RF Industries Ltd. (RFI, San Diego, CA) announced that net income for the fiscal year ended October 31, 2002, was $380,000, or $0.09 per diluted share, compared to $874,000, or $0.22 per diluted share, for fiscal 2001. Sales were $8,916,000 compared to sales of $9,482,000 last year.
For the fiscal fourth quarter ended October 31, 2002, net income was $95,000, or $0.02 per diluted share, compared to $54,000, or $0.01 per diluted share, in the same quarter last year. Sales increased 16 percent to $2,479,000, compared to $2,133,000 in the fourth quarter of fiscal 2001.
"RFI's markets are strengthening, as evidenced by the 16-percent gain in fourth-quarter sales and continuing sales growth into the current quarter, our seasonally weakest quarter. Additionally, we have taken steps to reduce, if not eliminate, operating losses at BioConnect," said Howard Hill, president of RF Industries.
