RF Industries Ltd., a San Diego maker and distributor of radio frequency connectors and cable assemblies, reported March 15 first-quarter net income of $117,000, compared with $351,000 for the like quarter of 2011.

Sales for the quarter were the highest in the company’s history, increasing 34 percent from the like quarter of last year to $5.5 million.

While gross margins increased in each of the company’s three business segments, sales at the company’s main segment, RF Connector and Cable Assembly, fell 9 percent.

RFI’s board of directors declared a regular quarterly cash dividend of 5 cents per share, payable April 16 to shareholders of record March 30. RFI has about 6.8 million common shares outstanding.

Shares of RFI, traded under RFIL on Nasdaq, dropped 25 cents the day the results were released, but were up 6 cents at midday March 16 to $3.60. The stock’s 52-week range is $2.89 to $4.61.

Mike Allen