Frequency Electronics Inc., a Uniondale maker of precision timing devices, reports improved profits amid increasing sales of clocks for commercial and U.S. government satellites.
The Mitchel Field company, which celebrates its 50th anniversary this month, made $776,000 on $15 million revenue for the quarter ended Oct. 31, compared to $328,000 profit on $12.5 million in the same quarter last year, FEI reported Monday.
FEI also makes synchronization devices for missiles, unmanned aircraft, GPS, secure radios, energy exploration, hard-wired and wireless telecom networks; and for military command-and-control systems.
In early trading Tuesday its shares were down $0.02 to $7.93 on light volume.
"We are especially encouraged by our satellite payload sales. These results are strong confirmation of our forecast for increased revenues from our space business, which now makes up almost half of our gross income," board chairman Joseph Franklin, a retired Army general, said in a news release.
"The increased profit margins we are now achieving provide additional confirmation that the investments we made are paying off as intended. With our current backlog and the proposals we have outstanding, we are looking forward to a very good year for Frequency Electronics," Franklin said.
FEI makes precision timing, frequency control and synchronization devices for space and terrestrial applications, for commercial, government and military systems.
Photo: A Block IIR GPS Satellite, one of the types of satellites Frequency Electronics supplies.