-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TcJbMs+UR8HXqAaX8vkKFbXXl+Nv5GnrYqeZCyAZKN9NsUa5klS/AFErMGcbvnVf RyA2MA/KBm5Yo/DqkHxh0g== 0000740664-03-000026.txt : 20030908 0000740664-03-000026.hdr.sgml : 20030908 20030908094736 ACCESSION NUMBER: 0000740664-03-000026 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030731 ITEM INFORMATION: Other events FILED AS OF DATE: 20030908 FILER: COMPANY DATA: COMPANY CONFORMED NAME: R F INDUSTRIES LTD CENTRAL INDEX KEY: 0000740664 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC CONNECTORS [3678] IRS NUMBER: 880168936 STATE OF INCORPORATION: NV FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13301 FILM NUMBER: 03885175 BUSINESS ADDRESS: STREET 1: 7610 MIRAMAR RD STREET 2: BLDG 6000 CITY: SAN DIEGO STATE: CA ZIP: 92126-2313 BUSINESS PHONE: 8585496340 MAIL ADDRESS: STREET 1: 7620 MIRAMAR RD #4100 STREET 2: 7620 MIRAMAR RD #4100 CITY: SAN DIEGO STATE: CA ZIP: 92126-4202 FORMER COMPANY: FORMER CONFORMED NAME: CELLTRONICS INC DATE OF NAME CHANGE: 19910204 8-K 1 form8k0703.txt FORM 8K FOR 3RD QUARTER 2003 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date Of Report: (Date of earliest event reported) September 8, 2003 RF INDUSTRIES, LTD. (Name of small business issuer in its charter) Nevada 0-13301 88-0168936 (State or Other Jurisdiction (Commission File Number) (I.R.S. Employer of Incorporation) Identification No.) 7610 Miramar Road, Bldg. 6000, San Diego, California 92126-4202 (Address of Principal Executive Offices) (858) 549-6340 (Registrant's Telephone Number) Item 7. Financial Statements and Exhibits (a) Not applicable (b) Not applicable (c) Exhibits Exhibit No. Description 99.2 Press Release issued September 8, 2003* * This exhibit is intended to be furnished and shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended. ITEM 12. Results of Operations and Financial Condition The information in this report and the exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall they be deemed incorporated by reference in any filing with the Securities and Exchange Commission under the Securities Exchange Act of 1934 or the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. RF Industries, Ltd. today issued a press release regarding its financial results for the quarter ended July 31, 2003. A copy of the press release is attached as Exhibit 99.2. SIGNATURES Pursuant to 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 hereunto duly authorized. September 8, 2003 By: /s/ Terrie A. Gross ------------------------- Terrie A. Gross Chief Financial Officer EX-99 2 exhibit.txt EXHIBIT 99.2 PRESS RELEASE FOR 3RD QUARTER Exhibit 99.2 RF INDUSTRIES, LTD. For Immediate Release RF Connectors/Neulink Telemetry/Bioconnect Medical - -------------------------------------------------- Investor Contact: Company Contact: Neil Berkman Associates Howard Hill, President (310) 277 - 5162 (858) 549-6340 info@berkmanassociates.com rfi@rfindustries.com RF Industries Third Quarter Net Jumps to $0.06 vs $0.01 Per Share On 8% Sales Gain SAN DIEGO, CALIFORNIA, September 8, 2003 . . . RF INDUSTRIES, LTD., (NASDAQ:RFIL) today announced that net income for the third quarter of fiscal 2003 ended July 31, 2003 increased nearly fivefold to $198,000, or $0.06 per diluted share, compared to $41,000, or 0.01 per diluted share, in the same quarter last year. Sales increased 8% to $2,337,000 from $2,161,000 in the same quarter last year. For the nine months ended July 31, 2002, net income increased 44% to $410,000, or $0.11 per diluted share, compared to $284,000, or $0.07 per diluted share, in same period last year. Sales increased 6% to $6,830,000 compared to $6,437,000 in the same period last year. "Increased sales of custom coaxial connectors and cable products, primarily for Wi-Fi network applications, helped raise overall gross margin to 50.8% of sales, compared to only 45% of sales in the third quarter last year. Over at Neulink, sales nearly doubled in the quarter to $208,000 on higher sales of wireless transceivers. Our enhanced profitability is also apparent in the 10% reduction in third quarter sales, general and administrative expenses, a $300,000 annual rate, reflecting the benefits of closing the Bioconnect facilities and combining operations with RF Connectors", said Howard Hill, president of RF Industries. "Neulink has finished development and anticipates commencing volume production of its new NL6000 modem this Fall. This wireless transceiver operates at higher data rates on the new narrow band channels and uses advanced digital signal processing correction to provide outstanding performance, internet protocol addressability and USB network connectivity. The NL6000's design flexibility will enable Neulink to custom manufacture different configurations to address a wide range of customer speed and power requirements in the wireless data market. Our customers have already expressed a strong interest in this new product", said Hill. At July 31, 2003, RFI reported cash and cash equivalents of $2,486,000, working capital of $7,314,000, a 18 to 1 current ratio, no debt and stockholders' equity of $7,692,000, or $2.87 per share. RF Industries' Connectors division designs and distributes radio frequency (RF) coaxial connectors and cable assemblies used for PCS, radio, test instruments, computer networks and antenna devices. The Neulink division designs and markets wireless digital data transmission products for industrial monitoring, wide area networks, GPS tracking and locations systems. RFI's Bioconnect operation designs, manufactures and distributes specialized electrical cabling and interconnect products to the medical monitoring market. The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties, including, without limitation, uncertainties detailed in the Company's Securities and Exchange Commission filings. (table attached) RF INDUSTRIES, LTD. SUMMARY STATEMENTS OF INCOME (unaudited)
Three Months Ended Nine Months Ended -------------------------- -------------------------- July 31, July 31, 2003 2002 2003 2002 ------------ ------------ ------------ ----------- Net Sales ................................. $ 2,337,410 $ 2,161,127 $ 6,830,310 $ 6,437,033 Cost of Sales ............................. 1,151,146 1,186,038 3,414,791 3,292,714 ----------- ----------- ----------- ---------- Gross Profit ........................... 1,186,264 975,089 3,415,519 3,144,319 Operating expenses: Engineering ............................ 178,933 169,784 565,231 476,011 Selling and general .................... 684,425 760,430 2,183,275 2,266,041 ----------- ----------- ----------- ---------- Total expenses ...................... 863,358 930,214 2,748,506 2,742,052 Operating income .......................... 322,906 44,875 667,013 402,267 Other income (expense): Realized loss on sales of investments .. -- (8,192) -- (8,192) Commissions ............................ -- 14,886 -- 23,101 Interest ............................... 1,122 17,175 17,227 57,178 ----------- ----------- ----------- ---------- Total other income .................. 1,122 23,869 17,227 72,087 Income before provision for income taxes .. 324,028 68,744 684,240 474,354 Provision for income taxes ................ 125,750 28,000 274,650 190,000 ----------- ----------- ----------- ---------- Net income ........................... $ 198,278 $ 40,744 $ 409,590 $ 284,354 =========== =========== =========== ========== Basic earnings per share .................. $ 0.07 $ 0.01 $ 0.13 $ 0.08 =========== =========== =========== ========== Diluted earnings per share ................ $ 0.06 $ 0.01 $ 0.11 $ 0.07 =========== =========== =========== ========== Basic weighted average shares outstanding . 2,768,571 3,409,354 3,185,864 3,409,354 Diluted weighted average shares outstanding 3,326,677 3,738,371 3,580,094 3,814,647
Summary Balance Sheets July 31, October 31, 2003 2002 ------------- ------------ (Unaudited) (Audited) Cash and Cash Equivalents ........................ $ 2,486,207 $ 3,939,299 Trade Accounts Receivable, Net ................... 1,137,525 1,146,439 Inventories, net ................................. 3,701,879 4,143,617 Other Current Assets ............................. 410,613 343,996 Total Current Assets ................... 7,736,224 9,573,351 ----------- ----------- Property, Plant & Equipment, Net ................ 352,832 434,823 Other Assets ..................................... 133,071 137,976 Total Assets ........................... $ 8,222,127 $10,146,150 =========== =========== Total Current Liabilities ........................ $ 422,255 $ 442,659 Deferred Tax Liabilities ......................... 107,800 107,800 ----------- ----------- Total Liabilities ...................... 530,055 550,459 Total Stockholders' Equity ....................... 7,692,072 9,595,691 ----------- ----------- Total Liabilities & Stockholders' Equity $ 8,222,127 $10,146,150 =========== =========== -----END PRIVACY-ENHANCED MESSAGE-----