Attached files
| file | filename |
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| 10-K - R F INDUSTRIES LTD | v207297_10k.htm |
| EX-32.1 - R F INDUSTRIES LTD | v207297_ex32-1.htm |
| EX-32.2 - R F INDUSTRIES LTD | v207297_ex32-2.htm |
| EX-31.2 - R F INDUSTRIES LTD | v207297_ex31-2.htm |
| EX-23.1 - R F INDUSTRIES LTD | v207297_ex23-1.htm |
| EX-31.1 - R F INDUSTRIES LTD | v207297_ex31-1.htm |
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RF INDUSTRIES,
LTD.
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For Immediate Release
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RF Connector & Cable Assembly / RF
Wireless
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Investor
Contact:
Neil
Berkman Associates
(310)
826 - 5051
info@berkmanassociates.com
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Company
Contact:
Howard
Hill, President
(858)
549-6340
rfi@rfindustries.com
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RF
Industries Fourth Quarter Sales Increase 31% to a Record
$5,001,000;
Net
Income Jumps 62% to $435,000, or $0.13 per diluted share
Fiscal
2010 Sales Increase 15% to 16,322,000;
Net
Income Advances 86% to $1,220,000, or $0.38 per diluted share
SAN DIEGO, CA -- January 12,
2011 -- RF INDUSTRIES, LTD.,
(NASDAQ:RFIL) today announced results for the fourth quarter and fiscal
year ended October 31, 2010.
Fourth
Quarter Results
Sales for
the fourth quarter ended October 31, 2010 increased 31% to a record $5,001,000,
compared to sales of $3,811,000 in the fourth quarter last year. Net
income jumped 62% to $435,000, or $0.13 per diluted share, compared to $268,000,
or $0.08 per diluted share, in the same quarter last year.
"Record
fourth quarter sales are attributable to a 13% sales gain at the RF Connector
and Cable Division, with strong sales at Connector products, cable assemblies,
custom connector products and retail operations. Operating
profitability improved due to higher sales and reduced operating expenses, as a
percent of sales, primarily associated with a 33% sales gain at RF Connectors
and Cable Assembly," said Howard Hill, President and CEO of RF
Industries.
Fiscal
2010 Results
For the
fiscal year ended October 31, 2010, sales increased 15% to $16,322,000, compared
to $14,213,000 in fiscal 2009. Net income advanced 86% to $1,220,000,
or $0.38 per diluted share, compared to $656,000, or $0.20 per diluted share,
for fiscal 2009.
"RFI's
18th consecutive year of profitability was led by the RF Connector and Cable
Assembly segment's 16% sales gain to $14,094,000, lower operating expenses, as a
percent of sales, and improved operating margins. Sales increased 30%
at Bioconnect, our Medical Cabling and Interconnector Division, to a record
$1,725,000 and Bioconnect's operating margin also improved," said
Hill.
Sales
were down at the RF Wireless segment due to continuing weakness in wireless
capital goods spending and public safety agency wireless infrastructure
spending.
"The
strong fourth quarter sales rate has continued into the current first quarter,
which is typically our seasonally weakest quarter of the fiscal
year. With sales gains already in hand, particularly at our
Bioconnect and Aviel business operations, we expect RFI will report improved
revenue and net income for the first quarter ending January 31, 2011, compared
to the same quarter in fiscal 2010," said Howard Hill, RFI's CEO and
President.
(more)
RF
Industries Fourth Quarter Sales Increase 31% to a Record $5,001,000
January
12, 2011
Page
Two
As of
October 31, 2010, RFI reported cash and cash equivalents of $4,729,000 and
investments in short and long-term certificates of deposits of $5,524,000 for a
total of $10,253,000 in liquid, short-term and long-term capital resources,
working capital of $15,655,000, a current ratio of 9 to 1, no long-term debt and
stockholders' equity of $16,914,000, or $5.77 per share. RFI
established a strong cash reserve in recent years with the intent of improving
the Company's flexibility to consummate a significant acquisition. In
fiscal 2009, RFI repurchased over 380,000 shares of common stock at an average
cost of approximately $4.20 per share. No common stock was
repurchased in fiscal 2010 and none has been repurchased in the current fiscal
year to date.
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.
(tables
attached)
#4762
RF INDUSTRIES, LTD.
CONDENSED STATEMENTS OF INCOME
(in thousands, except per share and share amounts)
(unaudited)
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Three Months Ended
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Year Ended
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October 31,
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October 31,
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2010
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2009
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2010
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2009
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Net sales
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$ | 5,001 | $ | 3,811 | $ | 16,322 | $ | 14,213 | ||||||||
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Cost of sales
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2,441 | 1,899 | 8,159 | 7,308 | ||||||||||||
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Gross profit
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2,560 | 1,912 | 8,163 | 6,905 | ||||||||||||
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Operating expenses:
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Engineering
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263 | 244 | 888 | 1,050 | ||||||||||||
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Selling and general
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1,533 | 1,212 | 5,134 | 4,739 | ||||||||||||
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Goodwill impairment
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-- | -- | 137 | 210 | ||||||||||||
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Total Operating expenses
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1,796 | 1,456 | 6,159 | 5,999 | ||||||||||||
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Operating income
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764 | 456 | 2,004 | 906 | ||||||||||||
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Interest income
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18 | 44 | 87 | 194 | ||||||||||||
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Income before provision for income taxes
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782 | 500 | 2,091 | 1,100 | ||||||||||||
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Provision for income taxes
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347 | 232 | 871 | 444 | ||||||||||||
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Net income
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$ | 435 | $ | 268 | $ | 1,220 | $ | 656 | ||||||||
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Earnings per share:
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Basic
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$ | 0.15 | $ | 0.09 | $ | 0.43 | $ | 0.22 | ||||||||
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Diluted
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$ | 0.13 | $ | 0.08 | $ | 0.38 | $ | 0.20 | ||||||||
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Weighted average shares outstanding
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Basic
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2,888,582 | 2,848,759 | 2,859,803 | 2,951,002 | ||||||||||||
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Diluted
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3,363,117 | 3,160,091 | 3,242,805 | 3,248,904 | ||||||||||||
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Dividends paid
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$ | 84 | -- | $ | 84 | $ | 95 | |||||||||
RF INDUSTRIES, LTD.
CONDENSED BALANCE SHEETS
(in thousands, except per share and share amounts)
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October 31,
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2010
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2009
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ASSETS
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CURRENT ASSETS:
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Cash and cash equivalents
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$ | 4,729 | $ | 1,226 | ||||
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Certificates of deposit
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4,578 | 6,477 | ||||||
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Trade accounts receivable, net
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2,558 | 2,263 | ||||||
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Inventories
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4,608 | 4,985 | ||||||
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Other current assets
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448 | 341 | ||||||
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Deferred tax assets
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613 | 478 | ||||||
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TOTAL CURRENT ASSETS
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17,534 | 15,770 | ||||||
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Property and equipment, net
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530 | 566 | ||||||
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Long term certificates of deposit
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946 | -- | ||||||
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Goodwill
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-- | 137 | ||||||
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Amortizable intangible asset, net
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-- | 27 | ||||||
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Note receivable from stockholder
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67 | 67 | ||||||
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Other assets
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32 | 31 | ||||||
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TOTAL ASSETS
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$ | 19,109 | $ | 16,598 | ||||
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LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES:
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Accounts payable
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$ | 538 | $ | 225 | ||||
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Accrued expenses
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1,217 | 673 | ||||||
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Income taxes payable
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124 | 75 | ||||||
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TOTAL CURRENT LIABILITIES
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1,879 | 973 | ||||||
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Deferred tax liabilities
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19 | 51 | ||||||
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Other long-term liabilities
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297 | 321 | ||||||
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TOTAL LIABILITIES
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2,195 | 1,345 | ||||||
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COMMITMENTS AND CONTINGENCIES
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STOCKHOLDERS' EQUITY:
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Common stock - authorized 10,000,000 shares of $0.01 par
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value; 2,930,882 and 2,848,313 shares issued and outstanding
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29 | 28 | ||||||
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Additional paid-in capital
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7,026 | 6,502 | ||||||
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Retained earnings
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9,859 | 8,723 | ||||||
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TOTAL STOCKHOLDERS' EQUITY
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16,914 | 15,253 | ||||||
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 19,109 | $ | 16,598 | ||||