$RFIL
R F INDUSTRIES LTD

2021 Q1 Form 10-Q Financial Statement

#000143774921005709 Filed on March 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $10.00M $12.41M
YoY Change -19.43% 16.6%
Cost Of Revenue $7.396M $9.161M
YoY Change -19.27% 22.11%
Gross Profit $2.606M $3.253M
YoY Change -19.89% 3.43%
Gross Profit Margin 26.05% 26.2%
Selling, General & Admin $2.764M $2.656M
YoY Change 4.07% 30.26%
% of Gross Profit 106.06% 81.65%
Research & Development $431.0K $596.0K
YoY Change -27.68% 86.25%
% of Gross Profit 16.54% 18.32%
Depreciation & Amortization $237.0K $255.0K
YoY Change -7.06% 82.14%
% of Gross Profit 9.09% 7.84%
Operating Expenses $3.195M $3.252M
YoY Change -1.75% 37.86%
Operating Profit -$589.0K $1.000K
YoY Change -59000.0% -99.87%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$8.000K $11.00K
YoY Change -172.73% -50.0%
Pretax Income -$597.0K $12.00K
YoY Change -5075.0% -98.51%
Income Tax -$194.0K -$14.00K
% Of Pretax Income -116.67%
Net Earnings -$403.0K $26.00K
YoY Change -1650.0% -95.94%
Net Earnings / Revenue -4.03% 0.21%
Basic Earnings Per Share -$0.04 $0.00
Diluted Earnings Per Share -$0.04 $0.00
COMMON SHARES
Basic Shares Outstanding 9.865M 9.565M
Diluted Shares Outstanding 9.865M 9.873M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.49M $14.39M
YoY Change 7.64% 2.64%
Cash & Equivalents $15.49M $14.39M
Short-Term Investments
Other Short-Term Assets $2.139M $730.0K
YoY Change 193.01% -6.53%
Inventory $9.019M $8.390M
Prepaid Expenses $591.0K
Receivables $5.155M $5.750M
Other Receivables $0.00 $0.00
Total Short-Term Assets $31.80M $29.25M
YoY Change 8.72% 2.28%
LONG-TERM ASSETS
Property, Plant & Equipment $846.0K $2.890M
YoY Change -70.73% 412.41%
Goodwill $2.467M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $70.00K $70.00K
YoY Change 0.0% 42.86%
Total Long-Term Assets $8.833M $10.58M
YoY Change -16.53% 170.78%
TOTAL ASSETS
Total Short-Term Assets $31.80M $29.25M
Total Long-Term Assets $8.833M $10.58M
Total Assets $40.64M $39.83M
YoY Change 2.02% 22.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.510M $1.220M
YoY Change 23.77% -30.05%
Accrued Expenses $2.617M $3.310M
YoY Change -20.94% 60.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.103M
YoY Change
Total Short-Term Liabilities $7.315M $5.460M
YoY Change 33.97% 43.57%
LONG-TERM LIABILITIES
Long-Term Debt $685.0K $0.00
YoY Change
Other Long-Term Liabilities $2.410M
YoY Change
Total Long-Term Liabilities $685.0K $2.410M
YoY Change -71.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.315M $5.460M
Total Long-Term Liabilities $685.0K $2.410M
Total Liabilities $8.477M $7.890M
YoY Change 7.44% 106.87%
SHAREHOLDERS EQUITY
Retained Earnings $8.617M
YoY Change
Common Stock $23.54M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.16M $31.94M
YoY Change
Total Liabilities & Shareholders Equity $40.64M $39.83M
YoY Change 2.02% 22.53%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$403.0K $26.00K
YoY Change -1650.0% -95.94%
Depreciation, Depletion And Amortization $237.0K $255.0K
YoY Change -7.06% 82.14%
Cash From Operating Activities -$577.0K $5.606M
YoY Change -110.29% -333.58%
INVESTING ACTIVITIES
Capital Expenditures $116.0K $53.00K
YoY Change 118.87% -27.4%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$3.900M
YoY Change -100.0%
Cash From Investing Activities -$116.0K -$3.954M
YoY Change -97.07% 5548.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $385.0K 198.0K
YoY Change 94.44% 26.92%
NET CHANGE
Cash From Operating Activities -$577.0K 5.606M
Cash From Investing Activities -$116.0K -3.954M
Cash From Financing Activities $385.0K 198.0K
Net Change In Cash -$308.0K 1.850M
YoY Change -116.65% 1085.9%
FREE CASH FLOW
Cash From Operating Activities -$577.0K $5.606M
Capital Expenditures $116.0K $53.00K
Free Cash Flow -$693.0K $5.553M
YoY Change -112.48% -324.55%

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CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
635000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1184000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1421000
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0354
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0354
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y263D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y328D
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
411000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
549000
CY2021Q1 us-gaap Other Assets Current
OtherAssetsCurrent
2139000
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
813000
CY2021Q1 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
624000
CY2020Q4 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
420000
CY2021Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
70000
CY2020Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
70000
CY2021Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
296000
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
CY2021Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
CY2020Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
370000
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
193000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
116000
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
53000
CY2021Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
591000
CY2020Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
393000
CY2021Q1 us-gaap Prepaid Taxes
PrepaidTaxes
924000
CY2020Q4 us-gaap Prepaid Taxes
PrepaidTaxes
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
385000
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
391000
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5008000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4892000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
846000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
810000
CY2021Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-15000
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4000
CY2021Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
431000
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
596000
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
8617000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
9020000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
10002000
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12414000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1184000
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1421000
CY2021Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2764000
CY2020Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2656000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
123000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
187000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0123
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5194
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4914
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0039
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0157
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
298781
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.85
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
91793
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
5.88
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
67000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1077000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
789179
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
646197
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.66
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.78
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1069000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
645861
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
4.78
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.26
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.98
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y171D
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
531000
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y197D
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y109D
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y109D
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
118189
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
77000
CY2021Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
CY2021Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
CY2020Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
385000
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
391000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
32064000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
32158000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
31533000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
31944000
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
35000
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
134000
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
107000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9864689
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9873336
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9864689
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9564533

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