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RF Industries Wraps Up an $85M Year

ELECTRONICS: Fiscal 2022 Included ‘Significant Acquisition’ of Microlab

RF Industries Ltd. (NASDAQ: RFIL), a maker of electronic connectors, adapters and cables for the communications industry, reported record revenue of $85.25 million in fiscal 2022, which ended Oct. 31. Revenue grew 48% from the previous year.

Robert Dawson
President and CEO
RF Industries Ltd.

The business, with its headquarters in the Miramar area of San Diego, made its results public on Jan. 12.

Highlights of the year include the acquisition of Microlab LLC of New Jersey, a radio frequency components business, from Wireless Telecom Group for $24.25 million. RF Industries announced its plans to acquire Microlab in December 2021 and completed the acquisition in March.

For the fourth quarter, RF Industries reported consolidated net income of $451,000, or 4 cents per share, on net sales of $22.99 million. In the same quarter one year ago, the business reported consolidated net income of $813,000, or 8 cents per share, on revenue of $21.11 million.

Annual Net Income of $1.45M

For the fiscal year, the business reported consolidated net income of $1.45 million, or 14 cents per share, on net sales of $85.25 million.

Net income declined year over year. RF Industries’ consolidated net income for fiscal 2021 was $6.18 million, or 62 cents per share, on net sales of $57.42 million.

Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for the fourth quarter of fiscal 2022 was $1.9 million, down from $2.1 million in the third quarter of fiscal 2022, and up from $1.5 million in the fourth quarter of fiscal 2021.

The business reported having $4.53 million in cash on Oct. 31, down from $13.06 million on the same date of 2021.

Enhancing Relationships

“Fiscal 2022 marked a milestone for us as we acquired Microlab, our largest and most significant acquisition to date,” said President and CEO Robert Dawson in a statement. “Microlab gives us access to intellectual property patents in the high-performance RF [radio frequency] and microwave products enabling signal distribution and deployment of in-building DAS (distributed antenna systems), wireless base stations, and small cell networks. We believe this well-respected and trusted product line will continue to produce significant project opportunities in large venues and other key applications.

“When you combine our new products and capabilities with our core coaxial and fiber interconnect solutions, our custom cabling products, and our integrated systems providing thermal cooling and small cell solutions, we believe we are well positioned to benefit from the accelerated buildout of 4G and 5G networks. We now have active purchasing relationships with all wireless Tier-1 carriers, neutral hosts and several key national distributors, and the Microlab acquisition helped us enhance many of those relationships.”

He added: “Heading into 2023, our organization is focused on generating solid organic growth as well as launching multiple new products in our integrated systems product lines.”

RF Industries designs and manufactures a broad range of interconnect products across diversified, growing markets, including wireless/wireline telecom, data communications and industrial. Its products include high-performance components such as RF connectors and adapters, RF passives including dividers, directional couplers and filters, coaxial cables, data cables, wire harnesses, fiber optic cables, custom cabling, energy-efficient cooling systems and integrated small cell enclosures.

In other news, RF Industries’ board met Jan. 11 and granted executives bonuses under the 2022 incentive bonus plan. Dawson received a cash bonus of $243,687. Peter Yin, the company’s CFO, treasurer and secretary, received a bonus of $102,713. Ray Bibisi, the company’s COO, received a cash bonus of $78,435.

According to a regulatory filing, the board increased the base salary for its top executives, effective Jan. 1. Dawson’s salary grew from $435,000 to $445,000; Yin’s from $275,000 to $285,000; and Bibisi’s from $210,000 to $220,000.

In addition, the board granted the executives shares of restricted stock as well as options to buy RF Industries common stock.

RF Industries Inc.

FOUNDED: 1979
CEO: Robert Dawson
HEADQUARTERS: Miramar
BUSINESS: Designer and manufacturer of interconnect products, namely cables, connectors and jumpers
REVENUE: $85.3 million in fiscal 2022; $57.4 million in fiscal 2021
STOCK: RFIL on NASDAQ
WEBSITE: rfindustries.com
EMPLOYEES: 344 nationwide
CONTACT: 858-549-6340
NOTABLE: The average worker in the San Diego office has a 15-year tenure

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