-----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, RvQlHB+LcFt1YdEZ78OFbmU4ojXcJk+Kov7a8KpEzYFfi+6o+n6JwKyL2+I6x2dg HtXpfM/omgfV5r3uikonKg== 0000740664-03-000048.txt : 20031224 0000740664-03-000048.hdr.sgml : 20031224 20031224112002 ACCESSION NUMBER: 0000740664-03-000048 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031031 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031224 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: 031073097 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 form8kdec2003.txt FORM 8-K - YEAR END 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) December 23, 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 December 23, 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 fiscal year ended October 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. December 23, 2003 By: /s/ Terrie A. Gross ------------------------- Terrie A. Gross Chief Financial Officer EX-99 3 pr122303.txt PRESS RELEASE - DECEMBER 23, 2003 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' Fourth Quarter Net Triples to $0.09 Per Share On 23% Sales Gain Fiscal 2003 Sales Reach Record $9,875,000 --------------------------------------------- SAN DIEGO, CA, December 23, 2003 . . . RF INDUSTRIES, LTD. (NASDAQ:RFIL) today announced that for the fourth quarter ended October 31, 2003, net income tripled to $301,000, or $0.09 per diluted share, compared to $95,000, or $0.02 per diluted share, in the same quarter last year. Sales increased 23% to a record $3,045,000, compared to $2,479,000 in the fourth quarter of fiscal 2002. For the fiscal year ended October 31, 2003, net income nearly doubled to $711,000, or $0.19 per share, compared to $380,000, or $0.09 per diluted share, for fiscal 2002. Sales increased 11% to a record $9,875,000 compared to sales of $8,916,000 last year. "Record sales reflect the strong rebound, in the second half of fiscal 2003, in the wireless and telecommunications markets. For the year, RF Connectors' sales increased 7% to $8,588,000, and gross margin benefited from higher shipments of custom coaxial cable products and high margin coaxial connectors for Wi-Fi applications. Results also benefited from Neulink's 49% sales increase to $1,288,000," said Howard Hill, president of RF Industries. Noting that selling, general and administrative expenses fell to 29% of sales for fiscal 2003, compared to 33% of sales in fiscal 2002, Hill said, "The benefits of consolidating Bioconnect's operations with RF Connector actually reduced total selling, general and administrative expenses in the fourth quarter and for all of fiscal 2003. Continued tight cost controls, combined with Bioconnect's new product line, should contribute to improved operating profitability in the current fiscal year. "Our markets have strengthened and we are addressing new opportunities in telecom and Wi-Fi applications. With the recent purchase of high-speed production equipment to expand cable assembly and Bioconnect product line offerings, the introduction of Neulink's NL6000 high-speed narrow band modem and the development of unique RF connectors for Military, Aerospace and OEM applications, RFI looks forward to increased sales and profitability in the current fiscal year." At October 31, 2003, RFI reported cash and cash equivalents of $2,684,000, working capital of $7,636,000, a 16 to 1 current ratio, no long-term debt and stockholders' equity of $8,058,000, or $3.00 per share. RF Industries' Connectors division designs and distributes radio frequency (RF) coaxial connectors and cable assemblies used for Wi-Fi, 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. * * * * *
#3470 RF Industries, Ltd. and Subsidiary Condensed Consolidated Statements of Income Three Months Ended Fiscal Year Ended October 31, October 31, ------------------------ ----------------------- 2003 2002 2003 2002 ---------- --------- --------- --------- (unaudited) Net sales ...................................... $ 3,045,189 $ 2,478,902 $ 9,875,499 $ 8,915,935 Cost of sales .................................. 1,664,516 1,376,959 5,079,307 4,669,673 ---------- ---------- ---------- ---------- Gross profit ................................ 1,380,673 1,101,943 4,796,192 4,246,262 ---------- ---------- ---------- ---------- Operating expenses: Engineering .................................. 188,331 168,109 753,562 644,120 Selling and general .......................... 666,231 698,031 2,849,506 2,964,072 Impairment of goodwill ....................... -- 220,509 -- 220,509 ---------- ---------- ---------- ---------- Total expenses ............................ 854,562 1,086,649 3,603,068 3,828,701 ---------- ---------- ---------- ---------- Operating income ............................... 526,111 15,294 1,193,124 417,561 ---------- ---------- ---------- ---------- Other income: Realized loss on sale of securities .......... -- -- -- (8,192) Commissions .................................. -- -- -- 23,101 Contract settlement .......................... -- 272,031 -- 272,031 Interest, net ................................ 5,094 10,305 22,321 67,483 ---------- ---------- ---------- ---------- Total other income ........................ 5,094 282,336 22,321 354,423 ---------- ---------- ---------- ---------- Income before provision for income taxes ....... 531,205 297,630 1,215,445 771,984 Provision for income taxes ..................... 230,050 202,300 504,700 392,300 ---------- ---------- ---------- ---------- Net Income ................................ $ 301,155 $ 95,330 $ 710,745 $ 379,684 ========== ========== ========== ========== Earnings per share - basic ..................... $ .11 $ .03 $ .23 $ .11 ========== ========== ========== ========== Earnings per share - diluted ................... $ .09 $ .02 $ .19 $ .09 ========== ========== ========== ========== Basic weighted average shares outstanding ...... 2,661,384 3,441,054 3,053,352 3,441,054 ========== ========== ========== ========== Diluted weighted average shares outstanding .... 3,329,159 4,050,638 3,670,625 4,050,638 ========== ========== ========== ==========
Condensed Consolidated Balance Sheets October 31, October 31, 2003 2002 ----------- ---------- Cash and investments .............................. $ 2,683,896 $ 3,939,299 Accounts receivable ............................... 1,701,618 1,146,439 Inventories ....................................... 3,455,018 4,143,617 Other current assets .............................. 305,679 343,996 ----------- ----------- Total current assets ......................... 8,146,211 9,573,351 Property plant & equipment, net ................... 328,124 434,823 Other assets ...................................... 133,755 137,976 ----------- ------------ Total assets ................................. $ 8,608,090 $10,146,150 =========== ============ Current liabilities ............................... $ 509,992 $ 442,659 Non-current liabilities ........................... 40,000 107,800 Shareholders' equity .............................. 8,058,098 9,595,691 ----------- ------------ Total liabilities & shareholders' equity ..... $ 8,608,090 $10,146,150 =========== ============ -----END PRIVACY-ENHANCED MESSAGE-----