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

At October 31, 2011, RFI reported cash and cash equivalents of $1,761,000, restricted cash of $67,000 and investments in short-term certificates of deposits of $4,095,000 for a total of approximately $5,923,000 in liquid, restricted and short-term capital resources. Working capital was $12,918,000, the current ratio was 5 to 1 and stockholders' equity was $19,678,000, or $2.77 per outstanding share.

RF Industries Reiterates Guidance for Fiscal 2012

"Although our business is seasonal, with the first quarter ending January 31 typically representing the lowest sales and earnings period of the fiscal year, we expect that our continuing business, including the newly acquired Cables Unlimited division and increased sales from RadioMobile's recently announced contract with the Los Angeles County Fire Department, will result in record revenues for the fiscal year ending October 31, 2012. Based on these factors, we are reiterating our January 9, 2012 guidance for annual sales of $24 to $26 million and earnings of approximately $0.27 to $0.30 per diluted share in the current fiscal year," said Hill.

Fourth Quarter Fiscal 2011 Results

For the fourth quarter ended October 31, 2011, net sales increased 19% to a record $5,954,000 compared to $5,001,000 in the same quarter last year. The net loss was $50,000, or $0.01 per share, compared to net income of $435,000, or $0.07 per diluted share in the same quarter last year.

"The fourth quarter loss is attributable to reduced sales at RF Connector and Cable, combined with one-time expenses for professional fees of approximately $167,000 associated with the acquisition of Cables Unlimited and the resolution of certain shareholder issues. The fourth quarter loss was further affected by charges of $106,000 for depreciation and amortization expenses related to the Cables Unlimited transaction," said Hill.

RF Cable and Connector sales declined 15% to $3,724,000 from $4,375,000 in the same period last year and gross margin was 53%, compared to 55% of sales in the same quarter last year. Results were affected by one-time professional fees and acquisition costs, which raised expenses $280,000 in the period and reduced operating profits to $181,000 compared to $906,000 in the same quarter last year.

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