RF Industries Ltd., a provider of interconnect products and systems for ratio frequency (RF) communications devices and wireless digital transmission systems, yesterday announced its financial results for the fourth quarter and fiscal year ended October 31, 2010.
The company reported that sales for the fourth quarter ended October 31, 2010, increased 31 percent to a record $5,001,000, compared to sales of $3,811,000 in the fourth quarter of 2009. Net income jumped 62 percent to $435,000, or $0.13 per diluted share, compared to $268,000, or $0.08 per diluted share, in the comparable quarter of last year.
“Record fourth quarter sales are attributable to a 13 percent sales gain at the RF Connector and Cable Division, with strong sales at Connector products, cable assemblies, custom connector products and retail operations. Operating profitability improved due to higher sales and reduced operating expenses, as a percent of sales, primarily associated with a 33 percent sales gain at RF Connectors and Cable Assembly,” Howard Hill, president and CEO of RF Industries stated in the press release.
For the fiscal year ended October 31, 2010, the company increased its sales by 15 percent to $16,322,000, compared to $14,213,000 reported in fiscal 2009. Net income increased 86 percent to $1,220,000, or $0.38 per diluted share, compared to $656,000, or $0.20 per diluted share, for fiscal 2009.
RFI Industries’ 18th consecutive year of profitability was driven by the company’s RF Connector and Cable Assembly segment, which generated a 16 percent sales gain to $14,094,000, contributing to lower operating expenses, as a percent of sales, and improved operating margins.
Hill said the company is seeing a continuance of strong first-quarter sales achieved in the fourth quarter of 2010, and that it expects to report improved revenue and net income for the first quarter ending January 31, 2011, compared to the same quarter in fiscal 2010.
As of October 31, 2010, RFI Industries reported cash and cash equivalents of $4,729,000 and investments in short and long-term certificates of deposits of $5,524,000 for a total of $10,253,000 in liquid, short-term and long-term capital resources, working capital of $15,655,000, a current ratio of 9 to 1, no long-term debt and stockholders’ equity of $16,914,000, or $5.77 per share.
For more information visit http://www.rfindustries.com