RF INDUSTRIES, LTD. (NASDAQ:RFIL) today announced record quarterly sales and consolidated net income for the third quarter ended July 31, 2012. Net sales increased 51% to a quarterly record $7,472,000 compared to $4,948,000 in the same quarter last year. Consolidated net income was a quarterly record $735,000, or $0.10 per diluted share, compared to consolidated net income of $65,000, or $0.01 per diluted share in the same quarter last year. Consolidated net income for the third quarter last year was affected by non-recurring expenses of approximately $562,000 associated with the acquisition of Cables Unlimited and certain stockholder issues and activities.
RFI also announced that its Board declared a regular quarterly cash dividend of $0.05 per common share, payable October 15, 2012 to shareholders of record on September 30, 2012.
Third Quarter Review
"Our focus in the acquisition of Cables Unlimited (CU) in June 2011 was to capitalize on RFI's strong product distribution to the wireless industry. Working closely with our distributors, Cables Unlimited designed and introduced the new OptiFlex™ power and fiber optic cabling system for high-speed wireless antenna towers. Multiple larger orders for OptiFlex supports our strategy of leveraging RFI's wireless product line by incorporating fiber optic and power components."Total operating profits increased to $1,094,000 compared to breakeven in the same period last year. We anticipate that strong performance from all business segments should lead to record sales in the fourth quarter ending October 31, 2012," said Howard Hill, RFI's CEO. RF Connector and Cable Assembly segment sales increased 18% to a record $3,871,000 compared to $3,274,000 in the same quarter last year. Operating income for this segment was $669,000, compared to an operating loss of $99,000 in the same period last year. The segment's loss in the third quarter last year was due to the total of $562,000 in non-recurring acquisition related and other expenses, as discussed above.