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|FOR IMMEDIATE RELEASE|
MKR Investor Relations Inc.
RF Industries Reports Sales Growth of 28% and Net Income Growth of 66% Sequentially in Second Quarter of Fiscal 2019
SAN DIEGO, CA, June 12, 2019 – RF Industries, Ltd, (NASDAQ: RFIL), a national manufacturer and marketer of interconnect products and systems, today announced its financial results for the second quarter of fiscal 2019 ended April 30, 2019.
Second Quarter Fiscal 2019 Financial Highlights:
|·||Net sales increased 28% sequentially to $13.6 million|
|·||Gross margin was 30%, comparable to the prior sequential quarter|
|·||Net income increased 66% sequentially to $1.1 million, or $0.11 per diluted share|
|·||Backlog of $10.1 million at April 30, 2019 on second quarter bookings of $12.4 million|
|·||Declared $0.02 per share dividend, the Company’s 36th consecutive quarterly dividend|
Robert Dawson, President and CEO of RF Industries, commented:
"We generated solid sequential growth in sales in the second quarter, reflecting increases in both of our business segments quarter-over-quarter. These results include both organic growth in the low double-digits and inorganic growth from our recent acquisition. In addition, net income grew 66% sequentially, reflecting our progress with improved efficiencies and cost management and highlighting our ability to be profitable at varying levels of revenue. We continue to see opportunities in the Tier-1 wireless carrier ecosystem and increased business from our distribution channels, while also seeing continued expansion in our OEM segments. Looking ahead, as we continue to execute on our long term growth plan we expect to achieve sequential and year-over-year sales increases in the current fiscal third quarter.”
Second Quarter Fiscal 2019 Results
Net sales in the second quarter of fiscal 2019 were $13.6 million, a sequential increase of 28%, or $3.0 million, compared to the preceding first quarter, and compared to $20.5 million in the second quarter of fiscal 2018. The sequential increase in sales was driven by both project work in the OEM and wireless carrier market and increases in traditional run rate business, as well as six weeks of revenue contribution from the Company’s acquisition of C Enterprises during the quarter. The year-over-year decline in sales was a result of the largest series of orders in company history in the year ago second quarter.
Gross profit for the second quarter was $4.1 million, a sequential increase of 30%, or $949,000, compared to the preceding first quarter, and compared to $7.6 million in the second quarter of fiscal 2018. Gross margins were 30%, comparable to the prior sequential quarter.
The following information was filed by R F Industries Ltd (RFIL) on Wednesday, June 12, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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