Frequency Electronics, Inc. (FEIM): Business Model Canvas [Dec-2025 Updated]

You're digging into a defense contractor whose business model is built on being indispensable, and frankly, the numbers from fiscal 2025 back that up. We're looking at a high-barrier-to-entry play centered on ultra-high precision timing, securing a 43.1% Gross Margin and netting $23.8 million in income last year, all while sitting on a $71 million backlog as of July 2025. If you want to see how deep government ties and proprietary IP translate into a fortress-like structure, keep reading to break down the nine blocks of this specialized operation.

Frequency Electronics, Inc. (FEIM) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Frequency Electronics, Inc. (FEI) running, especially given their deep reliance on government and defense spending. These aren't just casual vendor links; these are mission-critical alliances. Here's the quick math on how these partnerships translate to the top line for the fiscal year ending April 30, 2025.

Prime Contractors for U.S. Government programs

The relationship with prime contractors, who act as the direct interface for larger U.S. Government programs, is fundamental. These partnerships translate directly into significant, multi-year revenue streams. For the twelve months ended April 30, 2025, revenues from non-space U.S. Government / DOD customers accounted for approximately $26.5 million, representing 38% of the company's total consolidated revenues of $69.8 million for that period. This is a slight shift from the prior year, where government revenue was 52% of a smaller base.

The pipeline remains strong, evidenced by recent contract activity. For instance, in November 2025, FEI-Zyfer, Inc. announced two follow-on change orders totaling approximately $4.75 million for airborne timing, synchronization, and frequency distribution systems, extending deliveries through 2027. This work supports specific requirements like the Joint Airborne SIGINT Architecture (JASA) Time, Frequency, Navigation, and Geodesy (TFNG). Also, contracts secured in late 2024, worth about $11 million with deliveries through 2026, underscore the multi-year nature of these prime contractor commitments.

Government agencies (DOD, NASA) for mission-critical systems

Frequency Electronics, Inc. maintains direct or indirect ties with key government agencies, which is reflected in their product applications. The company has a long track record, having received over 100 awards of excellence supporting more than 150 space and DOD programs. Satellite payloads, a major revenue driver, accounted for approximately $40.9 million, or 59% of consolidated revenues for the twelve months ended April 30, 2025.

The focus on next-generation technology is clearly aligned with agency priorities, especially in quantum sensing. The 2025 Quantum Sensing Summit, held October 29-30, 2025, was explicitly designed to bring together leaders from government, industry, and research to accelerate technology transition. The summit was expected to host between 100-150 participants, including key government decision-makers and program managers.

Key agency-relevant partnerships include:

• Collaboration with the DOD and NASA leaders attending the Quantum Sensing Summit.
• Development of quantum technology in partnership with the defense contractor Leidos and MIT Lincoln Laboratory for GPS resilience.
• Work supporting requirements for the U.S. Government on airborne systems aligned with Assured-Position, Navigation, and Timing (A-PNT).

Academic and industry experts for Quantum Sensing Summit

The annual Quantum Sensing Summit serves as a structured partnership-building event. The 2025 event featured technical sessions on enabling technologies like Rydberg and NV-diamond sensors, frequency combs, and ultra-low-noise oscillators. These collaborations are vital for turning research into deployable products, which is the company's stated mission.

The table below summarizes key technology partnerships mentioned in the context of quantum and advanced systems:

Former National Institute of Standards and Technology (NIST) scientists

The involvement of expertise from government laboratories is a clear partnership strategy, especially for high-tech areas like quantum sensing. Frequency Electronics, Inc. explicitly partners with the NIST radio-frequency (RF) Technologies Division on specific sensor development. The CEO noted that the company has benefited from staff reductions and turmoil at government laboratories, indicating an active recruitment or collaboration strategy to bring in this high-level expertise.

This direct link with NIST expertise supports the development of state-of-the-art components, such as the Rydberg RF DC to Daylight Receiver, which is a Rydberg Atom-based radio frequency sensor. The company is also investing internal funds, supplemented by external funding, for projects like the compact very high-performance rubidium atomic clock (TuRbo) and NV Diamond magnetometer development, which relies on this deep scientific foundation.

Frequency Electronics, Inc. (FEIM) - Canvas Business Model: Key Activities

Frequency Electronics, Inc. (FEIM) centers its Key Activities around high-precision electronics for defense and space, which is clearly reflected in its latest financial performance. You need to know that the core of their work involves the design and manufacture of precision time and frequency control products, which are foundational for many critical systems.

The execution of large, long-term satellite payload contracts is currently the single biggest driver of the business. For the full fiscal year 2025, which ended April 30, 2025, this segment was responsible for $40.9 million in revenue, making up 59% of the total consolidated revenue of $69.8 million. This represents a massive year-over-year surge of approximately 76% in satellite payload revenue from the $23.2 million reported in fiscal year 2024.

This focus on space has structurally changed the company's profile. Here's the quick math on the FY2025 revenue mix:

The company is also heavily engaged in Research and Development (R&D) for next-gen technology like quantum sensors. This investment is strategic, aiming to capture market share in what is expected to be a much larger end-market. For the first nine months of fiscal year 2025, R&D expenditures were up significantly, accounting for 9% of revenue. This spend is supplemented by external funding, but internal investment is key; for the full fiscal year 2025, this R&D spend totaled approximately $6.1 million.

These R&D efforts are focused on developing products for the proliferated small satellite market and creating 'sovereign time' capabilities. Specific projects include:

• Compact very high-performance rubidium atomic clock (TuRbo) development.
• NV Diamond magnetometer development, subcontracted for the Pentagon's Transition Quantum Sensing program.
• Rydberg sensor development activities.

The expertise in atomic clocks, which underpins this quantum work, is relevant because the global atomic clock market currently stands at approximately US$600 million annually and is projected to surpass US$1 billion by 2035. Frequency Electronics believes its own addressable market, particularly in space-related products, will grow from under US$500 million today to more than US$1 billion.

To maintain visibility and validate its leadership in this area, Frequency Electronics, Inc. hosted its Second Annual Quantum Sensing Summit in October 2025. Still, you should note the near-term transition: while FY2025 was a blockbuster year with $69.8 million in revenue and $23.8 million in net income, the subsequent first quarter of fiscal year 2026 (ended July 31, 2025) saw revenue dip to $13.8 million, which management attributed to revenue pull-forward from Q4 FY2025. The backlog, however, remains substantial at $71 million as of July 31, 2025.

Frequency Electronics, Inc. (FEIM) - Canvas Business Model: Key Resources

You're looking at the core assets Frequency Electronics, Inc. (FEI) relies on to deliver its high-precision timing and frequency products. These aren't just things they own; they are the fundamental capabilities that drive their value proposition in defense and space markets.

The intellectual property is definitely central here. Frequency Electronics, Inc. is a world leader in operationally deployed quantum solutions, specifically focusing on the development and production of atomic clocks. This is backed by a 55-year legacy in space, transforming lab demonstrations into practical products. The proprietary IP includes:

• Next generation advanced optical atomic clocks.
• Photonic microwave sources.
• Ion Clocks and Clock ensembling technology.
• Patented low gravitational-sensitivity (low g) technology for precision oscillators.
• M-Code GPS Receivers and Assured PNT (Positioning, Navigation, and Timing) Solutions.

The human capital is tied directly to this IP. The FEI team includes PhDs with deep technical expertise supporting mission-critical systems and robust R&D programs. R&D spending for the fiscal year ending April 30, 2025, increased to $6.1 million, representing 9% of consolidated revenue, up from $3.4 million or 6% of revenue in the prior year, showing a clear investment in this talent and future technology.

Financially, Frequency Electronics, Inc. maintains a very solid foundation. The company remains debt-free. As of April 30, 2025, the balance sheet reflected a strong working capital position of approximately $30 million, supported by a current ratio of approximately 2.3 to 1. This liquidity helps ensure they can manage operations and fund growth initiatives.

The delivery mechanism relies on distinct operating segments. Frequency Electronics, Inc. operates through its main New York facilities (FEI-NY, encompassing FEI Communications Inc. and FEI Government Systems Inc.) and its subsidiary, FEI-Zyfer Inc. in California. This structure allows for specialized product delivery across their customer base.

Finally, the near-term work pipeline is substantial. The fully funded backlog stood at approximately $71 million as of July 31, 2025, a slight increase from $70 million at the end of the fiscal year on April 30, 2025. This backlog underpins near-term revenue visibility.

Here's a quick look at the key financial anchors supporting these resources:

• Working Capital (as of April 30, 2025): $30 million.
• Total Debt: $0.
• Fully Funded Backlog (as of July 31, 2025): $71 million.
• FY2025 R&D Investment: $6.1 million.

Finance: draft 13-week cash view by Friday.

Frequency Electronics, Inc. (FEIM) - Canvas Business Model: Value Propositions

You're looking at the core differentiators Frequency Electronics, Inc. (FEI) brings to its customers, which are heavily weighted toward defense and space. These aren't just features; they are mission-enabling capabilities.

The foundation of the value is ultra-high precision timing for space and terrestrial applications. This is where FEI has a deep, proven legacy. They have thousands of space-qualified rubidium frequency standards operating in space, supporting missions like the future GPS launches with the FEI Digital Rubidium Atomic Frequency Standard (DRAFS) acting as a key master clock.

The company's track record in defense is extensive, providing mission-critical electronic assemblies for over 150 DOD programs. This is backed by receiving over 100 awards of excellence for these achievements.

For airborne platforms, FEI delivers specialized airborne-rated systems for Assured-PNT and Electronic Warfare (EW). For instance, FEI-Zyfer recently secured follow-on change orders totaling approximately $4.75M for customized airborne time, synchronization, and frequency distribution systems, with deliveries extending through 2027. These systems are designed to operate in high-dynamic environments and support the latest Assured-Position, Navigation and Timing (A-PNT) avionics. Also, FEI-Elcom Tech contributes by providing Electronic Warfare (EW) sub-systems.

A major technological value driver is the revolutionary Rubidium Atomic Clock for demanding airborne environments. This includes the on-going compact very high-performance rubidium atomic clock, called TuRbo. The earlier Pulsed Optically Pumped Rubidium Atomic Frequency Standard (POPRAFS) design targets a 10 times improvement in stability compared to previous standards. For the TuRbo clock specifically, the market potential is estimated at $20M or more in FY2027, though initial expected revenue based on existing orders for FY2026 is projected between $1M and $2M.

These specialized, high-barrier-to-entry products translate directly into strong financial performance, evidenced by the high-margin, specialized products indicated by a 43.1% FY2025 Gross Margin. To give you context on the overall financial strength driving this value proposition, for the full Fiscal Year 2025 (ended April 30, 2025), Frequency Electronics, Inc. reported total revenues of approximately $69.8 million and an operating income of $11.7 million. Satellite payloads accounted for 59% of those revenues, totaling $40.9 million.

Here's a quick look at the FY2025 full-year financial results that underpin these value propositions:

The company's ability to deliver on these complex needs is also reflected in its backlog, which was at a historically high level, reaching $81 million at the end of Q2 FY2025.

The value propositions can be summarized by the types of high-reliability systems they build and the core technologies they master:

• Precision time and frequency generation for space.
• RF control products for terrestrial use.
• In-house quartz fabrication for resonators.
• Vapor cell production using rubidium chloride.
• Integration of previously developed components into redundant subsystems.

Finance: draft 13-week cash view by Friday.

Frequency Electronics, Inc. (FEIM) - Canvas Business Model: Customer Relationships

You're looking at the core of Frequency Electronics, Inc.'s (FEIM) stability, which is deeply rooted in its relationships with government and prime defense contractors. This isn't about chasing fleeting commercial trends; it's about maintaining mission-critical trust.

Dedicated, high-touch support for long-term government programs

The relationship here is defined by the durability of the order book. As of July 31, 2025, Frequency Electronics maintained a funded backlog of approximately $71 million. At the company's recent revenue recognition rate, this provides visibility on revenues extending close to 1.5 years. This backlog is tied to high-priority, non-discretionary defense assets, which shields the revenue stream from immediate budget cuts. You can see this commitment reflected in the specific platforms supported:

• Patriot missile system components.
• B-2 bomber systems.
• Terminal High Altitude Area Defense (THAAD) system components.

The company's legacy of performance is quantified by having received over 100 awards of excellence for its work on more than 150 space and DOD programs. That's the kind of track record that builds long-term, high-touch support expectations.

Relationship management with Prime Contractors for follow-on orders

Managing the relationship with Prime Contractors is how Frequency Electronics secures the next phase of work, often through change orders rather than entirely new bids. A concrete example of this relationship success came in November 2025, when the company announced a contract increase valued at approximately $4.75 million. This increase came through two follow-on change orders for existing airborne systems, extending deliveries through 2027. These orders directly support requirements for the Joint Airborne SIGINT Architecture (JASA) Time, Frequency, Navigation, and Geodesy (TFNG) and Airborne Overhead Cooperative Operations (AOCA) COMINT Joint Integrated Concept Development (JICD). The commitment from both the Prime Contractor and the U.S. Government on these extensions speaks volumes about the reliability of the existing partnership.

Direct engagement with U.S. Government/DOD customers

Direct revenue from the U.S. Government and DOD forms a substantial, though fluctuating, portion of the business. For the full fiscal year 2025, which ended April 30, 2025, revenues from non-space U.S. Government/DOD customers totaled $26.5 million, representing 38% of consolidated revenues. Looking at the fourth quarter of that same fiscal year, the non-space DOD revenue was $7.0 million, or 35% of the quarter's consolidated revenue. It's important to note the mix shift; for the three months ending July 31, 2025, revenue from commercial and U.S. government satellite programs was $6.5 million, or 47% of the total $13.8 million revenue for that quarter. Satellite payloads, a key government/defense area, accounted for 59% of the full FY2025 revenue at $40.9 million.

Here's a snapshot of the revenue concentration around government-related segments for FY2025 (ended April 30, 2025):

Technical consulting and collaboration on new quantum technologies

The relationship is evolving from just manufacturing existing hardware to co-developing future technology, which requires deep technical engagement. Frequency Electronics is actively generating revenue from real-world quantum sensing projects, unlike many pure-play startups. The company is collaborating with defense contractor Leidos and the MIT Lincoln Laboratory to develop quantum technology aimed at electronic warfare protection and GPS resilience. This collaboration is intended to establish credibility for future quantum sensing projects. Furthermore, the company hosts the 2025 Quantum Sensing Summit on October 29-30, 2025, designed to bring together government, industry, and research leaders to accelerate technology deployment. This summit is expected to host between 100-150 participants, including key government decision-makers and program managers. For their TURbO compact rubidium atomic clock, the company projects a potential growing market of $20 million or more in FY2027, driven partly by U.S. Department of Defense initiatives for drone capabilities.

Finance: draft 13-week cash view by Friday.

Frequency Electronics, Inc. (FEIM) - Canvas Business Model: Channels

You're looking at how Frequency Electronics, Inc. (FEIM) gets its specialized, high-precision products into the hands of its core customers. The channels are heavily weighted toward direct engagement with the U.S. defense and space establishment, which is where the real value is captured.

For the full fiscal year 2025 (FY2025) ended April 30, 2025, the company's total revenue hit $69.8 million. A staggering 94% of that total revenue was derived from U.S. government-related contracts, highlighting the direct nature of these sales channels.

Direct sales and contracting with U.S. Government and DOD

This channel is the bedrock of Frequency Electronics, Inc.'s business. For FY2025, revenues specifically from non-space U.S. Government / DOD customers totaled $26.5 million, representing 38% of the consolidated revenue for that year. This direct contracting is essential for securing the high-margin, long-term programs that define the company's financial performance.

Direct sales to satellite and aerospace Prime Contractors

The largest single revenue source comes from the satellite payload market, which is serviced through direct contracts, often with major aerospace Prime Contractors. In FY2025, Satellite Payloads contributed $40.9 million, making up 59% of the total revenue. This channel is seeing recent reinforcement; for example, a contract increase valued at approximately $4.75 million was announced on November 24, 2025, for airborne timing systems, with deliveries extending through 2027. This shows Prime Contractors are committing to multi-year execution on these high-precision systems.

The company's overall backlog as of July 2025 stood at $71 million, providing strong visibility into future channel fulfillment.

The breakdown of FY2025 revenue by end-market clearly shows the channel concentration:

FEI-NY segment for satellite payload contract delivery

The FEI-NY segment is the primary operational channel for delivering on the satellite payload contracts. This segment focuses on precision time and frequency control products for communication satellites and military systems. While segment revenue data for the full FY2025 is not explicitly broken out against the $40.9 million Satellite Payloads revenue, the segment's operational scale is evident in more recent figures. For the third quarter of fiscal year 2026, FEI-NY generated $10.4 million in revenue. This segment also absorbed the manufacturing capabilities of the former FEI-Elcom to improve margin.

FEI-Zyfer segment for GPS and secure timing systems

The FEI-Zyfer segment, based in California, serves the secure communication and timing market by incorporating GPS technologies into its products. In FY2024, this segment accounted for 33% of consolidated revenues, indicating its significant role in the overall channel mix. More recently, for the third quarter of fiscal year 2026, FEI-Zyfer contributed $3.7 million to the total revenue of $13.812 million for that quarter. More than 91% of FEI-Zyfer's revenues are derived from sales where the end user is the U.S. Government.

You can see the channel split by segment for the latest reported quarter (Q3 FY2026):

• FEI-NY revenue: $10.4 million
• FEI-Zyfer revenue: $3.7 million
• Intersegment revenues: $260,000

Finance: draft 13-week cash view by Friday.

Frequency Electronics, Inc. (FEIM) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Frequency Electronics, Inc. (FEIM) as of late 2025. Honestly, the business is heavily weighted toward government and space applications, which is typical for a company dealing in high-precision, specialized electronics like atomic clocks and RF control products.

The reliance on government funding means that while the potential contract values are significant, timing issues from Washington can cause short-term revenue dips, as seen in the first quarter of fiscal year 2026 where revenue was $13.8 million, down from $15.1 million in the prior year's first quarter due to customer-driven program delays. Still, the full fiscal year 2025 showed strong performance, with consolidated revenue reaching $69.8 million.

Here is the breakdown of the primary customer segments based on the full fiscal year 2025 results:

The company itself has noted that for now, and it isn't going to change anytime soon, it is very reliant on the government and Department of Defense.

U.S. Government and Department of Defense (DOD)

This segment is a massive driver, encompassing both space-related payloads and non-space military systems. The non-space portion accounted for $26.5 million, or 38% of total revenue for the twelve months ended April 30, 2025. The products here support mission-critical areas.

• Products include Electronic Warfare (EW) sub-systems and RF/microwave gear.
• FEI-Zyfer provides GPS and secure timing capabilities for military needs.
• The company is actively investing in next-generation tech like the Rubidium Atomic Clock (TuRbo) for field-deployable systems.

Commercial and Government Satellite Program operators

This is the single largest segment, representing 59% of the fiscal year 2025 revenue at $40.9 million. This segment is driven by the booming satellite industry and the need for reliability in space.

• Revenues from satellite payloads were $12.1 million in the fourth quarter of fiscal year 2025 alone.
• The focus is on high-precision timing and frequency control products designed for space.
• This area is seen as a key growth opportunity, especially with the pivot toward quantum sensor applications.

Aerospace and Defense Prime Contractors

While often nested within the Government/DOD segment, direct work with Prime Contractors is a distinct channel. Recent activity highlights this relationship. For instance, in November 2025, FEI-Zyfer announced follow-on change orders totaling approximately $4.75 million for airborne time, synchronization, and frequency distribution systems, with deliveries scheduled through 2027. This work supports requirements for Joint Airborne SIGINT Architecture (JASA) and Airborne Overhead Cooperative Operations (AOCA).

Other Commercial and Industrial clients (a smaller segment)

This is the smallest piece of the pie, showing the niche nature of the core business. For the full fiscal year 2025, these sales were only $2.4 million, or 3% of consolidated revenues. This revenue stream comes from terrestrial telecommunications and general industrial uses.

• This segment saw revenues of approximately $0.9 million in the fourth quarter of fiscal year 2025.
• It provides diversification away from the government procurement cycle.

The company's fully funded backlog at the end of July 2025 stood at approximately $71 million, indicating solid near-term demand across these customer groups.

Frequency Electronics, Inc. (FEIM) - Canvas Business Model: Cost Structure

You're looking at the cost side of Frequency Electronics, Inc. (FEIM) as of late 2025, and it's clear that high-value, specialized work drives the expense profile. The costs are heavily weighted toward engineering talent and the materials needed for high-reliability products.

The investment in future capabilities is substantial. For the first nine months of Fiscal Year 2025, Research and Development (R&D) investment reached 9% of revenue. Considering the full fiscal year 2025 revenue was $69.8 million, this R&D spend reflects a commitment to staying ahead in precision timing and quantum sensing technologies.

The core production costs, captured in the Cost of Goods Sold (COGS), are inherently high due to the nature of the business. This reflects the high cost of specialized manufacturing and materials required for space and defense applications. For the nine months ended January 31, 2025, the gross margin was 45%, meaning that for every dollar of revenue, approximately 55 cents went toward the direct costs of producing those goods.

Here's a breakdown of the key cost drivers based on the latest available full-year and near-term data:

• R&D spending at 9% of revenue for the first 9 months of FY2025.
• Gross margin for the first nine months of FY2025 was 45%.
• Q4 2025 revenue hit $20.0 million, the highest in twenty-five years.
• Backlog stood at $70 million as of April 30, 2025.
• Q1 FY2026 operating income dropped to $0.4 million on revenue of $13.8 million.

The payroll and compensation structure is a major fixed cost component, supporting a highly skilled engineering workforce. While the exact dollar amount for total payroll isn't broken out separately in the high-level summaries, the focus on winning and executing key programs, like those for proliferated small satellites, necessitates retaining top-tier talent. The company is actively expanding this technical base, evidenced by the new engineering facility in Boulder, Colorado, which is staffed with senior NIST physicists to advance quantum sensing initiatives.

Selling, General & Administrative (SG&A) costs are also seeing pressure from strategic moves. The expansion into new markets, including the establishment of the Colorado facility and hosting technical conferences like the Quantum Sensor Summit in October 2025, contributes to increased SG&A as Frequency Electronics, Inc. builds out its presence in these emerging areas. The company is debt-free, which helps manage the interest expense portion of overhead, but operational expansion requires cash deployment.

Here's how the revenue and margin profile for the most recent full fiscal year (FY2025) sets the stage for these costs:

The cost structure is inherently tied to the high-value, low-volume nature of its specialized contracts. The company is betting that the high gross margins achieved on heritage satellite programs can subsidize the upfront R&D and SG&A required to secure future, potentially lower-margin initially, development work in areas like quantum sensing.

Frequency Electronics, Inc. (FEIM) - Canvas Business Model: Revenue Streams

You're looking at how Frequency Electronics, Inc. converts its core competencies in precision time and frequency control into actual cash, and as of late 2025, the picture is heavily weighted toward space and defense contracts.

The revenue streams for Frequency Electronics, Inc. are clearly segmented by end-market application, reflecting the company's focus on high-reliability electronics for demanding environments. The dominant stream is clearly tied to the space sector.

Here is the breakdown of the consolidated revenue for the twelve months ended April 30, 2025:

Satellite Payload sales were the dominant stream at $40.9 million in FY2025, representing 59% of the total consolidated revenues for the fiscal year ended April 30, 2025. This is a significant increase from $23.2 million, or 42%, in the prior fiscal year.

Non-space U.S. Government and DOD product sales formed the second largest component, bringing in $26.5 million, or 38% of total revenue for FY2025. This stream saw a slight decrease from $29.0 million, or 52%, in the prior fiscal year.

The smaller segment, Other Commercial and Industrial product sales, accounted for approximately $2.4 million in FY2025, which was 3% of the total revenue, down from $3.1 million, or 6%, in the prior year.

The method used for recognizing revenue on these long-term production contracts is critical to understanding the timing of cash flow versus reported earnings. Frequency Electronics, Inc. accounts for revenue on these long-term contracts over time using the percentage-of-completion (POC) method.

This revenue recognition policy means that:

• Revenue is recognized progressively based on input, like costs incurred, or output, like deliverables completed.
• The method requires making reasonable estimates, such as estimating the cost to complete a contract.
• Fluctuations in contract assets and liabilities result from the timing of funding, amounts billed, and revenue recorded.

To be fair, the strong profit stream is also a key part of the model. Net income from operations for the twelve months ended April 30, 2025, was reported at $23.8 million, a substantial increase from $5.6 million in the prior fiscal year.

Here's a quick look at the profitability compared to the prior year:

• FY2025 Net Income from Operations: $23.8 million.
• FY2024 Net Income from Operations: $5.6 million.
• FY2025 Diluted EPS: $2.48 per share.
• FY2024 Diluted EPS: $0.59 per share.

Finance: draft 13-week cash view by Friday.