UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
Quarterly report pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended January
31, 2016
Commission file number: 0-13301
RF INDUSTRIES, LTD.
(Exact name of registrant as specified in
its charter)
Nevada |
88-0168936 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
|
|
7610 Miramar Road, Building 6000
San Diego, California |
92126 |
(Address of principal executive offices) |
(Zip Code) |
(858) 549-6340 |
(Registrant’s telephone number, including area code) |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x
No ¨
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files.) Yes x
No ¨
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and
large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ¨ |
Accelerated filer ¨ |
Non-accelerated filer ¨ |
Smaller reporting company x |
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ¨
No x
The number of shares of the issuer’s
Common Stock, par value $0.01 per share, outstanding as of March 16, 2016 was 8,725,274.
Part I. FINANCIAL INFORMATION
Item 1: Financial Statements
RF INDUSTRIES, LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share
amounts)
| |
January 31, | | |
October 31, | |
| |
2016 | | |
2015 | |
| |
(Unaudited) | | |
(Note 1) | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
CURRENT ASSETS | |
| | | |
| | |
Cash and cash equivalents | |
$ | 5,766 | | |
$ | 7,595 | |
Trade accounts receivable, net of allowance for doubtful accounts of $79 and $30 | |
| 3,865 | | |
| 3,980 | |
Inventories | |
| 7,020 | | |
| 6,928 | |
Other current assets | |
| 1,341 | | |
| 728 | |
Deferred tax assets | |
| 427 | | |
| 426 | |
TOTAL CURRENT ASSETS | |
| 18,419 | | |
| 19,657 | |
| |
| | | |
| | |
Property and equipment: | |
| | | |
| | |
Equipment and tooling | |
| 3,250 | | |
| 3,215 | |
Furniture and office equipment | |
| 786 | | |
| 936 | |
| |
| 4,036 | | |
| 4,151 | |
Less accumulated depreciation | |
| 3,207 | | |
| 3,230 | |
Total property and equipment | |
| 829 | | |
| 921 | |
| |
| | | |
| | |
Goodwill | |
| 5,913 | | |
| 5,913 | |
Amortizable intangible assets, net | |
| 4,096 | | |
| 4,268 | |
Non-amortizable intangible assets | |
| 1,387 | | |
| 1,387 | |
Note receivable from stockholder | |
| 67 | | |
| 67 | |
Other assets | |
| 205 | | |
| 39 | |
TOTAL ASSETS | |
$ | 30,916 | | |
$ | 32,252 | |
Item 1: Financial Statements (continued)
RF INDUSTRIES, LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share
amounts)
| |
January 31, | | |
October 31, | |
| |
2016 | | |
2015 | |
| |
(Unaudited) | | |
(Note 1) | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Accounts payable | |
$ | 1,649 | | |
$ | 1,493 | |
Accrued expenses | |
| 2,269 | | |
| 2,868 | |
TOTAL CURRENT LIABILITIES | |
| 3,918 | | |
| 4,361 | |
| |
| | | |
| | |
Deferred tax liabilities | |
| 1,143 | | |
| 1,143 | |
Other long-term liabilities | |
| 377 | | |
| 377 | |
TOTAL LIABILITIES | |
| 5,438 | | |
| 5,881 | |
| |
| | | |
| | |
COMMITMENTS AND CONTINGENCIES | |
| | | |
| | |
| |
| | | |
| | |
STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Common stock - authorized 20,000,000 shares of $0.01 par value; 8,718,914 and 8,713,664 shares issued and outstanding at January 31, 2016 and October 31, 2015, respectively | |
| 87 | | |
| 87 | |
Additional paid-in capital | |
| 19,200 | | |
| 19,129 | |
Retained earnings | |
| 6,191 | | |
| 7,155 | |
TOTAL STOCKHOLDERS' EQUITY | |
| 25,478 | | |
| 26,371 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | |
$ | 30,916 | | |
$ | 32,252 | |
See Notes to Unaudited Condensed Consolidated Financial Statements.
Item 1: Financial Statements (continued)
RF INDUSTRIES, LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
(In thousands, except share and per share
amounts)
| |
Three Months Ended January 31, | |
| |
2016 | | |
2015 | |
| |
| | |
| |
Net sales | |
$ | 6,984 | | |
$ | 6,894 | |
Cost of sales | |
| 4,908 | | |
| 4,394 | |
| |
| | | |
| | |
Gross profit | |
| 2,076 | | |
| 2,500 | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
Engineering | |
| 198 | | |
| 217 | |
Selling and general | |
| 2,489 | | |
| 2,257 | |
Totals | |
| 2,687 | | |
| 2,474 | |
| |
| | | |
| | |
Operating income (loss) | |
| (611 | ) | |
| 26 | |
| |
| | | |
| | |
Other income | |
| - | | |
| 5 | |
| |
| | | |
| | |
Income (loss) from continuing operations before benefit for income taxes | |
| (611 | ) | |
| 31 | |
Benefit for income taxes | |
| (256 | ) | |
| (21 | ) |
| |
| | | |
| | |
Income (loss) from continuing operations | |
| (355 | ) | |
| 52 | |
| |
| | | |
| | |
Income from discontinued operations, net of tax | |
| 2 | | |
| 13 | |
| |
| | | |
| | |
Net income (loss) | |
$ | (353 | ) | |
$ | 65 | |
| |
| | | |
| | |
Earnings (loss) per share | |
| | | |
| | |
Basic | |
| | | |
| | |
Continuing operations | |
$ | (0.04 | ) | |
$ | 0.01 | |
Discontinued operations | |
| 0.00 | | |
| 0.00 | |
Net income (loss) per share | |
$ | (0.04 | ) | |
$ | 0.01 | |
| |
| | | |
| | |
Earnings (loss) per share | |
| | | |
| | |
Diluted | |
| | | |
| | |
Continuing operations | |
$ | (0.04 | ) | |
$ | 0.01 | |
Discontinued operations | |
| 0.00 | | |
| 0.00 | |
Net income (loss) per share | |
$ | (0.04 | ) | |
$ | 0.01 | |
| |
| | | |
| | |
Weighted average shares outstanding | |
| | | |
| | |
Basic | |
| 8,716,712 | | |
| 8,286,831 | |
Diluted | |
| 8,716,712 | | |
| 8,667,771 | |
See Notes to Unaudited Condensed Consolidated Financial Statements.
Item 1: Financial Statements (continued)
RF INDUSTRIES, LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(UNAUDITED)
(In thousands)
| |
Three Months Ended January 31, | |
| |
2016 | | |
2015 | |
OPERATING ACTIVITIES: | |
| | | |
| | |
Net income (loss) | |
$ | (353 | ) | |
$ | 65 | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |
| | | |
| | |
Bad debt expense | |
| 20 | | |
| 5 | |
Accounts receivable write-off | |
| - | | |
| 4 | |
Depreciation and amortization | |
| 272 | | |
| 190 | |
Stock-based compensation expense | |
| 52 | | |
| 50 | |
Loss on disposal of fixed assets | |
| 40 | | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Trade accounts receivable | |
| 94 | | |
| (151 | ) |
Inventories | |
| (349 | ) | |
| (234 | ) |
Other current assets | |
| (613 | ) | |
| (288 | ) |
Other long-term assets | |
| (167 | ) | |
| - | |
Accounts payable | |
| 156 | | |
| 23 | |
Customer deposit | |
| - | | |
| (6 | ) |
Income taxes payable | |
| (65 | ) | |
| (77 | ) |
Accrued expenses | |
| (600 | ) | |
| (218 | ) |
Net cash used in operating activities | |
| (1,513 | ) | |
| (637 | ) |
| |
| | | |
| | |
INVESTING ACTIVITIES: | |
| | | |
| | |
Restricted cash | |
| - | | |
| (300 | ) |
Acquisition of business (Comnet), net of cash acquired $541 | |
| - | | |
| (2,249 | ) |
Proceeds from sale of fixed assets | |
| 22 | | |
| - | |
Proceeds from sale of inventory | |
| 322 | | |
| - | |
Capital expenditures | |
| (70 | ) | |
| (34 | ) |
Net cash provided by (used in) investing activities | |
| 274 | | |
| (2,583 | ) |
| |
| | | |
| | |
FINANCING ACTIVITIES: | |
| | | |
| | |
Proceeds from exercise of stock options | |
| 20 | | |
| 2 | |
Dividends paid | |
| (610 | ) | |
| (578 | ) |
Net cash used in financing activities | |
| (590 | ) | |
| (576 | ) |
| |
| | | |
| | |
Net decrease in cash and cash equivalents | |
| (1,829 | ) | |
| (3,796 | ) |
| |
| | | |
| | |
Cash and cash equivalents, beginning of period | |
| 7,595 | | |
| 14,718 | |
| |
| | | |
| | |
Cash and cash equivalents, end of period | |
$ | 5,766 | | |
$ | 10,922 | |
| |
| | | |
| | |
Supplemental cash flow information – income taxes paid | |
$ | 165 | | |
$ | 104 | |
Noncash investing and financing activities: | |
| | | |
| | |
Stock issuance for acquisition of business (Comnet) | |
$ | - | | |
$ | 1,060 | |
See Notes to Unaudited Condensed Consolidated Financial Statements.
RF INDUSTRIES, LTD. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 - Unaudited interim condensed consolidated financial
statements
The accompanying unaudited
condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the
United States of America for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include
all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete
financial statements. In the opinion of management, all adjustments, which are normal and recurring, have been included in order
to make the information not misleading. Information included in the consolidated balance sheet as of October 31, 2015 has been
derived from, and certain terms used herein are defined in, the audited financial statements of the Company as of October 31, 2015
included in the Company’s Annual Report on Form 10-K (“Form 10-K”) for the year ended October 31, 2015 that was
previously filed with the Securities and Exchange Commission (“SEC”). Operating results for the three-month period
ended January 31, 2016 are not necessarily indicative of the results that may be expected for the year ending October 31, 2016.
The unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and footnotes
thereto included in the Company’s Annual Report on Form 10-K for the year ended October 31, 2015.
Principles of consolidation
The accompanying unaudited condensed
consolidated financial statements for the periods ending on or before October 31, 2015 include the accounts of RF Industries,
Ltd., Cables Unlimited, Inc. (“Cables Unlimited”), Comnet Telecom Supply, Inc. (“Comnet”), a
wholly-owned subsidiary that RF Industries, Ltd. acquired effective November 1, 2014, and Rel-Tech Electronics, Inc.
(“Rel-Tech”), a wholly-owned subsidiary that RF Industries, Ltd. acquired effective June 1, 2015. The unaudited
condensed consolidated financial statements for the three months ended January 31, 2016 include the accounts of RF
Industries, Ltd., Cables Unlimited, Comnet and Rel-Tech. For periods ending on or before January 31, 2015, references herein
to the “Company” shall refer to RF Industries, Ltd., Cables Unlimited and Comnet, and for all periods after
October 31, 2015, references to the “Company” shall refer to RF Industries, Ltd., Cables Unlimited, Comnet and
Rel-Tech, collectively. All intercompany balances and transactions have been eliminated in consolidation.
Revenue recognition
Four basic criteria must be met before revenue
can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the fee
is fixed and determinable; and (4) collectability is reasonably assured. The Company recognizes revenue from product sales after
purchase orders are received which contain a fixed price and the products are shipped. Most of the Company’s products are
sold to continuing customers with established credit histories.
Note 2 - Business acquisitions
Rel-Tech Electronics, Inc.
On June 5, 2015, the Company purchased
100% of the issued and outstanding shares of Rel-Tech pursuant to a Stock Purchase Agreement. Rel-Tech was wholly-owned by
Wilfred D. LeBlanc Jr., Ralph Palumbo and their respective wives. Rel-Tech is a Milford, Connecticut based manufacturer and
supplier of custom cable assemblies and wiring harnesses. At the closing, RF Industries, Ltd. paid the sellers $3,100,000,
which consisted of $2,100,000 in cash and 50,467 shares of the Company’s unregistered common stock valued at $200,000
based on a per share price of $3.96 (the volume weighted average price of the Company’s common stock during the five
trading days before the closing date) and, if certain financial targets are met by Rel-Tech over a three-year period, agreed
to pay additional cash earn-out payments of up to $800,000. Rel-Tech will operate as a stand-alone subsidiary for at least
the next two years. Mr. Palumbo will serve as President of Rel-Tech at a base salary of $150,000 per year. Mr. Palumbo will
also be entitled to earn an annual bonus of up to 50% of his base salary. Rel-Tech has also entered into employment
agreements to retain five key managers.
The acquisition was accounted for in accordance
with the acquisition method of accounting. The acquired assets and assumed liabilities were recorded by the Company at their estimated
fair values. The Company determined the estimated fair values with the assistance of appraisals or valuations performed by an independent
third party specialist. Rel-Tech offers a full range of value-added services including product design, prototyping, stocking, bill
of materials management, consignment and fulfillment programs. Rel-Tech provides engineered solutions to many leasing OEMs and
markets its products to customers in commercial as well as military arenas. All assembly is performed at the Rel-Tech’s facilities.
These products and services supplement and enhance the existing markets of RF Industries without incurring substantially more costs
than incurred in the purchase of Rel-Tech. These factors, among others, contributed to a purchase price in excess of the estimated
fair value of Rel-Tech’s net identifiable assets acquired and, as a result, we have recorded goodwill in connection with
this acquisition. We do not expect the goodwill recorded to be deductible for income tax purposes.
Although the closing occurred on June 5,
2015, the acquisition of Rel-Tech is deemed to have become effective for financial accounting purposes as of June 1, 2015. Accordingly
Rel-Tech’s financial results have been included in the results of the Custom Cabling Manufacturing and Assembly segment for
the period ended January 31, 2016.
The following
table summarizes the components of the estimated purchase price at fair value at June 1, 2015:
Cash consideration paid | |
$ | 2,100,000 | |
RF Industries, Ltd. common shares issued (50,467 shares) | |
| 200,000 | |
Earn-out | |
| 610,000 | |
Total purchase price | |
$ | 2,910,000 | |
The following
table summarizes the final allocation of the estimated purchase price at fair value at June 1, 2015:
Current assets | |
$ | 1,637,000 | |
Fixed assets | |
| 68,000 | |
Other assets | |
| 17,000 | |
Intangible assets | |
| 1,425,000 | |
Goodwill | |
| 833,000 | |
Deferred tax liabilities | |
| (489,000 | ) |
Non-interest bearing liabilities | |
| (581,000 | ) |
Net assets | |
$ | 2,910,000 | |
The results
of Rel-Tech’s operations subsequent to June 1, 2015 have been included in the Company’s condensed consolidated
results of operations. All costs related to the acquisition of Rel-Tech have been expensed as incurred. For the period ended
January 31, 2016, Rel-Tech contributed $1.5 million of revenue.
The following unaudited pro forma
financial information presents the combined operating results of the Company and Rel-Tech as if the acquisition had occurred
as of the beginning of the earliest period presented. Pro forma data is subject to various assumptions and estimates and is
presented for informational purposes only. This pro forma data does not purport to represent or be indicative of the
consolidated operating results that would have been reported had the transaction been completed as described herein, and the
data should not be taken as indicative of future consolidated operating results.
Pro forma financial information is presented
in the following table:
| |
Three Months Ended January 31, | |
| |
2015 | |
| |
| |
Revenue | |
$ | 8,467,000 | |
Net income | |
| 73,000 | |
| |
| | |
Earnings per share | |
| | |
Basic | |
$ | 0.01 | |
Diluted | |
$ | 0.01 | |
CompPro Product Line
On May 19, 2015, the Company purchased
the CompPro braided product line (“CompPro”), including the intellectual property rights to that product line,
for a total purchase price of $700,000 cash. CompPro utilizes a patented compression technology that offers revolutionary
advantages for a water-tight connection, easier installation, and improved system reliability on braided cables. CompPro is
used by wireless network operators, installers and distributors in North America and other parts of the world. Included in
the purchase is inventory, designs, intellectual property rights and the rights to manufacture and sell CompPro products.
Financial results for sales of the CompPro products are included in the results of the RF Connector and Cable Assembly
segment beginning in the Company’s fiscal quarter ended October 31, 2015.
The acquisition was accounted for in
accordance with the acquisition method of accounting. The acquired assets were recorded by the Company at their estimated
fair values. The Company determined the estimated fair values with the assistance of appraisals or valuations performed by an
independent third party specialist. These above factors, among others, contributed to a purchase price in excess of the
estimated fair value of CompPro’s net identifiable assets acquired and, as a result, the Company recorded goodwill in
connection with this transaction.
Goodwill acquired
was allocated to the Company’s Connector and Cable Assembly segment as part of the purchase price allocation. The Company
expects the goodwill recorded to be deductible for income tax purposes. Acquired amortizable intangible assets are being amortized
on a straight-line basis over their estimated useful lives ranging from three to seven years.
The following
table summarizes the components of the estimated purchase price at fair value at May 19, 2015:
Cash consideration paid | |
$ | 700,000 | |
Total purchase price | |
$ | 700,000 | |
The following
table summarizes the final allocation of the estimated purchase price at fair value at May 19, 2015:
Current assets | |
$ | 186,300 | |
Fixed assets | |
| 67,500 | |
Intangible assets | |
| 321,200 | |
Goodwill | |
| 125,000 | |
Net assets | |
$ | 700,000 | |
The results
of CompPro’s sales subsequent to May 19, 2015 have been included in the Company’s consolidated results of
operations. All costs related to the acquisition of CompPro have been expensed as incurred.
Comnet Telecom Supply, Inc.
The Company purchased 100% of the issued
and outstanding shares of Comnet from Robert Portera, the sole shareholder of Comnet. Comnet is a New Jersey based manufacturer
and supplier of telecommunications and data products, including fiber optic cables, cabling technologies, custom patch cord assemblies,
data center consoles and other data center equipment. Comnet is a New York corporation that was formed in 1993. For income tax
purposes, both parties have agreed to make an election under Internal Revenue Code 338(h) (10). At the closing, RF Industries,
Ltd. paid Mr. Portera $4,150,000 in cash and stock, and agreed to pay him up to an additional $1,360,000 in cash as an earn-out
over the next two years if Comnet meets certain financial milestones in the next two years. The purchase price paid at the closing
consisted of $3,090,000 in cash (of which $300,000 has been deposited into a bank escrow account for one year as security for the
seller’s indemnification obligations under the stock purchase agreement) and 252,381 shares of RF Industries, Ltd.’s
unregistered common stock, which shares were valued at $1,060,000 based on a per share price of $4.20 (the volume weighted average
price of the common stock during the five trading days before the closing date). Comnet will be operated as a stand-alone subsidiary
for at least the next two years. The Company entered into a two-year employment agreement with Mr. Portera pursuant to which Mr.
Portera will be the President of Comnet and receive a base salary of $210,000 per year. Mr. Portera will also be entitled to earn
an annual bonus of up to 50% of his base salary. Since the acquisition of Comnet was effective for financial accounting purposes
as of November 1, 2014 with an effective closing date of January 20, 2015, Comnet’s financial results have been included
in the results of the Custom Cabling Manufacturing and Assembly segment for the entire fiscal year ended October 31, 2015.
The acquisition was accounted for in
accordance with the acquisition method of accounting. The acquired assets and assumed liabilities were recorded by the
Company at their estimated fair values. The Company determined the estimated fair values with the assistance of appraisals or
valuations performed by an independent third party specialist. The products manufactured and supplied by Comnet include fiber
optic cables, cabling technologies, custom patch cord assemblies, data center consoles and other data center equipment. These
products supplement and enhance the existing markets of RF Industries as well as tap into new data center markets that the
Company would not have been able to enter without incurring substantially more costs than incurred in the purchase of Comnet.
The capital and other resources required to enhance the Company’s fiber optics market and enter the data center market
would have greatly exceeded the purchase price of $4.15 million (excluding the potential earn-out). These factors, among
others, contributed to a purchase price in excess of the estimated fair value of Comnet’s net identifiable assets
acquired and, as a result, the Company recorded goodwill in connection with this transaction.
Goodwill
acquired was allocated to the Company’s operating segment and Comnet reporting unit as part of the purchase
price allocation. The Company expects the goodwill recorded to be deductible for income tax purposes. Acquired amortizable
intangible assets are being amortized on a straight-line basis over their estimated useful lives ranging from three to eight
years.
The following
table summarizes the components of the estimated purchase price at fair value at November 1, 2014:
Cash consideration paid | |
$ | 3,090,000 | |
RF Industries, Ltd. common shares issued (252,381 shares) | |
| 1,060,000 | |
Earn-out | |
| 1,235,000 | |
Total purchase price | |
$ | 5,385,000 | |
The following
table summarizes the final allocation of the purchase price at fair value at November 1, 2014:
Current assets | |
$ | 1,875,000 | |
Fixed assets | |
| 150,000 | |
Intangible assets | |
| 2,910,000 | |
Goodwill | |
| 1,879,000 | |
Non-interest bearing liabilities | |
| (1,429,000 | ) |
Net assets | |
$ | 5,385,000 | |
The results of
Comnet’s operations subsequent to November 1, 2014 have been included in the Company’s consolidated results of operations.
All costs related to the acquisition of Comnet have been expensed as incurred. For the period ended January 31, 2016, Comnet contributed
$2.2 million of revenue.
The Company recognized
a $318,000 credit to selling, general and administrative expenses as a result of the revaluation of the earn-out liability as it
relates to the acquisition of Comnet as of October 31, 2015.
Note 3 - Discontinued operations
During 2013,
the Company sold its RF Neulink and RadioMobile divisions, which together had comprised the Company’s RF Wireless segment.
The divisions were sold pursuant to asset purchase agreements, whereby no purchase price was paid at the closing. Rather, the agreements
stipulated royalty payments from each of the purchasers over a three year period. For the three months ended January 31, 2016,
the Company recognized approximately $1,600 of royalty income for the RF Neulink, which amounts have been included within discontinued
operations. For the three months ended January 31, 2015, the Company recognized approximately $19,000 and $2,000 of
royalty income for the RF Neulink and RadioMobile divisions, respectively, which amount has been included within discontinued
operations.
Note 4 - Sale of Aviel Electronics division
On December 22, 2015, the Company
sold the assets of its Aviel Electronics division at a gain of approximately $35,000. The terms of the sale included $150,000
cash due upon closing and a $250,000 secured promissory note ($83,000 recorded in other current assets and $167,000 in other
assets) with principal and interest (at 5%) payable over a three-year period. Aviel Electronics’ sales and loss from
continuing operations before provision for income taxes of $86,000 and $40,000, respectively, were included in the
Company’s RF Connector and Cable Assembly segment from November 1, 2015 through the date of sale
on December 22, 2015. Aviel Electronics’ sales and income from continuing operations before provision for income taxes, were
$252,000 and $26,000, respectively, for the three months ended January 31, 2015.
The sale of the Aviel
Electronics division does not represent a strategic shift that has a major effect on the Company’s operations and
financial results. Accordingly, the financial results from the sale of Aviel Electronics were reported in income from
continuing operations.
Note 5 - Inventories and major vendors
Inventories are stated at the lower
of cost or market, with cost determined using the weighted average cost method of accounting. Cost includes materials, labor,
and manufacturing overhead related to the purchase and production of inventories. We regularly review inventory quantities
on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. If our review indicates
a reduction in utility below carrying value due to damage, physical deterioration, obsolescence, changes in price levels,
or other causes, we reduce our inventory to a new cost basis through a charge to cost of sales in the period in which it
occurs. The determination of market value and the estimated volume of demand used in the lower of cost or market
analysis require significant judgment.
In June 2015, the Company
acquired Rel-Tech, a company that currently values its inventories using specific identification (last purchase price) on a
FIFO basis. The Company intends to convert the inventory valuation principles used by Rel-Tech to the weighted average cost
sometime during fiscal 2016. Inventories consist of the following (in thousands):
| |
January 31, 2016 | | |
October 31, 2015 | |
| |
| | |
| |
Raw materials and supplies | |
$ | 3,168 | | |
$ | 2,671 | |
Work in process | |
| 164 | | |
| 270 | |
Finished goods | |
| 3,688 | | |
| 3,987 | |
| |
| | | |
| | |
Totals | |
$ | 7,020 | | |
$ | 6,928 | |
Purchases of inventory from two major vendors
during the three months ended January 31, 2016 represented 14% and 12% of total inventory purchases. Purchases of inventory from
two major vendors during the three months ended January 31, 2015 represented 12% and 10% of total inventory purchases. The Company
has arrangements with these vendors to purchase product based on purchase orders periodically issued by the Company.
Note 6 - Other current assets
Other current assets consist of the following
(in thousands):
| |
January 31, 2016 | | |
October 31, 2015 | |
| |
| | |
| |
Prepaid expense | |
$ | 1,114 | | |
$ | 548 | |
Notes receivable | |
| 83 | | |
| - | |
Other | |
| 144 | | |
| 180 | |
| |
| | | |
| | |
Totals | |
$ | 1,341 | | |
$ | 728 | |
Long-term portion of notes receivable of
$167,000 is recorded in other assets.
Note 7 - Earnings per share
Basic earnings (loss) per share
is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period.
Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding
increased by the effects of assuming that other potentially dilutive securities (such as stock options) outstanding during
the period had been exercised and the treasury stock method had been applied. Potentially dilutive securities totaling
1,138,510 and 617,310 for the three months ended January 31, 2016 and 2015, respectively, were excluded from the calculation
of diluted per share amounts because of their anti-dilutive effect.
The following table summarizes the computation
of basic and diluted weighted average shares outstanding:
| |
Three Months Ended January 31, | |
| |
2016 | | |
2015 | |
| |
| | |
| |
Weighted average shares outstanding for basic earnings (loss) per share | |
| 8,716,712 | | |
| 8,286,831 | |
| |
| | | |
| | |
Add effects of potentially dilutive securities-assumed exercise of stock options | |
| - | | |
| 380,940 | |
| |
| | | |
| | |
Weighted average shares outstanding for diluted earnings (loss) per share | |
| 8,716,712 | | |
| 8,667,771 | |
Note 8 - Stock-based compensation and equity transactions
The Company’s current stock incentive
plan provides for the granting of qualified and nonqualified options to the Company’s officers, directors and employees.
Incentive stock options granted to the Company’s employees during the three months ended January 31, 2015 vest and are exercisable
equally over three years and expire in five years from date of grant. During the three months ended January 31, 2015, the Company
granted a total of 127,558 incentive stock options to Company employees. The Company satisfies the exercise of options by issuing
previously unissued common shares. No options were granted to Company employees during the three months ended January 31, 2016.
The weighted average fair value of employee
and non-employee directors’ stock options granted by the Company during the three months ended January 31, 2015 was estimated
to be $1.00 per share using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate | |
| 0. 88 | % |
Dividend yield | |
| 6.35 | % |
Expected life of the option | |
| 3.5 years | |
Volatility factor | |
| 47.4 | % |
Expected volatilities are based on historical
volatility of the Company’s stock price and other factors. The Company used the historical method to calculate the expected
life of the 2015 option grants. The expected life represents the period of time that options granted are expected to be outstanding.
The risk-free rate is based on the U.S. Treasury rate with a maturity date corresponding to the options’ expected life. The
dividend yield is based upon the historical dividend yield.
Issuances of common stock by the Company
During the three months ended January 31,
2015, the Company issued 252,381 shares of common stock valued at $1,060,000 to the former owner of Comnet as part
of the purchase price of the Comnet acquisition. The Comnet acquisition is more fully described in Note 2 of this report.
Company stock option plans
Descriptions of the Company’s stock
option plans are included in Note 8 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2015. A summary
of the status of the options granted under the Company’s stock option plans as of January 31, 2016 and the changes in options
outstanding during the three months then ended is presented in the table that follows:
| |
| | |
Weighted | |
| |
| | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at November 1, 2015 | |
| 1,240,100 | | |
$ | 2.64 | |
Options granted | |
| 51,192 | | |
$ | 4.42 | |
Options exercised | |
| (5,250 | ) | |
$ | 3.72 | |
Options canceled or expired | |
| (21,703 | ) | |
$ | 5.42 | |
Options outstanding at January 31, 2016 | |
| 1,264,339 | | |
$ | 3.43 | |
Options exercisable at January 31, 2016 | |
| 773,321 | | |
$ | 3.03 | |
Options vested and expected to vest at January 31, 2016 | |
| 1,257,911 | | |
$ | 3.66 | |
Weighted average remaining contractual life of options outstanding
as of January 31, 2016: 5.04 years
Weighted average remaining contractual life of options exercisable
as of January 31, 2016: 3.45 years
Weighted average remaining contractual life of options vested
and expected to vest as of January 31, 2016: 5.03 years
Aggregate intrinsic value of options outstanding at January
31, 2016: $1.2 million
Aggregate intrinsic value of options exercisable at January
31, 2016: $1.2 million
Aggregate intrinsic value of options vested and expected to
vest at January 31, 2016: $1.2 million
As of January 31, 2016, $654,000 of expense
with respect to nonvested share-based arrangements has yet to be recognized but is expected to be recognized over a weighted
average period of 5.65 years.
Non-employee directors receive $30,000 annually,
which amount is paid one-half in cash and one-half through the grant of non-qualified stock options to purchase shares of the Company’s
common stock. During the quarter ended January 31, 2016, the Company granted each of its three non-employee directors 51,192 options.
The number of stock options granted to each director was determined by dividing $15,000 by the fair value of a stock option grant
using the Black-Scholes model ($0.87 per share). These options vest ratably over fiscal year 2016.
Stock option expense
During the three months ended January 31,
2016 and 2015, stock-based compensation expense totaled $52,000 and $50,000, respectively. For the three months ended January 31,
2016 and 2015, stock-based compensation classified in cost of sales amounted to $10,000 and $15,000, respectively, and stock-based
compensation classified in selling and general expense amounted to $42,000 and $35,000, respectively.
Note 9 - Concentrations of credit risk
Financial instruments which potentially
subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The
Company maintains its cash and cash equivalents with high-credit quality financial institutions. At January 31, 2016, the Company
had cash and cash equivalent balances in excess of federally insured limits in the amount of approximately $4.9 million.
Two customers accounted for approximately 14% and 13% of the
Company’s net sales for the three-month period ended January 31, 2016. One customer accounted for approximately 17% of the
Company’s net sales for the three-month period ended January 31, 2015. At January 31, 2016, these customers’ accounts
receivable balance accounted for approximately 17% and 15% of the Company’s total net accounts receivable balances. At October
31, 2015, these customers’ accounts receivable balances accounted for approximately 19%. Although these customers have been on-going major customers of the Company, the written agreements with these customers do not have any minimum purchase obligations
and they could stop buying the Company’s products at any time and for any reason. A reduction, delay or cancellation
of orders from these customers or the loss of these customers could significantly reduce the Company’s future revenues and profits.
Note 10 - Segment information
The Company aggregates operating
divisions into operating segments which have similar economic characteristics primarily in the following areas: (1) the
nature of the product and services; (2) the nature of the production process; (3) the type or class of customer for their
products and services; (4) the methods used to distribute their products or services; (5) if applicable, the nature of the
regulatory environment. As of January 31, 2016, the Company had three segments based upon this evaluation - RF Connector and
Cable Assembly, Custom Cabling Manufacturing and Assembly and Medical Cabling and Interconnector. As discussed in Note 17
below, the Company has decided to close the Medical Cabling and Interconnect segment.
During the fiscal quarter ended
January 31, 2016, the RF Connector and Cable Assembly segment consisted of two divisions, the Custom Cabling Manufacturing and
Assembly segment was composed of three divisions and the Medical Cabling and Interconnector segment consisted of
one division. The five divisions that meet the quantitative thresholds for segment reporting are Connector and
Cable Assembly, Cables Unlimited, Comnet, Bioconnect and Rel-Tech. The other division aggregated into the RF Connector
and Cable Assembly segment and into the Custom Cabling Manufacturing and Assembly segment has similar products that are
marketed to their respective customer base and production and product development processes that are similar in nature.
The specific customers are different for each division; however, there is some overlapping of product sales to them. The
methods used to distribute products are similar within each division aggregated.
Management identifies
the Company’s segments based on strategic business units that are, in turn, based along market lines. These
strategic business units offer products and services to different markets in accordance with their customer base and product
usage. For segment reporting purposes, the Company aggregated the Connector and Cable Assembly and Aviel (until the time of
sale) divisions into the RF Connector and Cable Assembly segment, and the Cables Unlimited, Comnet and Rel-Tech division
constituted the Custom Cabling Manufacturing and segment. The Bioconnect division comprised the Medical Cabling
and Interconnector segment.
As reviewed by the Company’s chief
operating decision maker, the Company evaluates the performance of each segment based on income or loss before income taxes. The
Company charges depreciation and amortization directly to each division within the segment. Accounts receivable, inventory, property
and equipment, goodwill and intangible assets are the only assets identified by segment. Except as discussed above, the accounting
policies for segment reporting are the same for the Company as a whole.
Substantially all of the Company’s
operations are conducted in the United States; however, the Company derives a portion of its revenue from export sales. The Company
attributes sales to geographic areas based on the location of the customers. The following table presents the sales of the Company
by geographic area for the three months ended January 31, 2016 and 2015 (in thousands):
| |
Three Months Ended January 31, | |
| |
2016 | | |
2015 | |
| |
| | |
| |
United States | |
$ | 6,692 | | |
$ | 6,596 | |
Foreign Countries: | |
| | | |
| | |
Canada | |
| 71 | | |
| 114 | |
Israel | |
| 62 | | |
| 52 | |
Mexico | |
| 97 | | |
| 94 | |
All Other | |
| 62 | | |
| 38 | |
| |
| 292 | | |
| 298 | |
| |
| | | |
| | |
Totals | |
$ | 6,984 | | |
$ | 6,894 | |
Net sales, income (loss) from continuing
operations before benefit for income taxes and other related segment information for the three months ended January 31, 2016
and 2015 are as follows (in thousands):
| |
RF Connector | | |
Custom Cabling | | |
Medical | | |
| | |
| |
| |
and | | |
Manufacturing and | | |
Cabling and | | |
| | |
| |
2016 | |
Cable Assembly | | |
Assembly | | |
Interconnector | | |
Corporate | | |
Total | |
Net sales | |
$ | 1,956 | | |
$ | 4,828 | | |
$ | 200 | | |
$ | - | | |
$ | 6,984 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Loss from continuing operations before benefit for income taxes | |
| (415 | ) | |
| (118 | ) | |
| (78 | ) | |
| - | | |
| (611 | ) |
Depreciation and amortization | |
| 46 | | |
| 220 | | |
| 6 | | |
| - | | |
| 272 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
2015 | |
| | | |
| | | |
| | | |
| | | |
| | |
Net sales | |
$ | 2,701 | | |
$ | 3,617 | | |
$ | 576 | | |
$ | - | | |
$ | 6,894 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Income (loss) from continuing operations before benefit for income taxes | |
| 65 | | |
| (164 | ) | |
| 125 | | |
| 5 | | |
| 31 | |
Depreciation and amortization | |
| 41 | | |
| 144 | | |
| 5 | | |
| - | | |
| 190 | |
Note 11 - Income tax benefit
The Company uses an estimated annual effective
tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various
jurisdictions in which the Company operates, to determine its quarterly provision (benefit) for income taxes. Certain significant
or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective
tax rates from quarter to quarter.
The benefit for income taxes was 42%
and 68% of income (loss) before income taxes for the three months ended January 31, 2016 and 2015, respectively.
The decrease in the effective income tax rate from period to period was primarily driven by an increased ratio of book income
(loss) to discrete benefits from R&D credits related to the change in tax law in both periods.
The Company recorded income from discontinued
operations, net of tax, as disclosed in Note 3.
The total amount of unrecognized
tax benefits was $0 as of January 31, 2016 and October 31, 2015. The total balance of accrued interest and penalties related
to uncertain tax positions was $0 as of January 31, 2016 and October 31, 2015. The Company recognizes interest
and penalties related to uncertain tax positions, if any, as a component of income tax expense and the accrued interest and
penalties, if any, are included in deferred and other long-term liabilities in the Company's condensed consolidated
balance sheets. There were no material interest or penalties included in income tax expense for the three months ended
January 31, 2016.
Note 12 - Intangible assets
Intangible assets consist of the following
(in thousands):
| |
January 31, 2016 | | |
October 31, 2015 | |
Amortizable intangible assets: | |
| | |
| |
Non-compete agreements (estimated lives 3 - 5 years) | |
$ | 310 | | |
$ | 310 | |
Accumulated amortization | |
| (231 | ) | |
| (212 | ) |
| |
| 79 | | |
| 98 | |
| |
| | | |
| | |
Customer relationships (estimated lives 7 - 15 years) | |
| 5,099 | | |
| 5,099 | |
Accumulated amortization | |
| (1,237 | ) | |
| (1,101 | ) |
| |
| 3,862 | | |
| 3,998 | |
| |
| | | |
| | |
Backlog (estimated life 1 year) | |
| 134 | | |
| 134 | |
Accumulated amortization | |
| (114 | ) | |
| (100 | ) |
| |
| 20 | | |
| 34 | |
| |
| | | |
| | |
Patents (estimated life 14 years) | |
| 142 | | |
| 142 | |
Accumulated amortization | |
| (7 | ) | |
| (4 | ) |
| |
| 135 | | |
| 138 | |
| |
| | | |
| | |
Totals | |
$ | 4,096 | | |
$ | 4,268 | |
| |
| | | |
| | |
Non-amortizable intangible assets: | |
| | | |
| | |
Trademarks | |
$ | 1,387 | | |
$ | 1,387 | |
Note 13 -
Accrued expenses
Accrued expenses consist
of the following (in thousands):
| |
January 31, 2016 | | |
October 31, 2015 | |
| |
| | |
| |
Wages payable | |
$ | 762 | | |
$ | 978 | |
Accrued receipts | |
| 502 | | |
| 438 | |
Earn-out liability | |
| 675 | | |
| 1,150 | |
Other current liabilities | |
| 330 | | |
| 302 | |
| |
| | | |
| | |
Totals | |
$ | 2,269 | | |
$ | 2,868 | |
Accrued receipts represent purchased inventory
for which invoices have not been received.
Non-current portion
of earn-out liability of $377,000 is recorded in other long-term liabilities.
Note 14 - Line of credit
In March 2014, the Company entered into
an agreement for a line of credit (“LOC”) in the amount of $5.0 million. Amounts outstanding under the LOC shall bear
interest at a rate of 3.0% plus LIBOR (“base interest rate”), with interest payable on the last day of each month.
All principal outstanding under the LOC which is not bearing interest at a base interest rate shall bear interest at Union Bank’s
Reference Rate, as defined, which rate shall vary. Borrowings under the LOC are secured by a security interest in certain assets
of the Company. The LOC contains certain loan covenants as described in the agreement. Failure to maintain the loan covenants shall
constitute an event of default resulting in all outstanding amounts of principal and interest becoming immediately due and payable.
All outstanding principal and interest is due and payable on June 30, 2016. As of January 31, 2016, no amounts were outstanding
under the LOC.
Note 15 - Commitments
In April 2014, the Company amended its lease
for its facility in San Diego, California, extending the term of the lease and reducing its square footage. The amended lease expires
in March 2017 and requires minimum annual rental payments (starting at approximately $19,000 per month) that are subject to fixed
annual increases. The minimum annual rentals under this lease are being charged to expense on a straight-line basis over the lease
term. The San Diego lease also requires the payment of the Company’s pro rata share of real estate taxes and insurance, maintenance
and other operating expenses related to the facilities. As of January 31, 2016, the aggregate remaining minimum lease payments
under this lease totaled $280,000.
The Cables Unlimited division leases an
approximately 12,000 square foot facility located in Yaphank, New York. The lease for this space expires June 30, 2016. However,
Cables Unlimited has a one-time option to extend the term of the lease for an additional five-year term. Cables Unlimited’s
monthly rent expense under the lease is $13,000 per month, plus payments of all utilities, janitorial expenses, routine maintenance
costs and costs of insurance for Cables Unlimited’s business operations and equipment. The landlord is a company controlled
by Darren Clark, the former owner of Cables Unlimited and a current director of the Company.
In March 2015, the Company amended its lease
for its approximately 4,500 square foot facility located in Las Vegas, Nevada to extend the term of the lease to April 2016. The
Las Vegas facility is used by the Company’s Aviel Electronics division. Aviel’s monthly rent expense under the lease
is $4,270 per month. As a result of the sale of Aviel as of December 22, 2015, the Company has no further commitment.
The newly acquired Comnet Telecom division
leases approximately 15,000 square feet in two suites located in East Brunswick, New Jersey. Comnet’s monthly rent expense
under the leases is approximately $11,655 per month for these facilities which expires in September 2017.
The newly acquired Rel-Tech Electronic division
leases approximately 13,750 square feet located in Milford, Connecticut. Rel-Tech’s net monthly rent expense under
the lease is approximately $8,307 per month for these facilities which expires in August 2017.
Note 16 - Cash dividend and declared
dividends
The Company paid dividends
of $0.07 per share during the three months ended January 31, 2016 for a total of $610,000. The Company paid dividends of $0.07
per share during the three months ended January 31, 2015 for a total of $578,000.
Note 17 - Subsequent events
On March 3, 2016, the Board
of Directors of the Company declared a quarterly cash dividend of $0.02 per share to be paid on April 15, 2016 to stockholders
of record on March 31, 2016.
On March 3, 2016, the Board of
Directors also approved the closure of the Company’s Bioconnect division which comprised the entire operations of the
Company’s Medical Cabling and Interconnect segment. The closure is part of the Company’s on-going plan
to close or dispose of underperforming divisions that are not part of the Company’s core operations.
Item 2: Management’s Discussion and Analysis
of Financial Condition and Results of Operations
This report contains forward-looking
statements. These statements relate to future events or the Company’s future financial performance. In some cases, you can
identify forward-looking statements by terminology such as “may,” “will,” “should,” “except,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential”
or “continue,” the negative of such terms or other comparable terminology. These statements are only predictions. Actual
events or results may differ materially.
Although the Company believes that the
expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of
activity, performance or achievements. Moreover, neither the Company, nor any other person, assumes responsibility for the accuracy
and completeness of the forward-looking statements. The Company is under no obligation to update any of the forward-looking statements
after the filing of this Quarterly Report on Form 10-Q to conform such statements to actual results or to changes in its expectations.
The following discussion should be read
in conjunction with the Company’s unaudited condensed consolidated financial statements and the related notes and other financial
information appearing elsewhere in this Form 10-Q. Readers are also urged to carefully review and consider the various disclosures
made by the Company which attempt to advise interested parties of the factors which affect the Company’s business, including
without limitation the disclosures made under the caption “Management’s Discussion and Analysis of Financial Condition
and Results of Operations,” under the caption “Risk Factors,” and the audited consolidated financial statements
and related notes included in the Company’s Annual Report filed on Form 10-K for the year ended October 31, 2015 and other
reports and filings made with the Securities and Exchange Commission.
Critical Accounting Policies
The unaudited condensed consolidated
financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United
States of America (“GAAP”). The preparation of these consolidated financial statements requires us to
make significant estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses and
related disclosure of contingent assets and liabilities. We evaluate our estimates, including those related to bad debts,
inventory reserves and contingencies on an ongoing basis. We base our estimates on historical experience and on various
other assumptions that are believed to be appropriate under the circumstances, the results of which form the basis for
making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates under different assumptions or conditions.
Inventories
Inventories are stated at the lower of
cost or market, with cost determined using the weighted average cost method of accounting. Certain items in inventory may be considered obsolete or excess and, as such, we periodically review our
inventories for excess and slow moving items and make provisions as necessary to properly reflect inventory value. Because
inventories have, during the past few years, represented up to one-third of our total assets, any reduction in the value of
our inventories would require us to take write-offs that would affect our net worth and future earnings. In June 2015,
the Company acquired Rel-Tech Electronics, Inc. (“Rel-Tech”), a company that currently values inventories using
specific identification (last purchase price) on a FIFO basis. The Company intends to convert the inventory valuation
principles used by Rel-Tech to the weighted average cost method sometime during fiscal 2016.
Allowance for Doubtful Accounts
The Company records its allowance for doubtful
accounts based upon its assessment of various factors. The Company considers historical experience, the age of the accounts receivable
balance, credit quality of the Company’s customers, current economic conditions and other factors that may affect customer’s
ability to pay.
Long-Lived Assets Including Goodwill
The Company assesses property, plant and
equipment and intangible assets, which are considered definite-lived assets for impairment. Definite-lived assets are reviewed
when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
We measure recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows the assets are
expected to generate. If property and equipment and intangible assets are considered to be impaired, the impairment to be recognized
equals the amount by which the carrying value of the asset exceeds its fair market value. We have made no material adjustments
to our long-lived assets in any of the years presented.
The Company amortizes its intangible assets
with definite useful lives over their estimated useful lives and reviews these assets for impairment.
In addition, we test our goodwill and trademarks
and indefinite-lived assets, for impairment at least annually or more frequently if events or changes in circumstances indicate
these assets may be impaired. No goodwill or trademark impairments have been identified in any of the years presented.
Earn-out Liability
The purchase agreement for the Comnet
and Rel-Tech acquisitions provides for earn-out payments. The earn-out liability is valued at its fair value using
the Monte Carlo simulation model and is included as a component of the total purchase price. The earn-outs will be
revalued quarterly and any resulting increase or decrease will be recorded into selling, general and administrative expenses.
Any changes in the assumed timing and amount of the probability of payment scenarios could impact the fair value. Significant
judgment is employed in determining the appropriateness of the assumptions used in calculating the fair value of the earn-out
as of the acquisition date. Accordingly, changes in the assumptions can materially impact the amount of contingent
consideration expense we record in future periods. The Comnet and Rel-Tech acquisitions are more fully described in Note
2 of this report.
Income Taxes
The Company records a tax provision for the
anticipated tax consequences of the reported results of operations. Income taxes are accounted for under the asset and liability
method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences
between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards.
Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for
the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance to reduce
deferred tax assets to the amount that is believed more likely than not to be realized.
The calculation of the tax provision involves
significant judgment in estimating the impact of uncertainties in the application of GAAP and complex tax laws. Resolution of these
uncertainties in a manner inconsistent with management’s expectations could have a material impact on the Company’s
financial condition and operating results.
Stock-based Compensation
The Company uses the Black-Scholes model
to value the stock option grants. This valuation is affected by the Company’s stock price as well as assumptions regarding
a number of inputs which involve significant judgments and estimates. These inputs include the expected term of employee stock
options, the expected volatility of the stock price, the risk-free interest rate and expected dividends.
Overview
The Company primarily engages in the design,
manufacture, and marketing of interconnect products and systems, including coaxial and specialty cables, fiber optic cables and
connectors, and electrical and electronic specialty cables. The Company’s connectivity solutions are used across diversified,
high growth markets including wireless carriers and infrastructure and industrial companies. The Company’s operations are
currently conducted through various divisions and three wholly-owned subsidiaries.
During its recently completed fiscal year
ended October 31, 2015, RF Industries acquired two companies and a new line of cabling products, as follows:
Comnet Telecom Supply, Inc.
(“Comnet”). The Company formally purchased all of the issued and outstanding shares of Comnet from
Robert Portera, its sole shareholder, on January 20, 2015. However, the purchase was effective for accounting purposes as of
November 1, 2014. Comnet is a New Jersey based manufacturer and supplier of telecommunications and data products, including
fiber optic cables, cabling technologies, custom patch cord assemblies, data center consoles, and other data center
equipment.
CompPro Product Line. On May
19, 2015, the Company purchased the CompPro braided product line for a total purchase price of $700,000 cash. Included in the
purchase is inventory, designs, intellectual property rights and the rights to manufacture and sell CompPro products.
Rel-Tech Electronics, Inc. (“Rel-Tech”). On
June 5, 2015, the Company purchased 100% of the issued and outstanding shares of Rel-Tech. Rel-Tech is a Milford, Connecticut-based
manufacturer and supplier of custom cable assemblies and wiring harnesses.
On December 22, 2015, the Company
sold the assets of its Aviel Electronics division at a gain of approximately $35,000. The terms of the sale included $150,000
cash due upon closing and a $250,000 secured promissory note with principal and interest (at 5%) payable over a three-year
period. Aviel Electronics sales and loss from continuing operations before provision for income taxes of $86,000 and $40,000,
respectively, through the date of sale on December 22, 2015 were included in the Company’s RF Connector and Cable
Assembly segment for the three months ended January 31, 2016.
.
Liquidity and Capital Resources
Management believes that existing current
assets and the amount of cash it anticipates it will generate from current operations will be sufficient to fund the anticipated
liquidity and capital resource needs of the Company for at least twelve months. Additionally, the Company has access to a line
of credit in the amount of $5.0 million, of which the full amount is available as of January 31, 2016, should the Company need
to obtain additional capital. Management believes that its existing assets and the cash expected to be generated from operations
will be sufficient during the current fiscal year based on the following:
| · | As of January 31, 2016, the Company had cash and cash equivalents equal to $5.8 million. |
| · | As of January 31, 2016, the Company had $18.4 million in current assets and $3.9 million in current liabilities. |
As of January 31, 2016, the Company had
a total of $5.8 million of cash and cash equivalents compared to a total of $7.6 million of cash and cash equivalents as of October
31, 2015. As of January 31, 2016, the Company had working capital of $14.5 million and a current ratio of approximately 4.7:1.
The Company used $1.5 million
cash from operating activities for the three months ended January 31, 2016. The decrease in cash from operating activities
was due in part to a net loss of $353,000, purchase of inventories and other current assets, and payment of certain accrued
expense. The increase in other current and long-term assets results from the $250,000 note that the Company received in the
sale of the Aviel division while the decrease in accrued expenses was primarily for the $581,000 payment of an earn-out and
incentive bonus to the President of the Comnet division. These decreases were partially offset by non cash charges such as
$272,000 for depreciation and amortization related to the acquisitions of Comnet, Rel-Tech and CompPro, $52,000 of
stock-based compensation expense, $40,000 from the write-off of software related to the implementation of a new ERP system
and $20,000 from an increase in the Company’s accounts receivable reserve.
During the three-month period ended
January 31, 2016, the Company generated $274,000 from investing activities, primarily related to the sale of Aviel’s
inventories and fixed assets, which amount was partially offset by $70,000 of capital expenditures.
The Company does not anticipate
needing material additional capital equipment in the next twelve months. In the past, the Company has financed some of its
equipment and furnishings requirements through capital leases. No additional capital equipment purchases have been currently
identified that would require significant additional leasing or capital expenditures during the next twelve months.
Management also believes that based on the Company’s current financial condition and recent operating results, as well
as access to its line of credit that expires in June 2016, the Company would be able to finance its expansion, if necessary.
As part of its announced business plan,
the Company may from time to time acquire other companies or product lines in the future in order to diversify its product and
customer base. Any future acquisitions may require the Company to make cash payments, which payments may reduce the Company’s
future liquidity and capital resources.
In April 2014, the Company
announced that it may repurchase up to 500,000 shares of the Company’s common stock in open market transactions. The
share repurchase program may be suspended or terminated at any time. No shares were repurchased during the fiscal quarter
ended January 31, 2016. In addition, during the three-month period covered by this Quarterly Report, the Company also paid
$610,000 of dividends to its stockholders. In order to improve the Company’s ability to acquire other companies or
product lines in the future, and to maintain a sufficient level of liquidity, for the fiscal quarter ending April 30, 2016,
the Company reduced its quarterly dividend from $0.07 per share to $0.02 per share.
Results of Operations
Three Months Ended January 31, 2016 vs. Three Months Ended
January 31, 2015
Net sales of $7.0 million increased by
1% or $90,000 for the three months ended January 31, 2016 (the “fiscal 2016 quarter”) when compared to the three
months ended January 31, 2015 (the “fiscal 2015 quarter”). Fiscal 2016 quarter results includes net sales
generated from the Company’s newly acquired Rel-Tech Electronics division which contributed $1.5 million of net sales
during the quarter. The Company did not own Rel-Tech in the fiscal 2015 quarter. Excluding the net sales that were generated
by newly acquired Rel-Tech, the aggregate net sales of the Company’s other divisions decreased by $1.5 million during
the fiscal 2016 quarter compared to the fiscal quarter 2015. The Company’s “Custom Cabling Manufacturing and
Assembly” segment (which consisted of Cables Unlimited, Comnet and Rel-Tech during the fiscal 2016 quarter) generated
$4.8 million of net sales for fiscal 2016 quarter to become the Company’s largest operating segment. While net sales in
the Custom Cabling Manufacturing and Assembly segment increased due to the acquisition of Rel-Tech, net sales net sales at
Comnet were flat for fiscal 2016 quarter when compared to fiscal 2015 quarter while net sales at Cables Unlimited decreased
to $1.1 million for the same period. The decrease in net sales at Cables Unlimited was due to a continuing decline in the
sale of Cables Unlimited’s Optiflex line of special purpose cables and a decline in orders for other fiber optic
products. For the fiscal 2016 quarter year, the RF Connector and Cable Assembly segment had net sales of $2.0 million, a
decline of $0.7 million or 26% from net sales of $2.7 million for the fiscal 2015 quarter. The Company believes that the
decrease in net sales at the RF Connector and Cable Assembly segment is attributable to a continuing industry-wide softening
of demand for RF cable and connector products. In addition, during the fiscal 2016 quarter, the Company sold the assets of
the Aviel division which also contributed to the decline in sales in the RF Connector and Cable Assembly segment. The Medical
Cabling and Interconnect segment generated net sales of $0.2 million in the fiscal 2016 quarter, a decrease of $0.4 or 65%
over the prior year’s comparable period. The decrease in medical cabling revenue was primarily due to decreased
purchases by Bioconnect’s principal customers. Because of Bioconnect’s decreasing operations, in March 2016 the
Company decided to close that division and to wind down its operations.
The Company’s gross profit as a
percentage of sales in the fiscal 2016 quarter decreased by 6% to 30% compared to 36% in the fiscal 2015 quarter. The
decrease in gross margins is primarily due to the decline in 1) higher margin connector sales at the Company’s RF
Connector and Cable Assembly division, higher margin Optiflex sales at Cables Unlimited, and higher margin sales
at Bioconnect, and 2) certain fixed manufacturing costs at the Company’s RF Connector and Cable Assembly segment spread
over a lower revenue base. Historically, the RF Connector and Cable Assembly segment operated with gross margins above 45%.
However, Comnet and Rel-Tech’s gross margins historically have been lower than those of the RF Connector and Cable
Assembly segment and the Company in general. Since sales at the RF Connector and Cable Assembly segment have been decreasing
and the Custom Cabling Manufacturing and Assembly segment now generates a majority of the Company’s net sales, the
Company’s aggregate gross margins have decreased and are expected to remain below historical rates in the future.
Engineering expenses decreased $19,000 or
8% for the fiscal 2016 quarter to $198,000 compared to $217,000 for the fiscal 2015 quarter due to decreased salary expense related
to engineering activities. Engineering expenses represent costs incurred relating to the ongoing development of new products.
Selling and general expenses increased
by $232,000, or 10%, during the fiscal 2016 quarter to $2.5 million from $2.3 million in the prior year. The increase in
selling and general expenses was primarily due to additional expenses of approximately $174,000 incurred by the
Company’s newly acquired Rel-Tech subsidiary which subsidiary was not owned, and which expenses therefore were not
incurred during the fiscal 2015 quarter. Excluding the addition of the selling and general expenses attributable to Rel-Tech,
the selling and general expenses of the Company for the fiscal 2016 quarter compared to the fiscal 2015 quarter increased
$71,000 or 3%, due to an increase in sales and marketing efforts.
The benefit for income taxes was 42% and
68% of loss before income taxes for the three months ended January 31, 2016 and January 31, 2015, respectively. The decrease in
the effective income tax rate from period to period was primarily driven by an increased ratio of book income (loss) to discrete
benefits from R&D credits related to the change in tax law in both periods.
Income from discontinued operations, net
of tax, during the fiscal 2016 quarter was $2,000 compared to $13,000 in the fiscal 2015 quarter. During the fiscal year ended
October 31, 2013, the Company sold its RadioMobile and RF Neulink divisions and, accordingly, the results of these divisions are
included in discontinued operations for all periods presented.
For the fiscal 2016 quarter, the Company incurred an operating loss of $611,000 and a net loss of $353,000,
compared to income from operations of $26,000 and net income of $52,000 in the fiscal 2015 quarter. The losses in the fiscal 2016
quarter are attributable to a reduction in the Company’s gross margins and an increase in selling and general expenses. In
part to address these losses, the Company has recently disposed of, or terminated two underperforming divisions. In December 2015
the Company sold its Aviel division, and in March 2016, the Company decided to discontinue its Bioconnet medical cabling division.
In addition, the Company intends to focus its marketing efforts on the rapidly developing Distributed Antenna Systems (DAS) market
in order to increase its net sales of its core products and to increase its margins.
Item 3. Quantitative and Qualitative Disclosures about Market
Risk
Nothing to report.
Item 4. Controls and Procedures
The Company maintains disclosure controls
and procedures (as defined in Exchange Act Rule 13a-15(e)) that are designed to assure that information required to be disclosed
in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities
and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to management, including
the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.
In designing and evaluating
the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and
operated, can provide reasonable assurance only of achieving the desired control objectives, and management necessarily is required
to apply its judgment in weighting the costs and benefits of possible new or different controls and procedures. Limitations are
inherent in all control systems, so no evaluation of controls can provide absolute assurance that all control issues and any fraud
have been detected.
As required by Exchange
Act Rule 13a-15(b), as of the end of the period covered by this report, management, under the supervision and with the participation
of our then Chief Executive Officer and our Chief Financial Officer, conducted an evaluation of the effectiveness of our internal
control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued by
the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that the Company’s
disclosure controls and procedures were effective as of that date.
There has been no change
in the Company’s internal control over financial reporting during the quarter ended January 31, 2016 that has materially
affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
Part II. OTHER
INFORMATION
Item 1. Legal Proceedings
Nothing to report.
Item 1A. Risk Factors
The discussion of our
business and operations should be read together with the risk factors contained in Item 1A of our Annual Report on Form 10-K
for the fiscal year ended October 31, 2015 filed with the SEC, which describe various risks and uncertainties to which we
are or may become subject. These risks and uncertainties have the potential to affect our business, financial condition, results
of operations, cash flows, strategies or prospects in a material and adverse manner. There have been no material changes from the
risk factors previously disclosed in the above-mentioned periodic report.
Item 2. Unregistered Sales of Equity
Securities and Use of Proceeds
Nothing to report.
Item 3. Defaults upon Senior Securities
Nothing to report.
Item 4. Mine Safety Disclosures
Nothing to report.
Item 5. Other Information
Noting to report.
Item 6. Exhibits
Exhibit |
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Number |
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31.1: |
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Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
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31.2: |
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Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
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32.1: |
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Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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32.2: |
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Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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99.1: |
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Press Release dated March 21, 2016 announcing the financial results for the fiscal quarter ended January 31, 2016. |
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101.INS: |
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XBRL Instance Document. |
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101.SCH: |
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XBRL Taxonomy Schema. |
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101.CAL: |
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XBRL Taxonomy Extension Calculation Linkbase. |
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101.DEF: |
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XBRL Taxonomy Extension Definition Linkbase. |
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101.LAB: |
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XBRL Taxonomy Extension Label Linkbase. |
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101.PRE: |
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XBRL Taxonomy Extension Presentation Linkbase. |
SIGNATURES
In accordance with the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
|
|
|
|
RF INDUSTRIES, LTD. |
|
|
|
Date: March 21, 2016 |
By: |
/s/ Johnny Walker |
|
|
Johnny Walker |
|
|
Chief Executive Officer |
Date: March 21, 2016 |
By: |
/s/ Mark Turfler |
|
|
Mark Turfler |
|
|
Chief Financial Officer |
Exhibit 31.1
CERTIFICATIONS PURSUANT TO
SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, Johnny Walker, certify that:
1. I have reviewed this report on Form 10-Q
for the quarter ended January 31, 2016 of RF Industries, Ltd.;
2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. I am responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period for which this report is being prepared;
(b) Designed such internal control over
financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change
in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal
quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and
5. I have disclosed, based on my most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and to the audit committee of the registrant’s
board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrant’s ability to record, process, summarize and report information; and
(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant’s internal control over financial
reporting.
Date: March 21, 2016 |
/s/ Johnny Walker |
|
Johnny Walker |
|
Chief Executive Officer |
Exhibit 31.2
CERTIFICATIONS PURSUANT TO
SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, Mark Turfler, certify that:
1. I have reviewed this report on Form 10-Q
for the quarter ended January 31, 2016 of RF Industries, Ltd.;
2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. I am responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period for which this report is being prepared;
(b) Designed such internal control over
financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change
in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal
quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and
5. I have disclosed, based on my most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and to the audit committee of the registrant’s
board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrant’s ability to record, process, summarize and report information; and
(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant’s internal control over financial
reporting.
Date: March 21, 2016 |
/s/ Mark Turfler |
|
Mark Turfler |
|
Chief Financial Officer |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. § 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002
In connection with the Quarterly Report
of RF Industries, Ltd. (the “Company”) on Form 10-Q for the quarter ended January 31, 2016, as filed with the Securities
and Exchange Commission (the “Report”), I, Johnny Walker, Chief Executive Officer of the Company, certify, pursuant
to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
|
(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: March 21, 2016 |
/s/ Johnny Walker |
|
Johnny Walker |
|
Chief Executive Officer |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. § 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002
In connection with the Quarterly Report
of RF Industries, Ltd. (the “Company”) on Form 10-Q for the quarter ended January 31, 2016, as filed with the Securities
and Exchange Commission (the “Report”), I, Mark Turfler, Chief Financial Officer of the Company, certify, pursuant
to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
|
(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: March 21, 2016 |
/s/ Mark Turfler |
|
Mark Turfler |
|
Chief Financial Officer |
Exhibit 99.1
|
|
FOR
IMMEDIATE RELEASE |
|
Company
Contact:
Johnny
Walker
President/CEO
(858)
549-6340
rfi@rfindustries.com |
|
Investor
Contact:
Robert
Jacobs
Jacobs
Consulting
(310)
927 3108
robert.jacobs@jacobscon.com |
|
RF Industries
Reports First Quarter Results
Declares
Quarterly Cash Dividend of $0.02 per Common Share
San
Diego, California, March 21, 2016 -- RF Industries, Ltd. (NASDAQ: RFIL) today announced results for the fiscal first
quarter ended January 31, 2016.
First
Quarter Results
Sales
for the fiscal first quarter 2016 increased 1%, or $100,000, to $7.0 million compared to sales of $6.9 million for the same quarter
last year. However, the Company incurred a net loss for the fiscal first quarter 2016 of $353,000, or $0.04 per diluted share,
compared to net income of $65,000, or $0.01 per diluted share, in the same quarter last year. The net loss was primarily the result
of the operating loss incurred by the Company’s Connectors and Cable Assembly, Cables Unlimited and Bioconnect divisions
and to a lesser extent, to a decrease in gross margins across all divisions. First quarter 2016 results include sales from the
Company’s new Rel-Tech Electronics subsidiary, which contributed sales of $1.5 million during the first quarter of fiscal
2016. The Company did not own Rel-Tech in the first fiscal quarter 2015.
Gross
profit for the first quarter 2016 was $2.1 million, or 30% of sales, compared to gross profit of $2.5 million, or 36% of sales
in the first quarter last year. The decline in gross profit is the result of lower sales and lower gross margins from both the
RF Connector and Cable Assembly and the Medical Cabling and Interconnector segments compared to the first quarter last fiscal
year. Gross margin was also affected by the typically higher volume, lower margin sales prevalent in the Custom Cabling Manufacturing
and Assembly Segment.
Selling
and general expenses increased by $232,000 the first quarter 2016 compared to the same quarter last year. The increase in selling
and general expenses is primarily attributable to the additional expenses incurred at Rel-Tech, a division that the Company did
not own in the comparable quarter in 2015. Excluding Rel-Tech, selling and general expenses increased approximately $84,000 in
the first quarter, compared to the same quarter last year, primarily due to an increase in sales and marketing efforts.
CEO
Comments
Johnny
Walker, President and CEO said, "First quarter sales, which is typically our seasonally weakest quarter, in combination with
the continuing weakness in the wireless infrastructure market, negatively impacted sales and margins at the Connector and Cable
Assembly and the Cables Unlimited divisions. We sold our Aviel Division, which had not materially contributed to our net sales
or net income, on December 22, 2015 for a gain of approximately $35,000. We believe that the disposition of the non-core divisions
will allow us to focus on developing additional markets for our primary line of products. We also believe that there are significant
growth opportunities in the Distributed Antenna Systems (DAS) market, specifically in the Public Safety sector."
(more)
7610
Miramar Road, San Diego, CA 92126-4202 $ (858) 549-6340 $ (800) 233-1728 $ FAX (858) 549-6345
E-mail:
rfi@rfindustries.com $ Internet: www.rfindustries.com
RF Industries Reports First Quarter
Results
March 21, 2016
Page Two
DAS is an in-building
solution providing internal wireless cellular, public safety, or any other RF signals throughout a structure. The public safety
requirement is being driven by the International Fire Code which requires first responder in-building coverage standards and new
building codes adopted by jurisdictions throughout the country. These in-building antenna systems utilize a large quantity of
products currently marketed by RF Industries and are being installed in office buildings, hotels, hospitals, sports centers and
gaming centers throughout the United States. The Company is a sponsoring member of the Safer Building Coalition (SaferBuildings.org),
an organization closely involved in reviewing standards and procedures for public safety DAS market applications.
Mr. Walker
further stated: "DAS installations include custom fiber solutions, coaxial cabling assemblies, plenum cables and a number
of additional passive products that are currently being designed and manufactured by our existing divisions. These DAS product
offerings will provide additional revenue opportunities for our other divisions."
"To fund
future acquisitions and to improve our ability to properly address all markets, our Board of Directors has decided to reduce the
quarterly cash dividend in favor of allocating our cash resources to the expansion of our sales staff, supporting our current
businesses and to increase our penetration of the rapidly growing Public Safety DAS market."
Financial
Data; Dividends
At January
31, 2016, the Company reported working capital of $14.5 million, including cash and cash equivalents of $5.8 million, a current
ratio of approximately 4.7-to-1, no long-term debt and stockholders' equity of $25.5 million. During the first quarter, the Company
paid out cash dividends of $0.07 per share, or $610,000, to common stock shareholders.
At its March
3, 2016 meeting, the Company’s Board of Directors declared a quarterly cash dividend of $0.02 per common share, payable
April 15, 2016 to shareholders of record on March 31, 2016. All cash dividends are made at the discretion of our board of directors,
subject to applicable laws, and depend on a number of factors, including our financial condition, results of operations, capital
requirements, plans for future acquisitions, contractual restrictions, general business conditions and other factors that our
board of directors may deem relevant.
On March
3, 2016 the Board of Directors also approved the closure of the Company’s Bioconnect division which comprised the
entire operations of the Company’s Medical Cabling and Interconnector segment. The closure is part of the
Company’s on-going plan to close or dispose of underperforming divisions that are not part of the Company’s core
operations.
About RF
Industries
RF Industries
is a leading designer and manufacturer of innovative interconnect products and complex cable assemblies across diversified, high
growth markets including wireless carriers & infrastructure, and industrial. The Company's products include RF connectors,
coaxial and custom cable assemblies, fiber optic cables, and wiring harnesses. The Company's connectivity
products are used throughout the growing and evolving wireless infrastructure. Through its newly acquired Rel-Tech Electronics,
Inc. and Comnet Telecom Supply, Inc. subsidiaries, the Company also manufactures and sells other cabling technologies
and data center equipment solutions. The Company is headquartered in San Diego, California with operations in Yaphank, New York,
and East Brunswick, New Jersey and Milford, Connecticut. Please visit the RF Industries website at www.rfindustries.com.
Forward-Looking
Statements
This press release contains forward-looking
statements with respect to future events which are subject to a number of factors that could cause actual results to differ materially.
Factors that could cause or contribute to such differences include, but are not limited to: changes in the telecommunications
industry; the Company's reliance on certain distributors for a significant portion of anticipated revenues and the uncertainty
of impact upon the Company’s operations of the recent acquisition of Comnet Telecom Supply, the patented braided cable product
line, and Rel-Tech Electronics. Further discussion of these and other potential risk factors may be found in the Company's public
filings with the Securities and Exchange Commission (www.sec.gov) including its Form 10-K. All forward-looking statements are
based upon information available to the Company on the date they are published and the Company undertakes no obligation to publicly
update or revise any forward-looking statements to reflect events or new information after the date of this release.
(tables attached)
7610 Miramar Road, San Diego, CA
92126-4202 $ (858) 549-6340 $ (800) 233-1728 $ FAX (858) 549-6345
E-mail: rfi@rfindustries.com
$ Internet: www.rfindustries.com
RF INDUSTRIES, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) (in thousands, except share and per share amounts)
| |
Three Months Ended | |
| |
January 31, | |
| |
2016 | | |
2015 | |
Net sales | |
$ | 6,984 | | |
$ | 6,894 | |
Cost of sales | |
| 4,908 | | |
| 4,394 | |
Gross profit | |
| 2,076 | | |
| 2,500 | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
Engineering | |
| 198 | | |
| 217 | |
Selling and general | |
| 2,489 | | |
| 2,257 | |
Total Operating Expenses | |
| 2,687 | | |
| 2,474 | |
| |
| | | |
| | |
Operating income (loss) | |
| (611 | ) | |
| 26 | |
| |
| | | |
| | |
Other income | |
| -- | | |
| 5 | |
Income (loss) from continuing operations before benefit for income taxes | |
| (611 | ) | |
| 31 | |
| |
| | | |
| | |
Benefit for income taxes | |
| (256 | ) | |
| (21 | ) |
Income (loss) from continuing operations | |
| (355 | ) | |
| 52 | |
| |
| | | |
| | |
Income from discontinued operations, net of tax | |
| 2 | | |
| 13 | |
Net income (loss) | |
$ | (353 | ) | |
$ | 65 | |
| |
| | | |
| | |
Earnings (loss) per basic share: | |
| | | |
| | |
Continuing operations | |
$ | (0.04 | ) | |
$ | 0.01 | |
Discontinued operations | |
| 0.00 | | |
| 0.00 | |
Net income (loss) per basic share | |
$ | (0.04 | ) | |
$ | 0.01 | |
| |
| | | |
| | |
Earnings (loss) per diluted share: | |
| | | |
| | |
Continuing operations | |
$ | (0.04 | ) | |
$ | 0.01 | |
Discontinued operations | |
| 0.00 | | |
| 0.00 | |
Net (loss) income per diluted share | |
$ | (0.04 | ) | |
$ | 0.01 | |
| |
| | | |
| | |
Weighted average shares outstanding: | |
| | | |
| | |
Basic | |
| 8,716,712 | | |
| 8,286,831 | |
Diluted | |
| 8,716,712 | | |
| 8,667,771 | |
RF INDUSTRIES, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
| |
Jan. 31, | | |
Oct. 31, | |
| |
2016 | | |
2015 | |
| |
| | |
(audited) | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
CURRENT ASSETS | |
| | | |
| | |
Cash and cash equivalents | |
$ | 5,766 | | |
$ | 7,595 | |
Trade accounts receivable, net | |
| 3,865 | | |
| 3,980 | |
Inventories | |
| 7,020 | | |
| 6,928 | |
Other current assets | |
| 1,341 | | |
| 728 | |
Deferred tax assets | |
| 427 | | |
| 426 | |
TOTAL CURRENT ASSETS | |
| 18,419 | | |
| 19,657 | |
Property and equipment, net | |
| 829 | | |
| 921 | |
Goodwill | |
| 5,913 | | |
| 5,913 | |
Amortizable intangible assets, net | |
| 4,096 | | |
| 4,268 | |
Non-amortizable intangible assets | |
| 1,387 | | |
| 1,387 | |
Note receivable from stockholder | |
| 67 | | |
| 67 | |
Other assets | |
| 205 | | |
| 39 | |
TOTAL ASSETS | |
$ | 30,916 | | |
$ | 32,252 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Accounts payable | |
$ | 1,649 | | |
$ | 1,493 | |
Accrued expenses | |
| 2,269 | | |
| 2,868 | |
TOTAL CURRENT LIABILITIES | |
| 3,918 | | |
| 4,361 | |
Deferred tax liabilities | |
| 1,143 | | |
| 1,143 | |
Other long-term liabilities | |
| 377 | | |
| 377 | |
TOTAL LIABILITIES | |
| 5,438 | | |
| 5,881 | |
| |
| | | |
| | |
COMMITTMENTS AND CONTINGENCIES | |
| | | |
| | |
| |
| | | |
| | |
STOCKHOLDERS' EQUITY | |
| | | |
| | |
Common stock, authorized 20,000,000 shares of $0.01 | |
| | | |
| | |
par value; 8,718,914 and 8,713,664 shares issued and | |
| | | |
| | |
outstanding at January 31, 2016 and October 31, 2015, respectively | |
| 87 | | |
| 87 | |
Additional paid-in capital | |
| 19,200 | | |
| 19,129 | |
Retained earnings | |
| 6,191 | | |
| 7,155 | |
TOTAL STOCKHOLDERS' EQUITY | |
| 25,478 | | |
| 26,371 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | |
$ | 30,916 | | |
$ | 32,252 | |
v3.3.1.900
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v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jan. 31, 2016 |
Oct. 31, 2015 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 5,766
|
$ 7,595
|
Trade accounts receivable, net of allowance for doubtful accounts of $79 and $30 |
3,865
|
3,980
|
Inventories |
7,020
|
6,928
|
Other current assets |
1,341
|
728
|
Deferred tax assets |
427
|
426
|
TOTAL CURRENT ASSETS |
18,419
|
19,657
|
Property and equipment: |
|
|
Equipment and tooling |
3,250
|
3,215
|
Furniture and office equipment |
786
|
936
|
Total |
4,036
|
4,151
|
Less accumulated depreciation |
3,207
|
3,230
|
Total property and equipment |
829
|
921
|
Goodwill |
5,913
|
5,913
|
Amortizable intangible assets, net |
4,096
|
4,268
|
Non-amortizable intangible assets |
1,387
|
1,387
|
Note receivable from stockholder |
67
|
67
|
Other assets |
205
|
39
|
TOTAL ASSETS |
30,916
|
32,252
|
CURRENT LIABILITIES |
|
|
Accounts payable |
1,649
|
1,493
|
Accrued expenses |
2,269
|
2,868
|
TOTAL CURRENT LIABILITIES |
3,918
|
4,361
|
Deferred tax liabilities |
1,143
|
1,143
|
Other long-term liabilities |
377
|
377
|
TOTAL LIABILITIES |
$ 5,438
|
$ 5,881
|
COMMITMENTS AND CONTINGENCIES |
|
|
STOCKHOLDERS' EQUITY |
|
|
Common stock - authorized 20,000,000 shares of $0.01 par value; 8,718,914 and 8,713,664 shares issued and outstanding at January 31, 2016 and October 31, 2015, respectively |
$ 87
|
$ 87
|
Additional paid-in capital |
19,200
|
19,129
|
Retained earnings |
6,191
|
7,155
|
TOTAL STOCKHOLDERS' EQUITY |
25,478
|
26,371
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
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$ 32,252
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v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jan. 31, 2016 |
Oct. 31, 2015 |
Trade accounts receivable, allowance for doubtful accounts |
$ 79
|
$ 30
|
Common stock, authorized |
20,000,000
|
20,000,000
|
Common stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, shares issued |
8,718,914
|
8,713,664
|
Common stock, shares outstanding |
8,718,914
|
8,713,664
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X |
- DefinitionA valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Net sales |
$ 6,984
|
$ 6,894
|
Cost of sales |
4,908
|
4,394
|
Gross profit |
2,076
|
2,500
|
Operating expenses: |
|
|
Engineering |
198
|
217
|
Selling and general |
2,489
|
2,257
|
Totals |
2,687
|
2,474
|
Operating income (loss) |
(611)
|
26
|
Other income |
0
|
5
|
Income (loss) from continuing operations before benefit for income taxes |
(611)
|
31
|
Benefit for income taxes |
(256)
|
(21)
|
Income (loss) from continuing operations |
(355)
|
52
|
Income from discontinued operations, net of tax |
2
|
13
|
Net income (loss) |
$ (353)
|
$ 65
|
Earnings (loss) per share Basic |
|
|
Continuing operations (in dollars per share) |
$ (0.04)
|
$ 0.01
|
Discontinued operations (in dollars per share) |
0.00
|
0.00
|
Net income (loss) per share (in dollars per share) |
(0.04)
|
0.01
|
Earnings (loss) per share Diluted |
|
|
Continuing operations (in dollars per share) |
(0.04)
|
0.01
|
Discontinued operations (in dollars per share) |
0.00
|
0.00
|
Net income (loss) per share (in dollars pe share) |
$ (0.04)
|
$ 0.01
|
Weighted average shares outstanding |
|
|
Basic (in shares) |
8,716,712
|
8,286,831
|
Diluted (in shares) |
8,716,712
|
8,667,771
|
X |
- DefinitionTotal costs related to goods produced and sold during the reporting period.
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
OPERATING ACTIVITIES: |
|
|
Net income (loss) |
$ (353)
|
$ 65
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
Bad debt expense |
20
|
5
|
Accounts receivable write-off |
0
|
4
|
Depreciation and amortization |
272
|
190
|
Stock-based compensation expense |
52
|
50
|
Loss on disposal of fixed assets |
40
|
0
|
Changes in operating assets and liabilities: |
|
|
Trade accounts receivable |
94
|
(151)
|
Inventories |
(349)
|
(234)
|
Other current assets |
(613)
|
(288)
|
Other long-term assets |
(167)
|
0
|
Accounts payable |
156
|
23
|
Customer deposit |
0
|
(6)
|
Income taxes payable |
(65)
|
(77)
|
Accrued expenses |
(600)
|
(218)
|
Net cash used in operating activities |
(1,513)
|
(637)
|
INVESTING ACTIVITIES: |
|
|
Restricted cash |
0
|
(300)
|
Acquisition of business (Comnet), net of cash acquired $541 |
0
|
(2,249)
|
Proceeds from sale of fixed assets |
22
|
0
|
Proceeds from sale of inventory |
322
|
0
|
Capital expenditures |
(70)
|
(34)
|
Net cash provided by (used in) investing activities |
274
|
(2,583)
|
FINANCING ACTIVITIES: |
|
|
Proceeds from exercise of stock options |
20
|
2
|
Dividends paid |
(610)
|
(578)
|
Net cash used in financing activities |
(590)
|
(576)
|
Net decrease in cash and cash equivalents |
(1,829)
|
(3,796)
|
Cash and cash equivalents, beginning of period |
7,595
|
14,718
|
Cash and cash equivalents, end of period |
5,766
|
10,922
|
Supplemental cash flow information - income taxes paid |
165
|
104
|
Noncash investing and financing activities: |
|
|
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Cash Acquired from Acquisition |
$ 541
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v3.3.1.900
Unaudited interim condensed consolidated financial statements
|
3 Months Ended |
Jan. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Unaudited interim condensed consolidated financial statements |
Note 1 - Unaudited interim condensed consolidated financial statements The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, which are normal and recurring, have been included in order to make the information not misleading. Information included in the consolidated balance sheet as of October 31, 2015 has been derived from, and certain terms used herein are defined in, the audited financial statements of the Company as of October 31, 2015 included in the Company’s Annual Report on Form 10-K (“Form 10-K”) for the year ended October 31, 2015 that was previously filed with the Securities and Exchange Commission (“SEC”). Operating results for the three-month period ended January 31, 2016 are not necessarily indicative of the results that may be expected for the year ending October 31, 2016. The unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended October 31, 2015. Principles of consolidation The accompanying unaudited condensed consolidated financial statements for the periods ending on or before October 31, 2015 include the accounts of RF Industries, Ltd., Cables Unlimited, Inc. (“Cables Unlimited”), Comnet Telecom Supply, Inc. (“Comnet”), a wholly-owned subsidiary that RF Industries, Ltd. acquired effective November 1, 2014, and Rel-Tech Electronics, Inc. (“Rel-Tech”), a wholly-owned subsidiary that RF Industries, Ltd. acquired effective June 1, 2015. The unaudited condensed consolidated financial statements for the three months ended January 31, 2016 include the accounts of RF Industries, Ltd., Cables Unlimited, Comnet and Rel-Tech. For periods ending on or before January 31, 2015, references herein to the “Company” shall refer to RF Industries, Ltd., Cables Unlimited and Comnet, and for all periods after October 31, 2015, references to the “Company” shall refer to RF Industries, Ltd., Cables Unlimited, Comnet and Rel-Tech, collectively. All intercompany balances and transactions have been eliminated in consolidation. Revenue recognition Four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the fee is fixed and determinable; and (4) collectability is reasonably assured. The Company recognizes revenue from product sales after purchase orders are received which contain a fixed price and the products are shipped. Most of the Company’s products are sold to continuing customers with established credit histories.
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v3.3.1.900
Business acquisitions
|
3 Months Ended |
Jan. 31, 2016 |
Business Combinations [Abstract] |
|
Business Acquisition |
Note 2 - Business acquisitions Rel-Tech Electronics, Inc. On June 5, 2015, the Company purchased 100% of the issued and outstanding shares of Rel-Tech pursuant to a Stock Purchase Agreement. Rel-Tech was wholly-owned by Wilfred D. LeBlanc Jr., Ralph Palumbo and their respective wives. Rel-Tech is a Milford, Connecticut based manufacturer and supplier of custom cable assemblies and wiring harnesses. At the closing, RF Industries, Ltd. paid the sellers $3,100,000, which consisted of $2,100,000 in cash and 50,467 shares of the Company’s unregistered common stock valued at $200,000 based on a per share price of $3.96 (the volume weighted average price of the Company’s common stock during the five trading days before the closing date) and, if certain financial targets are met by Rel-Tech over a three-year period, agreed to pay additional cash earn-out payments of up to $800,000. Rel-Tech will operate as a stand-alone subsidiary for at least the next two years. Mr. Palumbo will serve as President of Rel-Tech at a base salary of $150,000 per year. Mr. Palumbo will also be entitled to earn an annual bonus of up to 50% of his base salary. Rel-Tech has also entered into employment agreements to retain five key managers. The acquisition was accounted for in accordance with the acquisition method of accounting. The acquired assets and assumed liabilities were recorded by the Company at their estimated fair values. The Company determined the estimated fair values with the assistance of appraisals or valuations performed by an independent third party specialist. Rel-Tech offers a full range of value-added services including product design, prototyping, stocking, bill of materials management, consignment and fulfillment programs. Rel-Tech provides engineered solutions to many leasing OEMs and markets its products to customers in commercial as well as military arenas. All assembly is performed at the Rel-Tech’s facilities. These products and services supplement and enhance the existing markets of RF Industries without incurring substantially more costs than incurred in the purchase of Rel-Tech. These factors, among others, contributed to a purchase price in excess of the estimated fair value of Rel-Tech’s net identifiable assets acquired and, as a result, we have recorded goodwill in connection with this acquisition. We do not expect the goodwill recorded to be deductible for income tax purposes. Although the closing occurred on June 5, 2015, the acquisition of Rel-Tech is deemed to have become effective for financial accounting purposes as of June 1, 2015. Accordingly Rel-Tech’s financial results have been included in the results of the Custom Cabling Manufacturing and Assembly segment for the period ended January 31, 2016. The following table summarizes the components of the estimated purchase price at fair value at June 1, 2015: Cash consideration paid | | $ | 2,100,000 | | RF Industries, Ltd. common shares issued (50,467 shares) | | | 200,000 | | Earn-out | | | 610,000 | | Total purchase price | | $ | 2,910,000 | | The following table summarizes the final allocation of the estimated purchase price at fair value at June 1, 2015: Current assets | | $ | 1,637,000 | | Fixed assets | | | 68,000 | | Other assets | | | 17,000 | | Intangible assets | | | 1,425,000 | | Goodwill | | | 833,000 | | Deferred tax liabilities | | | (489,000) | | Non-interest bearing liabilities | | | (581,000) | | Net assets | | $ | 2,910,000 | | The results of Rel-Tech’s operations subsequent to June 1, 2015 have been included in the Company’s condensed consolidated results of operations. All costs related to the acquisition of Rel-Tech have been expensed as incurred. For the period ended January 31, 2016, Rel-Tech contributed $1.5 million of revenue. The following unaudited pro forma financial information presents the combined operating results of the Company and Rel-Tech as if the acquisition had occurred as of the beginning of the earliest period presented. Pro forma data is subject to various assumptions and estimates and is presented for informational purposes only. This pro forma data does not purport to represent or be indicative of the consolidated operating results that would have been reported had the transaction been completed as described herein, and the data should not be taken as indicative of future consolidated operating results. Pro forma financial information is presented in the following table: | | Three Months Ended January 31, | | | | 2015 | | | | | | | Revenue | | $ | 8,467,000 | | Net income | | | 73,000 | | | | | | | Earnings per share | | | | | Basic | | $ | 0.01 | | Diluted | | $ | 0.01 | | CompPro Product Line On May 19, 2015, the Company purchased the CompPro braided product line (“CompPro”), including the intellectual property rights to that product line, for a total purchase price of $700,000 cash. CompPro utilizes a patented compression technology that offers revolutionary advantages for a water-tight connection, easier installation, and improved system reliability on braided cables. CompPro is used by wireless network operators, installers and distributors in North America and other parts of the world. Included in the purchase is inventory, designs, intellectual property rights and the rights to manufacture and sell CompPro products. Financial results for sales of the CompPro products are included in the results of the RF Connector and Cable Assembly segment beginning in the Company’s fiscal quarter ended October 31, 2015. The acquisition was accounted for in accordance with the acquisition method of accounting. The acquired assets were recorded by the Company at their estimated fair values. The Company determined the estimated fair values with the assistance of appraisals or valuations performed by an independent third party specialist. These above factors, among others, contributed to a purchase price in excess of the estimated fair value of CompPro’s net identifiable assets acquired and, as a result, the Company recorded goodwill in connection with this transaction. Goodwill acquired was allocated to the Company’s Connector and Cable Assembly segment as part of the purchase price allocation. The Company expects the goodwill recorded to be deductible for income tax purposes. Acquired amortizable intangible assets are being amortized on a straight-line basis over their estimated useful lives ranging from three to seven years. The following table summarizes the components of the estimated purchase price at fair value at May 19, 2015: Cash consideration paid | | $ | 700,000 | | Total purchase price | | $ | 700,000 | | The following table summarizes the final allocation of the estimated purchase price at fair value at May 19, 2015: Current assets | | $ | 186,300 | | Fixed assets | | | 67,500 | | Intangible assets | | | 321,200 | | Goodwill | | | 125,000 | | Net assets | | $ | 700,000 | | The results of CompPro’s sales subsequent to May 19, 2015 have been included in the Company’s consolidated results of operations. All costs related to the acquisition of CompPro have been expensed as incurred. Comnet Telecom Supply, Inc. The Company purchased 100% of the issued and outstanding shares of Comnet from Robert Portera, the sole shareholder of Comnet. Comnet is a New Jersey based manufacturer and supplier of telecommunications and data products, including fiber optic cables, cabling technologies, custom patch cord assemblies, data center consoles and other data center equipment. Comnet is a New York corporation that was formed in 1993. For income tax purposes, both parties have agreed to make an election under Internal Revenue Code 338(h) (10). At the closing, RF Industries, Ltd. paid Mr. Portera $4,150,000 in cash and stock, and agreed to pay him up to an additional $1,360,000 in cash as an earn-out over the next two years if Comnet meets certain financial milestones in the next two years. The purchase price paid at the closing consisted of $3,090,000 in cash (of which $300,000 has been deposited into a bank escrow account for one year as security for the seller’s indemnification obligations under the stock purchase agreement) and 252,381 shares of RF Industries, Ltd.’s unregistered common stock, which shares were valued at $1,060,000 based on a per share price of $4.20 (the volume weighted average price of the common stock during the five trading days before the closing date). Comnet will be operated as a stand-alone subsidiary for at least the next two years. The Company entered into a two-year employment agreement with Mr. Portera pursuant to which Mr. Portera will be the President of Comnet and receive a base salary of $210,000 per year. Mr. Portera will also be entitled to earn an annual bonus of up to 50% of his base salary. Since the acquisition of Comnet was effective for financial accounting purposes as of November 1, 2014 with an effective closing date of January 20, 2015, Comnet’s financial results have been included in the results of the Custom Cabling Manufacturing and Assembly segment for the entire fiscal year ended October 31, 2015. The acquisition was accounted for in accordance with the acquisition method of accounting. The acquired assets and assumed liabilities were recorded by the Company at their estimated fair values. The Company determined the estimated fair values with the assistance of appraisals or valuations performed by an independent third party specialist. The products manufactured and supplied by Comnet include fiber optic cables, cabling technologies, custom patch cord assemblies, data center consoles and other data center equipment. These products supplement and enhance the existing markets of RF Industries as well as tap into new data center markets that the Company would not have been able to enter without incurring substantially more costs than incurred in the purchase of Comnet. The capital and other resources required to enhance the Company’s fiber optics market and enter the data center market would have greatly exceeded the purchase price of $4.15 million (excluding the potential earn-out). These factors, among others, contributed to a purchase price in excess of the estimated fair value of Comnet’s net identifiable assets acquired and, as a result, the Company recorded goodwill in connection with this transaction. Goodwill acquired was allocated to the Company’s operating segment and Comnet reporting unit as part of the purchase price allocation. The Company expects the goodwill recorded to be deductible for income tax purposes. Acquired amortizable intangible assets are being amortized on a straight-line basis over their estimated useful lives ranging from three to eight years. The following table summarizes the components of the estimated purchase price at fair value at November 1, 2014: Cash consideration paid | | $ | 3,090,000 | | RF Industries, Ltd. common shares issued (252,381 shares) | | | 1,060,000 | | Earn-out | | | 1,235,000 | | Total purchase price | | $ | 5,385,000 | | The following table summarizes the final allocation of the purchase price at fair value at November 1, 2014: Current assets | | $ | 1,875,000 | | Fixed assets | | | 150,000 | | Intangible assets | | | 2,910,000 | | Goodwill | | | 1,879,000 | | Non-interest bearing liabilities | | | (1,429,000) | | Net assets | | $ | 5,385,000 | | The results of Comnet’s operations subsequent to November 1, 2014 have been included in the Company’s consolidated results of operations. All costs related to the acquisition of Comnet have been expensed as incurred. For the period ended January 31, 2016, Comnet contributed $2.2 million of revenue. The Company recognized a $318,000 credit to selling, general and administrative expenses as a result of the revaluation of the earn-out liability as it relates to the acquisition of Comnet as of October 31, 2015.
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- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.3.1.900
Discontinued operations
|
3 Months Ended |
Jan. 31, 2016 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Discontinued operations |
Note 3 - Discontinued operations During 2013, the Company sold its RF Neulink and RadioMobile divisions, which together had comprised the Company’s RF Wireless segment. The divisions were sold pursuant to asset purchase agreements, whereby no purchase price was paid at the closing. Rather, the agreements stipulated royalty payments from each of the purchasers over a three year period. For the three months ended January 31, 2016, the Company recognized approximately $1,600 of royalty income for the RF Neulink, which amounts have been included within discontinued operations. For the three months ended January 31, 2015, the Company recognized approximately $19,000 and $2,000 of royalty income for the RF Neulink and RadioMobile divisions, respectively, which amount has been included within discontinued operations.
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- DefinitionThe entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
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v3.3.1.900
Sale of Aviel Electronics division
|
3 Months Ended |
Jan. 31, 2016 |
Sale of Aviel Electronics Division [Abstract] |
|
Sale of Aviel Electronics division |
Note 4 - Sale of Aviel Electronics division On December 22, 2015, the Company sold the assets of its Aviel Electronics division at a gain of approximately $35,000. The terms of the sale included $150,000 cash due upon closing and a $250,000 secured promissory note ($83,000 recorded in other current assets and $167,000 in other assets) with principal and interest (at 5%) payable over a three-year period. Aviel Electronics’ sales and loss from continuing operations before provision for income taxes of $86,000 and $40,000, respectively, were included in the Company’s RF Connector and Cable Assembly segment from November 1, 2015 through the date of sale on December 22, 2015. Aviel Electronics’ sales and income from continuing operations before provision for income taxes, were $252,000 and $26,000, respectively, for the three months ended January 31, 2015. The sale of the Aviel Electronics division does not represent a strategic shift that has a major effect on the Company’s operations and financial results. Accordingly, the financial results from the sale of Aviel Electronics were reported in income from continuing operations.
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v3.3.1.900
Inventories and major vendors
|
3 Months Ended |
Jan. 31, 2016 |
Inventory Disclosure [Abstract] |
|
Inventories and major vendors |
Note 5 - Inventories and major vendors Inventories are stated at the lower of cost or market, with cost determined using the weighted average cost method of accounting. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. We regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. If our review indicates a reduction in utility below carrying value due to damage, physical deterioration, obsolescence, changes in price levels, or other causes, we reduce our inventory to a new cost basis through a charge to cost of sales in the period in which it occurs. The determination of market value and the estimated volume of demand used in the lower of cost or market analysis require significant judgment. In June 2015, the Company acquired Rel-Tech, a company that currently values its inventories using specific identification (last purchase price) on a FIFO basis. The Company intends to convert the inventory valuation principles used by Rel-Tech to the weighted average cost sometime during fiscal 2016. Inventories consist of the following (in thousands): | | January 31, 2016 | | October 31, 2015 | | | | | | | | Raw materials and supplies | | $ | 3,168 | | $ | 2,671 | | Work in process | | | 164 | | | 270 | | Finished goods | | | 3,688 | | | 3,987 | | | | | | | | | | Totals | | $ | 7,020 | | $ | 6,928 | | Purchases of inventory from two major vendors during the three months ended January 31, 2016 represented 14% and 12% of total inventory purchases. Purchases of inventory from two major vendors during the three months ended January 31, 2015 represented 12% and 10% of total inventory purchases. The Company has arrangements with these vendors to purchase product based on purchase orders periodically issued by the Company.
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- DefinitionThe entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.
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v3.3.1.900
Other current assets
|
3 Months Ended |
Jan. 31, 2016 |
Other current assets [Abstract] |
|
Other current assets |
Note 6 - Other current assets Other current assets consist of the following (in thousands): | | January 31, 2016 | | October 31, 2015 | | | | | | | | Prepaid expense | | $ | 1,114 | | $ | 548 | | Notes receivable | | | 83 | | | - | | Other | | | 144 | | | 180 | | | | | | | | | | Totals | | $ | 1,341 | | $ | 728 | | Long-term portion of notes receivable of $167,000 is recorded in other assets.
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v3.3.1.900
Earnings per share
|
3 Months Ended |
Jan. 31, 2016 |
Earnings Per Share [Abstract] |
|
Earnings per share |
Note 7 - Earnings per share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding increased by the effects of assuming that other potentially dilutive securities (such as stock options) outstanding during the period had been exercised and the treasury stock method had been applied. Potentially dilutive securities totaling 1,138,510 and 617,310 for the three months ended January 31, 2016 and 2015, respectively, were excluded from the calculation of diluted per share amounts because of their anti-dilutive effect. The following table summarizes the computation of basic and diluted weighted average shares outstanding: | | Three Months Ended January 31, | | | | 2016 | | 2015 | | | | | | | | Weighted average shares outstanding for basic earnings (loss) per share | | | 8,716,712 | | | 8,286,831 | | | | | | | | | | Add effects of potentially dilutive securities-assumed exercise of stock options | | | - | | | 380,940 | | | | | | | | | | Weighted average shares outstanding for diluted earnings (loss) per share | | | 8,716,712 | | | 8,667,771 | |
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- DefinitionThe entire disclosure for earnings per share.
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v3.3.1.900
Stock-based compensation and equity transactions
|
3 Months Ended |
Jan. 31, 2016 |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] |
|
Stock-based compensation and equity transactions |
Note 8 - Stock-based compensation and equity transactions The Company’s current stock incentive plan provides for the granting of qualified and nonqualified options to the Company’s officers, directors and employees. Incentive stock options granted to the Company’s employees during the three months ended January 31, 2015 vest and are exercisable equally over three years and expire in five years from date of grant. During the three months ended January 31, 2015, the Company granted a total of 127,558 incentive stock options to Company employees. The Company satisfies the exercise of options by issuing previously unissued common shares. No options were granted to Company employees during the three months ended January 31, 2016. The weighted average fair value of employee and non-employee directors’ stock options granted by the Company during the three months ended January 31, 2015 was estimated to be $1.00 per share using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate | | | 0. 88 | % | Dividend yield | | | 6.35 | % | Expected life of the option | | | 3.5 years | | Volatility factor | | | 47.4 | % | Expected volatilities are based on historical volatility of the Company’s stock price and other factors. The Company used the historical method to calculate the expected life of the 2015 option grants. The expected life represents the period of time that options granted are expected to be outstanding. The risk-free rate is based on the U.S. Treasury rate with a maturity date corresponding to the options’ expected life. The dividend yield is based upon the historical dividend yield. Issuances of common stock by the Company During the three months ended January 31, 2015, the Company issued 252,381 shares of common stock valued at $1,060,000 to the former owner of Comnet as part of the purchase price of the Comnet acquisition. The Comnet acquisition is more fully described in Note 2 of this report. Company stock option plans Descriptions of the Company’s stock option plans are included in Note 8 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2015. A summary of the status of the options granted under the Company’s stock option plans as of January 31, 2016 and the changes in options outstanding during the three months then ended is presented in the table that follows: | | | | Weighted | | | | | | Average | | | | Shares | | Exercise Price | | Outstanding at November 1, 2015 | | | 1,240,100 | | $ | 2.64 | | Options granted | | | 51,192 | | $ | 4.42 | | Options exercised | | | (5,250) | | $ | 3.72 | | Options canceled or expired | | | (21,703) | | $ | 5.42 | | Options outstanding at January 31, 2016 | | | 1,264,339 | | $ | 3.43 | | Options exercisable at January 31, 2016 | | | 773,321 | | $ | 3.03 | | Options vested and expected to vest at January 31, 2016 | | | 1,257,911 | | $ | 3.66 | | Weighted average remaining contractual life of options outstanding as of January 31, 2016: 5.04 years Weighted average remaining contractual life of options exercisable as of January 31, 2016: 3.45 years Weighted average remaining contractual life of options vested and expected to vest as of January 31, 2016: 5.03 years Aggregate intrinsic value of options outstanding at January 31, 2016: $1.2 million Aggregate intrinsic value of options exercisable at January 31, 2016: $1.2 million Aggregate intrinsic value of options vested and expected to vest at January 31, 2016: $1.2 million As of January 31, 2016, $654,000 of expense with respect to nonvested share-based arrangements has yet to be recognized but is expected to be recognized over a weighted average period of 5.65 years. Non-employee directors receive $30,000 annually, which amount is paid one-half in cash and one-half through the grant of non-qualified stock options to purchase shares of the Company’s common stock. During the quarter ended January 31, 2016, the Company granted each of its three non-employee directors 51,192 options. The number of stock options granted to each director was determined by dividing $15,000 by the fair value of a stock option grant using the Black-Scholes model ($0.87 per share). These options vest ratably over fiscal year 2016. Stock option expense During the three months ended January 31, 2016 and 2015, stock-based compensation expense totaled $52,000 and $50,000, respectively. For the three months ended January 31, 2016 and 2015, stock-based compensation classified in cost of sales amounted to $10,000 and $15,000, respectively, and stock-based compensation classified in selling and general expense amounted to $42,000 and $35,000, respectively.
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- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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v3.3.1.900
Concentrations of credit risk
|
3 Months Ended |
Jan. 31, 2016 |
Risks and Uncertainties [Abstract] |
|
Concentrations of credit risk |
Note 9 - Concentrations of credit risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with high-credit quality financial institutions. At January 31, 2016, the Company had cash and cash equivalent balances in excess of federally insured limits in the amount of approximately $4.9 million. Two customers accounted for approximately 14% and 13% of the Company’s net sales for the three-month period ended January 31, 2016. One customer accounted for approximately 17% of the Company’s net sales for the three-month period ended January 31, 2015. At January 31, 2016, these customers’ accounts receivable balance accounted for approximately 17% and 15% of the Company’s total net accounts receivable balances. At October 31, 2015, these customers’ accounts receivable balances accounted for approximately 19%. Although these customers have been on-going major customers of the Company, the written agreements with these customers do not have any minimum purchase obligations and they could stop buying the Company’s products at any time and for any reason. A reduction, delay or cancellation of orders from these customers or the loss of these customers could significantly reduce the Company’s future revenues and profits.
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- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.3.1.900
Segment information
|
3 Months Ended |
Jan. 31, 2016 |
Segment Reporting [Abstract] |
|
Segment information |
Note 10 - Segment information The Company aggregates operating divisions into operating segments which have similar economic characteristics primarily in the following areas: (1) the nature of the product and services; (2) the nature of the production process; (3) the type or class of customer for their products and services; (4) the methods used to distribute their products or services; (5) if applicable, the nature of the regulatory environment. As of January 31, 2016, the Company had three segments based upon this evaluation - RF Connector and Cable Assembly, Custom Cabling Manufacturing and Assembly and Medical Cabling and Interconnector. As discussed in Note 17 below, the Company has decided to close the Medical Cabling and Interconnect segment. During the fiscal quarter ended January 31, 2016, the RF Connector and Cable Assembly segment consisted of two divisions, the Custom Cabling Manufacturing and Assembly segment was composed of three divisions and the Medical Cabling and Interconnector segment consisted of one division. The five divisions that meet the quantitative thresholds for segment reporting are Connector and Cable Assembly, Cables Unlimited, Comnet, Bioconnect and Rel-Tech. The other division aggregated into the RF Connector and Cable Assembly segment and into the Custom Cabling Manufacturing and Assembly segment has similar products that are marketed to their respective customer base and production and product development processes that are similar in nature. The specific customers are different for each division; however, there is some overlapping of product sales to them. The methods used to distribute products are similar within each division aggregated. Management identifies the Company’s segments based on strategic business units that are, in turn, based along market lines. These strategic business units offer products and services to different markets in accordance with their customer base and product usage. For segment reporting purposes, the Company aggregated the Connector and Cable Assembly and Aviel (until the time of sale) divisions into the RF Connector and Cable Assembly segment, and the Cables Unlimited, Comnet and Rel-Tech division constituted the Custom Cabling Manufacturing and segment. The Bioconnect division comprised the Medical Cabling and Interconnector segment. As reviewed by the Company’s chief operating decision maker, the Company evaluates the performance of each segment based on income or loss before income taxes. The Company charges depreciation and amortization directly to each division within the segment. Accounts receivable, inventory, property and equipment, goodwill and intangible assets are the only assets identified by segment. Except as discussed above, the accounting policies for segment reporting are the same for the Company as a whole. Substantially all of the Company’s operations are conducted in the United States; however, the Company derives a portion of its revenue from export sales. The Company attributes sales to geographic areas based on the location of the customers. The following table presents the sales of the Company by geographic area for the three months ended January 31, 2016 and 2015 (in thousands): | | Three Months Ended January 31, | | | | 2016 | | 2015 | | | | | | | | United States | | $ | 6,692 | | $ | 6,596 | | Foreign Countries: | | | | | | | | Canada | | | 71 | | | 114 | | Israel | | | 62 | | | 52 | | Mexico | | | 97 | | | 94 | | All Other | | | 62 | | | 38 | | | | | 292 | | | 298 | | | | | | | | | | Totals | | $ | 6,984 | | $ | 6,894 | | Net sales, income (loss) from continuing operations before benefit for income taxes and other related segment information for the three months ended January 31, 2016 and 2015 are as follows (in thousands): | | RF Connector | | Custom Cabling | | Medical | | | | | | | | and | | Manufacturing and | | Cabling and | | | | | | 2016 | | Cable Assembly | | Assembly | | Interconnector | | Corporate | | Total | | Net sales | | $ | 1,956 | | $ | 4,828 | | $ | 200 | | $ | - | | $ | 6,984 | | | | | | | | | | | | | | | | | | | Loss from continuing operations before benefit for income taxes | | | (415) | | | (118) | | | (78) | | | - | | | (611) | | Depreciation and amortization | | | 46 | | | 220 | | | 6 | | | - | | | 272 | | | | | | | | | | | | | | | | | | | 2015 | | | | | | | | | | | | | | | | | Net sales | | $ | 2,701 | | $ | 3,617 | | $ | 576 | | $ | - | | $ | 6,894 | | | | | | | | | | | | | | | | | | | Income (loss) from continuing operations before benefit for income taxes | | | 65 | | | (164) | | | 125 | | | 5 | | | 31 | | Depreciation and amortization | | | 41 | | | 144 | | | 5 | | | - | | | 190 | |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.3.1.900
Income tax benefit
|
3 Months Ended |
Jan. 31, 2016 |
Income Tax Disclosure [Abstract] |
|
Income tax benefit |
Note 11 - Income tax benefit The Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates, to determine its quarterly provision (benefit) for income taxes. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter. The benefit for income taxes was 42% and 68% of income (loss) before income taxes for the three months ended January 31, 2016 and 2015, respectively. The decrease in the effective income tax rate from period to period was primarily driven by an increased ratio of book income (loss) to discrete benefits from R&D credits related to the change in tax law in both periods. The Company recorded income from discontinued operations, net of tax, as disclosed in Note 3. The total amount of unrecognized tax benefits was $0 as of January 31, 2016 and October 31, 2015. The total balance of accrued interest and penalties related to uncertain tax positions was $0 as of January 31, 2016 and October 31, 2015. The Company recognizes interest and penalties related to uncertain tax positions, if any, as a component of income tax expense and the accrued interest and penalties, if any, are included in deferred and other long-term liabilities in the Company's condensed consolidated balance sheets. There were no material interest or penalties included in income tax expense for the three months ended January 31, 2016.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
Intangible assets
|
3 Months Ended |
Jan. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible assets |
Note 12 - Intangible assets Intangible assets consist of the following (in thousands): | | January 31, 2016 | | October 31, 2015 | | Amortizable intangible assets: | | | | | | Non-compete agreements (estimated lives 3 - 5 years) | | $ | 310 | | $ | 310 | | Accumulated amortization | | | (231) | | | (212) | | | | | 79 | | | 98 | | | | | | | | | | Customer relationships (estimated lives 7 - 15 years) | | | 5,099 | | | 5,099 | | Accumulated amortization | | | (1,237) | | | (1,101) | | | | | 3,862 | | | 3,998 | | | | | | | | | | Backlog (estimated life 1 year) | | | 134 | | | 134 | | Accumulated amortization | | | (114) | | | (100) | | | | | 20 | | | 34 | | | | | | | | | | Patents (estimated life 14 years) | | | 142 | | | 142 | | Accumulated amortization | | | (7) | | | (4) | | | | | 135 | | | 138 | | | | | | | | | | Totals | | $ | 4,096 | | $ | 4,268 | | | | | | | | | | Non-amortizable intangible assets: | | | | | | | | Trademarks | | $ | 1,387 | | $ | 1,387 | |
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v3.3.1.900
Accrued expenses
|
3 Months Ended |
Jan. 31, 2016 |
Payables and Accruals [Abstract] |
|
Accrued expenses and other long-term liabilities |
Note 13 - Accrued expenses Accrued expenses consist of the following (in thousands): | | January 31, 2016 | | October 31, 2015 | | | | | | | | Wages payable | | $ | 762 | | $ | 978 | | Accrued receipts | | | 502 | | | 438 | | Earn-out liability | | | 675 | | | 1,150 | | Other current liabilities | | | 330 | | | 302 | | | | | | | | | | Totals | | $ | 2,269 | | $ | 2,868 | | Accrued receipts represent purchased inventory for which invoices have not been received. Non-current portion of earn-out liability of $377,000 is recorded in other long-term liabilities.
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v3.3.1.900
Line of credit
|
3 Months Ended |
Jan. 31, 2016 |
Debt Disclosure [Abstract] |
|
Line of credit |
Note 14 - Line of credit In March 2014, the Company entered into an agreement for a line of credit (“LOC”) in the amount of $5.0 million. Amounts outstanding under the LOC shall bear interest at a rate of 3.0% plus LIBOR (“base interest rate”), with interest payable on the last day of each month. All principal outstanding under the LOC which is not bearing interest at a base interest rate shall bear interest at Union Bank’s Reference Rate, as defined, which rate shall vary. Borrowings under the LOC are secured by a security interest in certain assets of the Company. The LOC contains certain loan covenants as described in the agreement. Failure to maintain the loan covenants shall constitute an event of default resulting in all outstanding amounts of principal and interest becoming immediately due and payable. All outstanding principal and interest is due and payable on June 30, 2016. As of January 31, 2016, no amounts were outstanding under the LOC.
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v3.3.1.900
Commitments
|
3 Months Ended |
Jan. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments |
Note 15 - Commitments In April 2014, the Company amended its lease for its facility in San Diego, California, extending the term of the lease and reducing its square footage. The amended lease expires in March 2017 and requires minimum annual rental payments (starting at approximately $19,000 per month) that are subject to fixed annual increases. The minimum annual rentals under this lease are being charged to expense on a straight-line basis over the lease term. The San Diego lease also requires the payment of the Company’s pro rata share of real estate taxes and insurance, maintenance and other operating expenses related to the facilities. As of January 31, 2016, the aggregate remaining minimum lease payments under this lease totaled $280,000. The Cables Unlimited division leases an approximately 12,000 square foot facility located in Yaphank, New York. The lease for this space expires June 30, 2016. However, Cables Unlimited has a one-time option to extend the term of the lease for an additional five-year term. Cables Unlimited’s monthly rent expense under the lease is $13,000 per month, plus payments of all utilities, janitorial expenses, routine maintenance costs and costs of insurance for Cables Unlimited’s business operations and equipment. The landlord is a company controlled by Darren Clark, the former owner of Cables Unlimited and a current director of the Company. In March 2015, the Company amended its lease for its approximately 4,500 square foot facility located in Las Vegas, Nevada to extend the term of the lease to April 2016. The Las Vegas facility is used by the Company’s Aviel Electronics division. Aviel’s monthly rent expense under the lease is $4,270 per month. As a result of the sale of Aviel as of December 22, 2015, the Company has no further commitment. The newly acquired Comnet Telecom division leases approximately 15,000 square feet in two suites located in East Brunswick, New Jersey. Comnet’s monthly rent expense under the leases is approximately $11,655 per month for these facilities which expires in September 2017. The newly acquired Rel-Tech Electronic division leases approximately 13,750 square feet located in Milford, Connecticut. Rel-Tech’s net monthly rent expense under the lease is approximately $8,307 per month for these facilities which expires in August 2017.
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v3.3.1.900
Cash dividend and declared dividends
|
3 Months Ended |
Jan. 31, 2016 |
Cash Dividend And Dividends Declaration [Abstract] |
|
Cash dividend and declared dividends |
Note 16 - Cash dividend and declared dividends The Company paid dividends of $0.07 per share during the three months ended January 31, 2016 for a total of $610,000. The Company paid dividends of $0.07 per share during the three months ended January 31, 2015 for a total of $578,000.
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v3.3.1.900
Subsequent events
|
3 Months Ended |
Jan. 31, 2016 |
Subsequent Events [Abstract] |
|
Subsequent events |
Note 17 - Subsequent events On March 3, 2016, the Board of Directors of the Company declared a quarterly cash dividend of $0.02 per share to be paid on April 15, 2016 to stockholders of record on March 31, 2016. On March 3, 2016, the Board of Directors also approved the closure of the Company’s Bioconnect division which comprised the entire operations of the Company’s Medical Cabling and Interconnect segment. The closure is part of the Company’s on-going plan to close or dispose of underperforming divisions that are not part of the Company’s core operations.
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v3.3.1.900
Business acquisitions (Tables)
|
3 Months Ended |
Jan. 31, 2016 |
Rel-Tech Electronics, Inc |
|
Components of Purchase Price at Fair Value |
The following table summarizes the components of the estimated purchase price at fair value at June 1, 2015: Cash consideration paid | | $ | 2,100,000 | | RF Industries, Ltd. common shares issued (50,467 shares) | | | 200,000 | | Earn-out | | | 610,000 | | Total purchase price | | $ | 2,910,000 | |
|
Allocation of Purchase Price at Fair Value |
The following table summarizes the final allocation of the estimated purchase price at fair value at June 1, 2015: Current assets | | $ | 1,637,000 | | Fixed assets | | | 68,000 | | Other assets | | | 17,000 | | Intangible assets | | | 1,425,000 | | Goodwill | | | 833,000 | | Deferred tax liabilities | | | (489,000) | | Non-interest bearing liabilities | | | (581,000) | | Net assets | | $ | 2,910,000 | |
|
Business Acquisition, Pro Forma Information |
Pro forma financial information is presented in the following table: | | Three Months Ended January 31, | | | | 2015 | | | | | | | Revenue | | $ | 8,467,000 | | Net income | | | 73,000 | | | | | | | Earnings per share | | | | | Basic | | $ | 0.01 | | Diluted | | $ | 0.01 | |
|
CompPro Product Line |
|
Components of Purchase Price at Fair Value |
The following table summarizes the components of the estimated purchase price at fair value at May 19, 2015: Cash consideration paid | | $ | 700,000 | | Total purchase price | | $ | 700,000 | |
|
Allocation of Purchase Price at Fair Value |
The following table summarizes the final allocation of the estimated purchase price at fair value at May 19, 2015: Current assets | | $ | 186,300 | | Fixed assets | | | 67,500 | | Intangible assets | | | 321,200 | | Goodwill | | | 125,000 | | Net assets | | $ | 700,000 | |
|
Comnet Telecom Supply Inc |
|
Components of Purchase Price at Fair Value |
The following table summarizes the components of the estimated purchase price at fair value at November 1, 2014: Cash consideration paid | | $ | 3,090,000 | | RF Industries, Ltd. common shares issued (252,381 shares) | | | 1,060,000 | | Earn-out | | | 1,235,000 | | Total purchase price | | $ | 5,385,000 | |
|
Allocation of Purchase Price at Fair Value |
The following table summarizes the final allocation of the purchase price at fair value at November 1, 2014: Current assets | | $ | 1,875,000 | | Fixed assets | | | 150,000 | | Intangible assets | | | 2,910,000 | | Goodwill | | | 1,879,000 | | Non-interest bearing liabilities | | | (1,429,000) | | Net assets | | $ | 5,385,000 | |
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v3.3.1.900
Inventories and major vendors (Tables)
|
3 Months Ended |
Jan. 31, 2016 |
Inventory Disclosure [Abstract] |
|
Components of Inventories |
In June 2015, the Company acquired Rel-Tech, a company that currently values its inventories using specific identification (last purchase price) on a FIFO basis. The Company intends to convert the inventory valuation principles used by Rel-Tech to the weighted average cost sometime during fiscal 2016. Inventories consist of the following (in thousands): | | January 31, 2016 | | October 31, 2015 | | | | | | | | Raw materials and supplies | | $ | 3,168 | | $ | 2,671 | | Work in process | | | 164 | | | 270 | | Finished goods | | | 3,688 | | | 3,987 | | | | | | | | | | Totals | | $ | 7,020 | | $ | 6,928 | |
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v3.3.1.900
Earnings per share (Tables)
|
3 Months Ended |
Jan. 31, 2016 |
Earnings Per Share [Abstract] |
|
Computation of Basic and Diluted Weighted Average Shares Outstanding |
The following table summarizes the computation of basic and diluted weighted average shares outstanding: | | Three Months Ended January 31, | | | | 2016 | | 2015 | | | | | | | | Weighted average shares outstanding for basic earnings (loss) per share | | | 8,716,712 | | | 8,286,831 | | | | | | | | | | Add effects of potentially dilutive securities-assumed exercise of stock options | | | - | | | 380,940 | | | | | | | | | | Weighted average shares outstanding for diluted earnings (loss) per share | | | 8,716,712 | | | 8,667,771 | |
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v3.3.1.900
Stock-based compensation and equity transactions (Tables)
|
3 Months Ended |
Jan. 31, 2016 |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] |
|
Computation of Weighted Average Fair Value of Employee Stock Options using Black-Scholes Option Pricing Model Assumptions |
The weighted average fair value of employee and non-employee directors’ stock options granted by the Company during the three months ended January 31, 2015 was estimated to be $1.00 per share using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate | | | 0. 88 | % | Dividend yield | | | 6.35 | % | Expected life of the option | | | 3.5 years | | Volatility factor | | | 47.4 | % |
|
Summary of Status of Options Granted under Stock Option Plans and Changes in Options Outstanding |
A summary of the status of the options granted under the Company’s stock option plans as of January 31, 2016 and the changes in options outstanding during the three months then ended is presented in the table that follows: | | | | Weighted | | | | | | Average | | | | Shares | | Exercise Price | | Outstanding at November 1, 2015 | | | 1,240,100 | | $ | 2.64 | | Options granted | | | 51,192 | | $ | 4.42 | | Options exercised | | | (5,250) | | $ | 3.72 | | Options canceled or expired | | | (21,703) | | $ | 5.42 | | Options outstanding at January 31, 2016 | | | 1,264,339 | | $ | 3.43 | | Options exercisable at January 31, 2016 | | | 773,321 | | $ | 3.03 | | Options vested and expected to vest at January 31, 2016 | | | 1,257,911 | | $ | 3.66 | |
|
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v3.3.1.900
Segment information (Tables)
|
3 Months Ended |
Jan. 31, 2016 |
Segment Reporting [Abstract] |
|
Sales by Geographic Area |
The following table presents the sales of the Company by geographic area for the three months ended January 31, 2016 and 2015 (in thousands): | | Three Months Ended January 31, | | | | 2016 | | 2015 | | | | | | | | United States | | $ | 6,692 | | $ | 6,596 | | Foreign Countries: | | | | | | | | Canada | | | 71 | | | 114 | | Israel | | | 62 | | | 52 | | Mexico | | | 97 | | | 94 | | All Other | | | 62 | | | 38 | | | | | 292 | | | 298 | | | | | | | | | | Totals | | $ | 6,984 | | $ | 6,894 | |
|
Net Sales, Income (Loss) Before Provision for Income Taxes and Other Related Segment Information |
Net sales, income (loss) from continuing operations before benefit for income taxes and other related segment information for the three months ended January 31, 2016 and 2015 are as follows (in thousands): | | RF Connector | | Custom Cabling | | Medical | | | | | | | | and | | Manufacturing and | | Cabling and | | | | | | 2016 | | Cable Assembly | | Assembly | | Interconnector | | Corporate | | Total | | Net sales | | $ | 1,956 | | $ | 4,828 | | $ | 200 | | $ | - | | $ | 6,984 | | | | | | | | | | | | | | | | | | | Loss from continuing operations before benefit for income taxes | | | (415) | | | (118) | | | (78) | | | - | | | (611) | | Depreciation and amortization | | | 46 | | | 220 | | | 6 | | | - | | | 272 | | | | | | | | | | | | | | | | | | | 2015 | | | | | | | | | | | | | | | | | Net sales | | $ | 2,701 | | $ | 3,617 | | $ | 576 | | $ | - | | $ | 6,894 | | | | | | | | | | | | | | | | | | | Income (loss) from continuing operations before benefit for income taxes | | | 65 | | | (164) | | | 125 | | | 5 | | | 31 | | Depreciation and amortization | | | 41 | | | 144 | | | 5 | | | - | | | 190 | |
|
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- DefinitionTabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer.
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v3.3.1.900
Intangible assets (Tables)
|
3 Months Ended |
Jan. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Components of Intangible Assets |
Intangible assets consist of the following (in thousands): | | January 31, 2016 | | October 31, 2015 | | Amortizable intangible assets: | | | | | | Non-compete agreements (estimated lives 3 - 5 years) | | $ | 310 | | $ | 310 | | Accumulated amortization | | | (231) | | | (212) | | | | | 79 | | | 98 | | | | | | | | | | Customer relationships (estimated lives 7 - 15 years) | | | 5,099 | | | 5,099 | | Accumulated amortization | | | (1,237) | | | (1,101) | | | | | 3,862 | | | 3,998 | | | | | | | | | | Backlog (estimated life 1 year) | | | 134 | | | 134 | | Accumulated amortization | | | (114) | | | (100) | | | | | 20 | | | 34 | | | | | | | | | | Patents (estimated life 14 years) | | | 142 | | | 142 | | Accumulated amortization | | | (7) | | | (4) | | | | | 135 | | | 138 | | | | | | | | | | Totals | | $ | 4,096 | | $ | 4,268 | | | | | | | | | | Non-amortizable intangible assets: | | | | | | | | Trademarks | | $ | 1,387 | | $ | 1,387 | |
|
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v3.3.1.900
Components of purchase price at fair value (Detail) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
Jun. 02, 2015 |
Nov. 02, 2014 |
May. 19, 2015 |
Jan. 31, 2016 |
Cash consideration paid |
|
|
|
$ 2,100,000
|
Rel-Tech Electronics, Inc |
|
|
|
|
Cash consideration paid |
$ 2,100,000
|
|
|
$ 3,100,000
|
RF Industries, Ltd. common shares issued |
200,000
|
|
|
|
Earn-out |
610,000
|
|
|
|
Total purchase price |
$ 2,910,000
|
|
|
|
CompPro Product Line |
|
|
|
|
Cash consideration paid |
|
|
$ 700,000
|
|
Total purchase price |
|
|
$ 700,000
|
|
Comnet Telecom Supply Inc |
|
|
|
|
Cash consideration paid |
|
$ 3,090,000
|
|
|
RF Industries, Ltd. common shares issued |
|
1,060,000
|
|
|
Earn-out |
|
1,235,000
|
|
|
Total purchase price |
|
$ 5,385,000
|
|
|
X |
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- DefinitionNumber of shares of equity interests issued or issuable to acquire entity.
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v3.3.1.900
Allocation of purchase price at fair value (Detail) - USD ($)
|
Jun. 02, 2015 |
May. 19, 2015 |
Nov. 02, 2014 |
Rel-Tech Electronics, Inc |
|
|
|
Current assets |
$ 1,637,000
|
|
|
Fixed assets |
68,000
|
|
|
Other assets |
17,000
|
|
|
Intangible assets |
1,425,000
|
|
|
Goodwill |
833,000
|
|
|
Deferred tax liabilities |
(489,000)
|
|
|
Non-interest bearing liabilities |
(581,000)
|
|
|
Net assets |
$ 2,910,000
|
|
|
CompPro Product Line |
|
|
|
Current assets |
|
$ 186,300
|
|
Fixed assets |
|
67,500
|
|
Intangible assets |
|
321,200
|
|
Goodwill |
|
125,000
|
|
Net assets |
|
$ 700,000
|
|
Comnet Telecom Supply Inc |
|
|
|
Current assets |
|
|
$ 1,875,000
|
Fixed assets |
|
|
150,000
|
Intangible assets |
|
|
2,910,000
|
Goodwill |
|
|
1,879,000
|
Non-interest bearing liabilities |
|
|
(1,429,000)
|
Net assets |
|
|
$ 5,385,000
|
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v3.3.1.900
Business acquisitions - Additional Information (Detail) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
Jun. 02, 2015 |
Nov. 02, 2014 |
May. 19, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Oct. 31, 2015 |
Jun. 05, 2015 |
Payments to Acquire Businesses, Gross |
|
|
|
$ 2,100,000
|
|
|
|
Revenues |
|
|
|
6,984,000
|
$ 6,894,000
|
|
|
Selling, General and Administrative Expense |
|
|
|
2,489,000
|
$ 2,257,000
|
|
|
Rel-Tech Electronics, Inc |
|
|
|
|
|
|
|
Business Acquisition, Additional Payment In Cash |
|
|
|
$ 800,000
|
|
|
|
Business Acquisition Unregistered Common Stock Shares |
|
|
|
50,467
|
|
|
|
Business Acquisition Unregistered Common Stock Value |
|
|
|
$ 200,000
|
|
|
|
Business Acquisition, Percentage of Voting Interests Acquired |
|
|
|
|
|
|
100.00%
|
Payments to Acquire Businesses, Gross |
$ 2,100,000
|
|
|
$ 3,100,000
|
|
|
|
Business Combination, Consideration Transferred |
610,000
|
|
|
|
|
|
|
Business Acquisition, Share Price |
|
|
|
$ 3.96
|
|
|
|
Revenues |
|
|
|
$ 1,500,000
|
|
|
|
Business Acquisition Cost Of Acquired Entity Purchases Price |
$ 2,910,000
|
|
|
|
|
|
|
Rel-Tech Electronics, Inc | Palumbo |
|
|
|
|
|
|
|
Salary Payable To President |
|
|
|
150,000
|
|
|
|
CompPro Product Line |
|
|
|
|
|
|
|
Payments to Acquire Businesses, Gross |
|
|
$ 700,000
|
|
|
|
|
Business Acquisition Cost Of Acquired Entity Purchases Price |
|
|
$ 700,000
|
|
|
|
|
Comnet Telecom Supply Inc |
|
|
|
|
|
|
|
Business Acquisition Cost Of Acquired Entity Purchase Price value |
|
|
|
1,060,000
|
|
|
|
Business Acquisition, Additional Payment In Cash |
|
|
|
$ 300,000
|
|
|
|
Business Acquisition Unregistered Common Stock Shares |
|
|
|
252,381
|
|
|
|
Business Acquisition, Percentage of Voting Interests Acquired |
|
|
|
100.00%
|
|
|
|
Payments to Acquire Businesses, Gross |
|
$ 3,090,000
|
|
|
|
|
|
Business Combination, Consideration Transferred |
|
1,235,000
|
|
|
|
|
|
Revenues |
|
|
|
$ 2,200,000
|
|
|
|
Business Acquisition Cost Of Acquired Entity Purchases Price |
|
$ 5,385,000
|
|
|
|
|
|
Selling, General and Administrative Expense |
|
|
|
|
|
$ 318,000
|
|
Comnet Telecom Supply Inc | Mr. Portera |
|
|
|
|
|
|
|
Business Acquisition Cost Of Acquired Entity Purchase Price value |
|
|
|
4,150,000
|
|
|
|
Business Acquisition, Additional Payment In Cash |
|
|
|
1,360,000
|
|
|
|
Business Combination, Consideration Transferred |
|
|
|
$ 210,000
|
|
|
|
Business Acquisition, Share Price |
|
|
|
$ 4.20
|
|
|
|
Business Acquisition Cost Of Acquired Entity Purchases Price |
|
|
|
$ 4,150,000
|
|
|
|
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Jan. 31, 2015 |
Radio Mobile, Inc |
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Jan. 31, 2016 |
Jan. 31, 2015 |
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$ 26,000
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Computation of Basic and Diluted Weighted Average Shares Outstanding (Detail) - shares
|
3 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Weighted average shares outstanding for basic earnings (loss) per share |
8,716,712
|
8,286,831
|
Add effects of potentially dilutive securities-assumed exercise of stock options |
0
|
380,940
|
Weighted average shares outstanding for diluted earnings (loss) per share |
8,716,712
|
8,667,771
|
X |
- DefinitionThe sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation.
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v3.3.1.900
Summary of status of options granted under stock option plans and changes in options outstanding (Detail)
|
3 Months Ended |
Jan. 31, 2016
$ / shares
shares
|
Shares |
|
Options Outstanding at beginning of year | shares |
1,240,100
|
Options granted | shares |
51,192
|
Options exercised | shares |
(5,250)
|
Options canceled or expired | shares |
(21,703)
|
Options outstanding at end of year | shares |
1,264,339
|
Options exercisable at end of year | shares |
773,321
|
Options vested and expected to vest at end of year | shares |
1,257,911
|
Weighted Average Exercise Price |
|
Options outstanding at beginning of year | $ / shares |
$ 2.64
|
Options granted | $ / shares |
4.42
|
Options exercised | $ / shares |
3.72
|
Options canceled or expired | $ / shares |
5.42
|
Options outstanding at end of year | $ / shares |
3.43
|
Options exercisable at end of year | $ / shares |
3.03
|
Options vested and expected to vest at end of year | $ / shares |
$ 3.66
|
X |
- DefinitionThe number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.
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v3.3.1.900
Stock-based compensation and equity transactions - Additional Information (Detail) - USD ($)
|
3 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Weighted average remaining life of options outstanding |
5 years 14 days
|
|
Weighted average remaining contractual life of options exercisable |
3 years 5 months 12 days
|
3 years
|
Weighted average life of options vested and expected to vest |
5 years 11 days
|
5 years
|
Aggregate intrinsic value of options outstanding |
$ 1,200,000
|
|
Aggregate intrinsic value of options exercisable |
1,200,000
|
|
Aggregate intrinsic value of options vested and expected to vest |
1,200,000
|
|
Non-vested stock-based arrangements yet to be recognized |
$ 654,000
|
|
Stock based arrangements yet to be recognized, weighted average period expected to be recognized |
5 years 7 months 24 days
|
|
Stock Issued During Period, Value, Stock Options Exercised |
|
$ 1,060,000
|
Non-employee director annual grant |
$ 30,000
|
|
Options granted for each non-employee director |
51,192
|
|
Value of stock option issued |
$ 15,000
|
|
Fair value of stock option |
$ 0.87
|
|
Stock based compensation expense |
$ 52,000
|
$ 50,000
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value |
|
$ 1.00
|
Proceeds from Issuance of Common Stock |
|
$ 252,381
|
Employee | Incentive stock options |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Share-based compensation arrangement by share-based payment award, options, grants in period, gross |
|
127,558
|
Cost of Sales |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Stock based compensation expense |
10,000
|
$ 15,000
|
Selling, General and Administrative Expenses |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Stock based compensation expense |
$ 42,000
|
$ 35,000
|
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Concentrations of credit risk - Additional Information (Detail) - USD ($) $ in Millions |
1 Months Ended |
3 Months Ended |
Oct. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Concentration Risk [Line Items] |
|
|
|
Cash, FDIC insured amount |
|
$ 4.9
|
|
Sales Revenue, Goods, Net |
|
|
|
Concentration Risk [Line Items] |
|
|
|
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|
|
17.00%
|
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|
|
|
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|
|
|
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|
14.00%
|
|
Sales Revenue, Goods, Net | Customer Two [Member] |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Concentration risk, percentage |
|
13.00%
|
|
Accounts Receivable |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Concentration risk, percentage |
19.00%
|
|
|
Accounts Receivable | Customer One [Member] |
|
|
|
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|
|
|
Concentration risk, percentage |
|
17.00%
|
|
Accounts Receivable | Customer Two [Member] |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Concentration risk, percentage |
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15.00%
|
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Sales by geographic area (Detail) - USD ($) $ in Thousands |
3 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Revenue, Major Customer [Line Items] |
|
|
Sales revenue |
$ 6,984
|
$ 6,894
|
United States |
|
|
Revenue, Major Customer [Line Items] |
|
|
Sales revenue |
6,692
|
6,596
|
Canada |
|
|
Revenue, Major Customer [Line Items] |
|
|
Sales revenue |
71
|
114
|
Israel |
|
|
Revenue, Major Customer [Line Items] |
|
|
Sales revenue |
62
|
52
|
Mexico |
|
|
Revenue, Major Customer [Line Items] |
|
|
Sales revenue |
97
|
94
|
All other |
|
|
Revenue, Major Customer [Line Items] |
|
|
Sales revenue |
62
|
38
|
Foreign Countries, total |
|
|
Revenue, Major Customer [Line Items] |
|
|
Sales revenue |
$ 292
|
$ 298
|
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Intangible assets (Detail) - USD ($) $ in Thousands |
Jan. 31, 2016 |
Oct. 31, 2015 |
Intangible Assets [Line Items] |
|
|
Amortizable intangible assets, net |
$ 4,096
|
$ 4,268
|
Non-amortizable intangible assets, trade marks |
1,387
|
1,387
|
Non-compete agreements (estimated lives 3 - 5 years) |
|
|
Intangible Assets [Line Items] |
|
|
Amortizable intangible assets, gross |
310
|
310
|
Amortizable intangible assets, accumulated amortization |
(231)
|
(212)
|
Amortizable intangible assets, net |
79
|
98
|
Customer relationships (estimated lives 7 - 15 years) |
|
|
Intangible Assets [Line Items] |
|
|
Amortizable intangible assets, gross |
5,099
|
5,099
|
Amortizable intangible assets, accumulated amortization |
(1,237)
|
(1,101)
|
Amortizable intangible assets, net |
3,862
|
3,998
|
Backlog (estimated life 1 year) |
|
|
Intangible Assets [Line Items] |
|
|
Amortizable intangible assets, gross |
134
|
134
|
Amortizable intangible assets, accumulated amortization |
(114)
|
(100)
|
Amortizable intangible assets, net |
20
|
34
|
Patents (estimated life 14 years) |
|
|
Intangible Assets [Line Items] |
|
|
Amortizable intangible assets, gross |
142
|
142
|
Amortizable intangible assets, accumulated amortization |
(7)
|
(4)
|
Amortizable intangible assets, net |
$ 135
|
$ 138
|
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v3.3.1.900
Commitments - Additional Information (Detail)
|
1 Months Ended |
3 Months Ended |
Mar. 31, 2015
USD ($)
a
|
Apr. 30, 2014
USD ($)
|
Jan. 31, 2016
USD ($)
a
|
Jan. 31, 2015 |
Commitments And Contingencies [Line Items] |
|
|
|
|
Operating Leases, Rent Expense, Net, Total |
|
|
$ 280,000
|
|
Minimum annual rental payments |
|
$ 19,000
|
|
|
Lease Expiration Date |
|
Mar. 31, 2017
|
|
|
Yaphank [Member] | Commitments [Member] |
|
|
|
|
Commitments And Contingencies [Line Items] |
|
|
|
|
Lease Expiration Date |
|
|
Jun. 30, 2016
|
|
Area of Land | a |
|
|
12,000
|
|
Operating Leases, Rent Expense |
|
|
$ 13,000
|
|
Las Vegas [Member] | Commitments [Member] |
|
|
|
|
Commitments And Contingencies [Line Items] |
|
|
|
|
Lease Expiration Date |
|
|
|
Apr. 30, 2016
|
Area of Land | a |
4,500
|
|
|
|
Operating Leases, Rent Expense |
$ 4,270
|
|
|
|
East Brunswick [Member] | Commitments [Member] |
|
|
|
|
Commitments And Contingencies [Line Items] |
|
|
|
|
Lease Expiration Date |
|
|
Sep. 30, 2017
|
|
Area of Land | a |
|
|
15,000
|
|
Operating Leases, Rent Expense |
|
|
$ 11,655
|
|
Milford [Member] | Commitments [Member] |
|
|
|
|
Commitments And Contingencies [Line Items] |
|
|
|
|
Lease Expiration Date |
|
|
Aug. 30, 2017
|
|
Area of Land | a |
|
|
13,750
|
|
Operating Leases, Rent Expense |
|
|
$ 8,307
|
|
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