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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000740664-03-000048.txt : 20031224
<SEC-HEADER>0000740664-03-000048.hdr.sgml : 20031224
<ACCEPTANCE-DATETIME>20031224112002
ACCESSION NUMBER:		0000740664-03-000048
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031031
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20031224

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:		031073097

	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>form8kdec2003.txt
<DESCRIPTION>FORM 8-K - YEAR END 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) December 23, 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 December 23, 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 fiscal  year ended  October  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.

December 23, 2003



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






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>pr122303.txt
<DESCRIPTION>PRESS RELEASE - DECEMBER 23, 2003
<TEXT>
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' Fourth Quarter Net Triples to $0.09
                           Per Share On 23% Sales Gain

                    Fiscal 2003 Sales Reach Record $9,875,000
                  ---------------------------------------------


     SAN DIEGO,  CA, December 23, 2003 . . . RF INDUSTRIES,  LTD.  (NASDAQ:RFIL)
today  announced  that for the fourth quarter ended October 31, 2003, net income
tripled to $301,000,  or $0.09 per diluted share,  compared to $95,000, or $0.02
per diluted  share,  in the same quarter  last year.  Sales  increased  23% to a
record $3,045,000, compared to $2,479,000 in the fourth quarter of fiscal 2002.

     For the fiscal year ended October 31, 2003,  net income  nearly  doubled to
$711,000,  or $0.19 per share, compared to $380,000, or $0.09 per diluted share,
for fiscal 2002. Sales increased 11% to a record $9,875,000 compared to sales of
$8,916,000 last year.

     "Record  sales  reflect  the strong  rebound,  in the second half of fiscal
2003,  in  the  wireless  and  telecommunications  markets.  For  the  year,  RF
Connectors'  sales increased 7% to $8,588,000,  and gross margin  benefited from
higher  shipments  of custom  coaxial  cable  products  and high margin  coaxial
connectors  for Wi-Fi  applications.  Results also  benefited from Neulink's 49%
sales increase to $1,288,000," said Howard Hill, president of RF Industries.

     Noting that  selling,  general and  administrative  expenses fell to 29% of
sales for fiscal 2003,  compared to 33% of sales in fiscal 2002, Hill said, "The
benefits of  consolidating  Bioconnect's  operations with RF Connector  actually
reduced total selling, general and administrative expenses in the fourth quarter
and for all of  fiscal  2003.  Continued  tight  cost  controls,  combined  with
Bioconnect's  new  product  line,  should   contribute  to  improved   operating
profitability in the current fiscal year.

     "Our markets have  strengthened and we are addressing new  opportunities in
telecom  and  Wi-Fi  applications.   With  the  recent  purchase  of  high-speed
production  equipment  to expand  cable  assembly  and  Bioconnect  product line
offerings, the introduction of Neulink's NL6000 high-speed narrow band modem and
the  development  of  unique  RF  connectors  for  Military,  Aerospace  and OEM
applications,  RFI looks  forward to increased  sales and  profitability  in the
current fiscal year."

     At October 31, 2003, RFI reported cash and cash  equivalents of $2,684,000,
working  capital of $7,636,000,  a 16 to 1 current ratio,  no long-term debt and
stockholders' equity of $8,058,000, or $3.00 per share.

     RF Industries'  Connectors division designs and distributes radio frequency
(RF) coaxial  connectors and cable assemblies used for Wi-Fi,  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>
<CAPTION>

                                                                                                                             #3470
                                                             RF Industries, Ltd. and Subsidiary
                                                         Condensed Consolidated Statements of Income

                                                       Three Months Ended            Fiscal Year Ended
                                                            October 31,                 October 31,
                                                    ------------------------     -----------------------
                                                       2003          2002           2003          2002
                                                    ----------    ---------      ---------     ---------
                                                          (unaudited)
<S>                                                <C>           <C>            <C>          <C>

Net sales ......................................   $ 3,045,189   $ 2,478,902   $ 9,875,499   $ 8,915,935
Cost of sales ..................................     1,664,516     1,376,959     5,079,307     4,669,673
                                                    ----------    ----------    ----------     ----------
   Gross profit ................................     1,380,673     1,101,943     4,796,192     4,246,262
                                                    ----------    ----------    ----------     ----------

Operating expenses:
  Engineering ..................................       188,331       168,109       753,562       644,120
  Selling and general ..........................       666,231       698,031     2,849,506     2,964,072
  Impairment of goodwill .......................          --         220,509          --         220,509
                                                    ----------    ----------    ----------     ----------
     Total expenses ............................       854,562     1,086,649     3,603,068     3,828,701
                                                    ----------    ----------    ----------     ----------
Operating income ...............................       526,111        15,294     1,193,124       417,561
                                                    ----------    ----------    ----------     ----------

Other income:
  Realized loss on sale of securities ..........          --            --            --          (8,192)
  Commissions ..................................          --            --            --          23,101
  Contract settlement ..........................          --         272,031          --         272,031
  Interest, net ................................         5,094        10,305        22,321        67,483
                                                    ----------    ----------    ----------     ----------
     Total other income ........................         5,094       282,336        22,321       354,423
                                                    ----------    ----------    ----------     ----------
Income before provision for income taxes .......       531,205       297,630     1,215,445       771,984
Provision for income taxes .....................       230,050       202,300       504,700       392,300
                                                    ----------    ----------    ----------     ----------
     Net Income ................................   $   301,155   $    95,330   $   710,745   $   379,684
                                                    ==========    ==========    ==========     ==========
Earnings per share - basic .....................   $       .11   $       .03   $       .23    $       .11
                                                    ==========    ==========    ==========     ==========
Earnings per share - diluted ...................   $       .09   $       .02   $       .19    $       .09
                                                    ==========    ==========    ==========     ==========
Basic weighted average shares outstanding ......     2,661,384     3,441,054     3,053,352     3,441,054
                                                    ==========    ==========    ==========     ==========
Diluted weighted average shares outstanding ....     3,329,159     4,050,638     3,670,625     4,050,638
                                                    ==========    ==========    ==========     ==========
</TABLE>



Condensed Consolidated Balance Sheets
                                                      October 31,    October 31,
                                                         2003           2002
                                                      -----------    ----------
Cash and investments ..............................  $ 2,683,896   $ 3,939,299
Accounts receivable ...............................    1,701,618     1,146,439
Inventories .......................................    3,455,018     4,143,617
Other current assets ..............................      305,679       343,996
                                                     -----------    -----------
     Total current assets .........................    8,146,211     9,573,351

Property plant & equipment, net ...................      328,124       434,823
Other assets ......................................      133,755       137,976
                                                     -----------   ------------
     Total assets .................................  $ 8,608,090   $10,146,150
                                                     ===========   ============

Current liabilities ...............................  $   509,992   $   442,659
Non-current liabilities ...........................       40,000       107,800
Shareholders' equity ..............................    8,058,098     9,595,691
                                                     -----------   ------------
     Total liabilities & shareholders' equity .....  $ 8,608,090   $10,146,150
                                                     ===========   ============

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