RF Industries Posts 19th Consecutive Year of ProfitabilityMonday, January 30, 2012
RF Industries Ltd., a San Diego maker and distributor of radio frequency connectors and cables, reported Jan. 27 a fourth-quarter net loss of $46,000, compared with a net profit of $435,000 in the like quarter of 2010.
For the full fiscal year ended Oct. 31, RFI reported net income of $776,000, compared with $1.2 million for the prior fiscal year.
The company said it completed its 19th consecutive year of profitability and achieved record sales of $19.4 million, compared with $16.3 million for its 2010 fiscal year.
The firm attributed the drop in net income in the past year to one-time costs of $798,000 associated with its acquisition of Cables Unlimited, and the resolution of certain shareholder issues.
In the four and a half months since Cables Unlimited was acquired, its sales were $2.6 million, the company said.
RFI said it anticipates that its current 2012 fiscal year revenue will exceed that of 2011’s, and finish in a range of $24 million to $26 million. Net earnings are expected between 27 cents and 30 cents per diluted share, said CEO Howard Hill.
— Mike Allen