Frequency Declares Special Dividend

Frequency Declares Special Dividend

MITCHEL FIELD, N.Y., Dec. 12, 2012 (GLOBE NEWSWIRE) -- Today the Board of
Directors of Frequency Electronics, Inc. (Nasdaq:FEIM) declared a special cash
dividend of $0.20 per share, payable on December 31, 2012 to shareholders of
record on December 24, 2012. The Board took this action in recognition of the
Company's current financial strength, its recent performance and outlook for
continued profitability.

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. Frequency's products are used
in commercial, government and military systems, including satellite payloads,
C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy
exploration and wireline and wireless communication networks. Frequency has
received over 100 awards of excellence for achievements in providing high
performance electronic assemblies for over 150 space and DOD programs. The
Company invests significant resources in research and development and
strategic acquisitions world-wide to expand its capabilities and markets. 

Frequency's Mission Statement: "Our mission is to provide precision time and
low phase noise frequency generation systems from 1 Hz to 42 GHz, for space
and other challenging environments."

Subsidiaries and Affiliates: Gillam-FEI provides expertise in wireline network
synchronization and SCADA; FEI-Zyfer provides GPS and secure timing ("SAASM")
capabilities for critical military and commercial applications; FEI-Asia
provides cost effective manufacturing and distribution capabilities; FEI-Elcom
Tech provides added resources for state-of-the-art RF microwave products.
Frequency's Morion affiliate supplies high-quality, cost effective quartz
oscillators and components. Additional information is available on the
Company'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: Alan Miller, CFO,
         or
         General Joseph P. Franklin, Chairman:
         TELEPHONE:(516) 794-4500
         WEBSITE: www.frequencyelectronics.com
 
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