Fiscal 2010 Annual Report
Fiscal 2010 Annual Report A V I E L Electronics Chief Executive Officer’s Letter to Stockholders September 22, 2011 Fellow Stockholders: Fiscal Year 2010, which ended on October 31, 2010, was a year in which RF Industries achieved its eighteenth consecutive year of profitability and rebounded from a sales decline in Fiscal 2009 that was the result of the recession and the industry-wide slowdown in wireless infrastructure spending. The improvements in our operations in 2010, and the strengthening of our balance sheet in Fiscal 2010 enabled us to once again focus on our longer term goals of growth and acquisitions. Despite the general economic uncertainty in 2010, the improvement of RF Industries’ operations in Fiscal 2010 and the strength of its October 31, 2010 balance sheet provided us with the security and comfort to (i) expand our operations to the East Coast through the purchase Cables Unlimited, Inc., our new fiber optics and harness assembly subsidiary that we purchased in June 2011, and (ii) significantly increase the dividends that we are distributing to you stockholders. Fiscal 2010 Results For the fiscal year ended October 31, 2010, sales were $16,322,000, compared to sales of $14,213,000 in fiscal 2009. Operating income was $2,004,000 compared to $906,000 in 2009, and net income after taxes was $1,220,000, or $0.38 per diluted share, compared to net income of $656,000, or $0.20 per diluted share for fiscal 2009. Sales at the RF Connector and Cable Assembly segment, our most profitable business segment, increased 16% to $14,094,000 from $12,154,000 in fiscal 2009.
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