UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
                               -------------------

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

         Date of Report (Date of Earliest Event Reported): March 9, 2006

                           FREQUENCY ELECTRONICS, INC.
             (Exact name of registrant as specified in its charter)


          Delaware                    1-8061                    11-1986657
(State or other jurisdiction       (Commission               (I.R.S. Employer
      of incorporation)             File Number)             Identification No.)

55 Charles Lindbergh Blvd., Mitchel Field, NY                     11553
  (Address of principal executive offices)                     (Zip Code)

                                 (516) 794-4500
              (Registrant's telephone number, including area code)

                                      NONE
      (Former name, address and fiscal year, if changed since last report)
    -----------------------------------------------------------------------
     Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
     |_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

     |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)

     |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

     |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))

                                Page 1 of 4 pages


<PAGE>


ITEM 2.02  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On March 9, 2006, Frequency Electronics, Inc. issued a press release, which sets
forth its results of operations  for the third quarter of fiscal year 2006 ended
January 31, 2006. A copy of the press release is attached hereto as Exhibit 99.1
and is incorporated  herein by reference.  Such information  shall not be deemed
"filed" for purposes of Section 18 of the  Securities  Exchange Act of 1934,  as
amended,  and is not  incorporated  by reference into any filing of the company,
whether  made  before  or  after  the date  hereof,  regardless  of any  general
incorporation language in such filing.

ITEM 9.01 (c).    EXHIBITS.

  99.1  Press Release of Frequency Electronics, Inc., dated March 9, 2006.



<PAGE>


                                   SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                             FREQUENCY ELECTRONICS, INC.

                                             By:/s/ Alan Miller
                                                ---------------
                                                    Alan Miller
                                               Chief Financial Officer
                                                   and Treasurer

Dated: March 9, 2006



<PAGE>


                                                                    Exhibit 99.1

                                  PRESS RELEASE
   Frequency Electronics Announces Results for Third Quarter Fiscal Year 2006

Mitchel  Field,  NY,  March 9, 2006 -  Frequency  Electronics,  Inc.  (AMEX-FEI)
reported that  revenues for the third  quarter of fiscal year 2006,  which ended
January 31,  2006,  were $15.1  million  compared to $11.2  million for the same
period of fiscal 2005,  and $11.5  million for the prior quarter of fiscal 2006.
For the  nine-month  period ended January 31, 2006,  revenues were $37.7 million
compared to $43.3 million in the first nine months of the previous fiscal year.

In the third quarter, the Company recorded net income of $1.3 million, $0.14 per
diluted share, compared to a loss of $368,000, ($0.04) per diluted share, in the
same quarter of fiscal 2005.  For the nine month period ended  January 31, 2006,
net income was $3.7 million,  $0.43 per diluted share, compared to $1.5 million,
$0.17 per diluted  share,  in the same period of the previous  fiscal year.  The
nine-month  period of fiscal 2006 includes realized gains on sales of marketable
securities  and real property.  Operating  income for the third quarter was $1.2
million  compared to an $899,000  operating  loss in the third quarter of fiscal
2005.  For the first nine months of fiscal year 2006  operating  income was $1.4
million compared to $1.1 million in the same period of the prior year.

Commenting on this report,  Chairman of the Board General Joseph  Franklin said:
"We are  very  pleased  with  these  results.  Revenues  are  rising,  as we had
anticipated,  up over 30%  compared  to the  revenues  in each of the  preceding
quarters of this fiscal year.  Operating profit increased over 23% for the first
nine  months  compared  to the same  period  last year.  Looking  ahead,  we see
significant  opportunities  in both military and commercial  space programs,  as
well as wireless and wireline markets. Based on bookings to date, our outlook is
very optimistic for the rest of this year and beyond."

Revenues for the  Commercial  Communications  segment were $9.2 million for this
past  quarter  and $20.1  million  for the  first  nine  months of fiscal  2006.
Revenues for the first nine months of fiscal 2005 were $25.4  million.  Sales to
wireless infrastructure OEM's increased sequentially this past quarter, but have
not yet reached the levels  realized in early  fiscal  2005.  Over 30% of fiscal
2006  revenues in this segment were  generated by  commercial  satellite  sales,
continuing the strong growth that began late last year

Third quarter revenues for the US Government  segment were $1.1 million and $4.8
million for the first nine months of fiscal  2006.  Revenues  for the first nine
months of last year were $4.3 million. FEI-Zyfer's revenues, a majority of which
are derived from US Government programs, were $2.8 million for the third quarter
and $7.9  million  for the first nine  months of fiscal  2006.  In fiscal  2005,
FEI-Zyfer's   revenues   were  $6.6   million   for  the  first   nine   months.
Government-related  sales for fiscal 2006 are in excess of 25% of the  Company's
total sales, compared to approximately 20% for full fiscal year 2005.

Gillam-FEI  recorded  revenues of $2.1  million  for the third  quarter and $5.8
million for the first nine months of fiscal  2006,  compared to $7.6 million for
the first nine months of fiscal 2005. Intercompany R&D sales are not included in
these   figures.   Gillam-FEI   continues   development   of  new  products  for
telecommunications  synchronization.  Excluding  intercompany R&D sales,  fiscal
2006 fourth  quarter  revenues are expected to increase  sequentially,  but full
year revenues will not reach the level obtained in fiscal 2005.

Research and  development  expenses  were $1.2 million for the third quarter and
$4.1  million for the first nine months of fiscal  2006.  R&D  expenses  for the
first nine months of fiscal 2005 were $4.9  million.  The decrease in internally
funded research and development  spending reflects the allocation of engineering
resources to customer-funded programs in the fiscal year 2006 periods.

Chief  Financial  Officer Alan Miller added the  following  comment:  "The third
quarter's  sequentially higher revenues and improved gross margin have generated
significantly higher operating profit compared to the first half of fiscal 2006.
Excluding the impact of reduced  spending on internal  research and  development
programs,  third quarter  operating  profit increased by over $800 thousand from
each of the first two  quarters of fiscal year 2006.  This  increased  operating
profit is in excess of 20% of the increase in quarter-to-quarter  revenues. This
demonstrates the operating  leverage we achieve with higher sales, cost controls
and more efficient  operations.  As revenues continue at this increased level we
expect to realize greater operating profits in the last quarter of this year and
into fiscal 2007."

Investor Conference Call

As  previously  announced,  the Company will hold a  conference  call to discuss
these results on March 9, 2006 at 11:30 AM Eastern Time.  Investors and analysts
may access the call by dialing  1-800-289-0517.  International  callers may dial
1-913-981-5529. Ask for the Frequency conference call.

The   call   will   also   be   available   at   the   Company's    website   at
www.frequencyelectronics.com  or at Thomson/CCBN's individual investor center at
www.earnings.com  or by visiting  any of the  investor  sites in  Thomson/CCBN's
Individual  Investor Network such as America Online's  Personal Finance Channel,
Fidelity Investments(R) (Fidelity.com) and others.

The call will be archived on the Company's  website  through April 8, 2006.  The
archived   call  may  also  be  retrieved  at   1-888-203-1112   (domestic)   or
1-719-457-0820 (international) using Passcode ID 9842643.

About Frequency Electronics
---------------------------
Frequency  Electronics,  Inc. is a world leader in the design,  development  and
manufacture  of high precision  timing,  frequency  control and  synchronization
products for space and terrestrial applications. The Company's products are used
in commercial,  government and military systems,  including  satellite payloads,
missiles,  UAVs, piloted aircraft, GPS, secure radios, SCADA, energy exploration
and wireline and wireless communication  networks. The Company has received over
60  awards  of  excellence  for   achievements  in  providing  high  performance
electronic  assemblies  for  over  120  space  programs.   The  Company  invests
significant  resources in research and  development  and strategic  acquisitions
world-wide to expand its capabilities and markets.  The Company's  Belgium-based
Gillam-FEI  subsidiary  provides the Company with expertise in wireline  network
synchronization,  monitoring and SCADA.  FEI-Zyfer in Anaheim,  CA, provides GPS
and secure timing ("SAASM")  capabilities  for critical  military and commercial
applications.  The Company has an  affiliate  in St.  Petersburg,  Russia  which
supplies  high-quality,   cost  effective  quartz  oscillators  and  components.
Additionally,  the  Company  operates a new,  modern  manufacturing  facility in
Tianjin,  China  through  its  wholly-owned  subsidiary,   FEI-Asia.  Additional
information is available on FEI's website: www.frequencyelectronics.com

Safe Harbor  Statement  under the Private  Securities  Litigation  Reform Act of
1995:  The  Statements  in this press release  regarding  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, inability to
integrate  operations  and  personnel,   actions  by  significant  customers  or
competitors,  general domestic and international  economic conditions,  consumer
spending  trends,  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,  and other risks detailed in
the  Company's   periodic  report  filings  with  the  Securities  and  Exchange
Commission. By making these forward-looking  statements,  the Company undertakes
no obligation to update these statements for revisions or changes after the date
of this release.

Contact information:  Alan Miller, CFO, or General Joseph P. Franklin, Chairman:
TELEPHONE: (516) 794-4500              WEBSITE: www.frequencyelectronics.com


<PAGE>


                  Frequency Electronics, Inc. and Subsidiaries
                  Consolidated Condensed Summary of Operations
<TABLE>
<CAPTION>

                                       Quarter Ended               Nine Months Ended
                                        January 31,                   January 31,
                                     2006         2005            2006           2005
                                     ----         ----            ----           ----
                                        (unaudited)                     (unaudited)
                                            (in thousands except per share data)
<S>                              <C>          <C>              <C>            <C>
Net Sales                          $15,113      $11,222          $37,668        $43,266
Cost of Sales                        9,651        7,529           24,011         28,537
                                   -------      -------          -------        -------
      Gross Margin                   5,462        3,693           13,657         14,729

Selling and Administrative           3,077        2,567            8,154          8,759
Research and Development             1,173        2,025            4,123          4,850
                                   -------      -------          -------        -------
      Operating Profit (Loss)        1,212         (899)           1,380          1,120
Interest and Other, Net                616          361            4,218          1,225
                                   -------      -------          -------        -------
Income (Loss) before Taxes &
      Minority Interest              1,828         (538)           5,598          2,345
Minority Interest                        -            -                -             (1)
                                   -------      -------          -------        -------
Income (Loss) before Income Taxes    1,828         (538)           5,598          2,346
Income Tax Provision (Benefit)         580         (170)           1,876            830
                                   -------      -------          -------        -------
      Net Income (Loss)            $ 1,248      $  (368)         $ 3,722        $ 1,516
                                   =======      =======          =======        =======

Net Income (Loss) per Share:
         Basic                     $ 0.15       $ (0.04)         $ 0.44         $ 0.18
                                   ======       =======          ======         ======
         Diluted                   $ 0.14       $ (0.04)         $ 0.43         $ 0.17
                                   ======       =======          ======         ======
Average Shares Outstanding

         Basic                   8,541,519     8,499,274       8,530,926      8,473,679
                                 =========     =========       =========      =========
         Diluted                 8,674,434     8,499,274       8,668,685      8,682,099
                                 =========     =========       =========      =========
</TABLE>


                  Frequency Electronics, Inc. and Subsidiaries
                      Consolidated Condensed Balance Sheets

                                          January 31,              April 30,
                                             2006                    2005
                                             ----                    ----
                                                    (in thousands)
ASSETS
------
Cash & Marketable Securities               $ 26,327                $ 30,233
Accounts Receivable                          14,850                  12,728
Inventories                                  23,445                  22,948
Other Current Assets                          4,211                   3,631
Property, Plant & Equipment                   6,187                   6,770
Other Assets                                 12,868                  12,064
                                          ---------               ---------
                                           $ 87,888                $ 88,374
                                           ========                ========

LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities                       $   8,335               $   9,844
Long-term Obligations and Other               9,069                   9,337
Stockholders' Equity                         70,484                  69,193
                                          ---------               ---------
                                           $ 87,888                $ 88,374
                                           ========                ========
[{"type": "8-K", "sequence": "1", "filename": "earn8kq3_06.txt", "description": "FEI EARNINGS RELEASE FOR Q3 FY2006", "secsgml_size_bytes": 17276}]
{"company-data": {"conformed-name": "FREQUENCY ELECTRONICS INC", "cik": "0000039020", "assigned-sic": "3825", "irs-number": "111986657", "state-of-incorporation": "DE", "fiscal-year-end": "0430"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-08061", "film-number": "06675964"}, "business-address": {"street1": "55 CHARLES LINDBERGH BLVD", "city": "MITCHEL FIELD", "state": "NY", "zip": "11553", "phone": "5167944500"}, "mail-address": {"street1": "55 CHARLES LINDBERGH BOULEVARD", "city": "MITCHELL FIELD", "state": "NY", "zip": "11553"}}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
                               -------------------

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

         Date of Report (Date of Earliest Event Reported): March 9, 2006

                           FREQUENCY ELECTRONICS, INC.
             (Exact name of registrant as specified in its charter)

          Delaware                    1-8061                    11-1986657
(State or other jurisdiction       (Commission               (I.R.S. Employer
      of incorporation)             File Number)             Identification No.)

55 Charles Lindbergh Blvd., Mitchel Field, NY                     11553
  (Address of principal executive offices)                     (Zip Code)

                                 (516) 794-4500
              (Registrant's telephone number, including area code)

                                      NONE
      (Former name, address and fiscal year, if changed since last report)
    -----------------------------------------------------------------------
     Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
     |_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

     |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)

     |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

     |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))

                                Page 1 of 4 pages
ITEM 2.02  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On March 9, 2006, Frequency Electronics, Inc. issued a press release, which sets
forth its results of operations  for the third quarter of fiscal year 2006 ended
January 31, 2006. A copy of the press release is attached hereto as Exhibit 99.1
and is incorporated  herein by reference.  Such information  shall not be deemed
"filed" for purposes of Section 18 of the  Securities  Exchange Act of 1934,  as
amended,  and is not  incorporated  by reference into any filing of the company,
whether  made  before  or  after  the date  hereof,  regardless  of any  general
incorporation language in such filing.

ITEM 9.01 (c).    EXHIBITS.

  99.1  Press Release of Frequency Electronics, Inc., dated March 9, 2006.
SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                             FREQUENCY ELECTRONICS, INC.

                                             By:/s/ Alan Miller
                                                ---------------
                                                    Alan Miller
                                               Chief Financial Officer
                                                   and Treasurer

Dated: March 9, 2006
Exhibit 99.1

                                  PRESS RELEASE
   Frequency Electronics Announces Results for Third Quarter Fiscal Year 2006

Mitchel  Field,  NY,  March 9, 2006 -  Frequency  Electronics,  Inc.  (AMEX-FEI)
reported that  revenues for the third  quarter of fiscal year 2006,  which ended
January 31,  2006,  were $15.1  million  compared to $11.2  million for the same
period of fiscal 2005,  and $11.5  million for the prior quarter of fiscal 2006.
For the  nine-month  period ended January 31, 2006,  revenues were $37.7 million
compared to $43.3 million in the first nine months of the previous fiscal year.

In the third quarter, the Company recorded net income of $1.3 million, $0.14 per
diluted share, compared to a loss of $368,000, ($0.04) per diluted share, in the
same quarter of fiscal 2005.  For the nine month period ended  January 31, 2006,
net income was $3.7 million,  $0.43 per diluted share, compared to $1.5 million,
$0.17 per diluted  share,  in the same period of the previous  fiscal year.  The
nine-month  period of fiscal 2006 includes realized gains on sales of marketable
securities  and real property.  Operating  income for the third quarter was $1.2
million  compared to an $899,000  operating  loss in the third quarter of fiscal
2005.  For the first nine months of fiscal year 2006  operating  income was $1.4
million compared to $1.1 million in the same period of the prior year.

Commenting on this report,  Chairman of the Board General Joseph  Franklin said:
"We are  very  pleased  with  these  results.  Revenues  are  rising,  as we had
anticipated,  up over 30%  compared  to the  revenues  in each of the  preceding
quarters of this fiscal year.  Operating profit increased over 23% for the first
nine  months  compared  to the same  period  last year.  Looking  ahead,  we see
significant  opportunities  in both military and commercial  space programs,  as
well as wireless and wireline markets. Based on bookings to date, our outlook is
very optimistic for the rest of this year and beyond."

Revenues for the  Commercial  Communications  segment were $9.2 million for this
past  quarter  and $20.1  million  for the  first  nine  months of fiscal  2006.
Revenues for the first nine months of fiscal 2005 were $25.4  million.  Sales to
wireless infrastructure OEM's increased sequentially this past quarter, but have
not yet reached the levels  realized in early  fiscal  2005.  Over 30% of fiscal
2006  revenues in this segment were  generated by  commercial  satellite  sales,
continuing the strong growth that began late last year

Third quarter revenues for the US Government  segment were $1.1 million and $4.8
million for the first nine months of fiscal  2006.  Revenues  for the first nine
months of last year were $4.3 million. FEI-Zyfer's revenues, a majority of which
are derived from US Government programs, were $2.8 million for the third quarter
and $7.9  million  for the first nine  months of fiscal  2006.  In fiscal  2005,
FEI-Zyfer's   revenues   were  $6.6   million   for  the  first   nine   months.
Government-related  sales for fiscal 2006 are in excess of 25% of the  Company's
total sales, compared to approximately 20% for full fiscal year 2005.

Gillam-FEI  recorded  revenues of $2.1  million  for the third  quarter and $5.8
million for the first nine months of fiscal  2006,  compared to $7.6 million for
the first nine months of fiscal 2005. Intercompany R&D sales are not included in
these   figures.   Gillam-FEI   continues   development   of  new  products  for
telecommunications  synchronization.  Excluding  intercompany R&D sales,  fiscal
2006 fourth  quarter  revenues are expected to increase  sequentially,  but full
year revenues will not reach the level obtained in fiscal 2005.

Research and  development  expenses  were $1.2 million for the third quarter and
$4.1  million for the first nine months of fiscal  2006.  R&D  expenses  for the
first nine months of fiscal 2005 were $4.9  million.  The decrease in internally
funded research and development  spending reflects the allocation of engineering
resources to customer-funded programs in the fiscal year 2006 periods.

Chief  Financial  Officer Alan Miller added the  following  comment:  "The third
quarter's  sequentially higher revenues and improved gross margin have generated
significantly higher operating profit compared to the first half of fiscal 2006.
Excluding the impact of reduced  spending on internal  research and  development
programs,  third quarter  operating  profit increased by over $800 thousand from
each of the first two  quarters of fiscal year 2006.  This  increased  operating
profit is in excess of 20% of the increase in quarter-to-quarter  revenues. This
demonstrates the operating  leverage we achieve with higher sales, cost controls
and more efficient  operations.  As revenues continue at this increased level we
expect to realize greater operating profits in the last quarter of this year and
into fiscal 2007."

Investor Conference Call

As  previously  announced,  the Company will hold a  conference  call to discuss
these results on March 9, 2006 at 11:30 AM Eastern Time.  Investors and analysts
may access the call by dialing  1-800-289-0517.  International  callers may dial
1-913-981-5529. Ask for the Frequency conference call.

The   call   will   also   be   available   at   the   Company's    website   at
www.frequencyelectronics.com  or at Thomson/CCBN's individual investor center at
www.earnings.com  or by visiting  any of the  investor  sites in  Thomson/CCBN's
Individual  Investor Network such as America Online's  Personal Finance Channel,
Fidelity Investments(R) (Fidelity.com) and others.

The call will be archived on the Company's  website  through April 8, 2006.  The
archived   call  may  also  be  retrieved  at   1-888-203-1112   (domestic)   or
1-719-457-0820 (international) using Passcode ID 9842643.

About Frequency Electronics
---------------------------
Frequency  Electronics,  Inc. is a world leader in the design,  development  and
manufacture  of high precision  timing,  frequency  control and  synchronization
products for space and terrestrial applications. The Company's products are used
in commercial,  government and military systems,  including  satellite payloads,
missiles,  UAVs, piloted aircraft, GPS, secure radios, SCADA, energy exploration
and wireline and wireless communication  networks. The Company has received over
60  awards  of  excellence  for   achievements  in  providing  high  performance
electronic  assemblies  for  over  120  space  programs.   The  Company  invests
significant  resources in research and  development  and strategic  acquisitions
world-wide to expand its capabilities and markets.  The Company's  Belgium-based
Gillam-FEI  subsidiary  provides the Company with expertise in wireline  network
synchronization,  monitoring and SCADA.  FEI-Zyfer in Anaheim,  CA, provides GPS
and secure timing ("SAASM")  capabilities  for critical  military and commercial
applications.  The Company has an  affiliate  in St.  Petersburg,  Russia  which
supplies  high-quality,   cost  effective  quartz  oscillators  and  components.
Additionally,  the  Company  operates a new,  modern  manufacturing  facility in
Tianjin,  China  through  its  wholly-owned  subsidiary,   FEI-Asia.  Additional
information is available on FEI's website: www.frequencyelectronics.com

Safe Harbor  Statement  under the Private  Securities  Litigation  Reform Act of
1995:  The  Statements  in this press release  regarding  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, inability to
integrate  operations  and  personnel,   actions  by  significant  customers  or
competitors,  general domestic and international  economic conditions,  consumer
spending  trends,  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,  and other risks detailed in
the  Company's   periodic  report  filings  with  the  Securities  and  Exchange
Commission. By making these forward-looking  statements,  the Company undertakes
no obligation to update these statements for revisions or changes after the date
of this release.

Contact information:  Alan Miller, CFO, or General Joseph P. Franklin, Chairman:
TELEPHONE: (516) 794-4500              WEBSITE: www.frequencyelectronics.com
Frequency Electronics, Inc. and Subsidiaries
                  Consolidated Condensed Summary of Operations
Quarter Ended               Nine Months Ended
                                        January 31,                   January 31,
                                     2006         2005            2006           2005
                                     ----         ----            ----           ----
                                        (unaudited)                     (unaudited)
                                            (in thousands except per share data)
Net Sales                          $15,113      $11,222          $37,668        $43,266
Cost of Sales                        9,651        7,529           24,011         28,537
                                   -------      -------          -------        -------
      Gross Margin                   5,462        3,693           13,657         14,729

Selling and Administrative           3,077        2,567            8,154          8,759
Research and Development             1,173        2,025            4,123          4,850
                                   -------      -------          -------        -------
      Operating Profit (Loss)        1,212         (899)           1,380          1,120
Interest and Other, Net                616          361            4,218          1,225
                                   -------      -------          -------        -------
Income (Loss) before Taxes &
      Minority Interest              1,828         (538)           5,598          2,345
Minority Interest                        -            -                -             (1)
                                   -------      -------          -------        -------
Income (Loss) before Income Taxes    1,828         (538)           5,598          2,346
Income Tax Provision (Benefit)         580         (170)           1,876            830
                                   -------      -------          -------        -------
      Net Income (Loss)            $ 1,248      $  (368)         $ 3,722        $ 1,516
                                   =======      =======          =======        =======

Net Income (Loss) per Share:
         Basic                     $ 0.15       $ (0.04)         $ 0.44         $ 0.18
                                   ======       =======          ======         ======
         Diluted                   $ 0.14       $ (0.04)         $ 0.43         $ 0.17
                                   ======       =======          ======         ======
Average Shares Outstanding

         Basic                   8,541,519     8,499,274       8,530,926      8,473,679
                                 =========     =========       =========      =========
         Diluted                 8,674,434     8,499,274       8,668,685      8,682,099
                                 =========     =========       =========      =========
Frequency Electronics, Inc. and Subsidiaries
                      Consolidated Condensed Balance Sheets

                                          January 31,              April 30,
                                             2006                    2005
                                             ----                    ----
                                                    (in thousands)
ASSETS
------
Cash & Marketable Securities               $ 26,327                $ 30,233
Accounts Receivable                          14,850                  12,728
Inventories                                  23,445                  22,948
Other Current Assets                          4,211                   3,631
Property, Plant & Equipment                   6,187                   6,770
Other Assets                                 12,868                  12,064
                                          ---------               ---------
                                           $ 87,888                $ 88,374
                                           ========                ========

LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities                       $   8,335               $   9,844
Long-term Obligations and Other               9,069                   9,337
Stockholders' Equity                         70,484                  69,193
                                          ---------               ---------
                                           $ 87,888                $ 88,374
                                           ========                ========