RF Industries (NASDAQ: RFIL) reported Q2 EPS of ($0.01), in-line with the analyst estimate of ($0.01). Revenue for the quarter came in at $10.4 million versus the consensus estimate of $12.92 million.

Second Quarter Fiscal 2020 Highlights and Operating Results:

• Net sales of $10.4 million
• Net loss was $(184,000), or $(0.02) per diluted share
• Non-GAAP net loss was $(73,000), or $(0.01) per diluted share
• Adjusted EBITDA was $176,000
• Cash and cash equivalents were $14 million

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

“As the second quarter began, we were executing well on our go-to-market plan and generating good momentum in our business. However, as we stated on our last earnings call, which occurred only days prior to the government mandated stay at home orders related to the pandemic, we were unsure of the full economic impact of the coronavirus and anticipated that it may present a short-term speed bump in our growth. In fact, the timing of this unfavorable economic impact occurred in the middle of our second quarter and had a significant impact on the results that we’re reporting today. Although we continued to operate during the stay at home period because our products were designated as essential to support the federal critical infrastructure communications sector, our operations were negatively impacted. We experienced delays in our project-based business, but are hopeful that this delayed business will reappear in late 2020 or early 2021. Similarly, our distribution business was negatively impacted but has since started to return. We believe that with our current financial position, we remain well-positioned to successfully navigate this challenging operating environment and emerge a stronger company as we continue to execute on our long-term growth plan.”

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