Cables Unlimited contributed sales of $909,000 for 45 days of the nine month period following its acquisition on June 15, 2011. Operating profits were $88,000 for this period.
Bioconnect sales increased 34.4% to $1,809,000 from $1,346,000 for the first nine months last year. The sales gain raised gross margin to 39%, compared to 38% of sales for the same period last year. Higher sales raised operating income 43.8% to $427,000 from $297,000 for the first nine months last year.
RF Wireless sales increased 141.5% to $617,000 from $256,000 in the same period last year, producing a gross margin of 42% of sales. Operating losses narrowed to $509,000 from $756,000 for the first nine months last year. Gross margin was negative in the same period last year due to inventory charges and a goodwill write-down, together totaling $385,000.
As of July 31, 2011, RFI reported cash and cash equivalents of $1,169,000 and investments in short and long-term certificates of deposits of $6,271,000 for a total of $7,440,000 in liquid, short-term and long-term capital resources, working capital of $12,293,000, a current ratio of 4 to 1 and stockholders' equity of $19,187,000, or $2.72 per share. RFI's regular quarterly cash dividend was increased to $0.05 per common share and will be payable October 17, 2011 to shareholders of record on September 30, 2011.Conference Call RFI has scheduled a conference call for Thursday, September 15, 2011, at 11:00 a.m. EDT to discuss its results for the quarter. The dial in number is 866-770-7120 and the passcode is #16026168. A simultaneous webcast of the call can be accessed from the Investor Information page at www.rfindustries.com. A replay will be available after 1:00 p.m. EDT at this same Internet address. For a telephone replay, dial 888-286-8010, passcode #77382622, after 1:00 p.m. EDT. About RF Industries RFI manufactures, designs and distributes Radio Frequency (RF) coaxial connectors, cable assemblies, medical cabling products, RF wireless products and fiber optic cable products. Coaxial connectors, cable assemblies, custom microwave RF connectors, fiber optic cable, connector and harness products serve computer, aerospace, computer networking and specialty applications. Applications include Wi-Fi, PCS, radio, test instruments, computer networks, antenna devices, aerospace, OEM and Government agencies. Medical Cabling and Interconnector products are specialized custom electrical cabling products for the medical equipment monitoring market. RF Wireless products include digital data transceivers for industrial monitoring, wide area networks, GPS tracking and mobile wireless network solutions. 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 CONSOLIDATED STATEMENTS OF INCOME|
|(in thousands, except per share and share amounts) (unaudited)|
|Three Months Ended||Nine months Ended|
|July 31,||July 31,|
|Cost of sales||2,532||2,213||6,658||5,718|
|Selling and general||2,141||1,354||4,768||3,738|
|Total operating expenses||2,415||1,573||5,672||4,362|
|Other income - interest||10||28||32||68|
|Other expense - interest||9||--||9||--|
|Other income, net||1||28||23||68|
|Income before provision for income taxes||2||472||1,173||1,309|
|Provision for (benefit from) income taxes||(63||)||160||350||524|
|Consolidated net income||$||65||$||312||$||823||$||785|
|Net income attributable to non-controlling interest||1||--||1||--|
|Net income attributable to RF Industries and Subsidiary||64||312||822||785|
|Earnings per share|
|Weighted average shares outstanding|
|Dividends paid and payable||$||2,313||--||$||2,529||--|
|RF INDUSTRIES, LTD.|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|(in thousands, except per share and share amounts)|
|Jul. 31,||Oct. 31,|
|Cash and cash equivalents||$||1,169||$||4,729|
|Certificates of deposit||4,575||4,578|
|Trade accounts receivable, net||2,868||2,558|
|Other current assets||866||448|
|Deferred tax assets||613||613|
|TOTAL CURRENT ASSETS||16,455||17,534|
|Property and equipment, net||2,429||530|
|Long term certificates of deposit||1,696||946|
|Amortizable intangible assets, net||2,450||--|
|Non-amortizable intangible assets||430||--|
|Note receivable from stockholder||67||67|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Current portion of long-term liabilities||38||--|
|Income taxes payable||--||124|
|TOTAL CURRENT LIABILITIES||4,161||1,879|
|Deferred tax liabilities||1,200||19|
|Other long-term liabilities||1,506||297|
|COMMITMENTS AND CONTINGENCIES|
|Common stock - authorized 200,000,000 shares of $0.01 par value; 7,049,110 and 5,861,764 shares issued and outstanding||70||59|
|Additional paid-in capital||10,982||6,996|
|Total RF Industries and Subsidiary||19,187||16,914|
|TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY||$||26,272||$||19,109|
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV