Frequency Electronics Inc (NASDAQ:FEIM) shares fell on Thursday after the telecom tech company saw a decrease in revenue in its fiscal first quarter.
The company reported flat earnings on revenue of US$11mln compared with earnings of US$0.07 per share on revenue of US$12mln in the previous year’s first quarter.
Chief Executive Officer Martin Bloch remains hopeful that the company will see a return to profitability.
“FEI’s revenues, profitability and backlog are on the rise,” said Bloch in the company’s press release.
“These results reaffirm our expectation of rising revenues and profitability this full fiscal year and beyond,” he added.
The New York-based company develops precision time and frequency control products and components for microwave integrated circuit applications, which are used to synchronize voice, data and video transmissions in wireless communications systems.
Shares of Frequency Electronics were down 2% to US$7.87 by the closing bell Thursday.