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Frequency Electronics fiscal Q3 profit falls YOY

Frequency Electronics Inc. said its normalized net income for the fiscal third quarter ended Jan. 31 was 2 cents per share, a decrease of 72.1% from 8 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $188,750, a decrease of 72.0% from $673,750 in the year-earlier period.

The normalized profit margin declined to 1.4% from 3.7% in the year-earlier period.

Total revenue declined 26.6% year over year to $13.5 million from $18.4 million, and total operating expenses declined 23.9% on an annual basis to $13.2 million from $17.4 million.

Reported net income fell 69.8% on an annual basis to $267,750, or 3 cents per share, from $887,370, or 10 cents per share.