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Thursday, Mar 28, 2024
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RF Industries Reports Q3 Net Loss of $597,000

Shares in RF Industries Ltd., the San Diego electronic component maker, declined 18 percent on Sept. 14 after the company reported a third-quarter net loss of $597,000 on revenue of $7.6 million.

The same quarter last year brought net income of $211,000 on revenue of $8.3 million.

In a prepared statement, the company said it had decreased its head count in the last year, and closed or sold marginal businesses. Going forward, the company plans to further decrease its head count and eliminate other expenses to lower operating expenses by up to $1.5 million per year.

RF Industries makes radio frequency connectors, coaxial and custom cable assemblies, fiber optic cables and wiring harnesses.

The business said that its net loss in the recent quarter included one-time expenses of $256,000 for an unconsummated strategic transaction to enhance sales growth in the emerging distributed antenna systems, or DAS, marketplace.

As of Sept. 19, RF Industries had a market capitalization of about $15.5 million, making it a so-called nano-cap stock.

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