RF INDUSTRIES, LTD.	For Immediate Release

RF Connector & Cable Assembly / RF Wireless

Investor Contact: Neil Berkman Associates (310) 826 - 5051 info@berkmanassociates.com	Company Contact: Howard Hill, President (858) 549-6340 rfi@rfindustries.com

For the quarter ended October 31, 2008, sales increased 17% to a quarterly record $4,693,000 compared to $4,005,000 in the fourth quarter last year. Operating income increased 22% to $784,000 compared to operating income of $645,000 in the same quarter last year. A higher tax rate of 48% for the quarter, compared to 32% in the fourth quarter last year, resulted in net income of $446,000, or $0.12 per diluted share, compared to net income of $490,000, or $0.13 per share in the same quarter last year.

"Record fourth quarter sales and operating income reflect sales gains and improved margins at RF Connector and Cable Assembly and at Bioconnect and Aviel, where sales gains of 166% and 20%, respectively, increased efficiency and profitability. RF Wireless segment sales increased 82% for the quarter, reflecting higher sales from Radio Mobile, a division that we acquired in the fourth quarter of fiscal 2007" said Howard Hill, .RFI's President and CEO.

For the fiscal year ended October 31, 2008, sales increased 19% to a record $17,695,000, compared to $14,853,000 in fiscal 2007. Net income increased 37% to $1,559,000, or $0.42 per diluted share, compared to $1,135,000, or $0.30 per diluted share, for fiscal 2007.

"A 38% gain in sales at Aviel helped boost RF Connector and Cable Assembly segment sales by 9%. The improved profitability at these two businesses led to a 55% increase in this segment's fiscal 2008 operating income. Also contributing to higher profitability was an 83% sales gain at Bioconnect, which resulted in a 130% increase in Bioconnect's operating income. This combination of higher sales and improved profitability raised RFI's overall fiscal 2008 gross margin to 50% of sales, compared to 47% of sales in fiscal 2007," said Hill

"Engineering expenses were $1,051,000 in fiscal 2008, an increase of 84% compared to $571,000 for fiscal 2007. Although the increase represented a significant charge to fiscal 2008 earnings, we believe these hardware and software development expenses for two new wireless transceivers are necessary to the future growth of our RF Wireless businesses. This Spring, the Neulink 900S, a high-speed, wireless modem operating in the unlicensed 900MHz range, and the IQ Liberator, a software-defined wireless transceiver for mobile applications, will be distributed and marketed at competitive prices into established wireless data and mobile markets. We are very excited about the growth potential of the RF Wireless segment.

"RFI started fiscal 2008 with cash, cash equivalents and investments together totaling $7,933,000. After applying about $1,000,000 of cash for increasing inventory, purchasing over $400,000 of equipment to increase efficiency at Aviel and Bioconnect, making cash dividend distributions of $394,000 and spending $533,000 to repurchase our common stock, we still ended fiscal 2008 with total cash, cash equivalents and investments nearly unchanged at $7,925,000. By the end of fiscal 2008, RFI's working capital improved $1,101,000 to $15,382,000, or $4.77 per share, the current ratio was 13 to 1, we had no long-term debt and stockholders' equity was $16,122,000, or $5.00 per share" said Hill.

The RF Connectors and Cable Assembly segment designs and distributes radio frequency (RF) coaxial connectors and cable assemblies used for Wi-Fi, PCS, radio, test instruments, computer networks and antenna devices. This business segment includes Aviel Electronics, which provides custom microwave and RF Connector solutions to aerospace, OEM and Government agencies and Worswick, which provides coaxial connectors and cable assemblies primarily to retail and local multi-media and communications systems customers. Bioconnect, constituting the Medical Cabling and Interconnector division, designs, manufactures and distributes specialized electrical cabling and interconnect products to the medical monitoring market. The RF Wireless segment includes Neulink, which designs and markets wireless digital data transmission products for industrial monitoring, wide area networks, GPS tracking and locations systems and RadioMobile, an OEM provider of end-to-end mobile wireless network solutions for public safety, emergency medical, transportation and industrial customers.

RF Industries reports all financial information required in accordance with generally accepted accounting principles (GAAP). To supplement the RF Industries unaudited net income and earnings per share information that is presented in accordance with GAAP, RF Industries has presented non-GAAP net income and earnings per share information by excluding the GAAP non-cash option related expenses. The presentation of this non-GAAP financial information is not intended to be considered in isolation from, as a substitute for, or superior to, the net income or earnings per share information presented in the financial statements. RF Industries believes that this non-GAAP financial information, when taken together with the corresponding GAAP financial information, provides meaningful supplemental information regarding the performance of RF Industries by excluding certain items that may not be indicative of the company's business, operating results or future outlook.

The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to future events, the occurrence of which involve risks and uncertainties, including, without limitation, a decrease in the demand for the Company's products as a result of changes in the telecommunications or wireless products markets, increased competition, the effects of recently completed or future acquisitions of other businesses, and other uncertainties detailed in the Company's Securities and Exchange Commission filings. All forward-looking statements are based upon information available to the Company on the date they are published and the Company undertakes no obligation to publicly update or revise any forward- looking statements to reflect events or new information after the date of this release.

	Three Months Ended				Twelve Months Ended
	October 31,				October 31,
	(unaudited)
	2008		2007		2008		2007

Net sales	$	4,693	$	4,005	$	17,695	$	14,853
Cost of sales		2,335		1,921		8,790		7,937

Gross profit		2,358		2,084		8,905		6,916

Operating expenses:
Engineering		275		221		1,051		571
Selling and general		1,299		1,218		5,341		4,625

Total Operating expenses		1,574		1,439		6,392		5,196

Operating income		784		645		2,513		1,720

Interest income		80		72		259		359

Income before provision for income taxes		864		717		2,772		2,079

Provision for income taxes		418		227		1,213		944

Net income	$	446	$	490	$	1,559	$	1,135

Earnings per share:
Basic	$	0.13	$	0.15	$	0.47	$	0.35
Diluted	$	0.12	$	0.13	$	0.42	$	0.30

Weighted average shares outstanding
Basic		3,292,629		3,248,058		3,293,820		3,263,695
Diluted		3,700,931		3,693,613		3,715,490		3,755,449

Dividends paid	$	99	$	65	$	394	$	196

	Three Months Ended				Twelve Months Ended
	October 31,				October 31,
	2008		2007		2008		2007

Net sales	$	4,693	$	4,005	$	17,695	$	14,853
Cost of sales		2,308		1,872		8,691		7,721

Gross profit		2,385		2,133		9,004		7,132

Operating expenses:
Engineering		275		221		1,051		571
Selling and general		1,230		1,138		4,941		4,269

Total operating expenses		1,505		1,359		5,992		4,840

Non-GAAP Operating income		880		774		3,012		2,292

Interest income		80		72		259		359

Non-GAAP Income before
provision for income taxes		960		846		3,271		2,651

Provision for income taxes		429		238		1,289		1,014

Non-GAAP Net income	$	531	$	608	$	1,982	$	1,637

Non-GAAP Earnings per share
Basic	$	0.16	$	0.19	$	0.60	$	0.50
Diluted	$	0.14	$	0.16	$	0.53	$	0.44

Weighted average shares outstanding
Basic		3,292,629		3,257,717		3,293,820		3,263,695
Diluted		3,700,931		3,723,349		3,715,490		3,755,449

In addition to the reasons stated above, which are generally applicable to each of the items RF Industries excludes from its non-GAAP financial measures, RF Industries believes it is appropriate to exclude certain item for the following reasons:

Stock-Based Compensation. When evaluating the performance of its consolidated results, RF Industries does not consider stock-based compensation charges. Likewise, the RF Industries management team excludes stock-based compensation expense from its operating plans. In contrast, the RF Industries management team is held accountable for cash-based compensation and such amounts are included in its operating plans. Further, when considering the impact of equity award grants, RF Industries places a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants.

RF Industries believes it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of its business. In addition, given its adoption of SFAS 123R, "Share-Based Payment," beginning in its fiscal year 2007, RF Industries believes that a non-GAAP financial measure that excludes stock-based compensation will facilitate the comparison of its year-over-year results.

	October 31,
	2008		2007
ASSETS

CURRENT ASSETS:
Cash and cash equivalents	$	1,061	$	3,401
Investments in available-for-sale securities		6,864		4,532
Trade accounts receivable, net		2,071		1,900
Inventories		5,950		4,955
Other current assets		217		241
Deferred tax assets		542		322

TOTAL CURRENT ASSETS	$	16,705	$	15,351

Property and equipment, net		566		256
Goodwill		347		308
Amortizable intangible assets, net		54		115
Note receivable from stockholder		67		67
Other assets		29		31

TOTAL ASSETS	$	17,768	$	16,128


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable	$	329	$	205
Accrued expenses		761		697
Income taxes payable		233		168

TOTAL CURRENT LIABILITIES		1,323		1,070

Deferred tax liabilities		106		70
Other long-term liabilities		217		47

TOTAL LIABILITIES		1,646		1,187

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
Common stock - authorized 10,000,000 shares of $0.01 par
value; 3,226,264 and 3,285,969 shares issued and outstanding		32		33
Additional paid-in capital		6,412		5,700
Retained earnings		9,678		9,208

TOTAL STOCKHOLDERS' EQUITY		16,122		14,941

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	$	17,768	$	16,128

GAAP Net income	$	446		$	490		$	1,559		$	1,135

Stock-based compensation		96			129			500			572

Income tax effect		(11	)		(11	)		(77	)		(70	)

Total non-GAAP adjustments to net income		85			118			423			502

Non-GAAP Net Income	$	531		$	608		$	1,982		$	1,637