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RF Industries Ltd. (NASDAQ: RFIL) announced preliminary unaudited financial results for the fiscal fourth quarter and year ended October 31, 2012.
For the fourth quarter ended October 31, 2012, preliminary unaudited revenues increased $4.5 million, or 77%, to $10.5 million as compared to $6.0 million in the same quarter of fiscal 2011. Preliminary unaudited consolidated net income for the quarter was $1.2 million, or $0.17 per basic and $0.15 per diluted share, compared to consolidated net loss of $50 thousand, or $0.01 net loss per basic and diluted share in the fourth quarter of 2011.
For the fiscal year ended October 31, 2012, preliminary unaudited revenues increased 56% to $30.2 million as compared to revenues of $19.4 million in fiscal 2011. Preliminary unaudited consolidated net income was $2.6 million or $0.38 per basic and $0.34 per diluted share as compared to consolidated net income of $773 thousand or $0.12 per basic and $0.11 per diluted share in the same prior year period.
Howard Hill, RF Industries’ Chief Executive Officer, stated, “2012 was an exceptional year for the company. It is particularly gratifying that the strength in both the fourth quarter and 2012 stemmed from strong performance of all divisions across our company, with each division growing and contributing to our profitability. The new OptiFlex™ power and fiber optic cabling system for high-speed wireless antenna towers that our Cables Unlimited division introduced in 2012 realized particularly strong acceptance in the marketplace. That division’s revenue grew to $4.9 million, an increase of 183% for the quarter compared to the fourth quarter of last year. Furthermore, the RadioMobile division of our RF Wireless segment benefited in the quarter from additional shipments associated with a $2.6 million order to the L.A. County Fire Department. Our balance sheet provides a firm foundation for future growth, and we are particularly encouraged by the first two months of Q1 2013 which point to strong growth and profitability for the quarter.”