Frequency Electronics, Inc. Names Tom McClelland as Permanent President and CEO
17 Janvier 2023 - 3:00PM
Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM)
is pleased to announce today that Tom McClelland will have the
interim title removed and will serve as the Company’s President and
CEO. Tom has served as the Company’s Interim President and CEO
since July 8, 2022. Prior to that, Tom served as FEI’s Chief
Scientist and has been with the Company for almost 40 years. He has
led the Company’s research and scientific efforts for over 20
years. He is one of the foremost experts in precision timing and
space related applications. He has the highest level of security
clearance with the U.S. government and holds a PhD in physics from
Columbia University.
According to FEI Board Chair, General (ret) Lance W. Lord, “Tom
is our unanimous choice for leading FEI as President and CEO.
Increasing customer satisfaction, employee productivity and
shareholder value are Tom’s imperatives. His advanced technical
background and knowledge of where the industry is going are key
attributes that will serve FEI well as we seek to position the
Company for growth in next generation technologies. As FEI’s future
unfolds, we are confident in Tom’s leadership.”
FEI President and CEO, Dr. Tom McClelland
commented, “I appreciate the vote of confidence conveyed by the
Board of Directors in making my appointment as President and CEO
permanent. This facilitates continuity of the process begun with my
appointment last July. As noted in the press release in conjunction
with the Company’s second quarter fiscal year 2023 results, we have
taken decisive steps to place the Company on a path to
profitability, and there were encouraging indicators evident in the
second quarter financial year 2023 results that this process is
beginning to bear fruit. Revenue quarter over quarter increased,
and the Company’s backlog of approximately $56 million at quarter
end was higher than it has been at any time in the last 8 years, as
was the book to bill ratio of 2.8. I look forward to continuing to
lead a very committed team at FEI in moving towards sustained
profitability and cash generation in the near future.”
About Frequency
ElectronicsFrequency Electronics, Inc. is a world leader
in the design, development and manufacture of high precision
timing, frequency generation and RF control products for space and
terrestrial applications. Frequency’s products are used in
satellite payloads and in other commercial, government and military
systems including C4ISR and electronic warfare, missiles, UAVs,
aircraft, GPS, secure communications, energy exploration and
wireline and wireless networks. Frequency has received over 100
awards of excellence for achievements in development of high
performance electronic assemblies for over 150 space and DOD
programs. The Company invests significant resources in research and
development to expand its capabilities and markets.
Frequency’s Mission Statement: “Our mission is
to provide precision time and low phase noise frequency generation
systems from 1 Hz to 50 GHz, for space and other challenging
environments.”
Subsidiaries and Affiliates: FEI-Zyfer provides
GPS and secure timing ("SAASM") capabilities for critical military
and commercial applications; FEI-Elcom Tech provides Electronic
Warfare (“EW”) sub-systems and state-of-the-art RF microwave
products. Additional information is available on the Company’s
website: www.frequencyelectronics.com
Forward-Looking Statements
The statements in this press release regarding
future earnings and operations and other statements relating to the
future constitute “forward-looking” statements pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include but are not limited to, the
risks associated with health epidemics and pandemics, including the
COVID-19 pandemic and similar outbreaks, such as their impact on
our financial condition and results of operations and on our
ability to continue manufacturing and distributing our products,
and the impact of health epidemics and pandemics on general
economic conditions, including any resulting recession, our
inability to integrate operations and personnel, actions by
significant customers or competitors, general domestic and
international economic conditions, reliance on key customers,
continued acceptance of the Company’s products in the marketplace,
competitive factors, new products and technological changes,
product prices and raw material costs, dependence upon third-party
vendors, competitive developments, changes in manufacturing and
transportation costs, the availability of capital, the outcome of
any litigation and arbitration proceedings, and failure to maintain
an effective system of internal controls over financial reporting.
The factors listed above are not exhaustive and should be read in
conjunction with the other cautionary statements that are included
in this release and in our filings with the Securities and Exchange
Commission. The Company’s Annual Report on Form 10-K for the fiscal
year ended April 30, 2022, as amended and restated, filed on
December 21, 2022 with the Securities and Exchange Commission
includes additional factors that could materially and adversely
impact the Company’s business, financial condition and results of
operations, as such factors are updated from time to time in our
periodic filings with the Securities and Exchange Commission, which
are accessible on the Securities and Exchange Commission’s website
at www.sec.gov. Moreover, the Company operates in a very
competitive and rapidly changing environment. New factors emerge
from time to time and it is not possible for management to predict
the impact of all these factors on the Company’s business,
financial condition or results of operations or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements. Given these risks and uncertainties, investors should
not rely on forward-looking statements as a prediction of actual
results. Any or all of the forward-looking statements contained in
this press release and any other public statement made by the
Company or its management may turn out to be incorrect. The Company
expressly disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Contact information: Dr. Thomas McClelland, President and Chief
Executive Officer Steven Bernstein, Chief Financial Officer
TELEPHONE: (516) 794-4500 ext.5000
WEBSITE: www.freqelec.com
Frequency Electronics (NASDAQ:FEIM)
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