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

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.

RF INDUSTRIES, LTD.
CONDENSED STATEMENTS OF INCOME
(in thousands, except per share and share amounts)
(unaudited)
			Three Months Ended								Year Ended
			October 31,								October 31,
			2010				2009				2010				2009
Net sales			$	5,001			$	3,811			$	16,322			$	14,213
Cost of sales				2,441				1,899				8,159				7,308
Gross profit				2,560				1,912				8,163				6,905
Operating expenses:
Engineering				263				244				888				1,050
Selling and general				1,533				1,212				5,134				4,739
Goodwill impairment				--				--				137				210
Total Operating expenses				1,796				1,456				6,159				5,999
Operating income				764				456				2,004				906
Interest income				18				44				87				194
Income before provision for income taxes				782				500				2,091				1,100
Provision for income taxes				347				232				871				444
Net income			$	435			$	268			$	1,220			$	656
Earnings per share:
Basic			$	0.15			$	0.09			$	0.43			$	0.22
Diluted			$	0.13			$	0.08			$	0.38			$	0.20
Weighted average shares outstanding
Basic				2,888,582				2,848,759				2,859,803				2,951,002
Diluted				3,363,117				3,160,091				3,242,805				3,248,904
Dividends paid			$	84				--			$	84			$	95

RF INDUSTRIES, LTD.
CONDENSED BALANCE SHEETS
(in thousands, except per share and share amounts)
			October 31,
			2010				2009
ASSETS
CURRENT ASSETS:
Cash and cash equivalents			$	4,729			$	1,226
Certificates of deposit				4,578				6,477
Trade accounts receivable, net				2,558				2,263
Inventories				4,608				4,985
Other current assets				448				341
Deferred tax assets				613				478
TOTAL CURRENT ASSETS				17,534				15,770
Property and equipment, net				530				566
Long term certificates of deposit				946				--
Goodwill				--				137
Amortizable intangible asset, net				--				27
Note receivable from stockholder				67				67
Other assets				32				31
TOTAL ASSETS			$	19,109			$	16,598
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable			$	538			$	225
Accrued expenses				1,217				673
Income taxes payable				124				75
TOTAL CURRENT LIABILITIES				1,879				973
Deferred tax liabilities				19				51
Other long-term liabilities				297				321
TOTAL LIABILITIES				2,195				1,345
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock - authorized 10,000,000 shares of $0.01 par
value; 2,930,882 and 2,848,313 shares issued and outstanding				29				28
Additional paid-in capital				7,026				6,502
Retained earnings				9,859				8,723
TOTAL STOCKHOLDERS' EQUITY				16,914				15,253
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$	19,109			$	16,598

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