Business
RF Industries Reports Sales Growth of 69% Year Over Year for the First Quarter of Fiscal 2022 and Raises Full Year Revenue Guidance
SAN DIEGO, CA / ACCESSWIRE / March 17, 2022 / 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 17, 2022 / RF Industries, Ltd, (NASDAQ:RFIL), a national manufacturer and marketer of interconnect products and systems, today announced its unaudited financial results for the first quarter of fiscal 2022 ending January 31, 2022.First Quarter Fiscal 2022 Highlights and Operating Results:Net sales increased 69% year over year to $16.9 million.Backlog of $27.9 million at January 31, 2022. As of today, backlog stands at $24.9 million, which does not include contribution from the Company's recently completed acquisition of Microlab.Gross profit margin was 24%, compared to 26% in the first quarter of fiscal 2021, and was impacted by the current state of the supply chain.Operating loss was ($362,000), compared to an operating loss of ($589,000) in the first quarter of fiscal 2021.Excluding one time expenses of $734,000, primarily related to the acquisition of Microlab, operating income was $372,000.Net loss was ($277,000), or ($0.03) per diluted share, compared to a net loss of ($403,000), or ($0.04) per diluted share, in the first quarter of fiscal 2021.Non-GAAP net income was $596,000, or $0.06 per diluted share, compared to a non-GAAP net loss of ($280,000), or ($0.03) per diluted share, in the first quarter of fiscal 2021.Adjusted EBITDA was $691,000, compared to an adjusted EBITDA loss of ($229,000), in the first quarter of fiscal 2021.Cash and cash equivalents were $13.5 million.Fiscal 2022 Financial GuidanceFor the fiscal 2022 year ending October 31, 2022, RF Industries expects:Full year total revenue to be greater than $75 million, an increase from its previously announced fiscal 2022 revenue guidance of greater than $63 million.Gross margins to increase in coming quarters as product mix changes and supply chain impacts moderate.Robert Dawson, President and CEO of RF Industries, commented:\"We are pleased to report our fourth consecutive quarter of strong year-over-year revenue growth for the first quarter, which is seasonally our softest quarter of the year. While our sales have improved significantly from the first quarter of fiscal 2021, our margins and bottom line were impacted by one-time costs associated with the Microlab acquisition, as well as the continued impact of the current state of the supply chain.\"Product mix related to the concentrated business with our large Tier 1 custome...