Business
RF Industries Reports Financial Results for First Quarter of Fiscal 2021; Reiterates Guidance for Year-Over-Year Growth in Full-Year 2021 Revenue
SAN DIEGO, CA / ACCESSWIRE / March 11, 2021 / 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 11, 2021 / RF Industries, Ltd., (NASDAQ:RFIL), a national manufacturer and marketer of interconnect products and systems, today announced its financial results for the first quarter of fiscal 2021 ended January 31, 2021.First Quarter Fiscal 2021 Highlights and Operating Results:Net Sales of $10.0 million in the quarter, 6.5% lower sequentially compared to the fourth quarter of fiscal 2020. The decline was due to the seasonality in the Company's fiscal first quarter with less business days, as well as delayed shipments of some large orders in the carrier ecosystem.Gross profit margin of 26% in the quarter, down 0.2% compared to the gross profit margin in the first quarter of 2020. The gross profit percentage in the first quarter reflects the impact of the lower net sales number on cost of labor, as well as product mix.GAAP net loss per diluted share of ($0.04) in the first quarter compared to GAAP net income per share of $0.02 in the fourth quarter of 2020 and $0.00 in the first quarter of 2020.Backlog at quarter-end increased to $7.1 million and subsequent to the end of the quarter now stands at more than $8 million and continues to rise. This compared to backlog of $6.3 million at the end of Q4.Cash and cash equivalents of $15.5 million at January 31, 2021, compared to $15.8 million at October 31, 2020 and $14.4 million at January 31, 2020.Distribution sales increased 15% in the first quarter of 2021 compared to the first quarter of 2020. Received multiple large orders from customers in the carrier ecosystem in Q1 including first purchase order ($1.2 million) from a brand new carrier customer for hybrid fiber solutions.PPP loans forgiven subsequent to end of quarter with financial impact occurring in Q2.Robert Dawson, President and CEO of RF Industries, commented:\"In addition to the continued challenging market conditions, our fiscal first quarter is seasonally our softest quarter of the year, and this year is no exception. The dynamics of the quarter included some significant new wins in the carrier ecosystem along with project delays that are similar to what we've experienced the last few quarters. This year's quarter also had no sales to the concentrated Tier 1 carrier customer from the prior year, though that decline was partially offset by 15% growth in sales through our distribution cha...