$RFIL
R F INDUSTRIES LTD

2015 Q1 Form 10-Q Financial Statement

#000114420415016574 Filed on March 17, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2014 Q1
Revenue $2.200M $5.970M $5.850M
YoY Change -62.39% -29.01% -40.89%
Cost Of Revenue $4.394M $3.330M $3.268M
YoY Change 34.46% -32.86% -38.7%
Gross Profit $2.500M $2.630M $2.582M
YoY Change -3.18% -23.55% -43.44%
Gross Profit Margin 113.64% 44.05% 44.14%
Selling, General & Admin $2.257M $1.840M $1.987M
YoY Change 13.59% -4.66% -12.0%
% of Gross Profit 90.28% 69.96% 76.96%
Research & Development $217.0K $250.0K $256.0K
YoY Change -15.23% -37.5% -11.42%
% of Gross Profit 8.68% 9.51% 9.91%
Depreciation & Amortization $190.0K $140.0K $150.0K
YoY Change 26.67% -17.65% -6.25%
% of Gross Profit 7.6% 5.32% 5.81%
Operating Expenses $2.474M $2.100M $2.243M
YoY Change 10.3% -9.87% -11.94%
Operating Profit $26.00K $530.0K $339.0K
YoY Change -92.33% -52.25% -83.2%
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 $31.00K $540.0K $346.0K
YoY Change -91.04% -52.21% -82.88%
Income Tax -$21.00K $290.0K $82.00K
% Of Pretax Income -67.74% 53.7% 23.7%
Net Earnings $65.00K $330.0K $265.0K
YoY Change -75.47% 1000.0% -82.12%
Net Earnings / Revenue 2.95% 5.53% 4.53%
Basic Earnings Per Share $0.01 $0.03
Diluted Earnings Per Share $0.01 $38.02K $0.03
COMMON SHARES
Basic Shares Outstanding 8.287M shares 8.144M shares
Diluted Shares Outstanding 8.668M shares 8.817M shares

Balance Sheet

Concept 2015 Q1 2014 Q4 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.92M $14.72M $12.78M
YoY Change -14.55% 23.91% 83.88%
Cash & Equivalents $10.92M $14.72M $12.78M
Short-Term Investments
Other Short-Term Assets $904.0K $618.0K $960.0K
YoY Change -5.83% -60.18% -43.86%
Inventory $5.964M $5.259M $6.030M
Prepaid Expenses
Receivables $3.414M $2.428M $2.521M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $21.92M $23.44M $22.61M
YoY Change -3.05% 2.31% 6.75%
LONG-TERM ASSETS
Property, Plant & Equipment $919.0K $829.0K $970.0K
YoY Change -5.26% -21.27% -14.91%
Goodwill $5.387M $3.076M $3.076M
YoY Change 75.13% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.00K $21.00K $23.00K
YoY Change -8.7% -30.0% -23.33%
Total Long-Term Assets $9.782M $5.590M $5.897M
YoY Change 65.88% -7.5% -6.4%
TOTAL ASSETS
Total Short-Term Assets $21.92M $23.44M $22.61M
Total Long-Term Assets $9.782M $5.590M $5.897M
Total Assets $31.70M $29.03M $28.51M
YoY Change 11.21% 0.26% 3.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.489M $867.0K $589.0K
YoY Change 152.8% 9.47% -44.43%
Accrued Expenses $2.629M $1.422M $1.178M
YoY Change 123.17% -18.32% -45.96%
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 $4.118M $2.362M $1.818M
YoY Change 126.51% -8.59% -52.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $318.0K $0.00
YoY Change
Total Long-Term Liabilities $318.0K $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.118M $2.362M $1.818M
Total Long-Term Liabilities $318.0K $0.00 $0.00
Total Liabilities $5.247M $3.173M $2.768M
YoY Change 89.56% -10.22% -43.28%
SHAREHOLDERS EQUITY
Retained Earnings $8.030M $8.543M $9.327M
YoY Change -13.91% -11.31%
Common Stock $18.43M $17.31M $16.41M
YoY Change 12.27% 9.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.46M $25.86M $25.74M
YoY Change
Total Liabilities & Shareholders Equity $31.70M $29.03M $28.51M
YoY Change 11.2% 0.26% 3.75%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2014 Q1
OPERATING ACTIVITIES
Net Income $65.00K $330.0K $265.0K
YoY Change -75.47% 1000.0% -82.12%
Depreciation, Depletion And Amortization $190.0K $140.0K $150.0K
YoY Change 26.67% -17.65% -6.25%
Cash From Operating Activities -$640.0K $1.100M $898.0K
YoY Change -171.27% 61.76% 38.15%
INVESTING ACTIVITIES
Capital Expenditures $34.00K -$40.00K $10.00K
YoY Change 240.0% -69.23% -76.74%
Acquisitions $2.249M $0.00
YoY Change
Other Investing Activities -$2.250M
YoY Change
Cash From Investing Activities -$2.580M -$40.00K -$10.00K
YoY Change 25700.0% -69.23% -76.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $252.4K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -580.0K -590.0K $8.000K
YoY Change -7350.0% -207.27% -99.06%
NET CHANGE
Cash From Operating Activities -640.0K 1.100M $898.0K
Cash From Investing Activities -2.580M -40.00K -$10.00K
Cash From Financing Activities -580.0K -590.0K $8.000K
Net Change In Cash -3.800M 470.0K $896.0K
YoY Change -524.11% -57.27% -38.5%
FREE CASH FLOW
Cash From Operating Activities -$640.0K $1.100M $898.0K
Capital Expenditures $34.00K -$40.00K $10.00K
Free Cash Flow -$674.0K $1.140M $888.0K
YoY Change -175.9% 40.74% 46.29%

Facts In Submission

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0.030 pure
CY2014Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2016-06-30
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
380940 shares
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
673711 shares
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
617310 shares
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
122069 shares
CY2015Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
840000 USD
CY2014Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
840000 USD
CY2014Q4 rfil Accrued Inventory Receipts Current
AccruedInventoryReceiptsCurrent
422000 USD
CY2015Q1 rfil Accrued Inventory Receipts Current
AccruedInventoryReceiptsCurrent
798000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
160000 USD
CY2015Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
673000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0088 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0069 pure
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y6M
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y6M
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.474 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.492 pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0635 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0409 pure
CY2015Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1060000 USD
CY2015Q1 rfil Total Provision As Percentage Of Pre Tax Income
TotalProvisionAsPercentageOfPreTaxIncome
-0.68 pure
CY2014Q1 rfil Total Provision As Percentage Of Pre Tax Income
TotalProvisionAsPercentageOfPreTaxIncome
0.24 pure
CY2015Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y11M5D
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y29D
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y11M12D
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1800000 USD
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1700000 USD
CY2015Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P4Y8M5D
CY2015Q1 rfil Nonemployee Director Annual Grant
NonemployeeDirectorAnnualGrant
30000 USD
CY2015Q1 us-gaap Share Based Goods And Nonemployee Services Transaction Quantity Of Securities Issued
ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued
44748 shares
CY2015Q1 rfil Share Based Goods And Non Employee Services Transaction Value Of Stock Option Issued
ShareBasedGoodsAndNonEmployeeServicesTransactionValueOfStockOptionIssued
15000 USD
CY2015Q1 us-gaap Share Price
SharePrice
1.01
CY2015Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
10600000 USD
CY2015Q1 rfil Concentration Agreement With Major Customer For Past Year
ConcentrationAgreementWithMajorCustomerForPastYear
P15Y
CY2014Q4 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
3090000 USD
CY2014Q4 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
1060000 USD
CY2014Q4 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
645000 USD
CY2014Q4 rfil Business Acquisition Cost Of Acquired Entity Purchases Price
BusinessAcquisitionCostOfAcquiredEntityPurchasesPrice
4795000 USD
CY2014Q4 rfil Business Acquisition Purchases Price Allocation Current Assets
BusinessAcquisitionPurchasesPriceAllocationCurrentAssets
1875000 USD
CY2014Q4 rfil Business Acquisition Purchases Price Allocation Fixed Assets
BusinessAcquisitionPurchasesPriceAllocationFixedAssets
150000 USD
CY2014Q4 rfil Business Acquisition Purchases Price Allocation Intangible Assets Other Than Goodwill
BusinessAcquisitionPurchasesPriceAllocationIntangibleAssetsOtherThanGoodwill
1888000 USD
CY2014Q4 rfil Business Acquisition Purchases Price Allocation Goodwill Amount
BusinessAcquisitionPurchasesPriceAllocationGoodwillAmount
2311000 USD
CY2014Q4 rfil Business Acquisition Purchases Price Noninterest Bearing Liabilities
BusinessAcquisitionPurchasesPriceNoninterestBearingLiabilities
1429000 USD
CY2015Q1 us-gaap Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Issued
BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued
252381 shares
CY2015Q1 rfil Business Acquisition Cost Of Acquired Entity Purchase Price Value
BusinessAcquisitionCostOfAcquiredEntityPurchasePriceValue
4150000 USD
CY2015Q1 us-gaap Business Acquisition Effective Date Of Acquisition1
BusinessAcquisitionEffectiveDateOfAcquisition1
2014-11-01
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
300000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0 USD
CY2015Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
300000 USD
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2249000 USD
CY2014Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2015Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
1060000 USD
CY2014Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
0 USD
CY2015Q1 rfil Accrued Earn Out Liability
AccruedEarnOutLiability
318000 USD
CY2014Q4 rfil Accrued Earn Out Liability
AccruedEarnOutLiability
0 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
318000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
0 USD
CY2015Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
30000 USD
CY2014Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
30000 USD
CY2015Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
20000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
20000000 shares
CY2015Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2015Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8509437 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8255979 shares
CY2015Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
8509437 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
8255979 shares
CY2015Q1 rfil Business Acquisition Cash Deposited Into Bank
BusinessAcquisitionCashDepositedIntoBank
300000 USD
CY2015Q1 rfil Business Acquisition Unregistered Common Stock Shares
BusinessAcquisitionUnregisteredCommonStockShares
252381 shares
CY2015Q1 rfil Business Acquisition Unregistered Common Stock Value
BusinessAcquisitionUnregisteredCommonStockValue
1060000 USD
CY2015Q1 us-gaap Business Acquisition Percentage Of Voting Interests Acquired
BusinessAcquisitionPercentageOfVotingInterestsAcquired
1 pure
CY2015Q1 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
3090000 USD
CY2015Q1 us-gaap Business Acquisition Share Price
BusinessAcquisitionSharePrice
4.20
CY2015Q1 us-gaap Revenues
Revenues
2200000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.89

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