RF Industries (RFIL) 10-Q 17 Mar 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Jan. 31, 2015	Mar. 09, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Jan-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	R F INDUSTRIES LTD
Entity Central Index Key	740664
Current Fiscal Year End Date	-21
Entity Filer Category	Smaller Reporting Company
Trading Symbol	RFIL
Entity Common Stock, Shares Outstanding		8,509,437

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jan. 31, 2015	Oct. 31, 2014
In Thousands, unless otherwise specified
CURRENT ASSETS
Cash and cash equivalents	$10,922	$14,718
Restricted cash	300	0
Trade accounts receivable, net of allowance for doubtful accounts of $30 and $30	3,414	2,428
Inventories	5,964	5,259
Other current assets	904	618
Deferred tax assets	416	416
TOTAL CURRENT ASSETS	21,920	23,439
Property and equipment:
Equipment and tooling	2,910	2,610
Furniture and office equipment	1,005	777
Total	3,915	3,387
Less accumulated depreciation	2,996	2,558
Total property and equipment	919	829
Goodwill	5,387	3,076
Amortizable intangible assets, net	2,438	1,187
Non-amortizable intangible assets	950	410
Note receivable from stockholder	67	67
Other assets	21	21
TOTAL ASSETS	31,702	29,029
CURRENT LIABILITIES
Accounts payable	1,489	861
Accrued expenses	2,629	1,422
Customer deposit	0	6
Income taxes payable	0	73
TOTAL CURRENT LIABILITIES	4,118	2,362
Deferred tax liabilities	811	811
Other long-term liabilities	318	0
TOTAL LIABILITIES	5,247	3,173
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock - authorized 20,000,000 shares of $0.01 par value; 8,509,437 and 8,255,979 shares issued and outstanding at January 31, 2015 and October 31, 2014, respectively	85	83
Additional paid-in capital	18,340	17,230
Retained earnings	8,030	8,543
TOTAL STOCKHOLDERS' EQUITY	26,455	25,856
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$31,702	$29,029

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jan. 31, 2015	Oct. 31, 2014
In Thousands, except Share data, unless otherwise specified
Trade accounts receivable, allowance for doubtful accounts	$30	$30
Common stock, authorized	20,000,000	20,000,000
Common stock, par value	$0.01	$0.01
Common stock, shares issued	8,509,437	8,255,979
Common stock, shares outstanding	8,509,437	8,255,979

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
Net sales	$6,894	$5,850
Cost of sales	4,394	3,268
Gross profit	2,500	2,582
Operating expenses:
Engineering	217	256
Selling and general	2,257	1,987
Totals	2,474	2,243
Operating income	26	339
Other income - interest	5	7
Income from continuing operations before provision for income taxes	31	346
Provision (benefit) for income taxes	-21	82
Income from continuing operations	52	264
Income from discontinued operations, net of tax	13	1
Net income	$65	$265
Basic
Continuing operations	$0.01	$0.03
Discontinued operations	$0	$0
Net income per share	$0.01	$0.03
Diluted
Continuing operations	$0.01	$0.03
Discontinued operations	$0	$0
Net income per share	$0.01	$0.03
Weighted average shares outstanding
Basic	8,286,831	8,143,640
Diluted	8,667,771	8,817,351

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
OPERATING ACTIVITIES:
Net income	$65	$265
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Bad debt expense (recoveries)	5	-15
Accounts receivable write-off	4	4
Depreciation and amortization	190	149
Stock-based compensation expense	50	47
Excess tax benefit from stock-based compensation	0	-237
Changes in operating assets and liabilities:
Trade accounts receivable	-151	650
Inventories	-234	-35
Other current assets	-288	592
Other long-term assets	0	7
Accounts payable	23	-203
Customer deposit	-6	0
Income taxes prepaid (payable)	-77	237
Accrued expenses	-218	-563
Net cash provided by (used in) operating activities	-637	898
INVESTING ACTIVITIES:
Restricted cash	-300
Acquisition of business (Comnet), net of cash acquired ($541)	-2,249	0
Capital expenditures	-34	-10
Net cash used in investing activities	-2,583	-10
FINANCING ACTIVITIES:
Proceeds from exercise of stock options	2	341
Excess tax benefit from exercise of stock options	0	237
Dividends paid	-578	-570
Net cash (used in) provided by financing activities	-576	8
Net (decrease) increase in cash and cash equivalents	-3,796	896
Cash and cash equivalents, beginning of period	14,718	11,881
Cash and cash equivalents, end of period	10,922	12,777
Supplemental cash flow information - income taxes paid	104	603
Noncash investing and financing activities:
Stock issuance for acquisition of business (Comnet)	$1,060	$0

Unaudited_interim_condensed_co

Unaudited interim condensed consolidated financial statements	3 Months Ended
	Jan. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unaudited interim condensed consolidated financial statements	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, 2014 has been derived from, and certain terms used herein are defined in, the audited financial statements of the Company as of October 31, 2014 included in the Company’s Annual Report on Form 10-K (“Form 10-K”) for the year ended October 31, 2014 that was previously filed with the Securities and Exchange Commission (“SEC”). Operating results for the three month period ended January 31, 2015 are not necessarily indicative of the results that may be expected for the year ending October 31, 2015. 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, 2014.
	Principles of consolidation
	The accompanying unaudited condensed consolidated financial statements for the periods ending on or before October 31, 2014 include the accounts of RF Industries, Ltd. and Cables Unlimited, Inc. (“Cables Unlimited”), a wholly-owned subsidiary. The unaudited condensed consolidated financial statements for the fiscal quarter ended January 31, 2015 include the accounts of RF Industries, Ltd., Cables Unlimited and Comnet Telecom Supply, Inc. (“Comnet”), a wholly-owned subsidiary that RF Industries, Ltd. acquired effective November 1, 2014. For periods ending on or before October 31, 2014, references herein to the “Company” shall refer to RF Industries, Ltd. and Cables Unlimited, and for the fiscal quarter ended January 31, 2015, references to the “Company” shall refer to RF Industries, Ltd., Cables Unlimited and Comnet collectively. All intercompany balances and transactions have been eliminated in consolidation.
	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.

Business_Acquisition

Business Acquisition	3 Months Ended
	Jan. 31, 2015
Business Combinations [Abstract]
Business Acquisition	Note 2 - Business Acquisition
	The Company purchased 100% of the issued and outstanding shares of Comnet from Robert Portera, the sole shareholder of Comnet. Comnet is a New Jersey based manufacturer and supplier of telecommunications and data products, including fiber optic cables, cabling technologies, custom patch cord assemblies, data center consoles and other data center equipment. Comnet is a New York corporation that was formed in 1993. For income tax purposes, both parties have agreed to make an election under Internal Revenue Code 338(h) (10). At the closing, RF Industries, Ltd. paid Mr. Portera $4,150,000 in cash and stock, and agreed to pay him up to an additional $1,360,000 in cash as an earn-out over the next two years if Comnet meets certain financial milestones in the next two years. The purchase price paid at the closing consisted of $3,090,000 in cash (of which $300,000 has been deposited into a bank escrow account for one year as security for the seller’s indemnification obligations under the stock purchase agreement) and 252,381 shares of RF Industries, Ltd.’s unregistered common stock, which shares were valued at $1,060,000 based on a per share price of $4.20 (the volume weighted average price of the common stock during the five trading days before the closing date). Comnet will be operated as a stand-alone subsidiary for at least the next two years. The Company entered into a two-year employment agreement with Mr. Portera pursuant to which Mr. Portera will be the President of Comnet and receive a base salary of $210,000 per year. Mr. Portera will also be entitled to earn an annual bonus of up to 50% of his base salary. Since the acquisition of Comnet was effective for financial accounting purposes as of November 1, 2014 with an effective closing date of January 20, 2015, Comnet’s financial results will be included in the results of the Custom Cabling Manufacturing and Assembly segment for the entire fiscal year ending October 31, 2015.
	The acquisition was accounted for in accordance with the acquisition method of accounting. The acquired assets and assumed liabilities were recorded by the Company at their estimated fair values. The Company determined the estimated fair values with the assistance of appraisals or valuations performed by an independent third party specialist. The products manufactured and supplied by Comnet include fiber optic cables, cabling technologies, custom patch cord assemblies, data center consoles and other data center equipment. These products supplement and enhance the existing markets of RF Industries as well as tap into new data center markets that the Company would not have been able to enter without incurring substantially more costs than incurred in the purchase of Comnet. The capital and other resources required to enhance the Company’s fiber optics market and enter the data center market would have greatly exceeded the purchase price of $4.15 million (excluding the potential earn-out). These factors, among others, contributed to a purchase price in excess of the estimated fair value of Comnet’s net identifiable assets acquired, and as a result, we have recorded goodwill in connection with this transaction.
	Goodwill acquired was allocated to our operating segment and Comnet reporting unit as part of the purchase price allocation. We expect the goodwill recorded to be deductible for income tax purposes. Acquired amortizable intangible assets are being amortized on a straight-line basis over their estimated useful lives ranging from two to eight years. The purchase price allocation is preliminary as it includes several estimates, which are being refined.
	The following table summarizes the components of the estimated purchase price at fair value at November 1, 2014:
	Cash consideration paid	$	3,090,000
	RF Industries, Ltd. common shares issued (252,381 shares)		1,060,000
	Earn-out		645,000
	Total purchase price	$	4,795,000
	The following table summarizes the allocation of the estimated purchase price at fair value at November 1, 2014:
	Current assets	$	1,875,000
	Fixed assets		150,000
	Intangible assets		1,888,000
	Goodwill		2,311,000
	Non-interest bearing liabilities		-1,429,000
	Net assets	$	4,795,000
	The results of Comnet’s operations subsequent to November 1, 2014 have been included in the Company’s consolidated results of operations. All costs related to the acquisition of Comnet have been expensed as incurred. In the three month period ended January 31, 2015, Comnet contributed $2.2 million of revenue.

Discontinued_operations

Discontinued operations	3 Months Ended
	Jan. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations	Note 3 - Discontinued operations
	During 2013, the Company sold its RF Neulink and RadioMobile divisions, which together had comprised the Company’s RF Wireless segment. The divisions were sold pursuant to asset purchase agreements, whereby no purchase price was paid at the closing. Rather, the agreements stipulated royalty payments from each of the purchasers over a three year period. For the three months ended January 31, 2015, the Company recognized approximately $19,000 and $2,000 of royalty income for the RF Neulink and RadioMobile divisions, respectively, which amounts have been included within discontinued operations. For the three months ended January 31, 2014, the Company recognized approximately $4,000 and $4,000 of royalty income for the RF Neulink and RadioMobile divisions, respectively, which amounts have been included within discontinued operations.

Inventories_and_major_vendors

Inventories and major vendors	3 Months Ended
	Jan. 31, 2015
Inventory Disclosure [Abstract]
Inventories and major vendors	Note 4 - Inventories and major vendors
	Inventories, consisting of materials, labor and manufacturing overhead, are stated at the lower of cost or market. Cost has been determined using the weighted average cost method. Inventories consist of the following (in thousands):
		January 31, 2015		October 31, 2014
	Raw materials and supplies	$	2,410	$	1,784
	Work in process		22		12
	Finished goods		3,532		3,463
	Totals	$	5,964	$	5,259
	Purchases of inventory from two major vendors during the three months ended January 31, 2015 represented 12% and 10% of total inventory purchases. Purchases of inventory from two major vendors during the three months ended January 31, 2014 represented 19% and 15% of total inventory purchases. The Company has arrangements with these vendors to purchase product based on purchase orders periodically issued by the Company.

Earnings_per_share

Earnings per share	3 Months Ended
	Jan. 31, 2015
Earnings Per Share [Abstract]
Earnings per share	Note 5 - Earnings per share
	Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding increased by the effects of assuming that other potentially dilutive securities (such as stock options) outstanding during the period had been exercised and the treasury stock method had been applied. Potentially dilutive securities totaling 617,310 and 122,069 for the three months ended January 31, 2015 and 2014, respectively, were excluded from the calculation of diluted per share amounts because of their anti-dilutive effect.
	The following table summarizes the computation of basic and diluted weighted average shares outstanding:
		Three Months Ended January 31,
		2015	2014
	Weighted average shares outstanding for basic earnings per share	8,286,831	8,143,640
	Add effects of potentially dilutive securities-assumed exercise of stock options	380,940	673,711
	Weighted average shares for diluted earnings per share	8,667,771	8,817,351

Stockbased_compensation_and_eq

Stock-based compensation and equity transactions	3 Months Ended
	Jan. 31, 2015
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Stock-based compensation and equity transactions	Note 6 - Stock-based compensation and equity transactions
	The Company’s current stock incentive plan provides for the granting of qualified and nonqualified options to the Company’s officers, directors and employees. Incentive stock options granted to the Company’s employees during the three months ended January 31, 2015 vest and are exercisable equally over three years and expire in five years from date of grant. During the three months ended January 31, 2015, the Company granted a total of 127,558 incentive stock options to Company employees. The Company satisfies the exercise of options by issuing previously unissued common shares.
	The weighted average fair value of employee and non-employee directors’ stock options granted by the Company during the three months ended January 31, 2015 and 2014 was estimated to be $1.00 and $1.89 per share, respectively, using the Black-Scholes option pricing model with the following assumptions:
		2015		2014
	Risk-free interest rate	0.88	%	0.69	%
	Dividend yield	6.35	%	4.09	%
	Expected life of the option	3.5 years		3.5 years
	Volatility factor	47.4	%	49.2	%
	Expected volatilities are based on historical volatility of the Company’s stock price and other factors. The Company used the historical method to calculate the expected life of the 2015 option grants. The expected life represents the period of time that options granted are expected to be outstanding. The risk-free rate is based on the U.S. Treasury rate with a maturity date corresponding to the options’ expected life. The dividend yield is based upon the historical dividend yield.
	Issuances of common stock by the Company
	During the three months ended January 31, 2015, the Company issued 252,381 shares of common stock valued at approximately $1,060,000 to the former owner of Comnet as part of the purchase price of the Comnet acquisition. The Comnet acquisition is more fully described in Note 2 of this report.
	Company stock option plans
	Descriptions of the Company’s stock option plans are included in Note 8 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2014. A summary of the status of the options granted under the Company’s stock option plans as of January 31, 2015 and the changes in options outstanding during the three months then ended is presented in the table that follows:
				Weighted
				Average
		Shares		Exercise Price
	Outstanding at November 1, 2014	1,044,932		$	3.27
	Options granted	172,306		$	4.41
	Options exercised	-		$	-
	Options canceled or expired	-7,110		$	3.65
	Options outstanding at January 31, 2015	1,210,128		$	3.43
	Options exercisable at January 31, 2015	760,030		$	2.41
	Options vested and expected to vest at January 31, 2015	1,201,838		$	3.41
	Weighted average remaining contractual life of options outstanding as of January 31, 2015: 4.93 years
	Weighted average remaining contractual life of options exercisable as of January 31, 2015: 4.08 years
	Weighted average remaining contractual life of options vested and expected to vest as of January 31, 2015: 4.95 years
	Aggregate intrinsic value of options outstanding at January 31, 2015: $1.8 million
	Aggregate intrinsic value of options exercisable at January 31, 2015: $1.7 million
	Aggregate intrinsic value of options vested and expected to vest at January 31, 2015: $1.8 million
	As of January 31, 2015, $640,000 of expense with respect to nonvested share-based arrangements has yet to be recognized which is expected to be recognized over a weighted average period of 4.68 years.
	Non-employee directors receive $30,000 annually, which amount is paid one-half in cash and one-half through the grant of non-qualified stock options to purchase shares of the Company’s common stock. During the quarter ended January 31, 2015, the Company granted each of its three non-employee directors 44,748 options. The number of stock options granted to each director was determined by dividing $15,000 by the fair value of a stock option grant using the Black-Scholes model ($1.01 per share). These options vest ratably over fiscal year 2015.
	Stock option expense
	During the three months ended January 31, 2015 and 2014, stock-based compensation expense totaled $50,000 and $47,000, respectively. For the three months ended January 31, 2015 and 2014, stock-based compensation classified in cost of sales amounted to $15,000 and $9,000, respectively, and stock-based compensation classified in selling and general expense amounted to $35,000 and $38,000, respectively.

Concentrations_of_credit_risk

Concentrations of credit risk	3 Months Ended
	Jan. 31, 2015
Risks and Uncertainties [Abstract]
Concentrations of credit risk	Note 7 - Concentrations of credit risk
	Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with high-credit quality financial institutions. At January 31, 2015, the Company had cash and cash equivalent balances in excess of Federally insured limits in the amount of approximately $10.6 million.
	One customer accounted for approximately 17% and 35% of the Company’s net sales for the three month periods ended January 31, 2015 and 2014, respectively. At January 31, 2015 and October 31, 2014, this customer’s account receivable balance accounted for approximately 19% and 22%, respectively, of the Company’s total net accounts receivable balances.  Although this customer has been an on-going major customer of the Company continuously during the past 15 years, the written agreements with this customer do not have any minimum purchase obligations and the customer could stop buying the Company’s products at any time and for any reason. A reduction, delay or cancellation of orders from this customer or the loss of this customer could significantly reduce the Company’s future revenues and profits.
	There was no product line that was significant for the three months ended January 31, 2015. Sales of one product line accounted for $1.1 million or 18% of net sales for the three months ended January 31, 2014.

Segment_information

Segment information	3 Months Ended
	Jan. 31, 2015
Segment Reporting [Abstract]
Segment information	Note 8 - Segment information
	The Company aggregates operating divisions into operating segments which have similar economic characteristics and divisions are similar in the majority of the following areas: (1) the nature of the product and services; (2) the nature of the production process; (3) the type or class of customer for their products and services; (4) the methods used to distribute their products or services; (5) if applicable, the nature of the regulatory environment. The Company currently has three segments - RF Connector and Cable Assembly, Custom Cabling Manufacturing and Assembly and Medical Cabling and Interconnector based upon this evaluation.
	The RF Connector and Cable Assembly segment and the Custom Cabling Manufacturing and Assembly segment currently are each comprised of two divisions, whereas the Medical Cabling and Interconnector segment is comprised of one division. The four divisions that meet the quantitative thresholds for segment reporting are Connector and Cable Assembly, Cables Unlimited, Comnet and Bioconnect. The other division aggregated into the RF Connector and Cable Assembly segment has similar products that are marketed to their respective customer base and production and product development processes that are similar in nature. The specific customers are different for each division; however, there is some overlapping of product sales to them. The methods used to distribute products are similar within each division aggregated.
	Management identifies the Company’s segments based on strategic business units that are, in turn, based along market lines. These strategic business units offer products and services to different markets in accordance with their customer base and product usage. For segment reporting purposes, the Company (i) aggregates the Connector and Cable Assembly division and the Aviel division into the RF Connector and Cable Assembly segment; (ii) aggregates Cables Unlimited and Comnet into the Custom Cabling Manufacturing and Assembly segment; and (iii) has defined the Bioconnect Division as the Medical Cabling and Interconnector segment.
	In its operation of the business, management, including our chief operating decision maker, the Company’s Chief Executive Officer, reviews certain financial information, including segmented profit and loss statements before taxes, depreciation and amortization to evaluate performance of individual operating segments. The segment information in this note is reported on that basis.
	Substantially all of the Company’s operations are conducted in the United States; however, the Company derives a portion of its revenue from export sales. The Company attributes sales to geographic areas based on the location of the customers. The following table presents the sales of the Company by geographic area for the three months ended January 31, 2015 and 2014 (in thousands):
		Three Months Ended January 31,
		2015		2014
	United States	$	6,596	$	5,448
	Foreign Countries:
	Canada		114		102
	Israel		52		65
	Mexico		94		122
	All Other		38		113
			298		402
	Totals	$	6,894	$	5,850
	Net sales, income (loss) from continuing operations before provision for income taxes and other related segment information for the three months ended January 31, 2015 and 2014 are as follows (in thousands):
		RF Connector		Custom Cabling		Medical
		and		Manufacturing and		Cabling and
		Cable Assembly		Assembly		Interconnector		Corporate		Total
	2015
	Net sales	$	2,701	$	3,617	$	576	$	-	$	6,894
	Income (loss) from continuing operations before provision (benefit) for income taxes		65		-164		125		5		31
	Depreciation and amortization		41		144		5		-		190
	2014
	Net sales	$	2,972	$	2,127	$	751	$	-	$	5,850
	Income (loss) from continuing operations before provision (benefit) for income taxes		368		-167		140		5		346
	Depreciation and amortization		49		92		8		-		149

Income_tax_provision_benefit

Income tax provision (benefit)	3 Months Ended
	Jan. 31, 2015
Income Tax Disclosure [Abstract]
Income tax provision	Note 9 - Income tax provision (benefit)
	The Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates, to determine its quarterly provision (benefit) for income taxes. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter.
	The provision (benefit) for income taxes was (68)% and 24% of income before income taxes for the three months ended January 31, 2015 and January 31, 2014, respectively. The decrease in the effective income tax rate from period to period was primarily driven by the discrete benefit from R&D credits related to the tax year ended October 31, 2014 which were recognized this quarter due to the change in tax law taking effect on December 19, 2014.
	The Company recorded income from discontinued operations, net of tax, as disclosed in Note 3.
	The total amount of unrecognized tax benefits was $0 as of January 31, 2015 and October 31, 2014. The total balance of accrued interest and penalties related to uncertain tax positions was $0 as of January 31, 2015 and October 31, 2014. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense and the accrued interest and penalties are included in deferred and other long-term liabilities in the Company's condensed consolidated balance sheets. There were no material interest or penalties included in income tax expense for the three months ended January 31, 2015.

Intangible_assets

Intangible assets	3 Months Ended
	Jan. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	Note 10 - Intangible assets
	Intangible assets are comprised of the following (in thousands):
		January 31, 2015		October 31, 2014
	Amortizable intangible assets:
	Non-compete agreements	$	253	$	200
	Accumulated amortization		-151		-135
			102		65
	Customer relationships		3,025		1,730
	Accumulated amortization		-689		-608
			2,336		1,122
	Totals	$	2,438	$	1,187
	Non-amortizable intangible assets:
	Trademarks	$	950	$	410

Accrued_expenses_and_other_lon

Accrued expenses and other long-term liabilities	3 Months Ended
	Jan. 31, 2015
Payables and Accruals [Abstract]
Accrued expenses and other long-term liabilities	Note 11 - Accrued expenses and other long-term liabilities
	Accrued expenses consist of the following (in thousands):
		January 31, 2015		October 31, 2014
	Wages payable	$	840	$	840
	Accrued receipts		798		422
	Earn-out liability		318		-
	Other current liabilities		673		160
	Totals	$	2,629	$	1,422
	Accrued receipts represent purchased inventory for which invoices have not been received.

Line_of_credit

Line of credit	3 Months Ended
	Jan. 31, 2015
Debt Disclosure [Abstract]
Line of credit	Note 12 - Line of credit
	In March 2014, the Company entered into an agreement for a line of credit (“LOC”) in the amount of $5.0 million. Amounts outstanding under the LOC shall bear interest at a rate of 3.0% plus LIBOR (“base interest rate”), with interest payable on the last day of each month. All principal outstanding under the LOC which is not bearing interest at a base interest rate shall bear interest at Union Bank’s Reference Rate, as defined, which rate shall vary. Borrowings under the LOC are secured by a security interest in certain assets of the Company. The LOC contains certain loan covenants as described in the agreement. Failure to maintain the loan covenants shall constitute an event of default resulting in all outstanding amounts of principal and interest becoming immediately due and payable. All outstanding principal and interest is due and payable on June 30, 2016. As of January 31, 2015, no amounts were outstanding under the LOC.

Commitments

Commitments	3 Months Ended
	Jan. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments	Note 13 - Commitments
	In April 2014, the Company amended its lease for its facility in San Diego, California, extending the term of the lease and reducing its square footage. The amended lease expires in March 2017 and requires minimum annual rental payments (starting at approximately $19,000 per month) that are subject to fixed annual increases. The minimum annual rentals under this lease are being charged to expense on a straight-line basis over the lease term. The San Diego lease also requires the payment of the Company’s pro rata share of real estate taxes and insurance, maintenance and other operating expenses related to the facilities. As of January 31, 2015, the aggregate remaining minimum lease payments under this lease totaled $513,000.
	In March 2015, the Company amended its lease for the facility in Las Vegas, Nevada to extend the term of the lease to April 2016.

Cash_dividend_and_declared_div

Cash dividend and declared dividends	3 Months Ended
	Jan. 31, 2015
Cash Dividend And Dividends Declaration [Abstract]
Cash dividend and declared dividends	Note 14 - Cash dividend and declared dividends
	The Company paid dividends of $0.07 per share during the three months ended January 31, 2015 for a total of $578,000. The Company paid dividends of $0.07 per share during the three months ended January 31, 2014 for a total of $570,000.

Stock_Repurchase_Program

Stock Repurchase Program	3 Months Ended
	Jan. 31, 2015
Equity [Abstract]
Stock Repurchase Program	Note 15 - Stock Repurchase Program
	During April 2014, the Company announced that its Board of Directors authorized the repurchase of up to 500,000 shares of its common stock. The share repurchase program may be suspended or terminated at any time without prior notice. As of January 31, 2015, the Company repurchased and retired 22,828 shares, all during fiscal 2014, pursuant to the program.

Legal_proceedings

Legal proceedings	3 Months Ended
	Jan. 31, 2015
Legal Matters And Contingencies [Abstract]
Legal proceedings	Note 16 - Legal proceedings
	On May 24, 2013, Peter Wyndham, a former employee of the Company, filed a complaint with the San Diego, California, office of the U.S. Department of Labor-OSHA alleging retaliatory employment practices in violation of the whistleblower provisions of the Sarbanes-Oxley Act (Peter Wyndham vs. RF Industries, Ltd., Case No. 9-3290-13-087). The complaint alleged that Mr. Wyndham was terminated in November 2012 in retaliation for making disclosures relating to alleged fraudulent accounting practices and lack of compliance with U.S. GAAP; violations of multiple Securities and Exchange Commission rules and regulations; and fraud against the shareholders. The complaint did not seek any specified amount of damages. The Company disputed the retaliation claim and notified its employment practices liability insurance carrier of the demand. Mr. Wyndham has withdrawn his OSHA complaint.
	On November 21, 2014, Peter Wyndham filed a complaint for damages against the Company in the United States District Court for the Southern District of California (Peter Wyndham vs. RF Industries, Ltd., Case No. 14CV2792WQHBGS), for violation of the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and wrongful termination in violation of public policy. The complaint does not make a demand for any specific sum of damages, but does make a demand for, among other relief, an unspecified amount of compensatory damages (including lost past and future wages and benefits), emotional distress damages, pay in lieu of reinstatement, and punitive damages. The matter has been tendered to the Company’s insurance carrier for defense and indemnification, and counsel appointed by the insurance carrier currently represents the Company in the matter.

Subsequent_events

Subsequent events	3 Months Ended
	Jan. 31, 2015
Subsequent Events [Abstract]
Subsequent events	Note 17 - Subsequent events
	At its March 11, 2015 meeting, the Board of Directors of the Company declared a quarterly cash dividend of $0.07 per share to be paid on April 15, 2015 to stockholders of record on March 31, 2015.

Business_Acquisition_Tables

Business Acquisition (Tables)	3 Months Ended
	Jan. 31, 2015
Business Combinations [Abstract]
Components of Purchase Price at Fair Value	The following table summarizes the components of the estimated purchase price at fair value at November 1, 2014:
	Cash consideration paid	$	3,090,000
	RF Industries, Ltd. common shares issued (252,381 shares)		1,060,000
	Earn-out		645,000
	Total purchase price	$	4,795,000
Allocation of Purchase Price at Fair Value	The following table summarizes the allocation of the estimated purchase price at fair value at November 1, 2014:
	Current assets	$	1,875,000
	Fixed assets		150,000
	Intangible assets		1,888,000
	Goodwill		2,311,000
	Non-interest bearing liabilities		-1,429,000
	Net assets	$	4,795,000

Inventories_and_major_vendors_

Inventories and major vendors (Tables)	3 Months Ended
	Jan. 31, 2015
Inventory Disclosure [Abstract]
Components of Inventories	Inventories, consisting of materials, labor and manufacturing overhead, are stated at the lower of cost or market. Cost has been determined using the weighted average cost method. Inventories consist of the following (in thousands):
		January 31, 2015		October 31, 2014
	Raw materials and supplies	$	2,410	$	1,784
	Work in process		22		12
	Finished goods		3,532		3,463
	Totals	$	5,964	$	5,259

Earnings_per_share_Tables

Earnings per share (Tables)	3 Months Ended
	Jan. 31, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Weighted Average Shares Outstanding	The following table summarizes the computation of basic and diluted weighted average shares outstanding:
		Three Months Ended January 31,
		2015	2014
	Weighted average shares outstanding for basic earnings per share	8,286,831	8,143,640
	Add effects of potentially dilutive securities-assumed exercise of stock options	380,940	673,711
	Weighted average shares for diluted earnings per share	8,667,771	8,817,351

Stockbased_compensation_and_eq1

Stock-based compensation and equity transactions (Tables)	3 Months Ended
	Jan. 31, 2015
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Computation of Weighted Average Fair Value of Employee Stock Options using Black-Scholes Option Pricing Model Assumptions	The weighted average fair value of employee and non-employee directors’ stock options granted by the Company during the three months ended January 31, 2015 and 2014 was estimated to be $1.00 and $1.89 per share, respectively, using the Black-Scholes option pricing model with the following assumptions:
		2015		2014
	Risk-free interest rate	0.88	%	0.69	%
	Dividend yield	6.35	%	4.09	%
	Expected life of the option	3.5 years		3.5 years
	Volatility factor	47.4	%	49.2	%
Summary of Status of Options Granted under Stock Option Plans and Changes in Options Outstanding	A summary of the status of the options granted under the Company’s stock option plans as of January 31, 2015 and the changes in options outstanding during the three months then ended is presented in the table that follows:
				Weighted
				Average
		Shares		Exercise Price
	Outstanding at November 1, 2014	1,044,932		$	3.27
	Options granted	172,306		$	4.41
	Options exercised	-		$	-
	Options canceled or expired	-7,110		$	3.65
	Options outstanding at January 31, 2015	1,210,128		$	3.43
	Options exercisable at January 31, 2015	760,030		$	2.41
	Options vested and expected to vest at January 31, 2015	1,201,838		$	3.41

Segment_information_Tables

Segment information (Tables)	3 Months Ended
	Jan. 31, 2015
Segment Reporting [Abstract]
Sales by Geographic Area	The following table presents the sales of the Company by geographic area for the three months ended January 31, 2015 and 2014 (in thousands):
		Three Months Ended January 31,
		2015		2014
	United States	$	6,596	$	5,448
	Foreign Countries:
	Canada		114		102
	Israel		52		65
	Mexico		94		122
	All Other		38		113
			298		402
	Totals	$	6,894	$	5,850
Net Sales, Income (Loss) Before Provision for Income Taxes and Other Related Segment Information	Net sales, income (loss) from continuing operations before provision for income taxes and other related segment information for the three months ended January 31, 2015 and 2014 are as follows (in thousands):
		RF Connector		Custom Cabling		Medical
		and		Manufacturing and		Cabling and
		Cable Assembly		Assembly		Interconnector		Corporate		Total
	2015
	Net sales	$	2,701	$	3,617	$	576	$	-	$	6,894
	Income (loss) from continuing operations before provision (benefit) for income taxes		65		-164		125		5		31
	Depreciation and amortization		41		144		5		-		190
	2014
	Net sales	$	2,972	$	2,127	$	751	$	-	$	5,850
	Income (loss) from continuing operations before provision (benefit) for income taxes		368		-167		140		5		346
	Depreciation and amortization		49		92		8		-		149

Intangible_assets_Tables

Intangible assets (Tables)	3 Months Ended
	Jan. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Components of Intangible Assets	Intangible assets are comprised of the following (in thousands):
		January 31, 2015		October 31, 2014
	Amortizable intangible assets:
	Non-compete agreements	$	253	$	200
	Accumulated amortization		-151		-135
			102		65
	Customer relationships		3,025		1,730
	Accumulated amortization		-689		-608
			2,336		1,122
	Totals	$	2,438	$	1,187
	Non-amortizable intangible assets:
	Trademarks	$	950	$	410

Accrued_expenses_and_other_lon1

Accrued expenses and other long-term liabilities (Tables)	3 Months Ended
	Jan. 31, 2015
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consist of the following (in thousands):
		January 31, 2015		October 31, 2014
	Wages payable	$	840	$	840
	Accrued receipts		798		422
	Earn-out liability		318		-
	Other current liabilities		673		160
	Totals	$	2,629	$	1,422

Components_of_Purchase_Price_a

Components of Purchase Price at Fair Value (Detail) (USD $)	0 Months Ended	3 Months Ended
	Nov. 02, 2014	Jan. 31, 2015
Cash consideration paid	$3,090,000
RF Industries, Ltd. common shares issued (252,381 shares)	1,060,000
Earn-out	645,000	3,090,000
Total purchase price	$4,795,000

Components_of_Purchase_Price_a1

Components of Purchase Price at Fair Value (Parenthetical) (Detail)	3 Months Ended
	Jan. 31, 2015
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	252,381

Allocation_of_Purchase_Price_a

Allocation of Purchase Price at Fair Value (Detail) (USD $)	Nov. 02, 2014
Current assets	$1,875,000
Fixed assets	150,000
Intangible assets	1,888,000
Goodwill	2,311,000
Non-interest bearing liabilities	-1,429,000
Net assets	$4,795,000

Business_Acquisition_Additiona

Business Acquisition - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended
	Nov. 02, 2014	Jan. 31, 2015
Business Acquisition Cost Of Acquired Entity Purchase Price value		$4,150,000
Business Acquisition, Effective Date of Acquisition		1-Nov-14
Business Acquisition, Cash Deposited Into Bank		300,000
Business Acquisition Unregistered Common Stock Shares		252,381
Business Acquisition Unregistered Common Stock Value		1,060,000
Business Acquisition, Percentage of Voting Interests Acquired		100.00%
Payments to Acquire Businesses, Gross	3,090,000
Business Combination, Consideration Transferred	645,000	3,090,000
Business Acquisition, Share Price		$4.20
Revenues		2,200,000
Portera [Member]
Business Acquisition, Additional Payment In Cash		1,360,000
Salary Payable To President		210,000
Description For President Annual Bonus		earn an annual bonus of up to 50% of his base salary
Payments to Acquire Businesses, Gross		$4,150,000

Discontinued_operations_Additi

Discontinued operations - Additional Information (Detail) (USD $)	3 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Radio Mobile, Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Royalty revenue	$2,000	$4,000
RF Neulink
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Royalty revenue	$19,000	$4,000

Inventories_and_major_vendors_1

Inventories and major vendors - Additional Information (Detail)	3 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Vendor One
Inventory [Line Items]
Purchases of connector products, percentage	12.00%	19.00%
Vendor Two
Inventory [Line Items]
Purchases of connector products, percentage	10.00%	15.00%

Components_of_Inventories_Deta

Components of Inventories (Detail) (USD $)	Jan. 31, 2015	Oct. 31, 2014
In Thousands, unless otherwise specified
Inventory [Line Items]
Raw materials and supplies	$2,410	$1,784
Work in process	22	12
Finished goods	3,532	3,463
Totals	$5,964	$5,259

Computation_of_Basic_and_Dilut

Computation of Basic and Diluted Weighted Average Shares Outstanding (Detail)	3 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Weighted average shares outstanding for basic earnings per share	8,286,831	8,143,640
Add effects of potentially dilutive securities-assumed exercise of stock options	380,940	673,711
Weighted average shares for diluted earnings per share	8,667,771	8,817,351

Earnings_per_share_Additional_

Earnings per share - Additional Information (Detail)	3 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	617,310	122,069

Computation_of_Weighted_Averag

Computation of Weighted Average Fair Value of Employee Stock Options using Black-Scholes Option Pricing Model Assumptions (Detail)	3 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.88%	0.69%
Dividend yield	6.35%	4.09%
Expected life of the option	3 years 6 months	3 years 6 months
Volatility factor	47.40%	49.20%

Summary_of_Status_of_Options_G

Summary of Status of Options Granted under Stock Option Plans and Changes in Options Outstanding (Detail) (Stock Option, USD $)	3 Months Ended
	Jan. 31, 2015
Stock Option
Shares
Options Outstanding at beginning of year	1,044,932
Options granted	172,306
Options exercised	0
Options canceled or expired	-7,110
Options outstanding at end of year	1,210,128
Options exercisable at end of year	760,030
Options vested and expected to vest at end of year	1,201,838
Weighted Average Exercise Price
Options outstanding at beginning of year	$3.27
Options granted	$4.41
Options exercised	$0
Options canceled or expired	$3.65
Options outstanding at end of year	$3.43
Options exercisable at end of year	$2.41
Options vested and expected to vest at end of year	$3.41

Stockbased_compensation_and_eq2

Stock-based compensation and equity transactions - Additional Information (Detail) (USD $)	3 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining life of options outstanding	4 years 11 months 5 days
Weighted average remaining contractual life of options exercisable	4 years 29 days
Weighted average life of options vested and expected to vest	4 years 11 months 12 days
Aggregate intrinsic value of options outstanding	$1,800,000
Aggregate intrinsic value of options exercisable	1,700,000
Aggregate intrinsic value of options vested and expected to vest	1,800,000
Non-vested stock-based arrangements yet to be recognized	640,000
Stock based arrangements yet to be recognized, weighted average period expected to be recognized	4 years 8 months 5 days
Stock Issued During Period, Value, Stock Options Exercised	1,060,000
Non-employee director annual grant	30,000
Options granted for each non-employee director	44,748
Value of stock option issued	15,000
Fair value of stock option	$1.01
Stock based compensation expense	50,000	47,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$1	$1.89
Incentive stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross	127,558
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock for exercise of stock option	252,381
Cost of Sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	15,000	9,000
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$35,000	$38,000

Concentrations_of_credit_risk_

Concentrations of credit risk - Additional Information (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
Concentration Risk [Line Items]
Cash, FDIC insured amount	10.6
Concentration agreement with major customer	15 years
Sales Revenue, Goods, Net
Concentration Risk [Line Items]
Concentration risk, percentage	17.00%	35.00%
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	19.00%	22.00%
Optiflex Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	18.00%
Sales revenue, goods, net	1.1

Sales_by_Geographic_Area_Detai

Sales by Geographic Area (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
Revenue, Major Customer [Line Items]
Sales revenue	$6,894	$5,850
United States
Revenue, Major Customer [Line Items]
Sales revenue	6,596	5,448
Canada
Revenue, Major Customer [Line Items]
Sales revenue	114	102
Israel
Revenue, Major Customer [Line Items]
Sales revenue	52	65
Mexico
Revenue, Major Customer [Line Items]
Sales revenue	94	122
All other
Revenue, Major Customer [Line Items]
Sales revenue	38	113
Foreign Countries, total
Revenue, Major Customer [Line Items]
Sales revenue	$298	$402

Net_Sales_Income_Loss_Before_P

Net Sales, Income (Loss) Before Provision for Income Taxes and Other Related Segment Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
Segment Reporting Information [Line Items]
Net sales	$6,894	$5,850
Income (loss) from continuing operations before provision (benefit) for income taxes	31	346
Depreciation and amortization	190	149
RF Connector and Cable Assembly
Segment Reporting Information [Line Items]
Net sales	2,701	2,972
Income (loss) from continuing operations before provision (benefit) for income taxes	65	368
Depreciation and amortization	41	49
Medical Cabling and Interconnector
Segment Reporting Information [Line Items]
Net sales	576	751
Income (loss) from continuing operations before provision (benefit) for income taxes	125	140
Depreciation and amortization	5	8
Corporate
Segment Reporting Information [Line Items]
Net sales	0	0
Income (loss) from continuing operations before provision (benefit) for income taxes	5	5
Depreciation and amortization	0	0
Custom Cabling Manufacturing and Assembly
Segment Reporting Information [Line Items]
Net sales	3,617	2,127
Income (loss) from continuing operations before provision (benefit) for income taxes	-164	-167
Depreciation and amortization	$144	$92

Income_tax_provision_benefit_A

Income tax provision (benefit) - Additional Information (Detail) (USD $)	3 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Oct. 31, 2014
Income Taxes [Line Items]
Unrecognized tax benefits	$0		$0
Accrued interest and penalties related to uncertain tax positions	$0		$0
Provision for income tax as percentage of income before income taxes	-68.00%	24.00%

Intangible_Assets_Detail

Intangible Assets (Detail) (USD $)	Jan. 31, 2015	Oct. 31, 2014
In Thousands, unless otherwise specified
Intangible Assets [Line Items]
Amortizable intangible assets, net	$2,438	$1,187
Non-amortizable intangible assets, trade marks	950	410
Non-compete agreements
Intangible Assets [Line Items]
Amortizable intangible assets, gross	253	200
Amortizable intangible assets, accumulated amortization	-151	-135
Amortizable intangible assets, net	102	65
Customer relationships
Intangible Assets [Line Items]
Amortizable intangible assets, gross	3,025	1,730
Amortizable intangible assets, accumulated amortization	-689	-608
Amortizable intangible assets, net	$2,336	$1,122

Accrued_Expenses_Detail

Accrued Expenses (Detail) (USD $)	Jan. 31, 2015	Oct. 31, 2014
In Thousands, unless otherwise specified
Schedule of Accrued Liabilities [Line Items]
Wages payable	$840	$840
Accrued receipts	798	422
Earn-out liability	318	0
Other current liabilities	673	160
Totals	$2,629	$1,422

Line_of_credit_Additional_Info

Line of credit - Additional Information (Detail) (USD $)	1 Months Ended
	Mar. 31, 2014	Jan. 31, 2015
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate During Period	3.00%
Line of Credit Facility, Expiration Date	30-Jun-16
Letter of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Amount Outstanding	5,000,000	$0

Commitments_Additional_Informa

Commitments - Additional Information (Detail) (USD $)	3 Months Ended
	Jan. 31, 2015
Commitments And Contingencies [Line Items]
Operating Leases, Rent Expense, Net, Total	$513,000
Minimum annual rental payments	$19,000
Lease Expiration Date	31-Mar-17

Cash_dividend_and_declared_div1

Cash dividend and declared dividends - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended
	Apr. 15, 2015	Jan. 31, 2015	Jan. 31, 2014
Dividends Payable [Line Items]
Dividends paid, per share	$0.07
Dividends paid		$578,000	$570,000
Dividends Paid
Dividends Payable [Line Items]
Dividends paid, per share		$0.07	$0.07
Dividends paid		$578,000	$570,000

Stock_Repurchase_Program_Addit

Stock Repurchase Program - Additional Information (Detail)	Jan. 31, 2015	Apr. 30, 2014
Stock Repurchase Program [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	22,828
Board Of Directors
Stock Repurchase Program [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		500,000

Subsequent_events_Additional_I

Subsequent events - Additional Information (Detail) (USD $)	0 Months Ended
	Apr. 15, 2015
Subsequent Event [Line Items]
Dividends paid, per share	$0.07
Dividends payable, record date	31-Mar-15