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RF Industries Reports First Quarter Results

First Quarter Conference Call

RFI has scheduled a conference call for Monday, March 19, 2012, at 2:00 p.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 Info page at www.rfindustries.com. A replay will be available after 4:00 p.m. EDT at this same Internet address. For a telephone replay, dial (888) 286-8010, passcode #77382622, after 4:00 p.m. EDT.

About RF Industries

RFI manufactures, designs and distributes Radio Frequency (RF) connectors and cable assemblies, medical cabling products, RF wireless products, and fiber optic cable products. Coaxial connectors, cable assemblies and custom microwave RF connectors are used for 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. Fiber optic cable, connector and harness products serve computer, aerospace, computer networking and specialty applications.

Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995.

This press release contains forward-looking statements with respect to future events which are subject to a number of factors that could cause actual results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to: changes in the telecommunications industry; the operations of the Cables Unlimited division which was acquired in June 2011; unexpected difficulties or delays in implementing the new wireless system upgrade to the Los Angeles County Fire Department's existing remote communications equipment; and the Company's reliance on certain distributors for a significant portion of anticipated revenues. Further discussion of these and other potential risk factors may be found in the Company's public filings with the Securities and Exchange Commission ( www.sec.gov ), including its Form 10-K. 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. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share and share amounts)

(UNAUDITED)

 

 

     

 

     

 

 

Three Months Ended

January 31,

 

2012

 

 

2011

 

 

 

 

Net sales

$

5,559

 

$

4,140

Cost of sales

 

3,057

 

 

1,970

 

 

 

 

Gross profit

2,502

 

2,170

 

 

 

 

Operating expenses:

 

 

 

Engineering

290

 

296

Selling and general

 

2,011

 

 

1,346

 

 

 

 

Total operating expenses

 

2,301

 

 

1,642

 

 

 

 

Operating income

201

 

528

 

 

 

 

Interest income

 

18

 

 

11

 

 

 

 

Income before taxes

219

 

539

 

 

 

 

Provision for income taxes

 

104

 

 

188

 

 

 

 

Net income attributable to RF Industries Ltd. and Subsidiary

115

 

351

 

 

 

 

Net income attributable to deconsolidation of VIE

2

 

--

 

 

 

 

Consolidated Net income

$

117

 

$

351

 

 

 

 

Basic earnings per share:

 

 

 

Attributable to RF Industries and subsidiary

$

0.02

 

$

0.06

Attributable to VIE

 

0.00

 

 

0.00

Consolidated basic earnings per share

$

0.02

 

$

0.06

 

 

 

 

Diluted earnings per share:

 

 

 

Attributable to RF Industries and subsidiary

$

0.02

 

$

0.05

Attributable to VIE

 

0.00

 

 

0.00

Consolidated diluted earnings per share

$

0.02

 

$

0.05

 

 

 

 

Weighted average shares outstanding

 

 

 

Basic

 

7,002,929

 

 

5,899,406

Diluted

 

7,720,534

 

 

6,799,770

 

 

 

 

Dividends paid

 

353

 

 

85

 
RF INDUSTRIES, LTD. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share and share amounts)
             
 
Jan. 31, Oct. 31,
  2012   2011
ASSETS
 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

1,597

 

$

1,761

Restricted cash

--

 

67

Certificates of deposit

3,095

 

4,095

Trade accounts receivable, net

2,888

 

2,606

Inventories

6,282

 

6,189

Prepaid income taxes

549

 

572

Other current assets

750

 

512

Deferred tax assets

 

611

 

 

611

 

 

 

 

TOTAL CURRENT ASSETS

15,772

 

16,413

 

 

 

 

Property and equipment, net

1,080

 

2,443

Goodwill

3,076

 

3,076

Amortizable intangible assets, net

1,793

 

1,866

Non-amortizable intangible assets

410

 

410

Note receivable from stockholder

67

 

67

Other assets

 

32

 

 

103

 

 

 

 

TOTAL ASSETS

$

22,230

 

$

24,378

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

1,274

 

$

521

Accrued expenses

1,193

 

1,580

Mortgages payable

 

--

 

 

1,394

 

 

 

 

TOTAL CURRENT LIABILITIES

2,467

 

3,495

 

 

 

 

Deferred tax liabilities

1,072

 

1,072

Other long-term liabilities

 

125

 

 

133

 

 

 

 

TOTAL LIABILITIES

3,664

 

4,700

 

 

 

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

Common stock - authorized 20,000,000 shares of $0.01 par

 

 

 

value; 6,929,365 and 7,110,507 shares issued and outstanding

69

 

71

Additional paid-in capital

11,472

 

11,382

Retained earnings

 

7,025

 

 

8,011

 

 

 

 

Total RF Industries Ltd. and Subsidiary

18,566

 

19,464

 

 

 

 

Noncontrolling interest

 

--

 

 

214

 

 

 

 

TOTAL EQUITY

 

18,566

 

 

19,678

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

22,230

 

$

24,378





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