RF Industries says 3Q net income picked up

RF Industries fiscal 3rd-quarter net income and sales improve, and shares trade higher

Associated Press

SAN DIEGO (AP) -- RF Industries, which makes cables and other components used in networking equipment, said Thursday its net income and sales improved in the fiscal third quarter.

RF said its net income grew to $917,000, or 11 cents per share, from $735,000, or 10 cents per share. Earnings from continuing operations totaled 13 cents per share. Revenue rose 31 percent to $9.6 million from $7.3 million. The quarter ended July 31.

During the quarter the company sold its RF Neulink business and took a loss on the sale. Neulink makes wireless data radio modems, and RF Industries said it brought in less than 1 percent of its revenue. The company said it wants to focus on its core business, which is more profitable and growing faster than RF Neulink.

Shares of RF Industries Ltd. rose 31 cents, or 4.8 percent, to $6.82 in afternoon trading while the broader markets traded lower.

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