Frequency Electronics, Inc. FEI-Zyfer, Inc.
GPS Time and Frequency Systems
 

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Zyfer News

Frequency Electronics Announces New Satellite Contract

MITCHEL FIELD, N.Y., June 26, 2014 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM) announced it has been awarded a new satellite contract anticipated to exceed $11 million. The contract calls for Frequency to design and develop a payload master timing and frequency generator system for U.S. Government end-use. Work on this cost-plus contract is expected to be completed within eighteen months followed by additional orders for flight systems. Frequency was selected for this important contract award based on its state-of-the-art, low phase noise/short-term stability time and frequency technology.

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, C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks. Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets.
 
Frequency's Mission Statement: "Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 42 GHz, for space and other challenging environments."

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; FEI-Elcom Tech provides added resources for state-of-the-art RF microwave products. Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components. Additional information is available on the Company'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.


Frequency Electronics, Inc. Announces Second Quarter Fiscal Year 2014 Results

MITCHEL FIELD, N.Y., Dec. 11, 2013 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM) reported revenues for the second quarter of fiscal 2014, which ended October 31, 2013, of $17.0 million, up from $16.8 million recorded in the preceding quarter and compared to $17.6 million recorded in the second quarter of fiscal 2013. Revenues for the first six months of fiscal 2014 were $33.8 million compared to $34.3 million recorded in the same period of the prior year.

The Company recorded operating profit of $1.3 million for the quarter ended October 31, 2013, up from $1.0 million in the preceding quarter and compared to $2.0 million in the second quarter of the prior year. Operating profit for the first six months of fiscal year 2014 was $2.2 million compared to $3.1 million in the first half of fiscal year 2013. Net income for the second quarter of fiscal 2014 was $1.4 million or $0.16 per diluted share, up from $676,000 or $0.08 per diluted share in the preceding quarter and compared to $1.4 million or $0.17 per diluted share for the second quarter of the prior year. For the year to date, net income was $2.1 million or $0.24 per diluted share compared to the prior year's $2.2 million or $0.26 per diluted share. Fiscal year 2014 results include $736,000 in net proceeds from the sale of certain manufacturing equipment under a rubidium oscillator license agreement.

Commenting on these results, Chairman of the Board General Joseph Franklin said: "Our satellite payload business continued to experience solid growth and for the first six months of our current fiscal year revenues were up almost 20% over last year. The increase in revenues and the operating profits from the satellite business area substantially offset reduced revenues and operating results in our non-space business areas. For the balance of this fiscal year we expect results for the non-space business areas will continue at approximately current levels. Based on our excellent level of bookings so far this year and the continued rise in funded backlog, we look forward to gains in revenues, operating profits and cash flow in the second half of this fiscal year 2014."

Fiscal 2014 Selected Financial Metrics and Other Items:

• For the six months ended October 31, 2013, satellite payload revenues accounted for more than half of consolidated revenues. Satellite payloads account for over three-fourths of the Company's consolidated backlog.
• For the six months ended October 31, 2013, total sales for U.S. Government/DOD end-use, including revenues on U.S. Government satellite programs, accounted for nearly 60% of consolidated revenues. Approximately half of funded backlog is related to products for Commercial end-use.
• In fiscal 2014, bookings based on Frequency's legacy products for both U.S. Government and commercial satellites increased substantially. Funded backlog at October 31, 2013, rose to $57 million not including approximately $20 million of booked orders to be funded subsequent to the end of the second quarter.
• Spending on internal research and development (IR&D) for the six months ended October 31, 2013, increased by approximately $600,000 compared to the same period of the prior year. These expenditures reflect the Company's accelerated IR&D spending on its new expanded product line of satellite microwave receivers and up/down converters.
• Inventory increased by approximately $3 million from the end of the last fiscal year primarily in preparation for the production phase of the multi-satellite Iridium program as well as for other recent bookings. Consuming this inventory will result in increased revenues and positive operating cash flow going forward.

Investor Conference Call

As previously announced, the Company will hold a conference call to discuss these results on Wednesday, December 11, 2013, at 3:00 PM Eastern Time. Investors and analysts may access the call by dialing 1-877-407-9205. International callers may dial 1-201-689-8054. Ask for the Frequency Electronics conference call.

The call will be archived on the Company's website through January 11, 2014. The archived call may also be retrieved at 1-877-660-6853 (domestic) or 1-201-612-7415 (international) using Postcodes (both are required for playback): Account: 286, Conference ID #: 13573549.

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 satellite payloads and in other commercial, government and military systems including C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks. Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets.

Frequency's Mission Statement: "Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 46 GHz, for space and other challenging environments."

Subsidiaries and Affiliates: Gillam-FEI provides expertise in network synchronization and monitoring; FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Asia provides cost effective manufacturing capabilities; FEI-Elcom Tech provides added resources for state-of-the-art RF microwave products. Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components. Additional information is available on the Company'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.


Frequency Electronics Delivers Timing Subsystem to Northrop Grumman for Advanced EHF Fourth Payload

MITCHEL FIELD, N.Y., Dec. 9, 2013 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM) has delivered to Northrop Grumman Corporation the Master Oscillator Group (MOG) for the communications payload on the U.S. Air Force's fourth Advanced Extremely High Frequency (AEHF) satellite.

The delivery is the fourth in a series of MOGs for the six-satellite AEHF program, which provides anti-jam communication links to U.S. armed forces and key allies. It is the latest of a series of communication satellites integrated by Lockheed Space Systems and operated by the United States Air Force Space Command.

The MOG consists of state-of-the-art Rubidium Master Oscillators and a Master Oscillator Synthesizer/Distribution Unit. As part of the payload's Time and Reference Frequency subsystem, the MOG provides timing data & fixed reference frequencies for the payload and spacecraft, ensuring that internal and earth clocks are perfectly synchronized.

Frequency Electronics is under contract for additional sets of MOGs for AEHF satellites # 5 and # 6 to start delivery in 2015. Northrop Grumman provides protected military satellite communication payloads for AEHF to system prime contractor Lockheed Martin Space Systems, Sunnyvale, Calif. Advanced EHF, the next generation of protected military satellite communications satellites, provides vastly improved global, survivable, highly secure, protected communications for strategic command and tactical warfighters operating on ground, sea and air platforms. The system also serves international partners Canada, the Netherlands and the United Kingdom.

Frequency Electronics' support of the AEHF program, like the Milstar System it builds on, reflects Frequency's long-standing commitment to space technology and its unparalleled record of reliability and performance.

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, C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks. Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets.

Frequency's Mission Statement: "Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 42 GHz, for space and other challenging environments."

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; FEI-Elcom Tech provides added resources for state-of-the-art RF microwave products. Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components. Additional information is available on the Company'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.


Frequency Electronics Announces $4 Million Order for FEI-Elcom Tech Inc.

MITCHEL FIELD, N.Y., June 28, 2012 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM) announced that its wholly-owned subsidiary, FEI-Elcom Tech Inc. has received an Authorization to Proceed on a contract to provide ultra-low phase noise, fast switching microwave synthesizers. The total value of the contract is expected to exceed $4 million and is to be completed in less than twelve months. The contract calls for broadband 18 GHz synthesizers with recently developed IF modulation flatness technology required for new demands within Electronic Warfare applications.

Frequency's New York operation is integrating FEI-Elcom's advanced microwave technology in synthesizers, receivers and up/down converters for use in the Company's primary satellite and hosted payload systems and additional C4ISR applications.

Jim Davis, CEO of FEI-Elcom, said, "By working collaboratively with our customers and maintaining our long term and on going strategy of investment in synthesizer technology, we were able to provide substantive new functionality to the product line resulting in the new contract award. Additional benefits include the ability to cost effectively upgrade legacy systems and adding a new core competency to our product development portfolio. It is gratifying to see a win-win solution in the form of this new order and we look forward to follow on business as the advantages of the technology become known within the EW community."

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, C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks. Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets.

Frequency's Mission Statement: "Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 42 GHz, for space and other challenging environments."

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; FEI-Elcom Tech provides added resources for state-of-the-art RF microwave products. Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components. Additional information is available on the Company'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: Alan Miller, CFO, or General Joseph P. Franklin, Chairman:
TELEPHONE: (516) 794-4500
WEBSITE: www.frequencyelectronics.com

Source: Frequency Electronics, Inc.


Frequency Electronics Reports Contract Awards at Sidoti Investor Conference

MITCHEL FIELD, N.Y., June 14, 2012 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM) made a presentation to investors and analysts at the Sidoti & Co Semi-Annual Micro Cap Conference held at the Grand Hyatt Hotel, New York. At the conference, the Company reported that it had received numerous contracts with strategic implications and aggregating over $15 million, confirming the Company's positive growth outlook. These contracts include follow-ons to long-term, existing programs, contracts involving common designs for systems previously operating in space, upgrades to electronic systems on existing government platforms and, of special significance, several new contracts on hosted satellite payloads. The growth in demand for hosted payloads presents a major business opportunity for Frequency.

Hosted payloads allow other users to "piggyback" their own additional separate payloads on a satellite. Frequency was an early participant in hosted payloads having applied its technology to several payloads already operating in orbit. Currently contract and development activity is accelerating.

Martin Bloch, President and CEO, emphasized that economic circumstances require that military and other government procurement be focused on achieving better functionality and performance from existing systems and platforms with lower additional costs. He confirmed that Frequency greatly benefits from this requirement to "do more with less." Frequency's world-leading technologies in precision time, low phase-noise, low g, ruggedized microwave frequency sources and ultra-fast synthesizers are key enablers for improved performance in electronic systems. According to Mr. Bloch, "Applying our proprietary technology to achieve more at lower cost is a key foundation for Frequency's continued growth this year, next year and beyond."

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, C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks. Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets.

Frequency's Mission Statement: "Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 42 GHz, for space and other challenging environments."

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; FEI-Elcom Tech provides added resources for state-of-the-art RF microwave products. Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components. Additional information is available on the Company'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: Alan Miller, CFO, or General Joseph P. Franklin, Chairman:
TELEPHONE: (516) 794-4500
WEBSITE: www.frequencyelectronics.com

FEI-Zyfer Announces Extended Warranty Period

GARDEN GROVE, Calif., August 11, 2011 - FEI-Zyfer, Inc., a wholly-owned subsidiary of Frequency Electronics
(NASDAQ- FEIM) announced today that standard warranty coverage for all FEI-Zyfer products has been doubled from one year to two years.

“FEI-Zyfer has built a reputation for designing and delivering reliable time and frequency equipment over the last twenty years” said Steve Strang, President of FEI-Zyfer, Inc. “By extending our standard warranty to two years, we reinforce our reputation for quality by strengthening our commitment to our customers”.

The new two-year warranty period applies to all existing products, including the CommSync II and GSync time and frequency systems, as well as newer products such as the smaller NanoSync III timing engine, the AccuSync II and Gigabit Ethernet option modules.

About FEI-Zyfer
As the pioneering developer and manufacturer of GPS time and frequency systems, FEI-Zyfer, Inc., offers both commercial-off-the-shelf (COTS) and customized precise time and frequency designs. FEI-Zyfer offers a wide selection of time and frequency options including dual redundant rack mounted systems, SAASM and C/A GPS-referenced designs, Rubidium or OCXO oscillators, and a multitude of time and frequency output modules. If a custom solution is required, FEI-Zyfer has a proven record of delivering quality solutions to both military and commercial customers.

For more information on FEI-Zyfer precise time and frequency products, please call 888-886-7465 or visit our website
at www.fei-zyfer.com.

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: www.frequencyelectronics.com.

CONTACT: Alan Miller, CFO, or General Joseph P. Franklin, Chairman
TELEPHONE: (516) 794-4500
WEBSITE: www.frequencyelectronics.com


Frequency Electronics Awarded Contract From Thales Alenia Space for Iridium NEXT Commercial Satellite Constellation


MITCHEL FIELD, N.Y., May 3, 2011 (GLOBE NEWSWIRE) -- Frequency Electronics Inc. (Nasdaq:FEIM) has been awarded a multi-year development and production contract by Thales Alenia Space for the Iridium NEXT constellation of satellites. Frequency will provide the Master Oscillator Timing/Frequency Generation unit and the L-Band RF Up/Down Converters for each Iridium NEXT satellite. Frequency was selected in a competitive process by offering the best comprehensive solution for the payload assemblies needed to meet the challenging requirements of Iridium NEXT.

Thales Alenia Space is the prime contractor for the Iridium NEXT system, Iridium's second generation constellation of 81 satellites and ground network. It is being designed, built and launched for Iridium Communications Inc., of McLean, Va. Iridium NEXT satellites are expected to begin launching in 2015 to replace Iridium's current constellation of 66 low Earth-orbiting (LEO) satellites. Iridium operates the world's farthest reaching communications network providing the only fully global voice and data satellite communications service. Iridium connects people and assets globally through its unique network and partner ecosystem, and will continue delivering unmatched connectivity reach in the future through Iridium NEXT. Iridium NEXT will significantly enhance the capacity and services of today's network, which is the largest commercial satellite constellation in the world.

Frequency Senior Vice President of Business Development, Oleandro Mancini, affirmed: "Our nearly 50 years of experience and legacy in the design, integration and test of highly-reliable multi-frequency/timing generation equipment for satellite applications made Frequency a perfect fit to support Thales Alenia Space in constructing a constellation that aims to achieve L-band data speeds of up to 1.5 megabits per second."

Frequency Chief Financial Officer, Alan Miller, stated, "Over the past several years we have enhanced our design, development and manufacturing capacity to supply larger portions of the payload to greater numbers of satellites. This expansion enables us to respond cost-effectively to the state-of-the-art performance requirements of the Iridium NEXT program. This award adds significantly to our long-term order backlog, now in excess of $70 million."

Frequency President and CEO, Martin Bloch, observed, "The Iridium NEXT program is very important to Frequency. It is the most significant commercial space program underway today. We have a long and successful history of working with Thales Alenia Space and we look forward to partnering in this and additional opportunities with the Thales Space Division."

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: 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: Alan Miller, CFO
General Joseph P. Franklin, Chairman
TELEPHONE: (516) 794-4500
WEBSITE: www.frequencyelectronics.com


 
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