripherals can be plugged in. They are expected to go on sale in a few months.

Freescale's Rofheart said the technology can later be extended to work with consumer electronics, including TVs and stereos.

The first products using the WiMedia Alliance's technology are expected by the end of the year, according to Aiello. Its use of UWB has been certified by another industry body, the USB Forum, and the products will carry the Certified Wireless USB logo.

The Certified Wireless USB products and the Cable-Free USB products will not be able to communicate, and may interfere with one another, according to Aiello.

Analyst Joyce Putscher at In-Stat noted that the WiMedia Alliance is going to continue to work with European engineering bodies, and could end up being a "de facto" standard without the IEEE.

"There is an advantage with the WiMedia flavor such that they can more easily avoid certain frequency bands," Putscher said. That could help acceptance of the technology by foreign governments that wish to minimize interference with other devices.

In the United States, both approaches to utilizing the band have clearance from the Federal Communications Commission.
biz.yahoo.com

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To: richardred who wrote (42)1/21/2006 5:31:29 AM
From: richardred
   of 58
 
Ultra-Wideband (UWB) Technology

One Step Closer to Wireless Freedom

Ultra-Wideband (UWB) technology brings the convenience and mobility of wireless communications to high-speed interconnects in devices throughout the digital home and office. Designed for short-range, wireless personal area networks (WPANs), UWB is the leading technology for freeing people from wires, enabling wireless connection of multiple devices for transmission of video, audio and other high-bandwidth data.

UWB, short-range radio technology, complements other longer range radio technologies such as Wi-Fi*, WiMAX, and cellular wide area communications. It is used to relay data from a host device to other devices in the immediate area (up to 10 meters, or 30 feet).
How UWB Works

A traditional UWB transmitter works by sending billions of pulses across a very wide spectrum of frequencies several GHz in bandwidth. The corresponding receiver then translates the pulses into data by listening for a familiar pulse sequence sent by the transmitter. Specifically, UWB is defined as any radio technology having a spectrum that occupies a bandwidth greater than 20 percent of the center frequency, or a bandwidth of at least 500 MHz.

Modern UWB systems use other modulation techniques, such as Orthogonal Frequency Division Multiplexing (OFDM), to occupy these extremely wide bandwidths. In addition, the use of multiple bands in combination with OFDM modulation can provide significant advantages to traditional UWB systems.

UWB's combination of broader spectrum and lower power improves speed and reduces interference with other wireless spectra. In the United States, the Federal Communications Commission (FCC) has mandated that UWB radio transmissions can legally operate in the range from 3.1 GHz up to 10.6 GHz, at a limited transmit power of -41dBm/MHz. Consequently, UWB provides dramatic channel capacity at short range that limits interference.

For more technical information on UWB, see the Intel-supported Multi-band OFDM Physical Layer Proposal for IEEE 802.15 Task Group 3a [PDF 5.87MB].
A World Without Wires

Today, most computer and consumer electronic devices—everything from a digital camcorder and DVD player to a mobile PC and a high-definition TV (HDTV)—require wires to record, play or exchange data. UWB could eliminate these wires, allowing people to "unwire" their lives in new and unexpected ways. Through UWB:

* An office worker could put a mobile PC on a desk and instantly be connected to a printer, scanner and Voice over IP (VoIP) headset.
* All the components for an entire home entertainment center could be set up and connected to each other without a single wire.
* A digital camcorder could play a just-recorded video on a friend's HDTV without anyone having to fiddle with wires.
* A portable MP3 player could stream audio to high-quality surround-sound speakers anywhere in the room.
* A mobile computer user could wirelessly connect to a digital projector in a conference room to deliver a presentation.
* Digital pictures could be transferred to a photo print kiosk for instant printing without the need of a cable.

Speeding the Development of UWB Through MBOA

In June 2003, Intel helped form the MultiBand OFDM Alliance (MBOA), with many of the most influential players in the consumer electronics, personal computing, home entertainment, semiconductor, and digital imaging market segments.

The goal of this organization is to develop the best technical solution for the emerging UWB (IEEE 802.15.3a) Phy and MAC specification for a diverse set of applications. To date, MBOA has more than 60 participants that support a single technical proposal for UWB.

The MBOA favors a Multi-Band Orthogonal Frequency Division Multiplexing (OFDM) approach. The benefits of this approach include:

* Peaceful coexistence with flexible spectral coverage
* Easier adoption to different worldwide regulatory environments
* Future scalability and backward compatibility
* Use of standard CMOS technology to take advantage of the principles of Moore's Law, speeding development and advancing performance
* Excellent robustness in multipath environments

What's Ahead

Intel's vision of UWB radio is of a "Common UWB Radio Platform" spanning many different applications and industries (see graphic). UWB radio, along with the convergence layer, becomes the underlying transport mechanism for different applications. Some of the more notable applications that could potentially operate on top of the Common UWB Radio Platform would be Universal Serial Bus (USB), IEEE 1394/FireWire*, next generation of Bluetooth*, and Universal Plug and Play (UPnP*).
Common UWB Radio Platform

With the standardization of a common UWB development platform, device manufacturers in the PC, mobile, and consumer electronics markets will be able to easily use UWB as the radio or transport mechanism, taking advantage of the low power and high bandwidth this technology provides. Intel believes the broadly supported MBOA, WiMedia Alliance and Wireless USB Promoter Group (see spotlight box) will enable commercial development of UWB standards-based products as early as 2005.
intel.com

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To: richardred who wrote (43)1/28/2006 2:13:28 AM
From: richardred
   of 58
 
With the realization that is by know mean indicative. Symm's forcast hopefully will bode well for FEI.
Symmetricom Reports Second Quarter FY2006 Results
Thursday January 26, 4:03 pm ET

SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 26, 2006--Symmetricom, Inc. (NASDAQ:SYMM - News), a leading worldwide supplier of network synchronization and timing solutions, today reported results for its fiscal second quarter ended Dec. 31, 2005.

Fiscal second quarter revenue was $47.9 million, an increase of $3.6 million, or 8.2 percent, from prior quarter revenue of $44.3 million, and a decrease of $0.1 million, or 0.1 percent, from the year ago quarter revenue of $48.0 million. For the six month period ended Dec. 31, 2005, revenue was $92.2 million, a decrease of $7.7 million, or 7.8%, from the prior year period.

Net earnings for the fiscal second quarter were $2.7 million, or $0.06 per share on a fully diluted basis, compared with $1.4 million, or $0.03 per share on a fully diluted basis, in the prior quarter, and $4.7 million, or $0.10 per share on a fully diluted basis, in the prior year period. For the six month period ended Dec. 31, 2005, net earnings were $4.0 million, or $0.09 per share on a fully diluted basis, compared with net earnings of $9.2 million, or $0.20 per share on a fully diluted basis, in the prior year period. The current quarter and six month period include expenses of $0.02 and $0.04 per share respectively, on a fully diluted basis, for expenses incurred for stock based compensation following the adoption of FAS123R.

Non-GAAP net earnings for the fiscal second quarter, which excludes certain items related to non-cash compensation, amortization of acquired intangibles, integration and restructuring charges and unusual and non-recurring items, were $4.4 million, or $0.09 per share on a fully diluted basis. This compares with non-GAAP net earnings in the prior quarter of $3.4 million, or $0.07 per share on a fully diluted basis, and non-GAAP net earnings of $5.0 million, or $0.11 per share on a fully diluted basis, in the prior year period. For the six month period ended Dec. 31, 2005, non-GAAP net earnings were $7.7 million, or $0.16 per share on a fully diluted basis, compared with $10.6 million, or $0.23 per share on a fully diluted basis for the prior year.

Telecom Solutions Division revenue for the quarter was $30.6 million, an increase of $0.7 million, or 2.5 percent, from the prior quarter revenue of $29.8 million, and a decrease of $1.9 million, or 5.8 percent, from the year ago quarter revenue of $32.4 million. Telecom Solutions Division revenue for the six month period ended December 31, 2005 was $60.4 million, a decrease of $10.2 million, or 14.5 percent from the prior year period.

Timing, Test & Measurement Division revenue for the quarter was $17.4 million, an increase of $2.9 million, or 20.2 percent from the prior quarter revenue of $14.4 million, and an increase of $1.8 million, or 11.7 percent, from the year ago quarter revenue of $15.5 million. Timing, Test & Measurement Division revenue for the six month period ended Dec. 31, 2005 was $31.8 million, an increase of $2.5 million, or 8.4 percent from the prior year period.

"The support for the upgrade cycle continues to build," said Thomas Steipp president and CEO of Symmetricom. "We received an initial order from AT&T to replace legacy equipment at 12 central offices and signed an agreement to replace virtually all of its legacy cesium primary reference sources over the next two years," continued Mr. Steipp. "We also made progress with our other customers, helping them develop and execute their modernization plans. At this point, we have seen some level of activity, although modest, from most of the service providers in the United States and we believe that the overall level of upgrade activity will steadily rise."

Additional Second Quarter Highlights

* Received several contract awards in our Timing, Test & Measurement Division for work on military communication satellites and secure mobile communications
* Introduced new precision timing products for military applications, including the Symmetricom 8130A, a low phase noise rubidium oscillator, and the 9633 accelerometer compensated OCXO, a low g sensitivity military crystal oscillator used in navigation, radar and secure communications
* Announced successful interoperability testing with modular CMTS products from Big Band Networks
* Continued to expand international market presence with competitive wins in the C.I.S. and other parts of Asia.

Outlook for Q3 FY06

Symmetricom expects third quarter FY06 revenue to be between $48 million and $53 million. The company expects GAAP earnings to be between $0.04 and $0.08 per share, on a fully diluted basis, and non-GAAP earnings to be between $0.07 and $0.12 per share, on a fully diluted basis.

Investor Conference Call

As previously announced, management will hold a conference call to discuss these results today, January 26 at 1:30 p.m. Pacific Time. Those wishing to join should dial 210-234-0002, passcode "Symmetricom." Please reference the conference leader: Thomas Steipp. A live webcast of the conference call will also be available via the company's website at www.symmetricom.com or www.vcall.com. A replay of the call will be available through Feb. 10, 2006. To access the replay, please dial 203-369-0170.

About Symmetricom Inc.

As a worldwide leader in precise time and frequency products and services, Symmetricom provides "Perfect Timing" to customers around the world, including communications service providers, U.S. Department of Defense (DOD), aerospace contractors, enterprises, governments and research facilities. Since 1985, the company's timing, frequency and synchronization solutions have helped define the world's standards, delivering precision, reliability and efficiency to wireless and wireline networks, instrumentation and testing applications and network time management. Deployed in more than 90 countries, products include atomic clocks, cesium and rubidium standards, time synchronization solutions, VME, PCI cards and Global Positioning System (GPS) solutions for instrumentation applications, as well as network time servers for Network Time Protocol (NTP) synchronization. In 2002, Symmetricom acquired TrueTime and Datum, strengthening its leading position in the world time and frequency markets. Symmetricom is based in San Jose, Calif., with offices worldwide. For more information, visit www.symmetricom.com.

Non-GAAP Information

Certain non-GAAP financial information is included in this press release. In the non-GAAP Statements of Operations, Symmetricom excludes certain items related to non-cash compensation, amortization of acquired intangibles, integration and restructuring charges and unusual and non-recurring items. Symmetricom believes that excluding such items provides investors and management with a representation of the company's core operating performance and with information useful in assessing our prospects for the future and underlying trends in Symmetricom's operating performance. Management uses such non-GAAP information to evaluate financial results and to establish operational goals. Non-GAAP information is not determined using GAAP and should not be considered superior to or as a substitute for data prepared in accordance with GAAP. A reconciliation of the non-GAAP results to the GAAP results is provided in the "Consolidated Statements of Operations (non-GAAP)" schedule provided in the press release.

Safe Harbor

This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. These forward-looking statements include statements concerning estimates of future revenue and earnings, changes in anticipated customer demand to replace legacy products, as well as the information regarding the usefulness of the non-GAAP financial information. Symmetricom's actual results could differ materially from those projected or suggested in these forward-looking statements. Factors that could cause future actual results to differ materially from the results projected in or suggested by such forward-looking statements include: reduced rates of demand for telecommunication products or test and measurement products, our customers' ability and need to upgrade existing equipment, our ability to negotiate contracts with our customers, our ability to maintain gross margins, timing of orders, cancellation or delay of customer orders, loss of customers, difficulties in manufacturing products to specification or customer volume requirements, challenges in integrating businesses, customer acceptance of new products, geopolitical risks such as terrorist acts and the risk factors listed from time to time in Symmetricom's reports filed with the Securities and Exchange Commission, including the report on Form 10-K for the year ended June 30, 2005, subsequent Form 10-Q and Form 8K's.

Note: Financial schedules attached.

SYMMETRICOM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)

Three months ended Six months ended
December 31, December 31,
2005 2004 2005 2004
-------- --------- -------- --------

Net revenue $47,909 $47,964 $92,176 $99,922
Cost of products and services 25,019 24,115 47,654 51,764
Amortization of purchased
technology 960 970 2,075 1,961
Integration and restructuring
charges 217 - 343 -
-------- --------- -------- --------
Gross Profit 21,713 22,879 42,104 46,197
Gross Margin 45.3% 47.7% 45.7% 46.2%
Operating Expenses:
Research and development 4,578 3,804 8,853 7,933
Selling, general and
administrative 13,882 12,559 28,339 25,738
Amortization of intangibles 119 142 287 309
-------- --------- -------- --------
Operating income 3,134 6,374 4,625 12,217
Interest income 1,756 222 3,311 367
Interest expense (1,253) (131) (2,491) (265)
-------- --------- -------- --------
Earnings before income taxes 3,637 6,465 5,445 12,319
Income tax provision 982 1,882 1,417 3,251
-------- --------- -------- --------
Net earnings from continuing
operations 2,655 4,583 4,028 9,068
Gain from discontinued
operations, net of tax - 162 - 162
-------- --------- -------- --------
Net earnings $2,655 $4,745 $4,028 $9,230
======== ========= ======== ========

Earnings per share - basic:
Earnings from continuing
operations $0.06 $0.10 $0.09 $0.20
Gain from discontinued
operations - - - -
-------- --------- -------- --------
Net earnings $0.06 $0.10 $0.09 $0.20
-------- --------- -------- --------
Weighted average shares
outstanding - basic 46,092 45,344 46,130 45,059
======== ========= ======== ========

Earnings per share - diluted:
Earnings from continuing
operations $0.06 $0.10 $0.09 $0.20
Gain from discontinued
operations - - - -
-------- --------- -------- --------
Net earnings $0.06 $0.10 $0.09 $0.20
-------- --------- -------- --------
Weighted average shares
outstanding - diluted 46,884 46,815 47,044 46,500
======== ========= ======== ========

SYMMETRICOM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (non-GAAP)
(In thousands, except per share amounts)
(unaudited)

Three months Six months
ended ended
December 31, December 31,
2005 2004 2005 2004
-------- -------- -------- --------

Net revenue $47,909 $47,964 $92,176 $99,922
Cost of products and services 24,888 24,090 47,370 51,712
-------- -------- -------- --------
Gross Profit 23,021 23,874 44,806 48,210
Gross Margin 48.1% 49.8% 48.6% 48.2%
Operating Expenses:
Research and development 4,465 3,804 8,619 7,933
Selling, general and
administrative 13,071 13,003 26,509 25,890
Amortization of intangibles 17 53 87 131
-------- -------- -------- --------
Operating income 5,468 7,014 9,591 14,256
Interest income 1,756 222 3,311 367
Interest expense (1,253) (131) (2,491) (265)
-------- -------- -------- --------
Earnings before income taxes 5,971 7,105 10,411 14,358
Income tax provision 1,612 2,068 2,708 3,789
-------- -------- -------- --------
Net earnings $4,359 $5,037 $7,703 $10,569
======== ======== ======== ========

Earnings per share - basic:
Net earnings $0.09 $0.11 $0.17 $0.23
-------- -------- -------- --------
Weighted average shares
outstanding - basic 46,092 45,344 46,130 45,059
======== ======== ======== ========

Earnings per share - diluted:
Net earnings $0.09 $0.11 $0.16 $0.23
-------- -------- -------- --------
Weighted average shares
outstanding - diluted 46,884 46,815 47,044 46,500
======== ======== ======== ========

Notes to Consolidated Statements of Operations (000's) Three Months ended December 31

(a) The above non-GAAP Statements of Operations exclude the effects of the following:

* For the three months ended December 31, 2005, the amortization of purchased technology related to the acquisitions of Datum, TrueTime, Telmax, HP Communications Synchronization Business and Agilent Technologies' Frequency and Timing Standards product line, which amounted to $960;
* For the three months ended December 31, 2004, the amortization of purchased technology related to the acquisitions of Datum, TrueTime, Telmax, and HP Communications Synchronization Business, which amounted to $970;
* For the three months ended December 31, 2005, stock based compensation expense of $1,055 after adopting FAS123R;
* For the three months ended December 31, 2004, stock based compensation expense of $309 prior to adopting FAS123R;
* For the three months ended December 31, 2005, integration and restructuring charges related to the acquisition of Agilent Technologies' Frequency and Timing Standards product line of $217;
* For the three months ended December 31, 2005, amortization of other intangibles related to the Datum, TrueTime and Agilent Technologies' Frequency and Timing Standards product line acquisitions of $102 (from operating expenses); and
* For the three months ended December 31, 2004, amortization of other intangibles related to the Datum, and TrueTime acquisitions of $89 (from operating expenses).

(b) The above non-GAAP Statements of Operations assume a quarterly effective income tax rate of 27.0% and 29.1% for the three months ended December 31, 2005, and 2004, respectively.

Notes to Consolidated Statements of Operations (000's) Six Months ended December 31

(c) The above non-GAAP Statements of Operations exclude the effects of the following:

* For the six months ended December 31, 2005, the amortization of purchased technology related to the acquisitions of Datum, TrueTime, Telmax, HP Communications Synchronization Business and Agilent Technologies' Frequency and Timing Standards product line, which amounted to $2,075;
* For the six months ended December 31, 2004, the amortization of purchased technology related to the acquisitions of Datum, TrueTime, Telmax, and HP Communications Synchronization Business, which amounted to $1,961;
* For the six months ended December 31, 2005, stock based compensation expense of $2,348 after adopting FAS123R;
* For the six months ended December 31, 2004, stock based compensation expense of $628 prior to adopting FAS123R;
* For the six months ended December 31, 2005, integration and restructuring charges related to the acquisition of Agilent Technologies' Frequency and Timing Standards product line of $343;
* For the six months ended December 31, 2005, amortization of other intangibles related to the Datum, TrueTime and Agilent Technologies' Frequency and Timing Standards product line acquisitions of $200 (from operating expenses); and
* For the six months ended December 31, 2004, amortization of other intangibles related to the Datum, and TrueTime acquisitions of $178 (from operating expenses).

(d) The above non-GAAP Statements of Operations assume a quarterly effective income tax rate of 26.0% and 26.4% for the six months ended December 31, 2005, and 2004, respectively.

SYMMETRICOM, INC.
Impact of Non-GAAP Adjustments on Net Income
(In thousands, except per share amounts)
(unaudited)

Three months ended
December 31, 2005

GAAP Adjust- Non-GAAP
ments
-------- -------- --------

Net revenue $47,909 $- $47,909
Cost of products and services 25,019 (131)(a) 24,888
Amortization of purchased technology 960 (960)(b) -
Integration and restructuring charges 217 (217)(c) -
-------- -------- --------
Gross Profit 21,713 1,308 23,021
Operating Expenses:
Research and development 4,578 (113)(a) 4,465
Selling, general and administrative 13,882 (811)(a) 13,071
Amortization of intangibles 119 (102)(b) 17
-------- -------- --------
Operating income 3,134 2,334 5,468
Interest income 1,756 - 1,756
Interest expense (1,253) - (1,253)
-------- -------- --------
Earnings before income taxes 3,637 2,334 5,971
Income tax provision 982 630 (d) 1,612
-------- -------- --------
Net earnings $2,655 $1,704 $4,359
======== ======== ========

Earnings per share - basic:
Net earnings $0.06 $0.03 $0.09
-------- -------- --------
Weighted average shares outstanding -
basic 46,092 46,092 46,092
======== ======== ========

Earnings per share - basic:
Net earnings $0.06 $0.03 $0.09
-------- -------- --------
Weighted average shares outstanding -
diluted 46,884 46,884 46,884
======== ======== ========

(a) The adjustment represents FAS123R adoption:
Cost of products and services $131
Research and development 113
Selling, general and
administrative 811
--------
Total stock based
compensation $1,055
========

(b) The adjustment represents the amortization of purchased
technology related to acquisitions of Datum, TrueTime, Telmax,
HP Communications and Synchronization Business, and the Agilent
Technologies' Frequency and Timing Standards product line.

(c) The adjustment represents integration and restructuring charges
related primarily to the Agilent Technologies' Frequency and
Timing Standards product line.

(d) This adjustment is the tax impact of the above adjustments
using the fiscal 2006 quarterly effective tax rate of 27%.

SYMMETRICOM, INC.
Impact of Non-GAAP Adjustments on Net Income
(In thousands, except per share amounts)
(unaudited)

Six months ended
December 31, 2005

GAAP Adjust- Non-GAAP
ments
-------- ------- --------

Net revenue $92,176 $- $92,176
Cost of products and services 47,654 (284)(a) 47,370
Amortization of purchased technology 2,075 (2,075)(b) -
Integration and restructuring charges 343 (343)(c) -
-------- ------- --------
Gross Profit 42,104 2,702 44,806
Operating Expenses:
Research and development 8,853 (234)(a) 8,619
Selling, general and administrative 28,339 (1,830)(a) 26,509
Amortization of intangibles 287 (200)(b) 87
-------- ------- --------
Operating income 4,625 4,966 9,591
Interest income 3,311 - 3,311
Interest expense (2,491) - (2,491)
-------- ------- --------
Earnings before income taxes 5,445 4,966 10,411
Income tax benefit 1,417 1,291 (d) 2,708
-------- ------- --------
Net earnings $4,028 $3,675 $7,703
======== ======= ========

Earnings per share - basic:
Net earnings $0.09 $0.08 $0.17
-------- ------- --------
Weighted average shares outstanding -
basic 46,130 46,130 46,130
======== ======= ========

Earnings per share - diluted:
Net earnings $0.09 $0.07 $0.16
-------- ------- --------
Weighted average shares outstanding -
diluted 47,044 47,044 47,044
======== ======= ========

(a) The adjustment represents FAS123R adoption:
Cost of products and services $284
Research and development 234
Selling, general and
administrative 1,830
-------
Total stock based compensation $2,348
=======

(b) The adjustment represents the amortization of purchased
technology related to acquisitions of Datum, TrueTime, Telmax,
HP Communications and Synchronization Business, and the Agilent
Technologies' Frequency and Timing Standards product line.

(c) The adjustment represents integration and restructuring charges
related primarily to the Agilent Technologies' Frequency and
Timing Standards product line.

(d) This adjustment is the tax impact of the above adjustments
using the fiscal 2006 year to date effective tax rate of 26%.

SYMMETRICOM, INC.
Impact of Non-GAAP Adjustments on Net Income
(In thousands, except per share amounts)
(unaudited)

Three months ended
December 31, 2004

GAAP Adjustments Non-GAAP
-------- ----------- --------

Net revenue $47,964 $- $47,964
Cost of products and services 24,115 (25)(a) 24,090
Amortization of purchased technology 970 (970)(b) -
-------- ----------- --------
Gross Profit 22,879 995 23,874
Operating Expenses:
Research and development 3,804 - 3,804
Selling, general and
administrative 12,559 444 (c) 13,003
Amortization of intangibles 142 (89)(d) 53
-------- ----------- --------
Operating income 6,374 640 7,014
Interest income 222 - 222
Interest expense (131) - (131)
-------- ----------- --------
Earnings before income taxes 6,465 640 7,105
Income tax provision 1,882 186 (e) 2,068
-------- ----------- --------
Net earnings from continuing
operations 4,583 454 5,037
Gain from discontinued operations, net
of tax 162 (162)(f) -
-------- ----------- --------
Net earnings $4,745 $292 $5,037
======== =========== ========

Earnings per share - basic:
Net earnings $0.10 $0.01 $0.11
-------- ----------- --------
Weighted average shares outstanding -
basic 45,344 45,344 45,344
======== =========== ========

Earnings per share - diluted:
Net earnings $0.10 $0.01 $0.11
-------- ----------- --------
Weighted average shares outstanding -
diluted 46,815 46,815 46,815
======== =========== ========

(a) The adjustment represents the amortization of stock based
compensation included in cost of goods.

(b) The adjustment represents the amortization of purchased technology
related to acquisitions of Datum, TrueTime, Telmax and the HP
Communications and Synchronization Business.

(c) The adjustment is net of an expense of ($284) for stock based
compensation, an expense reduction of $360 for bad debts due to
the collection of old Datum receivables that were fully reserved
and an expense reduction of $368 due to an adjustment for a
reserve for a payment for a bankruptcy payment.

(d) The adjustment represents the amortization of other intangibles
related to acquisition of Datum, TrueTime, Net Monitor and the HP
Communications and Synchronization Business.

(e) This adjustment is the tax impact of the above adjustments using
the fiscal 2005 quarterly effective tax rate of 29.1%.

(f) Eliminate the impact of discontinued operations.

SYMMETRICOM, INC.
Impact of Non-GAAP Adjustments on Net Income
(In thousands, except per share amounts)
(unaudited)

Six months ended
December 31, 2004

GAAP Adjust- Non-GAAP
ments
-------- -------- --------

Net revenue $99,922 $- $99,922
Cost of products and services 51,764 (52)(a) 51,712
Amortization of purchased technology 1,961 (1,961)(b) -
-------- -------- --------
Gross Profit 46,197 2,013 48,210
Operating Expenses:
Research and development 7,933 - 7,933
Selling, general and administrative 25,738 152 (c) 25,890
Amortization of intangibles 309 (178)(d) 131
-------- -------- --------
Operating income 12,217 2,039 14,256
Interest income 367 - 367
Interest expense (265) - (265)
-------- -------- --------
Earnings before income taxes 12,319 2,039 14,358
Income tax provision 3,251 538 (e) 3,789
-------- -------- --------
Net earnings from continuing
operations 9,068 1,501 10,569
Gain from discontinued operations, net of
tax 162 (162)(f) -
-------- -------- --------
Net earnings $9,230 $1,339 $10,569
======== ======== ========

Earnings per share - basic:
Net earnings $0.20 $0.03 $0.23
-------- -------- --------
Weighted average shares outstanding -
basic 45,059 45,059 45,059
======== ======== ========

Earnings per share - diluted:
Net earnings $0.20 $0.03 $0.23
-------- -------- --------
Weighted average shares outstanding -
diluted 46,500 46,500 46,500
======== ======== ========

(a) The adjustment represents the amortization of stock based
compensation.

(b) The adjustment represents the amortization of purchased technology
related to acquisitions of Datum, TrueTime, Telmax and the HP
Communications and Synchronization Business.

(c) The adjustment is net of an expense of ($576) for stock based
compensation, an expense reduction of $360 for bad debts due to
the collection of old Datum receivables that were fully reserved
and an expense reduction of $368 due to an adjustment for a
reserve for a repayment of a collected receivable to a bankrupt
customer.

(d) The adjustment represents the amortization of other intangibles
related to acquisition of Datum, TrueTime, Net Monitor and the HP
Communications and Synchronization Business.

(e) This adjustment is the tax impact of the above adjustments using
the fiscal 2005 year to date effective tax rate of 26.4%.

(f) Eliminate the impact of discontinued operations.

SYMMETRICOM, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)

December June
31, 30,
2005 2005
--------- ---------

ASSETS
Current assets:
Cash and cash equivalents $120,272 $105,635
Short-term investments 66,996 89,514
Accounts receivable, net 29,126 29,049
Inventories, net 27,937 26,698
Prepaids and other current assets 10,986 10,827
--------- ---------
Total current assets 255,317 261,723
Property, plant and equipment, net 24,156 23,063
Goodwill, net 52,862 49,248
Other intangible assets, net 11,176 10,272
Deferred taxes and other assets 47,347 47,365
Note receivable from employee 500 500
--------- ---------
Total assets $391,358 $392,171
========= =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $9,443 $12,684
Accrued compensation 9,703 9,062
Accrued warranty 3,284 3,338
Other accrued liabilities 12,460 12,416
Current maturities of long-term obligations 1,196 1,110
--------- ---------
Total current liabilities 36,086 38,610
Long-term obligations 126,258 126,967
Deferred income taxes 419 419
--------- ---------
Total liabilities 162,763 165,996
--------- ---------
Stockholders' equity:
Common stock 181,673 184,292
Additional paid-in capital 2,032 -
Accumulated other comprehensive income 223 100
Deferred stock-based compensation (1,144) -
Retained earnings 45,811 41,783
--------- ---------
Total stockholders' equity 228,595 226,175
--------- ---------
Total liabilities and stockholders'
equity $391,358 $392,171
========= =========

Contact:

Symmetricom, Inc.
Bill Slater, 408-428-7801
bslater@symmetricom.com
or
Stapleton Communications Inc.
Maria Riley, 650-470-0200
maria@stapleton.com

Source: Symmetricom, Inc.

biz.yahoo.com

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From: richardred2/9/2006 11:33:08 AM
   of 58
 
Frequency Electronics, Inc. Awarded Contract for Advanced Military Satellite Payload System
Tuesday February 7, 10:13 am ET

MITCHEL FIELD, N.Y.--(BUSINESS WIRE)--Feb. 7, 2006--Frequency Electronics, Inc. (AMEX - FEI) has been awarded a follow-on contract for a time and frequency system to be deployed on a secure communication satellite program. This program is the successor system to a similar major long-term military program for which FEI provided master clocks on many satellites over a multi-year period. During the past three years, FEI developed and manufactured initial flight hardware for the first phase of the current secure communication program. This latest contract calls for the Company to build an ultra-low phase noise clock system along with synthesizer and distribution subsystems. The contract amount is in excess of $3 million and is to be delivered in less than two years.

Commenting on this award, President and CEO Martin Bloch said: "Our participation in this important military program acknowledges FEI's ability to provide state-of-the-art, very low phase noise clock and synthesizer systems. Additionally, it demonstrates FEI's capacity to supply not only master clocks but much larger portions of satellite payloads."

About Frequency Electronics

Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency control and synchronization products for space and terrestrial applications. The Company's products are used in commercial, government and military systems, including satellite payloads, missiles, UAVs, piloted aircraft, GPS, secure radios, SCADA, energy exploration and wireline and wireless communication networks. The Company has received over 60 awards of excellence for achievements in providing high performance electronic assemblies for over 120 space programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. The Company's Belgium-based Gillam-FEI subsidiary provides the Company with expertise in wireline network synchronization, monitoring and SCADA. FEI-Zyfer in Anaheim, CA, provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications. The Company has an affiliate in St. Petersburg, Russia which supplies high-quality, cost effective quartz oscillators and components. Additionally, the Company operates a new, modern manufacturing facility in Tianjin, China through its wholly-owned subsidiary, FEI-Asia. Additional information is available on FEI's website: www.frequencyelectronics.com

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements in this press release regarding the future constitute "forward-looking" statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, consumer spending trends, reliance on key customers, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, competitive developments, changes in manufacturing and transportation costs, the availability of capital, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Contact:

Frequency Electronics, Inc.
Alan Miller / General Joseph P. Franklin
516-794-4500
www.frequencyelectronics.com

Source: Frequency Electronics, Inc.

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From: richardred3/15/2006 1:57:25 PM
   of 58
 
New 52week high moderate volume so far. Harris landed a new contract. FEI subcontracts for them on a lot of projects. No news from FEI on the matter.

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From: DevilSinCA3/15/2006 2:08:25 PM
   of 58
 
CHMD China Media. Link hotmicrocapstock.com I like the sound of this.
Take care everyone.

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From: richardred4/3/2006 10:54:47 AM
   of 58
 
MOT getting ready to buy something again. I think so! I don't know what,but I do know what their looking for.

>The company said the deal will allow it to sharpen its focus on communications technology.
biz.yahoo.com
Message 22319832

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From: richardred10/25/2006 10:32:05 AM
   of 58
 
Very rarely do you see volume over 100,000. That was the case yesterday.
24-Oct-06 13.91 13.96 13.43 13.91 119,700

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From: richardred7/12/2007 12:45:21 PM
   of 58
 
More R & D spending for expansion of satellite payload contracts. The move from the AMEX. The company has been just as ill liquid trading on the NASDQ. The seeming only plus currently. The new symbol not being confused as much with FEI corp. Another wait till next year with that glimmer of hope scenario. <Sigh>

Frequency Electronics, Inc. Announces Fiscal Year 2007 Results
Thursday July 12, 10:24 am ET

MITCHEL FIELD, N.Y., July 12, 2007 (PRIME NEWSWIRE) -- Frequency Electronics, Inc. (NasdaqGM:FEIM - News) reported revenues for the fourth quarter of fiscal year 2007, which ended April 30, 2007, of $15.5 million compared to $15.1 million for the same period of fiscal 2006, and up from $12.1 million in the preceding quarter. For fiscal year 2007, revenues were $56.2 million compared to $52.8 million for the previous fiscal year.


The operating loss for the fourth quarter was $2.7 million compared to operating income of $331,000 for the same quarter of fiscal 2006. For the full fiscal year 2007, the operating loss was $3.7 million, compared to operating income of $1.7 million in fiscal 2006. Operating income was impacted by increased engineering costs (see Frequency Press Releases dated October 30, 2006 and March 2, 2007) and a $3.1 million increase in R&D expenses compared to the prior fiscal year.

The net loss for the three-month period ended April 30, 2007, was $589,000, or ($0.07) per diluted share, compared to net income of $1.1 million, or $0.12 per diluted share, for the same period of fiscal 2006. For the full fiscal year, the net loss was $257,000, or ($0.03) per diluted share, compared to fiscal 2006 net income of $4.8 million, or $0.55 per diluted share, which included pre-tax gains of $3.2 million from real-estate related investments.

Commenting on fiscal year 2007, Chairman of the Board General Joseph Franklin said: ``These results reflect the costs associated with expanding the Company's capabilities to meet higher volumes of production required by new satellite payload contracts. We anticipate large increases in our future space business. Revenues turned up sharply in the fourth quarter. We see this higher revenue rate continuing through the first quarter of fiscal 2008, and increasing during the balance of the new fiscal year.'

In fiscal 2007, the Company began making accelerated investments to expand its design, manufacturing, and test capabilities, including:

- Adding and training new technical personnel.

- Increasing equipment resources.

- Expending $9.4 million in R&D, a 50% increase over fiscal 2006.

These improvements are designed to enable high rates of production of frequency generators, synthesizers, and other satellite payload systems. They have already increased the Company's engineering and production capabilities for these space products. Beginning with the last quarter of fiscal 2007:

- The Company has delivered 26 of 27 frequency generator units for a major satellite customer.

- Delivery of frequency generator units for three other large satellite contracts has begun

- The production rate of satellite frequency generator units was increased from six per year to ten per month.

- The Company is continuing to expand its engineering and production capabilities.

Also in fiscal 2007, the Company enhanced its world-leading technical resources by adding the advanced RF microwave expertise of Elcom Technologies, Inc. (see Frequency Press Release dated January 3, 2007) to the spectrum of capabilities provided by Morion, Gillam-FEI, FEI-Zyfer, and FEI-Asia

Reporting on the Company's major business areas (Satellite Payloads, U.S. Government/DOD Non-satellite Programs, and Telecommunications Infrastructure):

- Revenues from commercial and U.S. Government satellite programs rose above $16.0 million, approaching 30% of total sales. Satellite payloads now comprise over 50% of the Company's backlog and are expected to become Frequency's largest business area in fiscal 2008.

- Sales to the U.S. Government (other than satellite products) were under $8.0 million, down approximately 25% from fiscal 2006, due mainly to lower sales at FEI-Zyfer. Over the long term, this business area continues to offer some of the most significant potential revenue opportunities for the Company.

- Telecommunications infrastructure sales rose above $25.0 million to the highest levels in recent years, comprising about 45% of the Company's total revenues. Orders from wireline and wireless infrastructure customers indicate further increases in sales for fiscal 2008.

For the Company's reporting segments, FEI-NY, Gillam-FEI, and FEI-Zyfer (including fiscal 2007 inter-segment sales of $2.9 million):

- Revenues for FEI-NY were $40.2 million for fiscal 2007, compared to $35.8 million for fiscal 2006. The FEI-NY segment includes revenues from all major business areas.

- Gillam-FEI recorded revenues of $11.4 million for fiscal 2007, compared to $9.2 million in fiscal 2006. Gillam-FEI has delivered over 20 of its new US5Ge wireline synchronization systems for installation in Europe and is building an initial inventory of US5G systems for U.S. domestic applications. This segment includes revenues primarily from wireline communications infrastructure and other network management products.

- FEI-Zyfer's revenues were $7.5 million for fiscal 2007, compared to $10.1 million for fiscal 2006. Subsequent to year-end, the Company's bookings have increased substantially and revenues for this segment are expected to improve for fiscal 2008. The majority of FEI-Zyfer's revenues are derived from U.S. Government/DOD programs.

Chief Financial Officer Alan Miller added the following comment: ``In addition to the costs associated with the expansion of our operating capabilities, a substantial increase in inventories impacted operating cash flow during the latter half of fiscal 2007. Major components of the inventory increase were hi-rel satellite parts for existing contracts, US5G systems being built by Gillam, and rubidium and other wireless products to meet customers' short lead-time requirements. It is important to note that over 70% of our current inventory is committed to existing programs or is guaranteed by our customers.'

Investor Conference Call

As previously announced, the Company will hold a conference call to discuss these results today, July 12, 2007, at 11:30 AM Eastern Time. Investors and analysts may access the call by dialing 1-866-409-1555. International callers may dial 1-913-312-1235. Ask for the Frequency conference call.

The call will be archived on the Company's website through August 12, 2007. The archived call may also be retrieved at 1-888-203-1112 (domestic) or 1-719-457-0820 (international) using Passcode ID 8514713.

About Frequency Electronics

Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency control and synchronization products for space and terrestrial applications. Frequency's products are used in commercial, government and military systems, including satellite payloads, missiles, UAVs, aircraft, GPS, secure radios, SCADA, energy exploration and wireline and wireless communication networks. Frequency has received over 60 awards of excellence for achievements in providing high performance electronic assemblies for over 120 space programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. Subsidiaries and Affiliates: Gillam-FEI provides expertise in wireline network synchronization and SCADA; FEI-Zyfer provides GPS and secure timing (``SAASM') capabilities for critical military and commercial applications; FEI-Asia provides cost effective manufacturing and distribution capabilities in a high growth market. Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components. Elcom Technologies provides added resources for state-of-the-art RF microwave products. Additional information is available on the Company's website: frequencyelectronics.com .

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements in this press release regarding the future constitute ``forward-looking' statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, consumer spending trends, reliance on key customers, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, competitive developments, changes in manufacturing and transportation costs, the availability of capital, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Frequency Electronics, Inc. and Subsidiaries
Consolidated Condensed Summary of Operations

Quarter Ended Year Ended
April 30, April 30,
2007 2006 2007 2006
--------- --------- --------- ---------
(unaudited)
(in thousands except per share data)

Net Sales $ 15,456 $ 15,142 $ 56,206 $ 52,810
Cost of Sales 12,350 10,182 39,130 34,193
--------- --------- --------- ---------
Gross Margin 3,106 4,960 17,076 18,617

Selling and
Administrative 3,015 2,462 11,359 10,616
Research and Development 2,810 2,167 9,438 6,291
--------- --------- --------- ---------
Operating (Loss) Profit (2,719) 331 (3,721) 1,710
Interest and Other, Net 362 698 1,909 4,917
--------- --------- --------- ---------
Income before Income
Taxes (2,357) 1,029 (1,812) 6,627
Income Tax (Benefit)
Provision (1,768) (47) (1,555) 1,829
--------- --------- --------- ---------
Net (Loss) Income $ (589) $ 1,076 $ (257) $ 4,798
========= ========= ========= =========

Net (Loss) Income
per Share:
Basic $ (0.07) $ 0.13 $ (0.03) $ 0.56
========= ========= ========= =========
Diluted $ (0.07) $ 0.12 $ (0.03) $ 0.55
========= ========= ========= =========
Average Shares
Outstanding
Basic 8,681,004 8,556,932 8,620,776 8,537,427
========= ========= ========= =========
Diluted 8,681,004 8,756,414 8,620,776 8,690,617
========= ========= ========= =========

Frequency Electronics, Inc. and Subsidiaries
Consolidated Condensed Balance Sheets

April 30, April 30,
2007 2006
------- -------
(in thousands)
ASSETS
Cash & Marketable Securities $15,604 $24,475
Accounts Receivable 15,626 15,868
Inventories 31,201 22,971
Other Current Assets 5,172 3,681
Property, Plant & Equipment 7,839 6,663
Other Assets 18,384 13,315
------- -------
$93,826 $86,973
======= =======

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities $13,631 $ 7,220
Long-term Obligations and Other 9,311 9,120
Stockholders' Equity 70,884 70,633
------- -------
$93,826 $86,973
======= =======

Contact:

Frequency Electronics, Inc.
Alan Miller, CFO,
General Joseph P. Franklin, Chairman
(516) 794-4500
www.frequencyelectronics.com

Source: Frequency Electronics, Inc.
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