Latest news with #5.6
Yahoo
11-07-2025
- Business
- Yahoo
AG Ken Paxton announces $2.9 million fundraising haul in first 12 weeks of Senate campaign
Attorney General Ken Paxton raised $2.9 million over the first 12 weeks of his bid for U.S. Senate, his campaign announced Friday. Paxton revealed the haul ahead of Tuesday's deadline for federal candidates to disclose their spending and fundraising activities from the start of April through the end of June. It will be the first head-to-head fundraising comparison between Paxton and U.S. Sen. John Cornyn since the attorney general launched his Senate primary challenge on April 8 — about a week into the fundraising period. Cornyn has yet to release his fundraising numbers for the period, though he will likely start with a financial edge over Paxton, having reported a $5.6 million campaign war chest at the end of March. The Cornyn-aligned PAC Texans for a Conservative Majority previously announced it had raised $10.9 million last quarter. In a statement, Paxton said he has been 'incredibly honored and blown away by the support I've received since launching my campaign,' touting the $2.9 million as a show of strength. 'The grassroots movement to fire John Cornyn continues to grow stronger every single day and this is only just the beginning,' he said. Paxton did not disclose much money was left in his campaign coffers. The attorney general previously estimated he would need to raise $20 million to unseat Cornyn. To meet that benchmark, Paxton would need to kick his fundraising efforts into overdrive to collect another $17 million before the March 3 election. Paxton had $2.8 million in his state campaign account at the end of last year, according to his most recent filing. Federal rules do not allow Paxton to directly transfer the money to his Senate campaign account, though he can refund it to his donors and 'coordinate arrangements' to have them donate to his federal account. Individual donors can give up to $3,500 to a federal campaign each election. The race for U.S. Senate promises to be one of the most contentious primary showdowns in Texas. Paxton is leading Cornyn, who is seeking his fifth six-year term in the Senate, by more than 15 percentage points in multiple polls. Paxton is positioning himself as an anti-establishment MAGA warrior made in the image of President Donald Trump's Republican Party. Cornyn is downplaying his old guard party credentials, instead highlighting his ties to Trump and the work he's done for the president in the Senate. Shape the future of Texas at the 15th annual , happening Nov. 13–15 in downtown Austin! We bring together Texas' most inspiring thinkers, leaders and innovators to discuss the issues that matter to you. Get tickets now and join us this November. TribFest 2025 is presented by JPMorganChase.
Yahoo
10-07-2025
- Business
- Yahoo
Frequency Electronics, Inc. Announces Fourth Quarter and Full Fiscal Year 2025 Financial Results
MITCHEL FIELD, N.Y., July 10, 2025 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. ('FEI' or the 'Company') (NASDAQ-FEIM) is reporting revenues for the three and twelve months ended April 30, 2025, of approximately $20.0 million and $69.8 million, respectively, compared to revenues of $15.6 million and $55.3 million, for the same period of fiscal year 2024, ended April 30, 2024. Operating income for the three and twelve months ended was $3.3 million and $11.7 million, respectively, compared to an operating income of $2.5 million and $5.0 million, respectively. for the same period of fiscal year 2024. Net Income from operations for the three and twelve months ended April 30, 2025 was $3.3 million or $0.34 per diluted share and $23.8 million or $2.48 per diluted share, respectively, compared to a net income from operations for the three and twelve months ended April 30, 2024 of $2.6 million or $0.28 per diluted share and $5.6 million or $0.59 per diluted share, respectively. FEI President and CEO, Tom McClelland commented, 'The fourth quarter of fiscal year 2025 was another excellent financial quarter, for the Company. In fact, the fourth quarter was the highest revenue quarter for the company in the past twenty-five years! Margins and operating income were historically high also, resulting in excellent results for the fiscal year. We have demonstrated strong growth over the past several years, and I believe the growth potential for our company is expanding even further. That being said, it must be recognized that the recently ended quarter benefitted from strong execution that allowed the company to produce revenue and profit on several programs in FY25 that were originally scheduled to start in FY25 and continue in FY26 and beyond. I am very proud of this performance by a clearly dedicated and committed FEI workforce; however, while the trend is very much an upward one, it is unreasonable to expect every quarter in the near-term to replicate this performance, though in the medium and longer term I am confident it is where we are headed. 'The recently passed US budget legislation clearly shows the strong administration commitment to space and defense we have been anticipating, however it is also clear that this administration is re-thinking the overall space architecture and the procurement process to achieve it. We have already seen this in the form of several re-directed proposal efforts. FEI has anticipated this, and is well prepared for it. While the impact on our business in the short term is somewhat unpredictable, we believe the medium to longer term trends are even more positive than we previously believed. 'To maintain our position, and stay competitive, FEI is continuing to invest internal funds, in a very targeted fashion, to create products which can be incorporated into space and other defense applications with little or no customization; in order to support much faster execution and realization of needed capabilities in space. Our targeted allocation of internal R&D funds is supplemented by external funding, especially for quantum sensor applications. Examples are our on-going compact very high-performance rubidium atomic clock (TuRbo), NV Diamond magnetometer, and Rydberg sensor development activities. 'As I have said previously, FEI is well positioned to succeed in the growing quantum sensor market based on our expertise in atomic clocks. Quantum sensing is a very real and exciting growth opportunity for FEI and we look forward to sharing more developments this fiscal year, including at our Second Annual Quantum Sensing Summit, to be held in New York City on October 29-30. To maintain and in fact enhance our capabilities we are actively hiring scientists and engineers with expertise in this arena, and have benefited from the staff reductions and turmoil at government laboratories. 'All and all, I am happy with our performance, vigilant regarding the changes in Washington, and very enthusiastic about our future.' Fiscal Year 2025 Selected Financial Metrics and Other Items For the three and twelve months ended April 30, 2025, revenues from satellite payloads were approximately $12.1 million, or 60%, and $40.9 million or 59%, respectively, of consolidated revenues compared to approximately $6.9 million, or 44%, and $23.2 million or 42%, respectively, for the same periods of the prior fiscal year. For the three and twelve months ended April 30, 2025, revenues for non-space U.S. Government/DOD customers were approximately $7.0 million, or 35%, and $26.5 million or 38%, respectively, of consolidated revenues compared to approximately $7.9 million, or 51%, and $29.0 million, or 52%, respectively, for the same periods of the prior fiscal year. For the three and twelve months ended April 30, 2025, revenues from other commercial and industrial sales accounted for approximately $0.9 million, or 4%, and $2.4 million or 3%, respectively, of consolidated revenues compared to approximately $0.8 million, or 5%, and $3.1 million, or 6%, respectively, for the same periods of the prior fiscal year. Net cash used in operating activities was approximately $1.4 million in the twelve months of fiscal year 2025, compared to net cash provided by operations of $8.7 million for the same period of fiscal year 2024. Backlog at April 30, 2025 was approximately $70 million compared to $78 million at April 30, 2024. Investor Conference Call As previously announced, the Company will hold a conference call to discuss these results on Thursday, July 10, 2025, at 4:30 PM Eastern Time. Investors and analysts may access the call by dialing 1-888-506-0062. International callers may dial 1-973-528-0011. Callers should provide participant access code: 560882 or ask for the Frequency Electronics conference archived call may be accessed by calling 1-877-481-4010 (domestic), or 1-919-882-2331 (international), for one week following the call (replay passcode: 52719). Subsequent to that, the call can be accessed via a link available on the Company's website through October 10, 2025. About Frequency Electronics Frequency Electronics, Inc. (FEI) 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. FEI'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. FEI-Zyfer provides GPS and secure timing capabilities for critical military and commercial applications; FEI-Elcom Tech provides Electronic Warfare ('EW') sub-systems and state-of-the-art RF and microwave products. FEI has received over 100 awards of excellence for achievements in providing 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. FEI's Mission Statement: 'Our mission is to transform discoveries and demonstrations made in research laboratories into practical, real-world products. We are proud of a legacy which has delivered precision time and frequency generation products, for space and other world-changing applications that are unavailable from any other source. We aim to continue that legacy while adapting our products and expertise to the needs of the future. With a relentless emphasis on excellence in everything we do, we aim, in these ways, to create value for our customers, employees, and stockholders.' 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, 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, other supply chain related issues, increasing costs for materials, operating related expenses, 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, 2024, filed on August 2, 2024 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 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: Electronics, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (in thousands except per share data) Three Months Ended Twelve Months Ended April 30, April 30, (unaudited) (unaudited) 2025 2024 2025 2024 Revenues $ 19,986 $ 15,576 $ 69,811 $ 55,274 Cost of revenues 12,493 9,295 39,714 36,691 Gross margin 7,493 6,281 30,097 18,583 Selling and administrative 2,675 2,711 12,289 10,184 Research and development 1,540 1,076 6,076 3,380 Operating income 3,278 2,494 11,732 5,019 Interest and other, net (72 ) (18 ) 412 445 Income before Income Taxes 3,206 2,476 12,144 5,464 Benefit provision for Income Taxes (106 ) (149 ) (11,658 ) (130 ) Net income $ 3,312 $ 2,625 $ 23,802 $ 5,594 Net income per share: Basic income per share $ 0.34 $ 0.28 $ 2.48 $ 0.59 Diluted income per share $ 0.34 $ 0.28 $ 2.48 $ 0.59 Weighted average shares outstanding Basic 9,675 9,502 9,608 9,431Frequency Electronics, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands) April 30, 2025 April 30, 2024 (unaudited) ASSETS Cash and cash equivalents $ 4,720 $ 18,320 Accounts receivable, net 5,914 4,614 Contract assets 17,914 10,523 Inventories, net 23,487 23,431 Other current assets 1,071 1,233 Property, plant & equipment, net 6,188 6,438 Other assets 12,374 11,713 Deferred taxes 12,159 - Right-of-use assets – operating leases 8,659 6,036 Restricted cash 1,365 945 $ 93,851 $ 83,253 LIABILITIES AND STOCKHOLDERS' EQUITY Lease liability – current $ 2,027 $ 1,640 Contract liabilities 13,454 21,639 Other current liabilities 7,949 7,517 Other long-term obligations 7,956 8,096 Operating lease liability – non-current 6,729 4,545 Stockholders' equity 55,736 39,816 $ 93,851 $ 83,253Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Upturn
21-06-2025
- Business
- Business Upturn
Wilson Blanchard Management Raises $169,000 at 2025 WB CondoCon in Support of Associa Cares Canada
Oakville, ON, June 21, 2025 (GLOBE NEWSWIRE) — Wilson Blanchard Management, An Associa® Company, proudly hosted its 3rd annual WB CondoCon Board Education & Tradeshow on Tuesday, June 3, 2025, at the Oakville Conference Centre. The daylong event brought together over 200 condominium board members, 100+ Wilson Blanchard team members, and 52 valued trade partners for a dynamic day of networking, learning, and giving back. This year's event raised an outstanding $169,000 CAD in support of Associa Cares Canada, an organization dedicated to providing emergency assistance to families and communities impacted by natural or man-made disasters. Since 2005, Associa Cares has distributed more than $5.6 million to over 4,200 families across North America and beyond. 'The sheer number of people it takes to organize and execute an event of this scale reaffirms what I've always believed – that Wilson Blanchard has the most dedicated team in the industry,' said Jeff Lack, CPA, CGA, President of Wilson Blanchard Management. 'We're also incredibly grateful to our vendor partners, educational speakers, and especially our client board members whose ongoing participation makes this event possible. It's truly meaningful to see our industry come together not only for education and connection but for a cause as impactful as Associa Cares Canada.' The WB CondoCon Vendor Trade Show has grown into a marquee event for the condominium industry, offering board members the chance to connect directly with service providers while gaining valuable insights from expert-led educational sessions. This year's success highlights Wilson Blanchard Management's continued commitment to strengthening communities and supporting humanitarian efforts through industry collaboration. ### About Associa With more than 300 branch offices across North America, Associa is building the future of community for more than 7.5 million residents worldwide. Our 15,000+ team members lead the industry with unrivaled education, expertise, and trailblazing innovation. For more than 45 years, Associa has brought positive impact and meaningful value to communities. To learn more, visit About Associa Cares Canada Associa Cares Canada, CRA Business # 7835112502RR0001, assists families and communities in crisis as a result of natural and man-made disasters. Donations made by Canadian residents and businesses may be tax deductible. Learn more at Since 2005, Associa Cares has distributed over $5 million to more than 3,800 families and communities in need of a helping hand. Funds donated by caring businesses and individuals are used to provide humanitarian aid, often in the form of financial grants, needed by families and communities in the aftermath of such tragedies. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
The Wire
19-06-2025
- Business
- The Wire
Quality Concerns in Dreamliners That Boeing Sold to Air India Had Given a Manager Nightmares
This report first appeared on The American Prospect and was republished with permission. Read the original here. Sign up for the Prospect's newsletter here. For 15 years now, engineers and quality control specialists have implored regulators, journalists and airlines to take a closer look at the 787 Dreamliner, Boeing's first and only clean-sheet commercial airplane designed from scratch since the company's horrific 1997 merger with McDonnell Douglas. The smooth surface of the lightweight composite fibres used to construct the airframe can conceal deadly structural flaws, they warned. The non-union workforce that manufactures the jets in South Carolina is unqualified to stand up to 'good old boy' bosses constantly pressuring them to ignore obvious nonconformities, install malfunctioning parts and cut every corner imaginable to get planes out the door, they asserted. Unsavoury subcontractors have exploited Boeing's lax standards to litter the assembly line with fake parts, they until today, the contrarians could always demand to know: if the Dreamliner is so unsafe, why hasn't it ever crashed?The late John Barnett, who died last March in an apparent suicide two days into a three-day deposition stemming from the insane practices he witnessed and tried vainly to stop as a quality manager at the Dreamliner's final assembly plant in Charleston, South Carolina, had a ready answer for this question: Just wait a bit. Most planes aren't designed to dive nosefirst into the ground like the 737 Max. It generally takes, he'd say with audible sadness, ten or twelve years for assembly-line sloppiness to culminate in a plane crash. (Barnett personally drove everywhere in the orange truck in which he died.)More from Maureen TkacikIt's too early to know exactly what caused the bizarre crash of Air India 171 in Ahmedabad, a western India city of 5.6 million people, just seconds into what was supposed to be a 10-hour flight to London. The pilot reportedly cried 'engine failure' in a mayday call to air traffic controllers seconds before the crash into a guest house for doctors, and footage of the plane, which slowly sank with its nose upturned in takeoff position, suggests a sudden loss of power. The 787 Dreamliner has been plagued by engine problems partially caused by the abundance of so-called 'foreign object debris' Boeing assembly line workers chronically leave on aircraft components in their haste to move to the next far, Boeing has only said they were 'working to gather more information' on the crash. Air India has confirmed that 241 of the 242 passengers aboard have died, with the lone survivor being treated in a nearby was demoted and ostracised after he attempted to force workers to disassemble and clean wire bundles and electrical boxes that had been littered with metal scraps of floorboard fasteners, scraps he knew could cause the electrical systems to short-circuit. Another former quality manager I know was fired after refusing to sign off on improperly-tied wire bundles littered with foreign object debris that had already begun to fray. FOD was implicated in a massive engine fire aboard a 787 test flight in 2010, and another test flight in Charleston in 2016 that Boeing was so keen to sweep under the rug it appealed to the Supreme Court rather than allow employee-witnesses to be deposed. (That case was settled before the Supreme Court made a decision.)A now-defunct Norwegian airline claimed in a 2020 lawsuit blaming Boeing for its demise that it had been forced to divert flights and cancel whole routes due to engine problems, and replace the engines on its Dreamliner fleet hundreds of times. In 2023 one of the airline's former 787s was dismantled for scrap, a literally unheard-of fate for a 10-year-old plane with a nine-figure list there's something else: two people deeply familiar with the Charleston 787 plant told the Prospect they had particularly acute quality concerns over planes that were delivered to Air Kitchens, a former quality manager who worked at the Charleston plant between 2009 and 2016, has a binder full of notes, documents and photos from her frustrating years at Boeing, one page of which lists the numbers of the eleven planes delivered between early 2012 and late 2013 whose quality defects most kept her awake at night. Six of them went to Air India, whose purchases were bolstered by billions of dollars in Export-Import Bank loan guarantees. The plane that crashed was delivered in January 2014 from Boeing's now-defunct assembly line in Everett, Washington, though its mid- and aft- fuselages were produced in it happens, that particular plane was delivered not long after a camera crew from Al-Jazeera showed up in Charleston to investigate the horror stories its reporters had been hearing about the workmanship and corporate culture of the plant. The channel's journalists had started digging into the plane's quality standards a year earlier, when the FAA grounded the planes for a few months after two small battery fires broke out on Japanese planes over the course of three days. Their findings were alarming: the company had outsourced most of the non-conceptual design of the plane to its suppliers, the FAA had fast-tracked the batteries and a host of other novel features aboard the planes without anything approaching the rigorous testing they had required for earlier planes, a major battery supplier's testing lab suffered a massive explosion whose precise cause had never been determined and an engineer had been fired for refusing to 'dumb down' his instructions for repairing flaws in the lightweight composite structures Boeing used to build the plane's most harrowing, however, was the footage filmed by an assembly line worker who wore a hidden camera as went about his day chatting up colleagues, virtually all of whom said they would never allow their family members to fly one of the planes the factory was was on medical leave with cancer when the footage was filmed, but the documentary premiered shortly after she returned, and leadership convened a meeting to encourage managers to snitch on anyone they recognized from the undercover footage.'I raised my hand and said, 'No one who works in this factory wants to fly these planes, I mean, that's just the truth,'' Kitchens said. A woman she didn't know, who was wearing a bomber jacket emblazoned with the FAA logo, shot her a scowl. But it was hardly the first time she'd expressed anxiety over the planes' safety with upper management. Years earlier, she had asked a boss if he would let his children fly on a plane with the litany of flaws and non-conformances he was urging her to 'pencil-whip': 'Cindy, none of these planes are staying in America, they're all going overseas,' he retorted, much to her investigator who worked on the documentary told the Prospect that employees he interviewed were especially anxious about three planes they had worked on that were scheduled to be delivered to Air India during the first months of 2014. The planes all had serious flaws that required them to be flown to the union assembly line in Everett to be re-worked. The Air India Dreamliner that crashed today took off from the Everett airport en route to Delhi for the first time on January 31, Tkacik is investigations editor at the Prospect and a senior fellow at the American Economic Liberties Project.
Mint
12-06-2025
- Business
- Mint
India's gender gap widens as it drops to 131st spot in Global Gender Gap Index 2025
India has been ranked 131 out of 148 countries in the World Economic Forum's Global Gender Gap Report 2025, slipping two places from its position last year. PTI reported that India's gender parity score stands at just 64.1 per cent, placing it among the lowest-ranked countries in the South Asian region, according to the report released on Thursday. In the 2024 edition of the report, India was ranked 129. The gender-parity score is a measure used to assess the relative equality or disparity between males and females in a particular region. According to PTI, the Global Gender Gap Index evaluates gender parity across four key dimensions: economic participation and Opportunity, Educational Attainment, Health and Survival, and Political Empowerment. The Indian economy's overall performance showed a slight improvement in absolute terms, rising by 0.3 points. PTI reported that 'one dimension where India increases parity is in Economic Participation and Opportunity, where its score improves by 0.9 per cent to 40.7 per cent. While most indicator values remain the same, parity in estimated earned income rises from 28.6 per cent to 29.9 per cent, positively impacting the subindex score.' Labour force participation parity remained the same as last year at 45.9 per cent, India's highest achieved to date. In the dimension of educational attainment, India scored 97.1 per cent, reflecting improvements in female literacy and tertiary education enrolment. These gains positively influenced the subindex score. India also records higher parity in health and survival, driven by improved scores in sex ratio at birth and in healthy life expectancy. However, the report noted that this parity was achieved despite a reduction in overall life expectancy in both men and women. India recorded a slight drop in political empowerment, with parity dropping by 0.6 points since the previous edition. Female representation in Parliament fell from 14.7 per cent to 13.8 per cent in 2025, bringing the indicator score below 2023 levels for the second consecutive year. Similarly, the share of women in ministerial positions fell from 6.5 per cent to 5.6 per cent, bringing the indicator score further from its peak of 30 per cent recorded in 2019, PTI reported. Among South Asian countries, Bangladesh emerged as the best performer, jumping 75 ranks to reach the 24th position globally. The report said the global gender gap has closed to 68.8 per cent, marking the strongest annual advancement since the COVID-19 pandemic, reported PTI. Iceland continues to top the index for the 16th year running, followed by Finland, Norway, the United Kingdom and New Zealand. PTI also reported that the progress made in the 19th edition of the report was driven primarily by steady progress in political empowerment and economic participation, while educational attainment and health and survival maintained the near-parity levels. However, despite women representing 41.2 per cent of the global workforce, a stark leadership gap persists, with women holding only 28.8 per cent of top leadership positions, the report said. 'At a time of heightened global economic uncertainty and a low growth outlook combined with technological and demographic change, advancing gender parity represents a key force for economic renewal,' Saadia Zahidi, Managing Director, World Economic Forum, told PTI. 'The evidence is clear. Economies that have made decisive progress towards parity are positioning themselves for stronger, more innovative and more resilient economic progress,' Zahidi said.
