NEW YORK (TheStreet) -- RF Industries (RFIL) shares fell more than 20% to $6.78 and was the biggest percentage decliner on the NASDAQ for the day after the company announced preliminary, unaudited fourth-quarter and full year earnings.
For the quarter ending Oct. 31, 2013, the company reported its preliminary unaudited revenues decreased by 9% year-over-year to $9.3 million.
However, for the fiscal year, preliminary unaudited revenues increased 32% to $36.6 million from $27.7 million in fiscal 2012. For the full year, the company earned 65 cents per basic share, up from 38 cents per share in the year ago period.
"During most of 2013, we saw increased demand for our offerings across all end markets, which resulted in solid revenue growth for the year," said RF Industries Chief Executive Officer Howard Hill. "Our Cables Unlimited division was particularly strong and generated over 90% of our company's overall revenue growth in fiscal 2013. The revenue growth at Cables Unlimited was the result of sales of its OptiFlex power and fiber optic cabling system that is marketed for use with cell towers."
RF Industries sold both its RF Neulink and RadioMobile divisions in 2013, which made up the company's RF Wireless segment.
TheStreet Ratings team rates R F INDUSTRIES LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate R F INDUSTRIES LTD (RFIL) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, solid stock price performance and impressive record of earnings per share growth. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."