RF Industries, Ltd. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended October 31, 2014
January 29, 2015 at 07:00 pm IST
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RF Industries, Ltd. reported unaudited consolidated earnings results for the fourth quarter and full year ended October 31, 2014. For the quarter, the company's sales declined by $2.4 million to $6.0 million compared to sales of $8.4 million for the same quarter last year. Net income was $325,000, or $0.04 per diluted share, compared to $25,000, or $0.00 per diluted share, in the same period last year. Net income for the fourth quarter 2013 reflects a $695,000 loss from discontinued operations primarily due to the sale of its RadioMobile division. Results for the fourth quarter and fiscal year ended October 31, 2013 have been adjusted to reflect immaterial corrections made to the company's previously audited financial statements. Fourth quarter fiscal 2014 net sales were primarily affected by a $2.0 million sales decline at the Cables Unlimited Inc. (CUI) segment to $1.9 million for the quarter, compared to sales of $3.9 million at CUI in the same quarter last year. Operating income was $536,000 compared to $1,119,000 a year ago. Income from continuing operations before provision for income taxes was $543,000 compared to $1,126,000 a year ago. Income from continuing operations was $254,000 or $0.03 per diluted share, compared to $720,000 or $0.08 per diluted share, a year ago.
Net sales for the fiscal year ended October 31, 2014 were $23.1 million, compared to sales of $36.6 million for fiscal 2013. Net income was $1.4 million, or $0.16 per diluted share, as compared to $3.6 million, or $0.43 per diluted share, for the same period last year. Net income for fiscal 2013 reflects a $1.1 million loss from discontinued operations due to the sale of its RadioMobile and RF Neulink divisions. Net sales were primarily affected by a $12.1 million decline in sales at CUI to $7.2 million for the year, compared to sales of $19.3 million at CUI for fiscal 2013. As a result of the drop in sales, CUI had an operating loss of $484,000 for fiscal 2014, compared to operating income of $3.9 million in fiscal 2013. Fiscal 2014 results declined primarily due to the completion of a large one-time project to deliver a single line of new cabling product to address the needs of certain telecommunications companies, coupled with an industry-wide decline in the demand for RF Connector and cabling products. Operating income was $2,266,000 compared to $6,702,000 a year ago. Income from continuing operations before provision for income taxes was $2,295,000 compared to $6,722,000 a year ago. Income from continuing operations was $1,336,000 or $0.15 per diluted share, compared to $4,742,000 or $0.56 per diluted share, a year ago.
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. 
