Frequency Electronics, Inc. (FEIM) saw its loss widen to $1.02 million, or $0.12 a share for the quarter ended Oct. 31, 2016. In the previous year period, the company reported a loss of $0.07 million, or $0.01 a share. Revenue during the quarter dropped 19.30 percent to $12.91 million from $16 million in the previous year period. Gross margin for the quarter contracted 79 basis points over the previous year period to 31.85 percent. Operating margin for the quarter stood at negative 10.43 percent as compared to a positive 0.30 percent for the previous year period.
Operating loss for the quarter was $1.35 million, compared with an operating income of $0.05 million in the previous year period.
Commenting on these results and the business outlook, Chairman of the Board Joel Girsky said "Reversing the trend of these last six months, Frequency expects to achieve positive operating income in the current quarter and going forward. “With respect to our satellite business, principal customers in both the Commercial and US Government arenas had indicated they expected an upturn in project releases late this year. This upturn appears to be underway. Our bookings to date are substantially higher than the rate of the past several months. We just reported approximately $7 million in new key contracts."
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