Dépêches

RF Industries Reports Record First Quarter Results

Dépèche transmise le 9 mars 2011 par Business Wire

SAN DIEGO--(BUSINESS WIRE)--RF INDUSTRIES, LTD. (NASDAQ:RFIL) today announced that net income for the first quarter ended January 31, 2011 increased 145% to a first quarter record $351,000, or $0.10 per diluted share, compared to $143,000, or $0.05 per diluted share in the same quarter last year. Sales, for the seasonally slowest quarter of the fiscal year, increased 25% to a first quarter record $4,140,000 compared to $3,313,000 in the first quarter last year.

"Record first quarter sales at RF Connector & Cable Assembly and Bioconnect raised the Company's overall gross margin to 52% of sales, compared to 49% of sales in the same quarter last year. The strong sales gains increased RFI's operating income 141% to $528,000 compared to $218,000 in the first quarter last year," said Howard Hill, RFI's president and CEO.

"RF Connector & Cable Assembly Division sales increased 13% on continuing strong demand in the wireless telecommunications industry. The Aviel Division completed and shipped a large military-related contract in the first quarter, significantly contributing to this segment's operating income. Total segment sales increased 17% to $3,407,000 and operating profit increased 83% to $626,000, each of which exceeded total Company-wide sales and operating profit in the first quarter last year.

"Medical Cabling and Interconnect product sales advanced 70% to a first quarter record $608,000. Operating income jumped to $134,000 from $48,000 due to the sales gains and increased efficiencies associated with a higher utilization rate for the new manufacturing equipment this Division has acquired in recent years. Bioconnect continues to receive increasing order levels from existing and new customers.

"RF Wireless sales increased to $125,000 from $53,000 in the first quarter last year, but higher engineering and product development expenses widened the operating loss to $231,000 compared to an operating loss of $173,000 in the same period last year. RF Wireless' market continues to be affected by the slowdown in public safety wireless capital goods expenditures," said Hill.

As previously announced February 11, 2011, RFI's Board of Directors declared a 2 for 1 common stock split and a 33% increase in the common share dividend. The stock split is payable on March 10, 2011, to shareholders of record February 24, 2011. After the split, RFI will have approximately 6,015,216 common shares outstanding. The increase in RFI's quarterly cash dividend, to $0.02 per post-split share, is payable on April 15, 2011, to shareholders of record on March 31, 2011.

As of January 31, 2011, RFI reported cash and cash equivalents of $4,607,000 and investments in short and long-term certificates of deposits of $5,624,000 for a total of $10,231,000 in liquid, short-term and long-term capital resources, working capital of $15,621,000, a current ratio of 11 to 1, no long-term debt and stockholders' equity of $17,357,000, or $5.84 per share.

About RF Industries

RF Industries conducts operations through six related divisions. The RF Connectors and Cable Assembly segment designs and distributes radio frequency (RF) coaxial connectors and cable assemblies used for Wi-Fi, PCS, radio, test instruments, computer networks and antenna devices. This business segment includes Aviel Electronics, which provides custom microwave and RF Connector solutions to aerospace, OEM and Government agencies and Oddcables.com, formerly known as Worswick, which provides coaxial connectors and cable assemblies primarily to retail and local multi-media and communications systems customers. Bioconnect, which constitutes the Medical Cabling and Interconnector segment, designs, manufactures and distributes specialized electrical cabling and interconnect products to the medical monitoring market. The RF Wireless segment includes Neulink, which designs and markets wireless digital data transmission products for industrial monitoring, wide area networks, GPS tracking and locations systems and RadioMobile, an OEM provider of end-to-end mobile wireless network solutions for public safety, emergency medical, transportation and industrial customers.

Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995.

The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to future events, the occurrence of which involve risks and uncertainties, including, without limitation, increased competition, and other uncertainties detailed in the Company's Securities and Exchange Commission filings. All forward-looking statements are based upon information available to the Company on the date they are published and the Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or new information after the date of this release.

RF INDUSTRIES, LTD.

CONDENSED STATEMENTS OF INCOME

(in thousands, except per share and share amounts)

(UNAUDITED)

 

 

           

 

Three Months Ended

January 31,

2011

 

           

2010

 

 

 

 

Net sales

$

4,140

 

$

3,313

Cost of sales

 

1,970

 

 

1,683

 

 

 

 

Gross profit

2,170

 

1,630

 

 

 

 

Operating expenses:

 

 

 

Engineering

296

 

194

Selling and general

 

1,346

 

 

1,218

 

 

 

 

Total operating expenses

 

1,642

 

 

1,412

 

 

 

 

Operating income

528

 

218

 

 

 

 

Interest income

 

11

 

 

26

 

 

 

 

Income before taxes

539

 

244

 

 

 

 

Provision for income taxes

 

188

 

 

101

 

 

 

 

Net income

$

351

 

$

143

 

 

 

 

Earnings per share:

 

 

 

Basic

$

0.12

 

$

0.05

Diluted

$

0.10

 

$

0.05

 

 

 

 

Weighted average shares outstanding

 

 

 

Basic

 

2,949,703

 

 

2,848,773

Diluted

 

3,399,885

 

 

3,179,413

 

 

 

 

Dividends paid

 

85

 

 

--

 

RF INDUSTRIES, LTD.

CONDENSED BALANCE SHEETS

(in thousands, except per share and share amounts)

 

           

 

 

           

 

 

 

 

 

Jan. 31,

 

Oct. 31,

2011

 

2010

ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

4,608

 

$

4,729

Certificates of deposit

4,177

 

4,578

Trade accounts receivable, net

2,207

 

2,558

Inventories

5,035

 

4,608

Other current assets

530

 

448

Deferred tax assets

 

613

 

 

613

 

 

 

 

TOTAL CURRENT ASSETS

17,170

 

17,534

 

 

 

 

Property and equipment, net

501

 

530

Long term certificates of deposit

1,447

 

946

Note receivable from stockholder

67

 

67

Other assets

 

32

 

 

32

 

 

 

 

TOTAL ASSETS

$

19,217

 

$

19,109

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

376

 

$

538

Accrued expenses

1,173

 

1,217

Income taxes payable

 

--

 

 

124

 

 

 

 

TOTAL CURRENT LIABILITIES

1,549

 

1,879

 

 

 

 

Deferred tax liabilities

19

 

19

Other long-term liabilities

 

292

 

 

297

 

 

 

 

TOTAL LIABILITIES

1,860

 

2,195

 

 

 

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

Common stock - authorized 100,000,000 shares of $0.01 par

 

 

 

value; 2,973,759 and 2,930,882 shares issued and outstanding

30

 

29

Additional paid-in capital

7,322

 

7,026

Retained earnings

 

10,005

 

 

9,859

 

 

 

 

TOTAL STOCKHOLDERS' EQUITY

 

17,357

 

 

16,914

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

19,217

 

$

19,109

Business Wire

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