RF Industries Reports Second Quarter Results.Business Editors SAN DIEGO--(BUSINESS WIRE)--June 14, 2002 RF Industries, Ltd., (Nasdaq:RFIL) announced today that net income for the three months ended April 30, 2002 was $161,000, or $0.04 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $249,000, or $0.06 per diluted share, in the same quarter last year. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $2,091,000, compared to $2,404,000 last year. For the first half ended April 30, 2002, net income was $244,000, or $0.06 per diluted share, compared to $495,000, or $0.13 per diluted share, in the first half last year. Net sales were $4,276,000, compared to $4,752,000 last year. Howard Hill Howard Hill (November 13 1899 - February 4 1975) was an archer who was unofficially referred to as the "World's Greatest Archer". He is the only person to win 196 archery field tournaments in succession. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of RF Industries said, "Sales in the second quarter and first half continued to be affected by weakness in the telecommunications industry and domestic economy. Sales of new coaxial co·ax·i·al adj. Having or mounted on a common axis. coaxial Adjective 1. Electronics (of a cable) transmitting by means of two concentric conductors separated by an insulator cable and connector assembly for an automotive application, which were scheduled to ship in the second quarter, did not meet our expectations. "Bioconnect's operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. have been significantly reduced and we believe that sales of this subsidiary's new products, combined with lower overhead costs overhead costs see fixed costs. , will lead to breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations results later this year," he said. At April 30, 2002, RFI (Radio Frequency Interference) High-frequency electromagnetic waves that emanate from electronic devices such as chips. RFI - Radio Frequency Interference reported cash and short term investments of $3,184,000, working capital of $8,750,000, a 24 to 1 current ratio, no debt and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $9,460,000, or $2.77 per share. Backlog at April 30, 2002 was $9,300,000, compared to $9,600,000, at April 30, 2001 and $9,700,000 at January 31, 2002. RF Industries' (www.RFIndustries.com) RF Connectors An RF connector is an electrical connector designed to work at radio frequencies in the multi-megahertz range. RF connectors are typically used with coaxial cables and are designed to maintain the shielding that the coaxial design offers. division designs and distributes radio frequency (RF) coaxial connectors and cable assemblies used for PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. , radio, test instruments, computer networks and antenna devices. The Neulink division markets wireless digital data transmission products for industrial monitoring, wide area networks, GPS tracking See vehicle tracking. and locations systems. RFI's BioConnect division designs, manufactures and distributes specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. electrical cabling and interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. products to the medical monitoring market. The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. with respect to events, the occurrence of which involve risks and uncertainties, including, without limitation, uncertainties detailed in the Company's Securities and Exchange Commission filings.
RF INDUSTRIES, LTD.
STATEMENTS OF INCOME
(in thousands except share and per share amounts)(unaudited)
Three Months Ended Six Months Ended
April 30, April 30,
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2002 2001 2002 2001
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Net sales $2,091 $2,404 $4,276 $4,752
Cost of sales 967 1,138 2,107 2,358
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Gross profit 1,134 1,265 2,169 2,394
Operating expenses:
Engineering 142 125 306 241
Selling and general 736 792 1,505 1,444
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Total expenses 878 917 1,811 1,685
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Operating income 256 348 358 709
Other income:
Commissions -- 43 8 61
Interest income 16 23 40 55
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Total other income 16 66 48 116
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Income before provision
for income tax 272 414 406 825
Provision for state & federal
income tax 111 165 162 330
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Net income $161 $249 $244 $495
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Earnings per share
- Basic $0.05 $0.07 $0.07 $0.15
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Earnings per share
- Diluted $0.04 $0.06 $0.06 $0.13
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Weighted average shares
outstanding - Basic 3,409,354 3,403,054 3,409,354 3,402,882
Weighted average shares
outstanding - Diluted 3,851,303 3,876,147 3,848,809 3,949,752
Summary Balance Sheets April 30, Oct. 31,
2002 2001
(Unaudited) (Audited)
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Cash and Cash Equivalents $1,394 $916
Investments in Available-for-sale Securities 1,790 1,745
Trade Accounts Receivable, Net 1,188 981
Inventories 4,273 4,746
Other Current Assets 483 495
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Total Current Assets 9,128 8,883
Property, Plant & Equipment, Net 492 557
Intangible Assets, net 163 163
Other Assets 81 82
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Total Assets $9,864 $9,685
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Total Current Liabilities $378 $435
Other Liabilities 26 65
Total Liabilities 403 500
Stockholders' Equity 9,460 9,185
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Total Liabilities
& Stockholders' Equity $9,864 $9,685
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