RFIL filed for an extension for their report:
<RF Industries Ltd. (the "Company") is unable to file its Quarterly Report on
Form 10-QSB for the fiscal quarter ended January 31, 2007 by the scheduled
filing deadline as a result of its further review and assessment under SFAS 123R
and the resulting impact to our income tax provision. SFAS 123R became effective
for the Company on November 1, 2006, and this is the first fiscal quarter in
which the Company has had to apply SFAS 123R to its stock option grants.
The matters under review by the Company do not involve recently publicized
concerns regarding the timing of the award of stock options and related
accounting issues that have come to light at other companies.>
Earnings were slighltly lower:
<Net sales for the fiscal quarter ended January 31, 2007 decreased by
approximately 7% from net sales for the fiscal quarter year ended January 31,
2006, decreasing to $3,152,128 from $3,374,912. For the January 31, 2007 fiscal
quarter, gross profit was $1,261,707, compared to gross profit for the January
31, 2006 fiscal quarter of $1,560,569. Because the impact of SFAS 123R is not
precisely known, the Company is unable to quantify its net income for the fiscal
quarter ended January 31, 2007. However, based on its current estimates, net
income in the fiscal quarter ended January 31, 2007 is expected to decrease
primarily as a result of option expensing issues to approximately $33,000 from
$265,000 during the same fiscal quarter in 2006.> |
