Part I. FINANCIAL INFORMATION [Item 1: Financial Statements](index=3&type=section&id=Item%201%3A%20Financial%20Statements) Financial statements show decreased net sales and a net loss due to economic slowdown, though the balance sheet grew from an acquisition and operating cash flow improved [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | April 30, 2020 | October 31, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $14,076 | $12,540 | | Trade accounts receivable, net | $4,950 | $12,190 | | Inventories | $9,100 | $8,245 | | Goodwill | $2,697 | $1,340 | | TOTAL ASSETS | $39,412 | $37,700 | | **Liabilities & Equity** | | | | TOTAL CURRENT LIABILITIES | $5,736 | $6,080 | | TOTAL LIABILITIES | $7,719 | $6,167 | | TOTAL STOCKHOLDERS' EQUITY | $31,693 | $31,533 | - Total assets increased to **$39.4 million** from **$37.7 million**, primarily due to increases in Goodwill and Amortizable intangible assets resulting from the Schrofftech acquisition[7](index=7&type=chunk) - Cash and cash equivalents increased by **$1.5 million**, while trade accounts receivable decreased significantly by **$7.2 million**, indicating strong collections[7](index=7&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share amounts) | Metric | Three Months Ended April 30, 2020 | Three Months Ended April 30, 2019 | Six Months Ended April 30, 2020 | Six Months Ended April 30, 2019 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $10,390 | $13,626 | $22,804 | $24,273 | | Gross profit | $2,586 | $4,094 | $5,839 | $7,240 | | Operating (loss) income | ($188) | $1,362 | ($187) | $2,149 | | Consolidated net (loss) income | ($184) | $1,061 | ($158) | $1,701 | | Diluted (loss) earnings per share | ($0.02) | $0.11 | ($0.02) | $0.17 | - For the three months ended April 30, 2020, net sales decreased by **23.7%** year-over-year, leading to a consolidated net loss of **$184,000** compared to a net income of **$1.06 million** in the prior-year period[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for the Six Months Ended April 30 (in thousands) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $5,465 | ($1,806) | | Net cash used in investing activities | ($3,964) | ($656) | | Net cash provided by (used in) financing activities | $35 | ($16) | | **Net increase (decrease) in cash** | **$1,536** | **($2,478)** | - Cash from operations was a positive **$5.5 million** for the six months ended April 30, 2020, a significant improvement from a use of **$1.8 million** in the prior year, driven primarily by a **$7.5 million** decrease in trade accounts receivable[19](index=19&type=chunk) - Investing activities used **$4.0 million**, mainly for the purchase of Schrofftech, net of cash acquired[19](index=19&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) - The COVID-19 pandemic negatively impacted operations, customer demand, and supply chains, though the company was deemed an "essential" business[23](index=23&type=chunk)[24](index=24&type=chunk) - On November 4, 2019, the company acquired Schrofftech for **$4 million** in cash plus a potential earn-out of up to **$2.4 million**, which contributed **$2.3 million** in revenue for the six-month period[36](index=36&type=chunk)[38](index=38&type=chunk) - The company has significant customer concentration, with two distributors accounting for **11%** and **17%** of net sales for the three months ended April 30, 2020[64](index=64&type=chunk) - As a subsequent event, the company received approximately **$2.8 million** in loans under the Paycheck Protection Program (PPP) on May 5, 2020[85](index=85&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202%3A%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 24% Q2 sales decline from reduced carrier spending and lower margins, but confirms liquidity is sufficient for the next year [Overview and COVID-19 Impact](index=29&type=section&id=Overview%20and%20COVID-19%20Impact) - The company operates through two segments: RF Connector and Cable Assembly (**31% of H1 2020 sales**) and Custom Cabling Manufacturing and Assembly (**69% of H1 2020 sales**)[102](index=102&type=chunk)[104](index=104&type=chunk) - The COVID-19 pandemic has negatively impacted operations through partial facility shutdowns, reduced workforce, and decreased customer demand[105](index=105&type=chunk)[106](index=106&type=chunk) - Due to the severe impact of COVID-19, the company applied for and received a **$2.8 million** PPP loan in May 2020 to retain employees and maintain payroll[106](index=106&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Comparison of Results for the Three Months Ended April 30 | Metric | 2020 (Q2) | 2019 (Q2) | Change | | :--- | :--- | :--- | :--- | | Net Sales | $10.4M | $13.6M | -24% | | Gross Profit | $2.6M | $4.1M | -37% | | Gross Margin | 24.9% | 30.0% | -5.1 p.p. | | Net (Loss) Income | ($0.2M) | $1.1M | - | Comparison of Results for the Six Months Ended April 30 | Metric | 2020 (H1) | 2019 (H1) | Change | | :--- | :--- | :--- | :--- | | Net Sales | $22.8M | $24.3M | -6% | | Gross Profit | $5.8M | $7.2M | -19% | | Gross Margin | 25.6% | 29.8% | -4.2 p.p. | | Net (Loss) Income | ($0.2M) | $1.7M | - | - The decrease in sales and gross margin was primarily due to a slowdown in project-based business from carrier spending and a less favorable product mix[115](index=115&type=chunk)[116](index=116&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) - As of April 30, 2020, the company had **$14.1 million** in cash and cash equivalents, an increase from **$12.5 million** at October 31, 2019, due to strong collection of accounts receivables[108](index=108&type=chunk) - Working capital stood at **$23.5 million** with a current ratio of **5.1:1** as of April 30, 2020[108](index=108&type=chunk) - The company secured a **$5.0 million** revolving line of credit in November 2019, which remained unused as of the report date[113](index=113&type=chunk) - Management believes existing cash, anticipated cash from operations, and funds from the PPP loan will be sufficient to meet liquidity needs for at least the next twelve months[108](index=108&type=chunk) [Item 4. Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective while noting the ongoing integration of the recently acquired Schrofftech subsidiary - Based on an evaluation as of the end of the period, the CEO and CFO concluded that the company's disclosure controls and procedures were **effective**[133](index=133&type=chunk) - The company is in the process of integrating the policies, processes, and internal controls of Schrofftech, which was acquired during the quarter ended January 31, 2020[134](index=134&type=chunk) Part II. OTHER INFORMATION [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) The company identifies the COVID-19 pandemic as a significant risk factor, citing potential disruptions to its workforce, customer demand, and financial results - The COVID-19 pandemic is identified as a major risk factor that has adversely impacted and poses ongoing, highly uncertain risks to the business[139](index=139&type=chunk) - Specific risks include workforce inability to work effectively, volatility in customer demand, rising costs, and potential declines in accounts receivable collections[139](index=139&type=chunk) - The pandemic could lead to an extended disruption of economic activity, which could materially impact the company's stock price, access to capital, and overall financial results[139](index=139&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended January 31, 2020 Commission file number: 000-13301 RF INDUSTRIES, LTD. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 7610 Miramar Road, Building 6000 San Diego, California 92126 (Address of principal ex ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended October 31, 2019 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Nevada 88-0168936 (State or other jurisdiction (I.R.S. Employer Identification No.) 7610 Miramar Roa ...

RF Industries, Ltd. (NASDAQ:RFIL) Q4 2019 Results Conference Call December 18, 2019 4:30 PM ET Company Participants Todd Kehrli - MKR IR Rob Dawson - President and CEO Mark Turfler - CFO Conference Call Participants Josh Nichols - B. Riley FBR Hal Granger - Great Quarter Research Operator Goody everyone. Welcome to the RF Industries Fourth Quarter and Fiscal 2019 Financial Results Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a remin ...

| --- | --- | |-------|-------------------------------------------------------------| | | | | | | | | Leading Designer and Manufacturer of Interconnect Products | | | NASDAQ: RFIL | © RF Industries Ltd. | 1 Safe Harbor Statement Forward-looking statements contained in this presentation involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially and adversely from those expressed or implied by such forward-looking st ...

| --- | --- | |-------|-------------------------------------------------------------| | | | | | | | | Leading Designer and Manufacturer of Interconnect Products | | | | | | Q3 2019 | | | NASDAQ: RFIL | © RF Industries Ltd. | 1 Safe Harbor Statement Forward-looking statements contained in this presentation involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially and adversely from those expressed or implied by suc ...

| --- | --- | |-------|-------------------------------------------------------------| | | | | | | | | | | | Leading Designer and Manufacturer of Interconnect Products | | | | | | Q3 2019 | | | NASDAQ: RFIL | © RF Industries Ltd. | 1 Safe Harbor Statement Forward-looking statements contained in this presentation involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially and adversely from those expressed or implied ...

RF Industries, Ltd. (NASDAQ:RFIL) Q3 2019 Earnings Conference Call September 12, 2019 4:30 PM ET Company Participants Todd Kehrli - President, MKR Group Rob Dawson - President and CEO Mark Turfler - CFO Conference Call Participants Josh Nichols - B. Riley FBR Aaron Martin - AIGH Investment Partners Hal Granger - Private Investor Charles Hilton - Private Investor Operator Welcome to the RF Industries' Third Quarter Fiscal 2019 Financial Results Conference Call. At this time, all participants are in a listen- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Commission file number: 000-13301 RF INDUSTRIES, LTD. (Exact name of registrant as specified in its charter) Nevada 88-0168936 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 7610 Miramar Road, Building 6000 San Diego, California 92126 (Address of principal executive offices) (Zip Code) (858) 549-6340 (Registrant's telephone number, including area code) Securities registered ...

| --- | --- | |-------|-------------------------------------------------------------| | | | | | | | | | | | Leading Designer and Manufacturer of Interconnect Products | | | | | | Q2 2019 Investor Presentation | | | | | | NASDAQ: RFIL | © RF Industries Ltd. | 1 Safe Harbor Statement Forward-looking statements contained in this presentation involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially and adversely from ...