RF Industries (NASDAQ: RFIL) reported Q1 EPS of $0.02, in-line with the analyst estimate of $0.02. Revenue for the quarter came in at $12.4 million versus the consensus estimate of $12.4 million.

First Quarter Fiscal 2020 Highlights and Operating Results:

• Net sales increased 17% year over year to $12.4 million
• Net income was $26,000, or $0.00 per diluted share
• Non-GAAP net income was $241,000, or $0.02 per diluted share
• Adjusted EBITDA was $471,000
• Declared $0.02 per share dividend, the Company’s 39th consecutive quarterly dividend

Robert Dawson, President and CEO of RF Industries, commented:

“Our first quarter is typically our lightest quarter, though we did grow 17% over last year. In addition to the usual seasonal factors, the softer industry-wide spending by wireless carriers contributed to lower project sales than originally expected. Fortunately, our distribution business continues to be diverse and healthy and, while spend from the wireless carriers was extremely light during the quarter, we are seeing signs of improvement in our second quarter. Our bookings have picked up across all divisions and backlog has increased in the second quarter to date. Looking forward, we maintain a solid balance sheet with no debt and a strong cash position. While we are unsure of the full economic impact of the coronavirus and we acknowledge that it may present a short-term speed bump in our growth, we are focused on mitigating the impact. We will continue to execute on our long-term growth plan through active management and strong customer relationships.”

For earnings history and earnings-related data on RF Industries (RFIL) click here.