R F Industries Ltd Files 2023 Annual Report on Form 10-K

TL;DR

<b>R F Industries Ltd has filed its annual 10-K report for the fiscal year ending October 31, 2023.</b>

AI Summary

R F INDUSTRIES LTD (RFIL) filed a Annual Report (10-K) with the SEC on January 29, 2024. R F Industries Ltd filed its 10-K report for the fiscal year ending October 31, 2023. The company's fiscal year runs from November 1 to October 31. The filing was made on January 29, 2024. The company was formerly known as Celltronics Inc. and changed its name on February 4, 1991. R F Industries Ltd is incorporated in Nevada.

Why It Matters

For investors and stakeholders tracking R F INDUSTRIES LTD, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance, business operations, and risk factors for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — R F INDUSTRIES LTD shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand R F Industries Ltd's performance and outlook.

Key Numbers

• 2023-10-31 — Fiscal Year End (Report period)
• 2024-01-29 — Filing Date (Date of submission)

Key Players & Entities

• R F INDUSTRIES LTD (company) — Filer name
• CELLTRONICS INC (company) — Former company name
• NV (company) — State of incorporation
• 2023-10-31 (date) — Fiscal year end
• 2024-01-29 (date) — Filing date
• 1991-02-04 (date) — Date of name change

Forward-Looking Statements

• R F Industries will utilize the new credit facilities to support working capital and potential strategic initiatives. (R F INDUSTRIES LTD) — medium confidence, target: 2024-10-31
• The new credit agreement will lead to a restructuring of the company's debt profile, potentially impacting interest expenses. (R F INDUSTRIES LTD) — medium confidence, target: 2024-10-31

FAQ

Industry Context

The company operates in the electronic connectors industry.

Regulatory Implications

The filing is a standard 10-K report, adhering to SEC regulations for public companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and balance sheet items.
2. Review the Management's Discussion and Analysis (MD&A) for insights into performance drivers and outlook.
3. Examine the Risk Factors section for potential challenges and uncertainties.

Key Dates

• 2023-10-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-01-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis; no prior filing data is available for comparison.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share RFIL NASDAQ Glo
• $24,250,000 — e consideration for the acquisition was $24,250,000, subject to certain post-closing adjust
• $17 million — cash at the closing. The Company funded $17 million of the cash purchase price from the fun
• $3 million — which also provided the Company with a $3 million revolving credit facility (the "Revolvi
• $4.0 m — eptember 21, 2023, minimum liquidity of $4.0 million, and (b) from September 22, 2023
• $4.0 million — , liquidity equal to the greater of (1) $4.0 million or (2) 80% of the liquidity that was fo
• $400,000 — e forecast; and (ii) minimum EBITDA of ($400,000), $500,000, $1.0 million, and $1.0 mill
• $500,000 — and (ii) minimum EBITDA of ($400,000), $500,000, $1.0 million, and $1.0 million for the
• $1.0 m — minimum EBITDA of ($400,000), $500,000, $1.0 million, and $1.0 million for the quarter
• $1.0 million — ($400,000), $500,000, $1.0 million, and $1.0 million for the quarters ending October 31, 202
• $50,000 — o. 1, we also paid BofA a waiver fee of $50,000. On January 26, 2024, we entered into
• $3.0 million — olving Credit Facility was lowered from $3.0 million to $500,000. Further, Loan Amendment No
• $2.0 m — 3 and thereafter, liquidity of at least $2.0 million, rather than the greater of $4.0

Filing Documents

• rfil20231031_10k.htm (10-K) — 1496KB
• ex_616549.htm (EX-10.34) — 234KB
• ex_620208.htm (EX-10.36) — 68KB
• ex_615878.htm (EX-21.1) — 4KB
• ex_615879.htm (EX-23.1) — 3KB
• ex_615880.htm (EX-31.1) — 8KB
• ex_615881.htm (EX-31.2) — 9KB
• ex_615882.htm (EX-32.1) — 5KB
• ex_615883.htm (EX-32.2) — 5KB
• ex_616550.htm (EX-97) — 31KB
• annex02-2.jpg (GRAPHIC) — 92KB
• annex02.jpg (GRAPHIC) — 184KB
• ex_620208img001.jpg (GRAPHIC) — 4KB
• 0001437749-24-002469.txt (&nbsp;) — 8444KB
• rfil-20231031.xsd (EX-101.SCH) — 68KB
• rfil-20231031_cal.xml (EX-101.CAL) — 76KB
• rfil-20231031_def.xml (EX-101.DEF) — 507KB
• rfil-20231031_lab.xml (EX-101.LAB) — 441KB
• rfil-20231031_pre.xml (EX-101.PRE) — 542KB
• rfil20231031_10k_htm.xml (XML) — 1118KB

Forward-Looking Statements

Forward-Looking Statements: Certain statements in this Annual Report on Form 10-K (this "Annual Report"), and other oral and written statements made by the Company from time to time are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including those that discuss strategies, goals, outlook or other non-historical matters, or projected revenues, income, returns or other financial measures. In some cases forward-looking statements can be identified by terminology such as "may," "will," "should," "except," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms or other comparable terminology. These forward-looking statements are subject to numerous risks and uncertainties that may cause actual results to differ materially from those contained in such statements. Among the most important of these risks and uncertainties are the ability of the Company to meet customer demand through pricing and product offerings and efficient inventory and distribution channel management, to continue to source our raw materials and products from our suppliers and manufacturers, particularly those in Asia, the market demand for our products, which market demand is dependent in large part on the state of the telecommunications industry, the Company's ability to continue as a going concern, the Company's ability to remain in compliance with its existing capital loan terms and financial covenants and whether plans to develop 4G and 5G networks accelerate as expected, as well as our ability to meet any such demand, the effect of future business acquisitions and dispositions, the incurrence of impairment charges, and competition. Important factors which may cause actual results to differ materially from the forward-looking statements are described in the Section entitled "Risk Factors" in this Form 10-K, and other risks identified from time to time in the Company's filing

BUSINESS

BUSINESS General RF Industries, Ltd. (together with subsidiaries, the "Company", "we", "us", or "our") is a national manufacturer and marketer of interconnect products and systems, including high-performance components such as RF connectors and adapters, dividers, directional couplers and filters, coaxial cables, data cables, wire harnesses, fiber optic cables, custom cabling, energy-efficient cooling systems and integrated small cell enclosures. Through our manufacturing and production facilities, we provide a wide selection of interconnect products and solutions primarily to telecommunications carriers and equipment manufacturers, wireless and network infrastructure carriers and manufacturers and to various original equipment manufacturers ("OEMs") in several market segments. We also design, engineer, manufacture and sell energy-efficient cooling systems and integrated small cell solutions and related components. We operate through two reporting segments: (i) the RF Connector and Cable Assembly ("RF Connector") segment, and (ii) the Custom Cabling Manufacturing and Assembly ("Custom Cabling") segment. The RF Connector segment primarily designs, manufactures, markets and distributes a broad range of RF connector, adapter, coupler, divider, and cable products, including coaxial passives and cable assemblies that are used in telecommunications and information technology, OEM markets and other end markets. The Custom Cabling segment designs, manufactures, markets and distributes custom copper and fiber cable assemblies, complex hybrid fiber optic and power solution cables, electromechanical wiring harnesses, wiring harnesses for a broad range of applications in a diverse set of end markets, energy-efficient cooling systems for wireless base stations and remote equipment shelters and custom designed, pole-ready 5G small cell integrated enclosures. Recent Events On March 1, 2022, we purchased 100% of the issued and outstanding membership interests of Microlab/FXR

View Full Filing

View this 10-K filing on SEC EDGAR