RF Industries (RFIL), a designer and manufacturer of complex cable assemblies, said fiscal Q2 profit plunged partly on falling revenue from its Optiflex product.
“Because OptiFlex cables were specifically developed for wireless providers engaged in upgrading cell towers to 4G technologies, as those upgrades are completed, demand lessens,” CEO Howard Hill said.
Income from continuing operations was $0.5 million or $0.05 per diluted share compared to $1.3 million or $0.15 per diluted share in the second quarter of 2013. Analyst estimates weren’t available.
Net sales fell 35% to $5.8 million, dragged down by a 61% decline in the cable unit.
The shares are unchanged pre-market and closed at $5.58 on Wednesday, near the bottom of a 52-week range of $5.01 – $14.84.