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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

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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