Business
RF Industries Reports Sequential Sales Growth of 11% in Second Quarter of Fiscal 2021; Reiterates Guidance for Year-Over-Year Growth in Full-Year 2021 Revenue
SAN DIEGO, CA / ACCESSWIRE / June 14, 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 / June 14, 2021 / RF Industries, Ltd, (NASDAQ:RFIL), a national manufacturer and marketer of interconnect products and systems, today announced its financial results for the second quarter of fiscal 2021 ended April 30, 2021. As noted below, these financial results include the impact of forgiveness of approximately $2.8 million in loans from the Paycheck Protection Program (\"PPP\") and $2.6 million in Employee Retention Tax Credits (\"ERC\") recognized in the second quarter.Second Quarter Fiscal 2021 Highlights and Operating Results:Net sales increased 11% sequentially to $11.1 million.Backlog of $15.6 million at April 30, 2021 on second quarter bookings of $19.6 million. As of today, backlog stands at $22.8 million.Gross profit margin was 43%, which includes the impact of the ERC received during the quarter. Excluding the impact of ERC, gross profit margin was 27%, up from 26% in the preceding first quarter.Net income was $4.8 million, or $0.48 per diluted share, which includes the impact of ERC and the forgiveness from the PPP.Operating income was $42,000, which excludes the impact of the ERC and PPP, up from an operating loss of $589,000 in the preceding first quarter.Non-GAAP net income was $5.0 million, or $0.49 per diluted share, which includes the impact of ERC and forgiveness from the PPP.Adjusted EBITDA was $355,000, which excludes the impact of the ERC and the forgiveness from the PPP.Cash and cash equivalents were $14.8 million.Robert Dawson, President and CEO of RF Industries, commented: \"We are pleased to report sequential growth in both sales and profits in the second quarter. We are also starting to see signs of recovery in the wireless carrier ecosystem spend, as reflected in the sizeable orders we have recently received for our Optiflex hybrid fiber solution that brought our current backlog to the highest level in the Company's history. We expect the carrier market spend to continue to recover and grow, and we see increasing opportunities to expand further into this market with our complete product offering. Our industrial OEM customers and distribution partners are returning to more normalized levels and we anticipate sales expansion in both segments. Looking ahead, we expect to achieve sequential sales growth in the current fiscal third quarter, and continue to expect a return to y...