Business
RF Industries Reports Sales Growth of 31% Year-Over-Year in Third Quarter of Fiscal 2019
SAN DIEGO, Sept. 12, 2019 (GLOBE NEWSWIRE) -- 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, Sept. 12, 2019 (GLOBE NEWSWIRE) -- RF Industries, Ltd, (NASDAQ: RFIL), a national manufacturer and marketer of interconnect products and systems, today announced its financial results for the third quarter of fiscal 2019 ended July 31, 2019.\n Third Quarter Fiscal 2019 Financial Highlights: Net sales increased 31% year-over-year to $15.5 millionNet income of $1.0 million or $0.11 per diluted shareBacklog of $8.0 million at July 31, 2019 ($10 million as of today) on third quarter bookings of $13.4 millionDeclared $0.02 per share dividend, the Company’s 37th consecutive quarterly dividend Robert Dawson, President and CEO of RF Industries, commented: \"We are pleased to report another strong quarter that includes solid sales growth both sequentially and year-over-year. This increase reflects both organic growth and inorganic growth from our recent acquisition of C Enterprises, which showed a healthy increase in its business this quarter. We also continued to generate sales from the wireless carrier ecosystem and drove growth in our distribution business during the quarter. This quarter was a great example of our ability to be profitable at varying revenue levels, even while we strategically invested in our people and our operations. Looking ahead, we will continue to execute on our long-term growth plan and expect to achieve year-over-year sales growth in both the fourth quarter and for our fiscal 2019 full year as we work toward our plan of reaching $100 million in sales over the next few years.” Third Quarter Fiscal 2019 Results Net sales in the third quarter of fiscal 2019 were $15.5 million, a sequential increase of 14%, or $1.9 million, compared to the preceding second quarter, and an increase of 31%, or $3.7 million, compared to $11.8 million in the third quarter of fiscal 2018. The increase in net sales reflects a full quarter of sales contribution from C Enterprises, as well as growth in both the Company’s traditional run rate business and its project work in the OEM and wireless carrier markets. Gross profit for the third quarter was $4.3 million, an increase of 4% compared to the preceding second quarter and up 6% compared to the third quarter of fiscal 2018. Gross margins were 28% of net sales compared to 34% of net sales in the fiscal 2018 quarter primarily due to product mix at the Custom Cabling segment as ...