RF Wireless segment sales increased 168% to $363,000 from $135,000 for the same period last year. Higher engineering expenses for the development of new products increased operating expenses, resulting in an operating loss of $391,000, compared to a loss of $363,000 for the same period last year.
As of April 30, 2011, RFI reported cash and cash equivalents of $3,387,000, investments in certificates of deposits of $5,573,000 and long-term investments in certificates of deposit of $1,696,000 for a total of $10,656,000 in liquid, short-term and long-term capital resources, working capital of $16,006,000, a 11 to 1 current ratio, no long-term debt and stockholders' equity of $18,044,000, or $2.99 per share. The company expects to use approximately $2,800,000 of its cash and cash equivalents to fund the cash portion of the purchase price and other closing costs related to the pending acquisition of Cables Unlimited, which is scheduled to close on June 15, 2011.
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||Six Months Ended|
|April 30,||April 30,|
|Cost of sales||2,155||1,821||4,125||3,504|
|Selling and general||1,282||1,166||2,627||2,384|
|Total operating expenses||1,615||1,378||3,257||2,790|
|Income before provision for income taxes||632||593||1,171||837|
|Provision for income taxes||226||263||413||364|
|Earnings per share|
|Weighted average shares outstanding|
|RF INDUSTRIES, LTD.|
|CONDENSED BALANCE SHEETS|
|(in thousands, except per share and share amounts)|
|Apr. 30,||Oct. 31,|
|Cash and cash equivalents||$||3,387||$||4,729|
|Certificates of deposit||5,573||4,578|
|Trade accounts receivable, net||2,129||2,558|
|Other current assets||636||448|
|Deferred tax assets||613||613|
|TOTAL CURRENT ASSETS||17,648||17,534|
|Property and equipment, net||547||530|
|Long term certificates of deposit||1,696||946|
|Note receivable from stockholder||67||67|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Income taxes payable||--||124|
|TOTAL CURRENT LIABILITIES||1,642||1,879|
|Deferred tax liabilities||19||19|
|Other long-term liabilities||285||297|
|COMMITMENTS AND CONTINGENCIES|
|Common stock - authorized 200,000,000 shares of $0.01 par value; 6,030,916 and 5,861,764 shares issued and outstanding||60||59|
|Additional paid-in capital||7,583||6,996|
|TOTAL STOCKHOLDERS' EQUITY||18,044||16,914|
|TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY||$||19,991||$||19,109|
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