RF Industries, Ltd. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended October 31, 2013; Reiterates Earnings Guidance for First Quarter of Fiscal 2014
January 17, 2014 at 08:15 am
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RF Industries, Ltd. reported unaudited consolidated earnings results for the fourth quarter and year ended October 31, 2013. For the fourth quarter ended October 31, 2013, the company reported net sales of $8.4 million, a decrease of 9%, compared to $9.3 million in the same quarter of fiscal 2012. The company reported operating income of $1.2 million, a decrease of 28% compared to operating income of $1.7 million in the fourth quarter of the previous year. Income from continuing operations for the fourth quarter of fiscal 2013 was $0.9 million or $0.12 per basic and $0.11 per diluted share, as compared to $0.9 million or $0.13 per basic and $0.12 per diluted share in the fourth quarter of fiscal 2012. Net income for the fourth quarter fiscal 2013, after accounting for the $0.7 million net loss from discontinued operations, was $0.3 million or $0.03 per basic and diluted share, compared to $1.2 million, or $0.17 per basic and $0.15 per diluted share in the fourth quarter of 2012.
The company reported net sales of $36.6 million for fiscal 2013, an increase of 32% compared to net sales of $27.7 million in fiscal 2012. Most of the increase in net sales is due to $19.3 million in sales from Cables Unlimited for the year ended October 31, 2013. In fiscal 2013, the company reported operating income of $6.8 million, a 67% increase compared to operating income of $4.1 million in fiscal 2012. Income from continuing operations in fiscal 2013 increased 90% to $5.0 million or $0.65 per basic and $0.59 per diluted share as compared to income from continuing operations of $2.6 million or $0.38 per basic and $0.34 per diluted share in the prior year period. Net income for the year ended October 31, 2013 after accounting for the $1.1 million net loss from discontinued operations was $3.8 million, or $0.50 per basic and $0.46 per diluted share, compared to $2.6 million or $0.38 per basic and $0.34 per diluted share in fiscal 2012.
Although the company expects that consolidated revenues for the first quarter of fiscal 2014 will be in the range of $5.5 million to $6.5 million compared to record first quarter fiscal 2013 revenues of $9.9 million, the company nevertheless expects to achieve moderate profitability in the first quarter of 2014.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended October 31, 2013; Reiterates Earnings Guidance for First Quarter of Fiscal 2014
RF INDUSTRIES, LTD. 
