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RF Industries Announces First Quarter Fiscal 2023 Results
SAN DIEGO, CA / ACCESSWIRE / March 13, 2023 / RF Industries, Ltd, (NASDAQ:RFIL), a national manufacturer and marketer of interconnect products and systems,
About this update from Rf Industries, Ltd.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / March 13, 2023 / RF Industries, Ltd, (NASDAQ:RFIL), a national manufacturer and marketer of interconnect products and systems, today announced results for its first fiscal quarter ended January 31, 2023.First Quarter Fiscal 2023 Highlights and Operating Results:Net sales increased 8.4% to $18.3 million compared to the first quarter of fiscal 2022.Backlog was $24.5 million at the end of the first quarter on bookings of $15.0 million. As of today, backlog stands at $24.0 million.Gross profit margin was 27.7%, up 360 basis points from 24.1% in the first quarter of fiscal 2022, primarily due to the contribution of Microlab's higher margin sales.Operating loss was $(1.2) million compared to an operating loss of $(362,000) in the first quarter of fiscal 2022, primarily due to lower sales to wireless carriers, as well as non-cash rent expense and other one-time charges totaling $494,000.Consolidated net loss was $(1.2) million, or $(0.11) per diluted share, compared to a net loss of $(277,000), or $(0.03) per diluted share in the first quarter of fiscal 2022. This is primarily due to lower sales to wireless carriers, and loan interest payments offset by an income tax benefit.Non-GAAP net loss was $(25,000), or $(0.00) per diluted share compared to non-GAAP net income of $691,000, or $0.07 per diluted share in the first quarter of fiscal 2022.Adjusted EBITDA was $78,000 compared to $691,000 in the first quarter of fiscal 2022.See \"Note Regarding Use of Non-GAAP Financial Measures,\" \"Unaudited Reconciliation of GAAP to non-GAAP Net Income\" and \"Unaudited Reconciliation of Net Income to Adjusted EBITDA\" below for additional information.Management Commentary\"We delivered revenue growth of 8.4% year-over-year and gross margin increased 360 basis points to 27.7% for the first quarter of fiscal 2023, which is historically our seasonally softest quarter of the year. We expected the quarter to be better as roughly $1.4 million in orders were delayed due to customer delays. During the quarter, we did not see carriers resume the expected level of CapEx spending related to next-generation wireless buildouts, which we expect will have an impact at least into our second quarter. Our core run-rate business, which is less project-centric, remains strong with many products selling through our distribution network. We...