RF Industries, Ltd. (NASDAQ: RFIL) said sales for the fiscal first quarter 2016 increased one percent, or USD100,000, to USD7.0 million compared to sales of USD6.9 million for the same quarter last year.
However, the company incurred a net loss for the fiscal first quarter 2016 of USD353,000, or USD0.04 per diluted share, compared to net income of USD65,000, or USD0.01 per diluted share, in the same quarter last year.
The net loss was primarily the result of the operating loss incurred by the company´s Connectors and Cable Assembly, Cables Unlimited and Bioconnect divisions and to a lesser extent, to a decrease in gross margins across all divisions. First quarter 2016 results include sales from the company´s new Rel-Tech Electronics subsidiary, which contributed sales of USD1.5 million during the first quarter of fiscal 2016. The company did not own Rel-Tech in the first fiscal quarter 2015.
RF Industries is a leading designer and manufacturer of innovative interconnect products and complex cable assemblies across diversified, high growth markets including wireless carriers & infrastructure, and industrial. The company´s products include RF connectors, coaxial and custom cable assemblies, fiber optic cables, and wiring harnesses. The company´s connectivity products are used throughout the growing and evolving wireless infrastructure. The company is headquartered in San Diego, California with operations in Yaphank, New York, and East Brunswick, New Jersey and Milford, Connecticut.