secwatch.observer — SEC 8-K summary
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Issuer:     FREQUENCY ELECTRONICS INC (FEIM)
CIK:        0000039020
Form:       8-K
Filed at:   2022-07-13T23:59:59+00:00
Accession:  0001185185-22-000818
Event type: leadership
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CEO Stanton Sloane resigns; FY2022 revenue down 11%, net loss $0.93 per share
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- CEO Dr. Stanton Sloane resigned effective July 8, 2022; Dr. Thomas McClelland appointed Interim President and CEO.
- FY2022 revenue $48.3M, down 11% YoY; net loss $8.7M ($0.93 per diluted share) vs net income $680k prior year.
- Operating loss $8.0M driven by cost overrun on development program and delayed contract award at FEI-Zyfer.
- Company remains debt-free with $21.5M cash/securities; backlog stable at ~$40M.
- Investment in Morion impaired due to Russia-Ukraine geopolitical tensions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39020/000118518522000818/0001185185-22-000818-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39020/000118518522000818/freqelec20220713_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-22-000818

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