RF Industries, Ltd.

Good day, ladies and gentlemen, and welcome to the RF Industries third quarter fiscal 2021 financial results conference call. All lines have been placed on a listen-only mode, and the floor will be open for your questions and comments following the presentation. At this time, it is my pleasure to turn the floor over to Mr. Todd Curley of MKR Investor Relations. Sir, the floor is yours.

Thank you, operator. Good afternoon and welcome to RF Industries' third quarter fiscal 2021 financial results conference call. With me on today's call are RF Industries President and CEO Rob Dawson and Senior Vice President and Chief Financial Officer Peter Yen. Before I turn the call over to Rob and Peter, I'd like to cover a few quick items. This afternoon, RF Industries issued a press release announcing its third quarter fiscal 2021 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 Exchange Act of 1934. When used, the words anticipate, believe, expect, 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 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 and 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 form 8K describe the differences between our GAAP and non-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?

Thank you, Todd. Good afternoon, everyone, and welcome to our third quarter fiscal 2021 earnings conference call. I'd like to start with a brief review of our third quarter results, then discuss what we're seeing now and what we expect going forward, before turning the call over to Peter to give more commentary on the financials. We're pleased to report strong revenue growth that exceeded our expectations for the third quarter, with increases both sequentially and year over year. Sales for the quarter came in just above $15 million, a sequential increase of 38% over the second quarter and up 60% from the same quarter last year. We continued to see signs of recovery in all markets and especially in the spend from the wireless carrier ecosystem, as evidenced by the two multi-million dollar orders that helped bring our backlog to $31.5 million at quarter end, the highest backlog in company history. These two sizable orders for our OptiFlex hybrid fiber cable solution were the latest follow-on orders from our new Tier 1 wireless carrier customer. These orders highlight the increasing demand for our product offerings as wireless carriers accelerate their network build-outs. As I mentioned on our last call, We'd never done direct business with this specific Tier 1 customer prior to last quarter, so I'd like to give kudos to our sales team, specifically our custom cable team at Cables Unlimited in Long Island, for breaking through and getting this moving. Our ability to deliver significant product to this customer is also opening up new opportunities with them and in the market overall. Looking at our total revenue for the third quarter, it's worth highlighting that only a few million dollars came from these recent Tier 1 carrier orders. reflecting a healthy recovery in our entire business. As I've said several times before, significant project wins like this layered on top of our higher sales run rate through both our core OEM customers and our strong distribution partners give us confidence that our combined product platform is a springboard for future revenue growth. Across the overall company, we've made an investment in our sales and business development organization over the past year, and we're pleased with the momentum that we're gaining. We're doing business on one product or another or multiple products with every one of the companies in the wireless tier one ecosystem. Some of this is direct and much of it runs through our distribution channels and related paths to market. We now have products of various types actively shipping into every wireless tier one carrier's network, as well as many of the largest tower and neutral host companies. While not all of these are meaningful dollars yet, We're talking to just about everybody in the carrier ecosystem at many levels as a result of our increased investment in sales. Looking at some of our product areas and market segments, our core distribution business remains healthy and diverse and continues to grow. Our RF coaxial cable and connector products and RC Enterprises fast-turn fiber products together make up our primary offer sold through distribution. As I've noted before, during the past few years, we have successfully strengthened and increased the diversity of our distribution channels, and this business continues to provide a solid, increasing baseline of sales. In our OEM and industrial markets, which are primarily serviced out of our Northeast facilities, we saw sales grow in the quarter and continue to see a return to more normalized levels. As a reminder, this business is another part of that increasing baseline of core revenue, that we can build on top of with large, long-term project wins. Turning to our small cell and DAC thermal cooling offerings, these are still huge opportunities that we expect will increase sales in the remainder of the year and beyond. Our ShropTech business, where these products reside, saw improved sales during the third quarter. The pipeline continues to build, and we have a strong backlog of orders. We have product actively shipping to several small cell players, as well as ongoing discussions regarding future deployments with others. We're starting field trials with a few large customers, and some smaller projects are also moving forward. But we still haven't seen the significant upside with this business that we expect will come. We continue to believe that a significant increase in spend around 5G infrastructure is not a matter of if, but rather a matter of when. And with both our offers, and our customer relationships were more strongly positioned now for long-term growth once the widespread rollout does occur. In addition, we continue to see a significant opportunity for our DAC thermal cooling offering, which plays in both traditional wireline and wireless carriers, as well as in market segments like cable operators and mobile edge computing providers. Our thermal cooling solutions enable us to offer a definitive value proposition centered on a better design and clear cost and energy savings, and is allowing us to initiate a different kind of sales conversation with a new set of customers. In addition to our current offerings, we've also been driving development of a full line of next-generation products for the small cell and DAC markets. Some of these new products are already in lab trials or field trials with multiple customers, and we expect to bring them to market more broadly in the next few quarters. Turning to M&A, as I've said before, we remain committed to M&A this year, and our plan is to make an acquisition of a much more meaningful size. While I have no specific update to share today, we continue to add to a growing pipeline of potential candidates and remain extremely active in our conversations. In summary, our core distribution business is healthy, diverse, and growing. Our core industrial and OEM segments are returning to growth with existing customers while also adding some nice new opportunities to the mix. We're seeing increased spend from the wireless carrier ecosystem, as evidenced by the multimillion-dollar orders for OptiFlex hybrid fiber solutions we received during the quarter and our increasing pipeline of opportunities. We're actively engaged with a majority of the Tier 1, Tier 2, and Tier 3 companies in the carrier ecosystem as a result of the investments in our go-to-market capabilities. We have the right products and a growing opportunity to expand further into this market with our enhanced product offerings. All of this has resulted in a record backlog, which gives us a nice tailwind in coming quarters. And we have a terrific balance sheet. So with our large backlog and continued sales momentum, we anticipate a strong finish to the fiscal year, with fourth quarter sales expected to come in higher than the third quarter and clearly exceeding our previous expectations. As a matter of fact, at this point in our current fiscal fourth quarter, with half the quarter to go, our year-to-date 2021 revenue already exceeds our full fiscal 2020 total revenue, which is great news. With that, I'll now turn the call over to Peter for a review and discussion of the financial results for the quarter. Peter?