SAN DIEGO--(BUSINESS WIRE)--
RF Industries Ltd. (NASDAQ:RFIL) announced preliminary unaudited
financial results for the fiscal fourth quarter and year ended October
For the fourth quarter ended October 31, 2013, preliminary unaudited
revenues decreased $0.9 million, or 9%, to $8.4 million as compared to
$9.3 million in the same quarter of fiscal 2012. Preliminary unaudited
income from continuing operations for the 2013 fourth quarter was $0.9
million, or $0.12 per basic and $0.11 per diluted share, compared to
$0.9 million, or $0.13 per basic and $0.12 per diluted share in the
fourth quarter of 2012. Preliminary unaudited net income for the 2013
fourth quarter was $0.3 million, or $0.03 per basic and diluted share,
compared to $1.2 million, or $0.17 per basic and $0.15 per diluted share
in the fourth quarter of 2012.
For the fiscal year ended October 31, 2013, preliminary unaudited
revenues increased 32% to $36.6 million as compared to revenues of $27.7
million in fiscal 2012. Preliminary unaudited income from continuing
operations was $5.0 million or $0.65 per basic and $0.59 per diluted
share as compared to $2.6 million, or $0.38 per basic and $0.34 per
diluted share in the same prior year period.
As previously announced, the company recently sold both divisions that
constituted the Company's RF Wireless segment (RF Neulink was sold on
July 31, 2013, and RadioMobile was sold on October 31, 2013). Neither of
these divisions had performed according to the Company's expectations
during the past few years and, in general, the wireless segment operated
at a loss. The Company recorded a preliminary unaudited loss from
discontinued operations, net of tax, of $1.1 million during fiscal 2013
as a result of the disposition of the RF Wireless segment. The foregoing
preliminary unaudited loss from discontinued operations reduced the
company's preliminary unaudited net income for the fiscal year ended
October 31, 2013 to $3.8 million, or $0.50 per basic and $0.46 per
diluted share. For the 2012 fiscal year, earnings per share was $0.38
per basic and $0.34 per diluted share.
Howard Hill, RF Industries' Chief Executive Officer, stated, "During
most of 2013, we saw increased demand for our offerings across all end
markets, which resulted in solid revenue growth for the year. 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."
Mr. Hill further stated, "Since mid-October, sales for OptiFlex™ have
substantially slowed primarily due to a decline in the demand for
cabling systems and increased competitive pressure. Given what we've
seen in the first two months of fiscal 2014, we expect to see a material
decline in revenues and operating profit from Cables Unlimited in the
first quarter, both sequentially and as compared to the first quarter of
2013. Accordingly, we anticipate a corresponding material decline in
revenues and income from continuing operations on a consolidated basis
in the first quarter, both sequentially and as compared to the first
quarter of 2013."
The Company expects to report fully audited results for fiscal 2013 on
January 17, 2014.
About RF Industries
RF Industries is a leading designer and manufacturer of innovative
interconnect products and complex cable assemblies across diversified,
high growth markets including wireless carriers & infrastructure,
medical and industrial. The Company's products include RF connectors,
coaxial and custom cable assemblies, fiber optic cables, wiring
harnesses, and medical wiring products. The Company's leading edge
connectivity solutions are used throughout the wireless infrastructure.
The Company has reported 20 consecutive years of profitability and is
headquartered in San Diego, California with operations in Las Vegas,
Nevada and Yaphank, New York. Please visit the RF Industries website at www.rfindustries.com.
This press release contains forward-looking statements with respect
to future events which are subject to a number of factors that could
cause actual results to differ materially.Factors that could
cause or contribute to such differences include, but are not limited to:
changes in the telecommunications industry; the operations of the Cables
Unlimited division which was acquired in June 2011; and the Company's
reliance on certain distributors for a significant portion of
anticipated revenues.Further discussion of these and other
potential risk factors may be found in the Company's public filings with
the Securities and Exchange Commission (www.sec.gov)
including its Form 10-K.All forward-looking statements are based
upon information available to the Company on the date they are published
and the Company undertakes no obligation to publicly update or revise
any forward-looking statements to reflect events or new information
after the date of this release.
Source: RF Industries Ltd.