-----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, Ajy3/r6jkqndL+aI2OmZWkJ9WrY8X6HhuahU6tggE0DtWsNdpC2/EudpiQixmayG 3uIi9MJdbZSuk2OloswrRQ== 0000740664-05-000010.txt : 20050214 0000740664-05-000010.hdr.sgml : 20050214 20050214170921 ACCESSION NUMBER: 0000740664-05-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20041031 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050214 DATE AS OF CHANGE: 20050214 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: 05612080 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 form8k2004feb.txt AUDITED FINANCIAL STATEMENTS - OCT 31, 2004 RF INDUSTRIES, LTD. For Immediate Release RF Connectors/Aviel/Neulink/Bioconnect Investor Contact: Company Contact: Neil Berkman Associates Howard Hill, President (310) 277 - 5162 (858) 549-6340 info@berkmanassociates.com rfi@rfindustries.com RF Industries' Announces Audited Fiscal 2004 and Fourth Quarter Results SAN DIEGO, CA, February 14, 2005 . . . RF INDUSTRIES, LTD. (NASDAQ:RFIL) today announced final audited results for the fiscal year ended October 31, 2004, the filing of its Annual Report on Form 10-KSB with the SEC and unaudited results for the fourth quarter. Net income for the year and fourth quarter ended October 31, 2004 was $1,224,000 and $374,000, respectively. These results replace preliminary unaudited earnings reported by RFI on January 7, 2005. For the fiscal year ended October 31, 2004, audited net income increased 72% to $1,224,000, or $0.33 per diluted share, compared to $711,000, or $0.19 per diluted share, for the fiscal year ended October 31, 2003. Sales increased 14% to a record $11,227,000, compared to $9,875,000, in fiscal 2003. RFI previously reported preliminary net income of $1,288,000, or $0.34 per diluted share, and sales of $11,333,000 for fiscal 2004. For the fourth quarter ended October 31, 2004, net income increased 24% to $373,000, or $0.10 per diluted share, compared to $301,000, or $0.09 per diluted share, in the same quarter last year. Sales increased 6% for the quarter to $3,229,000, compared to sales of $3,045,000 in same quarter last year. RFI previously reported preliminary unaudited fourth quarter net income of $437,000, or $0.12 per diluted share, and sales of $3,335,000 for the fourth quarter of fiscal 2004. The fourth quarter acquisition of Aviel Electronics added approximately $190,000 and $36,000 to sales and operating profits, respectively, for the fourth quarter of fiscal 2004. RFI's operating income improved to 18% of sales, compared to 12% of sales in fiscal 2003, and profitability benefited from a strong product mix at RF Connector and higher Bioconnect sales. At October 31, 2004, RFI reported cash and cash equivalents of $4,497,000, working capital of $9,696,000, an 18 to 1 current ratio, no long-term debt and stockholders' equity of $10,455,000, or $3.49 per share. RFI's RF 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. Aviel Electronics provides custom microwave, and RF Connector solutions to aerospace, OEM and Government agencies. Neulink 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. * * * * * #3803 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 Statements of Income Three Months Ended Fiscal Year Ended October 31, October 31, ---------------------------- ------------------------------- 2004 2003 2004 2003 (unaudited) Net sales $ 3,229,066 $ 3,045,189 $ 11,227,242 $ 9,875,499 Cost of sales 1,562,050 1,664,516 5,539,945 5,079,307 ----------- ----------- ------------ ------------ Gross profit 1,667,016 1,380,673 5,687,297 4,796,192 ----------- ----------- ------------ ------------ Operating expenses: Engineering 148,612 188,331 486,202 753,562 Selling and general 873,407 666,231 3,154,074 2,849,506 ----------- ----------- ------------ ------------ Total expenses 1,022,019 854,562 3,640,276 3,603,068 ----------- ----------- ------------ ------------ Operating income 645,997 526,111 2,047,021 1,193,124 Interest income 7,697 5,094 17,110 22,321 ----------- ----------- ------------ ------------ Income before provision for income taxes 652,694 531,205 2,064,131 1,215,445 Provision for income taxes 280,000 230,050 840,000 504,700 ----------- ----------- ------------ ------------ Net Income $ 372,694 $ 301,155 $ 1,224,131 $ 710,745 =========== =========== ============ ============ Earnings per share - basic $ .13 $ .11 $ .42 $ .23 =========== =========== ============ ============ Earnings per share - diluted $ .10 $ .09 $ .33 $ .19 =========== =========== ============ ============ Basic weighted average shares outstanding 2,964,362 2,661,384 2,906,806 3,053,352 =========== =========== ============ ============ Diluted weighted average shares outstanding 3,805,136 3,329,159 3,751,281 3,670,625 =========== =========== ============ ============
Condensed Balance Sheets October 31, October 31, 2004 2003 ------------- ------------- Cash and investments $ 4,497,322 $ 2,683,896 Accounts receivable, net 1,516,035 1,701,618 Inventories 3,789,958 3,455,018 Other current assets 456,138 305,679 ------------ ------------ Total current assets 10,259,453 8,146,211 Equipment and furnishings, net 563,040 328,124 Other assets 248,229 133,755 ------------ ------------ Total assets $11,070,722 $ 8,608,090 Current liabilities $ 563,056 $ 509,992 Deferred tax liabilities 53,000 40,000 Stockholders' equity 10,454,666 8,058,098 ------------ ------------ Total liabilities & stockholders' equity $11,070,722 $ 8,608,090 -----END PRIVACY-ENHANCED MESSAGE-----