secwatch.observer — SEC 8-K summary
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Issuer:     FREQUENCY ELECTRONICS INC (FEIM)
CIK:        0000039020
Form:       8-K
Filed at:   2022-12-16T23:59:59+00:00
Accession:  0001185185-22-001426
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Frequency Electronics restates FY2022/2021 financials; reports preliminary Q2 loss of $2.3M
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- Non-reliance on FY2022 and FY2021 audited financials due to missing note and calculation errors in contract assets/liabilities; adjustments up to $2.9M.
- Material weaknesses in internal control over financial reporting as of April 30, 2022 and July 31, 2022; disclosure controls ineffective.
- Preliminary Q2 FY2023 revenue ~$9.0M (down 30% YoY), net loss ~$2.3M vs net income $0.5M YoY.
- Funded backlog increased to ~$56M as of Oct 31, 2022 vs ~$40M as of April 30, 2022.
- Filing of Q2 10-Q delayed; conference call scheduled for December 20, 2022.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39020/000118518522001426/0001185185-22-001426-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39020/000118518522001426/freqelec20221216_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-22-001426

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