RF Industries Ltd., a local maker of cable assemblies and radio frequency connectors, reported net sales of $5.8 million in the second quarter of fiscal 2014, a decrease of 35 percent compared with net sales of $8.8 million in the second quarter of fiscal 2013.
RF (Nasdaq: RFIL) said it saw a significant decrease in revenues from its Cables Unlimited subsidiary, where second quarter sales decreased by 61 percent to $1.7 million as demand for its OptiFlex fiber optic cabling solution wakened. The company said it developed the product for wireless providers engaged in upgrading cell towers to 4G technologies, as those upgrades are completed, demand has predictably lessened.
RF’s gross profit was $2.8 million in the second quarter of 2014 with gross margin of 48 percent as compared with gross profit of nearly $4 million with gross margin of 45 percent in the second quarter of 2013.
For the second quarter the company reported net income of $478,000 compared with net income of $1.2 million in the second quarter of 2013.
For the first six months of fiscal year 2014, RF Industries reported net sales of $11.6 million, a decrease of 38 percent compared with net sales of $18.7 million in the first half of fiscal 2013.
The Company reported operating income of $1.1 million in the first six months of fiscal 2014 as compared with operating income of $3.8 million in the first six months of 2013
Net income for the six month period was $742,000 compared with $2.7 million in the like period of 2013.
The company reported having cash and cash equivalents as of April 30, 2014 of $13.4 million, and no long-term debt.
The company recently declared a regular quarterly cash dividend of 7 cents per share payable July 15 to stockholders of record as of June 30, 2014.