Business
RF Industries Reports Record Sales of $23.8 Million and 56% Sales Growth Year Over Year for the Third Quarter of Fiscal 2022
SAN DIEGO, CA / ACCESSWIRE / September 14, 2022 / 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, 2022 / RF Industries, Ltd, (NASDAQ:RFIL), a national manufacturer and marketer of interconnect products and systems, today announced its unaudited financial results for the third quarter of fiscal 2022 ended July 31, 2022.Third Quarter Fiscal 2022 Highlights and Operating Results:Net sales increased 11% sequentially and 56% year over year to $23.8 million.Microlab exceeded expectations delivering $6.5 million in sales in the quarter.Backlog of $30.6 million at July 31, 2022 on third quarter bookings of $26.8 million. As of today, backlog stands at $31.0 million.Gross profit margin was 30%, compared to 28% in the preceding second quarter, and 28% in the third quarter of fiscal 2021 (which excluded the impact of the Employee Retention Tax Credits (\"ERC\")).Consolidated net income was $771,000, or $0.08 per diluted share, compared to consolidated net income of $926,000, or $0.09 per diluted share, in the third quarter of fiscal 2021(which included the impact of the ERC).Non-GAAP net income was $1.2 million, or $0.12 per diluted share, compared to non-GAAP net income of $1.3 million, or $0.13 per diluted share, in the third quarter of fiscal 2021 (which included the impact of the ERC).Adjusted EBITDA was $2.1 million, compared to adjusted EBITDA of $1.0 million in the third quarter of fiscal 2021.Cash and cash equivalents were $5.1 million as of the end of the third quarter, and the Company's full $3.0 million revolver remains available.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.Fiscal 2022 Financial GuidanceFor the fiscal 2022 year ending October 31, 2022, RF Industries expects:Full year net sales of between $83 million to $85 million, which would represent growth of at least 45% year over year.Gross margin improvement for the full year as we continue to drive margin improvement opportunities and a better product mix.Robert Dawson, President and CEO of RF Industries, commented:\"We are pleased to report our highest quarterly revenue in company history. Q3 was another strong quarter of revenue growth and continued gross margin improvement that reflects both an organic increase in our overall business and higher margin...