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.