R F Industries Ltd (RFIL) SEC Filing 10-K Annual report for the fiscal year ending Saturday, October 31, 2020

Earnings Press Release
10-K Annual Report
10-K YoY Changes
R F Industries Ltd
Ticker: RFIL CIK: 740664

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contacts:

RF Industries, Ltd.

Peter Yin

SVP/Interim CFO

(858) 549-6340

rfi@rfindustries.com

MKR Investor Relations

Todd Kehrli

Analyst/Investor Contact

(323) 468-2300

rfil@mkr-group.com

RF Industries Reports 12% Sequential Sales Growth

for Fiscal 2020 Fourth Quarter

SAN DIEGO, CA, December 17, 2020 – 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, 2020.

Fourth Quarter Fiscal 2020 Highlights and Operating Results:

	●	Net sales increased 12% sequentially to $10.7 million
	●	Gross margin was 28%
	●	Net income was $159,000, or $0.02 per diluted share, up sequentially from a net loss of $(82,000), or $(0.01) per diluted share, in the preceding quarter
	●	Non-GAAP net income was $356,000, or $0.04 per diluted share
	●	Adjusted EBITDA increased 13% sequentially to $329,000
	●	Cash and cash equivalents were $15.8 million

Robert Dawson, President and CEO of RF Industries, commented:

“We continued to successfully navigate this extremely challenging operating environment and are pleased to finish the fiscal year with a return to sequential revenue growth and profitability in the fourth quarter. During the year we strengthened our go-to-market capabilities, adding significant new talent to our sales team and broadening our relationships in the carrier ecosystem. We also significantly expanded our product offerings through the two acquisitions we did in 2019. As we begin our new fiscal year, we believe we are more effectively positioned to grow our business and we look forward to returning to year-over-year revenue growth in fiscal 2021 as we continue to execute on our long-term growth plan.”

Conference Call and Webcast

RF Industries will host a conference call and live webcast today at 1:30 p.m. Pacific Time (4:30 p.m. ET) to discuss its fiscal 2020 fourth quarter and full year financial results. To access the conference call, dial 877-407-8031 (US and Canada) or 201-689-8031 (International) and ask for the RF Industries fourth quarter call. In addition, a live and archived webcast of the conference call will be accessible on the investor relations section of the Company’s website at www.rfindustries.com. A phone replay of the conference call will also be available beginning approximately two hours after conclusion of the call and will remain available for two weeks. To access the phone replay, dial 877-481-4010 (US and Canada) or 919-882-2331 (International). The replay conference ID is 39019.

The following information was filed by R F Industries Ltd (RFIL) on Thursday, December 17, 2020 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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