FREQUENCY ELECTRONICS INC — Director's Dealing 2004

May 12, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FREQUENCY ELECTRONICS INC (FEI)
CIK: 0000039020
Period of Report: 2004-05-04

Reporting Person: FRANKLIN JOSEPH P (Chairman of the Board)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-04	Common Stock	M	6000	$7.125	Acquired	78053	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-04	Incentive Stock Option	$7.125	X	6000	Disposed	2008-08-31	Common Stock (6000)	Direct