Business
RF Industries Announces Third Quarter Fiscal 2023 Results
SAN DIEGO, CA / ACCESSWIRE / September 14, 2023 / RF Industries, Ltd. (NASDAQ:RFIL), a national manufacturer and marketer of interconnect products and
About this update from Rf Industries, Ltd.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / September 14, 2023 / RF Industries, Ltd. (NASDAQ:RFIL), a national manufacturer and marketer of interconnect products and systems, today announced results for its third fiscal quarter ended July 31, 2023.Third Quarter Fiscal 2023 Highlights and Operating Results:Net sales decreased 34% to $15.7 million compared to sales of $23.8 million in the third quarter of fiscal 2022, primarily the result of the decrease in sales of hybrid fiber cables to wireless carrier customers and sales related to carrier projects involving approved RF components.Backlog was $17.2 million at the end of the third quarter on bookings of $14.0 million. As of today, backlog stands at $16.7 million.Gross profit margin was 24.4%, down from 30.4% in the third quarter of fiscal 2022, primarily related to the overall decrease in sales.Operating loss was $(2.0) million compared to operating income of $1.1 million in the third quarter of fiscal 2022, due to lower net sales.Consolidated net loss was $(1.6) million, or $(0.16) per diluted share, compared to net income of $771,000, or $0.08 per diluted share in the third quarter of fiscal 2022. This is primarily due to lower net sales.Non-GAAP net loss was $(784,000) or $(0.08) per diluted share compared to non-GAAP net income of $1.6 million, or $0.16 per diluted share in the third quarter of fiscal 2022.Adjusted EBITDA was $(940,000) compared to $2.1 million in the third quarter of fiscal 2022.Cost reduction initiatives reduced operating expenses approximately $330,000 compared to the third quarter of fiscal 2022; looking ahead, we expect these cost savings to further materialize and estimate an annual reduction in operating expenses of approximately $2.5 million.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\"Our fiscal third quarter was challenging as we continued to experience the same obstacles that our much larger peer companies are seeing due to the pause in wireless carrier capex spending. We saw sales and profits decline in the quarter as wireless carrier customers asked us to hold shipments as they seek to work through their inventories, and we shipped very little hybrid fiber cable prod...