Frequency Electronics shares jump on report of narrower loss
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Frequency Electronics shares rose Friday after the company reported a narrower loss. Credit: Howard Schnapp
Shares of Frequency Electronics Inc. climbed Friday after the maker of timing and synchronization devices for satellites, aircraft and global positioning system devices reported a narrower loss for the third quarter.
The Uniondale company posted a net loss from continuing operations of $321,000, or 4 cents per diluted share, for the period ended Jan. 31, versus a net loss of $10.1 million, or $1.15 per diluted share, in the year-earlier quarter.
Revenue increased to $13.2 million compared to $10.6 million in the 2018 period. Frequency Electronics released its earnings report after Thursday's stock market close.
The stock on Friday closed up 14.7 percent to $12.39. Twelve months ago the stock was trading at $9.36.
In a conference call after the earnings release, president and chief executive Stanton D. Sloane pointed to the announcement earlier this week of a $5.9 million contract with Lockheed Martin to use Frequency's timing technology in GPS satellites.
"This is a game changer for us," he said.
Martin B. Bloch, executive chairman and chief scientist, said the "opportunity is approximately $15 million per satellite" and the federal government plans to launch 22 of the GPS satellites over the next five to eight years.
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Martin B. Bloch, executive chairman and chief scientist at Frequency Electronics, said a new contract for GPS satellites creates an opportunity of "about $15 million per satellite." Credit: Barry Sloan
Earlier this week, officials announced that Frequency Electronics would receive $1 million in New York State tax credits over 10 years in exchange for a commitment to create 116 jobs over the next five years.
The company had 140 employees last year.
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