RF Industries Ltd. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended October 31, 2011; Reiterates Financial Guidance for Current Fiscal Year Ending October 31, 2012
January 27, 2012 at 07:00 pm IST
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RF Industries Ltd. announced unaudited consolidated earnings results for the fourth quarter and full year ended October 31, 2011. For the quarter, net sales were $5,954,000 compared to $5,001,000 for the same period a year ago. Operating loss was $14,000 compared to operating income of $764,000 for the same period a year ago. Loss before provision for income taxes was $21,000 compared to income before provision for income taxes of $782,000 for the same period a year ago. Net loss attributable to the company and subsidiary was $46,000 or $0.01 per basic and diluted share compared to net income attributable to the company of $435,000 or $0.07 per diluted share for the same period a year ago. The fourth quarter loss is attributable to reduced sales at RF Connector and Cable, combined with one-time expenses for professional fees of approximately $167,000 associated with the acquisition of Cables Unlimited and the resolution of certain shareholder issues. The fourth quarter loss was further affected by charges of $106,000 for depreciation and amortization expenses related to the Cables Unlimited transaction.
For the full year, net sales were $19,434,000 compared to $16,322,000 for the same period a year ago. Operating income was $1,136,000 compared to $2,004,000 for the same period a year ago. Income before provision for income taxes was $1,152,000 compared to $2,091,000 for the same period a year ago. Net income attributable to the company and subsidiary was $776,000 or $0.11 per diluted share compared to $1,220,000 or $0.19 per diluted share for the same period a year ago.
The company reiterated financial guidance for current fiscal year ending October 31, 2012. The company reiterated guidance for annual sales of $24 million to $26 million and earnings of approximately $0.27 to $0.30 per diluted share in the fiscal year 2012.
RF Industries, Ltd. is a manufacturer and marketer of interconnect products and systems. The Companyâs segments include RF Connector and Cable Assembly (RF Connector) and Custom Cabling Manufacturing and Assembly (Custom Cabling). The RF Connector segment designs, manufactures, markets and distributes a range of RF connector, adapter, coupler, divider, and cable products, including coaxial passives and cable assemblies that are used in telecommunications and information technology, original equipment manufacturers markets and other end markets. The Custom Cabling segment designs, manufactures, markets and distributes custom copper and fiber cable assemblies, complex hybrid fiber optic and power solution cables, electromechanical wiring harnesses, wiring harnesses for a range of applications in a diverse set of end markets, energy-efficient cooling systems for wireless base stations and remote equipment shelters and custom designed, pole-ready 5G small cell integrated enclosures.
RF Industries Ltd. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended October 31, 2011; Reiterates Financial Guidance for Current Fiscal Year Ending October 31, 2012