With growing revenues and an increased workforce, Frequency Electronics, Inc. a Uniondale, Long Island-based manufacturer of atomic and other precision time and frequency products for ground, seaborne, airborne, and space terminals and platforms, is celebrating its 50th year in business today.
In the mid-1990s the company transformed itself from a defense contract manufacturer into a high-tech provider of products used to synchronize voice, data and video transmissions in wireless communications systems. The company also continues to support the United States government with products for defense or space applications, and its technology enables existing systems to achieve improved performance in a cost-effective manner.
“Systems used for ship navigation, landing aircraft, guiding cars by GPS to street addresses, protecting military vehicles from land mines, drilling for oil, connecting communications networks and maintaining security when needed is enhanced by improved precision timing and low phase noise technology, minimizing the need to develop entirely new systems,” said Martin Bloch, founder and CEO of Frequency. “Our technology and expertise enables our customers to do more with less which is extremely important in these times of increasing budgetary restrictions.”
While recent economic conditions have caused other manufacturers to reduce their workforce or experience declining revenues, Frequency Electronics is in growth mode. “We have increased our workforce approximately 18% just this past year to nearly 200 here on Long Island,” said Bloch. “We are actively looking to hire more microwave electronic engineers, designers, skilled assemblers and test technicians as we expand further into satellite payload systems.”
Trading on NASDAQ under the ticker symbol FEIM, the company reported revenues for the first quarter of fiscal 2012, which ended July 31, 2011, of $15.9 million, a 31% increase over the $12.1 million recorded in the same quarter of fiscal 2011. Net income for the first quarter of fiscal 2012 was $1.3 million or $0.16 per diluted share compared to $507,000 or $0.06 per diluted share for the first quarter of the prior year.