RFI Net Income Outshines Year-Ago QuarterTuesday, September 11, 2012
RF Industries Ltd., a San Diego maker and distributor of radio frequency connectors and cable assemblies, reported net income of $735,000 for its fiscal third quarter, more than 10 times the $65,000 in net income reported for the like period of 2011.
Last year’s third quarter was affected by $562,000 in costs associated with the company’s purchase of Cables Unlimited, RFI said.
Revenue for the third quarter was $7.5 million, up 51 percent from the like quarter of 2011.
RFI said the acquisition of Cables Unlimited, which makes cable assemblies for high-speed wireless antenna towers, has turned out well. The company’s connector and cable assembly segment sales increased 18 percent to a record $3.8 million in the quarter.
For the nine months, RFI reported sales grew 46 percent to $19.7 million. Consolidated net income was $1.45 million, or 19 cents per diluted share.
The news pushed shares of RFI, traded under RFIL on Nasdaq, to a 52-week high. Shares traded for $4.58 as of midday Sept. 10, up 14.5 percent from the prior day’s trading price. The stock closed at $4.49. Shares have ranged from $2.89 to $4.22 over the past 52 weeks.