This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

RF Industries' Fiscal 2011 Sales Advance 19% To $19,434,000; Net Income Is $776,000, Or $0.11 Per Diluted Share

RF Industries Ltd. (NASDAQ:RFIL) today announced results for the fiscal year and three months ended October 31, 2011 and reiterated financial guidance for current fiscal year ending October 31, 2012.

Fiscal 2011 Results

For the fiscal year ended October 31, 2011, net sales increased 19% to a record $19,434,000 compared to net sales of $16,322,000 in fiscal 2010. Net income was $776,000, or $0.11 per diluted share, compared to $1,220,000, or $0.19 per diluted share, for fiscal 2010.

"RFI's 19th consecutive year of profitability and our record sales for fiscal 2011 was led by strong performance at Bioconnect and the June 15, 2011 acquisition of Cables Unlimited. Net income was affected by one-time costs of approximately $798,000 associated with the acquisition of Cables Unlimited and the resolution of certain shareholder issues, which significantly increased the Company's general and administrative expenses. We are encouraged that the slowdown in wireless installations and upgrades, which affected RF Connector & Cable Assembly sales in the second half of fiscal 2011, appears to have come to an end in the current first quarter," said Howard Hill, RF Industries' CEO.

RF Connector and Cable Assembly sales weakened in the second half, causing sales to decline 2% to $13,868,000 for the year and a gross margin of 54%, compared to 55% for fiscal 2010.

Fiscal 2011 sales increased 25% at Bioconnect to a record $2,154,000, raising gross margin to 37% of sales and increasing operating income 43% to $439,000.

Sales at Cables Unlimited, during the four and one half month period after its acquisition, were $2,644,000 and the 27% gross margin was within expectations. Cables Unlimited's fiscal 2011 operating profitability of $22,000 was affected by $180,000 in amortization and depreciation expenses.

RF Wireless sales improved 53% to $769,000 and the operating loss narrowed to $669,000 compared to an operating loss of $908,000 last year. "We believe that recently announced contract wins by RadioMobile, combined with opportunities for additional wireless business, will significantly increase RF Wireless' sales in fiscal 2012," said Hill.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,265.99 +109.14 0.64%
S&P 500 2,011.36 +9.79 0.49%
NASDAQ 4,593.4250 +31.2360 0.68%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs