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): July 7, 2005

                           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, former address and former 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 6 pages

<PAGE>


ITEM 2.02     RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     On July 7, 2005, Frequency Electronics,  Inc. issued a press release, which
sets forth its results of operations for the fiscal year and quarter ended April
30, 2005. 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 July 7, 2005.



<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: July 8, 2005



<PAGE>


                                                                    Exhibit 99.1

                                  PRESS RELEASE

             Frequency Electronics, Inc., Announces Fiscal Year 2005 Results

Mitchel Field, NY, July 7, 2005 - Frequency  Electronics,  Inc. (AMEX-FEI) today
announced  results for its fiscal year and fourth  quarter  ended 30 April 2005.
Revenues for the year were $55.2  million,  compared to $50.1 million for fiscal
year 2004. Fourth quarter revenues were $11.9 million, compared to $17.3 million
in the same period of fiscal year 2004.

Fiscal  year 2005 net  income  was $5.0  million,  or $0.58 per  diluted  share,
compared to $320 thousand, or $0.04 per share, for the previous fiscal year. Net
income for the fourth quarter of fiscal year 2005 was $3.5 million, or $0.41 per
share,  compared to net income of $895 thousand,  or $0.10 per diluted share, in
the same period last year. Fiscal year 2005 results include pretax gains (net of
expenses)  of $6.5  million  from real estate  investments  which were  realized
during the fourth quarter of the year.

Excluding  the effects of the $6.5 million real estate gain,  the Company  would
have recorded  pretax profit of $630 thousand  compared to $431 thousand for the
prior  fiscal  year.  Gross  margin  improved to 33%, up from 31% in fiscal year
2004. On a year-over-year basis, incremental revenue of $5.1 million resulted in
increased  gross  margin  of  $2.6  million,  a 51%  marginal  rate.  Long  term
obligations  decreased  by  $8.3  million,  or  47%,  and  stockholders'  equity
increased by $5.8 million, or 9%.

Fiscal year 2005 revenues for the Commercial  Communications  segment were $31.5
million, compared to $28.2 million for fiscal 2004. Included in these figures is
$5.3 million for commercial  space  projects,  up from $3.3 million in the prior
year. Sales of synchronization  products to the wireless infrastructure industry
experienced  sharp  declines  in the last half of  fiscal  year 2005 as key OEMs
postponed deliveries from previously forecasted requirements. These fluctuations
had a major impact on operating  results for the fiscal year.  Sales to wireless
OEMs are and will  continue  to be the  largest  component  of  revenues in this
segment  because the future  market for the  Company's  products  in  world-wide
wireless  infrastructure  remains  extremely large and growing.  For fiscal year
2006, the Company  anticipates higher revenues in the Commercial  Communications
segment.

Revenues  for the US  Government  segment  were $5.6  million  this fiscal year,
compared to $7.0 million in the previous year. The Company  expects this segment
to show strong  growth next fiscal  year.  Revenues for the  FEI-Zyfer  segment,
which are derived primarily from US Government  programs,  were $8.8 million for
fiscal year 2005, up from $6.5 million in the prior year. FEI-Zyfer revenues are
also  expected  to grow in  fiscal  year  2006.  Accordingly,  revenues  from US
Government  programs will represent a larger share of consolidated  sales during
the upcoming fiscal year.

Gillam-FEI  recorded  revenues  of $12.6  million,  including  $2.4  million  of
intercompany  sales, in fiscal year 2005,  compared to $12.2 million,  with $3.5
million of  intercompany  sales,  in fiscal 2004.  Gillam-FEI  provided a strong
technology  partnership for new  synchronization  product  development in fiscal
year 2005. Continued revenue growth is expected for fiscal year 2006, with lower
intercompany sales.

Research and  development  investment rose from $5.3 million in fiscal year 2004
to $6.8 million in fiscal year 2005,  which  included $2.0 million in the fourth
quarter.  This increased spending produced  significant  advances in new product
development  and  added  important  value to the  Company  in fiscal  2005.  The
Company's  development   activities  address  markets  with  potential  business
opportunities  in  excess  of $3  billion  over the next 5  years.  The  Company
believes its superior  technology will result in gaining a significant  share of
these markets.

Major milestones in the Company's principal technologies this past year,
included:

  Wireline:
     -    In March 2005, the US5G product passed key acceptance  testing and the
          Company has begun contract negotiations with a major RBOC.
     -    The US5E  (European  version of the US5G) has been accepted by a major
          service provider in Europe.
     -    UniSync (a GPS-based  synchronization  system) has been  introduced to
          complement  the US5G for domestic  sales and  additional  products are
          being developed for service providers worldwide.

  Wireless:
     -    Innovative  quartz-based  products were  introduced for UMTS and WCDMA
          cell sites.  These products expand the Company's  offering to cellular
          service providers in addition to the current rubidium products.

  Space:
     -    A family of generic frequency generation systems (300 MHz to 18.2 GHz)
          were developed and qualified for a major aerospace company, to be used
          in commercial and military satellites.
     -    A  high-precision  C-band to L-band  transponder  for GCCS  (WAAS) was
          completed and delivered.
     -    The Company was awarded contracts for various  space-related  programs
          from Alenia,  Boeing,  Lockheed Martin, Space  Systems/Loral,  COMDEV,
          Northrop Grumman, the US Air Force and others.

  Industrial and special applications:
     -    Feasibility   models  for  precision   clocks  that  operate  in  high
          temperatures and harsh  environments  were developed,  qualified,  and
          delivered,  to be used in deep-earth  drilling equipment exploring for
          natural resources.
     -    Prototypes of new quartz clocks with unparalleled  long-term stability
          were provided for a variety of applications.
     -    The  Company  delivered  over $5  million  in  various  software-based
          control systems and associated hardware.

  Government/Military:
     -    Major advancements were achieved in low-g sensitivity technology:
        o  The Company was awarded contracts for pre-production units for the
              Joint Strike Fighter (JSF), C-130, and airborne radars for UAVs
              and manned aircraft.
        o  The Company was awarded contracts to develop feasibility models
              for F-15 upgrades and for applications in other classified
              airborne platforms.
        o  A family of ruggedized rubidium standards was introduced that
              maintains frequency accuracy in challenging vibration and shock
              environments (missiles, helicopters, UAVs, manned aircraft) and
              operates in conjunction with low-g sensitivity quartz.
     -    Development  was completed on a  rubidium-based  timing system for the
          Advanced EHF satellite. The first flight system recently completed all
          tests and was accepted.
     -    The Company was awarded a $1.8 million contract for low-g  sensitivity
          quartz  clocks for missile  applications.
     -    The Company was awarded a contract  valued in excess of $1 million for
          the National Polar-Orbiting Operational Environmental Satellite System
          ("NPOESS").
     -    The Company was awarded a $2.0 million  contract  for a Canadian  data
          collection, storage and transmission satellite system.
     -    The  Company was  selected  to develop and qualify an advanced  atomic
          clock for  satellite  navigation  systems and was awarded a $3 million
          multi-year contract in May 2005.

Commenting on these results, Chairman of the Board General Joseph Franklin said:
"In fiscal 2005, Frequency Electronics again increased revenues, raised margins,
and improved  profitability  over the prior year.  We achieved  these results in
spite of a fall-off in shipments to wireless OEMs in the second half of the year
and a  substantial  increase in research  and  development  spending.  Increased
investments in technology  development  produced  outstanding results last year.
Our  advanced  technology  represents  the real  shareholder  value of Frequency
Electronics.  It enhances performance of critical systems in both government and
commercial sectors. Our plan in 2006 is to accelerate technology development and
the value it creates.  Looking  ahead  today,  we see fiscal year 2006  starting
slowly  and  ramping  up in  revenues  and  earnings  as the year goes  forward,
reversing the profile of fiscal 2005. Based on bookings in early fiscal 2006, we
expect growth in revenues and operating profit this coming year."

Investor Conference Call
------------------------

As  previously  announced,  the Company will hold a  conference  call to discuss
these results today, July 7, at 1:00 PM Eastern Time. Investors and analysts may
access  the  call by  dialing  1-800-478-6251.  International  callers  may dial
1-913-981-5558. 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.companyboardroom.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 August 7, 2005. The
archived   call  may  also  be  retrieved  at   1-888-203-1112   (domestic)   or
1-719-457-0820 (international) using Passcode ID 6551394.

About Frequency Electronics
---------------------------

Frequency  Electronics,  Inc. is a world leader in the design,  development  and
manufacture of high-technology  frequency,  timing and synchronization  products
for satellite and  terrestrial  voice,  video and data  telecommunications.  The
Company's  technologies  provide unique  solutions  that are essential  building
blocks  for  the  next   generation  of  broadband   wireless  and  fiber  optic
communications  systems,  and for the ongoing expansion of existing wireless and
wireline  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 in  strategic  acquisitions  to  expand  its  capabilities  and
markets. The Company's Gillam-FEI subsidiary provides the Company with expertise
in wireline network  synchronization  and access to worldwide service providers.
The FEI-Zyfer  subsidiary  provides  secure timing  ("SAASM")  capabilities  for
critical  military  and  commercial  applications.   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: General Joseph P. Franklin, telephone : (516) 794-4500
                      WEBSITE: www.frequencyelectronics.com


<PAGE>


                  Frequency Electronics, Inc. and Subsidiaries
                  Consolidated Condensed Summary of Operations

                                   Quarter Ended                Year Ended
                                     April 30,                   April 30,
                                 2005      2004(a)          2005         2004(a)
                                 ----      -------          ----         -------
                                    (unaudited)
                                       (in thousands except per share data)

Net Sales                      $11,907     $17,275        $55,173       $50,106
Cost of Sales                    8,476      12,358         37,013        34,529
                               -------     -------        -------       -------
       Gross Margin              3,431       4,917         18,160        15,577

Selling and Administrative       2,961       3,026         11,719        11,162
Compensation Charges               876         297            876           725
Research and Development         1,984       1,027          6,834         5,336
                               -------     -------        -------       -------
    Operating (Loss) Profit     (2,390)        567         (1,269)       (1,646)
Interest and Other, Net (a)      7,190         327          8,415         1,933
                               -------     -------        -------       -------
Income before Taxes &
      Minority Interest          4,800         894          7,146           287
Minority Interest                    -         (12)            (1)         (144)
                               -------     -------        -------       -------
Income before Income Taxes       4,800         906          7,147           431
Income Tax Provision             1,280          11          2,110           111
                               -------     -------        -------       -------
       Net Income              $ 3,520     $   895        $ 5,037       $   320
                               =======     =======        =======       =======

Net Income per Share:
         Basic                 $ 0.41      $ 0.11         $ 0.59         $ 0.04
                               ======      ======         ======         ======
         Diluted               $ 0.41      $ 0.10         $ 0.58         $ 0.04
                               ======      ======         ======         ======
Average Shares Outstanding
         Basic               8,517,694   8,403,084      8,484,682     8,374,399
                             =========   =========      =========     =========
         Diluted             8,683,305   8,633,585      8,684,758     8,542,575
                             =========   =========      =========     =========

     (a)  Prior  period  amounts  have been  restated to reflect  the  Company's
          equity income from its investment in Morion, Inc.

                  Frequency Electronics, Inc. and Subsidiaries
                      Consolidated Condensed Balance Sheets

                                            April 30,              April 30,
                                              2005                  2004(a)
                                              ----                  -------
                                                     (in thousands)
ASSETS
------
Cash & Marketable Securities                $ 30,233               $ 31,389
Accounts Receivable                           12,728                 15,036
Inventories                                   22,948                 21,925
Other Current Assets                           3,631                  4,485
Property, Plant & Equipment                    6,770                 11,486
Other Assets                                  12,064                  8,546
                                            --------               --------
                                            $ 88,374               $ 92,867
                                            ========               ========

LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities                         $  9,844               $ 11,827
Long-term Obligations and Other                9,337                 17,657
Stockholders' Equity                          69,193                 63,383
                                            --------               --------
                                            $ 88,374               $ 92,867
                                            ========               ========
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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): July 7, 2005

                           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, former address and former 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 6 pages
ITEM 2.02     RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     On July 7, 2005, Frequency Electronics,  Inc. issued a press release, which
sets forth its results of operations for the fiscal year and quarter ended April
30, 2005. 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 July 7, 2005.
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: July 8, 2005
Exhibit 99.1

                                  PRESS RELEASE

             Frequency Electronics, Inc., Announces Fiscal Year 2005 Results

Mitchel Field, NY, July 7, 2005 - Frequency  Electronics,  Inc. (AMEX-FEI) today
announced  results for its fiscal year and fourth  quarter  ended 30 April 2005.
Revenues for the year were $55.2  million,  compared to $50.1 million for fiscal
year 2004. Fourth quarter revenues were $11.9 million, compared to $17.3 million
in the same period of fiscal year 2004.

Fiscal  year 2005 net  income  was $5.0  million,  or $0.58 per  diluted  share,
compared to $320 thousand, or $0.04 per share, for the previous fiscal year. Net
income for the fourth quarter of fiscal year 2005 was $3.5 million, or $0.41 per
share,  compared to net income of $895 thousand,  or $0.10 per diluted share, in
the same period last year. Fiscal year 2005 results include pretax gains (net of
expenses)  of $6.5  million  from real estate  investments  which were  realized
during the fourth quarter of the year.

Excluding  the effects of the $6.5 million real estate gain,  the Company  would
have recorded  pretax profit of $630 thousand  compared to $431 thousand for the
prior  fiscal  year.  Gross  margin  improved to 33%, up from 31% in fiscal year
2004. On a year-over-year basis, incremental revenue of $5.1 million resulted in
increased  gross  margin  of  $2.6  million,  a 51%  marginal  rate.  Long  term
obligations  decreased  by  $8.3  million,  or  47%,  and  stockholders'  equity
increased by $5.8 million, or 9%.

Fiscal year 2005 revenues for the Commercial  Communications  segment were $31.5
million, compared to $28.2 million for fiscal 2004. Included in these figures is
$5.3 million for commercial  space  projects,  up from $3.3 million in the prior
year. Sales of synchronization  products to the wireless infrastructure industry
experienced  sharp  declines  in the last half of  fiscal  year 2005 as key OEMs
postponed deliveries from previously forecasted requirements. These fluctuations
had a major impact on operating  results for the fiscal year.  Sales to wireless
OEMs are and will  continue  to be the  largest  component  of  revenues in this
segment  because the future  market for the  Company's  products  in  world-wide
wireless  infrastructure  remains  extremely large and growing.  For fiscal year
2006, the Company  anticipates higher revenues in the Commercial  Communications
segment.

Revenues  for the US  Government  segment  were $5.6  million  this fiscal year,
compared to $7.0 million in the previous year. The Company  expects this segment
to show strong  growth next fiscal  year.  Revenues for the  FEI-Zyfer  segment,
which are derived primarily from US Government  programs,  were $8.8 million for
fiscal year 2005, up from $6.5 million in the prior year. FEI-Zyfer revenues are
also  expected  to grow in  fiscal  year  2006.  Accordingly,  revenues  from US
Government  programs will represent a larger share of consolidated  sales during
the upcoming fiscal year.

Gillam-FEI  recorded  revenues  of $12.6  million,  including  $2.4  million  of
intercompany  sales, in fiscal year 2005,  compared to $12.2 million,  with $3.5
million of  intercompany  sales,  in fiscal 2004.  Gillam-FEI  provided a strong
technology  partnership for new  synchronization  product  development in fiscal
year 2005. Continued revenue growth is expected for fiscal year 2006, with lower
intercompany sales.

Research and  development  investment rose from $5.3 million in fiscal year 2004
to $6.8 million in fiscal year 2005,  which  included $2.0 million in the fourth
quarter.  This increased spending produced  significant  advances in new product
development  and  added  important  value to the  Company  in fiscal  2005.  The
Company's  development   activities  address  markets  with  potential  business
opportunities  in  excess  of $3  billion  over the next 5  years.  The  Company
believes its superior  technology will result in gaining a significant  share of
these markets.

Major milestones in the Company's principal technologies this past year,
included:

  Wireline:
     -    In March 2005, the US5G product passed key acceptance  testing and the
          Company has begun contract negotiations with a major RBOC.
     -    The US5E  (European  version of the US5G) has been accepted by a major
          service provider in Europe.
     -    UniSync (a GPS-based  synchronization  system) has been  introduced to
          complement  the US5G for domestic  sales and  additional  products are
          being developed for service providers worldwide.

  Wireless:
     -    Innovative  quartz-based  products were  introduced for UMTS and WCDMA
          cell sites.  These products expand the Company's  offering to cellular
          service providers in addition to the current rubidium products.

  Space:
     -    A family of generic frequency generation systems (300 MHz to 18.2 GHz)
          were developed and qualified for a major aerospace company, to be used
          in commercial and military satellites.
     -    A  high-precision  C-band to L-band  transponder  for GCCS  (WAAS) was
          completed and delivered.
     -    The Company was awarded contracts for various  space-related  programs
          from Alenia,  Boeing,  Lockheed Martin, Space  Systems/Loral,  COMDEV,
          Northrop Grumman, the US Air Force and others.

  Industrial and special applications:
     -    Feasibility   models  for  precision   clocks  that  operate  in  high
          temperatures and harsh  environments  were developed,  qualified,  and
          delivered,  to be used in deep-earth  drilling equipment exploring for
          natural resources.
     -    Prototypes of new quartz clocks with unparalleled  long-term stability
          were provided for a variety of applications.
     -    The  Company  delivered  over $5  million  in  various  software-based
          control systems and associated hardware.

  Government/Military:
     -    Major advancements were achieved in low-g sensitivity technology:
        o  The Company was awarded contracts for pre-production units for the
              Joint Strike Fighter (JSF), C-130, and airborne radars for UAVs
              and manned aircraft.
        o  The Company was awarded contracts to develop feasibility models
              for F-15 upgrades and for applications in other classified
              airborne platforms.
        o  A family of ruggedized rubidium standards was introduced that
              maintains frequency accuracy in challenging vibration and shock
              environments (missiles, helicopters, UAVs, manned aircraft) and
              operates in conjunction with low-g sensitivity quartz.
     -    Development  was completed on a  rubidium-based  timing system for the
          Advanced EHF satellite. The first flight system recently completed all
          tests and was accepted.
     -    The Company was awarded a $1.8 million contract for low-g  sensitivity
          quartz  clocks for missile  applications.
     -    The Company was awarded a contract  valued in excess of $1 million for
          the National Polar-Orbiting Operational Environmental Satellite System
          ("NPOESS").
     -    The Company was awarded a $2.0 million  contract  for a Canadian  data
          collection, storage and transmission satellite system.
     -    The  Company was  selected  to develop and qualify an advanced  atomic
          clock for  satellite  navigation  systems and was awarded a $3 million
          multi-year contract in May 2005.

Commenting on these results, Chairman of the Board General Joseph Franklin said:
"In fiscal 2005, Frequency Electronics again increased revenues, raised margins,
and improved  profitability  over the prior year.  We achieved  these results in
spite of a fall-off in shipments to wireless OEMs in the second half of the year
and a  substantial  increase in research  and  development  spending.  Increased
investments in technology  development  produced  outstanding results last year.
Our  advanced  technology  represents  the real  shareholder  value of Frequency
Electronics.  It enhances performance of critical systems in both government and
commercial sectors. Our plan in 2006 is to accelerate technology development and
the value it creates.  Looking  ahead  today,  we see fiscal year 2006  starting
slowly  and  ramping  up in  revenues  and  earnings  as the year goes  forward,
reversing the profile of fiscal 2005. Based on bookings in early fiscal 2006, we
expect growth in revenues and operating profit this coming year."

Investor Conference Call
------------------------

As  previously  announced,  the Company will hold a  conference  call to discuss
these results today, July 7, at 1:00 PM Eastern Time. Investors and analysts may
access  the  call by  dialing  1-800-478-6251.  International  callers  may dial
1-913-981-5558. 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.companyboardroom.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 August 7, 2005. The
archived   call  may  also  be  retrieved  at   1-888-203-1112   (domestic)   or
1-719-457-0820 (international) using Passcode ID 6551394.

About Frequency Electronics
---------------------------

Frequency  Electronics,  Inc. is a world leader in the design,  development  and
manufacture of high-technology  frequency,  timing and synchronization  products
for satellite and  terrestrial  voice,  video and data  telecommunications.  The
Company's  technologies  provide unique  solutions  that are essential  building
blocks  for  the  next   generation  of  broadband   wireless  and  fiber  optic
communications  systems,  and for the ongoing expansion of existing wireless and
wireline  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 in  strategic  acquisitions  to  expand  its  capabilities  and
markets. The Company's Gillam-FEI subsidiary provides the Company with expertise
in wireline network  synchronization  and access to worldwide service providers.
The FEI-Zyfer  subsidiary  provides  secure timing  ("SAASM")  capabilities  for
critical  military  and  commercial  applications.   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: General Joseph P. Franklin, telephone : (516) 794-4500
                      WEBSITE: www.frequencyelectronics.com
Frequency Electronics, Inc. and Subsidiaries
                  Consolidated Condensed Summary of Operations

                                   Quarter Ended                Year Ended
                                     April 30,                   April 30,
                                 2005      2004(a)          2005         2004(a)
                                 ----      -------          ----         -------
                                    (unaudited)
                                       (in thousands except per share data)

Net Sales                      $11,907     $17,275        $55,173       $50,106
Cost of Sales                    8,476      12,358         37,013        34,529
                               -------     -------        -------       -------
       Gross Margin              3,431       4,917         18,160        15,577

Selling and Administrative       2,961       3,026         11,719        11,162
Compensation Charges               876         297            876           725
Research and Development         1,984       1,027          6,834         5,336
                               -------     -------        -------       -------
    Operating (Loss) Profit     (2,390)        567         (1,269)       (1,646)
Interest and Other, Net (a)      7,190         327          8,415         1,933
                               -------     -------        -------       -------
Income before Taxes &
      Minority Interest          4,800         894          7,146           287
Minority Interest                    -         (12)            (1)         (144)
                               -------     -------        -------       -------
Income before Income Taxes       4,800         906          7,147           431
Income Tax Provision             1,280          11          2,110           111
                               -------     -------        -------       -------
       Net Income              $ 3,520     $   895        $ 5,037       $   320
                               =======     =======        =======       =======

Net Income per Share:
         Basic                 $ 0.41      $ 0.11         $ 0.59         $ 0.04
                               ======      ======         ======         ======
         Diluted               $ 0.41      $ 0.10         $ 0.58         $ 0.04
                               ======      ======         ======         ======
Average Shares Outstanding
         Basic               8,517,694   8,403,084      8,484,682     8,374,399
                             =========   =========      =========     =========
         Diluted             8,683,305   8,633,585      8,684,758     8,542,575
                             =========   =========      =========     =========

     (a)  Prior  period  amounts  have been  restated to reflect  the  Company's
          equity income from its investment in Morion, Inc.

                  Frequency Electronics, Inc. and Subsidiaries
                      Consolidated Condensed Balance Sheets

                                            April 30,              April 30,
                                              2005                  2004(a)
                                              ----                  -------
                                                     (in thousands)
ASSETS
------
Cash & Marketable Securities                $ 30,233               $ 31,389
Accounts Receivable                           12,728                 15,036
Inventories                                   22,948                 21,925
Other Current Assets                           3,631                  4,485
Property, Plant & Equipment                    6,770                 11,486
Other Assets                                  12,064                  8,546
                                            --------               --------
                                            $ 88,374               $ 92,867
                                            ========               ========

LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities                         $  9,844               $ 11,827
Long-term Obligations and Other                9,337                 17,657
Stockholders' Equity                          69,193                 63,383
                                            --------               --------
                                            $ 88,374               $ 92,867
                                            ========               ========