Business
RF Industries Reports Sales Growth of 94% Year Over Year for the Second Quarter of Fiscal 2022 and Raises Full Year Revenue Guidance
SAN DIEGO, CA / ACCESSWIRE / June 14, 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 / June 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 second quarter of fiscal 2022 ended April 30, 2022.Second Quarter Fiscal 2022 Highlights and Operating Results:Net sales increased 94% year over year to $21.5 million; excluding Microlab, net sales increased 64% year over year to $18.1 million.Backlog of $27.6 million at April 30, 2022 on second quarter bookings of $18.8 million; excluding Microlab, backlog of $22.8 million and bookings of $13 million. As of today, backlog stands at $34 million.Gross profit margin was 28%, compared to 24% in the preceding first quarter, and 27% in the second quarter of fiscal 2021 (which excludes the impact of the Employee Retention Tax Credits (\"ERC\")).Operating income was $746,000 (which includes $637,000 in acquisition related and other one-time charges), compared to operating income of $42,000 in the second quarter of fiscal 2021 (which excluded the impact of the ERC and forgiveness of loans from the Paycheck Protection Program (\"PPP\")).Net income was $503,000, or $0.05 per diluted share, compared to net income of $4.8 million, or $0.48 per diluted share, in the second quarter of fiscal 2021 (which included the positive impact of the ERC and the forgiveness from the PPP loans).Non-GAAP net income was $1.3 million, or $0.13 per diluted share, compared to non-GAAP net income of $5.0 million, or $0.49 per diluted share, in the second quarter of fiscal 2021 (which included the positive impact of the ERC and the forgiveness from the PPP loans).Adjusted EBITDA was $2.0 million, compared to an Adjusted EBITDA of $355,000 in the second quarter of fiscal 2021.Cash and cash equivalents were $3.8 million and the Company's full $3 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 total revenue of $80 million, up from its previous guidance of $75 million.Gross margins expected to increase as product mix changes and supply chain impac...