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<SEC-DOCUMENT>0000740664-03-000026.txt : 20030908
<SEC-HEADER>0000740664-03-000026.hdr.sgml : 20030908
<ACCEPTANCE-DATETIME>20030908094736
ACCESSION NUMBER:		0000740664-03-000026
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030731
ITEM INFORMATION:		Other events
FILED AS OF DATE:		20030908

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			R F INDUSTRIES LTD
		CENTRAL INDEX KEY:			0000740664
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC CONNECTORS [3678]
		IRS NUMBER:				880168936
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13301
		FILM NUMBER:		03885175

	BUSINESS ADDRESS:	
		STREET 1:		7610 MIRAMAR RD
		STREET 2:		BLDG 6000
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92126-2313
		BUSINESS PHONE:		8585496340

	MAIL ADDRESS:	
		STREET 1:		7620 MIRAMAR RD #4100
		STREET 2:		7620 MIRAMAR RD #4100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92126-4202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CELLTRONICS INC
		DATE OF NAME CHANGE:	19910204
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k0703.txt
<DESCRIPTION>FORM 8K FOR 3RD QUARTER 2003
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM 8-K
                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15 (d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


      Date Of Report: (Date of earliest event reported) September 8, 2003


                               RF INDUSTRIES, LTD.
                 (Name of small business issuer in its charter)


                            Nevada 0-13301 88-0168936
     (State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
                      of Incorporation) Identification No.)



                         7610 Miramar Road, Bldg. 6000,
                        San Diego, California 92126-4202
                    (Address of Principal Executive Offices)

                                 (858) 549-6340
                             (Registrant's Telephone
                                     Number)



<PAGE>




Item 7. Financial Statements and Exhibits

(a)  Not applicable
(b)  Not applicable
(c)  Exhibits

Exhibit No. Description

99.2       Press Release issued September 8, 2003*

    *  This exhibit is intended to be furnished and shall not be deemed "filed"
       for purposes of the Securities Exchange Act of 1934, as amended.

ITEM 12. Results of Operations and Financial Condition

      The information in this report and the exhibit attached hereto shall not
be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, nor shall they be deemed incorporated by reference in any filing with the
Securities and Exchange Commission under the Securities Exchange Act of 1934 or
the Securities Act of 1933, except as shall be expressly set forth by specific
reference in such filing.

     RF Industries, Ltd. today issued a press release regarding its financial
results for the quarter ended July 31, 2003. A copy of the press release is
attached as Exhibit 99.2.


                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

September 8, 2003



                                                    By: /s/ Terrie A. Gross
                                                      -------------------------
                                                       Terrie A. Gross
                                                       Chief Financial Officer




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibit.txt
<DESCRIPTION>EXHIBIT 99.2 PRESS RELEASE FOR 3RD QUARTER
<TEXT>
                                                                   Exhibit 99.2



RF INDUSTRIES, LTD.                                       For Immediate Release
RF Connectors/Neulink Telemetry/Bioconnect Medical
- --------------------------------------------------

Investor Contact:                                        Company Contact:
Neil Berkman Associates                                  Howard Hill, President
(310) 277 - 5162                                         (858) 549-6340
info@berkmanassociates.com                               rfi@rfindustries.com


                 RF Industries Third Quarter Net Jumps to $0.06
                       vs $0.01 Per Share On 8% Sales Gain


     SAN  DIEGO,  CALIFORNIA,  September  8,  2003  . . . RF  INDUSTRIES,  LTD.,
(NASDAQ:RFIL)  today  announced  that net income for the third quarter of fiscal
2003 ended July 31, 2003  increased  nearly  fivefold to $198,000,  or $0.06 per
diluted  share,  compared to $41,000,  or 0.01 per  diluted  share,  in the same
quarter last year.  Sales increased 8% to $2,337,000 from $2,161,000 in the same
quarter last year.
     For the nine  months  ended  July 31,  2002,  net income  increased  44% to
$410,000, or $0.11 per diluted share, compared to $284,000, or $0.07 per diluted
share, in same period last year.  Sales  increased 6% to $6,830,000  compared to
$6,437,000 in the same period last year.
     "Increased sales of custom coaxial connectors and cable products, primarily
for Wi-Fi  network  applications,  helped raise overall gross margin to 50.8% of
sales,  compared to only 45% of sales in the third  quarter  last year.  Over at
Neulink,  sales  nearly  doubled in the quarter to  $208,000 on higher  sales of
wireless  transceivers.  Our enhanced  profitability is also apparent in the 10%
reduction  in third  quarter  sales,  general  and  administrative  expenses,  a
$300,000  annual  rate,  reflecting  the  benefits  of  closing  the  Bioconnect
facilities  and  combining  operations  with RF  Connectors",  said Howard Hill,
president of RF Industries.
     "Neulink  has  finished  development  and  anticipates   commencing  volume
production of its new NL6000 modem this Fall. This wireless transceiver operates
at higher data rates on the new narrow band channels and uses  advanced  digital
signal  processing  correction  to  provide  outstanding  performance,  internet
protocol  addressability  and USB  network  connectivity.  The  NL6000's  design
flexibility will enable Neulink to custom manufacture  different  configurations
to address a wide range of customer speed and power requirements in the wireless
data market.  Our customers have already expressed a strong interest in this new
product", said Hill.
     At July 31, 2003,  RFI reported cash and cash  equivalents  of  $2,486,000,
working  capital  of  $7,314,000,   a  18  to  1  current  ratio,  no  debt  and
stockholders' equity of $7,692,000, or $2.87 per share.
     RF Industries'  Connectors division designs and distributes radio frequency
(RF)  coaxial  connectors  and  cable  assemblies  used  for  PCS,  radio,  test
instruments, computer networks and antenna devices. The Neulink division designs
and  markets  wireless  digital  data   transmission   products  for  industrial
monitoring,  wide area  networks,  GPS tracking  and  locations  systems.  RFI's
Bioconnect   operation   designs,   manufactures  and  distributes   specialized
electrical cabling and interconnect products to the medical monitoring market.


The statements  contained in this release which are not historical  facts may be
deemed to  contain  forward-looking  statements  with  respect  to  events,  the
occurrence  of  which  involve  risks  and  uncertainties,   including,  without
limitation,  uncertainties  detailed in the  Company's  Securities  and Exchange
Commission filings.

                                (table attached)



<PAGE>




                               RF INDUSTRIES, LTD.
                          SUMMARY STATEMENTS OF INCOME
                                   (unaudited)
<TABLE>
<CAPTION>
                                                  Three Months Ended            Nine Months Ended
                                              --------------------------   --------------------------
                                                       July 31,                     July 31,
                                                  2003          2002           2003           2002
                                              ------------  ------------   ------------   -----------
<S>                                           <C>           <C>            <C>           <C>
Net Sales .................................   $ 2,337,410   $ 2,161,127    $ 6,830,310   $ 6,437,033
Cost of Sales .............................     1,151,146     1,186,038      3,414,791     3,292,714
                                              -----------   -----------    -----------    ----------
   Gross Profit ...........................     1,186,264       975,089      3,415,519     3,144,319

Operating expenses:
   Engineering ............................       178,933       169,784        565,231       476,011
   Selling and general ....................       684,425       760,430      2,183,275     2,266,041
                                              -----------   -----------    -----------    ----------
      Total expenses ......................       863,358       930,214      2,748,506     2,742,052

Operating income ..........................       322,906        44,875        667,013       402,267

Other income (expense):
   Realized loss on sales of investments ..          --          (8,192)          --          (8,192)
   Commissions ............................          --          14,886           --          23,101
   Interest ...............................         1,122        17,175         17,227        57,178
                                               -----------   -----------    -----------    ----------
      Total other income ..................         1,122        23,869         17,227        72,087

Income before provision for income taxes ..       324,028        68,744        684,240       474,354
Provision for income taxes ................       125,750        28,000        274,650       190,000
                                               -----------   -----------    -----------    ----------
     Net income ...........................   $   198,278   $    40,744    $   409,590   $   284,354
                                               ===========   ===========    ===========    ==========
Basic earnings per share ..................   $      0.07   $      0.01    $      0.13   $      0.08
                                               ===========   ===========    ===========    ==========
Diluted earnings per share ................   $      0.06   $      0.01    $      0.11   $      0.07
                                               ===========   ===========    ===========    ==========
Basic weighted average shares outstanding .     2,768,571     3,409,354      3,185,864     3,409,354
Diluted weighted average shares outstanding     3,326,677     3,738,371      3,580,094     3,814,647

</TABLE>


                                           Summary Balance Sheets

                                                       July 31,     October 31,
                                                         2003          2002
                                                    -------------  ------------
                                                    (Unaudited)     (Audited)

Cash and Cash Equivalents ........................   $ 2,486,207   $ 3,939,299
Trade Accounts Receivable, Net ...................     1,137,525     1,146,439
Inventories, net .................................     3,701,879     4,143,617
Other Current Assets .............................       410,613       343,996
          Total Current Assets ...................     7,736,224     9,573,351
                                                     -----------   -----------
 Property, Plant & Equipment, Net ................       352,832       434,823
Other Assets .....................................       133,071       137,976
          Total Assets ...........................   $ 8,222,127   $10,146,150
                                                     ===========   ===========

Total Current Liabilities ........................   $   422,255   $   442,659
Deferred Tax Liabilities .........................       107,800       107,800
                                                     -----------   -----------
          Total Liabilities ......................       530,055       550,459

Total Stockholders' Equity .......................     7,692,072     9,595,691
                                                     -----------   -----------

          Total Liabilities & Stockholders' Equity   $ 8,222,127   $10,146,150
                                                     ===========   ===========


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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