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10-Q Filing

R F INDUSTRIES LTD CIK: 740664 Q3 2023
Filing Information
Form Type 10-Q
Accession Number 0001437749-23-025902
Period End Date 20230731
Filing Date 20230914
Fiscal Year 2023
Fiscal Period Q3
XBRL Instance rfil20230731_10q_htm.xml
Filing Contents
Balance Sheet 37 line items
Line Item Tag Value Unit Period
Accounts Receivable, Allowance for Credit Loss, Current AllowanceForDoubtfulAccountsReceivableCurrent $224.00K USD Point-in-time
Accounts Receivable, Allowance for Credit Loss, Current AllowanceForDoubtfulAccountsReceivableCurrent $126.00K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $4.06M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $4.53M USD Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $271 and $126, respectively AccountsReceivableNetCurrent $9.29M USD Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $271 and $126, respectively AccountsReceivableNetCurrent $14.81M USD Point-in-time
Inventories InventoryNet $21.05M USD Point-in-time
Inventories InventoryNet $20.20M USD Point-in-time
Other current assets OtherAssetsCurrent $1.28M USD Point-in-time
Other current assets OtherAssetsCurrent $5.85M USD Point-in-time
TOTAL CURRENT ASSETS AssetsCurrent $34.84M USD Point-in-time
TOTAL CURRENT ASSETS AssetsCurrent $46.25M USD Point-in-time
Equipment and tooling MachineryAndEquipmentGross $4.50M USD Point-in-time
Equipment and tooling MachineryAndEquipmentGross $4.76M USD Point-in-time
Furniture and office equipment FurnitureAndFixturesGross $3.45M USD Point-in-time
Furniture and office equipment FurnitureAndFixturesGross $5.49M USD Point-in-time
Property, Plant and Equipment, Gross PropertyPlantAndEquipmentGross $10.26M USD Point-in-time
Property, Plant and Equipment, Gross PropertyPlantAndEquipmentGross $7.94M USD Point-in-time
Less accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $4.77M USD Point-in-time
Less accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $5.29M USD Point-in-time
Total property and equipment, net PropertyPlantAndEquipmentNet $4.97M USD Point-in-time
Total property and equipment, net PropertyPlantAndEquipmentNet $3.17M USD Point-in-time
Operating lease right of use assets, net OperatingLeaseRightOfUseAsset $11.96M USD Point-in-time
Operating lease right of use assets, net OperatingLeaseRightOfUseAsset $13.48M USD Point-in-time
Goodwill Goodwill $8.09M USD Point-in-time
Goodwill Goodwill $8.09M USD Point-in-time
Amortizable intangible assets, net FiniteLivedIntangibleAssetsNet $14.02M USD Point-in-time
Amortizable intangible assets, net FiniteLivedIntangibleAssetsNet $15.30M USD Point-in-time
Non-amortizable intangible assets IndefiniteLivedIntangibleAssetsExcludingGoodwill $1.17M USD Point-in-time
Non-amortizable intangible assets IndefiniteLivedIntangibleAssetsExcludingGoodwill $1.17M USD Point-in-time
Deferred tax assets DeferredIncomeTaxAssetsNet $1.82M USD Point-in-time
Deferred tax assets DeferredIncomeTaxAssetsNet $2.73M USD Point-in-time
Other assets OtherAssetsNoncurrent $295.00K USD Point-in-time
Other assets OtherAssetsNoncurrent $277.00K USD Point-in-time
TOTAL ASSETS Assets $89.57M USD Point-in-time
TOTAL ASSETS Assets $78.06M USD Point-in-time
TOTAL ASSETS Assets $87.19M USD Point-in-time
Income Statement 60 line items
Line Item Tag Value Unit Period
Net sales RevenueFromContractWithCustomerIncludingAssessedTax $15.65M USD 1 Quarter
Net sales RevenueFromContractWithCustomerIncludingAssessedTax $23.84M USD 1 Quarter
Net sales RevenueFromContractWithCustomerIncludingAssessedTax $62.27M USD 3 Qtrs
Net sales RevenueFromContractWithCustomerIncludingAssessedTax $56.29M USD 3 Qtrs
Cost of sales CostOfGoodsAndServicesSold $44.85M USD 3 Qtrs
Cost of sales CostOfGoodsAndServicesSold $41.26M USD 3 Qtrs
Cost of sales CostOfGoodsAndServicesSold $11.83M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $16.59M USD 1 Quarter
Gross profit GrossProfit $7.25M USD 1 Quarter
Gross profit GrossProfit $3.82M USD 1 Quarter
Gross profit GrossProfit $17.41M USD 3 Qtrs
Gross profit GrossProfit $15.03M USD 3 Qtrs
Engineering ResearchAndDevelopmentExpense $2.54M USD 3 Qtrs
Engineering ResearchAndDevelopmentExpense $2.10M USD 3 Qtrs
Engineering ResearchAndDevelopmentExpense $690.00K USD 1 Quarter
Engineering ResearchAndDevelopmentExpense $791.00K USD 1 Quarter
Selling and general SellingGeneralAndAdministrativeExpense $13.84M USD 3 Qtrs
Selling and general SellingGeneralAndAdministrativeExpense $15.19M USD 3 Qtrs
Selling and general SellingGeneralAndAdministrativeExpense $5.37M USD 1 Quarter
Selling and general SellingGeneralAndAdministrativeExpense $5.14M USD 1 Quarter
Total operating expenses OperatingExpenses $6.16M USD 1 Quarter
Total operating expenses OperatingExpenses $5.83M USD 1 Quarter
Total operating expenses OperatingExpenses $15.94M USD 3 Qtrs
Total operating expenses OperatingExpenses $17.72M USD 3 Qtrs
Operating loss OperatingIncomeLoss $1.09M USD 1 Quarter
Operating loss OperatingIncomeLoss $1.47M USD 3 Qtrs
Operating loss OperatingIncomeLoss $-2.01M USD 1 Quarter
Operating loss OperatingIncomeLoss $-2.69M USD 3 Qtrs
Other (expense) income NonoperatingIncomeExpense $-280.00K USD 3 Qtrs
Other (expense) income NonoperatingIncomeExpense $-177.00K USD 1 Quarter
Other (expense) income NonoperatingIncomeExpense $-117.00K USD 1 Quarter
Other (expense) income NonoperatingIncomeExpense $-342.00K USD 3 Qtrs
Loss before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-3.03M USD 3 Qtrs
Loss before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $911.00K USD 1 Quarter
Loss before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $1.19M USD 3 Qtrs
Loss before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-2.13M USD 1 Quarter
Benefit from income taxes IncomeTaxExpenseBenefit $-482.00K USD 1 Quarter
Benefit from income taxes IncomeTaxExpenseBenefit $-806.00K USD 3 Qtrs
Benefit from income taxes IncomeTaxExpenseBenefit $196.00K USD 3 Qtrs
Benefit from income taxes IncomeTaxExpenseBenefit $140.00K USD 1 Quarter
Consolidated net loss NetIncomeLoss $-2.23M USD 3 Qtrs
Consolidated net loss NetIncomeLoss $-1.65M USD 1 Quarter
Consolidated net loss NetIncomeLoss $997.00K USD 3 Qtrs
Consolidated net loss NetIncomeLoss $771.00K USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-0.22 USD 3 Qtrs
Basic (in dollars per share) EarningsPerShareBasic $0.08 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-0.16 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.10 USD 3 Qtrs
Diluted (in dollars per share) EarningsPerShareDiluted $-0.22 USD 3 Qtrs
Diluted (in dollars per share) EarningsPerShareDiluted $0.10 USD 3 Qtrs
Diluted (in dollars per share) EarningsPerShareDiluted $-0.16 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.08 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 10.27M shares 3 Qtrs
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 10.13M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 10.29M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 10.10M shares 3 Qtrs
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 10.29M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 10.23M shares 3 Qtrs
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 10.27M shares 3 Qtrs
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 10.24M shares 1 Quarter
Cash Flow Statement 65 line items
Line Item Tag Value Unit Period
Cash Acquired from Acquisition CashAcquiredFromAcquisition $33.00K USD 2 Qtrs
Consolidated net loss NetIncomeLoss $-2.23M USD 3 Qtrs
Consolidated net loss NetIncomeLoss $-1.65M USD 1 Quarter
Consolidated net loss NetIncomeLoss $997.00K USD 3 Qtrs
Consolidated net loss NetIncomeLoss $771.00K USD 1 Quarter
Bad debt expense ProvisionForDoubtfulAccounts $82.00K USD 3 Qtrs
Bad debt expense ProvisionForDoubtfulAccounts $13.00K USD 3 Qtrs
Depreciation and amortization DepreciationDepletionAndAmortization $1.79M USD 3 Qtrs
Depreciation and amortization DepreciationDepletionAndAmortization $1.16M USD 3 Qtrs
Stock-based compensation expense ShareBasedCompensation $498.00K USD 3 Qtrs
Stock-based compensation expense ShareBasedCompensation $687.00K USD 3 Qtrs
Amortization of debt issuance cost AmortizationOfFinancingCosts $7.00K USD 3 Qtrs
Amortization of debt issuance cost AmortizationOfFinancingCosts $4.00K USD 3 Qtrs
Tax payments related to shares cancelled for vested restricted stock awards TaxPaymentsRelatedToSharesCanceledForVestedRestrictedStockAwards $12.00K USD 3 Qtrs
Tax payments related to shares cancelled for vested restricted stock awards TaxPaymentsRelatedToSharesCanceledForVestedRestrictedStockAwards $19.00K USD 3 Qtrs
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-918.00K USD 3 Qtrs
Deferred income taxes DeferredIncomeTaxExpenseBenefit $126.00K USD 3 Qtrs
Trade accounts receivable IncreaseDecreaseInAccountsReceivable $-5.44M USD 3 Qtrs
Trade accounts receivable IncreaseDecreaseInAccountsReceivable $-229.00K USD 3 Qtrs
Inventories IncreaseDecreaseInInventories $-850.00K USD 3 Qtrs
Inventories IncreaseDecreaseInInventories $3.98M USD 3 Qtrs
Other current assets IncreaseDecreaseInOtherCurrentAssets $-4.57M USD 3 Qtrs
Other current assets IncreaseDecreaseInOtherCurrentAssets $1.01M USD 3 Qtrs
Right of use assets IncreaseDecreaseInRightOfUseAssets $-78.00K USD 3 Qtrs
Right of use assets IncreaseDecreaseInRightOfUseAssets $-300.00K USD 3 Qtrs
Other long-term assets IncreaseDecreaseInOtherNoncurrentAssets $224.00K USD 3 Qtrs
Other long-term assets IncreaseDecreaseInOtherNoncurrentAssets $-18.00K USD 3 Qtrs
Accounts payable IncreaseDecreaseInAccountsPayable $1.46M USD 3 Qtrs
Accounts payable IncreaseDecreaseInAccountsPayable $-2.95M USD 3 Qtrs
Accrued expenses IncreaseDecreaseInAccruedLiabilities $1.26M USD 3 Qtrs
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-4.31M USD 3 Qtrs
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $-760.00K USD 3 Qtrs
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable - USD 3 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $2.57M USD 3 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $596.00K USD 3 Qtrs
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $2.31M USD 3 Qtrs
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $430.00K USD 3 Qtrs
Purchase of Microlab, net of cash acquired ($33) PaymentsToAcquireBusinessesNetOfCashAcquired $24.44M USD 3 Qtrs
Purchase of Microlab, net of cash acquired ($33) PaymentsToAcquireBusinessesNetOfCashAcquired - USD 3 Qtrs
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-24.87M USD 3 Qtrs
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-2.31M USD 3 Qtrs
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $86.00K USD 3 Qtrs
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $149.00K USD 3 Qtrs
Debt issuance cost PaymentsOfDebtIssuanceCosts $32.00K USD 3 Qtrs
Debt issuance cost PaymentsOfDebtIssuanceCosts - USD 3 Qtrs
Revolving credit facility ProceedsFromLinesOfCredit - USD 3 Qtrs
Revolving credit facility ProceedsFromLinesOfCredit $1.00M USD 3 Qtrs
Term Loan payments RepaymentsOfLongTermDebt $1.82M USD 3 Qtrs
Term Loan payments RepaymentsOfLongTermDebt $808.00K USD 3 Qtrs
Term Loan ProceedsFromIssuanceOfLongTermDebt $17.00M USD 3 Qtrs
Term Loan ProceedsFromIssuanceOfLongTermDebt - USD 3 Qtrs
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $16.31M USD 3 Qtrs
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-732.00K USD 3 Qtrs
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-469.00K USD 3 Qtrs
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-7.97M USD 3 Qtrs
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $4.06M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $4.53M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $13.05M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $5.09M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $4.06M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $4.53M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $13.05M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $5.09M USD Point-in-time
Supplemental cash flow information income taxes paid IncomeTaxesPaidNet $19.00K USD 3 Qtrs
Supplemental cash flow information income taxes paid IncomeTaxesPaidNet $223.00K USD 3 Qtrs
Stockholders Equity 32 line items
Line Item Tag Value Unit Period
Balance StockholdersEquity $40.40M USD Point-in-time
Balance StockholdersEquity $40.18M USD Point-in-time
Balance StockholdersEquity $41.80M USD Point-in-time
Balance StockholdersEquity $41.87M USD Point-in-time
Balance StockholdersEquity $39.60M USD Point-in-time
Balance StockholdersEquity $41.23M USD Point-in-time
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $93.00K USD 1 Quarter
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $85.00K USD 3 Qtrs
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $150.00K USD 3 Qtrs
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $687.00K USD 3 Qtrs
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $191.00K USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $498.00K USD 3 Qtrs
Tax withholding related to vesting of restricted stock AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $19.00K USD 3 Qtrs
Tax withholding related to vesting of restricted stock AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $2.00K USD 1 Quarter
Tax withholding related to vesting of restricted stock AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $12.00K USD 3 Qtrs
Tax withholding related to vesting of restricted stock AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $3.00K USD 1 Quarter
Consolidated net loss NetIncomeLoss $-2.23M USD 3 Qtrs
Consolidated net loss NetIncomeLoss $-1.65M USD 1 Quarter
Consolidated net loss NetIncomeLoss $997.00K USD 3 Qtrs
Consolidated net loss NetIncomeLoss $771.00K USD 1 Quarter
Exercise of stock options (in shares) StockIssuedDuringPeriodSharesStockOptionsExercised 45,000.00 shares 2 Qtrs
Issuance of restricted stock StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures - USD 3 Qtrs
Tax withholding related to vesting of restricted stock AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $19.00K USD 3 Qtrs
Tax withholding related to vesting of restricted stock AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $2.00K USD 1 Quarter
Tax withholding related to vesting of restricted stock AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $12.00K USD 3 Qtrs
Tax withholding related to vesting of restricted stock AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $3.00K USD 1 Quarter
Balance StockholdersEquity $40.40M USD Point-in-time
Balance StockholdersEquity $40.18M USD Point-in-time
Balance StockholdersEquity $41.80M USD Point-in-time
Balance StockholdersEquity $41.87M USD Point-in-time
Balance StockholdersEquity $39.60M USD Point-in-time
Balance StockholdersEquity $41.23M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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