Note
1 - Unaudited interim condensed consolidated financial
statements
The accompanying unaudited condensed consolidated financial
statements have been prepared in conformity with accounting
principles generally accepted in the United States of America for
interim financial information and with the instructions to Form
10-Q. Accordingly, they do not include all of the information and
footnotes required by accounting principles generally accepted in
the United States of America for complete financial statements. In
the opinion of management, all adjustments, which are normal and
recurring, have been included in order to make the information not
misleading. Information included in the consolidated balance sheet
as of October 31, 2011 has been derived from, and certain terms
used herein are defined in, the audited financial statements of the
Company as of October 31, 2011 included in the Company’s
Annual Report on Form 10-K (“Form 10-K”) for the year
ended October 31, 2011 that was previously filed with the
Securities and Exchange Commission (“SEC”). Operating
results for the three month period ended January 31, 2012 are not
necessarily indicative of the results that may be expected for the
year ending October 31, 2012. The unaudited condensed consolidated
financial statements should be read in conjunction with the
financial statements and footnotes thereto included in the
Company’s Annual Report on Form 10-K for the year ended
October 31, 2011.
Principles of consolidation
The accompanying unaudited condensed consolidated financial
statements include the accounts of RF Industries, Ltd. and its
wholly owned subsidiary, Cables Unlimited, Inc. (“Cables
Unlimited”), collectively (the “Company”). All
intercompany balances and transactions have been eliminated in
consolidation. See Note 2 for a discussion of the Cables Unlimited
acquisition, which occurred on June 15, 2011.
Revenue Recognition
Four basic criteria must be met before revenue can be recognized:
(1) persuasive evidence of an arrangement exists; (2) delivery has
occurred or services rendered; (3) the fee is fixed and
determinable; and (4) collectability is reasonably assured. The
Company recognizes revenue from product sales after purchase orders
are received which contain a fixed price and the products are
shipped. Most of the Company’s products are sold to
continuing customers with established credit histories.
Free historical financial statements for RF Industries Ltd..
See how revenue, income, cash flow, and balance sheet financials have changed over 51 quarters since 2012. Compare with RFIL stock chart to see long term trends.
Data imported from RF Industries Ltd. SEC filings. Check original filings before making any investment decision.