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RF Industries Chalks Up 87 Percent Growth

RF Industries, which makes specialized electronic connectors, said it increased annual sales 87 percent in the recently ended fiscal year.

Fiscal 2018 sales were approximately $58 million, compared to $31 million in fiscal 2017.

Net income for fiscal 2018 is expected to be between $5.6 million and $5.8 million, compared to $400,000 in fiscal 2017. The company expects to release audited results on Dec. 20.

RF Industries (Nasdaq: RFIL) sold its Comnet Telecom Supply business unit for $4.2 million on Oct. 31. When revenue is viewed without Comnet in the mix, RF Industries had fiscal 2018 sales of approximately $50 million, compared to $23 million in fiscal 2017 — a 117 percent gain.

“Our solid financial results for fiscal 2018 reflect the positive outcome of our efforts to drive profitable sales growth as part of our long-term strategy,” said CEO Robert Dawson in a statement distributed by the company.

“This growth validates that our offer of high-quality products, flexibility in design, and fast turn-around time is resonating in the market. Going into fiscal 2019, we will continue to focus on our customers’ needs and leverage our strong customer relationships and distribution channels to further expand and diversify.”

The company released preliminary, unaudited financial results on Dec. 4.

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