RF Industries Ltd. (NASDAQ: RFIL)
announced record quarterly sales and consolidated net income for the fourth quarter and fiscal year ended October 31, 2012.
For the fourth quarter ended October 31, 2012, the company reported revenues of $10,529,000, an increase of $4,575,000, or 77%, as compared to $5,954,000 in the same quarter of fiscal 2011. Consolidated net income for the quarter was $1,158,000, or $0.17 per basic and $0.15 per diluted share, compared to a consolidated net loss of $50 thousand, or $0.01 net loss per basic and diluted share in the fourth quarter of 2011.
Fourth Quarter Fiscal 2012 Results
“Growth in the quarter was led by our Cables Unlimited division and by the RadioMobile division of our RF Wireless segment. During 2012, Cables Unlimited introduced its newly designed OptiFlex™ Hybrid Custom Fiber Optic and DC Power Cabling solution for wireless towers and this new product line has been very well received in the market. As we begin 2013, we continue to see strong demand for this product. Furthermore, our RF Wireless segment saw particularly strong growth in the fourth quarter due to deliveries related to a previously reported $2.6 million order from the Los Angeles County Fire Department. Deliveries on this order are expected to continue into the first two quarters of fiscal 2013,” said Howard Hill, RFI’s CEO.
Sales at Cables Unlimited were $4,905,000 for the fourth quarter compared to $1,734,000 in the fourth quarter of fiscal 2011. Cables Unlimited reported gross margin of 33% compared to 22% in the same quarter last year. Operating income for Cables Unlimited in the fourth quarter was $1,069,000, or 22% of sales, compared to an operating loss of $66,000 in the fourth quarter of last year.
RF Connector and Cable Assembly segment sales increased 2% to $3,785,000 in the quarter with gross margin of 52% as compared to sales of $3,724,000 with gross margin of 53% in the same quarter last year. Operating income increased to $445,000, or 12% of sales, from $181,000, or 5% of sales.