Backlog now stands at $32.2 million
SAN DIEGO, CA / ACCESSWIRE / July 14, 2021 / RF Industries, Ltd, (NASDAQ:RFIL), a national manufacturer and marketer of interconnect products and systems, today announced it has received a follow-on order of more than $11 million from its new tier-1 wireless carrier customer at the Company's Cables Unlimited division for its OptiFlex™ hybrid fiber solution, for use in the build-out of wireless tower sites. The Company received multiple large orders from this same customer earlier this fiscal year, including one for $6.5 million in March and another for $7.6 million in May.
"We are pleased to receive another substantial order from this tier-1 wireless carrier customer and appreciate their continued trust in us as an essential part of their infrastructure deployment plan," said Robert Dawson, President and CEO of RF Industries. "This large follow-on order is another significant win for us and highlights the increasing demand for our product offerings as wireless carriers accelerate their build-out of 5G.
"We have spent the last few years beefing up our offer and go-to-market approach in the wireless marketplace, and we now have products actively shipping into every tier-1 wireless carrier. OptiFlex is a unique hybrid fiber solution with a long track record of success that supports wireless carrier tower site upgrades, which are occurring around the world as carriers race to increase the speed and reach of their networks. I appreciate the hard of work of our team at Cables Unlimited in New York where the engineering, design, and production of this product line occurs. We believe that OptiFlex, along with our small cell and DAC thermal cooling product and solutions offering, give us a robust product portfolio to address the wireless carrier market, as well as other market segments like wireline carriers, cable operators, and mobile edge computing. And, when layered on top of our higher run rate fiber and coaxial distribution business and our core OEM and industrial wiring harness offer, these key product areas provide us a strong springboard for revenue growth in the future."
With this order, RF Industries' backlog stands at $32.2 million as of today. The Company expects to start shipping against this order in the early part of its next fiscal year, which begins November 1, 2021.
OptiFlex™ is a composite of multiple cables, including all or a variation of power, coax, ethernet and fiber. This product line is a customizable solution that is engineered and designed to fit the exact needs of RF Industries' customers as they upgrade their wireless tower sites from 3G to 4G and LTE and 5G. For more information on OptiFlex™, click here.
About RF Industries
RF Industries designs and manufactures a broad range of interconnect products across diversified, growing markets, including wireless/wireline telecom, data communications and industrial. The Company's products include RF connectors, coaxial cables, data cables, wire harnesses, fiber optic cables, custom cabling, energy-efficient cooling systems and integrated small cell enclosures. The Company is headquartered in San Diego, California with additional operations in Long Island, New York, Vista, California, Milford, Connecticut and North Kingstown, Rhode Island. Please visit the RF Industries website at www.rfindustries.com.
Forward-Looking Statements
This press release contains forward-looking statements with respect to future events, including the return of delayed project-based business and the Company's long-term growth, which are subject to a number of factors that could cause actual results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to: the duration and continuing impact of the coronavirus pandemic on the U.S. economy and the Company's customers; changes in the telecommunications industry; the Company's reliance on certain distributors and customers for a significant portion of anticipated revenues; the impact of existing and additional future tariffs imposed by U.S and foreign nations; the Company's ability to execute on its new go-to-market strategies and channel models; its ability to expand its OEM relationships; its ability to continue to deliver newly designed and custom fiber optic and cabling products to principal customers; its ability to maintain strong margins and diversify its customer base; and its ability to address the changing needs of the market. Further discussion of these and other potential risk factors may be found in the Company's public filings with the Securities and Exchange Commission (www.sec.gov) including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. 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.
CONTACT:
MKR Investor Relations Inc.
Todd Kehrli
Analyst/Investor Contact
(213) 277-5550
rfil@mkr-group.com
SOURCE: RF Industries, Ltd.
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