San Diego electronic component maker RF Industries Ltd. on Jan. 27 reported a fourth-quarter net loss of $3.02 million on revenue of $8.08 million.
The company announced fourth-quarter and fiscal year results. RF Industries' fiscal year ended Oct. 31.
In the fourth quarter of the previous year, the company reported net income of $270,000, or 3 cents per share. The company reported a loss of 34 cents per share in the last quarter of its fiscal year 2016.
In a prepared statement, the company primarily attributed the loss to a goodwill impairment charge of $2.8 million in connection with its write-down of the company's investment in its Cables Unlimited division.
Another factor was a reduction in sales of custom cable assemblies; that segment's net sales fell about 10 percent quarter over quarter from $5.9 million to $5.3 million, the company said.
In fiscal year 2016 the company reported a net loss of $4.09 million. Net income in the prior year was $994,000.
Howard Hill, company founder, has been serving as interim CEO and president since October, when Johnny Walker, chief executive and president, stepped down for family reasons.
Hill said in the statement that steps taken in fiscal year 2016 to reduce operating expenses were expected to save the company about $750,000 in fiscal year 2017.
The San Diego-based company also has operations in New York, New Jersey and Connecticut.