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|FOR IMMEDIATE RELEASE|
RF Industries Ltd.
MKR Investor Relations
RF Industries Reports Sales Growth of 57% for the Fourth Quarter and 10% for the Fiscal 2019 Full Year Compared to Last Year
Declares Quarterly Cash Dividend of $0.02 per Common Share
SAN DIEGO, CA, December 18, 2019 – RF Industries, Ltd, (NASDAQ: RFIL), a national manufacturer and marketer of interconnect products and systems, today announced its financial results for the fourth quarter and fiscal year ended October 31, 2019.
Fourth Quarter Fiscal 2019 Highlights:
|·||Net sales increased 57% year over year to $15.5 million|
|·||Net income increased 70% year over year to $782,000, or $0.08 per diluted share|
|·||Declared $0.02 per share dividend, the Company’s 38th consecutive quarterly dividend|
Fiscal 2019 Highlights:
|·||Net sales increased 10% year over year to $55.3 million|
|·||Net income of $3.5 million, or $0.36 per diluted share|
|·||Acquired C Enterprises on March 15, 2019|
|·||RF Connector Segment sales increased 16% year-over-year|
Robert Dawson, President and CEO of RF Industries, commented:
“We are pleased to report another strong quarter with sales growth of 57% over the fourth quarter of last year, reflecting the continued progress we are making in the multi-year transformation of our business. During the fiscal year, we steadily grew our core distribution business, while also completing a successful acquisition that broadened and strengthened our product offering for the telecom, data center, and wireless markets. As we move into fiscal 2020, we continue to put the pieces in place to further build a platform for continued growth, including our recent acquisition of Schroff Technologies International and the addition of talent to our leadership team. Finally, we remain focused on our long-term growth plan of reaching $100 million in sales.”
Fourth Quarter Fiscal 2019 Results
Net sales in the fourth quarter of fiscal 2019 were $15.5 million, consistent with the preceding third quarter, and an increase of 57%, or $5.6 million, compared to $9.9 million in the fourth quarter of fiscal 2018. The year-over-year increase in net sales reflects sales contribution from the Company’s acquisition of C Enterprises, as well as growth in both its traditional run rate business and its project work in the OEM and wireless carrier markets.
Gross profit for the fourth quarter was $4.1 million, compared to $4.3 million in the preceding third quarter, and an increase of 40%, or $1.2 million, compared to $3.0 million in the fourth quarter of fiscal 2018. Gross margins were 27% of net sales, compared to 30% of net sales in the fiscal 2018 fourth quarter primarily due to product mix at the Custom Cabling segment as well as increased wages for the Company’s production team.
The following information was filed by R F Industries Ltd (RFIL) on Wednesday, December 18, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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