secwatch.observer — SEC 8-K summary
======================================

Issuer:     FREQUENCY ELECTRONICS INC (FEIM)
CIK:        0000039020
Form:       8-K
Filed at:   2022-09-13T23:59:59+00:00
Accession:  0001185185-22-001100
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Frequency Electronics Q1 revenue $8.2M (down 37% YoY); net loss per share $0.33
-------------------------------------------------------------------------------

- Revenue of $8.2M, down from $13.0M in Q1 FY2022; satellite payload revenue fell to $3.5M (42% of total) from $6.7M (52%).
- Operating loss widened to $3.1M vs $1.7M loss in prior-year quarter; net loss was $3.1M ($0.33 per diluted share) vs $1.6M ($0.17).
- Net cash used in operations $3.6M, compared to cash provided of $828K in Q1 FY2022.
- Interim CEO announced 17% labor cost reduction at FEI-NY; backlog flat at ~$40M.
- Major atomic clock program now generating revenue after 8 months of government delays; management optimistic for improvement.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39020/000118518522001100/0001185185-22-001100-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39020/000118518522001100/freqelec20220913_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-22-001100

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer