Business
RF Industries Reports Sales Growth of 38% Sequentially for the Fourth Quarter and 33% Year Over Year for Fiscal 2021
SAN DIEGO, CA / ACCESSWIRE / December 22, 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 / December 22, 2021 / RF Industries, Ltd, (NASDAQ:RFIL), a national manufacturer and marketer of interconnect products and systems, today announced its unaudited financial results for the fourth quarter and fiscal year ended October 31, 2021.Fourth Quarter Fiscal 2021 Highlights and Operating Results:Net sales increased 38% sequentially and 97% year over year to $21.1 million.Backlog of $33.3 million at October 31, 2021 on fourth quarter bookings of $22.9 million. As of today, backlog stands at $30.5 million.Gross profit margin was 25.3%, compared to 27.8% in the preceding third quarter, excluding the impact of the Employee Retention Tax Credits (\"ERC\").Operating income was $1.1 million, up from operating income of $393,000 in the preceding third quarter, excluding the impact of the ERC.Net income was $813,000, or $0.08 per diluted share.Non-GAAP net income was $1.1 million, or $0.10 per diluted share.Adjusted EBITDA was $1.5 million, up 47% from $1.0 million in the preceding third quarter, excluding the impact of the ERC.Fiscal 2021 Highlights and Operating Results:Net sales increased 33% year over year to $57.4 million.Gross profit margin was 30.9%, including the impact of the ERC, and 26.4%, excluding the impact of the ERC, compared to 26.9% for fiscal 2020.Operating income was $4.4 million, including the impact of the ERC, and $929,000, excluding the impact of the ERC, compared to an operating loss of $403,000 for fiscal 2020.Net income was $6.2 million, or $0.61 per diluted share, which includes the impact of $3.5 million in ERC and $2.8 million in PPP loan forgiveness recognized in fiscal 2021.Non-GAAP net income was $7.1 million, or $0.70 per diluted share.Adjusted EBITDA increased 109% year over year to $2.7 million.Cash and cash equivalents at year-end were $13.0 million.Robert Dawson, President and CEO of RF Industries, commented:\"We are pleased to report our third consecutive quarter of strong sequential and year-over-year revenue growth for the fourth quarter, and significant growth in all our markets and channels for both the quarter and full fiscal year. The team did a great job to overcome the headwinds presented by the current state of the supply chain and increases in material and shipping costs. Our complete product offering enables us to sell into every wireless Tier-1 carrier's n...