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RF Industries Q2 sales increased 40%

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Staff writer |
RF Industries
RF Industries   $8.1 million in the second quarter

RF Industries announced results for the fiscal 2015 second quarter ended April 30, 2015. Sales increased 40%, or $2.3 million, to $8.1 million compared to $5.8 million in the same quarter last year.

Net income was $448,000, or $0.05 per diluted share, compared to $478,000, or $0.05 per diluted share, in the same quarter last year. Second quarter 2015 results include sales of $2.8 million associated with the recent acquisition of Comnet Telecom Supply.

Second quarter gross profit increased $317,000, to $3.1 million, or 38% of sales, compared to $2.8 million, or 48% of sales in the same quarter last fiscal year.

Margins were primarily affected by reduced sales of higher margin OptiFlex products at Cables Unlimited and by lower sales at Connector and Cable Assembly, Bioconnect and the Cables Unlimited divisions compared to the same quarter last fiscal year. Gross margin was also affected by lower average product margins at Comnet, due to its high volume sales of lower margin products.

Selling and general expenses increased $346,000, to $2.1 million from $1.8 million in the second quarter of fiscal 2014, primarily associated with increased operating expenses from the acquisition of Comnet and the addition of sales employees at Cables Unlimited.

Selling and general expenses declined to 26% from 31% of sales in the second quarter last year as expenses in fiscal 2014 were affected by the acceleration of certain stock option expenses for a former employee.

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