RF Industries Announces Preliminary Unaudited Year-Over-Year Sales Growth of 117% for the Fiscal Year Ended October 31, 2018
December 04 2018 - 4:01PM
via NEWMEDIAWIRE --
RF Industries, Ltd, (NASDAQ: RFIL),
a national manufacturer and marketer of interconnect products and
systems, today announced selected preliminary unaudited
financial results for its fiscal year ended October 31, 2018.
Preliminary Unaudited Fiscal Year 2018
Results
Fiscal 2018 sales are expected to be approximately
$58 million, compared to $31 million a year ago, an increase of
approximately 87% year over year. These results include the
Company’s Comnet Telecom Supply subsidiary that was sold on October
31, 2018. Fiscal 2018 and 2017 sales, excluding Comnet sales, are
expected to be approximately $50 million, compared to $23 million a
year ago, representing an increase of 117% year over
year.
Net income for the current fiscal year is expected
to be between $5.6 million and $5.8 million, or $0.59 and $0.61 per
diluted share respectively, compared to $0.4 million or $0.04 per
fully diluted share a year ago. Fiscal 2018 and 2017 net
income includes $0.2 million loss and $0.2 million income from
discontinued operations, respectively, from Comnet.
As of October 31, 2018, backlog was $12 million,
up from $8 million at the prior quarter end at July 31,
2018.
Robert Dawson, President and CEO of RF
Industries, commented:
“Our solid financial results for fiscal 2018
reflect the positive outcome of our efforts to drive profitable
sales growth as part of our long-term strategy. This growth
validates that our offer of high-quality products, flexibility in
design, and fast turn-around time is resonating in the market.
Going into fiscal 2019, we will continue to focus on our customers’
needs and leverage our strong customer relationships and
distribution channels to further expand and diversify.”
Mr. Dawson and CFO Mark Turfler are scheduled to
meet with investors and present at the 11th Annual LD Micro Main
Event Investor Conference on Wednesday, December 5, 2018 at 9:30 am
Pacific Time. The presentation will be webcast live and available
for replay via the investor relations section of the company's
website at www.rfindustries.com.
The Company will publish its final audited
financial results for the fourth quarter and fiscal year ended
October 31, 2018 and host a conference call and audio only webcast
after market close on December 20, 2018. The time and access
details for the conference call and webcast will be provided in
advance of this date.
About RF Industries
RF Industries designs and manufactures a broad
range of interconnect products across diversified, growing markets
including wireless/wireline telecom, data communications and
industrial. The Company's products include RF
connectors, coaxial cables, wire harnesses, fiber
optic cables and custom cabling. The Company is
headquartered in San Diego, California with operations in New York
and 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, including higher sales,
increased future demand for the Company's products, improved
margins and improved profitability, 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; the
impact of existing and additional future tariffs imposed by U.S.
and foreign nations; the Company's ability to execute on its new
go-to-market strategies and channel models; its ability to expand
its OEM relationships; its ability to continue to deliver newly
designed and custom fiber optic and cabling products to principal
customers; its ability to maintain strong margins and diversify its
customer base, and its ability to address the changing needs of the
market. 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.
Contacts:
RF Industries
Mark Turfler
SVP/CFO
(858) 549‑6340
rfi@rfindustries.com
MKR Group Inc.
Todd Kehrli
Analyst/Investor Contact
(323) 468-2300
rfil@mkr-group.com
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