$RFIL
R F INDUSTRIES LTD

2014 Q2 Form 10-Q Financial Statement

#000114420414037164 Filed on June 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q4 2013 Q2
Revenue $5.764M $8.410M $8.847M
YoY Change -34.85% -0.59% 39.32%
Cost Of Revenue $3.012M $4.960M $4.895M
YoY Change -38.47% -1.39% 40.66%
Gross Profit $2.752M $3.440M $3.952M
YoY Change -30.36% 0.29% 37.7%
Gross Profit Margin 47.74% 40.9% 44.67%
Selling, General & Admin $1.775M $1.930M $1.944M
YoY Change -8.69% 44.03% 16.41%
% of Gross Profit 64.5% 56.1% 49.19%
Research & Development $214.0K $400.0K $204.0K
YoY Change 4.9% 33.33% -27.14%
% of Gross Profit 7.78% 11.63% 5.16%
Depreciation & Amortization $140.0K $170.0K $160.0K
YoY Change -12.5% 21.43% 14.29%
% of Gross Profit 5.09% 4.94% 4.05%
Operating Expenses $1.989M $2.330M $2.148M
YoY Change -7.4% 42.07% 9.59%
Operating Profit $763.0K $1.110M $1.804M
YoY Change -57.71% -37.99% 98.24%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0%
Pretax Income $770.0K $1.130M $1.810M
YoY Change -57.46% -36.87% 94.62%
Income Tax $310.0K $410.0K $522.0K
% Of Pretax Income 40.26% 36.28% 28.84%
Net Earnings $478.0K $30.00K $1.178M
YoY Change -59.42% -97.41% 96.33%
Net Earnings / Revenue 8.29% 0.36% 13.32%
Basic Earnings Per Share $0.06 $0.15
Diluted Earnings Per Share $0.05 $3.436K $0.14
COMMON SHARES
Basic Shares Outstanding 8.208M shares 7.610M shares
Diluted Shares Outstanding 8.746M shares 8.462M shares

Balance Sheet

Concept 2014 Q2 2013 Q4 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.42M $11.88M $8.490M
YoY Change 58.07% 116.39% 86.18%
Cash & Equivalents $13.42M $11.88M $8.486M
Short-Term Investments
Other Short-Term Assets $687.0K $1.552M $1.410M
YoY Change -51.28% 142.5% 174.57%
Inventory $5.574M $5.995M $7.310M
Prepaid Expenses
Receivables $2.691M $3.160M $4.990M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $22.69M $22.91M $22.19M
YoY Change 2.25% 20.3% 43.24%
LONG-TERM ASSETS
Property, Plant & Equipment $928.0K $1.053M $1.060M
YoY Change -12.45% -12.54% -15.02%
Goodwill $3.076M $3.076M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.00K $30.00K $30.00K
YoY Change -30.0% -14.29% -6.71%
Total Long-Term Assets $5.799M $6.043M $6.160M
YoY Change -5.86% -5.86% -6.24%
TOTAL ASSETS
Total Short-Term Assets $22.69M $22.91M $22.19M
Total Long-Term Assets $5.799M $6.043M $6.160M
Total Assets $28.49M $28.95M $28.35M
YoY Change 0.49% 13.71% 28.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $307.0K $792.0K $680.0K
YoY Change -54.85% -44.58% -32.12%
Accrued Expenses $1.154M $1.741M $2.090M
YoY Change -44.78% -17.17% 62.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.513M $2.584M $2.970M
YoY Change -49.06% -37.6% 29.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $10.00K
YoY Change -100.0% -91.34%
Total Long-Term Liabilities $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0% -91.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.513M $2.584M $2.970M
Total Long-Term Liabilities $0.00 $0.00 $10.00K
Total Liabilities $2.463M $3.534M $4.050M
YoY Change -39.19% -32.47% 16.4%
SHAREHOLDERS EQUITY
Retained Earnings $9.229M $9.632M
YoY Change 18.14%
Common Stock $16.80M $15.79M
YoY Change 30.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.03M $25.54M $24.31M
YoY Change
Total Liabilities & Shareholders Equity $28.49M $28.95M $28.35M
YoY Change 0.49% 13.71% 28.51%

Cashflow Statement

Concept 2014 Q2 2013 Q4 2013 Q2
OPERATING ACTIVITIES
Net Income $478.0K $30.00K $1.178M
YoY Change -59.42% -97.41% 96.33%
Depreciation, Depletion And Amortization $140.0K $170.0K $160.0K
YoY Change -12.5% 21.43% 14.29%
Cash From Operating Activities $1.100M $680.0K $1.100M
YoY Change 0.0% 750.0% 42.86%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$130.0K -$20.00K
YoY Change 150.0% 44.44% -92.31%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$50.00K -$130.0K -$20.00K
YoY Change 150.0% 44.44% -100.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -420.0K 550.0K 460.0K
YoY Change -191.3% -492.86% -171.88%
NET CHANGE
Cash From Operating Activities 1.100M 680.0K 1.100M
Cash From Investing Activities -50.00K -130.0K -20.00K
Cash From Financing Activities -420.0K 550.0K 460.0K
Net Change In Cash 630.0K 1.100M 1.540M
YoY Change -59.09% -833.33% -30.63%
FREE CASH FLOW
Cash From Operating Activities $1.100M $680.0K $1.100M
Capital Expenditures -$50.00K -$130.0K -$20.00K
Free Cash Flow $1.150M $810.0K $1.120M
YoY Change 2.68% 376.47% 8.74%

Facts In Submission

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2800000 USD
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
3000000 USD
CY2014Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
495000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P4Y6M18D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.12
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.99
CY2014Q2 rfil Non Employee Director Annual Grant
NonEmployeeDirectorAnnualGrant
30000 USD
us-gaap Share Based Goods And Nonemployee Services Transaction Quantity Of Securities Issued
ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued
7860 shares
rfil Share Based Goods And Nonemployee Services Transaction Value Of Stock Option Issued
ShareBasedGoodsAndNonemployeeServicesTransactionValueOfStockOptionIssued
15000 USD
CY2014Q2 us-gaap Share Price
SharePrice
1.91
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
74000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
224000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
107000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
271000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0036 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0111 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0417 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0438 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y6M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.429 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.529 pure
CY2014Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
12300000 USD
rfil Concentration Agreement With Major Customer For Past Year
ConcentrationAgreementWithMajorCustomerForPastYear
P15Y
CY2013Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
161000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
63000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
59000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-63000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-59000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2094000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
462000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2994000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1535000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-406000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-9000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-747000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1145000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1308000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-485000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-10000 USD
CY2014Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
145000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
320000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
294000 USD
CY2013Q2 rfil Total Provision As Percentage Of Pre Tax Income
TotalProvisionAsPercentageOfPreTaxIncome
0.288 pure
CY2014Q2 rfil Total Provision As Percentage Of Pre Tax Income
TotalProvisionAsPercentageOfPreTaxIncome
0.403 pure
rfil Total Provision As Percentage Of Pre Tax Income
TotalProvisionAsPercentageOfPreTaxIncome
0.283 pure
rfil Total Provision As Percentage Of Pre Tax Income
TotalProvisionAsPercentageOfPreTaxIncome
0.352 pure
CY2014Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2014Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
rfil Provision And Recovery For Doubtful Accounts
ProvisionAndRecoveryForDoubtfulAccounts
17000 USD
rfil Provision And Recovery For Doubtful Accounts
ProvisionAndRecoveryForDoubtfulAccounts
-29000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
458000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
277000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-160000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-494000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
327000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-421000 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
6000 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-865000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-3000 USD
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
51000 USD
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
1000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-144000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
277000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
123000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-587000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
0 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1749000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5492000 USD
CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8486000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1186000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2014Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
534000 USD
CY2013Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1188000 USD
CY2014Q2 rfil Accrued Inventory Receipts Current
AccruedInventoryReceiptsCurrent
535000 USD
CY2013Q4 rfil Accrued Inventory Receipts Current
AccruedInventoryReceiptsCurrent
376000 USD
CY2014Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
85000 USD
CY2013Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
177000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
684000 USD
us-gaap Sale Leaseback Transaction Annual Rental Payments
SaleLeasebackTransactionAnnualRentalPayments
19000 USD
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2017-03-31
CY2014Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
0 shares
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2014-04-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Trading Symbol
TradingSymbol
RFIL
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
8242892 shares
dei Entity Registrant Name
EntityRegistrantName
R F INDUSTRIES LTD
dei Entity Central Index Key
EntityCentralIndexKey
0000740664
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--10-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014Q1 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.030 pure
CY2014Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2016-06-30
rfil Incentive Stock Options Expiration Date
IncentiveStockOptionsExpirationDate
P5Y

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