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RF Industries Reports Preliminary Second Quarter Results

Cables Unlimited's second quarter sales were $1,836,000 and the gross margin was 29% of sales for the period. Acquired in June 2011, after the end of the fiscal 2011 second quarter, there are no comparable results for this business last year. Continuing improvements in operating efficiencies and expense controls reduced sales and general expenses by $130,000 to $381,000 in the second quarter, compared to $512,000 in the first quarter of fiscal 2012. Pre-tax income increased to $158,000, compared to operating income of $37,000 in the recent first quarter of 2012.

Strong sales gains and improved profitability for both the RadioMobile and RF Neulink divisions helped raise RF Wireless segment sales by 174%, to $652,000 compared to $238,000 in the second quarter last year. Gross margin, which improved to 52% from 50% in the same period last year, combined with reduced general and administrative expenses to increase pre-tax income to $103,000, compared to a pre-tax loss of $159,000 in the second quarter last year.

First Half Review

For the six months ended April 30, 2012, preliminary net sales increased 43% to $12,231,000 compared to $8,532,000 for the first half of fiscal 2011. Net income was $720,000, or $0.09 per diluted share, compared to $758,000, or $0.11 per diluted share, in the same period last year.

RFI's preliminary gross profit increased 25% to $5,524,000, or 45% of sales, from $4,407,000, or 52% of sales, in the first half of fiscal 2011. Margins were primarily affected by the acquisition of Cables Unlimited, where gross margins are typically lower than RFI's other business segments. Pre-tax income was $1,124,000, compared to $1,171,000 for the same period last year.

RF Connector and Cable Assembly segment sales declined 5%, primarily due to lower sales at Aviel and Oddcables, to $6,521,000 from $6,870,000 in the first half of fiscal 2011. The 52% gross margin, compared to 55% of sales for the same period last year, was substantially affected by lower margins during the period at Connector and Cable Assembly and by lower sales at Aviel and Oddcables. Pre-tax income declined to $485,000 from $1,235,000 in the first half last year. The Connector and Cable Assembly division implemented selective product price increases in April, 2012, before the end of the first half of fiscal 2012.

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