----

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| 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) |

| Large accelerated filer o |  Accelerated filer o |   Non-accelerated filer o           | Smaller Reporting Company x |
|---------------------------|---------------------------|-----------------------------------------------|-----------------------------|
|                      |                      | (do not check if a smaller reporting company) |                        |

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|                                                                                                |   | Page No. |   |
|-----------------------------------------------------------------------------------------------------|--------|----------|--------|
| Part I.  Financial Information:                                                           |   |     |   |
|                                                                                                |   |     |   |
| Item 1 - Financial Statements:                                                                      |   |     |   |
|                                                                                                |   |     |   |   |
| Condensed Consolidated Balance Sheets - January 31, 2011 and April 30, 2010                         |   |     | 3      |   |
|                                                                                                |   |     |   |   |
| Condensed Consolidated Statements of Operations Nine Months Ended January 31, 2011 and 2010         |   |     | 4      |   |
|                                                                                                |   |     |   |   |
| Condensed Consolidated Statements of Operations Three Months Ended January 31, 2011 and 2010        |   |     | 5      |   |
|                                                                                                |   |     |   |   |
| Condensed Consolidated Statements of Cash Flows Nine Months Ended January 31, 2011 and 2010         |   |     | 6      |   |
|                                                                                                |   |     |   |   |
| Notes to Condensed Consolidated Financial Statements                                                |   |     | 7-12   |   |
|                                                                                                |   |     |   |   |
| Item 2 - Management’s Discussion and Analysis ofFinancial Condition and Results of Operations |   |     | 12-19  |   |
|                                                                                                |   |     |   |   |
| Item 3 - Quantitative and Qualitative Disclosures About Market Risk                                 |   |     | 19     |   |
|                                                                                                |   |     |   |   |
| Item 4 - Controls and Procedures                                                                    |   |     | 19     |   |
|                                                                                                |   |     |   |   |
| Part II.  Other Information:                                                              |   |     |   |   |
|                                                                                                |   |     |   |   |
| Item 6 - Exhibits                                                                                   |   |     | 20     |   |
|                                                                                                |   |     |   |   |
| Signatures                                                                                          |   |     | 21     |   |
|                                                                                                |   |     |   |   |
| Exhibits                                                                                            |   |     |   |   |

----

|                                                                                                                            |   | January 31, 2011            |   |   | April 30, 2010 |   |
|---------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|--------|--------|---------------------|--------|
|                                                                                                                            |   | (UNAUDITED)                      |   |   | (AUDITED)           |   |
|                                                                                                                            |   |                             |   |   | (NOTE A)            |   |
|                                                                                                                            |   | (In thousands except share data) |   |
| ASSETS:                                                                                                                         |   |                             |   |   |                |   |
| Current assets:                                                                                                                 |   |                             |   |   |                |   |
| Cash and cash equivalents                                                                                                       |   | $                                | 8,411  |   |                | $      | 9,954 |   |
| Marketable securities                                                                                                           |   |                             | 13,619 |   |                |   | 10,418 |   |
| Accounts receivable, net of allowance for doubtful accounts of $258 at January 31, 2011 and $266 at April 30, 2010              |   |                             | 8,598  |   |                |   | 10,504 |   |
| Costs and estimated earnings in excess of billings, net                                                                         |   |                             | 2,332  |   |                |   | 1,667 |   |
| Inventories, net                                                                                                                |   |                             | 28,475 |   |                |   | 26,975 |   |
| Prepaid income taxes                                                                                                            |   |                             | 440    |   |                |   | - |   |
| Prepaid expenses and other                                                                                                      |   |                             | 869    |   |                |   | 1,122 |   |
| Total current assets                                                                                                            |   |                             | 62,744 |   |                |   | 60,640 |   |
| Property, plant and equipment, at cost, less accumulated depreciation and amortization                                          |   |                             | 6,728  |   |                |   | 7,015 |   |
| Goodwill and other intangible assets                                                                                            |   |                             | 218    |   |                |   | 218 |   |
| Cash surrender value of life insurance and cash held in trust                                                                   |   |                             | 9,313  |   |                |   | 8,917 |   |
| Investment in and loans receivable from affiliates                                                                              |   |                             | 3,833  |   |                |   | 3,813 |   |
| Other assets                                                                                                                    |   |                             | 817    |   |                |   | 817 |   |
| Total assets                                                                                                                    |   | $                                | 83,653 |   |                | $      | 81,420 |   |
|                                                                                                                            |   |                             |   |   |                |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY:                                                                                     |   |                             |   |   |                |   |   |   |
| Current liabilities:                                                                                                            |   |                             |   |   |                |   |   |   |
| Short-term credit and lease obligations                                                                                         |   | $                                | 258    |   |                | $      | 246 |   |
| Accounts payable - trade                                                                                                        |   |                             | 1,223  |   |                |   | 1,720 |   |
| Income taxes payable                                                                                                            |   |                             | -      |   |                |   | 295 |   |
| Accrued liabilities                                                                                                             |   |                             | 5,405  |   |                |   | 5,047 |   |
| Total current liabilities                                                                                                       |   |                             | 6,886  |   |                |   | 7,308 |   |
| Lease obligation- noncurrent                                                                                                    |   |                             | 248    |   |                |   | 441 |   |
| Deferred compensation                                                                                                           |   |                             | 9,771  |   |                |   | 9,624 |   |
| Deferred rent and other liabilities                                                                                             |   |                             | 684    |   |                |   | 664 |   |
| Total liabilities                                                                                                               |   |                             | 17,589 |   |                |   | 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                                                                                                      |   |                             | 49,692 |   |                |   | 49,580 |   |
| Retained earnings                                                                                                               |   |                             | 6,615  |   |                |   | 5,271 |   |
|                                                                                                                            |   |                             | 65,471 |   |                |   | 64,015 |   |
| Common stock reacquired and held in treasury -at cost (892,250 shares at January 31, 2011 and 946,172 shares at April 30, 2010) |   |                             | (4,104 | )      |                |   | (4,651 | ) |
| Accumulated other comprehensive income                                                                                          |   |                             | 4,697  |   |                |   | 4,019 |   |
| Total stockholders’ equity                                                                                                |   |                             | 66,064 |   |                |   | 63,383 |   |
| Total liabilities and stockholders’ equity                                                                                |   | $                                | 83,653 |   |                | $      | 81,420 |   |

----

|                                               |   | 2011                                 |      |   | 2010   |   |
|----------------------------------------------------|--------|--------------------------------------|-----------|--------|--------|--------|
|                                               |   | (In thousands except per share data) |      |
| Revenues                                           |   | $                                    | 37,287    |   |   | $      | 36,360 |   |
| Cost of revenues                                   |   |                                 | 22,888    |   |   |   | 23,243 |   |
| Gross margin                                       |   |                                 | 14,399    |   |   |   | 13,117 |   |
| Selling and administrative expenses                |   |                                 | 8,380     |   |   |   | 7,948 |   |
| Research and development expense                   |   |                                 | 3,622     |   |   |   | 3,954 |   |
| Operating income                                   |   |                                 | 2,397     |   |   |   | 1,215 |   |
| Other income (expense):                            |   |                                 |      |   |   |   |   |   |
| Investment income                                  |   |                                 | 269       |   |   |   | 400 |   |
| Equity income (loss)                               |   |                                 | 21        |   |   |   | (151 | ) |
| Impairment of investment in affiliate              |   |                                 | -         |   |   |   | (550 | ) |
| Interest expense                                   |   |                                 | (91       | )      |   |   | (103 | ) |
| Other expense, net                                 |   |                                 | (92       | )      |   |   | (207 | ) |
| Income before provision (benefit) for income taxes |   |                                 | 2,504     |   |   |   | 604 |   |
| Provision (benefit) for income taxes               |   |                                 | 1,160     |   |   |   | (1,970 | ) |
| Net income                                         |   | $                                    | 1,344     |   |   | $      | 2,574 |   |
| Net income per common share                        |   |                                 |      |   |   |   |   |   |
| Basic                                              |   | $                                    | 0.16      |   |   | $      | 0.31 |   |
| Diluted                                            |   | $                                    | 0.16      |   |   | $      | 0.31 |   |
| Weighted average shares outstanding                |   |                                 |      |   |   |   |   |   |
| Basic                                              |   |                                 | 8,249,225 |   |   |   | 8,176,638 |   |
| Diluted                                            |   |                                 | 8,325,665 |   |   |   | 8,197,367 |   |

----

|                                               |   | 2011                                 |      |   | 2010   |   |
|----------------------------------------------------|--------|--------------------------------------|-----------|--------|--------|--------|
|                                               |   | (In thousands except per share data) |      |
| Revenues                                           |   | $                                    | 12,635    |   |   | $      | 12,524 |   |
| Cost of revenues                                   |   |                                 | 7,786     |   |   |   | 8,102 |   |
| Gross margin                                       |   |                                 | 4,849     |   |   |   | 4,422 |   |
| Selling and administrative expenses                |   |                                 | 2,820     |   |   |   | 2,608 |   |
| Research and development expense                   |   |                                 | 1,233     |   |   |   | 1,500 |   |
| Operating income                                   |   |                                 | 796       |   |   |   | 314 |   |
| Other income (expense):                            |   |                                 |      |   |   |   |   |   |
| Investment income                                  |   |                                 | 89        |   |   |   | 147 |   |
| Equity (loss) income                               |   |                                 | (7        | )      |   |   | 44 |   |
| Impairment of investment in affiliate              |   |                                 | -         |   |   |   | (350 | ) |
| Interest expense                                   |   |                                 | (27       | )      |   |   | (25 | ) |
| Other expense, net                                 |   |                                 | (3        | )      |   |   | (51 | ) |
| Income before provision (benefit) for income taxes |   |                                 | 848       |   |   |   | 79 |   |
| Provision (benefit) for income taxes               |   |                                 | 340       |   |   |   | (1,970 | ) |
| Net income                                         |   | $                                    | 508       |   |   | $      | 2,049 |   |
| Net income per common share                        |   |                                 |      |   |   |   |   |   |
| Basic                                              |   | $                                    | 0.06      |   |   | $      | 0.25 |   |
| Diluted                                            |   | $                                    | 0.06      |   |   | $      | 0.25 |   |
| Weighted average shares outstanding                |   |                                 |      |   |   |   |   |   |
| Basic                                              |   |                                 | 8,262,713 |   |   |   | 8,184,627 |   |
| Diluted                                            |   |                                 | 8,372,187 |   |   |   | 8,222,574 |   |

----

|                                                                                        |   | 2011           |   |   | 2010   |   |
|---------------------------------------------------------------------------------------------|--------|----------------|--------|--------|--------|--------|
|                                                                                        |   | (In thousands) |   |
| Cash flows from operating activities:                                                       |   |           |   |   |   |   |
| Net income                                                                                  |   | $              | 1,344  |   |   | $      | 2,574 |   |
| Non-cash charges to earnings, net                                                           |   |           | 2,997  |   |   |   | 3,844 |   |
| Net changes in operating assets and liabilities                                             |   |           | (2,317 | )      |   |   | (3,293 | ) |
| Net cash provided by operating activities                                                   |   |           | 2,024  |   |   |   | 3,125 |   |
| Cash flows from investing activities:                                                       |   |           |   |   |   |   |   |   |
| Proceeds from sale of marketable securities                                                 |   |           | 3,000  |   |   |   | 500 |   |
| Purchase of marketable securities                                                           |   |           | (6,147 | )      |   |   | - |   |
| Receipt of loan payment from affiliate                                                      |   |           | -      |   |   |   | 220 |   |
| Purchase of fixed assets                                                                    |   |           | (1,114 | )      |   |   | (517 | ) |
| Net cash (used in) provided by investing activities                                         |   |           | (4,261 | )      |   |   | 203 |   |
| Cash flows from financing activities:                                                       |   |           |   |   |   |   |   |   |
| Debt payments                                                                               |   |           | (181   | )      |   |   | (1,314 | ) |
| Exercise of stock options                                                                   |   |           | 15     |   |   |   | - |   |
| Net cash used in financing activities                                                       |   |           | (166   | )      |   |   | (1,314 | ) |
| Net (decrease) increase in cash and cash equivalents before effect of exchange rate changes |   |           | (2,403 | )      |   |   | 2,014 |   |
| Effect of exchange rate changes on cash and cash equivalents                                |   |           | 860    |   |   |   | (421 | ) |
| Net (decrease) increase in cash and cash equivalents                                        |   |           | (1,543 | )      |   |   | 1,593 |   |
| Cash and cash equivalents at beginning of period                                            |   |           | 9,954  |   |   |   | 4,911 |   |
| Cash and cash equivalents at end of period                                                  |   | $              | 8,411  |   |   | $      | 6,504 |   |
| Supplemental disclosures of cash flow information:                                          |   |           |   |   |   |   |   |   |
| Cash paid during the period for:                                                            |   |           |   |   |   |   |   |   |
| Interest                                                                                    |   | $              | 201    |   |   | $      | 103 |   |
| Income Taxes                                                                                |   | $              | 1,899  |   |   |   | - |   |

----

|                                            |   | Nine months               |      |   | Three months |   |
|-------------------------------------------------|--------|---------------------------|-----------|--------|--------------|--------|
|                                            |   | Periods ended January 31, |      |
|                                            |   | 2011                      |      |   | 2010         |   |   | 2011 |   |   | 2010 |   |
| Basic EPS Shares outstanding (weighted average) |   |                      | 8,249,225 |   |         |   | 8,176,638 |   |   |   | 8,262,713 |   |   |   | 8,184,627 |   |
| Effect of Dilutive Securities                   |   |                      | 76,440    |   |         |   | 20,729 |   |   |   | 109,474 |   |   |   | 37,947 |   |
| Diluted EPS Shares outstanding                  |   |                      | 8,325,665 |   |         |   | 8,197,367 |   |   |   | 8,372,187 |   |   |   | 8,222,574 |   |

|                                  |   | Nine months               |    |   | Three months |   |
|---------------------------------------|--------|---------------------------|---------|--------|--------------|--------|
|                                  |   | Periods ended January 31, |    |
|                                  |   | 2011                      |    |   | 2010         |   |   | 2011 |   |   | 2010 |   |
| Outstanding Options and SARS excluded |   |                      | 900,775 |   |         |   | 1,347,775 |   |   |   | 900,775 |   |   |   | 1,066,775 |   |

|                                               |   | October 31, 2010 |   |   | April 30, 2010 |   |
|----------------------------------------------------|--------|-----------------------|--------|--------|---------------------|--------|
|                                               |   | (In thousands)        |   |
| Costs and estimated earnings in excess of billings |   | $                     | 3,551  |   |                | $      | 2,917 |   |
| Billings in excess of costs and estimated earnings |   |                  | (1,219 | )      |                |   | (1,250 | ) |
| Net asset                                          |   | $                     | 2,332  |   |                | $      | 1,667 |   |

----

|                              |   | January 31, 2011 |   |   | April 30, 2010 |   |
|-----------------------------------|--------|-----------------------|--------|--------|---------------------|--------|
|                              |   | (In thousands)        |   |
| Raw Materials and Component Parts |   | $                     | 12,627 |   |                | $      | 13,192 |   |
| Work in Progress                  |   |                  | 12,990 |   |                |   | 11,039 |   |
| Finished Goods                    |   |                  | 2,858  |   |                |   | 2,744 |   |
|                              |   | $                     | 28,475 |   |                | $      | 26,975 |   |

|                                            |   | Nine months               |   |   | Three months |   |
|-------------------------------------------------|--------|---------------------------|--------|--------|--------------|--------|
|                                            |   | Periods ended January 31, |   |
|                                            |   | 2011                      |   |   | 2010         |   |   | 2011 |   |   | 2010 |   |
| Net income                                      |   | $                         | 1,344  |   |         | $      | 2,574 |   |   | $ | 508 |   |   | $ | 2,049 |   |
| Foreign currency translation adjustment         |   |                      | 558    |   |         |   | 596 |   |   |   | (524 | ) |   |   | (48 | ) |
| Change in market value of marketable securities |   |                      | 120    |   |         |   | 600 |   |   |   | (79 | ) |   |   | (234 | ) |
| Comprehensive income (loss)                     |   | $                         | 2,022  |   |         | $      | 3,770 |   |   | $ | (95 | ) |   | $ | 1,767 |   |

|   | (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. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                          |   | Nine months               |   |   | Three months |   |
|-------------------------------|--------|---------------------------|--------|--------|--------------|--------|
|                          |   | Periods ended January 31, |   |
|                          |   | 2011                      |   |   | 2010         |   |   | 2011 |   |   | 2010 |   |
| Revenues:                     |   |                      |   |   |         |   |   |   |   |   |   |   |
| FEI-NY                        |   | $                         | 23,080 |   |         | $      | 21,382 |   |   | $ | 7,913 |   |   | $ | 7,368 |   |
| Gillam-FEI                    |   |                      | 8,790  |   |         |   | 8,812 |   |   |   | 3,586 |   |   |   | 3,837 |   |
| FEI-Zyfer                     |   |                      | 7,819  |   |         |   | 8,742 |   |   |   | 2,162 |   |   |   | 1,914 |   |
| less intersegment revenues    |   |                      | (2,402 | )      |         |   | (2,576 | ) |   |   | (1,026 | ) |   |   | (595 | ) |
| Consolidated revenues         |   | $                         | 37,287 |   |         | $      | 36,360 |   |   | $ | 12,635 |   |   | $ | 12,524 |   |
|                          |   |                      |   |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Operating income (loss):      |   |                      |   |   |         |   |   |   |   |   |   |   |   |   |   |   |
| FEI-NY                        |   | $                         | 2,317  |   |         | $      | 885 |   |   | $ | 852 |   |   | $ | 261 |   |
| Gillam-FEI                    |   |                      | 206    |   |         |   | 377 |   |   |   | 166 |   |   |   | 382 |   |
| FEI-Zyfer                     |   |                      | 156    |   |         |   | 229 |   |   |   | (135 | ) |   |   | (256 | ) |
| Corporate                     |   |                      | (282   | )      |         |   | (276 | ) |   |   | (87 | ) |   |   | (73 | ) |
| Consolidated operating income |   | $                         | 2,397  |   |         | $      | 1,215 |   |   | $ | 796 |   |   | $ | 314 |   |

|                                         |   | January 31, 2011 |    |   | April 30, 2010 |   |
|----------------------------------------------|--------|-----------------------|---------|--------|---------------------|--------|
| Identifiable assets:                         |   |                  |    |   |                |   |
| FEI-NY (approximately $3.6 million in China) |   | $                     | 35,697  |   |                | $      | 35,462 |   |
| Gillam-FEI (all in Belgium or France)        |   |                  | 19,665  |   |                |   | 19,594 |   |
| FEI-Zyfer                                    |   |                  | 6,745   |   |                |   | 7,413 |   |
| less intersegment balances                   |   |                  | (14,249 | )      |                |   | (14,655 | ) |
| Corporate                                    |   |                  | 35,795  |   |                |   | 33,606 |   |
| Consolidated identifiable assets             |   | $                     | 83,653  |   |                | $      | 81,420 |   |

|                              |   | Nine months               |   |   | Three months |   |
|-----------------------------------|--------|---------------------------|--------|--------|--------------|--------|
|                              |   | Periods ended January 31, |   |
|                              |   | 2011                      |   |   | 2010         |   |   | 2011 |   |   | 2010 |   |
|                              |   | (in thousands)            |   |
| Purchases from:                   |   |                      |   |   |         |   |   |   |   |   |   |   |
| Elcom                             |   | $                         | 317    |   |         | $      | 15 |   |   | $ | 3 |   |   | $ | 9 |   |
| Morion                            |   |                      | 61     |   |         |   | 222 |   |   |   | 24 |   |   |   | 2 |   |
| Sales to:                         |   |                      |   |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Elcom                             |   | $                         | 133    |   |         | $      | 1 |   |   | $ | 0 |   |   | $ | 1 |   |
| Morion                            |   |                      | 250    |   |         |   | 76 |   |   |   | 50 |   |   |   | 11 |   |
| Interest on Elcom note receivable |   | $                         | 68     |   |         | $      | 69 |   |   | $ | 21 |   |   | $ | 45 |   |

----

|                    |   | January 31, 2011 |   |
|-------------------------|--------|------------------|--------|
|                    |   | Cost             |   |   | Gross Unrealized Gains |   |   | Gross Unrealized Losses |   |   | Fair Market Value |   |
| Fixed income securities |   | $                | 10,363 |   |   | $ | 268 |   |   | $ | (26 | ) |   | $ | 10,605 |   |
| Equity securities       |   |             | 2,774  |   |   |   | 270 |   |   |   | (30 | ) |   |   | 3,014 |   |
|                    |   | $                | 13,137 |   |   | $ | 538 |   |   | $ | (56 | ) |   | $ | 13,619 |   |

|                         |   | April 30, 2010 |   |
|------------------------------|--------|----------------|--------|
|                         |   | Cost           |   |   | Gross Unrealized Gains |   |   | Gross Unrealized Losses |   |   | Fair Market 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 Value          |   |   | Unrealized Losses |   |   | Fair Value |   |   | Unrealized Losses |   |   | Fair Value |   |   | Unrealized Losses |   |
| January 31, 2011                  |   |                |   |   |              |   |   |       |   |   |   |   |   |   |   |   |   |   |
| Fixed Income Securities           |   | $                   | 1,307  |   |              | $      | (16    | )          |   | $ | 990 |   |   | $ | (10 | ) |   | $ | 2,297 |   |   | $ | (26 | ) |
| Equity Securities                 |   |                | 803    |   |              |   | (30    | )          |   |   | - |   |   |   | - |   |   |   | 803 |   |   |   | (30 | ) |
|                              |   | $                   | 2,110  |   |              | $      | (46    | )          |   | $ | 990 |   |   | $ | (10 | ) |   | $ | 3,100 |   |   | $ | (56 | ) |
| 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  |   |   | 6,540  |   |
| Due after five years through ten years |   |   | 2,823  |   |
|                                   |   | $      | 10,363 |   |

|   | 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. |
|--------|---------|-----------------------------------------------------------------------------------------------------|

----

----

----

|                                 |   | Nine months               |   |   | Three months |   |
|--------------------------------------|--------|---------------------------|--------|--------|--------------|--------|
|                                 |   | Periods ended January 31, |   |
|                                 |   | 2011                      |   |   | 2010         |   |   | 2011 |   |   | 2010 |   |
| Revenues                             |   |                      |   |   |         |   |   |   |   |   |   |   |
| FEI-NY                               |   |                      | 61.9   | %      |         |   | 58.8 | % |   |   | 62.6 | % |   |   | 58.8 | % |
| Gillam-FEI                           |   |                      | 23.6   |   |         |   | 24.2 |   |   |   | 28.4 |   |   |   | 30.6 |   |
| FEI-Zyfer                            |   |                      | 21.0   |   |         |   | 24.0 |   |   |   | 17.1 |   |   |   | 15.3 |   |
| Less intersegment revenues           |   |                      | (6.5   | )      |         |   | (7.0 | ) |   |   | (8.1 | ) |   |   | (4.7 | ) |
|                                 |   |                      | 100.0  |   |         |   | 100.0 |   |   |   | 100.0 |   |   |   | 100.0 |   |
| Cost of revenues                     |   |                      | 61.4   |   |         |   | 63.9 |   |   |   | 61.6 |   |   |   | 64.7 |   |
| Gross Margin                         |   |                      | 38.6   |   |         |   | 36.1 |   |   |   | 38.4 |   |   |   | 35.3 |   |
| Selling and administrative expenses  |   |                      | 22.5   |   |         |   | 21.9 |   |   |   | 22.3 |   |   |   | 20.8 |   |
| Research and development expenses    |   |                      | 9.7    |   |         |   | 10.9 |   |   |   | 9.8 |   |   |   | 12.0 |   |
| Operating Income                     |   |                      | 6.4    |   |         |   | 3.3 |   |   |   | 6.3 |   |   |   | 2.5 |   |
| Other income (expense), net          |   |                      | 0.3    |   |         |   | (1.6 | ) |   |   | 0.4 |   |   |   | (1.9 | ) |
| Pretax Income                        |   |                      | 6.7    |   |         |   | 1.7 |   |   |   | 6.7 |   |   |   | 0.6 |   |
| Provision (benefit) for income taxes |   |                      | 3.1    |   |         |   | (5.4 | ) |   |   | 2.7 |   |   |   | (15.7 | ) |
| Net Income                           |   |                      | 3.6    | %      |         |   | 7.1 | % |   |   | 4.0 | % |   |   | 16.3 | % |

| Revenues              |   | (in millions)             |   |
|-----------------------|--------|---------------------------|--------|
|                  |   | Nine months               |   |   | Three months |   |
|                  |   | Periods ended January 31, |   |
| Segment               |   | 2011                      |   |   | 2010 |   |   | Change |   |   | 2011 |   |   | 2010 |   |   | Change |   |
| FEI-NY                |   | $                         | 23.1   |   |   | $ | 21.4 |   |   | $ | 1.7 |   |   |   | 8 | % |   | $ | 7.9 |   |   | $ | 7.4 |   |   | $ | 0.5 |   |   |   | 7 | % |
| Gillam-FEI            |   |                      | 8.8    |   |   |   | 8.8 |   |   |   | 0.0 |   |   |   | 0 | % |   |   | 3.5 |   |   |   | 3.8 |   |   |   | (0.3 | ) |   |   | (7 | %) |
| FEI-Zyfer             |   |                      | 7.8    |   |   |   | 8.7 |   |   |   | (0.9 | ) |   |   | (11 | %) |   |   | 2.2 |   |   |   | 1.9 |   |   |   | 0.3 |   |   |   | 13 | % |
| Intersegment revenues |   |                      | (2.4   | ) |   |   | (2.6 | ) |   |   | 0.2 |   |   |   |   |   |   |   | (1.0 | ) |   |   | (0.6 | ) |   |   | (0.4 | ) |   |   |   |   |
|                  |   | $                         | 37.3   |   |   | $ | 36.3 |   |   | $ | 1.0 |   |   |   | 3 | % |   | $ | 12.6 |   |   | $ | 12.5 |   |   | $ | 0.1 |   |   |   | 1 | % |

----

| Gross margin |   |                      |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|--------------|--------|---------------------------|--------|--------|--------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|         |   | Nine months               |   |   | Three months |   |
|         |   | Periods ended January 31, |   |
|         |   | 2011                      |   |   | 2010         |   |   | Change |   |   | 2011   |   |   | 2010   |   |   | Change |   |
|         |   | $                         | 14,399 |   |         | $      | 13,117 |   |   | $      | 1,282  |   |   |   | 10     | %      |   | $      | 4,849  |   |   | $      | 4,422  |   |   | $ | 427 |   |   |   | 10 | % |
| GM Rate      |   |                      | 38.6   | %      |         |   | 36.1   | %      |   |   |   |   |   |   |   |   |   |   | 38.4   | %      |   |   | 35.3   | %      |   |   |   |   |   |   |   |   |

| Nine months               |   |   | Three months |   |
|---------------------------|--------|--------|--------------|--------|
| Periods ended January 31, |   |
| 2011                      |   |   | 2010         |   |   | Change |   |   | 2011 |   |   | 2010 |   |   | Change |   |
| $                         | 8,380  |   |         | $      | 7,948 |   |   | $ | 432 |   |   |   | 5 | % |   | $ | 2,820 |   |   | $ | 2,608 |   |   | $ | 212 |   |   |   | 8 | % |

| Nine months               |   |   | Three months |   |
|---------------------------|--------|--------|--------------|--------|
| Periods ended January 31, |   |
| 2011                      |   |   | 2010         |   |   | Change |   |   | 2011 |   |   | 2010 |   |   | Change |   |
| $                         | 3,622  |   |         | $      | 3,954 |   |   | $ | (332 | ) |   |   | (8 | %) |   | $ | 1,233 |   |   | $ | 1,500 |   |   | $ | (267 | ) |   |   | (18 | %) |

----

| Nine months               |   |   | Three months |   |
|---------------------------|--------|--------|--------------|--------|
| Periods ended January 31, |   |
| 2011                      |   |   | 2010         |   |   | Change |   |   | 2011 |   |   | 2010 |   |   | Change |   |
| $                         | 2,397  |   |         | $      | 1,215 |   |   | $ | 1,182 |   |   |   | 97 | % |   | $ | 796 |   |   | $ | 314 |   |   | $ | 482 |   |   |   | 154 | % |

|                 |   | Nine months               |   |   | Three months |   |
|----------------------|--------|---------------------------|--------|--------|--------------|--------|
|                 |   | Periods ended January 31, |   |
|                 |   | 2011                      |   |   | 2010         |   |   | Change |   |   | 2011 |   |   | 2010 |   |   | Change |   |
| Investment income    |   | $                         | 269    |   |         | $      | 400 |   |   | $ | (131 | ) |   |   | (33 | %) |   | $ | 89 |   |   | $ | 147 |   |   | $ | ( 58 | ) |   |   | (39 | %) |
| Equity income (loss) |   |                      | 21     |   |         |   | (151 | ) |   |   | 172 |   |   | NM |   |   |   | (7 | ) |   |   | 44 |   |   |   | (51 | ) |   |   | (116 | %) |
| Impairment charge    |   |                      | 0      |   |         |   | (550 | ) |   |   | 550 |   |   | NM |   |   |   | 0 |   |   |   | (350 | ) |   |   | 350 |   |   | NM |   |
| Interest expense     |   |                      | (91    | )      |         |   | (103 | ) |   |   | 12 |   |   |   | 12 | % |   |   | (27 | ) |   |   | (25 | ) |   |   | (2 | ) |   |   | (8 | %) |
| Other expense, net   |   |                      | (92    | )      |         |   | (207 | ) |   |   | 115 |   |   |   | 56 | % |   |   | (3 | ) |   |   | (51 | ) |   |   | 48 |   |   |   | 94 | % |
|                 |   | $                         | 107    |   |         | $      | ( 611 | ) |   | $ | 718 |   |   | NM |   |   | $ | 52 |   |   | $ | (235 | ) |   | $ | 287 |   |   | NM |   |

----

| Nine months               |   | Three months |
|---------------------------|--------|--------------|
| Periods ended January 31, |
| 2011                      |   |         | 2010 |   |   | Change |   | 2011 |   |   | 2010 |   |   | Change |
| $                         | 1,160  |         |   | $ | (1,970 | ) |   | $ | 3,130 |   | NM |   | $ | 340 |   |   | $ | (1,970 | ) |   | $ | 2,310 |   | NM |

| Nine months               |   |   | Three months |   |
|---------------------------|--------|--------|--------------|--------|
| Periods ended January 31, |   |
| 2011                      |   |   | 2010         |   |   | Change |   |   | 2011 |   |   | 2010 |   |   | Change |   |
| $                         | 1,344  |   |         | $      | 2,574 |   |   | $ | (1,230 | ) |   |   | (48 | %) |   | $ | 508 |   |   | $ | 2,049 |   |   | $ | (1,541 | ) |   |   | (75 | %) |

----

----

----

| 31.1 -   | Certification by the Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2 -   | Certification by the Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted 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, as 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, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                 | FREQUENCY ELECTRONICS, INC. |                                                                                                        |
|----------------------|-----------------------------|-------------------------------------------------------------------------------------------------------------|
|                 | (Registrant)                |                                                                                                        |
|                 |                        |                                                                                                        |   |
| Date: March 17, 2011 | BY                     | /s/ Alan Miller                                                                                   |   |
|                 |                        | Alan Miller                                                                                                 |   |
|                 |                        | Chief Financial Officer and TreasurerSigning on behalf of the registrant and as principal financial officer |   |
|                 |                        |                                                                                                        |   |

----