Frequency Electronics, Inc. (Nasdaq:FEIM) reported revenues for fiscal year 2009 of $52.7 million, compared to $64.4 million in fiscal 2008, primarily reflecting a decline in sales to commercial customers in both the telecommunications and satellite payload markets.
After recording a $7.6 million valuation allowance against deferred tax assets, the Company recorded a net loss for the fiscal year ended April 30, 2009, of $11.0 million, or ($1.33) per diluted share, compared to net income of $887,000, or $0.10 per diluted share in fiscal 2008. As previously announced, fiscal year 2009 results include approximately $3.4 million in additional inventory reserves related to the Company’s products for the wireless telecommunications market. Accounting criteria requires a valuation allowance on deferred tax assets based on the Company’s recent financial results. Net income for fiscal year 2008 included a pre-tax gain of $3.0 million on a sale of assets. You can read the entire financial report at this direct link.
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