RF Industries Reports First-Quarter Results

March 17, 2002 by Jeff Shepard

RF Industries Ltd. (San Diego, CA) announced that net income for the three months ended January 31, 2002, was $82,000, or $0.02 per diluted share, compared to $245,000, or $0.06 per diluted share, for the same quarter last year. Net sales were $2,185,000 compared to $2,349,000 for the same period last year.

RFI President and CEO Howard Hill said, "Strong coaxial cable product sales enabled us to exceed our recent fourth-quarter results. Despite weakness in the telecom market, RFI's gross margin of 47.4 percent was similar to the 48-percent gross margin recorded in last year's record first quarter. We are encouraged by this performance, as the first quarter is typically our seasonally weakest period, and look forward to an improving market and economic environment for the remainder of year. Cable assembly sales increased 45 percent for the quarter to $551,000. Connector and cable sales of $1,800,000 did not match the first-quarter record $2,100,000 posted last year. RF Neulink was profitable on a 42-percent sales gain to $344,000 compared to $245,000 in the first quarter last year."