|
x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Delaware
|
11-1986657
|
(State
or other jurisdiction of
|
(I.R.S.
Employer Identification No.)
|
incorporation
or organization)
|
55
CHARLES LINDBERGH BLVD., MITCHEL FIELD, N.Y.
|
11553
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Page
No.
|
|
Part
I. Financial Information:
|
|
Item
1 - Financial Statements:
|
|
Condensed
Consolidated Balance Sheets -
|
|
October
31, 2010 and April 30, 2010
|
3
|
Condensed
Consolidated Statements of Operations
|
|
Six
Months Ended October 31, 2010 and 2009
|
4
|
Condensed
Consolidated Statements of Operations
|
|
Three
Months Ended October 31, 2010 and 2009
|
5
|
Condensed
Consolidated Statements of Cash Flows
|
|
Six
Months Ended October 31, 2010 and 2009
|
6
|
|
|
Notes
to Condensed Consolidated Financial Statements
|
7-12
|
Item
2 - Management's Discussion and Analysis of
|
|
Financial
Condition and Results of Operations
|
12-18
|
|
|
Item
3 – Quantitative and Qualitative Disclosures About Market
Risk
|
18
|
|
|
Item
4- Controls and Procedures
|
19
|
Part
II. Other Information:
|
|
|
|
Item
6 - Exhibits
|
19
|
Signatures
|
20
|
Exhibits
|
|
October
31,
|
April
30,
|
|||||||
2010
|
2010
|
|||||||
(UNAUDITED)
|
(AUDITED)
|
|||||||
(NOTE
A)
|
||||||||
(In
thousands except share data)
|
||||||||
ASSETS:
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 7,384 | $ | 9,954 | ||||
Marketable
securities
|
11,577 | 10,418 | ||||||
Accounts
receivable, net of allowance for doubtful accounts of $258 at October 31,
2010 and $266 at April 30, 2010
|
11,855 | 10,504 | ||||||
Costs
and estimated earnings in excess of billings, net
|
2,466 | 1,667 | ||||||
Inventories,
net
|
28,954 | 26,975 | ||||||
Prepaid
income taxes
|
255 | - | ||||||
Prepaid
expenses and other
|
1,141 | 1,122 | ||||||
Total
current assets
|
63,632 | 60,640 | ||||||
Property,
plant and equipment, at cost, less accumulated depreciation and
amortization
|
6,811 | 7,015 | ||||||
Goodwill
and other intangible assets
|
218 | 218 | ||||||
Cash
surrender value of life insurance and cash held in trust
|
9,181 | 8,917 | ||||||
Investment
in and loans receivable from affiliates
|
3,841 | 3,813 | ||||||
Other
assets
|
817 | 817 | ||||||
Total
assets
|
$ | 84,500 | $ | 81,420 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY:
|
||||||||
Current
liabilities:
|
||||||||
Short-term
credit and lease obligations
|
$ | 254 | $ | 246 | ||||
Accounts
payable - trade
|
2,496 | 1,720 | ||||||
Income
taxes payable
|
- | 295 | ||||||
Accrued
liabilities
|
5,043 | 5,047 | ||||||
Total
current liabilities
|
7,793 | 7,308 | ||||||
Lease
obligation- noncurrent
|
313 | 441 | ||||||
Deferred
compensation
|
9,737 | 9,624 | ||||||
Deferred
rent and other liabilities
|
703 | 664 | ||||||
Total
liabilities
|
18,546 | 18,037 | ||||||
Commitments
and contingencies
|
||||||||
Stockholders'
equity:
|
||||||||
Preferred
stock - $1.00 par value
|
- | - | ||||||
Common
stock - $1.00 par value
|
9,164 | 9,164 | ||||||
Additional
paid-in capital
|
49,763 | 49,580 | ||||||
Retained
earnings
|
6,106 | 5,271 | ||||||
65,033 | 64,015 | |||||||
Common
stock reacquired and held in treasury - at cost (907,590 shares at October
31, 2010 and 946,172 shares at April 30, 2010)
|
(4,379 | ) | (4,651 | ) | ||||
Accumulated
other comprehensive income
|
5,300 | 4,019 | ||||||
Total
stockholders' equity
|
65,954 | 63,383 | ||||||
Total
liabilities and stockholders' equity
|
$ | 84,500 | $ | 81,420 |
2010
|
2009
|
|||||||
(In thousands except per share data)
|
||||||||
Revenues
|
$ | 24,652 | $ | 23,836 | ||||
Cost
of revenues
|
15,102 | 15,141 | ||||||
Gross
margin
|
9,550 | 8,695 | ||||||
Selling
and administrative expenses
|
5,560 | 5,340 | ||||||
Research
and development expense
|
2,389 | 2,454 | ||||||
Operating
profit
|
1,601 | 901 | ||||||
Other
income (expense):
|
||||||||
Investment
income
|
179 | 253 | ||||||
Equity
income (loss)
|
28 | (195 | ) | |||||
Impairment
of investment in affiliate
|
- | (200 | ) | |||||
Interest
expense
|
(64 | ) | (78 | ) | ||||
Other
expense, net
|
(89 | ) | (156 | ) | ||||
Income
before provision for income taxes
|
1,655 | 525 | ||||||
Provision
for income taxes
|
820 | - | ||||||
Net
income
|
$ | 835 | $ | 525 | ||||
Net
income per common share
|
||||||||
Basic
|
$ | 0.10 | $ | 0.06 | ||||
Diluted
|
$ | 0.10 | $ | 0.06 | ||||
Weighted
average shares outstanding
|
||||||||
Basic
|
8,242,481 | 8,172,643 | ||||||
Diluted
|
8,302,405 | 8,184,764 |
2010
|
2009
|
|||||||
(In thousands except per share data)
|
||||||||
Revenues
|
$ | 12,528 | $ | 11,395 | ||||
Cost
of revenues
|
7,724 | 7,001 | ||||||
Gross
margin
|
4,804 | 4,394 | ||||||
Selling
and administrative expenses
|
2,765 | 2,773 | ||||||
Research
and development expense
|
1,227 | 1,379 | ||||||
Operating
profit
|
812 | 242 | ||||||
Other
income (expense):
|
||||||||
Investment
income
|
99 | 125 | ||||||
Equity
loss
|
(1 | ) | (145 | ) | ||||
Impairment
of investment in affiliate
|
- | (200 | ) | |||||
Interest
expense
|
(29 | ) | (34 | ) | ||||
Other
expense, net
|
(83 | ) | (117 | ) | ||||
Income
(loss) before provision for income taxes
|
798 | (129 | ) | |||||
Provision
for income taxes
|
470 | - | ||||||
Net
income (loss)
|
$ | 328 | $ | (129 | ) | |||
Net
income (loss) per common share
|
||||||||
Basic
|
$ | 0.04 | $ | (0.02 | ) | |||
Diluted
|
$ | 0.04 | $ | (0.02 | ) | |||
Weighted
average shares outstanding
|
||||||||
Basic
|
8,251,391 | 8,180,659 | ||||||
Diluted
|
8,323,303 | 8,180,659 |
2010
|
2009
|
|||||||
(In thousands)
|
||||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 835 | $ | 525 | ||||
Non-cash
charges to earnings and non-operating income or loss, net
|
1,988 | 2,541 | ||||||
Net
changes in operating assets and liabilities
|
(4,665 | ) | (406 | ) | ||||
Net
cash (used in) provided by operating activities
|
(1,842 | ) | 2,660 | |||||
Cash
flows from investing activities:
|
||||||||
Proceeds
from sale of marketable securities and investments
|
1,500 | - | ||||||
Purchase
of marketable securities
|
(2,500 | ) | - | |||||
Purchase
of fixed assets
|
(694 | ) | (280 | ) | ||||
Net
cash used in investing activities
|
(1,694 | ) | (280 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Payment
of short-term credit and lease obligations
|
(120 | ) | (1,243 | ) | ||||
Net
cash used in financing activities
|
(120 | ) | (1,243 | ) | ||||
Net
(decrease) increase in cash and cash equivalents before effect of exchange
rate changes
|
(3,656 | ) | 1,137 | |||||
Effect
of exchange rate changes on cash and cash equivalents
|
1,086 | (349 | ) | |||||
Net
(decrease) increase in cash and cash equivalents
|
(2,570 | ) | 788 | |||||
Cash
and cash equivalents at beginning of period
|
9,954 | 4,911 | ||||||
Cash
and cash equivalents at end of period
|
$ | 7,384 | $ | 5,699 | ||||
Supplemental
disclosures of cash flow information:
|
||||||||
Cash
paid during the period for:
|
||||||||
Interest
|
$ | 60 | $ | 40 | ||||
Income
Taxes
|
$ | 1,370 | - |
Six months
|
Three months
|
|||||||||||||||
Periods ended October 31,
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Weighted
average shares outstanding:
|
||||||||||||||||
Basic
|
8,242,481 | 8,172,643 | 8,251,391 | 8,180,659 | ||||||||||||
Effect
of dilutive securities
|
59,924 | 12,121 | 71,912 | *** | ||||||||||||
Diluted
|
8,302,405 | 8,184,764 | 8,323,303 | 8,180,659 |
***
|
Dilutive
securities are excluded for the three month period ended October 31, 2009
since the inclusion of such shares would be antidilutive due to the net
loss for the period then ended.
|
Six months
|
Three months
|
|||||||||||||||
Periods ended October 31,
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Outstanding
options and SARS excluded
|
966,775 | 869,213 | 966,775 | 869,213 |
October 31, 2010
|
April 30, 2010
|
|||||||
(In
thousands)
|
||||||||
Costs
and estimated earnings in excess of billings
|
$ | 3,814 | $ | 2,917 | ||||
Billings
in excess of costs and estimated earnings
|
(1,348 | ) | (1,250 | ) | ||||
Net
asset
|
$ | 2,466 | $ | 1,667 |
October 31, 2010
|
April 30, 2010
|
|||||||
(In
thousands)
|
||||||||
Raw
Materials and Component Parts
|
$ | 11,679 | $ | 13,192 | ||||
Work
in Progress
|
14,224 | 11,039 | ||||||
Finished
Goods
|
3,051 | 2,744 | ||||||
$ | 28,954 | $ | 26,975 |
Six months
|
Three months
|
|||||||||||||||
Periods ended October 31,
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Net
income (loss)
|
$ | 835 | $ | 525 | $ | 328 | $ | (129 | ) | |||||||
Foreign
currency translation adjustment
|
1,082 | 644 | 2,012 | 272 | ||||||||||||
Change
in market value of marketable securities
|
199 | 834 | 113 | 511 | ||||||||||||
Comprehensive
income
|
$ | 2,116 | $ | 2,003 | $ | 2,453 | $ | 654 |
|
(1)
|
FEI-NY
– operates out of New York and its operations consist principally of
precision time and frequency control products used in three principal
markets- communication satellites (both commercial and U.S.
Government-funded); terrestrial cellular telephone or other ground-based
telecommunication stations and other components and systems for the U.S.
military.
|
|
(2)
|
Gillam-FEI
- operates out of Belgium and France and primarily sells wireline
synchronization and network management systems in non-U.S.
markets. All sales from Gillam-FEI to the United States are to
other segments of the Company.
|
|
(3)
|
FEI-Zyfer
– operates out of California and its products incorporate Global
Positioning System (GPS) technologies into systems and subsystems for
secure communications, both government and commercial, and other locator
applications. This segment also provides sales and support for
the Company’s wireline telecommunications family of products, including
US5G, which are sold in the United States
market.
|
Six months
|
Three months
|
|||||||||||||||
Periods ended October 31,
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Revenues:
|
||||||||||||||||
FEI-NY
|
$ | 15,168 | $ | 14,014 | $ | 7,527 | $ | 6,949 | ||||||||
Gillam-FEI
|
5,203 | 4,975 | 2,230 | 2,501 | ||||||||||||
FEI-Zyfer
|
5,657 | 6,828 | 3,160 | 2,579 | ||||||||||||
less
intersegment revenues
|
(1,376 | ) | (1,981 | ) | (389 | ) | (634 | ) | ||||||||
Consolidated
revenues
|
$ | 24,652 | $ | 23,836 | $ | 12,528 | $ | 11,395 | ||||||||
Operating
profit (loss):
|
||||||||||||||||
FEI-NY
|
$ | 1,465 | $ | 624 | $ | 565 | $ | 538 | ||||||||
Gillam-FEI
|
40 | (5 | ) | (76 | ) | 14 | ||||||||||
FEI-Zyfer
|
290 | 485 | 451 | (171 | ) | |||||||||||
Corporate
|
(194 | ) | (203 | ) | (128 | ) | (139 | ) | ||||||||
Consolidated
operating profit
|
$ | 1,601 | $ | 901 | $ | 812 | $ | 242 |
October 31, 2010
|
April 30, 2010
|
|||||||
Identifiable
assets:
|
||||||||
FEI-NY
(approximately $3.6 million in China)
|
$ | 35,854 | $ | 35,462 | ||||
Gillam-FEI
(all in Belgium or France)
|
21,345 | 19,594 | ||||||
FEI-Zyfer
|
7,741 | 7,413 | ||||||
less
intersegment balances
|
(13,365 | ) | (14,655 | ) | ||||
Corporate
|
32,925 | 33,606 | ||||||
Consolidated
identifiable assets
|
$ | 84,500 | $ | 81,420 |
Six months
|
Three months
|
|||||||||||||||
Periods ended October 31,
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
(in
thousands)
|
||||||||||||||||
Purchases
from:
|
||||||||||||||||
Elcom
|
$ | 314 | $ | 6 | $ | 279 | $ | - | ||||||||
Morion
|
37 | 212 | 20 | 16 | ||||||||||||
Sales
to:
|
||||||||||||||||
Elcom
|
$ | 133 | $ | 1 | $ | 75 | $ | 1 | ||||||||
Morion
|
200 | 32 | 72 | 11 | ||||||||||||
Interest
on Elcom notes receivable
|
$ | 47 | $ | 24 | $ | 22 | $ | 12 |
October 31, 2010
|
||||||||||||||||
Gross
|
Gross
|
Fair
|
||||||||||||||
Unrealized
|
Unrealized
|
Market
|
||||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Fixed
income debt securities
|
$ | 10,566 | $ | 354 | $ | (24 | ) | $ | 10,896 | |||||||
Equity
securities
|
450 | 231 | - | 681 | ||||||||||||
$ | 11,016 | $ | 585 | $ | (24 | ) | $ | 11,577 | ||||||||
April 30, 2010
|
||||||||||||||||
Gross
|
Gross
|
Fair
|
||||||||||||||
Unrealized
|
Unrealized
|
Market
|
||||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Fixed
income debt securities
|
$ | 9,606 | $ | 261 | $ | (90 | ) | $ | 9,777 | |||||||
Equity
securities
|
450 | 191 | - | 641 | ||||||||||||
$ | 10,056 | $ | 452 | $ | (90 | ) | $ | 10,418 |
Less than 12 months
|
12 Months or more
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
October 31, 2010
|
||||||||||||||||||||||||
Fixed
income debt securities
|
$ | 1,515 | $ | (4 | ) | $ | 980 | $ | (20 | ) | $ | 2,495 | $ | (24 | ) | |||||||||
Equity
securities
|
- | - | - | - | - | - | ||||||||||||||||||
$ | 1,515 | $ | (4 | ) | $ | 980 | $ | (20 | ) | $ | 2,495 | $ | (24 | ) | ||||||||||
April 30, 2010
|
||||||||||||||||||||||||
Fixed
income debt securities
|
$ | - | $ | - | $ | 3,438 | $ | (90 | ) | $ | 3,438 | $ | (90 | ) | ||||||||||
Equity
securities
|
- | - | - | - | - | - | ||||||||||||||||||
$ | - | $ | - | $ | 3,438 | $ | (90 | ) | $ | 3,438 | $ | (90 | ) |
Current
|
$ | 1,000 | ||
Due
after one year through five years
|
7,066 | |||
Due
after five years through ten years
|
2,500 | |||
$ | 10,566 |
|
Level
1
|
Inputs
to the valuation methodology are unadjusted quoted prices for identical
assets or liabilities in active markets that the Company has the ability
to access.
|
|
Level
2
|
Inputs
to the valuation methodology
include:
|
|
-
Quoted prices for similar assets or liabilities in active
markets;
|
|
-
Quoted prices for identical or similar assets or liabilities in inactive
markets
|
|
-
Inputs other than quoted prices that are observable for the asset or
liability;
|
|
-
Inputs that are derived principally from or corroborated by observable
market data by correlation or other
means.
|
|
Level
3
|
Inputs
to the valuation methodology are unobservable and significant to the fair
value measurement.
|
Six months
|
Three months
|
|||||||||||||||
Periods ended October 31,
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Revenues
|
||||||||||||||||
FEI-NY
|
61.5 | % | 58.8 | % | 60.1 | % | 61.0 | % | ||||||||
Gillam-FEI
|
21.1 | 20.9 | 17.8 | 21.9 | ||||||||||||
FEI-Zyfer
|
22.9 | 28.6 | 25.2 | 22.6 | ||||||||||||
Less
intersegment revenues
|
(5.5 | ) | (8.3 | ) | (3.1 | ) | (5.5 | ) | ||||||||
|
100.0 | 100.0 | 100.0 | 100.0 | ||||||||||||
Cost
of revenues
|
61.3 | 63.5 | 61.6 | 61.4 | ||||||||||||
Gross
Margin
|
38.7 | 36.5 | 38.4 | 38.6 | ||||||||||||
Selling
and administrative expenses
|
22.5 | 22.4 | 22.1 | 24.4 | ||||||||||||
Research
and development expenses
|
9.7 | 10.3 | 9.8 | 12.1 | ||||||||||||
Operating
Profit
|
6.5 | 3.8 | 6.5 | 2.1 | ||||||||||||
Other
income (expense), net
|
0.2 | (1.6 | ) | (0.1 | ) | (3.2 | ) | |||||||||
Pretax
Income (Loss)
|
6.7 | 2.2 | 6.4 | (1.1 | ) | |||||||||||
Provision
for income taxes
|
3.3 | - | 3.8 | - | ||||||||||||
Net
Income (Loss)
|
3.4 | % | 2.2 | % | 2.6 | % | (1.1 | )% |
Revenues
|
(in
millions)
|
|||||||||||||||||||||||||||||||
Six months
|
Three months
|
|||||||||||||||||||||||||||||||
Periods
ended October 31,
|
||||||||||||||||||||||||||||||||
Segment
|
2010
|
2009
|
Change
|
2010
|
2009
|
Change
|
||||||||||||||||||||||||||
FEI-NY
|
$ | 15.2 | $ | 14.0 | $ | 1.2 | 8 | % | $ | 7.5 | $ | 6.9 | $ | 0.6 | 8 | % | ||||||||||||||||
Gillam-FEI
|
5.2 | 5.0 | 0.2 | 5 | % | 2.2 | 2.5 | (0.3 | ) | (11 | )% | |||||||||||||||||||||
FEI-Zyfer
|
5.6 | 6.8 | (1.2 | ) | (17 | )% | 3.2 | 2.6 | 0.6 | 22 | % | |||||||||||||||||||||
Intersegment
revenues
|
(1.4 | ) | (2.0 | ) | 0.6 | (0.4 | ) | (0.6 | ) | 0.2 | ||||||||||||||||||||||
$ | 24.6 | $ | 23.8 | $ | 0.8 | 3 | % | $ | 12.5 | $ | 11.4 | $ | 1.1 | 10 | % |
Six months
|
Three months
|
|||||||||||||||||||||||||||||||
Periods ended October 31,
|
||||||||||||||||||||||||||||||||
2010
|
2009
|
Change
|
2010
|
2009
|
Change
|
|||||||||||||||||||||||||||
$ | 9,550 | $ | 8,695 | $ | 855 | 10 | % | $ | 4,804 | $ | 4,394 | $ | 410 | 9 | % | |||||||||||||||||
GM
Rate
|
38.7 | % | 36.5 | % | 38.4 | % | 38.6 | % |
Six months
|
Three months
|
||||||||||||||||||||||||||||||
Periods ended October 31,
|
|||||||||||||||||||||||||||||||
2010
|
2009
|
Change
|
2010
|
2009
|
Change
|
||||||||||||||||||||||||||
$ | 5,560 | $ | 5,340 | $ | 220 | 4 | % | $ | 2,765 | $ | 2,773 | $ | (8 | ) | (0 | )% |
Six months
|
Three months
|
||||||||||||||||||||||||||||||
Periods ended October 31,
|
|||||||||||||||||||||||||||||||
2010
|
2009
|
Change
|
2010
|
2009
|
Change
|
||||||||||||||||||||||||||
$ | 2,389 | $ | 2,454 | $ | (65 | ) | (3 | )% | $ | 1,227 | $ | 1,379 | $ | (152 | ) | (11 | )% |
Six months
|
Three months
|
||||||||||||||||||||||||||||||
Periods ended October 31,
|
|||||||||||||||||||||||||||||||
2010
|
2009
|
Change
|
2010
|
2009
|
Change
|
||||||||||||||||||||||||||
$ | 1,601 | $ | 901 | $ | 700 | 78 | % | $ | 812 | $ | 242 | $ | 570 | 236 | % |
Six months
|
Three months
|
|||||||||||||||||||||||||||||||
Periods ended October 31,
|
||||||||||||||||||||||||||||||||
2010
|
2009
|
Change
|
2010
|
2009
|
Change
|
|||||||||||||||||||||||||||
Investment
income
|
$ | 179 | $ | 253 | $ | (74 | ) | (29 | )% | $ | 99 | $ | 125 | $ | ( 26 | ) | (21 | )% | ||||||||||||||
Equity
income (loss)
|
28 | (195 | ) | 223 | 114 | % | (1 | ) | (145 | ) | 144 | 99 | % | |||||||||||||||||||
Impairment
charge
|
- | (200 | ) | 200 |
NM
|
- | (200 | ) | 200 |
NM
|
||||||||||||||||||||||
Interest
expense
|
(64 | ) | (78 | ) | 14 | 18 | % | (29 | ) | (34 | ) | 5 | 15 | % | ||||||||||||||||||
Other
expense, net
|
(89 | ) | (156 | ) | 67 | 43 | % | (83 | ) | (117 | ) | 34 | 29 | % | ||||||||||||||||||
$ | 54 | $ | (376 | ) | $ | 430 | 114 | % | $ | ( 14 | ) | $ | ( 371 | ) | $ | 357 | 96 | % |
Six months
|
Three months
|
||||||||||||||||||||||||
Periods ended October 31,
|
|||||||||||||||||||||||||
2010
|
2009
|
Change
|
2010
|
2009
|
Change
|
||||||||||||||||||||
$ | 820 | - | $ | 820 |
NM
|
$ | 470 | - | $ | 470 |
NM
|
Six months
|
Three months
|
|||||||||||||||||||||||||||
Periods ended October 31,
|
||||||||||||||||||||||||||||
2010
|
2009
|
Change
|
2010
|
2009
|
Change
|
|||||||||||||||||||||||
$ | 835 | $ | 525 | $ | 310 | 59 | % | $ | 328 | $ | (129 | ) | $ | 457 |
NM
|
31.1
-
|
Certification
by the Chief Executive Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
31.2
-
|
Certification
by the Chief Financial Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
32.1
-
|
Certification
by the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
32.2
-
|
Certification
by the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
FREQUENCY
ELECTRONICS, INC.
|
||
(Registrant)
|
||
Date:
December 15, 2010
|
BY
|
/s/ Alan Miller
|
Alan
Miller
|
||
Chief
Financial Officer
|
||
and
Treasurer
|