RF Industries, Ltd. (NASDAQ:RFIL) Q1 2020 Earnings Conference Call - Final Transcript

Mar 12, 2020 • 04:30 pm ET


RF Industries, Ltd. (NASDAQ:RFIL) Q1 2020 Earnings Conference Call - Final Transcript


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Good day everyone and welcome to the RF Industries First Quarter Fiscal 2020 Financial Results Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this call is being recorded today, Thursday, March 12, 2020.

At this time, I would like to turn the call over to Mr. Todd Kehrli, MKR Investor Relations. Please go ahead, sir.

Todd Kehrli

Thank you, operator. Good afternoon and welcome to RF Industries first quarter fiscal 2020 financial results conference call. With me on today's call are RF Industries' President and CEO, Rob Dawson; and Chief Financial Officer, Mark Turfler.

Before I turn the call over to Mark and Rob, I'd like to cover a few quick items. This afternoon, RF Industries issued a press release announcing its first quarter fiscal 2020 financial results. That release is available on the Company's website at rfindustries.com. This call is being broadcast live over the Internet for all interested parties and the webcast will be archived on the Investor Relations page of the Company's website.I want to remind everyone that during today's call, management will make forward-looking statements that involve risks and uncertainties. Please note that except for the historical statements, statements on this call today may constitute forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934. When used the words anticipates, beliefs, expects, intend, future and other similar expressions, identify forward-looking statements.

These forward-looking statements reflect management's current views with respect to future events and financial performance and are subject to risks and uncertainties and actual results may differ materially from the outcomes contained in any forward-looking statements.

Factors that could cause these forward-looking statements to differ from actual results include delays in development, marketing or sales of products and other risks and uncertainties discussed in the Company's periodic reports on Form 10-K and 10-Q and other filings with the Securities Exchange Commission. RF Industries undertakes no obligation to update or revise any forward-looking statements.

Additionally, throughout this call, we will be discussing certain non-GAAP financial measures. Today's earnings release and the related current report on Form 8K describe the differences between our non-GAAP and GAAP reporting and present the reconciliation between the two for the periods reported in the release.

I'll now turn the conference over to Rob Dawson, President and Chief Executive Officer, Rob.

Rob Dawson

Thank you, Todd. Good afternoon everyone and welcome to our first quarter of fiscal 2020 Earnings Conference Call. Overall, our fiscal first quarter included some macro challenges and while the market headwinds weren't ideal. The team did a great job of staying focused.

We grew sales 17% over last year in the same quarter. We're able to show a profit and slightly exceed analyst expectations on sales and non-GAAP net income for the quarter. As I noted before, our first quarter is seasonally are most difficult. November through January is typically a difficult time of year in most of our markets. As I said in